<SEC-DOCUMENT>0001062993-17-004615.txt : 20171102
<SEC-HEADER>0001062993-17-004615.hdr.sgml : 20171102
<ACCEPTANCE-DATETIME>20171102073303
ACCESSION NUMBER:		0001062993-17-004615
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20170930
FILED AS OF DATE:		20171102
DATE AS OF CHANGE:		20171102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENDEAVOUR SILVER CORP
		CENTRAL INDEX KEY:			0001277866
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33153
		FILM NUMBER:		171170742

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

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

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

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

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of <b>NOVEMBER, 2017</b></p>

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

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

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

<p align="center">Indicate by check mark whether the registrant files or will
  file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
  Form 20-F&nbsp;&nbsp;&nbsp;[ x ] Form 40-F</p>
<p align="center">Indicate by check mark if the registrant is submitting the Form
  6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<p align="center"> Indicate by check mark if the registrant is submitting the
  Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<p align="center">Indicate by check mark whether by furnishing the information
  contained in this Form, the registrant is also thereby furnishing the information
  to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
  of 1934.</p>
<p align="center">Yes [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
  No [ x ]</p>
<p align="center"> If &quot;Yes&quot; is marked, indicate below the file number
  assigned to the registrant in connection with Rule 12g3-2(b): 82- _________
</p>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="endeavourlogo.gif" width="289" height="75"></p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Condensed Consolidated Interim Financial Statements for the period ended September 30, 2017</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Management&#146;s Discussion and Analysis for the period ended September 30, 2017</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-3.htm">99.3</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CEO</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-4.htm">99.4</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CFO</a></td>
  </tr>
</table>
<p>&nbsp;</p>

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

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

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

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><b>Endeavour Silver Corp.</b></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">(Registrant)</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">Date: November 2, 2017</td>
    <td valign="top">By:</td>
    <td style="BORDER-BOTTOM: #000000 1px solid"><I>/s/ Bradford Cooke</I></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>Bradford Cooke</td>
  </tr>
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">Title:</td>
    <td>CEO</td>
  </tr>
</table>
<p>&nbsp; </p>

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

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

<HR noshade align="center" width=100% size=3 color="black">

<P><A name=page_1></A>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><img src="lglogo.jpg" border=0><BR>
</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B>Condensed Consolidated Interim Financial Statements </B></P>
<P align=center>Prepared by Management </P>
<P align=center>&nbsp;</P>
<P align=center><B>Third Quarter Report </B><BR><B>Three and Nine Months Ended
September 30, 2017 and 2016 </B><BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP.
</FONT></B><BR><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
POSITION </B><BR>(unaudited &#150; prepared by management) <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>
    <TD style="BORDER-TOP: #000000 2px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="7%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
    width="13%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
    width="13%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="7%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="13%"><STRONG>September 30,&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=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%">Notes
    </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%"><B>2017 </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%">2016
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>ASSETS </B></TD>
    <TD align=center width="7%" 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><B>Current assets </B></TD>
    <TD align=center width="7%">&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;Cash and cash
      equivalents </TD>
    <TD align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="13%" bgColor=#e6efff><B>43,548 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="13%" bgColor=#e6efff>&nbsp;72,317 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Investments </TD>
    <TD align=center width="7%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>158 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">85 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accounts receivable </TD>
    <TD align=center width="7%" bgColor=#e6efff>4 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>35,336 </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>25,560 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD align=center width="7%">5 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>14,020 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">13,431 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Prepaid expenses </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="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>1,265 </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>2,037 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total current assets </TD>
    <TD align=center width="7%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>94,327 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">113,430 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Non-current deposits </TD>
    <TD align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>665 </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>659 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Deferred income tax asset </TD>
    <TD align=center width="7%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>896 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">183 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Mineral properties, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%"
    bgColor=#e6efff>7 </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>85,181 </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>66,238 </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 2px solid" align=left><B>Total assets
      </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>181,069 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%">&nbsp;180,510 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="7%" 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=center width="7%">&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><B>Current liabilities </B></TD>
    <TD align=center width="7%" 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;Accounts payable and accrued
      liabilities </TD>
    <TD align=center width="7%">&nbsp;</TD>
    <TD align=left width="1%"><B>$</B></TD>
    <TD align=right width="13%"><B>20,822 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="13%">&nbsp;18,229 </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=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>1,719 </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>4,631 </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;Credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%">8 </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>1,500 </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%">9,000
    </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=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>24,041 </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>31,860 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="7%">&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>Deferred lease inducement </TD>
    <TD align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>249 </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>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Provision for reclamation and rehabilitation </TD>
    <TD align=center width="7%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>7,910 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">7,846 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Deferred income tax liability </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="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>5,704 </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>7,545 </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><B>Total
      liabilities </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="7%">&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>37,904 </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%">47,251 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="7%" 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>Shareholders' equity </B></TD>
    <TD align=center width="7%">&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>Common shares, unlimited shares authorized,
      no par value, issued </TD>
    <TD align=center width="7%" 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;and outstanding 127,456,410 shares (Dec 31, 2016 -
      127,080,264 shares) </TD>
    <TD align=center width="7%">Page 4 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>450,642 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">449,594 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Contributed surplus </TD>
    <TD align=center width="7%" bgColor=#e6efff>Page 4 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>8,373 </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>6,689 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accumulated comprehensive income (loss) </TD>
    <TD align=center width="7%">Page 4 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>117 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">44 </TD>
    <TD align=left width="2%">&nbsp;</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=center width="7%"
    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>(315,967</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="13%"
    bgColor=#e6efff>(323,068</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=center
    width="7%">&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>143,165 </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%">133,259 </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=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>181,069 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>&nbsp;180,510 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="7%">&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>Commitments and contingencies (Notes 7, 14
      and 15) </TD>
    <TD align=center width="7%" 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></TABLE>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 2 - </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=justify><B><FONT size=3>ENDEAVOUR SILVER CORP.
</FONT></B><BR><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE
INCOME (LOSS) </B><BR>(unaudited &#150; prepared by management) <BR>(expressed in
thousands of US dollars, except for shares and per share amounts) </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="7%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-TOP: #000000 2px solid"><B>Three Months Ended </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-TOP: #000000 2px solid"><B>Nine
      Months 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="7%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>Sept. 30, </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%">Sept. 30, </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>Sept. 30, </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%">Sept. 30, </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="7%">Notes    </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>2017 </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%">2016    </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>2017 </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%">2016    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD align=center width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&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="11%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Revenue </TD>
    <TD vAlign=bottom align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>&nbsp;39,782
      </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp;42,066 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>&nbsp;108,859
      </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp;128,117</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%">&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Cost of sales: </TD>
    <TD vAlign=bottom align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp;Direct production
      costs </TD>
    <TD vAlign=bottom align=center width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>27,400 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">24,033 </TD>
    <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%"><B>74,931 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">80,852 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Royalties </TD>
    <TD vAlign=bottom align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>457 </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>247 </TD>
    <TD vAlign=bottom align=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><B>1,237 </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>732 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp;Share-based
      compensation </TD>
    <TD vAlign=bottom align=center width="7%">9 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>63 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">(208</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>155 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">78 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Depreciation and depletion </TD>
    <TD vAlign=bottom align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>4,394 </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>2,761 </TD>
    <TD vAlign=bottom align=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><B>11,778
</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>12,059 </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
      >&nbsp; &nbsp; &nbsp; &nbsp;Write down of inventory to net
      realizable value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">5 </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%"><B>166 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">- </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%"><B>166 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>32,480
</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>26,833 </TD>
    <TD vAlign=bottom align=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><B>88,267
</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>93,721 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Mine operating earnings </TD>
    <TD vAlign=bottom align=center width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>7,302 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">15,233 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>20,592 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">34,396 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Expenses: </TD>
    <TD vAlign=bottom align=center width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&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="11%">&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >&nbsp; &nbsp;Exploration </TD>
    <TD width="7%" align=center vAlign=bottom bgcolor="#E6EFFF">10 </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>3,432 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF">2,361 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>10,533 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF">5,468 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp; &nbsp;General and administrative </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">11 </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%"><B>1,605 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">2,827 </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%"><B>5,991 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">8,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >&nbsp; </TD>
    <TD width="7%" align=center vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>5,037 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF">5,188 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>16,524 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF">13,478 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Operating earnings (loss) </TD>
    <TD vAlign=bottom align=center width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>2,265 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">10,045 </TD>
    <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%"><B>4,068 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">20,918 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=center vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Finance costs </TD>
    <TD vAlign=bottom align=center width="7%">8 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>166 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">345 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>610 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">926 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=center vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Other income (expense): </TD>
    <TD vAlign=bottom align=center width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&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="11%">&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >&nbsp; &nbsp;Foreign exchange </TD>
    <TD width="7%" align=center vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>(561</B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF"><B>) </B></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#E6EFFF">(1,650</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>2,454 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF">(2,983</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp; &nbsp;Investment and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">&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%"><B>(170</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(426</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%"><B>119 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(610</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >&nbsp; </TD>
    <TD width="7%" align=center vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>(731</B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF"><B>) </B></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#E6EFFF">(2,076</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>2,573 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF">(3,593</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%">&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >Earnings (loss) before income taxes </TD>
    <TD width="7%" align=center vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>1,368 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF">7,624 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>6,031 </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="11%" align=right vAlign=bottom bgcolor="#E6EFFF">16,399 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=center>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Income tax expense
      (recovery): </TD>
    <TD vAlign=bottom align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Current income tax expense </TD>
    <TD vAlign=bottom align=center width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>882 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">2,731 </TD>
    <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%"><B>1,726 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">7,622 </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
    >&nbsp; &nbsp;Deferred income tax (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    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=right
    width="11%" bgColor=#e6efff><B>(510</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(693</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="11%" bgColor=#e6efff><B>(2,710</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(337</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">&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%"><B>372 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">2,038 </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%"><B>(984</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">7,285 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >Net
      earnings (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    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="11%"><B>996 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%">5,586 </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="11%"><B>7,015 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%">9,114 </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=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Other comprehensive income (loss), net of tax    </TD>
    <TD vAlign=bottom align=center width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&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="11%">&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Reclassification
      for realized gain (loss) on available-<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      for-sale financial assets </TD>
    <TD vAlign=bottom align=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>- </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="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="11%" bgColor=#e6efff><B>(72</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>) </B></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(269</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; &nbsp;Unrealized gain (loss) on available-for-sale
      financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">&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%"><B>(35</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">4 </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%"><B>145 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">58 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Comprehensive income (loss) for the period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%"><B>&nbsp;961 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%">&nbsp;5,590 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%"><B>&nbsp;7,088 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%">&nbsp;8,903 </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=center width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Basic earnings (loss) per share based on net earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%"><B>&nbsp;0.01 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">&nbsp;0.04 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%"><B>&nbsp;0.06 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">&nbsp;0.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Diluted earnings (loss) per share based on net earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" bgColor=#e6efff>9 (e) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff><B>&nbsp;0.01 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>&nbsp;0.04 </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff><B>&nbsp;0.05 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>&nbsp;0.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%">&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Basic weighted average number of shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    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=right
    width="11%" bgColor=#e6efff><B>127,456,410 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>125,277,591 </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="11%" bgColor=#e6efff><B>127,291,688 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>114,426,580 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Diluted weighted average number of shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%">9 (e) </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%"><B>127,851,198 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">127,414,848 </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%"><B>127,823,260 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">115,916,906 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 3 - </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><FONT size=3>ENDEAVOUR SILVER CORP.
</FONT></B><BR><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN
</B><B>SHAREHOLDERS&#146; </B><B>EQUITY </B><BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of U.S. dollars, except share amounts) </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; 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="7%"
    >&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=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=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=center width="1%" >&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 </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=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=center width="7%"
    >Note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&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=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Balance at December 31, 2015
    </TD>
    <TD vAlign=bottom align=center 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>102,776,470 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>368,898 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;9,465 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;(145</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;(327,343</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;50,875 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center 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 >Public equity offerings, net
      of issuance costs </TD>
    <TD vAlign=bottom align=center width="7%"  bgColor=#e6efff>9
      (a) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>17,463,472 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>53,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="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>53,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Exercise of options </TD>
    <TD vAlign=bottom align=center width="7%" >9 (b) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3,495,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">15,965 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(5,417</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="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%">10,548 </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=center 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>2,147,239 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>6,529 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="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>6,529 </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=center width="7%" >9 (b)(c) </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>
    <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>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,636 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="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%">2,636 </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=center width="7%"
    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>(58</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="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>(58</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >Realized gain (loss) on available for sale
      assets </TD>
    <TD vAlign=bottom align=center 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=right width="7%">269 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="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%">269 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Expiry and forfeiture of
      options </TD>
    <TD vAlign=bottom align=center width="7%"
    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>)
</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>
    <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 style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Earnings (loss) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">9,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">9,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Balance at September 30, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="7%"  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="7%" bgColor=#e6efff>125,882,181 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>444,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>6,319 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>66 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(317,864</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>132,913 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center 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 >Public equity offerings, net
      of issuance costs </TD>
    <TD vAlign=bottom align=center width="7%"  bgColor=#e6efff>9
      (a) </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>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(42</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=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>(42</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >Exercise of options </TD>
    <TD vAlign=bottom align=center width="7%" >9 (b) </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>
    <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>
    <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>
    <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 >Issued on acquisition of
      mineral properties, net </TD>
    <TD vAlign=bottom align=center width="7%"  bgColor=#e6efff>9
      (c) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>1,198,083 </TD>
    <TD vAlign=bottom align=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>5,244 </TD>
    <TD vAlign=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>5,244 </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=center width="7%" >9 (b)(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%">370 </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%">370 </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=center width="7%"
    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>(22</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>(22</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >Realized gain (loss) on available for sale
      assets </TD>
    <TD vAlign=bottom align=center 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=right width="7%">- </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 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=center
    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>(5,204</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>(5,204</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, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    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%">127,080,264 </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="7%">449,594 </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="7%">6,689 </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="7%">44 </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="7%">(323,068</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">133,259 </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=center 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 >Exercise of options </TD>
    <TD vAlign=bottom align=center width="7%" >9 (b) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">28,000 </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="7%">109 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(35</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%">74 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Issued for performance share
      units </TD>
    <TD vAlign=bottom align=center 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>193,825 </TD>
    <TD vAlign=bottom align=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>439 </TD>
    <TD vAlign=bottom align=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>(439</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>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Issued on acquisition of mineral properties,
      net </TD>
    <TD vAlign=bottom align=center width="7%" >7 (b) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">154,321 </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="7%">500 </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%">500 </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=center width="7%"  bgColor=#e6efff>9
      (b)(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>2,244 </TD>
    <TD vAlign=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>2,244 </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=center 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=right width="7%">145 </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%">145 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Realized gain (loss) on
      available for sale assets </TD>
    <TD vAlign=bottom align=center width="7%"
    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>(72</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>(72</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=center 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%">(86</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%">86 </TD>
    <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 period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    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>7,015 </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>7,015 </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
      >Balance at September 30, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    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%">127,456,410 </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%">450,642 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;8,373 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;117 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(315,967</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;143,165 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 4 - </TD>
  </TR>
</TABLE>
<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>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
</B><BR>(unaudited &#150; prepared by management) <BR>(expressed in thousands of U.S.
dollars)</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="7%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-TOP: #000000 2px solid"><B>Three Months Ended </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-TOP: #000000 2px solid"><B>Nine
      Months 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=center width="7%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>Sept. 30, </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">Sept. 30 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>Sept. 30, </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">Sept. 30 </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="7%"
    >Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2017 </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%">2016    </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>2017 </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%">2016    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&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="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Operating activities
    </B></TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Net earnings (loss) for the period </TD>
    <TD vAlign=bottom align=center width="7%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="11%"><B>&nbsp;996 </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="11%">&nbsp;5,586 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="11%"><B>&nbsp;7,015 </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="11%">&nbsp;9,114 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Items not affecting cash: </TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Share-based compensation </TD>
    <TD vAlign=bottom align=center width="7%" >9 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>673 </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">775 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>2,241 </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">2,636 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Depreciation and
      depletion </TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>4,540 </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>2,834 </TD>
    <TD vAlign=bottom align=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><B>12,055
</B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>12,267 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Deferred income tax expense
      (recovery) </TD>
    <TD vAlign=bottom align=center width="7%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>(535</B></TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">(654</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>(2,554</B></TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">(711</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Unrealized
      foreign exchange loss (gain) </TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>(150</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>723 </TD>
    <TD vAlign=bottom align=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><B>(582</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>589 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      >&nbsp; &nbsp;Loss (gain) on available for sale assets </TD>
    <TD vAlign=bottom align=center
    width="7%" >&nbsp;</TD>
    <TD vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="11%"><B>- </B></TD>
    <TD vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="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="11%"><B>(72</B></TD>
    <TD vAlign=bottom align=left
    width="2%" >) </TD>
    <TD vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="11%">269 </TD>
    <TD vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Settlement of
      derivative liability </TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>- </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(1,372</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>- </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Finance costs </TD>
    <TD vAlign=bottom align=center width="7%" >8 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>166 </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">345 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>610 </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">926 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Write off of
      exploration property </TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>- </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="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="11%" bgColor=#e6efff><B>233 </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >Net
      changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" >12 </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%"><B>(1,092</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">8,071 </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%"><B>(8,957</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(1,425</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Cash from operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="7%"  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="11%" bgColor=#e6efff><B>4,598 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>16,308 </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="11%" bgColor=#e6efff><B>9,989 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>23,665 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%" >&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Investing activities</B></TD>
    <TD vAlign=bottom align=center width="7%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&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="11%">&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Mineral
      property, plant and equipment expenditures </TD>
    <TD vAlign=bottom align=center width="7%"  bgColor=#e6efff>7    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"
bgColor=#e6efff><B>(10,836</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(5,508</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"
bgColor=#e6efff><B>(31,575</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(12,717</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Proceeds from disposition of
      available for sale assets </TD>
    <TD vAlign=bottom align=center width="7%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>- </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="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="11%"><B>72 </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">448 </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
    >&nbsp; &nbsp;Investment in long term deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    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=right
    width="11%" bgColor=#e6efff><B>- </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" 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="11%" bgColor=#e6efff><B>(6</B></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="11%" bgColor=#e6efff>133 </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 >Cash
      used in investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    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="11%"><B>(10,836</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%">(5,508</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%"><B>(31,509</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%">(12,136</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%" >&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Financing activities
    </B></TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Repayment of revolving credit
      facility </TD>
    <TD vAlign=bottom align=center width="7%" >8 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>(2,500</B></TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">(2,500</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>(7,500</B></TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">(10,500</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff
    >&nbsp; &nbsp;Repayment of obligation under finance lease </TD>
    <TD vAlign=bottom align=center
    width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="11%" bgColor=#e6efff><B>- </B></TD>
    <TD vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(76</TD>
    <TD vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="11%" bgColor=#e6efff><B>- </B></TD>
    <TD vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(465</TD>
    <TD vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
      >&nbsp; &nbsp;Debt issuance costs </TD>
    <TD vAlign=bottom align=center
    width="7%" >&nbsp;</TD>
    <TD vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="11%"><B>- </B></TD>
    <TD vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="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="11%"><B>- </B></TD>
    <TD vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="11%">(474</TD>
    <TD vAlign=bottom align=left
    width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Interest paid</TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>(101</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(243</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>(405</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(632</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Public equity offerings </TD>
    <TD vAlign=bottom align=center width="7%" >9 (a) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>- </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">14,229 </TD>
    <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%"><B>- </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">55,353 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Exercise of
      options </TD>
    <TD vAlign=bottom align=center width="7%"  bgColor=#e6efff>9
      (b) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>- </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>5,263 </TD>
    <TD vAlign=bottom align=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><B>74 </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>10,548 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid" >&nbsp; &nbsp;Share issuance costs </TD>
    <TD width="7%" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid" >9 (a) </TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>- </B></TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">(497</TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid" >) </TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>- </B></TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">(1,943</TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Cash from (used in) financing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="7%"  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="11%" bgColor=#e6efff><B>(2,601</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>16,176 </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="11%" bgColor=#e6efff><B>(7,831</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>51,887 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%" >&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom 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" vAlign=bottom align=center
    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=right
    width="11%" bgColor=#e6efff><B>150 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(584</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="11%" bgColor=#e6efff><B>582 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(589</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%" >&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Increase (decrease) in cash
      and cash equivalents </TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><B>(8,839</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>26,976 </TD>
    <TD vAlign=bottom align=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><B>(29,351</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>63,416 </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 >Cash
      and cash equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="7%" >&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%"><B>52,237 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">56,848 </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%"><B>72,317 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">20,413 </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
    ><B>Cash and cash equivalents, end of period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff><B>&nbsp;43,548 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>&nbsp;83,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff><B>&nbsp;43,548 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>&nbsp;83,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="7%" >&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="11%">&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="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Supplementary cash flow
      information (Note 12) </TD>
    <TD vAlign=bottom align=center width="7%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 5 - </TD>
  </TR>
</TABLE>
<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>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD align=left><B><U>CORPORATE INFORMATION</U></B></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 Corporations 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 #1130 &#150; 609 Granville Street, Vancouver, B.C., V7Y
1G5.</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 condensed consolidated interim financial statements
      have been prepared in accordance with IAS 34 <I>Interim Financial
      Reporting </I>and do not include all of the information required for full
      annual financial statements.</P></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 consolidated
      financial statements for issue on October 30, 2017.</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., EDR
      Silver de Mexico S.A. de C.V. SOFOM ENR (Formerly Endeavour Capital S. A.
      de C.V.), Minera Santa Cruz Y Garibaldi S.A de C.V., Metalurgica Guanacev&#237;
      S.A. de C.V., Minera Plata Adelante S.A. de C.V., Refinadora Plata
      Guanacev&#237; S.A. de C. V., Minas Bola&#241;itos S. A. de C.V., Guanacev&#237; Mining
      Services S.A. de C.V., Recursos Humanos Guanacev&#237; S.A. de C.V., Recursos
      Villalpando S.A. de C.V., Servicios Administrativos Varal S.A. de C. V.,
      Minera Plata Carina SPA, MXRT Holding Ltd., Compania Minera del Cubo S.A.
      de C.V., Minas Lupycal S.A. de C.V., Metales Interamericanos S.A. de C.V.,
      Oro Silver Resources Ltd. and Minera Oro Silver de Mexico S.A. de C.V. All
      intercompany transactions and balances have been eliminated upon
      consolidation of these subsidiaries.</P></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 applied in these condensed
      consolidated interim financial statements are the same as those applied in
      the Company&#146;s annual audited consolidated financial statements as at and
      for the year ended December 31, 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>In preparing these condensed consolidated interim
      financial statements, the significant judgments made by management in
      applying the Company&#146;s accounting policies and the key sources of
      estimation uncertainty were the same as those that applied to the annual
      consolidated financial statements as at and for the year ended December
      31, 2016 and accordingly, should be read in conjunction with the Company&#146;s
      annual consolidated financial statements for the year ended December 31,
      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><B>(a) Accounting standards adopted during the
      year</B></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify><I>Amendments to IAS 7, Statement of Cash Flows
      </I><I>(&#147;IAS 7&#148;)</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>On January 7, 2016, the IASB issued amendments to IAS 7.
      The amendments apply prospectively for annual periods beginning on or
      after January 1, 2017 with early adoption permitted. The amendments
      require disclosures that enable users of financial statements to evaluate
      changes in liabilities arising from financing activities, including both
      changes arising from cash flow and non-cash changes. The Company adopted
      these amendments in its financial statements for the annual period
      beginning on January 1, 2017 with no material impact on the financial
      statements.</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><I>Amendments to IAS 12, Income Taxes (&#147;IAS
    12&#148;)</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>On January 19, 2016, the IASB issued amendments to IAS
      12. The amendments apply retrospectively for annual periods beginning on
      or after January 1, 2017 with early adoption permitted. The amendments
      clarify that the existence of a deductible temporary difference depends
      solely on a comparison of the carrying amount of an asset and its tax
      basis at the end of the reporting period, and is not affected by possible
      future changes in the carrying amount or expected manner of recovery of
      the asset. The amendments also clarify the methodology to determine future
      income tax profits used for assessing the utilization of deductible
      temporary differences. The Company adopted these amendments in its
      financial statements for the annual period beginning on January 1, 2017
      with no material impact on the financial
statements.</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 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 6 - </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>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(b)</B><B> </B><B>Changes in IFRS
not yet adopted </B></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Amendments to IFRS 2,
Share-</I><I>based Payment (&#147;IFRS 2&#148;)</I><I> <BR></I>On June 20, 2016, the IASB
issued amendments to IFRS 2 clarifying how to account for certain types of
share-based payment transactions. The amendments provide requirements on the
accounting for: the effects of vesting and non-vesting conditions on the
measurement of cash-settled share-based payments; share-based transactions with
a net settlement feature for withholding tax obligations; and a modification to
the terms and conditions of a share-based payment that changes the
classification of a transaction from cash-settled to equity settled. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The amendments apply for annual periods
beginning on or after January 1, 2018. As a practical simplification, the
amendments can be applied prospectively. Retrospective, or early, application is
permitted if information is available without the use of hindsight. The Company
intends to adopt the amendments to IAS 2 in its financial statements for the
annual period beginning on January 1, 2018 on a prospective basis. The Company
has completed qualitative and quantitative assessment and does not expect the
adoption to have a material impact on the consolidated financial statements.
</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>IFRS 9 Financial Instruments (&#147;IFRS
9&#148;)</I><I> <BR></I>In November 2009, the IASB issued IFRS 9 as the first step in
its project to replace IAS 39, <I>Financial Instruments: Recognition and
Measurement</I>. On July 24, 2014 the IASB issued the complete IFRS 9. IFRS 9
retains but simplifies the mixed measurement model and establishes two primary
measurement categories for financial assets: amortized cost and fair value. The
basis of classification depends on an entity&#146;s business model and the
contractual cash flows of the financial asset. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Classification is made at the
  time the financial asset is initially recognized, namely when the entity becomes
  a party to the contractual provisions of the instrument. </P>
<P style="MARGIN-LEFT: 5%" align=justify>IFRS 9 amends some of the requirements
of IFRS 7, <I>Financial Instruments: Disclosures</I>, including added
disclosures about investments in equity instruments measured at fair value in
other comprehensive income, and guidance on the measurement of financial
liabilities and de-recognition of financial instruments. The mandatory effective
date of IFRS 9 is for annual periods beginning on or after January 1, 2018 with
early adoption permitted, and must be applied retrospectively with some
exemptions permitted. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company intends to adopt IFRS 9
effective January 1, 2018 on a prospective basis. The Company has completed
qualitative and quantitative assessment and does not expect the adoption to have
a material impact on the consolidated financial statements. </P>
<P style="MARGIN-LEFT: 5%" align=justify>IFRS 15, <I>Revenue from Contracts with
Customers (&#147;IFRS 15&#148;) </I><BR>On May 28, 2014, the IASB issued IFRS 15. The new
standard is effective for annual periods beginning on or after January 1, 2018
with early adoption permitted. IFRS 15 will replace IAS 11 <I>Construction
Contracts</I>, IAS 18 <I>Revenue</I>, IFRIC 13 <I>Customer Loyalty Programmes</I>,
IFRIC 15 <I>Agreements for the Construction of Real Estate</I>, IFRIC 18
<I>Transfer of Assets from Customers </I>and SIC 31 <I>Revenue </I>&#150; <I>Barter
Transactions Involving Advertising Services</I>. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The standard contains a single model
that applies to contracts with customers and two approaches to recognizing
revenue: at a point in time or over time. The model features a contract-based
five-step analysis of transactions to determine whether, how much and when
revenue is recognized. New estimates and judgmental thresholds have also been
introduced, which may affect the amount and/or timing of revenue recognized.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>On April 12, 2016 the IASB issued
<I>Clarifications to IFRS 15, Revenue from Contracts with Customers</I>, which
is effective at the same time as IFRS 15. The clarifications to IFRS 15 provide
additional guidance with respect to the five-step analysis, transition, and the
application of the standard to licenses of intellectual property.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company intends to adopt IFRS 15
and the clarifications in its consolidated financial statements for the annual
period beginning on January 1, 2018. The Company has completed qualitative and
quantitative assessment and does not expect the adoption to have a material
impact on the consolidated financial statements. </P>
<P style="MARGIN-LEFT: 5%" align=justify>IFRS 16, <I>Leases (&#147;IFRS 16&#148;)
</I><BR>On January 13, 2016, the IASB published a new standard, IFRS 16,
<I>Leases, </I>eliminating the current dual accounting model for lessees, which
distinguishes between on-balance sheet finance leases and off-balance sheet
operating leases. Under the new standard, a lease becomes an on-balance sheet
liability that attracts interest, together with a new right-of-use asset. In
addition, lessees will recognize a front-loaded pattern of expense for most
leases, even when cash rentals are constant. IFRS 16 is effective for annual
periods beginning on or after January 1, 2019, with earlier adoption permitted.
The Company has begun a preliminary assessment however, the Company is not able
at this time to estimate reasonably the impact that the amendments will have on
the financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 7 - </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><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="8%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%"
    ><STRONG>September 30</STRONG>&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="13%">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=center width="8%"
    >Note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>2017 </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%">2016
    </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 align=center width="8%" >&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=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="13%" bgColor=#e6efff><B>6,839 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="13%" bgColor=#e6efff><B>&nbsp;6,703 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>IVA receivables <SUP>(2) </SUP></TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>22,365 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>14,556 </B></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=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>5,745 </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><B>4,197 </B></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=center width="8%" >6 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>2 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>4 </B></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=center width="8%"
     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>385 </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><B>100 </B></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=center width="8%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>35,336 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%">&nbsp;25,560 </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 2 of the fair value hierarchy (see note
      16).</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 Company&#146;s Mexican subsidiaries pay value added tax,
      Impuesto al Valor Agregado (&#147;IVA&#148;), on the purchase and sale of goods and
      services. The net amount paid is recoverable but is subject to review and
      assessment by the tax authorities. The Company regularly files the
      required IVA returns and all supporting documentation with the tax
      authorities, however, the Company has been advised that certain IVA
      amounts receivable from the tax authorities are being withheld pending
      completion of the authorities&#146; audit of certain of the Company&#146;s
      third-party suppliers. Under Mexican law the Company has legal rights to
      those IVA refunds and the results of the third party audits should have no
      impact on refunds. A smaller portion of IVA refund requests are from time
      to time improperly denied based on the alleged lack of compliance of
      certain formal requirements and information returns by the Company&#146;s
      third-party suppliers. The Company takes necessary legal action on the
      delayed refunds as well as any improperly denied refunds.</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 improper delays and denials have occurred within
      Compania Minera del Cubo (&#147;El Cubo&#148;) which is authorized at the state
      level as opposed to the Company&#146;s other significant operating entities
      which are authorized at the federal level. At September 30, 2017, El Cubo
      holds $12,276 in IVA receivables which the Company and its advisors deem
      to be recoverable from tax authorities (December 31, 2016 &#150; $10,100). The
      Company is in regular contact with the tax authorities in respect of its
      IVA filings and believes the full amount of its IVA receivables will
      ultimately be received; however the timing of recovery of these amounts
      and the nature and extent of any adjustments to the Company&#146;s IVA
      receivables remains uncertain.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%"><B>September 30 </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">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 style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2017 </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="12%">2016
    </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>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;8,318 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;7,873 </B></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>397 </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></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Work in process inventory </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>548 </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>656 </B></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>(2) </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>4,757 </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>4,902 </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 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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;14,020 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;13,431 </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 3,850 stockpiled tonnes of mined ore as
      of September 30, 2017 (December 31, 2016 &#150; Nil).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company held 233,135 silver ounces and 1,099 gold
      ounces as of September 30, 2017 (December 31, 2016 &#150; 330,587 and 883,
      respectively). These ounces are carried at the lower of cost and net
      realizable value. As at September 30, 2017, the quoted market value of the
      silver ounces was $3,931 (December 31, 2016 - $5,369) and the quoted
      market value of the gold ounces was $1,410 (December 31, 2016 - $1,023).
      The finished goods inventory balance at September 30, 2017 includes a
      write down to realizable value of $166 for finished goods inventory held
      by the Guanacevi mine. Of this amount $117 is comprised of cash costs and
      $49 relates to depreciation and depletion.</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 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
          <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 8 - </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>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><U>RELATED PARTY TRANSACTIONS</U></B></P></TD></TR>
  <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 companies 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
      $5 and $21 for the three months and nine months ended September 30, 2017
      respectively (September 30, 2016 - $11 and $33 respectively). The Company
      has a $2 net receivable related to these costs as of September 30, 2017
      (December 31, 2016 &#150; $4).</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 $8 and $50 for legal services for
      the three months and nine months ended September 30, 2017 respectively by
      a legal firm in which the Company&#146;s corporate secretary is a partner
      (September 30, 2016 - $24 and $234 respectively). The Company has $Nil
      payable to the legal firm as at September 30, 2017 (December 31, 2016 -
      $Nil).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </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><B>(a) Mineral properties, plant and equipment
      comprise:</B></P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left 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="8%" 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=left>&nbsp; </TD>
    <TD align=left 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="8%" 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 &amp; </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=left>&nbsp; </TD>
    <TD align=left 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="8%" 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>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=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left 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="8%" 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 vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;429,629 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;93,775 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;60,257 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;10,479 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;8,525 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;602,665 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Additions </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>27,772 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,096 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,567 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>192 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,133 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>31,760 </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>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(12</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(63</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(75</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
    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="8%"
    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="8%"
    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="8%"
    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="8%"
    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="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance at December 31, 2016 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">457,401 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">94,871 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">61,812 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,671 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">9,595 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">634,350 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
    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="8%"
    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="8%"
    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="8%"
    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="8%"
    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="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Additions </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">22,681 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,836 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,047 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">827 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,661 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">32,052 </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>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(233</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(15</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </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>(898</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(1,146</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=right 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 September 30, 2017 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;479,849 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;96,692 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;66,859 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;11,498 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;10,358 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;665,256 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=right 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 vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;411,334 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;83,877 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;43,206 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;8,949 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;7,374 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;554,740 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Amortization </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,986 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,686 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,002 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>265 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>508 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>13,447 </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>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(12</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(63</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(75</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
    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="8%"
    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="8%"
    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="8%"
    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="8%"
    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="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance at December 31, 2016 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">419,320 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">85,563 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">46,196 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">9,214 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,819 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">568,112 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
    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="8%"
    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="8%"
    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="8%"
    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="8%"
    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="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Amortization </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,966 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,243 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,891 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">117 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">654 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,871 </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>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(14</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(894</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(908</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Balance at September 30, 2017 </B></TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>&nbsp;428,286
      </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>&nbsp;86,792
      </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>&nbsp;48,087
      </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>&nbsp;9,331
      </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>&nbsp;7,579
      </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>&nbsp;580,075
      </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&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="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=right 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 vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>At December 31, 2016 </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;38,081 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;9,308 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;15,616 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,457 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,776 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;66,238 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>At September 30, 2017 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;51,563 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;9,900 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;18,772 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;2,167 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;2,779 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;85,181 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>Included in Mineral property is $10,900
in acquisition costs for exploration and evaluation properties (December 31,
2016 &#150; 17,200).</P>
<P style="MARGIN-LEFT: 5%" align=justify>As of September 30, 2017, the Company
has $150 committed to capital equipment purchases.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(b) Acquisition of Veta Grande
Properties </P>
<P style="MARGIN-LEFT: 5%" align=justify>On April 24, 2017, the Company entered
into a definitive agreement with Impact Silver Corp. (&#147;Impact Silver&#148;) to
acquire a 100% interest in Impact Silver&#146;s Veta Grande properties, located in
the Zacatecas state, Mexico (&#147;the agreement&#148;). On June 5, 2017, Endeavour paid
$500 in Endeavour common shares, being 154,321 common shares at $3.24 per share,
representing the 10-day average closing price of Endeavour&#146;s shares on the New
York Stock Exchange (&#147;NYSE&#148;) prior to the date of the agreement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 9 - </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><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>(c) Acquisition of Calicanto Properties</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On July 21, 2016, the Company entered into a definitive
      agreement with Compania Minera Estrella de Plata SA de CV. (&#147;Compania
      Minera Estrella&#148;) to acquire a 100% interest, subject to a 3% NSR, in
      Compania Minera Estrella&#146;s Calicanto properties, located in the Zacatecas
      state, Mexico. On February 1, 2017, Endeavour completed the purchase with
      a payment of $400.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B><U>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 January 19, 2016, the Company signed an amended and
      restated credit facility (&#147;the Amended Facility&#148;) which became effective
      April 1, 2016 to convert the remaining outstanding balance under the
      existing revolving credit facility into a two year term loan amortized
      quarterly maturing on December 31, 2017. The Amended Facility is
      principally secured by a pledge of the Company&#146;s equity interests in its
      material operating subsidiaries, including Refinadora Plata Guanacev&#237; SA
      de CV, Minas Bola&#241;itos SA de CV and Compania Minera del Cubo SA de CV. The
      interest rate margin on the Amended Facility is 4.5% over LIBOR and the
      Company agreed to pay a fee of $300 upon signing. The Amended Facility is
      subject to various qualitative and quantitative covenants, including a
      debt to EBITDA leverage ratio, an interest service coverage ratio, a
      tangible net worth calculation, capital and exploration expenditure
      limits.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At September 30, 2017, the Company had $1,500 outstanding
      on the Amended Facility (December 31, 2016 - $9,000), which is due within
      3 months of the balance sheet date. The Company recognized $318 of
      interest expense during the period in finance costs (September 30, 2016 -
      $569).</P></TD></TR></TABLE><BR>
<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 1px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="20%">Facility Financial </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="20%"><B>Sept.
      30, </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="20%">Dec. 31,
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Facility Financial Covenants </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%">Requirements </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%"><B>2017 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="20%">2016
    </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Leverage Ratio </TD>
    <TD align=center width="20%" bgColor=#e6efff>&lt; 3.00:1 </TD>
    <TD align=right width="20%" bgColor=#e6efff><B>0.08 </B></TD>
    <TD align=right width="20%" bgColor=#e6efff>0.29 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Interest Service Coverage Ratio </TD>
    <TD align=center width="20%">&gt; 4.00:1 </TD>
    <TD align=right width="20%"><B>45 </B></TD>
    <TD align=right width="20%">45 </TD></TR>
  <TR vAlign=top>
    <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="20%"
    bgColor=#e6efff>&gt; 45,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="20%"
    bgColor=#e6efff><B>143,048 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="20%"
    bgColor=#e6efff>133,215 </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%">9. </TD>
    <TD>
      <P align=justify><B><U>SHARE CAPITAL</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>(a) Public Offerings</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <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 qualified for the distribution,
      including transactions that are deemed to be &#147;at-the-market&#148; (&#147;ATM&#148;)
      distributions, of up to CAN$ 200 million of common shares, warrants or
      units of the Company comprising any combination of common shares and
      warrants (the &#147;Securities&#148;). The Company filed a corresponding
      registration statement in the United States registering the Securities
      under United States federal securities laws.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <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 sold common stock having an
      aggregate offering value of US$16.5 million on the New York Stock
      Exchange. The Company determined, at its sole discretion, the timing and
      number of shares sold under the ATM facility. During the second quarter of
      2016, the Company completed this ATM program issuing 7,218,125 common
      shares under the ATM facility at an average price of $2.13 per share for
      proceeds of $14,893, net of commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In May 2016, the Company filed a short form base shelf
      prospectus that qualifies for the distribution of up to CAN$ 175 million
      of common shares, warrants or units of the Company comprising any
      combination of common shares and warrants (the &#147;Securities&#148;). The Company
      filed a corresponding registration statement in the United States
      registering the Securities under United States federal securities laws.
      The distribution of Securities may be effected from time to time in one or
      more transactions at a fixed price or prices, which may be changed, at
      market prices prevailing at the time of sale, or at prices related to such
      prevailing market prices to be negotiated with purchasers and as set forth
      in an accompanying prospectus supplement, including transactions that are
      deemed to be ATM distributions.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On May 5, 2016, the Company entered into an ATM equity
      facility with Cowen and Company, LLC, acting as sole agent. Under the
      terms of this ATM facility, the Company may, from time to time, sell
      common stock having an aggregate offering value of up to US$40.0 million
      on the New York Stock Exchange. The Company determines, at its sole
      discretion, the timing and number of shares to be sold under the ATM
      facility. During the year ended December 31, 2016, the Company issued
      10,245,347 common shares under the ATM facility at an average price of
      $3.90 per share for proceeds of $38,949, net of commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the year ended December 31, 2016, the Company also
      recognized $843 of additional transaction costs, related to the two ATM
      financings, as share issuance costs which have been presented net of share
      capital.</P></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 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
          <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 10 - </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>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) <BR></P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(b)</B><B> </B><B>Share purchase
Options </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Options to purchase common shares have
been granted to directors, officers, employees and consultants pursuant to the
Company&#146;s current stock option plan approved by the Company&#146;s shareholders in
fiscal 2009 and ratified in 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>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the
status of the Company&#146;s stock option plan and changes during the period: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left style="BORDER-top: #000000 2px solid"><B>Expressed in Canadian dollars</B> </TD>
    <TD width="1%" align=left style="BORDER-top: #000000 2px solid" >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-top: #000000 2px solid"><B>Period Ended</B> </TD>
    <TD width="2%" align=center style="BORDER-top: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%" align=center style="BORDER-top: #000000 2px solid" >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-top: #000000 2px solid"><B>Year Ended</B> </TD>
  <TD width="2%" align=center style="BORDER-top: #000000 2px solid" >&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 colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2017</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 colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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 align=center width="12%">Number </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Weighted average </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Number </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Weighted </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 style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">of
      shares </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="12%">exercise price </TD>
    <TD 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="12%">of
      shares </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="12%">average </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 align=center 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 align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&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>4,458,050 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>$3.93 </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>6,322,050 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>$3.80 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,572,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">$4.32 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,150,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">$4.30 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&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>(28,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>$3.47 </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>(3,495,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>$3.89 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&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%">(91,000</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=center
      width="12%">$5.45 </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%">(519,000</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=center
      width="12%">$4.14 </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>Outstanding, end of period </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>5,911,050 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#e6efff>$4.01 </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>4,458,050 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#e6efff>$3.93 </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="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center 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 align=center 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>Options exercisable at period 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>3,951,450 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#e6efff>$3.86 </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>2,921,550 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#e6efff>$3.95 </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 following tables summarize
information about stock options outstanding at September 30, 2017: </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>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="3%"
     >&nbsp;</TD>
    <TD colspan="6" align=center nowrap style="BORDER-TOP: #000000 2px solid">      <B>Expressed in Canadian dollars</B>         </TD>
    </TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="3%"  >&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=center>&nbsp; </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="15%" align=center nowrap>Weighted </TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD width="15%" align=center nowrap>Number </TD>
    <TD width="15%" align=center nowrap>Average </TD>
    <TD width="15%" align=center nowrap>Weighted </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD width="15%" align=center nowrap>&nbsp; &nbsp; &nbsp;Number </TD>
    <TD width="15%" align=center nowrap>Weighted </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>CAN $ </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD width="15%" align=center nowrap>Outstanding </TD>
    <TD width="15%" align=center nowrap>Remaining </TD>
    <TD width="15%" align=center nowrap>Average </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD width="15%" align=center nowrap>Exercisable </TD>
    <TD width="15%" align=center nowrap>Average </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Price </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD width="15%" align=center nowrap>as at </TD>
    <TD width="15%" align=center nowrap>Contractual Life </TD>
    <TD width="15%" align=center nowrap>Exercise </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD width="15%" align=center nowrap>as at </TD>
    <TD width="15%" align=center nowrap>Exercise </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>Intervals </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Sept. 30, 2017 </TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">(Number of Years) </TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Prices </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Sept. 30, 2017 </TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Prices </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$2.00 - $2.99 </TD>
    <TD align=center width="3%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,168,500 </TD>
    <TD align=center width="15%" bgColor=#e6efff>2.6 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$2.65 </TD>
    <TD align=center width="3%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,168,500 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$2.65 </TD></TR>
  <TR vAlign=top>
    <TD align=center>$4.00 - $4.99 </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD align=right width="15%">4,720,300 </TD>
    <TD align=center width="15%">3.2 </TD>
    <TD align=center width="15%">$4.33 </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD align=right width="15%">2,760,700 </TD>
    <TD align=center width="15%">$4.34 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$8.00 - $8.99 </TD>
    <TD align=center width="3%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>22,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>0.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>$8.74 </TD>
    <TD align=center width="3%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>22,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>$8.74 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">5,911,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">3.0    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$4.01 </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">3,951,450 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$3.86 </TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>During the three months and nine months
ended September 30, 2017, the Company recognized share based compensation
expense of $627 and $2,188 respectively (September 30, 2016 - $636 and $2,126
respectively) based on the fair value of the vested portion of options granted
in the current and prior years. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(c)</B><B> </B><B>Performance Share
Units Plan </B></P>
<P style="MARGIN-LEFT: 5%" 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.</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="22%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Period 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 width="22%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Year
      Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="22%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2017</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
      width="22%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px 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="22%" align=center nowrap>Number </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="22%" align=center nowrap>Number </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD width="22%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">of
      units </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="22%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">of
      units </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="22%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Outstanding, beginning of year </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>325,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="22%">200,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="22%">425,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cancelled </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" 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="22%" bgColor=#e6efff>(100,000</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Settled for shares </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="22%">(193,825</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="22%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Settled for cash </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="22%"
    bgColor=#e6efff>(131,175</TD>
    <TD 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="22%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="22%">&nbsp;</TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="22%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Outstanding, end of period </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="22%"
    bgColor=#e6efff>200,000 </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="22%"
    bgColor=#e6efff>325,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=top>
        <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
        <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 11 - </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><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<P style="MARGIN-LEFT: 5%" align=justify>A total of 200,000 PSUs were granted
during the nine months ended September 30, 2017 (September 30, 2016 &#150; 425,000)
under the Company&#146;s PSU plan. The 200,000 PSUs vest on May 3, 2020, subject to
achievement of pre-determined performance criteria.</P>
<P style="MARGIN-LEFT: 5%" align=justify>During the year ended December 31,
2016, 100,000 PSUs were cancelled resulting in 325,000 PSUs outstanding at
December 31, 2016. The PSUs vested on January 1, 2017, upon the achievement of
pre-determined performance and/or service criteria. On April 12, 2017, 193,825
common shares were issued and $449 was paid in cash in settlement of the 325,000
vested PSUs. </P>
<P style="MARGIN-LEFT: 5%" align=justify>During the three months and nine months
ended September 30, 2017, the Company recognized share based compensation
expense of $46 and $53 respectively related to the PSUs (September 30, 2016 -
$139 and $510 respectively). </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(d)</B><B> </B><B>Deferred Share
Units </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has a Deferred Share Unit
(&#147;DSU&#148;) plan whereby deferred share units may be granted to independent
directors of the Company in lieu of compensation in cash or share purchase
options. The DSUs vest immediately and are redeemable for cash based on the
market value of the units at the time of a director&#146;s retirement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" 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 style="BORDER-TOP: #000000 2px solid"><B>Period Ended </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center 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="5%" >&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 style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2017 </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016 </B></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 align=center width="12%">Number </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Weighted average </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Number </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Weighted average </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 style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">of
      units </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="12%">grant price </TD>
    <TD 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="12%">of
      units </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="12%">grant price </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 align=center 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 align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&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>510,560 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=center width="12%" bgColor=#e6efff>$3.39 </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>413,618 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=center width="12%" bgColor=#e6efff>$3.21 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">31,756 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ></TD>
    <TD align=center width="12%">$4.32 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">96,942 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ></TD>
    <TD align=center width="12%">$4.19 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Redeemed </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>
    <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="12%"
    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="12%"
    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=center width="12%"
    bgColor=#e6efff>- </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>Outstanding, end
      of period </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%">542,316 </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=center
      width="12%">$3.45 </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%">510,560 </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=center
      width="12%">$3.39 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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 align=center 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>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center 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 2px solid" align=left>Fair value at
      period end </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%">542,316 </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=center
      width="12%">$2.97 </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%">510,560 </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=center
      width="12%">$4.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>During the three months and nine months
ended September 30, 2017, the Company recognized a recovery on directors
compensation related to DSUs, which is included in general and administrative
salaries, wages and benefits, of $305 and $513 respectively (September 30, 2016
&#150; expense of $604 and $1,998 respectively) based on new grants and the change in
the fair value of the DSUs granted in the current and prior years. As of
September 30, 2017 there are 542,316 deferred share units outstanding (December
31, 2016 &#150; 510,560) with a fair market value of $1,291 (December 31, 2016 -
$1,804) recognized in accounts payable. </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 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 12 - </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><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(e)</B><B> </B><B>Diluted Earnings
per Share </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&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 colspan="4" align=center style="BORDER-TOP: #000000 2px solid"><B>Three Months Ended </B></TD>
    <TD style="BORDER-TOP: #000000 2px 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 align=center width="12%"><B>Sept. 30, </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Sept. 30, </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 style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2017 </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="12%">2016    </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>Basic earnings (loss) </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;996 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;5,586 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Basic weighted average number of shares outstanding </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>127,456,410 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">125,277,591 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Effect of dilutive securities: </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;Stock options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>194,788 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,812,257 </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;Performance share units </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>200,000 </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>325,000 </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>Diluted weighted
      average number of share outstanding </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>127,851,198 </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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">127,414,848 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Diluted earnings
      (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;0.01 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;0.04 </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>

  <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 colspan="4" align=center style="BORDER-TOP: #000000 2px solid"><B>Nine
      Months Ended </B></TD>
    <TD style="BORDER-TOP: #000000 2px 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 align=center width="12%"><B>Sept 30, </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Sept. 30, </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 style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2017 </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="12%">2016    </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>Basic earnings (loss) </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;7,015 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;9,114 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Basic weighted average number of shares outstanding </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>127,291,688 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">114,426,580 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Effect of dilutive securities: </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;Stock options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>331,572 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,165,325 </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;Performance share units </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>200,000 </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>325,000 </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>Diluted weighted
      average number of share outstanding </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>127,823,260 </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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">115,916,905 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Diluted earnings
      (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;0.05 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;0.08 </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%">10. </TD>
    <TD>
      <P align=justify><B><U>EXPLORATION</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </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>Three months 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>Nine
      months ended </B></TD>
  <TD style="BORDER-TOP: #000000 2px 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>Sept. 30 </B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>Sept. 30 </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Sept. 30 </B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>Sept. 30 </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>2017 </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">2016    </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>2017 </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">2016    </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>Depreciation and depletion </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;34 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;102 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;41 </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>59 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">110 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>197 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">297 </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>633 </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>461 </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>1,884 </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>1,597 </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>2,706 </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%">1,780    </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>8,350 </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%">3,533    </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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;3,432 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,361 </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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;10,533 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;5,468 </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%">11. </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-TOP: #000000 2px solid" align=left>&nbsp; </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>Three months 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>Nine
      months ended </B></TD>
  <TD style="BORDER-TOP: #000000 2px 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>Sept. 30 </B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>Sept. 30 </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Sept. 30 </B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>Sept. 30 </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>2017 </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">2016    </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>2017 </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">2016    </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>Depreciation and depletion </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;112 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;63 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;175 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;167 </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>551 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">873 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>1,889 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">2,261 </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>348 </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>1,167 </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>1,692 </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>3,514 </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 costs </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>594 </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%">724    </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>2,235 </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%">2,068    </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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;1,605 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,827 </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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;5,991 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;8,010 </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>Included in salaries, wages and
benefits is $305 in director&#146;s deferred share unit recovery for the three months
ended Sept. 30, 2017 (September 30, 2016 &#150; expense of $604) and a $513 recovery
for the nine months ended September 30, 2017 (June 30, 2016 &#150; expense of
$1,998).</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 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 13- </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><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by management)
<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%">12. </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>Three Months Ended</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD colspan="4"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Nine Months Ended</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 align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Sept. 30,</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>Sept. 30, </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Sept. 30,</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>Sept. 30, </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>2017</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">2016    </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>2017</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">2016    </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>Net changes in non-cash working capital:</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Accounts receivable </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;(4,782</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;5,170 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;(9,755</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;(1,829</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Inventories </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,107</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>513 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>255</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,086 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>428</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">604 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>772</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,291 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>2,299</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,828 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>2,683</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(3,276</TD>
  <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Income taxes
      payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(144</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(44</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(2,912</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(1,697</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(1,092</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;8,071 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(8,957</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(1,425</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Non-cash financing and investing activities: </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Fair value of exercised options
      allocated to share capital </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,783 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>35</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5,417 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Fair value of equity settled performance share units
      allocated to share capital </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>439</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Common shares issued on acquisition of mineral
      properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>6,549 </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="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Other cash disbursements: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Income taxes paid </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,712</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,026 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>5,487</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,911 </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>&nbsp;Special mining duty paid </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>2,020</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 14 - </TD>
  </TR>
</TABLE>
<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=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">13. </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, Guanacev&#237;, Bola&#241;itos and El Cubo and one
      development segment, El Compas, 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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In June 2017, the Company made the decision to begin mine
      development at El Compas and has reallocated the project from the
      exploration segment. Prior period segment reporting for the El Compas
      project has been restated.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD width="5%" >&nbsp;</TD>
    <TD colspan="21"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>September 30,
    2017</STRONG>&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center 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"><B>Corporate </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="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Exploration </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="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Guanacev&#237; </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="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Bolanitos </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="7%" 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="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>El
      Compas </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="7%" 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>
    <TD width="5%">&nbsp;</TD>
    <TD>&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>
    <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 width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;31,903 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;671 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;2,243 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;4,554 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;3,968 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;209 </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;43,548 </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="7%">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="7%">- </TD>
    <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>
    <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>
    <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>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">158 </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="7%" bgColor=#e6efff>787 </TD>
    <TD vAlign=bottom align=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>1,104 </TD>
    <TD vAlign=bottom align=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>12,800 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>3,563 </TD>
    <TD vAlign=bottom align=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>16,414 </TD>
    <TD vAlign=bottom align=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>668 </TD>
    <TD vAlign=bottom align=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>35,336 </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="7%">- </TD>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">9,086 </TD>
    <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%">2,224 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,710 </TD>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">14,020 </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="7%" bgColor=#e6efff>347 </TD>
    <TD vAlign=bottom align=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>154 </TD>
    <TD vAlign=bottom align=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>165 </TD>
    <TD vAlign=bottom align=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>173 </TD>
    <TD vAlign=bottom align=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>306 </TD>
    <TD vAlign=bottom align=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>120 </TD>
    <TD vAlign=bottom align=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>1,265 </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="7%">76 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">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="7%">317 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">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="7%">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="7%">- </TD>
    <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%">665 </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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>896 </TD>
    <TD vAlign=bottom align=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>
    <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>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>896 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid">Mineral property, plant and equipment </TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">715 </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">11,235 </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">42,722 </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">6,723 </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">14,614 </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">9,172 </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">85,181 </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">Total assets </TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;33,986 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;13,220 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;67,333 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;18,276 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;38,085 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;10,169 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;181,069 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&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>
    <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 width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;4,780 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;1,274 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;5,396 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;2,617 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;6,208 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;547 </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;20,822 </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="7%">300 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <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%">626 </TD>
    <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%">785 </TD>
    <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 </TD>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,719 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Credit facility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>1,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>1,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Deferred lease
      inducement </TD>
    <TD vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="7%">249 </TD>
    <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>
    <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>
    <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>
    <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>
    <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>
    <TD vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="7%">249 </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="7%" 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="7%" 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="7%" bgColor=#e6efff>2,079 </TD>
    <TD vAlign=bottom align=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>1,768 </TD>
    <TD vAlign=bottom align=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>4,063 </TD>
    <TD vAlign=bottom align=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>
    <TD vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right
    width="7%" bgColor=#e6efff>7,910 </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="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">5,704 </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="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">5,704 </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 align=left bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">Total liabilities </TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;6,829 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;1,274 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;13,805 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;5,170 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;10,279 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;547 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="7%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;37,904 </TD>
    <TD width="2%" align=left vAlign=bottom
  bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
</DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD width="5%" >&nbsp;</TD>
    <TD colspan="21"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp; <STRONG>December 31,
    2016</STRONG>&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center 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"><B>Corporate </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="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Exploration </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="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Guanacev&#237; </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="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Bolanitos </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="7%" 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="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>El
      Compas </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="7%" 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>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD 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>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;62,223 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;499 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;1,649 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;1,627 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;6,183 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;136 </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;72,317 </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="7%">85 </TD>
    <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>
    <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>
    <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>
    <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>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">85 </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="7%" bgColor=#e6efff>607 </TD>
    <TD vAlign=bottom align=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>978 </TD>
    <TD vAlign=bottom align=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>5,019 </TD>
    <TD vAlign=bottom align=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>4,845 </TD>
    <TD vAlign=bottom align=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>13,786 </TD>
    <TD vAlign=bottom align=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>325 </TD>
    <TD vAlign=bottom align=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>25,560 </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="7%">- </TD>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">8,946 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">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="7%">2,654 </TD>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">13,431 </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="7%" bgColor=#e6efff>1,363 </TD>
    <TD vAlign=bottom align=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>165 </TD>
    <TD vAlign=bottom align=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>404 </TD>
    <TD vAlign=bottom align=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>60 </TD>
    <TD vAlign=bottom align=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>40 </TD>
    <TD vAlign=bottom align=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>5 </TD>
    <TD vAlign=bottom align=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>2,037 </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="7%">76 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">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="7%">311 </TD>
    <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%">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="7%">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="7%">- </TD>
    <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%">659 </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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>183 </TD>
    <TD vAlign=bottom align=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>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>183 </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="7%">247 </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="7%">10,836 </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="7%">38,105 </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="7%">6,972 </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="7%">3,205 </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="7%">6,873 </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="7%">66,238 </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="7%" bgColor=#e6efff>&nbsp;64,601 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;12,534 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;54,434 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;15,478 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;26,124 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;7,339 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;180,510 </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="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>
    <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 width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;5,829 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;1,250 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;5,025 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;2,093 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;3,953 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;79 </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;18,229 </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="7%">452 </TD>
    <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%">525 </TD>
    <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%">1,030 </TD>
    <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%">2,309 </TD>
    <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%">315 </TD>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">4,631 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Credit facility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>9,000 </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>- </TD>
    <TD vAlign=bottom align=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>
    <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>
    <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>
    <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>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>9,000 </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="7%">- </TD>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,058 </TD>
    <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%">1,755 </TD>
    <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%">4,033 </TD>
    <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>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">7,846 </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="7%" 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="7%" 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="7%" bgColor=#e6efff>7,340 </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>205 </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>- </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>- </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>7,545 </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="7%">&nbsp;15,281 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;1,775 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;15,453 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;6,362 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;8,301 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;79 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;47,251 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 15 - </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><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD 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="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Corporate </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="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Exploration </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="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Guanacevi </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="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Bolanitos </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="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>El Cubo </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="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>El Compas </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="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Total </B></TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #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" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD colspan="19" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">  <B>Three </B><B>months </B><B>ended September 30, 2017 </B>  </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,469 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,421 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;8,025 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;21,915 </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 >Gold
      revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,785 </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%">8,544 </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%">7,538 </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%">17,867 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;11,254 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;12,965 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;15,563 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;39,782 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Salaries, wages and benefits : </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;mining</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,639 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,284 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,259 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;5,182 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">546 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">243 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">438 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,227 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;
      &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>728 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>624 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>761 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,113 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;stock based compensation    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">21 </TD>
    <TD 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 </TD>
    <TD 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 </TD>
    <TD 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%">63 </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
    >&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>144 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>68 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>83 </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>295 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,078 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,240 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,562 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,880 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,337 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,215 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,832 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,384 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;
      &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,592 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,997 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,343 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,932 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">484 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">601 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">708 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,793 </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
    >&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>226 </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>163 </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>85 </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>474 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,639 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,976 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,968 </TD>
    <TD 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%">18,583 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Depreciation and depletion:    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,507 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">547 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">333 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,387 </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
    >&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(17</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>17 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>7 </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>7 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,490 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">564 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">340 </TD>
    <TD 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%">4,394 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Royalties</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>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>61 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>72 </TD>
    <TD vAlign=bottom align=left width="2%"
    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>457 </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
      >Write down of inventory to NRV </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">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%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">166 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total cost&nbsp;of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;12,697 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;8,841 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;10,942 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;32,480 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(2,502</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(3,428</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(1,443</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;4,124 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;4,621 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(4</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,368 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Current income tax
      expense </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>130 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>742 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>10 </TD>
    <TD vAlign=bottom align=left width="2%"
    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>882 </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
      >&nbsp; &nbsp; &nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(177</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(333</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </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%">(510</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(47</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>409 </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>10 </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>372 </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 >Net
      earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(2,502</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(3,428</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(1,396</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;3,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;4,611 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(4</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;996 </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 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="19"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>Three </B><B>months </B><B>ended September 30, 2016 </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 align=left bgColor=#e6efff >Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;8,475 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,942 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,584 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;23,001 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >Gold
      revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,431 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">10,566 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">7,068 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">19,065 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total revenue </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;- </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;9,906 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;15,508 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;16,652 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;42,066 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Salaries, wages and benefits : </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;mining</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,206 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,186 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,191 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,583 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">425 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">218 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">393 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,036 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;
      &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>648 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>508 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>648 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,804 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stock based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(70</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(69</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(69</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(208</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(178</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>70 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(78</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,031 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,873 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,233 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,137 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Direct costs : </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,425 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,696 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,738 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,859 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;
      &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,726 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,067 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,743 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,536 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">593 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">421 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">706 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,720 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(574</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>79 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>68 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(427</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,170 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,263 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,255 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">16,688 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Depreciation and depletion: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,727 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">553 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">449 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,729 </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
    >&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(77</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>50 </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>59 </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>32 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,650 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">603 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">508 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,761 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Royalties </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>93 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>76 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>78 </TD>
    <TD vAlign=bottom align=left width="2%"
    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>247 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;8,944 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;6,815 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;11,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;26,833 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(5,248</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(2,208</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;962 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;8,693 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;5,578 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(153</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;7,624 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Current income tax expense </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(340</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,321 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>750 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,731 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; &nbsp; &nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(345</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(348</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(693</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(685</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,973 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>750 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>2,038 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >Net
      earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(5,248</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(2,208</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,647 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;6,720 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;4,828 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(153</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;5,586 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 16- </TD>
  </TR>
</TABLE>
<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=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; 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="7%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Corporate </B></TD>
    <TD width="1%"
    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="7%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Exploration </B></TD>
    <TD width="1%"
    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="7%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Guanacevi </B></TD>
    <TD width="1%"
    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="7%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Bolanitos </B></TD>
    <TD width="1%"
    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="7%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>El Cubo </B></TD>
    <TD width="1%"
    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="7%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>El Compas </B></TD>
    <TD width="1%"
    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="7%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Total </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%">&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="19" align=center style="BORDER-BOTTOM: #000000 1px solid">  <B>Nine months ended September 30, 2017 </B>  </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;28,276 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;10,777 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;21,856 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;60,909 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >Gold
      revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">4,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">24,323 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">18,986 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">47,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;32,917 </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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;35,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;40,842 </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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;108,859 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;Salaries, wages and benefits: </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="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="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="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="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="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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;mining</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;4,561 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;3,729 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;6,271 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;14,561 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,526 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">724 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,252 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3,502 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;
      &nbsp;administrative </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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>2,250 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>1,775 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>2,132 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>6,157 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;stock based compensation    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">51 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">52 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">52 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">155 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>272 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(74</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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(7</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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>191 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">8,660 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">6,206 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">9,700 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">24,566 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">9,324 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">8,591 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">10,383 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">28,298 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;
      &nbsp;processing </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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>5,114 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>5,017 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>6,251 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>16,382 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,673 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,407 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,007 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">5,087 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>883 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(183</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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>53 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>753 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">16,994 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">14,832 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">18,694 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">50,520 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Depreciation and depletion:    </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=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=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=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=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=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=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></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">9,899 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,577 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">993 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">12,469 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;change in
      inventory </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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(657</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(20</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(14</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(691</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">9,242 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,557 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">979 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">11,778 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Royalties </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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>886 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>163 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>188 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>1,237 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Write down of inventory to NRV </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="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">166 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">166 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;35,948 </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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;22,758 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;29,561 </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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;88,267 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;(4,028</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;(9,872</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;(3,031</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;12,342 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;11,281 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;(661</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;6,031 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;Current income tax
      expense </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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>364 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>1,426 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(64</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>1,726 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">(1,791</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">(1,107</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">188 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">(2,710</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(1,427</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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>319 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>124 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(984</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >Net
      earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(4,028</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=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(9,872</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(1,604</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=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;12,023 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;11,157 </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="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(661</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;7,015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE>
</DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; 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="19"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>Nine months ended September 30, 2016 </B>  </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;27,121 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;14,960 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;28,567 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;70,648 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gold revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">4,794 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">31,008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">21,667 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">57,469 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;31,915 </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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;45,968 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;50,234 </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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;128,117 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Salaries, wages and benefits: </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="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="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="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="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="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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;3,724 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;4,571 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;6,871 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;15,166 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,395 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">715 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,287 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3,397 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;administrative </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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>2,209 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>1,928 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>2,170 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>6,307 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;stock based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">26 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">26 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">26 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">78 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(308</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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>77 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>154 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(77</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">7,046 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">7,317 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">10,508 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">24,871 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">8,114 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">7,726 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">14,657 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">30,497 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;processing </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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>5,714 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>6,156 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>8,608 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>20,478 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,910 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,352 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,210 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">5,472 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(1,146</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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>309 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>449 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(388</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">14,592 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">15,543 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">25,924 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">56,059 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Depreciation and depletion: </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=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=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=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=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=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=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></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">5,470 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3,674 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,622 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">11,766 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(245</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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>254 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>284 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>293 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">5,225 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3,928 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,906 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">12,059 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Royalties </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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>288 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>217 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>227 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>732 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;27,151 </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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;27,005 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;39,565 </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="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>&nbsp;93,721 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;(12,529</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;(5,300</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;4,764 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;18,963 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;10,669 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;(168</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp;16,399 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Current income tax expense </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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>100 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>6,742 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>780 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>7,622 </TD>
    <TD vAlign=bottom align=left width="1%" 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;Deferred
      income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">370 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">(930</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">223 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">(337</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>470 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>5,812 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>1,003 </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" 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=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>7,285 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Net earnings
      (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(12,529</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=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(5,300</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;4,294 </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="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;13,151 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;9,666 </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="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(168</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;9,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The Exploration segment included $340
of costs incurred in Chile for the period ended September 30, 2017 (2016 -
$340). </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 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 17 - </TD>
  </TR>
</TABLE>
<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=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B><U>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. In June 2016, the Company received a MXN 122.9 million
      (USD $5.9 million) tax assessment based on the June 2015 ruling. The 2016
      tax assessment comprised of MXN 41.8 million in taxes owed (USD $2.0
      million), MXN 17.7 million (USD $0.9 million) in inflationary charges, MXN
      40.4 million (USD $1.9 million) in interest and MXN 23.0 million (USD $1.1
      million) in penalties. The 2016 tax assessment was issued 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. The MXN 123 million assessment
      includes interest and penalties. 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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company filed an appeal against the June 2016 tax
      assessment on the basis certain items rejected by the courts were included
      in the new tax assessment, while a number of deficiencies exist within the
      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 $595,000, including $42,000 in cash, held by
      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
      December 31, 2016, the Company recognized an allowance for transferring
      the shares and assets of MSCG amounting to $595,000. The Company is
      currently assessing MSCG&#146;s settlement options based on on-going court
      proceedings and discussion with the tax
authorities.</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%">15. </TD>
    <TD>
      <P align=justify><B><U>COMMITMENTS</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 rents office space under an operating lease.
      The future minimum lease payments under the lease agreement are as
      follows:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#e6efff>2017
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="22%"
    bgColor=#e6efff><B>&nbsp;61 </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>2018 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="22%"><B>249 </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2019 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff><B>254 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>2020 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="22%"><B>259 </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2021 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff><B>264 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>2022 and
      thereafter </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="22%"><B>1,836 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="22%"
    bgColor=#e6efff><B>&nbsp;2,923 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B><U>FAIR VALUE MEASUREMENTS</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <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 little or no market
      activity). The fair value hierarchy gives the highest priority to Level 1
      inputs and the lowest priority to Level 3
inputs.</P></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 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
    <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 18 - </TD>
  </TR>
</TABLE>
<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=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<P style="MARGIN-LEFT: 5%" align=justify>Financial assets and liabilities
measured at fair value on a recurring basis include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD 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 style="BORDER-TOP: #000000 2px solid" align=center
width="12%">Total</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Level 1
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Level 2
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Level 3
    </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>As at September
      30, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">$</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="12%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    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>Financial assets: </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 width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Available for sale securities </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>158 </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>158 </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 width="5%">&nbsp;</TD>
    <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%">6,839
    </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%">6,839
    </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>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>6,997 </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>158 </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>6,839 </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>
  <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 liabilities: </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>
    <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 style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred share
      units </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%">1,291
    </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%">1,291
    </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 width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total financial liabilities </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>1,291 </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>1,291 </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>
<P style="MARGIN-LEFT: 5%" align=justify>Fair values of financial assets and
liabilities: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 2px solid">As
      at September 30, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 2px solid">As
      at December 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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 align=center width="12%">Carrying </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">Estimated Fair </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">Carrying </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">Estimated Fair </TD>
    <TD align=left 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 align=center width="12%">value </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">value </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">value </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">value </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 style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">$</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="12%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    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>Financial assets: </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 width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>43,548 </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>43,548 </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>72,317 </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>72,317 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Investments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">158 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">158 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">85 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">85 </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>Accounts 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=right width="12%"
    bgColor=#e6efff>35,336 </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>35,336 </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>25,560 </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>25,560 </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>Total financial
      assets </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%">79,042 </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%">79,042 </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%">97,962 </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%">97,962 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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>
    <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><U>Financial liabilities</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 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="12%" bgColor=#e6efff>20,822 </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>20,822 </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>18,229 </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>18,229 </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>Credit facility</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%">1,500    </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%">1,500    </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%">9,000    </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%">9,000    </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 financial liabilities </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>22,322 </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>22,322 </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>27,229 </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>27,229 </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>Disclosure of the valuation techniques
to estimate the fair values of financial assets and liabilities are disclosed in
the following notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Trade receivables (see Note 4) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Deferred share units (see Note 9 (d))
  </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 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
      <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 19 - </TD>
    </TR>
  </TABLE>
  <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=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three and
nine months ended September 30, 2017 and 2016 <BR>(unaudited &#150; prepared by
management) <BR>(expressed in thousands of US dollars, unless otherwise stated)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left><B>HEAD OFFICE </B></TD>
    <TD align=left width="50%">Suite #1130, 609 Granville Street </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">PO Box# 10328 </TD></TR>
  <TR vAlign=bottom>
    <TD width="10%">&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left width="50%">Vancouver, BC, Canada V7Y 1G5 </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left
      width="50%">Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 685-9775 </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left
      width="50%">&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;1-877-685-9775
    </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left
      width="50%">Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 685-9744 </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left
      width="50%">Website:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.edrsilver.com
    </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left><B>DIRECTORS </B></TD>
    <TD align=left width="50%">Geoff Handley </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Ricardo Campoy </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Rex McLennan </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Kenneth Pickering </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Mario Szotlender </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Godfrey Walton </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left><B>OFFICERS </B></TD>
    <TD align=left width="50%">Bradford Cooke - Chief Executive Officer </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Godfrey Walton - President and Chief Operating
      Officer </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Dan Dickson - Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Tomas Iturriaga - Vice-President Operations,
      Country Manager Mexico </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Luis Castro - Vice-President, Exploration
</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Dale Mah - Vice-President, Corporate
      Development </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Christine West &#150; Vice-President, Controller
  </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Andrew Sharp &#150; Vice President, Engineering
  </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Bernard Poznanski - Corporate Secretary </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left><B>REGISTRAR AND </B></TD>
    <TD align=left width="50%">Computershare Trust Company of Canada </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left><B>TRANSFER AGENT </B></TD>
    <TD align=left width="50%">3<SUP>rd </SUP>Floor - 510 Burrard Street
</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Vancouver, BC, V6C 3B9 </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left><B>AUDITORS </B></TD>
    <TD align=left width="50%">KPMG LLP </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">777 Dunsmuir Street </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Vancouver, BC, V7Y 1K3 </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left><B>SOLICITORS </B></TD>
    <TD align=left width="50%">Koffman Kalef LLP </TD></TR>
  <TR vAlign=bottom>
    <TD width="10%">&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left width="50%">19<SUP>th </SUP>Floor &#150; 885 West Georgia Street
    </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Vancouver, BC, V6C 3H4 </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left><B>SHARES LISTED </B></TD>
    <TD align=left width="50%">Toronto Stock Exchange </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Trading Symbol - EDR </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">New York Stock Exchange </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">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 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=left><B>Endeavour Silver Corp. </B></TD>
        <TD style="BORDER-TOP: #000000 4px double; BORDER-BOTTOM: #000000 0px solid"
    align=center width="15%">Page - 20 - </TD>
      </TR>
    </TABLE>
    <HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><IMG
src="endeavourlogo.gif"
border=0> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017
      </B></FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) should
be read in conjunction with the condensed consolidated interim financial
statements of Endeavour Silver Corp. (&#147;Endeavour&#148; or &#147;the Company&#148;) for the
three months and nine months ended September 30, 2017 and the related notes
contained therein, which are prepared in accordance with International Financial
Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards
Board (&#147;IASB&#148;). In addition, the following should be read in conjunction with
the audited consolidated financial statements for the year ended December 31,
2016 and the related MD&amp;A<I>. </I>We use certain non-IFRS financial measures
in this MD&amp;A as described under &#147;Non-IFRS Measures&#148;. Additional information
relating to the Company, including the most recent Annual Information Form (the
&#147;Annual Information Form&#148;), 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 U.S.
Securities and Exchange Commission (the &#147;SEC&#148;). This MD&amp;A contains
&#147;forward-looking statements&#148; that are subject to risk factors set out in a
cautionary note contained herein. All dollar amounts are expressed in United
States (&#147;U.S.&#148;) dollars and tabular amounts are expressed in thousands of U . S
.. dollars unless otherwise indicated. This MD&amp;A is dated as of October 30,
2017 and all information contained is current as of October 30, 2017 unless
otherwise stated. </P>
<P align=justify><B><I>Cautionary Note to U.S. Investors concerning Estimates of
Mineral Reserves and Measured, Indicated and Inferred Mineral Resources:
</I></B></P>
<P align=justify><I>This MD&amp;A has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which differ from the
requirements of U.S. </I><I>securities laws. The terms &#147;mineral reserve&#148;,
&#147;proven mineral reserve&#148; and &#147;probable mineral reserve&#148; are Canadian mining
terms as defin</I><I>ed in accordance with Canadian National Instrument 43-101
</I><I>&#150;</I><I> Standards of </I><I>Disclosure for Mineral Projects (&#147;NI
43</I><I>-</I><I>101&#148;) and the Canadian Institute of Mining, Metallurgy and
Petroleum (the &#147;CIM&#148;) </I><I>- CIM Definition Standards on Mineral Resources and
Mineral Reserves, adopted by the CIM Council, as amended. These definitions
differ materially from the definitions in SEC Industry Guide 7 under the U.S.
Securities Act of 1933, as amended. </I></P>
<P align=justify><I>Under SEC Industry Guide 7 standards, a &#147;final&#148; or
&#147;bankable&#148; feasibility </I><I>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 </I><I>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</I><I>-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 SEC Industry Guide 7
rese</I><I>rves. &#147;Inferred mineral resources&#148; have a great amount of uncertainty
as to their existence, </I><I>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
re</I><I>source 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 </I><I>grade without reference to unit
measures. </I></P>
<P align=justify><I>Accordingly, information contained in this MD&amp;A contains
descriptions of </I><I>Endeavour&#146;s</I><I> 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 U.S. federal securities laws and
the rules and regulations thereunder, including SEC Industry Guide 7. </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=top>
    <TD align=center>609 Granville Street, Suite 1130, PO Box #10328,
      Vancouver, B.C., Canada V7Y 1G5 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Phone: 604.685.9775 | Fax: 604.685.9744| Toll Free:
      1.877.685.9775 <U>Email: info@edrsilver.com
    </U></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center><U>www.edrsilver.com
    </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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Forward-Looking Statements</I></B> </P>
<P align=justify><I>This MD&amp;A contains &#147;forward</I><I>-</I><I>looking
statements&#148; within the meaning of the </I><I>U.S. Securities Litigation Reform
Act of 1995, as amended </I><I>and &#147;forward</I><I>-</I><I>looking information&#148;
within the meaning of applicable Canadian securities </I><I>legislation. Such
forward-looking statements and information include, but are not limited to,
statements regarding </I><I>Endeavour&#146;s anticipated performance in 201</I><I>7,
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
</I><I>&#147;plan&#148;</I><I>, </I><I>&#147;e</I><I>xpec</I><I>t&#148;,</I><I>
</I><I>&#147;</I><I>forecast</I><I>&#148;,</I><I> </I><I>&#147;projec</I><I>t</I><I>&#148;,</I><I>
</I><I>&#148;i</I><I>ntend</I><I>&#148;</I><I>, </I><I>&#148;</I><I>believe</I><I>&#148;</I><I>,
</I><I>&#148;a</I><I>nticipate</I><I>&#148;, &#147;outlook&#148;</I><I> and other similar words, or
statements that certain events or conditions </I><I>&#147;may&#148;</I><I> or
</I><I>&#147;will&#148;</I><I> 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 </I><I>the Company&#146;s
</I><I>title to properties; as well as those factors described under
</I><I>&#147;</I><I>Risk F</I><I>actors&#148; in the Company&#146;s </I><I>Annual Information
Form. 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>Qualified Person </I></B></P>
<P align=justify><I>The scient</I><I>ific and technical information contained in
this MD&amp;A relating to the Company&#146;s mines and mineral projects </I><I>has
been reviewed and approved by Godfrey Walton, M.Sc., P.Geo., President and Chief
Operating Officer of Endeavour, a Qualified Person within the meaning of NI
43-101. </I></P>
<P align=justify><B><I>Table of Contents </I></B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="#page_3">Operating Highlights </a></TD>
    <TD align=left width="15%" bgColor=#eeeeee ><a href="#page_3">Page 3 </a></TD>
    <TD align=left width="35%" bgColor=#eeeeee><a href="#page_14">Consolidated Financial Results    </a></TD>
    <TD align=left width="15%" bgColor=#eeeeee ><a href="#page_14">Page 14 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_4">Consolidated Operations </a></TD>
    <TD align=left width="15%" ><a href="#page_4">Page 4 </a></TD>
    <TD align=left width="35%"><a href="#page_16">Non IFRS Measures </a></TD>
    <TD align=left width="15%" ><a href="#page_16">Page 16 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="#page_6">Guanacev&#237; Operations </a></TD>
    <TD align=left width="15%" bgColor=#eeeeee ><a href="#page_6">Page 6 </a></TD>
    <TD align=left width="35%" bgColor=#eeeeee><a href="#page_22">Quarterly Results and Trends</a></TD>
    <TD align=left width="15%" bgColor=#eeeeee ><a href="#page_22">Page 22 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_9">Bola&#241;itos Operations </a></TD>
    <TD align=left width="15%" ><a href="#page_9">Page 9 </a></TD>
    <TD align=left width="35%"><a href="#page_26">Annual Outlook </a></TD>
    <TD align=left width="15%" ><a href="#page_26">Page 26 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="#page_11">El Cubo Operations </a></TD>
    <TD align=left width="15%" bgColor=#eeeeee ><a href="#page_11">Page 11 </a></TD>
    <TD align=left width="35%" bgColor=#eeeeee><a href="#page_33">Liquidity and Capital Resources    </a></TD>
    <TD align=left width="15%" bgColor=#eeeeee ><a href="#page_33">Page 33 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_13">Development Activities </a></TD>
    <TD align=left width="15%" ><a href="#page_13">Page 13 </a></TD>
    <TD align=left width="35%"><a href="#page_33">Changes in Accounting Policies </a></TD>
    <TD align=left width="15%" ><a href="#page_33">Page 33 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="#page_13">Exploration Results </a></TD>
    <TD align=left width="15%" bgColor=#eeeeee ><a href="#page_13">Page 13 </a></TD>
    <TD align=left width="35%" bgColor=#eeeeee><a href="#page_35">Controls and Procedures </a></TD>
  <TD align=left width="15%" bgColor=#eeeeee ><a href="#page_35">Page 35  </a></TD></TR></TABLE>
</DIV><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">2</font></B>  </TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</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 colspan="3" align=center vAlign=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30
      </B></FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="30%" bgColor=#800040 rowSpan=2
    ><FONT color=#ffffff><BR><STRONG><FONT size=5>Q3 2017
      Highlights </FONT></STRONG><BR>
    </FONT></TD>
    <TD colspan="3" align=center vAlign=center bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended
      September 30 </B></FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    bgColor=#800040><FONT color=#ffffff><B>2017 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>% Change </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>2017 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>% Change
  </B></FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    bgColor=#800040><FONT color=#ffffff><B>Production </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" bgColor=#800040 ><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>1,262,064 </TD>
    <TD vAlign=center align=center width="11%">1,284,646 </TD>
    <TD vAlign=center align=center width="11%">(2%) </TD>
    <TD vAlign=center align=center width="30%" >Silver ounces
      produced </TD>
    <TD vAlign=center align=center width="11%">3,482,826 </TD>
    <TD vAlign=center align=center width="11%">4,346,562 </TD>
    <TD vAlign=center align=center width="11%">(20%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>13,648 </TD>
    <TD vAlign=center align=center width="11%">14,364 </TD>
    <TD vAlign=center align=center width="11%">(5%) </TD>
    <TD vAlign=center align=center width="30%" >Gold ounces
      produced </TD>
    <TD vAlign=center align=center width="11%">38,430 </TD>
    <TD vAlign=center align=center width="11%">45,973 </TD>
    <TD vAlign=center align=center width="11%">(16%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>1,231,975 </TD>
    <TD vAlign=center align=center width="11%">1,258,408 </TD>
    <TD vAlign=center align=center width="11%">(2%) </TD>
    <TD vAlign=center align=center width="30%" >Payable silver
      ounces produced </TD>
    <TD vAlign=center align=center width="11%">3,402,884 </TD>
    <TD vAlign=center align=center width="11%">4,243,199 </TD>
    <TD vAlign=center align=center width="11%">(20%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>13,337 </TD>
    <TD vAlign=center align=center width="11%">13,939 </TD>
    <TD vAlign=center align=center width="11%">(4%) </TD>
    <TD vAlign=center align=center width="30%" >Payable gold
      ounces produced </TD>
    <TD vAlign=center align=center width="11%">37,552 </TD>
    <TD vAlign=center align=center width="11%">44,657 </TD>
    <TD vAlign=center align=center width="11%">(16%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>2,217,424 </TD>
    <TD vAlign=center align=center width="11%">2,290,126 </TD>
    <TD vAlign=center align=center width="11%">(3%) </TD>
    <TD vAlign=center align=center width="30%" >Silver equivalent
      ounces produced<SUP>(1) </SUP></TD>
    <TD vAlign=center align=center width="11%">6,172,926 </TD>
    <TD vAlign=center align=center width="11%">7,564,672 </TD>
    <TD vAlign=center align=center width="11%">(18%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>8.11 </TD>
    <TD vAlign=center align=center width="11%">5.27 </TD>
    <TD vAlign=center align=center width="11%">54% </TD>
    <TD vAlign=center align=center width="30%" >Cash costs per
      silver ounce<SUP>(2)(3) </SUP></TD>
    <TD vAlign=center align=center width="11%">8.10 </TD>
    <TD vAlign=center align=center width="11%">6.13 </TD>
    <TD vAlign=center align=center width="11%">32% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>11.74 </TD>
    <TD vAlign=center align=center width="11%">7.28 </TD>
    <TD vAlign=center align=center width="11%">61% </TD>
    <TD vAlign=center align=center width="30%" >Total production
      costs per ounce<SUP>(2)(4) </SUP></TD>
    <TD vAlign=center align=center width="11%">11.80 </TD>
    <TD vAlign=center align=center width="11%">8.92 </TD>
    <TD vAlign=center align=center width="11%">32% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>17.53 </TD>
    <TD vAlign=center align=center width="11%">11.47 </TD>
    <TD vAlign=center align=center width="11%">53% </TD>
    <TD vAlign=center align=center width="30%" >All-in sustaining
      costs per ounce<SUP>(2)(5) </SUP></TD>
    <TD vAlign=center align=center width="11%">18.71 </TD>
    <TD vAlign=center align=center width="11%">11.01 </TD>
    <TD vAlign=center align=center width="11%">70% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>322,784 </TD>
    <TD vAlign=center align=center width="11%">355,611 </TD>
    <TD vAlign=center align=center width="11%">(9%) </TD>
    <TD vAlign=center align=center width="30%" >Processed tonnes    </TD>
    <TD vAlign=center align=center width="11%">929,949 </TD>
    <TD vAlign=center align=center width="11%">1,141,362 </TD>
    <TD vAlign=center align=center width="11%">(19%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>84.81 </TD>
    <TD vAlign=center align=center width="11%">71.18 </TD>
    <TD vAlign=center align=center width="11%">19% </TD>
    <TD vAlign=center align=center width="30%" >Direct production
      costs per tonne<SUP>(2)(6) </SUP></TD>
    <TD vAlign=center align=center width="11%">81.60 </TD>
    <TD vAlign=center align=center width="11%">72.89 </TD>
    <TD vAlign=center align=center width="11%">12% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>11.94 </TD>
    <TD vAlign=center align=center width="11%">11.06 </TD>
    <TD vAlign=center align=center width="11%">8% </TD>
    <TD vAlign=center align=center width="30%" >Silver co-product
      cash costs <SUP>(7) </SUP></TD>
    <TD vAlign=center align=center width="11%">12.01 </TD>
    <TD vAlign=center align=center width="11%">10.60 </TD>
    <TD vAlign=center align=center width="11%">13% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center
      align=center>902 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">773 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">17% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" >Gold co-product cash costs <SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">886 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">808 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">10% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    bgColor=#800040><FONT color=#ffffff><B>Financial </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" bgColor=#800040 ><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>39.8 </TD>
    <TD vAlign=center align=center width="11%">42.1 </TD>
    <TD vAlign=center align=center width="11%">(5%) </TD>
    <TD vAlign=center align=center width="30%" >Revenue ($
      millions) </TD>
    <TD vAlign=center align=center width="11%">108.9 </TD>
    <TD vAlign=center align=center width="11%">128.1 </TD>
    <TD vAlign=center align=center width="11%">(15%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>1,275,922 </TD>
    <TD vAlign=center align=center width="11%">1,200,466 </TD>
    <TD vAlign=center align=center width="11%">6% </TD>
    <TD vAlign=center align=center width="30%" >Silver ounces
      sold </TD>
    <TD vAlign=center align=center width="11%">3,500,337 </TD>
    <TD vAlign=center align=center width="11%">4,205,575 </TD>
    <TD vAlign=center align=center width="11%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>13,759 </TD>
    <TD vAlign=center align=center width="11%">14,228 </TD>
    <TD vAlign=center align=center width="11%">(3%) </TD>
    <TD vAlign=center align=center width="30%" >Gold ounces sold    </TD>
    <TD vAlign=center align=center width="11%">37,343 </TD>
    <TD vAlign=center align=center width="11%">44,847 </TD>
    <TD vAlign=center align=center width="11%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>17.20 </TD>
    <TD vAlign=center align=center width="11%">19.16 </TD>
    <TD vAlign=center align=center width="11%">(10%) </TD>
    <TD vAlign=center align=center width="30%" >Realized silver
      price per ounce </TD>
    <TD vAlign=center align=center width="11%">17.40 </TD>
    <TD vAlign=center align=center width="11%">16.80 </TD>
    <TD vAlign=center align=center width="11%">4% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>1,299 </TD>
    <TD vAlign=center align=center width="11%">1,340 </TD>
    <TD vAlign=center align=center width="11%">(3%) </TD>
    <TD vAlign=center align=center width="30%" >Realized gold
      price per ounce </TD>
    <TD vAlign=center align=center width="11%">1,284 </TD>
    <TD vAlign=center align=center width="11%">1,281 </TD>
    <TD vAlign=center align=center width="11%">0% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>1.0 </TD>
    <TD vAlign=center align=center width="11%">5.6 </TD>
    <TD vAlign=center align=center width="11%">(82%) </TD>
    <TD vAlign=center align=center width="30%" >Net earnings
      (loss) ($ millions) </TD>
    <TD vAlign=center align=center width="11%">7.0 </TD>
    <TD vAlign=center align=center width="11%">9.1 </TD>
    <TD vAlign=center align=center width="11%">(23%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>7.3 </TD>
    <TD vAlign=center align=center width="11%">15.2 </TD>
    <TD vAlign=center align=center width="11%">(52%) </TD>
    <TD vAlign=center align=center width="30%" >Mine operating
      earnings (loss) ($ millions) </TD>
    <TD vAlign=center align=center width="11%">20.6 </TD>
    <TD vAlign=center align=center width="11%">34.4 </TD>
    <TD vAlign=center align=center width="11%">(40%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>11.9 </TD>
    <TD vAlign=center align=center width="11%">17.8 </TD>
    <TD vAlign=center align=center width="11%">(33%) </TD>
    <TD vAlign=center align=center width="30%" >Mine operating
      cash flow<SUP>(8) </SUP>($ millions) </TD>
    <TD vAlign=center align=center width="11%">32.7 </TD>
    <TD vAlign=center align=center width="11%">46.5 </TD>
    <TD vAlign=center align=center width="11%">(30%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>5.7 </TD>
    <TD vAlign=center align=center width="11%">8.2 </TD>
    <TD vAlign=center align=center width="11%">(31%) </TD>
    <TD vAlign=center align=center width="30%" >Operating cash
      flow before working capital changes <SUP>(9) </SUP></TD>
    <TD vAlign=center align=center width="11%">18.9 </TD>
    <TD vAlign=center align=center width="11%">25.1 </TD>
    <TD vAlign=center align=center width="11%">(24%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>6.1 </TD>
    <TD vAlign=center align=center width="11%">10.8 </TD>
    <TD vAlign=center align=center width="11%">(44%) </TD>
    <TD vAlign=center align=center width="30%" >Earnings before
      ITDA <SUP>(10) </SUP></TD>
    <TD vAlign=center align=center width="11%">18.7 </TD>
    <TD vAlign=center align=center width="11%">29.6 </TD>
    <TD vAlign=center align=center width="11%">(37%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center
      align=center>70.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">91.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">(24%) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" >Working capital ($ millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">70.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">91.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">(24%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    bgColor=#800040><FONT color=#ffffff><B>Shareholders </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" bgColor=#800040 ><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>0.01 </TD>
    <TD vAlign=center align=center width="11%">0.04 </TD>
    <TD vAlign=center align=center width="11%">75% </TD>
    <TD vAlign=center align=center width="30%" >Earnings (loss)
      per share &#150; basic </TD>
    <TD vAlign=center align=center width="11%">0.06 </TD>
    <TD vAlign=center align=center width="11%">0.08 </TD>
    <TD vAlign=center align=center width="11%">(25%) </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center>0.04 </TD>
    <TD vAlign=center align=center width="11%" >0.07 </TD>
    <TD vAlign=center align=center width="11%" >(43%) </TD>
    <TD vAlign=center align=center width="30%"
      >Operating cash flow before working capital changes per share
      <SUP>(9) </SUP></TD>
    <TD vAlign=center align=center width="11%" >0.15 </TD>
    <TD vAlign=center align=center width="11%" >0.22 </TD>
    <TD vAlign=center align=center width="11%" >(32%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center
      align=center>127,456,410 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">125,277,591 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">2% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" >Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">127,291,688 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">114,426,580 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">11% </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.
      2016 Silver equivalents have been restated from 75:1 to 70:1 for
      comparative purposes</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 16.</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 18.</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 18.</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 20.</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 19.</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 21.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Mine operating cash flow is calculated by adding back
      amortization, depletion, inventory write downs and share-based
      compensation to mine operating earnings. Mine operating earnings and mine
      operating cash flow are before taxes. See Reconciliation to IFRS on page
      16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>See Reconciliation to IFRS on page 17 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%">(10) </TD>
    <TD>
      <P align=justify>See Reconciliation of Earnings before interest, taxes,
      depreciation and amortization on page 17.</P></TD></TR></TABLE>
<P align=justify>The above highlights are key measures used by management,
however they should not be the sole measures used in determining the performance
of the Company&#146;s operations. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">3</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>REVIEW OF OPERATING RESULTS </B></P>
<P align=justify>The Company is engaged in silver mining and related activities
including property acquisition, exploration, development, mineral extraction,
processing, refining and reclamation. The Company operates the Guanacev&#237;,
Bola&#241;itos and El Cubo mines in Mexico. In addition, the Company is advancing
three exploration and development projects in Mexico, including the Company&#146;s
high-grade discovery on the Terronera property in Jalisco state, the permitted
El Compas property and the leased La Plata plant in Zacatecas state, and the
prospective Parral properties in Chihuahua state. </P>
<P align=justify><B>Consolidated Production Results for the Three Months and
Nine Months Ended September 30, 2017 and 2016 </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
      bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="30%"
    bgColor=#800040 ><FONT color=#ffffff><B>CONSOLIDATED</B>
      </FONT></TD>
    <TD colspan="3" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30</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=center
      bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%"
    bgColor=#800040 ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>322,784 </TD>
    <TD align=center width="11%">355,611 </TD>
    <TD align=center width="11%">(9%) </TD>
    <TD align=center width="30%" >Ore tonnes processed </TD>
    <TD align=center width="11%">929,949 </TD>
    <TD align=center width="11%">1,141,362 </TD>
    <TD align=center width="11%">(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>144 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>133 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>8% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (gpt) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>135 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>140 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>84.5 </TD>
    <TD align=center width="11%">84.3 </TD>
    <TD align=center width="11%">0% </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">86.1 </TD>
    <TD align=center width="11%">84.6 </TD>
    <TD align=center width="11%">2% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1,262,064 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,284,646 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(2%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>3,482,826 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>4,346,562 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,231,975 </TD>
    <TD align=center width="11%">1,258,408 </TD>
    <TD align=center width="11%">(2%) </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">3,402,884 </TD>
    <TD align=center width="11%">4,243,199 </TD>
    <TD align=center width="11%">(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.58 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.55 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average gold
      grade (gpt) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.52 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.54 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>83.4 </TD>
    <TD align=center width="11%">80.8 </TD>
    <TD align=center width="11%">3% </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">84.5 </TD>
    <TD align=center width="11%">81.2 </TD>
    <TD align=center width="11%">4% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>13,648 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>14,364 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(5%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>38,430 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>45,973 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>13,337 </TD>
    <TD align=center width="11%">13,939 </TD>
    <TD align=center width="11%">(4%) </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">37,552 </TD>
    <TD align=center width="11%">44,657 </TD>
    <TD align=center width="11%">(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>2,217,424 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,290,126 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(3%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>6,172,926 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7,564,672 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(18%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.11 </TD>
    <TD align=center width="11%">5.27 </TD>
    <TD align=center width="11%">54% </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="11%">8.10 </TD>
    <TD align=center width="11%">6.13 </TD>
    <TD align=center width="11%">32% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>11.74 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7.28 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>61% </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>11.80 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>8.92 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>32% </TD></TR>
  <TR vAlign=top>
    <TD align=center>17.53 </TD>
    <TD align=center width="11%">11.47 </TD>
    <TD align=center width="11%">53% </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="11%">18.71 </TD>
    <TD align=center width="11%">11.01 </TD>
    <TD align=center width="11%">70% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>84.81 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>71.18 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>19% </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>81.60 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>72.89 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>12% </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.94 </TD>
    <TD align=center width="11%">11.06 </TD>
    <TD align=center width="11%">8% </TD>
    <TD align=center width="30%" >Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD align=center width="11%">12.01 </TD>
    <TD align=center width="11%">10.60 </TD>
    <TD align=center width="11%">13% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>902 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>773 </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>886 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>808 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>10% </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.
      2016 Silver equivalents have been restated from 75:1 to 70:1 for
      comparative purposes</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 16.</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 18.</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 18.</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 20.</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 19.</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
  21.</P></TD></TR></TABLE><BR>
  <BR>
  <DIV align=center>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
      <TR vAlign=top>
        <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">4</font></B> </TD>
      </TR>
    </TABLE>
  </DIV>
  <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=center><IMG src="exhibit99-2x5x1.jpg" border=0> </P>
<P align=justify><B><I>Consolidated Production </I></B></P>
<P align=justify><B>Three months ended September 30, 2017 (compared to the three
months ended September 30, 2016) <BR></B>Consolidated silver production during
Q3, 2017 was 1,262,064 ounces (oz), a decrease of 2% compared to 1,284,646 oz in
Q3, 2016, and gold production was 13,648 oz, a decrease of 5% compared to 14,364
oz in Q3, 2016. Plant throughput was 322,784 tonnes at average grades of 144
grams per tonne (gpt) silver and 1.58 gpt gold, compared to 355,611 tonnes
grading 133 gpt silver and 1.55 gpt gold in Q3, 2016. Metal production decreased
due to lower throughput partly offset by higher grades.</P>
<P align=justify><B>Nine months ended September 30, 2017 (compared to the nine
months ended September 30, 2016) <BR></B>Consolidated silver production during
2017 was 3,482,826 oz, a decrease of 20% compared to 4,346,562 oz in 2016, and
gold production was 38,430 oz, a decrease of 16% compared to 45,973 oz in 2016.
Plant throughput was 929,949 tonnes at average grades of 135 gpt silver and 1.52
gpt gold, compared to 1,141,362 tonnes grading 140 gpt silver and 1.54 gpt gold
in 2016. Metal production primarily decreased primarily due to lower
throughput.</P>
<P align=justify>Production was down year-on-year due to significantly reduced
spending on exploration and development at low metal prices in fiscal 2015 and
2016, which reduced our mine access to ore and therefore production in 2017. We
restarted our exploration and development programs in the third quarter 2016 to
once again expand resources and access reserves.</P>
<P align=justify>Management originally guided 2017 production at Guanacev&#237; to
range from 2.4 to 2.6 million silver oz and 5,300 to 6,300 gold oz. However,
three unrelated operating issues caused production to fall below plan. The Santa
Cruz mine encountered an influx of hot water and neither the pumping nor
ventilation systems were capable of handling the increased water and heat so
access to this area was lost due to flooding of the mine. Management implemented
operational changes and made capital investments in 2017 to improve the pumping,
ventilation and electrical systems and the mine was dewatered once again by late
June. </P>
<P align=justify>Guanacev&#237; also endured slower than planned mine development due
to narrower vein widths than in the resource model resulting in lower mine
output than planned. Management completed an internal review of reserves and
resources and developed a revised mine plan for the balance of 2017. Due to the
narrower widths, management<B> </B>in July re-estimated production to range from
800 to 900 tonnes per day, and revised Guanacev&#237; 2017 forecast production
guidance downwards to 2.0 to 2.1 million oz and 4,400 to 4,500 gold oz. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">5</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Lastly, also in July, a lightning strike caused a power outage,
resulting in another pump failure and renewed flooding in the deeper working
areas of Santa Cruz. Recent completion of electrical and ventilation repairs and
construction of a new underground pump station should help improve production
consistency going forward.<B> </B>Management will continue to closely monitor
the operating performance at Guanacev&#237;. Returning Guanacev&#237; to long-term
profitability lies in developing two new orebodies, Milache and Santa Cruz Sur.
Underground ramp access is already underway towards Milache and initial
production is expected in the second half of 2018. Mine development at Santa
Cruz Sur is scheduled to commence this quarter with initial production scheduled
to coincide with production from Milache. </P>
<P align=justify><B><I>Consolidated Operating Costs </I></B></P>
<P align=justify><B>Three months ended September 30, 2017 (compared to the three
months ended September 30, 2016) <BR></B>Direct production costs per tonne in
Q3, 2017 increased 19% compared with Q3, 2016. Reduced production at Guancevi
was key driver behind the higher costs. Cash costs rose 54% on a consolidated
basis due to the lower production offset by slight improvement in grades and
recoveries. All-in sustaining costs rose as a result of higher cash costs and
management significantly increasing capital investments for the long-term
benefit of Guanacev&#237; and El Cubo after a two-year period of reduced capital
investment to maximize cash flow and ensure the viability of its operations
during low silver and gold prices. </P>
<P align=justify><B>Nine months ended September 30, 2017 (compared to the nine
months ended September 30, 2016) <BR></B>Direct production costs per tonne in
2017 increased 12% compared with the same period ended Q3, 2016. Reduced
production had a direct impact on cash costs, which rose 32% on a consolidated
basis due to the lower production and slightly lower silver grades. All-in
sustaining costs rose as a result of higher cash costs and management
significantly increasing capital investments for the long-term benefit of
Guanacev&#237; and El Cubo after a two-year period of reduced capital investment to
maximize cash flow and ensure the viability of its operations during low silver
and gold prices.</P>
<P align=justify><B>Guanacev&#237; Operations </B></P>
<P align=justify>The Guanacev&#237; operation is currently mining high-grade ore from
three underground silver-gold mines along a five kilometre (km) length of the
prolific Santa Cruz vein. Guanacev&#237; provides steady employment for 493 people
and engages 385 contractors. </P>
<P align=justify>Guanacev&#237; mine production continues to lag below plant capacity
due to three unrelated operating issues, now mostly resolved. The Santa Cruz
mine encountered an influx of hot water and neither the pumping nor ventilation
systems were capable of handling the increased water and heat so access to this
area was lost due to flooding of the mine. Management implemented operational
changes and made capital investments in 2017 to improve the pumping, ventilation
and electrical systems and the mine was dewatered once again by late June. </P>
<P align=justify>Guanacev&#237; also endured slower than planned mine development due
to narrower vein widths than in the resource model resulting in lower mine
output than planned. Management completed an internal review of reserves and
resources and develoed a revised mine plan for the balance of 2017. An internal
review has been completed and determined vein widths within the current workings
are expected to continue for the remainder of the year. Due to the narrower
widths, management in July re-estimated production to range from 800 to 900
tonnes per day, and revised Guanacev&#237; 2017 forecast production guidance
downwards to 2.0 to 2.1 million oz and 4,400 to 4,500 gold oz. </P>
<P align=justify>Lastly, also in July, a lightning strike caused a power outage,
resulting in another pump failure and renewed flooding in the deeper working
areas. Recent completion of electrical and ventilation repairs and construction
of a new underground pump station should improve production consistency going
forward. Management will continue to closely monitor the operating performance
at Guanacev&#237;.</P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">6</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Returning Guanacev&#237; to long-term profitability lies in
developing two new orebodies, Milache and Santa Cruz Sur. Underground ramp
access is already underway towards Milache and initial production is expected in
the second half of 2018. Mine development at Santa Cruz Sur is scheduled to
commence this quarter with initial production scheduled to coincide with
production from Milache..</P>
<P align=justify><B><I>Production Results for the Three Months and Nine Months
Ended September 30, 2017 and 2016 </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
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30</B>
      </FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=center align=center
    width="30%" bgColor=#800040 ><FONT
      color=#ffffff><B>GUANACEV&Iacute;</B> </FONT></TD>
    <TD colspan="3" align=center vAlign=center bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended
      September 30</B> </FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" bgColor=#800040 ><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800040><FONT color=#ffffff><B>% Change</B>
  </FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>74,649 </TD>
    <TD vAlign=center align=center width="11%">82,059 </TD>
    <TD vAlign=center align=center width="11%">&nbsp; &nbsp;(9%) </TD>
    <TD vAlign=center align=center width="30%" >Ore tonnes
      processed </TD>
    <TD vAlign=center align=center width="11%">237,232 </TD>
    <TD vAlign=center align=center width="11%">279,591 </TD>
    <TD vAlign=center align=center width="11%">(15%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center bgColor=#eeeeee>250 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>235 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>6% </TD>
    <TD vAlign=center align=center width="30%" bgColor=#eeeeee
      >Average silver grade (g/t) </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>226 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>239 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>(5%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>87.2 </TD>
    <TD vAlign=center align=center width="11%">87.5 </TD>
    <TD vAlign=center align=center width="11%">&nbsp; &nbsp;(0%) </TD>
    <TD vAlign=center align=center width="30%" >Silver recovery
      (%) </TD>
    <TD vAlign=center align=center width="11%">88.3 </TD>
    <TD vAlign=center align=center width="11%">84.9 </TD>
    <TD vAlign=center align=center width="11%">4% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center bgColor=#eeeeee>522,907 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>542,385 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>&nbsp;
      &nbsp;(4%) </TD>
    <TD vAlign=center align=center width="30%" bgColor=#eeeeee
      >Total silver ounces produced </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>1,522,331 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>1,823,337 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>(17%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>522,385 </TD>
    <TD vAlign=center align=center width="11%">545,838 </TD>
    <TD vAlign=center align=center width="11%">&nbsp; &nbsp;(4%) </TD>
    <TD vAlign=center align=center width="30%" >Payable silver
      ounces produced </TD>
    <TD vAlign=center align=center width="11%">1,520,809 </TD>
    <TD vAlign=center align=center width="11%">1,820,903 </TD>
    <TD vAlign=center align=center width="11%">(16%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center bgColor=#eeeeee>0.57 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>0.51 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>12% </TD>
    <TD vAlign=center align=center width="30%" bgColor=#eeeeee
      >Average gold grade (g/t) </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>0.52 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>0.52 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>0% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>89.5 </TD>
    <TD vAlign=center align=center width="11%">86.4 </TD>
    <TD vAlign=center align=center width="11%">4% </TD>
    <TD vAlign=center align=center width="30%" >Gold recovery (%)    </TD>
    <TD vAlign=center align=center width="11%">88.1 </TD>
    <TD vAlign=center align=center width="11%">87.6 </TD>
    <TD vAlign=center align=center width="11%">1% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center bgColor=#eeeeee>1,224 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>1,163 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>5% </TD>
    <TD vAlign=center align=center width="30%" bgColor=#eeeeee
      >Total gold ounces produced </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>3,495 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>4,096 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>(15%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>1,224 </TD>
    <TD vAlign=center align=center width="11%">1,170 </TD>
    <TD vAlign=center align=center width="11%">5% </TD>
    <TD vAlign=center align=center width="30%" >Payable gold
      ounces produced </TD>
    <TD vAlign=center align=center width="11%">3,491 </TD>
    <TD vAlign=center align=center width="11%">4,090 </TD>
    <TD vAlign=center align=center width="11%">(15%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center bgColor=#eeeeee>608,587 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>623,795 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>&nbsp;
      &nbsp;(2%) </TD>
    <TD vAlign=center align=center width="30%" bgColor=#eeeeee
      >Silver equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>1,766,981 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>2,110,057 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>(16%) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>13.68 </TD>
    <TD vAlign=center align=center width="11%">11.12 </TD>
    <TD vAlign=center align=center width="11%">23% </TD>
    <TD vAlign=center align=center width="30%" >Cash costs per
      silver ounce<SUP>(2)(3)</SUP> </TD>
    <TD vAlign=center align=center width="11%">13.78 </TD>
    <TD vAlign=center align=center width="11%">9.93 </TD>
    <TD vAlign=center align=center width="11%">39% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center bgColor=#eeeeee>20.48 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>14.15 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>45% </TD>
    <TD vAlign=center align=center width="30%" bgColor=#eeeeee
      >Total production costs per ounce<SUP>(2)(4)</SUP> </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>20.30 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>12.94 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>57% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>23.47 </TD>
    <TD vAlign=center align=center width="11%">21.53 </TD>
    <TD vAlign=center align=center width="11%">9% </TD>
    <TD vAlign=center align=center width="30%" >All in sustaining
      cost per ounce <SUP>(2)(5)</SUP> </TD>
    <TD vAlign=center align=center width="11%">24.76 </TD>
    <TD vAlign=center align=center width="11%">17.98 </TD>
    <TD vAlign=center align=center width="11%">38% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center bgColor=#eeeeee>117.15 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>93.24 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>26% </TD>
    <TD vAlign=center align=center width="30%" bgColor=#eeeeee
      >Direct production costs per tonne<SUP>(2)(6)</SUP> </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>107.16 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>82.22 </TD>
    <TD vAlign=center align=center width="11%" bgColor=#eeeeee>30% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>14.21 </TD>
    <TD vAlign=center align=center width="11%">12.27 </TD>
    <TD vAlign=center align=center width="11%">16% </TD>
    <TD vAlign=center align=center width="30%" >Silver co-product
      cash costs <SUP>(7)</SUP> </TD>
    <TD vAlign=center align=center width="11%">14.28 </TD>
    <TD vAlign=center align=center width="11%">10.76 </TD>
    <TD vAlign=center align=center width="11%">33% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    bgColor=#eeeeee>1,073 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#eeeeee>858 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#eeeeee>25% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" bgColor=#eeeeee >Gold co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#eeeeee>1,054 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#eeeeee>821 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#eeeeee>28% </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.
      2016 Silver equivalents have been restated from 75:1 to 70:1 for
      comparative purposes</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 16.</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 18.</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 18.</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 20.</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 19.</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
  21.</P></TD></TR></TABLE><BR>
  <BR>
  <DIV align=center>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
      <TR vAlign=top>
        <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">7</font></B> </TD>
      </TR>
    </TABLE>
  </DIV>
  <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Guanacev&#237; Production Results </I></B></P>
<P align=justify><B>Three months ended September 30, 2017 (compared to the three
months ended September 30, 2016) <BR></B>Silver production at the Guanacev&#237; mine
during Q3, 2017 was 522,907 oz, a decrease of 4% compared to 542,385 oz in Q3,
2016, and gold production was 1,224 oz, an increase of 5% compared to 1,163 oz
in Q3, 2016. Plant throughput was 74,649 tonnes at average grades of 250 gpt
silver and 0.57 gpt gold, compared to 82,059 tonnes grading 235 gpt silver and
0.51 gpt gold in Q3, 2016. Metal production fell due to lower throughput, partly
offset by higher grades. The lower throughput is the result of operational
issues, mine development being behind plan and company personnel focused on
improving underground services, including power, dewatering and ventilation and
mining lower grade areas within the ore-bodies.</P>
<P align=justify><B>Nine months ended September 30, 2017 (compared to the nine
months ended September 30, 2016) <BR></B>Silver production at the Guanacev&#237; mine
during 2017 was 1,522,331 oz, a decrease of 17% compared to 1,823,337 oz in the
first three quarters of 2016, and gold production was 3,495 oz, a decrease of
15% compared to 4,096 oz in the first three quarters of 2016. Plant throughput
was 237,232 tonnes at average grades of 226 gpt silver and 0.52 gpt gold,
compared to 279,591 tonnes grading 239 gpt silver and 0.52 gpt gold over the
same period in 2016. Metal production fell due to lower throughput and silver
grades, partly offset by higher silver recoveries. The lower throughput is a
result of operational issues, mine development being behind plan and company
personnel focused on improving underground services, including power, dewatering
and ventilation and mining lower grade areas within the ore-bodies.</P>
<P align=justify><B><I>Guanacev&#237; Operating Costs </I></B></P>
<P align=justify><B>Three months ended September 30, 2017 (compared to the three
months ended September 30, 2016) <BR></B>As a result of decreased production,
direct production costs per tonne in Q3, 2017 rose significantly compared with
Q3, 2016. The decreased production resulted in higher cash costs per oz, net of
by-product credits (a non-IFRS measure and a standard of the Silver Institute),
which rose 23% to $13.68 per oz of payable silver in Q3, 2017 compared to $11.12
per oz in Q3, 2016. Similarly the lower production resulted in higher all-in
sustaining costs (also a non-IFRS measure) which, compared to Q3, 2016,
increased 9% to $23.47 per oz in Q3, 2017. This increase in all-in sustaining
costs was a result of higher cash costs and management significantly increasing
capital investments for the long-term benefit of Guanacev&#237; operations after a
two-year period of reduced capital investment to maximize cash flow and ensure
the viability of its operations during low silver and gold prices.</P>
<P align=justify><B>Nine months ended September 30, 2017 (compared to the nine
months ended September 30, 2016) <BR></B>As a result of decreased production,
direct production costs per tonne in 2017 rose significantly compared with 2016.
Additionally, the direct costs per tonne were further impacted by lower ore
grades resulting in higher cash costs per oz, net of by-product credits (a
non-IFRS measure and a standard of the Silver Institute), which rose 39% to
$13.78 per oz of payable silver in 2017 compared to $9.93 per oz in 2016. The
lower throughput, lower ore grades and higher development expenditures resulted
in higher all-in sustaining costs (also a non-IFRS measure) which, compared to
Q3, 2016, increased 38% to $24.76 per oz in 2017. This increase in all-in
sustaining costs was a result of higher cash costs and management significantly
increasing capital investments for the long term benefit of Guanacev&#237; operations
after a two-year period of reduced capital investment to maximize cash flow and
ensure the viability of its operations during low silver and gold prices.</P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">8</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>Bola&#241;itos Operations </B></P>
<P align=justify>The Bola&#241;itos operation encompasses three silver-gold mines and
a flotation plant. During the first nine months of 2017, the Company focused on
extracting and processing accessible ore at the Bola&#241;itos operation to maximize
cash flow. Bola&#241;itos provides steady employment for 363 people and engages 219
contractors. </P>
<P align=justify><B><I>Production Results for the Three Months and Nine Months
Ended September 30, 2017 and 2016 </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
      bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="30%"
    bgColor=#800040 ><FONT color=#ffffff><B>BOLA&#209;ITOS</B>
    </FONT></TD>
    <TD colspan="3" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30</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=center
      bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="30%"
    bgColor=#800040 ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>114,526 </TD>
    <TD align=center width="11%">132,686 </TD>
    <TD align=center width="11%">(14%) </TD>
    <TD align=center width="30%" >Ore tonnes processed </TD>
    <TD align=center width="11%">322,752 </TD>
    <TD align=center width="11%">406,136 </TD>
    <TD align=center width="11%">(21%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>85 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>76 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>12% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>77 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>84 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(8%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>81.1 </TD>
    <TD align=center width="11%">78.8 </TD>
    <TD align=center width="11%">3% </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">81.8 </TD>
    <TD align=center width="11%">79.0 </TD>
    <TD align=center width="11%">3% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>253,787 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>255,350 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(1%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>653,526 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>866,804 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(25%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>243,635 </TD>
    <TD align=center width="11%">245,136 </TD>
    <TD align=center width="11%">(1%) </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">627,385 </TD>
    <TD align=center width="11%">832,132 </TD>
    <TD align=center width="11%">(25%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>2.15 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2.30 </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>2.26 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2.34 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>82.4 </TD>
    <TD align=center width="11%">80.3 </TD>
    <TD align=center width="11%">3% </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">84.0 </TD>
    <TD align=center width="11%">81.1 </TD>
    <TD align=center width="11%">4% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>6,523 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7,875 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(17%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>19,706 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>24,794 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(21%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>6,360 </TD>
    <TD align=center width="11%">7,618 </TD>
    <TD align=center width="11%">(17%) </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">19,213 </TD>
    <TD align=center width="11%">24,016 </TD>
    <TD align=center width="11%">(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>710,397 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>806,600 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(12%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,032,946 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,602,384 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(22%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>(0.52) </TD>
    <TD align=center width="11%">(15.17) </TD>
    <TD align=center width="11%">97% </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="11%">(4.54) </TD>
    <TD align=center width="11%">(9.13) </TD>
    <TD align=center width="11%">50% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.81 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(13.20) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>114% </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>(1.94) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(4.68) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>58% </TD></TR>
  <TR vAlign=top>
    <TD align=center>3.96 </TD>
    <TD align=center width="11%">(11.16) </TD>
    <TD align=center width="11%">135% </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="11%">1.89 </TD>
    <TD align=center width="11%">(6.01) </TD>
    <TD align=center width="11%">131% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>71.52 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>49.03 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>46% </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>67.93 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>57.75 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>18% </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.97 </TD>
    <TD align=center width="11%">8.07 </TD>
    <TD align=center width="11%">36% </TD>
    <TD align=center width="30%" >Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD align=center width="11%">10.40 </TD>
    <TD align=center width="11%">8.51 </TD>
    <TD align=center width="11%">22% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>829 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>564 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>47% </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>768 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>649 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>18% </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.
      2016 Silver equivalents have been restated from 75:1 to 70:1 for
      comparative purposes</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 16.</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 18.</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 18.</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 20.</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 19.</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
  21.</P></TD></TR></TABLE><BR>
  <BR>
  <DIV align=center>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
      <TR vAlign=top>
        <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">9</font></B> </TD>
      </TR>
    </TABLE>
  </DIV>
  <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Bola&#241;itos Production Results </I></B></P>
<P align=justify><B>Three months ended September 30, 2017 (compared to the three
months ended September 30, 2016) <BR></B>Silver production at the Bola&#241;itos mine
was 253,787 oz in Q3, 2017, a decrease of 1% compared to 255,350oz in Q3, 2016,
and gold production was 6,523 oz in Q3, 2017, a decrease of 17% compared to
7,875 oz in Q3, 2016. Plant throughput in Q3, 2017 was 114,526 tonnes at average
grades of 85 gpt silver and 2.15 gpt gold, compared to 132,686 tonnes grading 76
gpt silver and 2.30 gpt gold in Q3, 2016. Silver and gold production were down
due to lower throughput and gold grades, slightly offset by higher recoveries
and silver grades. Since 2015, plant throughput has gradually reduced from 1,600
tpd to 1,000 tpd, as mine development and exploration was significantly reduced
in 2016.</P>
<P align=justify><B>Nine months ended September 30, 2017 (compared to the nine
months ended September 30, 2016) <BR></B>Silver production at the Bola&#241;itos mine
was 653,526 oz in 2017, a decrease of 25% compared to 866,804 oz in the first
three quarters of 2016, and gold production was 19,706 oz in 2017, a decrease of
21% compared to 24,794 oz in the first three quarters of 2016. Plant throughput
in 2017 was 322,752 tonnes at average grades of 77 gpt silver and 2.26 gpt gold,
compared to 406,136 tonnes grading 84 gpt silver and 2.34 gpt gold in the first
three quarters of 2016. Silver and gold production were down due to the lower
throughput and grades, partly offset by higher recoveries.</P>
<P align=justify>At Bola&#241;itos, silver grades were 19% lower than plan, while
gold grades were 6% higher than plan. The LL-Asunci&#243;n and Plateros ore zones
currently being mined have significantly higher gold grades and lower silver
grades compared to historical zones.</P>
<P align=justify><B><I>Bola&#241;itos Operating Costs </I></B></P>
<P align=justify><B>Three months ended September 30, 2017 (compared to the three
months ended September 30, 2016) <BR></B>Direct production costs per tonne in
Q3, 2017 increased 46% to $71.52 per tonne due to the reduced production.
Additionally 2016 costs were lower significantly lower due to the processing of
historical stockpiles carried at no values. Adjusting for the historical
stockpile tonnes, the 2016 direct costs per tonne were estimated to be
approximately $62 per tonne. The higher cost per tonne increased cash costs per
ounce, net of by-product credits (which is a non-IFRS measure and a standard of
the Silver Institute), to negative $0.52 per oz of payable silver in Q3, 2017
compared to negative $15.17 per oz in Q3, 2016. All-in sustaining costs (also a
non-IFRS measure) in Q3, 2017 increased to $3.96 per oz compared to negative
$11.16 per oz in Q3, 2016 directly attributed to the increased costs with no
historical stockpiles to process. </P>
<P align=justify><B>Nine months ended September 30, 2017 (compared to the nine
months ended September 30, 2016) <BR></B>Direct production costs per tonne in
2017 increased 18% to $67.93 per tonne due to the reduced production activity.
Additionally 2016 costs were lower significantly lower due to the processing of
historical stockpiles carried at no values. Adjusting for the historical
stockpile tonnes, the 2016 direct costs per tonne were estimated to be
approximately $62 per tonne. The higher cost per tonne increased cash costs, net
of by-product credits (which is a non-IFRS measure and a standard of the Silver
Institute), to negative $4.54 per oz in 2017 compared to negative $9.13 per oz
in 2016. All-in sustaining costs (also a non-IFRS measure) in 2017 increased to
$1.89 per oz compared to negative $6.01 per oz in 2016 due to increased
exploration and development activity and higher allocation of corporate general
and administrative charges. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">10</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>El Cubo Operations </B></P>
<P align=justify>Endeavour&#146;s third mine, El Cubo, was acquired in July 2012 as
an operational turn around opportunity and offered the potential to become a
core asset with a reasonable reserve/resource mine life. El Cubo currently
employs 619 people and engages 433 contractors.<B> </B></P>
<P align=justify><B><I>Production Results for the Three Months and Nine Months
Ended September 30, 2017 and 2016 </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
      bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="30%"
    bgColor=#800040 ><FONT color=#ffffff><B>EL CUBO</B>
</FONT></TD>
    <TD colspan="3" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30</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=center
      bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="30%"
    bgColor=#800040 ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#800040><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>133,609 </TD>
    <TD align=center width="11%">140,866 </TD>
    <TD align=center width="11%">(5%) </TD>
    <TD align=center width="30%" >Ore tonnes processed </TD>
    <TD align=center width="11%">369,965 </TD>
    <TD align=center width="11%">455,635 </TD>
    <TD align=center width="11%">(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>135 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>128 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>5% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>128 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>129 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>83.7 </TD>
    <TD align=center width="11%">84.0 </TD>
    <TD align=center width="11%">(0%) </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">85.8 </TD>
    <TD align=center width="11%">87.7 </TD>
    <TD align=center width="11%">(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>485,370 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>486,911 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(0%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,306,969 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,656,421 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(21%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>465,955 </TD>
    <TD align=center width="11%">467,434 </TD>
    <TD align=center width="11%">(0%) </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">1,254,690 </TD>
    <TD align=center width="11%">1,590,164 </TD>
    <TD align=center width="11%">(21%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.65 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.46 </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>1.52 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.46 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>4% </TD></TR>
  <TR vAlign=top>
    <TD align=center>83.3 </TD>
    <TD align=center width="11%">80.5 </TD>
    <TD align=center width="11%">3% </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">84.2 </TD>
    <TD align=center width="11%">79.9 </TD>
    <TD align=center width="11%">5% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>5,901 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>5,326 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>11% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>15,229 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>17,083 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(11%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>5,753 </TD>
    <TD align=center width="11%">5,151 </TD>
    <TD align=center width="11%">12% </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">14,848 </TD>
    <TD align=center width="11%">16,551 </TD>
    <TD align=center width="11%">(10%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>898,440 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>859,731 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>5% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,372,999 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,852,231 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>6.37 </TD>
    <TD align=center width="11%">9.16 </TD>
    <TD align=center width="11%">(30%) </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="11%">7.53 </TD>
    <TD align=center width="11%">9.74 </TD>
    <TD align=center width="11%">(23%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>7.13 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>9.99 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(29%) </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>8.36 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>11.44 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(27%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>17.95 </TD>
    <TD align=center width="11%">11.60 </TD>
    <TD align=center width="11%">55% </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="11%">19.78 </TD>
    <TD align=center width="11%">11.94 </TD>
    <TD align=center width="11%">66% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>78.13 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>79.20 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(1%) </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>77.14 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>80.66 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(4%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.21 </TD>
    <TD align=center width="11%">12.98 </TD>
    <TD align=center width="11%">(14%) </TD>
    <TD align=center width="30%" >Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD align=center width="11%">11.74 </TD>
    <TD align=center width="11%">12.42 </TD>
    <TD align=center width="11%">(5%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>847 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>908 </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="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>866 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>947 </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.
      2016 Silver equivalents have been restated from 75:1 to 70:1 for
      comparative purposes</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 16.</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 18.</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 18.</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 20.</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 19.</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
  21.</P></TD></TR></TABLE><BR>
  <BR>
  <DIV align=center>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
      <TR vAlign=top>
        <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">11</font></B> </TD>
      </TR>
    </TABLE>
  </DIV>
  <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>El Cubo Production Results </I></B></P>
<P align=justify><B>Three months ended September 30, 2017 (compared to the three
months ended September 30, 2016) <BR></B>Silver production at the El Cubo mine
was 485,370 oz in Q3, 2017, flat compared to 486,911 oz in Q3, 2016, and gold
production was 5,901 oz in Q3, 2017, an increase of 11% compared to 5,326 oz in
Q3, 2016. Plant throughput in Q2, 2017 was 133,609 tonnes at average grades of
135 gpt silver and 1.65 gpt gold, compared to 140,866 tonnes grading 128 gpt
silver and 1.46 gpt gold in Q3, 2016. The higher metal production is a result of
higher grades and gold recoveries offset by lower throughput.</P>
<P align=justify><B>Nine months ended September 30, 2017 (compared to the nine
months ended September 30, 2016) <BR></B>Silver production at the El Cubo mine
was 1,306,696 oz in 2017, a decrease of 21% compared to 1,656,421 oz in the
first three quarters of 2016, and gold production was 15,229 oz in Q3, 2017, a
decrease of 11% compared to 17,083 oz in the first three quarters of 2016. Plant
throughput in 2017 was 369,965 tonnes at average grades of 128 gpt silver and
1.52 gpt gold, compared to 455,635 tonnes grading 129 gpt silver and 1.46 gpt
gold in the first three quarters of 2016. The lower metal production resulted
from lower throughput partly offset by higher gold grades and recoveries.</P>
<P align=justify>At El Cubo, both silver and gold grades have improved during
the year. In late Q1, 2017 management instituted more cut and fill mining and
less long hole mining in certain areas of the mine to reduce dilution and
increase ore grades.</P>
<P align=justify><B><I>El Cubo Operating Costs </I></B></P>
<P align=justify><B>Three months ended September 30, 2017 (compared to the three
months ended September 30, 2016) <BR></B>Slightly lower throughput was offset by
lower costs resulting slightly lower costs per tonne of $78.13. Higher
productivity and fewer contractors helped to reduce the costs. An increase in
metal grades and gold recoveries resulted in 30% reduced cash costs per ounce,
net of by-product credits (a non-IFRS measure and a standard of the Silver
Institute), decreasing in Q3, 2017 to $6.37 per oz of payable silver compared to
$9.16 per oz in Q3, 2016. All-in sustaining costs increased 55% at $17.95 per oz
in Q3, 2017 compared to $11.60 per oz in Q3, 2016. The increase in all-in
sustaining costs was a result of management significantly increasing capital
investments for the long-term benefit of El Cubo operations after a two-year
period of reduced capital investment to maximize cash flow and ensure the
viability of its operations during low silver and gold prices.</P>
<P align=justify><B>Nine months ended September 30, 2017 (compared to the nine
months ended September 30, 2016) <BR></B>Despite a 19% decrease in throughput in
2017 compared to 2016, costs on a per tonne basis marginally decreased 4%.
Higher productivity and fewer contractors reduced the impact of reduced output.
The lower costs per tonne and higher gold grade, recoveries and prices resulted
in 23% lower cash costs per ounce, net of by-product credits (a non-IFRS measure
and a standard of the Silver Institute), in 2017 decreasing to $7.53 per oz of
payable silver compared to $9.74 per oz in 2016. All-in sustaining costs
increased 66% to $19.78 per oz in 2017 compared to $11.94 per oz in 2016. The
increase in all-in sustaining costs was a result of management significantly
increasing capital investments for the long-term benefit of El Cubo operations
after a two-year period of reduced capital investment to maximize cash flow and
ensure the viability of its operations during low silver and gold prices.</P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">12</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_13"></A>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>Development Activities </B></P>
<P align="justify">
<B><I>Terronera Project </I></B></P>
<P align="justify">
Terronera project features a newly discovered high grade silver-gold mineralized zone in the Terronera vein, which is now over 1,400 metres long, 400 metres deep, 3 to 16 metres thick, and still open along strike to the southeast and down dip. In
April 2017, the Company updated its NI 43-101 Mineral Resource and Reserve Estimates and completed a Pre-Feasibility Study (PFS) for the Terronera mine project located 40 kilometres northeast of Puerto Vallarta in the state of Jalisco, Mexico.</P>
<P align="justify">
At Terronera, work is currently focused on refinement of the project engineering and optimization studies on mining methods, crushing and grinding alternatives, and power alternatives. Permitting delays have affected the explosives, mine dumps and
plant tailings permits, therefore management does not expect to break ground on mine development until the first quarter, 2018, with mine and plant commissioning anticipated to commence in the second half of 2019.</P>
<P align="justify">
<B><I>El Compas Project </I></B></P>
<P align="justify">
The El Compas project is a high quality, permitted gold-silver mine and a modern leased plant in the historic silver mining district of Zacatecas, with good exploration potential to expand resources and good acquisition potential to consolidate
other properties with stranded resources and exploration targets in the area.</P>
<P align="justify">
At El Compas, work has begun on installing project infrastructure, collaring the mine access ramp and refurbishing the plant. The Company is waiting for clarification from the state government of Zacatecas regarding an exemption from the new
environmental taxes. A full explosives permit is expected to take until year-end due to a substantial slowdown in permitting. Mine development is proceeding using a low impact gun powder. Management therefore anticipates an increase in time to
production compared to the PEA with mine and plant commissioning now expected to commence at the end of the first quarter, 2018. Any further delay in the explosives permit could impact the mine development and plant commissioning time line.</P>
<P align="justify">
<B>Exploration Results </B></P>
<P align="justify">
In 2017, the Company&rsquo;s exploration plan was to drill 64,000 metres (m) and spend &#36;15.2 million on brownfields and greenfields exploration, development engineering, and land payments across its portfolio of properties. At the three existing
mines, 20,000 m of core drilling is planned at a cost of &#36;3.0 million. At the exploration and development projects, 44,000 m is planned to be drilled at a cost of &#36;10.5 million. </P>
<P align="justify">
As of September 30, 2017 the Company had incurred &#36;10.5 million on drilling, engineering studies and other exploration activities. Results of the engineering studies have been described under &ldquo;Development Activities&rdquo;. </P>
<P align="justify">
At Terronera, management planned a &#36;2.3 million, 10,000 m drill program to test other mineralized veins, complete the PFS, and advance the site infrastructure.At the end of Q1, 2017, management updated its NI 43-101 Mineral Resource and Reserve
Estimates and completed a PFS as described under &ldquo;Development Activities&rdquo;. Subsequent to the completion of the PFS, a further 50 holes totaling 12,000 m of drilling were completed along the Terronera vein, La Luz vein and other veins.
Exploration activities at Terronera continued to expand the high-grade, silver-gold mineralized zones to greater depths within the Terronera vein and at shallow depths within the La Luz vein. Drilling in the Terronera vein expanded the main
high-grade, mineralized zone down to 400 m depths over a 600 m length, still open to the depth and to the southeast. In addition to the main zone, drilling intercepted mineralized footwall and hanging wall splays. In some places the splays merge to
form one very thick mineralized zone. </P>

<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">13</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_14></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Drilling in the La Luz vein, located about 2.2 kilometres
northeast of the Terronera vein, expanded the new high-grade, mineralized zone
over 500 m long by 250 m deep starting approximately 100 m below surface and
still open to surface and to depth.</P>
<P align=justify>None of the drill results this year were included in the
resource estimate and PFS for Terronera, and they indicate potential to expand
resources and improve economics of both the Terronera and La Luz veins. </P>
<P align=justify>At El Compas, management approved a $3.0 million exploration
program to drill 8,000 m testing new targets, and collar an 800 m exploration
adit (subject to receiving the explosives permit and clarity on the new
Zacatecas state environmental tax) to provide underground access to the
resources in the El Compas and El Orito veins, confirm drill results, and assess
geotechnical parameters for mining of the mineralized zones. The Company has
drilled 11,300 m in 2017, released an initial NI43-101 Mineral Resource Estimate
and completed a preliminary economic assessment (PEA) as described under
&#147;Development Activities&#148;. The drilling was designed to test the Orito vein, the
newly discovered Ana Camila veins and test other recently acquired prospective
properties within the district. Drilling identified mineralization in some veins
and results are being interpreted. </P>
<P align=justify>At Parral, management planned a $3.0 million budget to drill
18,000 m in order to confirm a portion of the historical resource, test multiple
greenfields high-grade and bulk tonnage silver targets, and initiate a PEA. The
potential for near-term, small scale contract mining and toll milling will also
be evaluated. As of September 30, 2017, 18,000 m had been drilled at the La
Colorada target to test a portion of the historical resource and at the Palmilla
and San Patricio targets to test for new resources. Drilling has verified high
grade silver mineralization within the Argentina-Remedios area of the Veta
Colorada. Drilling highlights include 457 gpt silver over a 9.3 m true width and
4,641 gpt silver over a 2.3 m true width. </P>
<P align=justify>The Company planned a 5,000 m drill program at the Guadalupe y
Calvo property in Chihuahua, Mexico and a 3,000 m drill program in Chile. Both
properties are prospective: Guadalupe y Calvo for high-grade vein mineralization
near the existing resource, and for bulk tonnage silver-lead-zinc manto
mineralization in Chile. As of September 30, 2017, 2,500 m of drilling at
Guadalupe y Calvo returned no significant results and the drill program in Chile
was deferred to 2018.</P>
<P align=justify><B>Consolidated Financial Results </B></P>
<P align=justify><B>Three months ended September 30, 2017 (compared to the three
months ended September 30, 2016) </B></P>
<P align=justify>For the three-month period ended September 30, 2017, the
Company&#146;s mine operating earnings were $7.3 million (Q3, 2016: $15.2 million) on
sales of $39.8 million (Q3, 2016: $42.1 million) with cost of sales of $32.5
million (Q3, 2016: $26.9 million). </P>
<P align=justify>In Q3, 2017, the Company had operating earnings of $2.3 million
(Q3, 2016: $10.0 million) after exploration costs of $3.4 million (Q3, 2016:
$2.4 million) and general and administrative costs of $1.6 million (Q3, 2016:
$2.8 million). </P>
<P align=justify>Earnings before taxes in Q3, 2017 were $1.3 million (Q3, 2016:
$7.6 million) after finance costs of $0.2 million (Q3, 2016: $0.3 million), a
foreign exchange loss of $0.6 million (Q3, 2016: $1.7 million), and investment
and other expense of $0.2 million (Q3, 2016: expense of $0.4 million). The
Company realized net earnings for the period of $1.0 million (Q3, 2016: $5.6
million) after an income tax expense of $0.3 million (Q3, 2016 $2.0 million).
</P>
<P align=justify>Sales of $39.8 million in Q3, 2017 represented a 5% decrease
over the $42.1 million for the same period in 2016. There was a 6% increase in
silver ounces sold, offset by a 10% decrease in the realized silver price
resulting in a 5% decrease in silver sales, and there was a 3% decrease in gold
ounces sold with a 3% decrease in realized gold prices resulting in a 6%
decrease in gold sales. During the period, the Company sold 1,275,922 oz silver
and 13,759 oz gold, for realized prices of $17.20 and $1,299 per oz
respectively, compared to sales of 1,200,467 oz silver and 14,228 oz gold, for
realized prices of $19.16 and $1,340 per oz, respectively, in the same period of
2016. The realized price of silver was 1% higher of the average silver spot
price during the period of $17.01. The realized price of gold during the period
was 2% higher than the average gold spot prices during the period of $1,268 per
oz, with differences due to the timing of sales and the mark-to-market
adjustments for the concentrate sales that are pending finalization. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">14</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The Company decreased its finished goods silver inventory to
233,135 oz and decreased its finished goods gold inventory to 1,099 oz at
September 30, 2017 compared to 277,082 oz silver and 1,056 oz gold at June 30,
2017. The cost allocated to these finished goods was $4.8 million at September
30, 2017 compared to $5.6 million at June 30, 2017. At September 30, 2017, the
finished goods inventory fair market value was $5.3 million compared to the fair
value of $6.5 million at June 30, 2017. </P>
<P align=justify>Cost of sales for Q3, 2017 was $32.5 million, an increase of
21% over the cost of sales of $26.9 million for the same period of 2016. The 21%
decrease in cost of sales was primarily due to the strengthening of the Mexican
peso against the U.S. dollar and more contribution from the higher cost El Cubo
operation. </P>
<P align=justify>Exploration expenses increased in Q3, 2017 to $3.4 million from
$2.4 million in the same period of 2016 primarily due drilling across the
Company&#146;s portfolio of development and exploration properties. Management has
increased its exploration activity as precious metal prices have stabilized and
expectations prices will rise in the near future. General and administrative
expenses decreased by 43% to $1.6 million in Q3, 2017 compared to $2.8 million
in the same period of 2016 primarily due to decreased costs for director&#146;s
deferred share units which are marked to market at each period end. </P>
<P align=justify>The Company experienced a foreign exchange loss of $0.6 million
in Q3, 2017 compared to a loss of $1.7 million in Q3, 2016. The $0.6 million
loss was primarily due to the weakening of the Mexican peso against the U.S.
Dollar in from June 30, 2017 to September 30, 2017 which resulted in lower
valuations on the peso denominated cash and receivable amounts. </P>
<P align=justify>There was an income tax expense of $0.3 million in Q3, 2017
compared to $2.0 million in Q3, 2016. The $0.1 million tax expense is comprised
of $0.8 million in current income tax expense (Q3, 2016: $2.7 million) and $0.5
million in deferred income tax recovery (Q3, 2016: $0.7 million). The deferred
income tax recovery of $0.5 million increased due to the appreciation of the
Mexican peso and tax losses generated historically within profitable entities.
</P>
<P align=justify><B>Nine months ended September 30, 2017 (compared to the nine
months ended September 30, 2016) </B></P>
<P align=justify>For the nine-month period ended September 30, 2017, the
Company&#146;s mine operating earnings were $20.6 million (Q3, 2016: $34.4 million)
on sales of $108.9 million (Q3, 2016: $128.1 million) with cost of sales of
$88.3 million (Q3, 2016: $93.7 million). </P>
<P align=justify>Operating earnings were $4.1 million (Q3, 2016: $20.9 million)
after exploration costs of $10.5 million (Q3, 2016: $5.5 million) and general
and administrative costs of $6.0 million (Q3, 2016: $8.0 million). </P>
<P align=justify>Earnings before taxes were $6.0 million (Q3, 2016: $16.4
million) after finance costs of $0.6 million (Q3, 2016: $0.9 million), a foreign
exchange gain of $2.4 million (Q3, 2016: foreign exchange loss of $3.0 million),
and investment and other income of $0.1 million (Q3, 2016: expense of $0.6
million). The Company realized net earnings for the period of $7.0 million (Q3,
2016: $9.1 million) after an income tax recovery of $1.0 million (Q3, 2016
income tax expense of $7.3 million). </P>
<P align=justify>Sales of $108.9 million in the first three quarters of 2017
represented a 15% decrease over the $128.1 million for the same period in 2016.
There was a 17% decrease in silver ounces sold, offset by a 4% increase in the
realized silver price resulting in a 14% decrease in silver sales, and there was
a 17% decrease in gold ounces sold and a flat realized gold prices resulting in
a 17% decrease in gold sales. During the period, the Company sold 3,500,337 oz
silver and 37,343 oz gold, for realized prices of $17.40 and $1,284 per oz
respectively, compared to sales of 4,205,575 oz silver and 44,847 oz gold, for
realized prices of $16.80 and $1,281 per oz, respectively, in the same period of
2016. The realized price of silver was approximately 1% higher than the average
silver spot price during the period of $17.15. The realized price of gold during
the period was approximately 3% higher than the average gold spot prices during
the period of $1,251 per oz, with differences due to the timing of sales and the
mark-to-market adjustments for the concentrate sales that are pending
finalization. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">15</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The Company decreased its finished goods silver inventory to
233,135 oz and increased its finished goods gold inventory to 1,099 oz at
September 30, 2017 compared to 330,587 oz silver and 883 oz gold at December 31,
2016. The cost allocated to these finished goods was $4.8 million at September
30, 2017 compared to $4.9 million at December 31, 2016. At September 30, 2017,
the finished goods inventory fair market value was $5.3 million compared to the
fair value of $6.4 million at December 31, 2016. </P>
<P align=justify>Cost of sales for the first three quarters of 2017 was $88.3
million, a decrease of 6% over the cost of sales of $93.7 million for the same
period of 2016. The 6% decrease in cost of sales is primarily due to the
decreased mining activity at the Guanacev&#237; and Bola&#241;itos mines partially offset
by increased contribution of production from the El Cubo operation which is a
higher cost project.</P>
<P align=justify>Exploration expenses increased in 2017 to $10.5 million from
$5.5 million in the same period of 2016 primarily due drilling across the
Company&#146;s portfolio of development and exploration properties. Management has
increased its exploration activity as precious metal prices have stabilized and
expectations prices will rise in the near future. General and administrative
expenses decreased by 25% to $6.0 million from $8.0 million in the same period
of2016 primarily due to decreased costs for director&#146;s deferred share units
which are marked to market at each period end. </P>
<P align=justify>The Company experienced a foreign exchange gain of $2.4 million
during the period compared to a loss of $3.0 million in the same period of 2016.
The $2.4 million gain was primarily due to the strengthening of the Mexican peso
against the U.S. Dollar during 2017, which resulted in higher valuations on the
peso denominated cash and receivable amounts. </P>
<P align=justify>There was an income tax recovery of $1.0 million in the first
three quarters of 2017 compared to an income tax expense of $7.3 million for the
same period of 2016. The $1.0 million tax recovery is comprised of $1.7 million
in current income tax expense (Q3, 2016: f $7.6 million) and $2.7 million in
deferred income tax recovery (Q3, 2016: $0.3) . Lower production and increased
exploration activity reduced the profitability of the operations. The deferred
income tax recovery of $2.7 million increased due to the appreciation of the
Mexican peso and tax losses generated historically within profitable entities.
</P>
<P align=justify><B>Non-IFRS Measures </B></P>
<P align=justify>Mine operating cash flow is a non-IFRS measure that does not
have a standardized meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers. Mine operating cash
flow is calculated as revenue minus direct production costs and royalties. Mine
operating cash flow is used by management to assess the performance of the mine
operations, excluding corporate and exploration activities and is provided to
investors as a measure of the Company&#146;s operating performance. </P>
<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=#800040
    ><FONT color=#ffffff><B>Expressed in thousands US dollars</B>
      </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#800040
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Mine operating earnings </TD>
    <TD align=center width="14%">$7,302 </TD>
    <TD align=center width="14%">$15,233 </TD>
    <TD align=center width="14%">$20,592 </TD>
    <TD align=center width="14%">$34,396 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Share-based compensation </TD>
    <TD align=center width="14%" bgColor=#eeeeee>63 </TD>
    <TD align=center width="14%" bgColor=#eeeeee>(208) </TD>
    <TD align=center width="14%" bgColor=#eeeeee>155 </TD>
    <TD align=center width="14%" bgColor=#eeeeee>78 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Amortization and depletion </TD>
    <TD align=center width="14%">4,394 </TD>
    <TD align=center width="14%">2,761 </TD>
    <TD align=center width="14%">11,778 </TD>
    <TD align=center width="14%">12,059 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Write down (recovery) of inventory to net realizable value    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>166 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>166 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>- </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" align=center
      width="14%">$11,925 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">$17,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">$32,691 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">$46,533 </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 adjustments is calculated as
operating cash flow minus working capital adjustments. 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>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">16</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</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 style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800040><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash from operating activities </TD>
    <TD align=center width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$4,598 </TD>
    <TD align=center width="14%">$16,308 </TD>
    <TD align=center width="14%">$9,989 </TD>
    <TD align=center width="14%">$23,665 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Net changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(1,092) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>8,071 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>(8,957) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>(1,425) </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" align=center
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$5,690 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">$8,237 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">$18,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">$25,090 </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=#800040><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800040><FONT color=#ffffff><B>except per share amounts</B>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating cash flow before working capital adjustments </TD>
    <TD align=center width="14%">$5,690 </TD>
    <TD align=center width="14%">$8,237 </TD>
    <TD align=center width="14%">$18,946 </TD>
    <TD align=center width="14%">$25,090 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Basic weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>127,456,410 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>125,277,591 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>127,291,688 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#eeeeee>114,426,580 </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" align=center
      width="14%">$0.04 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">$0.07 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">$0.15 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">$0.22 </TD></TR></TABLE>
</DIV>
<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 excludes the following additional items from
EBITDA </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. </P>
<P align=justify>EBITDA is intended to provide additional information to
investors and analysts and does not have any standardized definition under IFRS
and should not be considered in isolation or as a substitute for measures of
operating performance prepared in accordance with IFRS. EBITDA excludes the
impact of cash costs of financing activities and taxes, and the effects of
changes in operating working capital balances, and therefore is not necessarily
indicative of operating profit or cash flow from operations as determined by
IFRS. Other companies may calculate EBITDA and Adjusted EBITDA differently. </P>
<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=#800040><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800040><FONT color=#ffffff><B>2016</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) for the period </TD>
    <TD vAlign=bottom align=center width="14%">$996 </TD>
    <TD vAlign=bottom align=center width="14%">$5,586 </TD>
    <TD vAlign=bottom align=center width="14%">$7,015 </TD>
    <TD vAlign=bottom align=center width="14%">$9,114 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Depreciation and depletion &#150; cost of sales    </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>4,394 </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>2,761 </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>11,778 </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>12,059 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Depreciation and depletion &#150; exploration </TD>
    <TD vAlign=bottom align=center width="14%">34 </TD>
    <TD vAlign=bottom align=center width="14%">10 </TD>
    <TD vAlign=bottom align=center width="14%">102 </TD>
    <TD vAlign=bottom align=center width="14%">41 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Depreciation and depletion &#150; general &amp;
      admin </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>112 </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>63 </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>175 </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>167 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance costs </TD>
    <TD vAlign=bottom align=center width="14%">166 </TD>
    <TD vAlign=bottom align=center width="14%">345 </TD>
    <TD vAlign=bottom align=center width="14%">610 </TD>
    <TD vAlign=bottom align=center width="14%">926 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Current income tax expense </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>882 </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>2,732 </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>1,726 </TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#eeeeee>7,623 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">(510) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">(693) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">(2,710) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">(337) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Earnings before interest, taxes, depletion and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%" bgColor=#eeeeee>$6,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%" bgColor=#eeeeee>$10,804 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%" bgColor=#eeeeee>$18,696 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%" bgColor=#eeeeee>$29,593 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Share based
      compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">673 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">775 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">2,241 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">2,636 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Adjusted earnings before interest, taxes depletion and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="14%" bgColor=#eeeeee>$6,747 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="14%" bgColor=#eeeeee>$11,579 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="14%" bgColor=#eeeeee>$20,937 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="14%" bgColor=#eeeeee>$32,229 </TD></TR></TABLE>
</DIV><BR>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">17</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Cash costs per ounce, total production costs per ounce and
direct production costs per tonne are measures developed by precious metals
companies in an effort to provide a comparable standard; however, there can be
no assurance that Endeavour&#146;s reporting of these non-IFRS measures are similar
to those reported by other mining companies. Cash costs per ounce, production
costs per ounce and direct production costs per tonne are measures used by the
Company to manage and evaluate operating performance at each of the Company&#146;s
operating mining units, and are widely reported in the silver mining industry as
a benchmark for performance, but do not have a standardized meaning and are
disclosed in addition to IFRS measures. The following tables provide a detailed
reconciliation of these measures to the Company&#146;s cost of sales, as reported in
its 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; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=left bgColor=#800040 rowSpan=2 ><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center vAlign=center bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended
      September 30, 2017</B> </FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center vAlign=center bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended
      September 30, 2016</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" vAlign=center align=center
    width="9%" bgColor=#800040><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="9%"  bgColor=#800040><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="9%" bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="9%" bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="9%" bgColor=#800040><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="9%"  bgColor=#800040><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="9%" bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="9%" bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >Direct production costs </TD>
    <TD vAlign=bottom align=center width="9%">$8,696 </TD>
    <TD vAlign=bottom align=center width="9%">$8,195 </TD>
    <TD vAlign=bottom align=center width="9%">$10,509 </TD>
    <TD vAlign=bottom align=center width="9%">$27,400 </TD>
    <TD vAlign=bottom align=center width="9%">$7,271 </TD>
    <TD vAlign=bottom align=center width="9%">$6,205 </TD>
    <TD vAlign=bottom align=center width="9%">$10,557 </TD>
    <TD vAlign=bottom align=center width="9%">$24,033 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#eeeeee >Royalties </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>324 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>61 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>72 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>457 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>93 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>76 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>78 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>247 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >Special mining duty
      <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">166 </TD>
    <TD vAlign=bottom align=center width="9%">(3) </TD>
    <TD vAlign=bottom align=center width="9%">163 </TD>
    <TD vAlign=bottom align=center width="9%">(454) </TD>
    <TD vAlign=bottom align=center width="9%">334 </TD>
    <TD vAlign=bottom align=center width="9%">738 </TD>
    <TD vAlign=bottom align=center width="9%">618 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#eeeeee >Opening
      finished goods </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(3,155) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(556) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(632) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(4,343) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,900) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(342) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(395) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(2,637) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >Finished goods NRV adjustment    </TD>
    <TD vAlign=bottom align=center width="9%">117 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">117 </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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    bgColor=#eeeeee >Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>2,763 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>325 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>493 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>3,581 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>2,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>232 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>179 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>3,052 </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >Direct production costs </TD>
    <TD vAlign=bottom align=center width="9%">8,745 </TD>
    <TD vAlign=bottom align=center width="9%">8,191 </TD>
    <TD vAlign=bottom align=center width="9%">10,439 </TD>
    <TD vAlign=bottom align=center width="9%">27,375 </TD>
    <TD vAlign=bottom align=center width="9%">7,651 </TD>
    <TD vAlign=bottom align=center width="9%">6,505 </TD>
    <TD vAlign=bottom align=center width="9%">11,157 </TD>
    <TD vAlign=bottom align=center width="9%">25,313 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#eeeeee >By-product gold
      sales </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,785) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(8,544) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(7,538) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(17,867) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,431) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(10,566) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(7,068) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(19,065) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >Opening gold inventory fair
      market value </TD>
    <TD vAlign=bottom align=center width="9%">784 </TD>
    <TD vAlign=bottom align=center width="9%">679 </TD>
    <TD vAlign=bottom align=center width="9%">427 </TD>
    <TD vAlign=bottom align=center width="9%">1,890 </TD>
    <TD vAlign=bottom align=center width="9%">292 </TD>
    <TD vAlign=bottom align=center width="9%">852 </TD>
    <TD vAlign=bottom align=center width="9%">341 </TD>
    <TD vAlign=bottom align=center width="9%">1,485 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center 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>(598) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(453) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(359) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(1,410) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(442) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(510) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(148) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(1,100) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    >Cash costs net of by-product </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">7,146 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">(127) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">2,969 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">9,988 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">6,070 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">(3,719) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">4,282 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">6,633 </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#eeeeee >Amortization
      and depletion </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,490 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>564 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>340 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>4,394 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,651 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>602 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>508 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,761 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >Share-based compensation </TD>
    <TD vAlign=bottom align=center width="9%">21 </TD>
    <TD vAlign=bottom align=center width="9%">21 </TD>
    <TD vAlign=bottom align=center width="9%">21 </TD>
    <TD vAlign=bottom align=center width="9%">63 </TD>
    <TD vAlign=bottom align=center width="9%">(70) </TD>
    <TD vAlign=bottom align=center width="9%">(69) </TD>
    <TD vAlign=bottom align=center width="9%">(69) </TD>
    <TD vAlign=bottom align=center width="9%">(208) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#eeeeee >Opening
      finished goods depletion </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,150) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(39) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(19) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,208) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(341) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(57) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(50) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(448) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >NRV cost adjustment </TD>
    <TD vAlign=bottom align=center width="9%">49 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">49 </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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    bgColor=#eeeeee >Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,141 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>22 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,176 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>416 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>425 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    >Total production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$10,697 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$441 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$3,324 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$14,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$7,726 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">($3,235) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$4,672 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$9,163 </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=#800040
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2016</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=#800040
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Throughput tonnes </TD>
    <TD align=center width="9%">74,649 </TD>
    <TD align=center width="9%">114,526 </TD>
    <TD align=center width="9%">133,609 </TD>
    <TD align=center width="9%">322,784 </TD>
    <TD align=center width="9%">82,059 </TD>
    <TD align=center width="9%">132,686 </TD>
    <TD align=center width="9%">140,866 </TD>
    <TD align=center width="9%">355,611 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Payable silver ounces </TD>
    <TD align=center width="9%" bgColor=#eeeeee>522,385 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>243,635 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>465,955 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,231,975 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>545,838 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>245,136 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>467,434 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,258,408 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Cash costs per ounce </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$13.68 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($0.52) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$6.37 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$8.11 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$11.12 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($15.17) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$9.16 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$5.27 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total production costs per oz </TD>
    <TD align=center width="9%">$20.48 </TD>
    <TD align=center width="9%">$1.81 </TD>
    <TD align=center width="9%">$7.13 </TD>
    <TD align=center width="9%">$11.74 </TD>
    <TD align=center width="9%">$14.15 </TD>
    <TD align=center width="9%">($13.20) </TD>
    <TD align=center width="9%">$9.99 </TD>
    <TD align=center width="9%">$7.28 </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" align=center width="9%"
    bgColor=#eeeeee>$117.15 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$71.52 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$78.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$84.81 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$93.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$49.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$79.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$71.18 </TD></TR></TABLE>
</DIV><BR>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">18</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</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 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=left bgColor=#800040 rowSpan=2 ><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2016</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=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
     bgColor=#800040><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
     bgColor=#800040><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Direct production costs </TD>
    <TD align=center width="9%">$25,603 </TD>
    <TD align=center width="9%">$20,986 </TD>
    <TD align=center width="9%">$28,342 </TD>
    <TD align=center width="9%">$74,931 </TD>
    <TD align=center width="9%">$21,612 </TD>
    <TD align=center width="9%">$22,834 </TD>
    <TD align=center width="9%">$36,406 </TD>
    <TD align=center width="9%">$80,852 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Royalties </TD>
    <TD align=center width="9%" bgColor=#eeeeee>886 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>163 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>188 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,237 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>288 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>217 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>227 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>732 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">451 </TD>
    <TD align=center width="9%">(99) </TD>
    <TD align=center width="9%">352 </TD>
    <TD align=center width="9%">(254) </TD>
    <TD align=center width="9%">789 </TD>
    <TD align=center width="9%">738 </TD>
    <TD align=center width="9%">1,273 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Opening finished goods </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(3,948) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(385) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(4,333) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,298) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(619) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(798) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(2,715) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Finished goods NRV adjustment </TD>
    <TD align=center width="9%">117 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">117 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </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" align=center width="9%"
    bgColor=#eeeeee>2,763 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>325 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>493 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>3,581 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>2,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>232 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>179 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>3,052 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Direct production costs </TD>
    <TD align=center width="9%">25,421 </TD>
    <TD align=center width="9%">21,925 </TD>
    <TD align=center width="9%">28,539 </TD>
    <TD align=center width="9%">75,885 </TD>
    <TD align=center width="9%">22,989 </TD>
    <TD align=center width="9%">23,453 </TD>
    <TD align=center width="9%">36,752 </TD>
    <TD align=center width="9%">83,194 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >By-product gold sales </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(4,641) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(24,323) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(18,986) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(47,950) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(4,794) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(31,008) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(21,667) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(57,469) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Opening gold inventory fair market value </TD>
    <TD align=center width="9%">771 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">253 </TD>
    <TD align=center width="9%">1,024 </TD>
    <TD align=center width="9%">337 </TD>
    <TD align=center width="9%">471 </TD>
    <TD align=center width="9%">557 </TD>
    <TD align=center width="9%">1,365 </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" align=center width="9%"
    bgColor=#eeeeee>(598) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>(453) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>(359) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>(1,410) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>(442) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>(510) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>(148) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>(1,100) </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" align=center
      width="9%">20,953 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">(2,851) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">9,447    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">27,549 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">18,090 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">(7,594) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">15,494 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">25,990 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Amortization and depletion</TD>
    <TD align=center width="9%" bgColor=#eeeeee>9,242 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,557 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>979 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>11,778 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>5,226 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,927 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,906 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>12,059 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Share-based compensation </TD>
    <TD align=center width="9%">51 </TD>
    <TD align=center width="9%">52 </TD>
    <TD align=center width="9%">52 </TD>
    <TD align=center width="9%">155 </TD>
    <TD align=center width="9%">26 </TD>
    <TD align=center width="9%">26 </TD>
    <TD align=center width="9%">26 </TD>
    <TD align=center width="9%">78 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Opening finished goods
      depletion </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(567) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(568) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(203) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(261) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(242) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(706) </TD></TR>
  <TR vAlign=top>
    <TD align=left >NRV cost adjustment </TD>
    <TD align=center width="9%">49 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">49 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">0 </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" align=center width="9%"
    bgColor=#eeeeee>1,141 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>22 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,176 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>416 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>425 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$30,869 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">($1,220) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$10,490 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$40,139 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$23,555 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">($3,894) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$18,185 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$37,846 </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=#800040
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2016</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=#800040
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Throughput tonnes </TD>
    <TD align=center width="9%">237,232 </TD>
    <TD align=center width="9%">322,752 </TD>
    <TD align=center width="9%">369,965 </TD>
    <TD align=center width="9%">929,949 </TD>
    <TD align=center width="9%">279,591 </TD>
    <TD align=center width="9%">406,136 </TD>
    <TD align=center width="9%">455,635 </TD>
    <TD align=center width="9%">1,141,362 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Payable silver ounces </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,520,809 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>627,385 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,254,690 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,402,884 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,820,903 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>832,132 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,590,164 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>4,243,199 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Cash costs per ounce </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$13.78 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($4.54) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$7.53 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$8.10 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$9.93 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($9.13) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$9.74 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$6.13 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total production costs per oz </TD>
    <TD align=center width="9%">$20.30 </TD>
    <TD align=center width="9%">($1.94) </TD>
    <TD align=center width="9%">$8.36 </TD>
    <TD align=center width="9%">$11.80 </TD>
    <TD align=center width="9%">$12.94 </TD>
    <TD align=center width="9%">($4.68) </TD>
    <TD align=center width="9%">$11.44 </TD>
    <TD align=center width="9%">$8.92 </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" align=center width="9%"
    bgColor=#eeeeee>$107.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$67.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$77.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$81.60 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$82.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$57.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$80.66 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$72.89 </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.</P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">19</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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=#800040><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2016</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=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs net of by-product </TD>
    <TD align=center width="9%">$7,146 </TD>
    <TD align=center width="9%">($127) </TD>
    <TD align=center width="9%">$2,969 </TD>
    <TD align=center width="9%">$9,988 </TD>
    <TD align=center width="9%">$6,070 </TD>
    <TD align=center width="9%">($3,719) </TD>
    <TD align=center width="9%">$4,282 </TD>
    <TD align=center width="9%">$6,633 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Operations stock based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>21 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>21 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>21 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>63 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(70) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(69) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(69) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(208) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporate general and administrative </TD>
    <TD align=center width="9%">268 </TD>
    <TD align=center width="9%">277 </TD>
    <TD align=center width="9%">397 </TD>
    <TD align=center width="9%">942 </TD>
    <TD align=center width="9%">818 </TD>
    <TD align=center width="9%">369 </TD>
    <TD align=center width="9%">704 </TD>
    <TD align=center width="9%">1,891 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Corporate stock based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>157 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>167 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>227 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>551 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>377 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>170 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>325 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>873 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Reclamation - amortization/accretion </TD>
    <TD align=center width="9%">7 </TD>
    <TD align=center width="9%">4 </TD>
    <TD align=center width="9%">10 </TD>
    <TD align=center width="9%">21 </TD>
    <TD align=center width="9%">6 </TD>
    <TD align=center width="9%">5 </TD>
    <TD align=center width="9%">10 </TD>
    <TD align=center width="9%">21 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Mine site expensed exploration </TD>
    <TD align=center width="9%" bgColor=#eeeeee>120 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>39 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>315 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>474 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>198 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>48 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>247 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Capital
      expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">4,543    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">583    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">4,426    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">9,552    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">4,353    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">508    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">122    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">4,983    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>All In Sustaining Costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$12,262 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$964 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$8,365 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$21,591 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$11,753 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($2,735) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$5,422 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$14,440 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Growth exploration </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="9%">2,865 </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="9%">0 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Growth capital expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>474 </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" align=left width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$25,740 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$14,914 </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=#800040><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2016</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=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD align=center width="9%">74,649 </TD>
    <TD align=center width="9%">114,526 </TD>
    <TD align=center width="9%">133,609 </TD>
    <TD align=center width="9%">322,784 </TD>
    <TD align=center width="9%">82,059 </TD>
    <TD align=center width="9%">132,686 </TD>
    <TD align=center width="9%">140,866 </TD>
    <TD align=center width="9%">355,611 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD align=center width="9%" bgColor=#eeeeee>522,385 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>243,635 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>465,955 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,231,975 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>545,838 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>245,136 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>467,434 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,258,408 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Sustaining cost per ounce </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$23.47 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$3.96 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$17.95 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$17.53 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$21.53 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($11.16) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$11.60 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$11.47 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>All In costs per
      ounce </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$20.89 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$11.85 </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=#800040><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2016</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=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs net of by-product </TD>
    <TD align=center width="9%">$20,953 </TD>
    <TD align=center width="9%">($2,851) </TD>
    <TD align=center width="9%">$9,447 </TD>
    <TD align=center width="9%">$27,549 </TD>
    <TD align=center width="9%">$18,090 </TD>
    <TD align=center width="9%">($7,594) </TD>
    <TD align=center width="9%">$15,494 </TD>
    <TD align=center width="9%">$25,990 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Operations stock based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>51 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>52 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>52 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>155 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>26 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>26 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>26 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>78 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporate general and administrative </TD>
    <TD align=center width="9%">1,124 </TD>
    <TD align=center width="9%">1,293 </TD>
    <TD align=center width="9%">1,510 </TD>
    <TD align=center width="9%">3,927 </TD>
    <TD align=center width="9%">2,395 </TD>
    <TD align=center width="9%">1,095 </TD>
    <TD align=center width="9%">2,092 </TD>
    <TD align=center width="9%">5,582 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Corporate stock based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>541 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>622 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>726 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,889 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>970 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>443 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>847 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,261 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Reclamation - amortization/accretion </TD>
    <TD align=center width="9%">21 </TD>
    <TD align=center width="9%">13 </TD>
    <TD align=center width="9%">30 </TD>
    <TD align=center width="9%">64 </TD>
    <TD align=center width="9%">20 </TD>
    <TD align=center width="9%">13 </TD>
    <TD align=center width="9%">30 </TD>
    <TD align=center width="9%">63 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Mine site expensed exploration </TD>
    <TD align=center width="9%" bgColor=#eeeeee>349 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>778 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>802 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,929 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>631 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>140 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>375 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,146 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Capital
      expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">14,624 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">1,277    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">12,257 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">28,158 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">10,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">872    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">128    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">11,613 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>All In Sustaining Costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$37,663 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$1,184 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$24,824 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$63,671 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$32,746 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($5,005) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$18,992 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$46,733 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Growth exploration </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">8,305 </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">2,117 </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" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>3,417 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>960 </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" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$75,393 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$49,810 </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=#800040><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2016</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=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD align=center width="9%">237,232 </TD>
    <TD align=center width="9%">322,752 </TD>
    <TD align=center width="9%">369,965 </TD>
    <TD align=center width="9%">929,949 </TD>
    <TD align=center width="9%">279,591 </TD>
    <TD align=center width="9%">406,136 </TD>
    <TD align=center width="9%">455,635 </TD>
    <TD align=center width="9%">1,141,362 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,520,809 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>627,385 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,254,690 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,402,884 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,820,903 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>832,132 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,590,164 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>4,243,199 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver equivalent production </TD>
    <TD align=center width="9%">1,766,981 </TD>
    <TD align=center width="9%">2,032,946 </TD>
    <TD align=center width="9%">2,372,999 </TD>
    <TD align=center width="9%">6,172,926 </TD>
    <TD align=center width="9%">2,110,057 </TD>
    <TD align=center width="9%">2,602,384 </TD>
    <TD align=center width="9%">2,852,231 </TD>
    <TD align=center width="9%">7,564,672 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sustaining cost per ounce </TD>
    <TD align=center width="9%">$24.76 </TD>
    <TD align=center width="9%">$1.89 </TD>
    <TD align=center width="9%">$19.78 </TD>
    <TD align=center width="9%">$18.71 </TD>
    <TD align=center width="9%">$17.98 </TD>
    <TD align=center width="9%">($6.01) </TD>
    <TD align=center width="9%">$11.94 </TD>
    <TD align=center width="9%">$11.01 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>All In costs per ounce </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$22.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$11.74 </TD></TR></TABLE>
</DIV>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Silver co-product cash costs and gold co-product cash costs are
measures used by the Company to manage and evaluate operating performance at
each of the Company&#146;s operating mining units and consolidated group, but do not
have a standardized meaning and are disclosed in addition to IFRS measures. The
following tables provide a detailed reconciliation of these measures to the
Company&#146;s cost of sales, as reported in its 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=#800040><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2016</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=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD align=center width="9%">$8,696 </TD>
    <TD align=center width="9%">$8,195 </TD>
    <TD align=center width="9%">$10,509 </TD>
    <TD align=center width="9%">$27,400 </TD>
    <TD align=center width="9%">$7,271 </TD>
    <TD align=center width="9%">$6,205 </TD>
    <TD align=center width="9%">$10,557 </TD>
    <TD align=center width="9%">$24,033 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Royalties </TD>
    <TD align=center width="9%" bgColor=#eeeeee>324 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>61 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>72 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>457 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>93 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>76 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>78 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>247 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">166 </TD>
    <TD align=center width="9%">(3) </TD>
    <TD align=center width="9%">163 </TD>
    <TD align=center width="9%">(454) </TD>
    <TD align=center width="9%">334 </TD>
    <TD align=center width="9%">738 </TD>
    <TD align=center width="9%">618 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(3,155) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(556) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(632) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(4,343) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,900) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(342) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(395) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(2,637) </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" align=center width="9%">2,763    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">325    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">493    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">3,581    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">2,641    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">232    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">179    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">3,052    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Direct production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>8,745 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>8,191 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>10,439 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>27,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>7,651 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>6,505 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>11,157 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>25,313 </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=#800040><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended September 30,
      2016</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=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver production </TD>
    <TD align=center width="9%">522,907 </TD>
    <TD align=center width="9%">253,787 </TD>
    <TD align=center width="9%">485,370 </TD>
    <TD align=center width="9%">1,262,064 </TD>
    <TD align=center width="9%">542,385 </TD>
    <TD align=center width="9%">255,350 </TD>
    <TD align=center width="9%">486,911 </TD>
    <TD align=center width="9%">1,284,646 </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" align=center width="9%"
    bgColor=#eeeeee>17.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>17.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>17.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>17.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>19.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>19.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>19.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>19.16 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">8,994,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">4,365,136 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">8,348,364 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">21,707,501 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">10,392,097 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">4,892,506 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">9,329,215 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">24,613,817 </TD>
  </TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold production </TD>
    <TD align=center width="9%">1,224 </TD>
    <TD align=center width="9%">6,523 </TD>
    <TD align=center width="9%">5,901 </TD>
    <TD align=center width="9%">13,648 </TD>
    <TD align=center width="9%">1,163 </TD>
    <TD align=center width="9%">7,875 </TD>
    <TD align=center width="9%">5,326 </TD>
    <TD align=center width="9%">14,364 </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" align=center width="9%"
    bgColor=#eeeeee>1,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,340 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,340 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,340 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,340 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gold value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">1,589,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">&nbsp;8,473,377 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">7,665,399 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">17,728,752 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">1,558,420 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">10,552,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">7,136,840 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">&nbsp;19,247,760 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total metal value </TD>
    <TD align=center width="9%">10,583,976 </TD>
    <TD align=center width="9%">12,838,513 </TD>
    <TD align=center width="9%">16,013,763 </TD>
    <TD align=center width="9%">39,436,253 </TD>
    <TD align=center width="9%">11,950,517 </TD>
    <TD align=center width="9%">15,445,006 </TD>
    <TD align=center width="9%">16,466,055 </TD>
    <TD align=center width="9%">43,861,577 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Pro-rated silver costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>85% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>34% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>52% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>55% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>87% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>32% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>57% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>56% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pro-rated gold costs </TD>
    <TD align=center width="9%">15% </TD>
    <TD align=center width="9%">66% </TD>
    <TD align=center width="9%">48% </TD>
    <TD align=center width="9%">45% </TD>
    <TD align=center width="9%">13% </TD>
    <TD align=center width="9%">68% </TD>
    <TD align=center width="9%">43% </TD>
    <TD align=center width="9%">44% </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co-product cash costs </TD>
    <TD align=center width="9%">$14.21 </TD>
    <TD align=center width="9%">$10.97 </TD>
    <TD align=center width="9%">$11.21 </TD>
    <TD align=center width="9%">$11.94 </TD>
    <TD align=center width="9%">$12.27 </TD>
    <TD align=center width="9%">$8.07 </TD>
    <TD align=center width="9%">$12.98 </TD>
    <TD align=center width="9%">$11.06 </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" align=center width="9%"
    bgColor=#eeeeee>$1,073 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$829 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$847 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$902 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$858 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$564 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$908 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$773 </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=#800040><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2016</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=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD align=center width="9%">$25,603 </TD>
    <TD align=center width="9%">$20,986 </TD>
    <TD align=center width="9%">$28,342 </TD>
    <TD align=center width="9%">$74,931 </TD>
    <TD align=center width="9%">$21,612 </TD>
    <TD align=center width="9%">$22,834 </TD>
    <TD align=center width="9%">$36,406 </TD>
    <TD align=center width="9%">$80,852 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Royalties </TD>
    <TD align=center width="9%" bgColor=#eeeeee>886 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>163 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>188 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,237 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>288 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>217 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>227 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>732 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">451 </TD>
    <TD align=center width="9%">(99) </TD>
    <TD align=center width="9%">352 </TD>
    <TD align=center width="9%">(254) </TD>
    <TD align=center width="9%">789 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">1,273 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(3,948) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(385) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(4,333) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,298) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(619) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(798) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(2,715) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finished goods NRV adjustment </TD>
    <TD align=center width="9%">117 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">117 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </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" align=center width="9%"
    bgColor=#eeeeee>2,763 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>325 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>493 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>3,581 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>2,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>232 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>179 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>3,052 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Direct production
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">25,421 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">21,925 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">28,539 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">75,885 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">22,989 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">23,453 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">36,014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">83,194 </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=#800040><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2017</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Nine Months Ended September 30,
      2016</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=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver production </TD>
    <TD align=center width="9%">1,522,331 </TD>
    <TD align=center width="9%">653,526 </TD>
    <TD align=center width="9%">1,306,969 </TD>
    <TD align=center width="9%">3,482,826 </TD>
    <TD align=center width="9%">1,823,337 </TD>
    <TD align=center width="9%">866,804 </TD>
    <TD align=center width="9%">1,656,421 </TD>
    <TD align=center width="9%">4,346,562 </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" align=center width="9%"
    bgColor=#eeeeee>17.40 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>17.40 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>17.40 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>17.40 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>16.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>16.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>16.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>16.80 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">26,488,559 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">11,371,352 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">22,741,261 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">60,601,172 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">30,632,062 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">14,562,307 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">27,827,873 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">73,022,242 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold production </TD>
    <TD align=center width="9%">3,495 </TD>
    <TD align=center width="9%">19,706 </TD>
    <TD align=center width="9%">15,229 </TD>
    <TD align=center width="9%">38,430 </TD>
    <TD align=center width="9%">4,096 </TD>
    <TD align=center width="9%">24,794 </TD>
    <TD align=center width="9%">17,083 </TD>
    <TD align=center width="9%">45,973 </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" align=center width="9%"
    bgColor=#eeeeee>1,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,281 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,281 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,281 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#eeeeee>1,281 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gold value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">4,487,580 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">25,302,504 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">19,554,036 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">49,344,120 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">5,246,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">31,761,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">21,883,323 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">&nbsp;58,891,413 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total metal value </TD>
    <TD align=center width="9%">30,976,139 </TD>
    <TD align=center width="9%">36,673,856 </TD>
    <TD align=center width="9%">42,295,297 </TD>
    <TD align=center width="9%">109,945,292 </TD>
    <TD align=center width="9%">35,879,038 </TD>
    <TD align=center width="9%">46,323,421 </TD>
    <TD align=center width="9%">49,711,196 </TD>
    <TD align=center width="9%">131,913,655 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Pro-rated silver costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>86% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>31% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>54% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>55% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>85% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>31% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>56% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>55% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pro-rated gold costs </TD>
    <TD align=center width="9%">14% </TD>
    <TD align=center width="9%">69% </TD>
    <TD align=center width="9%">46% </TD>
    <TD align=center width="9%">45% </TD>
    <TD align=center width="9%">15% </TD>
    <TD align=center width="9%">69% </TD>
    <TD align=center width="9%">44% </TD>
    <TD align=center width="9%">45% </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co-product cash costs </TD>
    <TD align=center width="9%">$14.28 </TD>
    <TD align=center width="9%">$10.40 </TD>
    <TD align=center width="9%">$11.74 </TD>
    <TD align=center width="9%">$12.01 </TD>
    <TD align=center width="9%">$10.76 </TD>
    <TD align=center width="9%">$8.51 </TD>
    <TD align=center width="9%">$12.17 </TD>
    <TD align=center width="9%">$10.60 </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" align=center width="9%"
    bgColor=#eeeeee>$1,054 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$768 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$866 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$886 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$821 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$649 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$928 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$808 </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. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">21</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>Quarterly Results and Trends </B></P>
<P align=justify>The following table presents selected financial information for
each of the most recent eight quarters: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800040
    ><FONT color=#ffffff><B>Table in thousands of U.S. dollars
      except for</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>2017</B> </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=center width="9%" bgColor=#800040><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#800040><FONT color=#ffffff><B>2015</B>
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#800040 ><FONT color=#ffffff><B>share
      numbers and per share amounts</B> </FONT></TD>
    <TD align=center width="9%" bgColor=#800040><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD align=center width="9%" bgColor=#800040><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD align=center width="9%" bgColor=#800040><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD align=center width="9%" bgColor=#800040><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD align=center width="9%" bgColor=#800040><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD align=center width="9%" bgColor=#800040><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#800040><FONT color=#ffffff>&nbsp;
    </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#800040
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#800040><FONT color=#ffffff><B>Q1</B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Q4</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800040><FONT color=#ffffff><B>Q1</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#800040><FONT color=#ffffff><B>Q4</B>
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Revenue </TD>
    <TD align=center width="9%">$39,782 </TD>
    <TD align=center width="9%">$32,636 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="9%">$36,441 </TD>
    <TD align=center width="9%">$28,650 </TD>
    <TD align=center width="9%">$42,066 </TD>
    <TD align=center width="9%">$44,510 </TD>
    <TD align=center width="9%">$41,541 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%">$41,991 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Direct cost </TD>
    <TD align=center width="9%" bgColor=#eeeeee>27,400 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>23,483 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>24,048 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>21,044 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>24,033 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>26,975 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>29,844 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>32,033 </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" align=center width="9%">457    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">340    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%">440 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">1,216    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">247    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">276    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">209    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%">237 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Mine operating cash flow </TD>
    <TD align=center width="9%" bgColor=#eeeeee>11,925 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>8,813 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>11,953 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>6,390 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>17,786 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>17,259 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>11,488 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>9,721 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Share-based compensation </TD>
    <TD align=center width="9%">63 </TD>
    <TD align=center width="9%">92 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">(208) </TD>
    <TD align=center width="9%">230 </TD>
    <TD align=center width="9%">56 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%">83 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Amortization and depletion </TD>
    <TD align=center width="9%" bgColor=#eeeeee>4,394 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,271 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>4,113 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,893 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,761 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>4,144 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>5,154 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>10,674 </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" align=center width="9%">166    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%">234 </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" align=center width="9%"
    bgColor=#eeeeee>$7,302 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$5,450 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>$7,840 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$4,497 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$15,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$12,885 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$6,278 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>($1,270) </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    >&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%">&nbsp;    </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Net earnings (loss) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$996 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($16) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$6,035 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($5,204) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$5,586 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$1,699 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$1,829 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>(136,245) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Impairment charge, net of tax </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%">134,000 </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 >Write down of marketable
      securities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    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 2px solid"
    align=left >Adjusted earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">$996    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">($16)    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%">$6,035 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">($5,204) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$5,586 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$1,699 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$1,829 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%">(2,245) </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    bgColor=#eeeeee >&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Basic earnings (loss) per share </TD>
    <TD align=center width="9%">$0.01 </TD>
    <TD align=center width="9%">$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%">$0.05    </TD>
    <TD align=center width="9%">($0.04) </TD>
    <TD align=center width="9%">$0.04 </TD>
    <TD align=center width="9%">$0.01 </TD>
    <TD align=center width="9%">$0.02 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%">($1.33) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Diluted earnings (loss) per share    </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.01 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$0.05 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($0.04) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.04 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.01 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.02 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>($1.33) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Weighted shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">127,456,410 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">12,318,926 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" >127,095,764</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    >126,676,562</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    >125,277,591</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    >113,236,504</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    >104,646,404</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%">102,054,670 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    bgColor=#eeeeee >&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Net earnings (loss) </TD>
    <TD align=center width="9%">$996 </TD>
    <TD align=center width="9%">($16) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%">$6,035    </TD>
    <TD align=center width="9%">($5,204) </TD>
    <TD align=center width="9%">$5,586 </TD>
    <TD align=center width="9%">$1,699 </TD>
    <TD align=center width="9%">$1,829 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%">($136,245) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Amortization and depletion </TD>
    <TD align=center width="9%" bgColor=#eeeeee>4,540 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,333 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>4,182 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,994 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,834 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>4,211 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>5,222 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>10,775 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Finance costs </TD>
    <TD align=center width="9%">166 </TD>
    <TD align=center width="9%">208 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%">236</TD>
    <TD align=center width="9%">246 </TD>
    <TD align=center width="9%">345 </TD>
    <TD align=center width="9%">294 </TD>
    <TD align=center width="9%">287 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%">331 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Current income tax </TD>
    <TD align=center width="9%" bgColor=#eeeeee>882 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>545 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>299 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>132 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,732 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,480 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,411 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>628 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Deferred income tax </TD>
    <TD align=center width="9%">(510) </TD>
    <TD align=center width="9%">(403) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="9%">(1,797) </TD>
    <TD align=center width="9%">991 </TD>
    <TD align=center width="9%">(693) </TD>
    <TD align=center width="9%">459 </TD>
    <TD align=center width="9%">(103) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="9%">(4,014) </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 >Impairment charges </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>134,000 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >EBITDA </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$6,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$3,667 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%">$8,955 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">($1,841) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$10,804 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$10,143 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$8,646 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%">$5,475 </TD></TR></TABLE>
</DIV><BR>
    <BR>
    <DIV align=center>
      <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
        <TR vAlign=top>
          <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">22</font></B> </TD>
        </TR>
      </TABLE>
    </DIV>
    <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The following table presents selected production information
for each of the most recent eight quarters:</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="#800040"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><font color="#FFFFFF"><B>Highlights </B></font></TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF"><B>2017
      </B></font></TD>
    <TD width="10%"
    align=center bgcolor="#800040" style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD colspan="2" align=center bgcolor="#800040" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF"><B>2016
      </B></font><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
  <TD width="10%"
    align=center bgcolor="#800040"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><font color="#FFFFFF"><B>2015 </B></font></TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#800040"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp; </TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">Q3    </font></TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">Q2    </font></TD>
    <TD width="10%"
    align=center bgcolor="#800040"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">Q1 </font></TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">Q4    </font></TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">Q3    </font></TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">Q2    </font></TD>
    <TD width="10%" align=center bgcolor="#800040" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">Q1    </font></TD>
  <TD width="10%"
    align=center bgcolor="#800040"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">Q4 </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 bgcolor="#EEEEEE">322,784 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">303,943 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">303,222 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">317,555 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">355,611 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">377,198 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">408,553 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">408,092 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">74,649 </TD>
    <TD align=center width="10%">74,984 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">87,599 </TD>
    <TD align=center width="10%">87,850 </TD>
    <TD align=center width="10%">82,059 </TD>
    <TD align=center width="10%">98,756 </TD>
    <TD align=center width="10%">98,776 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">105,039 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">114,526 </TD>
    <TD align=center width="10%">113,875 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">94,351 </TD>
    <TD align=center width="10%">101,568 </TD>
    <TD align=center width="10%">132,686 </TD>
    <TD align=center width="10%">136,322 </TD>
    <TD align=center width="10%">137,128 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">103,878 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">133,609 </TD>
    <TD align=center width="10%">115,084 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">121,272 </TD>
    <TD align=center width="10%">128,137 </TD>
    <TD align=center width="10%">140,866 </TD>
    <TD align=center width="10%">142,120 </TD>
    <TD align=center width="10%">172,649 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">199,175 </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 bgcolor="#EEEEEE">1,262,064 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,143,788 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1,076,974 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,088,845 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,284,646 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,551,851 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,510,065 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">1,732,765 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">522,907 </TD>
    <TD align=center width="10%">468,741 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">530,683 </TD>
    <TD align=center width="10%">540,708 </TD>
    <TD align=center width="10%">542,385 </TD>
    <TD align=center width="10%">629,221 </TD>
    <TD align=center width="10%">651,731 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">761,769 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">253,787 </TD>
    <TD align=center width="10%">231,016 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">168,723 </TD>
    <TD align=center width="10%">185,813 </TD>
    <TD align=center width="10%">255,350 </TD>
    <TD align=center width="10%">276,885 </TD>
    <TD align=center width="10%">334,569 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">251,363 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">485,370 </TD>
    <TD align=center width="10%">444,031 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">377,568 </TD>
    <TD align=center width="10%">362,324 </TD>
    <TD align=center width="10%">486,911 </TD>
    <TD align=center width="10%">645,745 </TD>
    <TD align=center width="10%">523,765 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">719,633 </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 bgcolor="#EEEEEE">144 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">135 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">126    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">123 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">133 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">148 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">137 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">156 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">250 </TD>
    <TD align=center width="10%">219 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">213    </TD>
    <TD align=center width="10%">211 </TD>
    <TD align=center width="10%">235 </TD>
    <TD align=center width="10%">232 </TD>
    <TD align=center width="10%">249 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">269 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">85 </TD>
    <TD align=center width="10%">78 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">66</TD>
    <TD align=center width="10%">71 </TD>
    <TD align=center width="10%">76 </TD>
    <TD align=center width="10%">80 </TD>
    <TD align=center width="10%">94 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">90 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">135 </TD>
    <TD align=center width="10%">137 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">111    </TD>
    <TD align=center width="10%">103 </TD>
    <TD align=center width="10%">128 </TD>
    <TD align=center width="10%">156 </TD>
    <TD align=center width="10%">108 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">131 </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 bgcolor="#EEEEEE">84.5 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">86.6 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">87.4    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">87.0 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">84.3 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">86.2 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">83.7 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">84.6 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">87.2 </TD>
    <TD align=center width="10%">88.8 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">88.5    </TD>
    <TD align=center width="10%">90.7 </TD>
    <TD align=center width="10%">87.5 </TD>
    <TD align=center width="10%">85.4 </TD>
    <TD align=center width="10%">82.4 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">83.9 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">81.1 </TD>
    <TD align=center width="10%">80.9 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">84.3    </TD>
    <TD align=center width="10%">80.1 </TD>
    <TD align=center width="10%">78.8 </TD>
    <TD align=center width="10%">79.0 </TD>
    <TD align=center width="10%">80.7 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">83.6 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">83.7 </TD>
    <TD align=center width="10%">87.6 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">87.2    </TD>
    <TD align=center width="10%">85.4 </TD>
    <TD align=center width="10%">84.0 </TD>
    <TD align=center width="10%">90.6 </TD>
    <TD align=center width="10%">87.4 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">85.8 </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 bgcolor="#EEEEEE">13,648 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">13,058 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">11,724 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">11,402 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">14,364 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">15,649 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">15,960 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">15,433 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">1,224 </TD>
    <TD align=center width="10%">1,079 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">1,192    </TD>
    <TD align=center width="10%">1,232 </TD>
    <TD align=center width="10%">1,163 </TD>
    <TD align=center width="10%">1,365 </TD>
    <TD align=center width="10%">1,568 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">1,775 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">6,523 </TD>
    <TD align=center width="10%">6,965 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">6,218    </TD>
    <TD align=center width="10%">5,926 </TD>
    <TD align=center width="10%">7,875 </TD>
    <TD align=center width="10%">8,470 </TD>
    <TD align=center width="10%">8,449 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">5,166 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">5,901 </TD>
    <TD align=center width="10%">5,014 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">4,314    </TD>
    <TD align=center width="10%">4,244 </TD>
    <TD align=center width="10%">5,326 </TD>
    <TD align=center width="10%">5,814 </TD>
    <TD align=center width="10%">5,943 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">8,492 </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 bgcolor="#EEEEEE">1.58 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.58 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1.41    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.35 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.55 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.58 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.50 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">1.40 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">0.57 </TD>
    <TD align=center width="10%">0.50 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">0.49    </TD>
    <TD align=center width="10%">0.49 </TD>
    <TD align=center width="10%">0.51 </TD>
    <TD align=center width="10%">0.49 </TD>
    <TD align=center width="10%">0.56 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">0.61 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">2.15 </TD>
    <TD align=center width="10%">2.27 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2.40    </TD>
    <TD align=center width="10%">2.22 </TD>
    <TD align=center width="10%">2.30 </TD>
    <TD align=center width="10%">2.38 </TD>
    <TD align=center width="10%">2.33 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">1.88 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">1.65 </TD>
    <TD align=center width="10%">1.6 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">1.31    </TD>
    <TD align=center width="10%">1.24 </TD>
    <TD align=center width="10%">1.46 </TD>
    <TD align=center width="10%">1.56 </TD>
    <TD align=center width="10%">1.38 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">1.57 </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 bgcolor="#EEEEEE">83.4 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">84.6 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">85.2    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">83.0 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">80.8 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">81.9 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">81.0 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">83.9 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">89.5 </TD>
    <TD align=center width="10%">89.5 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">86.4    </TD>
    <TD align=center width="10%">89.0 </TD>
    <TD align=center width="10%">86.4 </TD>
    <TD align=center width="10%">87.7 </TD>
    <TD align=center width="10%">88.5 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">86.2 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">82.4 </TD>
    <TD align=center width="10%">83.8 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">85.4    </TD>
    <TD align=center width="10%">81.7 </TD>
    <TD align=center width="10%">80.3 </TD>
    <TD align=center width="10%">81.2 </TD>
    <TD align=center width="10%">82.2 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">82.3 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">83.3 </TD>
    <TD align=center width="10%">84.7 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">84.5    </TD>
    <TD align=center width="10%">83.1 </TD>
    <TD align=center width="10%">80.5 </TD>
    <TD align=center width="10%">81.6 </TD>
    <TD align=center width="10%">77.6 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">84.5 </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 bgcolor="#EEEEEE">$8.11 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$8.36 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$7.81    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$9.39 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$5.27 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$5.37 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$7.63 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$9.76 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">$13.68 </TD>
    <TD align=center width="10%">$14.94 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$12.85 </TD>
    <TD align=center width="10%">$12.66 </TD>
    <TD align=center width="10%">$11.12 </TD>
    <TD align=center width="10%">$10.82 </TD>
    <TD align=center width="10%">$8.09 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$10.57 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">($0.52) </TD>
    <TD align=center width="10%">($4.78) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">($10.28) </TD>
    <TD align=center width="10%">($4.87) </TD>
    <TD align=center width="10%">($15.17) </TD>
    <TD align=center width="10%">($7.08) </TD>
    <TD align=center width="10%">($6.20) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$8.09 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">$6.37 </TD>
    <TD align=center width="10%">$7.95 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$8.52    </TD>
    <TD align=center width="10%">$11.65 </TD>
    <TD align=center width="10%">$9.16 </TD>
    <TD align=center width="10%">$5.21 </TD>
    <TD align=center width="10%">$15.87 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$9.45 </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 bgcolor="#EEEEEE">$11.74 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$12.02 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$11.62 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$11.31 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$7.28 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$8.30 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$10.95 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$16.11 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">$20.48 </TD>
    <TD align=center width="10%">$21.63 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$18.94 </TD>
    <TD align=center width="10%">$15.84 </TD>
    <TD align=center width="10%">$14.15 </TD>
    <TD align=center width="10%">$13.87 </TD>
    <TD align=center width="10%">$11.01 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$13.06 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">$1.81 </TD>
    <TD align=center width="10%">($2.07) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">($7.43) </TD>
    <TD align=center width="10%">($3.59) </TD>
    <TD align=center width="10%">($13.20) </TD>
    <TD align=center width="10%">($1.67) </TD>
    <TD align=center width="10%">($0.67) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$17.94 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">$7.13 </TD>
    <TD align=center width="10%">$8.78 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$9.44    </TD>
    <TD align=center width="10%">$11.92 </TD>
    <TD align=center width="10%">$9.99 </TD>
    <TD align=center width="10%">$6.97 </TD>
    <TD align=center width="10%">$18.29 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$18.80 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>AISC per oz </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$11.74 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$20.46 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$18.24 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$20.11 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$11.47 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$10.53 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$11.12 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$17.33 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">$23.47 </TD>
    <TD align=center width="10%">$27.40 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$23.78 </TD>
    <TD align=center width="10%">$26.74 </TD>
    <TD align=center width="10%">$21.53 </TD>
    <TD align=center width="10%">$20.11 </TD>
    <TD align=center width="10%">$12.95 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$14.67 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">$3.96 </TD>
    <TD align=center width="10%">$3.61 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">($3.82) </TD>
    <TD align=center width="10%">$1.02 </TD>
    <TD align=center width="10%">($11.16) </TD>
    <TD align=center width="10%">($4.25) </TD>
    <TD align=center width="10%">($3.55) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$18.15 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD align=center width="10%">$17.95 </TD>
    <TD align=center width="10%">$21.60 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$20.00 </TD>
    <TD align=center width="10%">$19.62 </TD>
    <TD align=center width="10%">$11.60 </TD>
    <TD align=center width="10%">$7.20 </TD>
    <TD align=center width="10%">$18.11 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$19.96 </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 bgcolor="#EEEEEE">$84.81 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$84.01 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$75.77 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$70.72 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$71.18 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$73.01 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$74.26 </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$80.39 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD align=center width="10%">$117.15 </TD>
    <TD align=center width="10%">$111.42 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$94.99 </TD>
    <TD align=center width="10%">$93.60 </TD>
    <TD align=center width="10%">$93.24 </TD>
    <TD align=center width="10%">$83.38 </TD>
    <TD align=center width="10%">$71.92 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$93.59 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD align=center width="10%">$71.52 </TD>
    <TD align=center width="10%">$66.60 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$65.18 </TD>
    <TD align=center width="10%">$54.35 </TD>
    <TD align=center width="10%">$49.03 </TD>
    <TD align=center width="10%">$63.94 </TD>
    <TD align=center width="10%">$60.03 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$72.31 </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" align=center
      width="10%">$78.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$83.38 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$70.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$68.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$79.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$74.51 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$86.91 </TD>
<TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$77.65 </TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Total Production Cost per
ounce</P></TD></TR></TABLE><BR>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">23</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>Key Economic Trends </B></P>
<P align=center><IMG
src="exhibit99-2x24x1.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 2017, the average
price of silver was $17.15 per ounce, with silver trading between $15.95 and
$18.56 per ounce based on the London Fix silver price. This compares to an
average of $17.13 per ounce during the nine months of 2016, with a low of $13.58
and a high of $20.71 per ounce. During 2017, the Company realized an average
price of $17.40 per silver ounce compared with $16.80 for the corresponding
period in 2016.</P>
<P align=justify>During 2017, the average price of gold was $1,251 per ounce,
with gold trading between $1,151 and $1,315 per ounce based on the London Fix PM
gold price. This compares to an average of $1,260 per ounce during the first
nine months of 2016, with a low of $1,077 and a high of $1,366 per ounce. During
2017, the Company realized an average price of $1,284 per ounce compared with
$1,281 for the corresponding period in 2016. </P>
<P align=justify>The major influences on precious metals prices from Q3, 2014 to
January 2016 included weaker investment demand, selling from precious metal
exchange traded funds, as well as strong U.S. 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 U.S. Federal
Reserve&#146;s quantitative easing program in 2014 and the anticipation of rising
borrowing rates over the past two years. From February 2016, supply concerns,
prevailing low to negative interest rates and political uncertainty led to
renewed investment demand in precious metals. However, nearing the end of 2016,
the U.S. election results revived sentiment in favour of the U.S. economy and
U.S. dollar, resulting in both silver and gold prices depreciating against the
U.S. currency. In 2017, investor uncertainty surrounding the effectiveness of
the U.S. administration and its policies, particularly escalating signals of
implementing tariffs has renewed interest in precious metals. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">24</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Currency Fluctuations </I></B></P>
<P align=justify>The Company&#146;s operations are located in Mexico and therefore a
significant portion of operating costs and capital expenditures are denominated
in Mexican pesos. The Company&#146;s corporate activities are based in Vancouver,
Canada with the significant portion of these expenditures being denominated in
Canadian dollars. Generally, as the U.S. dollar strengthens, these currencies
weaken, and as the U.S. dollar weakens, these currencies strengthen.</P>
<P align=justify>During the nine months ended September 30, 2017, the Mexican
peso reversed a long negative trend and significantly appreciated against the
U.S. dollar. During 2017, the average foreign exchange rate was $18.88 Mexican
pesos per U.S. dollar, with the peso trading within a range of $17.50 to $21.92.
This compares to an average of $18.28 during the nine months ended September 30,
2016, with a range of $17.17 to $19.82 Mexican pesos per U.S. dollar. The
reversal of the trend is attributed to the correction from the sharp fall during
the U.S. election and from rising oil prices.</P>
<P align=center><IMG src="exhibit99-2x25x1.jpg" border=0> </P>
<P align=justify>During the nine months ended September 30, 2017, the Canadian
dollar appreciated compared to the same period in 2016, with significant
appreciation in the third quarter. During 2017, the average foreign exchange
rate was $1.335 Canadian dollar per U.S. dollar, with the Canadian dollar
trading within a range of $1.212 and $1.374. This compares to an average of
$1.322 during the nine months ended September 30, 2016, within a range of $1.253
and $1.460 Canadian dollar per U.S. dollar.</P>
<P align=center><IMG src="exhibit99-2x25x2.jpg" border=0> </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">25</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Cost Trends </I></B></P>
<P align=center><IMG src="exhibit99-2x26x1.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 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>2017 Outlook</B><B> </B></P>
<P align=justify><B>Production <BR></B>In 2017, the Company planned to produce
at slightly lower throughput and higher silver grades compared to 2016,
resulting in similar silver production and slightly lower gold production.
Endeavour also planned to significantly increase investments in exploration and
development programs to extend the existing mine lives and build new mines to
fuel future growth.</P>
<P align=justify>In January, management guided 2017 silver production to be in
the range of 5.2 to 5.7 million oz and gold production was expected be in the
50,000 to 53,000 oz range. However, three unrelated operating issues at
Guanacevi caused production to fall below plan. The Santa Cruz mine encountered
an influx of hot water and neither the pumping nor ventilation systems were
capable of handling the increased water and heat so access to this area was lost
due to flooding of the mine. Management implemented operational changes and made
capital investments in 2017 to improve the pumping, ventilation and electrical
systems and the mine was dewatered once again by late June. </P>
<P align=justify>Guanacev&#237; also endured slower than planned mine development due
to narrower vein widths than in the resource model resulting in lower mine
output than planned. Management completed an internal review of reserves and
resources and developed a revised mine plan for the balance of 2017. Due to the
narrower widths, management in July re-estimated production to range from 800 to
900 tonnes per day, and revised Guanacev&#237; 2017 forecast production guidance
downwards to 2.0 to 2.1 million oz and 4,400 to 4,500 gold oz. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">2</font></B>6 </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Consolidated silver production was guided in July, 2017 to be
in the range of 4.8 -5.2 million oz and gold production is expected be in the
49,100-51,200 oz range. Silver equivalent production is forecast to be 8.5 -9.0
million oz using a 75:1 silver:gold ratio, as shown in the table below.</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 bgcolor="#800440"
    style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Mine</B> </font></TD>
    <TD width="20%"
    align=left bgcolor="#800440" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Silver (M oz)</B> </font></TD>
    <TD width="20%"
    align=left bgcolor="#800440" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Gold (K oz)</B> </font></TD>
    <TD width="20%"
    align=left bgcolor="#800440" 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=left bgcolor="#800440"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Tonnes/Day (tpd)</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Guanacev&#237; </TD>
    <TD align=left width="20%">2.0-2.1 </TD>
    <TD align=left width="20%">4.4-4.5 </TD>
    <TD align=left width="20%">2.3-2.4 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="20%">800-900    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#eeeeee>Bola&#241;itos </TD>
    <TD align=left width="20%" bgColor=#eeeeee>0.9-1.0 </TD>
    <TD align=left width="20%" bgColor=#eeeeee>21.5-22.5 </TD>
    <TD align=left width="20%" bgColor=#eeeeee>2.5-2.7 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="20%"
    bgColor=#eeeeee>1,000-1,100 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="20%">1.9-2.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="20%">23.2-24.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="20%">3.6-3.9 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="20%">1,300-1,500 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="20%"
    bgColor=#eeeeee>4.8-5.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="20%"
    bgColor=#eeeeee>49.1-51.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="20%"
    bgColor=#eeeeee>8.5-9.0 </TD>
  <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="20%" bgColor=#eeeeee>3,100-3,500</TD></TR></TABLE>
</DIV>
<P align=justify><B>Operating Costs <BR></B>In January, management guided 2017
cash costs, assuming $17 per oz silver price, $1,190 per oz gold price, and 20:1
Mexican peso per U.S. dollar exchange rate, net of gold by-product credits, to
be $7.00 to $8.00 per oz of silver produced. Consolidated cash costs on a
co-product basis were anticipated to be $10.75 to $11.75 per oz silver and $825
to $900 per oz gold.</P>
<P align=justify>All-in sustaining costs of production, net of gold by-product
credits, in accordance with the World Gold Council standard, were estimated to
be $15.25 to $16.25 per oz of silver produced. When non-cash items such as
stock-based compensation are excluded, all-in sustaining costs of production are
estimated to be in the $14.75 to $15.75 range. Direct operating costs were
estimated to be in the range of $75 to $80 per tonne. </P>
<P align=justify>Costs per tonne have been higher than guidance due the lower
mine output and grades than planned and the appreciation of the Mexican peso.
Cash costs were slightly above the guidance range as higher recoveries helped
offset the lower throughput. Management expects 2017 cash costs to fall within
the revised guided range for fiscal 2017. The lower throughput, appreciation of
the Mexican peso and additional capital invested into Guanacev&#237; will result in
higher all-in sustaining costs than the revised guidance.</P>
<P align=justify><B>Capital Investments <BR></B>During 2016, management focused
on reducing sustaining exploration and capital investments at low precious
metals prices to ensure positive cash flow for the Company. In 2017, Endeavour
planned to invest $43.3 million on capital projects at the three operating
mines, including $7.7 million of growth capital, all primarily for mine
development, in order to access reserves and resources for mining. At today&#146;s
prices, the investments at operations will be covered by operating cash flow,
while exploration and growth capital will be funded by the Company&#146;s treasury.
In July, management announced the development of the El Compas project that
would result in an additional $7.5 million of growth expenditures to be
incurred.</P>
<P align=justify>At Guanacev&#237;, 9.2 km of mine development were budgeted at $11.3
million in the North Porvenir and Santa Cruz mines, which have been in
production since 2004 and 2012, respectively. An additional $2.2 million was
budgeted for ventilation, underground electrical and water control throughout
the mine. The remaining $3.2 million was budgeted for new mobile equipment to
aid the significant planned development, site infrastructure and equipment.</P>
<P align=justify>Management has also approved an additional 2.5 km of
development, budgeted at $7.1 million, to access two new ore bodies currently
not in production. The development of the Milache mine access ramp is now
underway and the development of the Santa Cruz Sur mine access ramp is expected
to commence in the fourth quarter, 2017.</P>
<P align=justify>At Bola&#241;itos, 5.0 km of mine development were budgeted at $5.1
million to access reserves and resources in LL-Asunci&#243;n, Plateros, and
mineralized fill from historic stopes not included in resources. An additional
$0.5 million was planned to purchase various mine equipment required for the
year.</P>
<P align=justify>At El Cubo, 7.8 km of mine development are budgeted at $8.4
million, and $2.0 million was budgeted for supporting underground infrastructure
mainly in the Villalpando vein. An additional $1.4 million was budgeted for
mobile mine equipment and $1.4 million on plant equipment and infrastructure.</P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">27</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</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
    style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center bgColor=#800040><FONT color=#ffffff><B>Mine</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="20%" bgColor=#800040><FONT color=#ffffff><B>Mine
      Development</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="20%" bgColor=#800040><FONT color=#ffffff><B>Other
      Capital</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="20%" bgColor=#800040><FONT color=#ffffff><B>Sustaining
      Capital</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="20%" bgColor=#800040><FONT color=#ffffff><B>Growth
      Capital</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>Guanacev&#237; </TD>
    <TD align=center width="20%">$13.5 million </TD>
    <TD align=center width="20%">$3.2 million </TD>
    <TD align=center width="20%">$16.7 million </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="20%">$7.1
      million </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center
      bgColor=#eeeeee>Bola&#241;itos </TD>
    <TD align=center width="20%" bgColor=#eeeeee>$5.1 million </TD>
    <TD align=center width="20%" bgColor=#eeeeee>$0.6 million </TD>
    <TD align=center width="20%" bgColor=#eeeeee>$ 5.7 million </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="20%"
    bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>El Cubo </TD>
    <TD align=center width="20%">$10.4 million </TD>
    <TD align=center width="20%">$2.8 million </TD>
    <TD align=center width="20%">$13.2 million </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="20%">-
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center
      bgColor=#eeeeee>Corporate </TD>
    <TD align=center width="20%" bgColor=#eeeeee>- </TD>
    <TD align=center width="20%" bgColor=#eeeeee>- </TD>
    <TD align=center width="20%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="20%"
    bgColor=#eeeeee>$0.6 million </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>El Compas </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%">-
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%">-
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%">-
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="20%">$7.5 million </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center bgColor=#eeeeee>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#eeeeee>$29.0 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#eeeeee>$6.6 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#eeeeee>$35.6 million </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="20%" bgColor=#eeeeee>$15.2 million
</TD></TR></TABLE></DIV>
<P align=justify><B>Liquidity and Capital Resources</B></P>
<P align=justify>Cash and cash equivalents decreased from $72.3 million at
December 31, 2016 to $43.5 million at September 30, 2017, while the amount drawn
on the credit facility decreased by $7.5 million to $1.5 million. The Company
had working capital of $70.3 million at September 30, 2017 (December 31, 2016 -
$81.6 million). The $11.3 million decrease to working capital is due to the
re-investment into the long-term future of the mines and repayment of the credit
facility, offset by cash generated from operating activities. </P>
<P align=justify>Operating activities generated cash of $10.0 million during the
first three quarters of 2017 compared to generating $23.7 million of cash during
the same period in 2016. The significant non-cash adjustments to the net income
of $7.5 million were amortization and depletion of $12.1 million, share-based
compensation of $2.2 million, finance costs of $0.6 million, a deferred income
tax recovery of $2.6 million, an unrealized foreign exchange gain of $0.6
million and a change in non-cash working capital of $9.0 million. The change in
non-cash working capital was primarily due to the reduction of the credit
facility, payment of income taxes and special mining duty, offset by an increase
in accounts payable, and an increase in accounts receivable and inventories.</P>
<P align=justify>Investing activities during the period used $31.6 million
compared to $12.1 million in the same period of 2016. The investments in 2017
primarily relate to mine development at Guanacev&#237;, and El Cubo. The investments
in 2016 primarily relate to mine development at Guanacev&#237;, offset by proceeds on
the sale of available for sale assets and a return of a long term deposit. </P>
<P align=justify>Capital spending totaled $32.1 million in property, plant and
equipment during the first three quarters 2017, including $0.5 million property
acquisition paid for with common shares. At Guanacev&#237;, the Company invested
$14.6 million, with $11.5 million spent on 8.0 kilometres of mine development,
$1.9 million on mine equipment, $0.5 million on the plant and tailings dam, $0.6
million on upgrading information technology infrastructure, and $0.1 million on
vehicles. At El Cubo, the Company invested $12.3 million, including $9.3 million
on 7.8 kilometres of mine development, $2.1 million on mine equipment, $0.7
million on the plant, and $0.2 million on other equipment. At Bola&#241;itos, the
Company invested $1.3 million on various equipment. At El Compas, the Company
has spent a total of $2.4 million, including $0.9 million for the Calicanto and
Veta Grande properties and $0.2 million on concession taxes, $1.1 million on El
Compas infrastructure and $0.2 million on vehicles. The Company spent $0.6
million on corporate office and equipment and $0.3 million concession taxes.
</P>
<P align=justify>Financing activities during the first three quarters of 2017
decreased cash by $7.8 million, compared to increasing cash by $51.9 million
during the same period in 2016. During the first three quarters of 2017, the
Company paid $7.5 million to reduce its credit facility and $0.4 million in
interest, offset by proceeds of $0.1 million received from exercised stock
options. By comparison, during the first three quarters of 2016, the Company
paid $10.5 million to reduce its credit facility, paid $0.6 million in interest,
paid debt issuance costs of $0.5 million, reduced its finance lease obligation
by $0.5 million which was offset by gross proceeds through an at-the-market
financing of $55.4 million, proceeds of $10.5 million received from exercised
stock options and paid $1.9 million in share issue costs. </P>
<P align=justify>Management of the Company believes that operating cash flow and
existing working capital will be sufficient to cover 2017 capital requirements
and commitments. The Company is assessing alternatives including equity, debt or
a combination of the both to fund future growth, including the development of
the Terronera project.</P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">28</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>As at September 30, 2017, the Company&#146;s issued share capital
was $450.6 million, representing 127,456,410 common shares, and the Company had
options outstanding to purchase 5,911,050 common shares with a weighted average
exercise price of CAN $4.01. </P>
<P align=justify>Pursuant to an amended and restated credit agreement with The
Bank of Nova Scotia (&#147;Scotiabank&#148;) dated April 15, 2016 (the &#147;Credit
Agreement&#148;), the Company has a credit facility with Scotiabank for general
corporate purposes. The Credit Agreement provides for a two-year term loan of $22
million (the &#147;Loan&#148;), amortized quarterly and expiring December 31, 2017, with
$2.5 million to be repaid each quarter. The interest rate margin on the Loan is
4.5% over LIBOR. The Loan is principally secured by a pledge of the Company&#146;s
equity interests in its material operating subsidiaries, including Refinadora
Plata Guanacev&#237; SA de CV, Minas Bola&#241;itos SA de CV and Compania Minera del Cubo
SA de CV. The Credit Agreement contains a number of covenants that impose
financial or operating restrictions on the Company, including a provision that &#147;Tangible Net Worth of the
Company&#148; for the purposes of the Loan must be greater than $45.9 million. At
September 30, 2017, the Company had $1.5 million outstanding under the Loan. The
Company paid $0.3 million of interest expense during the period in financing
costs. </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; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=left bgColor=#800040 ><FONT
      color=#ffffff><B>Facility Financial Covenants</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="18%" bgColor=#800040><FONT
      color=#ffffff><B>Facility Financial</B> <BR><B>Requirements</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="18%" bgColor=#800040><FONT
      color=#ffffff><B>Sep 30, 2017</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="18%" bgColor=#800040><FONT
      color=#ffffff><B>Dec 31, 2016</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Leverage ratio </TD>
    <TD align=center width="18%">&lt; 3.00:1 </TD>
    <TD align=center width="18%">0.08 </TD>
    <TD align=center width="18%">0.29 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Interest service coverage
      ratio </TD>
    <TD align=center width="18%" bgColor=#eeeeee>&gt; 4.00:1 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>45 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>45 </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%">143,048 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">133,215 </TD></TR></TABLE>
<P align=justify><B>Contingencies </B></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 support for
certain expense deductions taken in MSCG&#146;s 2006 tax return, failure to provide
appropriate support for loans made to MSCG from affiliated companies, and deemed
an unrecorded distribution of dividends to shareholders, among other
individually immaterial items. MSCG immediately initiated a Nullity action and
filed an administrative attachment to dispute the assessment.</P>
<P align=justify>In June 2015, the Superior Court ruled in favour of MSCG on a
number of the matters under appeal; however, the Superior Court ruled against
MSCG for failure to provide appropriate support for certain deductions taken in
MSCG&#146;s 2006 tax return. In June 2016, the Company received a MXN 122.9 million
(U.S.$5.9 million) tax assessment based on the June 2015 ruling. The 2016 tax
assessment comprised of MXN 41.8 million in taxes owed (U.S.$2.0 million), MXN
17.7 million (U.S.$0.9 million) in inflationary charges, MXN 40.4 million
(U.S.$1.9 million) in interest and MXN 23.0 million (U.S.$1.1 million) in
penalties. The 2016 tax assessment was issued 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. 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. </P>
<P align=justify>The Company filed an appeal against the June 2016 tax
assessment on the basis that certain items rejected by the courts were included
in the new tax assessment and a number of deficiencies exist within the
assessment.</P>
<P align=justify>Included in the Company&#146;s consolidated financial statements,
are net assets of $595,000, including $42,000 in cash, held by MSCG. Following
the Tax Court&#146;s rulings, MSCG has been 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 December 31, 2016, the Company
recognized an allowance for transferring the shares and assets of MSCG amounting
to $595,000. The Company is currently assessing MSCG&#146;s settlement options based
on ongoing court proceedings and discussion with the tax authorities.</P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">29</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>On acquisition of the El Cubo operation, under the terms of the
acquired Las Torres lease, the Company was required to provide financial
guarantees to the owner of the Las Torres Facility as security against any
environmental damages. As at September 30, 2017, 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>Capital Requirements </B></P>
<P align=justify>See 2017 Outlook on page 26 for discussion on planned capital
and exploration expenditures.</P>
<P align=justify><B>Contractual Obligations </B></P>
<P align=justify>The Company had the following contractual obligations at
September 30, 2017: </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=#800040 ><FONT
      color=#ffffff><B>Payments due by period (in thousands of dollars)</B>
      <BR><B>Contractual Obligations</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=left width="1%"
bgColor=#800040>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="11%" bgColor=#800040><FONT
      color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="2%"
    bgColor=#800040>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="1%"
    bgColor=#800040>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="11%" bgColor=#800040><FONT
      color=#ffffff><B>Less than 1 year</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="2%"
    bgColor=#800040>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="1%"
    bgColor=#800040>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="11%" bgColor=#800040><FONT
      color=#ffffff><B>1 - 3 years</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="2%"
    bgColor=#800040>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="1%"
    bgColor=#800040>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="11%" bgColor=#800040><FONT
      color=#ffffff><B>3 - 5 years</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="2%"
    bgColor=#800040>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="1%"
    bgColor=#800040>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="11%" bgColor=#800040><FONT
      color=#ffffff><BR><B>More than 5</B> <BR><B>years</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=left width="2%"
  bgColor=#800040>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Capital Assets purchases </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="11%">&nbsp;150 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="11%">&nbsp;150 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="11%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="11%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="11%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Operating lease </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#eeeeee>2,923 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#eeeeee>248 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#eeeeee>510 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#eeeeee>530 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#eeeeee>1,635 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Credit facility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">1,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">1,500 </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=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Other Long-Term Liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#eeeeee>7,910 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#eeeeee>7,910 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;12,483 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;1,898 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;8,420 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;530 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;1,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>Transactions with Related Parties </B></P>
<P align=justify>The Company shares common administrative services and office
space with Canarc Resource Corp.and with Aztec Metals Corp., which are
considered 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 $5,000 and $21,000 for the three and nine months ended
September 30, 2017 respectively (September 30, 2016 - $11,000 and $33,000
respectively). The Company had a $2,000 net receivable related to administration
costs outstanding as at September 30, 2017 (December 31, 2016 &#150; $4,000).</P>
<P align=justify>The Company was charged $8,000 and $50,000 for legal services
for the three months and nine months ended </P>
<P align=justify>September 30, 2017 respectively by Koffman Kalef LLP, a legal
firm in which the Company&#146;s corporate secretary is a partner (September 30, 2016
- $24,000 and $234,000 respectively). The Company has $Nil payable to the legal
firm as at September 30, 2017 (December 31, 2016 - $Nil). </P>
<P align=justify><B>Financial Assets and Liabilities </B></P>
<P align=justify>As at September 30, 2017, 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=#800040><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
     bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>As at September 30, 2017</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=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=center nowrap
     bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#800040 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>As at December 31, 2016</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=#800040><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    bgColor=#800040><FONT color=#ffffff><B>Expressed in thousands US
      dollars</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="1%"  bgColor=#800040><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="12%" align=center vAlign=center nowrap bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Carrying value</B>
      </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="12%" align=center vAlign=center nowrap bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Estimated Fair</B>
      <BR>
    <B>value</B> </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="12%" align=center vAlign=center nowrap bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Carrying value</B>
      </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="12%" align=center vAlign=center nowrap bgColor=#800040 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Estimated Fair</B>
      <BR>
    <B>value</B> </FONT></TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="2%"  bgColor=#800040><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>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;43,548 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;43,548 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;72,317 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;72,317 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Available for sale assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">158 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">158 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">85 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">85 </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>6,839 </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>6,839 </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>6,703 </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>6,703 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other 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%">28,497 </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%">28,497 </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%">18,857 </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%">18,857 </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=#eeeeee>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;79,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;79,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;97,962 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;97,962 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp; </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>Financial liabilities:</B> </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" 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="12%" 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="12%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabiities </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;20,822 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;20,822 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;18,229 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;18,229 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#eeeeee>1,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#eeeeee>1,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#eeeeee>9,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#eeeeee>9,000 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total financial
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;22,322 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;22,322 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;27,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;27,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<BR>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">30</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Fair value hierarchy: </P>
<P align=justify>Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value hierarchy establishes three
levels to classify the inputs to valuation techniques used to measure fair
value. Level 1 inputs are quoted prices (unadjusted) in active markets for
identical assets or liabilities. Level 2 inputs are quoted prices in markets
that are not active, quoted prices for similar assets or liabilities in active
markets, inputs other than quoted prices that are observable for the asset or
liability (for example, interest rate and yield curves observable at commonly
quoted intervals, forward pricing curves used to value currency and commodity
contracts and volatility measurements used to value option contracts), or inputs
that are derived principally from or corroborated by observable market data or
other means. Level 3 inputs are unobservable (supported by no or little market
activity). The fair value hierarchy gives the highest priority to Level 1 inputs
and the lowest priority to Level 3 inputs. </P>
<P align=justify>Financial assets and liabilities measured at fair value on a
recurring basis include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800040><FONT
      color=#ffffff><B>As at September 30, 2017</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#800040><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    bgColor=#800040>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800040><FONT color=#ffffff><B>Expressed in thousands US
      dollars</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#800040><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#800040><FONT color=#ffffff><B>Level 1</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#800040><FONT color=#ffffff><B>Level 2</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    bgColor=#800040><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#800040><FONT color=#ffffff><B>Level 3</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#800040>&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>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;158 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;158 </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;- </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&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%">6,839    </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%">6,839    </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=#eeeeee>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;6,997 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;158 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;6,839 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#eeeeee>$</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>
  </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 bgColor=#eeeeee><B>Financial liabilities:</B> </TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" 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="12%" 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="12%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred share
      units </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;1,291 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;1,291 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;- </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=#eeeeee>Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;1,291 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;1,291 </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;- </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.</P>
<P align=justify><B><I>Trade receivables </I></B></P>
<P align=justify>The trade receivables consist of receivables from provisional
silver and gold sales from the Bola&#241;itos and El Cubo mine. The fair value of
receivables arising from concentrate sales contracts that contain provisional
pricing mechanisms is determined using the appropriate quoted closing price on
the measurement date from the exchange that is the principal active market for
the particular metal. As such, these receivables, which meet the definition of
an embedded derivative, are classified within Level 2 of the fair value
hierarchy. </P>
<P align=justify><B><I>Deferred share units </I></B></P>
<P align=justify>The Company has a Deferred Share Unit (&#147;DSU&#148;) plan whereby
deferred share units may be granted to independent directors of the Company in
lieu of compensation in cash or share purchase options. The DSUs vest
immediately and are redeemable for cash based on the market value of the units
at the time of a director&#146;s retirement. The DSU&#146;s are classified as Level 1 in
the fair value hierarchy. The liability is determined based on a market approach
reflecting the closing price of the Company&#146;s stock at the reporting date.
Changes in fair value are recognized in general and administrative salaries,
wages and benefits. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">31</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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 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 Credit Facility. The Company believes that these
sources, operating cash flow and its policies will be sufficient to cover
expected short-term cash requirements and commitments. </P>
<P align=justify>The Company&#146;s Mexican subsidiaries pay value added tax,
Impuesto al Valor Agregado (&#147;IVA&#148;), on the purchase and sale of goods and
services. The net amount paid is recoverable but is subject to review and
assessment by the tax authorities. The Company regularly files the required IVA
returns and all supporting documentation with the tax authorities, however, the
Company has been advised that certain IVA amounts receivable from the tax
authorities are being withheld pending completion of the authorities&#146; audit of
certain of the Company&#146;s third-party suppliers. Under Mexican law the Company
has legal rights to those IVA refunds and the results of the third party audits
should have no impact on refunds. A smaller portion of IVA refund requests are
from time to time improperly denied based on the alleged lack of compliance of
certain formal requirements and information returns by the Company&#146;s third-party
suppliers. The Company takes necessary legal action on the delayed refunds as
well as any improperly denied refunds.</P>
<P align=justify>These improper delays and denials have occurred within Compania
Minera del Cubo (&#147;El Cubo&#148;) which is authorized at the state level compared to
the Company&#146;s other significant operating entities which are authorized at the
federal level. At September 30, 2017, El Cubo holds $12.4 million in IVA
receivables which the Company and advisors deem to be recoverable from tax
authorities (December 31, 2016 &#150; $10.1 million). The Company is in regular
contact with the tax authorities in respect of its IVA filings and believes the
full amount of its IVA receivables will ultimately be received; however the
timing of recovery of these amounts and the nature and extent of any adjustments
to the Company&#146;s IVA receivables remains uncertain. </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 U.S. 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>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">32</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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 Credit Facility is subject to interest rate risk as amounts outstanding are
subject to charges at a LIBOR-based rate plus 4.5%, payable according to the
quoted rate term. The interest rate charge for the year was approximately 5.83%
.. As at September 30, 2017, with other variables unchanged, a 10% increase in
the LIBOR rate would be result in minimal additional interest expense. </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 September 30, 2017 there are 222,479 oz of silver and 2,760 oz of gold which
do not have a final settlement price and the estimated revenues have been
recognized at current market prices. As at September 30, 2017, with other
variables unchanged, a 10% decrease in the market value of silver and gold would
result in a reduction of revenue of $0.7 million.</P>
<P align=justify><B><I>Outstanding Share Data </I></B></P>
<P align=justify>As of October 30, 2017, the Company had the following
securities issued and outstanding: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>127,456,410 common shares
  <LI>5,815,050 common shares issuable under stock options with a weighted
  average exercise price of CAN$4.01 per share expiring between November 8, 2017
  and May 4, 2022. </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><I>Amendments to IAS 7, </I><I>Statement of Cash Flows (&#147;IAS
7&#148;)</I><I> <BR></I>On January 7, 2016, the IASB issued amendments to IAS 7. The
amendments apply prospectively for annual periods beginning on or after January
1, 2017 with early adoption permitted. The amendments require disclosures that
enable users of financial statements to evaluate changes in liabilities arising
from financing activities, including both changes arising from cash flow and
non-cash changes. The Company adopted these amendments in its financial
statements for the annual period beginning on January 1, 2017 with no material
impact on the financial statements</P>
<P align=justify><I>Amendments to IAS 12, Income Taxes (&#147;IAS 12&#148;)</I><I>
<BR></I>On January 19, 2016, the IASB issued amendments to IAS 12. The
amendments apply retrospectively for annual periods beginning on or after
January 1, 2017. The amendments clarify that the existence of a deductible
temporary difference depends solely on a comparison of the carrying amount of an
asset and its tax basis at the end of the reporting period and is not affected
by possible future changes in the carrying amount or expected manner of recovery
of the asset. The amendments also clarify the methodology to determine future
income tax profits used for assessing the utilization of deductible temporary
differences. The Company adopted these amendments in its financial statements
for the annual period beginning on January 1, 2017 with no material impact on
the financial statements. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">33</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Changes in IFRS not yet adopted: </I></B></P>
<P align=justify>New standards and amendments have been proposed; however, they
do not impact the condensed consolidated interim financial statements and are
not anticipated to impact the Company&#146;s annual consolidated financial
statements. The nature and impact of each new standard and amendment applicable
to the Company are described below: </P>
<P align=justify><I>Amendments to IFRS 2, Share-</I><I>based Payment (&#147;IFRS
2&#148;)</I><I> <BR></I>On June 20, 2016, the IASB issued amendments to IFRS 2
clarifying how to account for certain types of share-based payment transactions.
The amendments provide requirements on the accounting for: the effects of
vesting and non-vesting conditions on the measurement of cash-settled
share-based payments; share-based transactions with a net settlement feature for
withholding tax obligations; and a modification to the terms and conditions of a
share-based payment that changes the classification of a transaction from
cash-settled to equity settled. </P>
<P align=justify>The amendments apply for annual periods beginning on or after
January 1, 2018. As a practical simplification, the amendments can be applied
prospectively. Retrospective, or early, application is permitted if information
is available without the use of hindsight. The Company intends to adopt the
amendments to IFRS 2 effective January 1, 2018 on a prospective basis. The
Company has completed qualitative and quantitative assessment and does not
expect the adoption to have a material impact on the consolidated financial
statements. </P>
<P align=justify><I>IFRS 9 Financial Instruments (&#147;IFRS 9&#148;)</I><I> <BR></I>In
November 2009, the IASB issued IFRS 9 as the first step in its project to
replace IAS 39, Financial Instruments: Recognition and Measurement. On July 24,
2014 the IASB issued the complete IFRS 9. IFRS 9 retains but simplifies the
mixed measurement model and establishes two primary measurement categories for
financial assets: amortized cost and fair value. The basis of classification
depends on an entity&#146;s business model and the contractual cash flows of the
financial asset.</P>
<P align=justify>Classification is made at the time the financial asset is
initially recognized, namely when the entity becomes a party to the contractual
provisions of the instrument. </P>
<P align=justify>IFRS 9 amends some of the requirements of IFRS 7, Financial
Instruments: Disclosures, 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.</P>
<P align=justify>The Company intends to adopt IFRS 9 effective January 1, 2018
on a prospective basis. The Company has completed qualitative and quantitative
assessment and does not expect the adoption to have a material impact on the
consolidated financial statements. </P>
<P align=justify><I>IFRS 15, Revenue from Contracts with Customers (&#147;IFRS
15&#148;)</I><I> <BR></I>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 Construction Contracts, IAS 18
Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the
Construction of Real Estate, IFRIC 18 Transfer of Assets from Customers and SIC
31 Revenue &#150; Barter Transactions Involving Advertising Services. </P>
<P align=justify>The standard contains a single model that applies to contracts
with customers and two approaches to recognizing revenue: at a point in time or
over time. The model features a contract-based five-step analysis of
transactions to determine whether, how much and when revenue is recognized. New
estimates and judgmental thresholds have also been introduced, which may affect
the amount and/or timing of revenue recognized. </P>
<P align=justify>On April 12, 2016 the IASB issued Clarifications to IFRS 15,
Revenue from Contracts with Customers, which is effective at the same time as
IFRS 15. The clarifications to IFRS 15 provide additional guidance with respect
to the five-step analysis, transition, and the application of the standard to
licenses of intellectual property.</P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">34</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGE</B><B>MENT&#146;S </B><B>DISCUSSION AND
      ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2017 </B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The Company intends to adopt IFRS 15 and the clarifications in
its consolidated financial statements for the annual period beginning on January
1, 2018. The Company has completed qualitative and quantitative assessment and
does not expect the adoption to have a material impact on the consolidated
financial statements. </P>
<P align=justify><I>IFRS 16, Leases (&#147;IFRS 16&#148;)</I><I> <BR></I>On January 13,
2016, the IASB published a new standard, IFRS 16, Leases, 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 begun a
preliminary assessment however, the Company is not able at this time to estimate
reasonably the impact that the amendments will have on the financial statements.
</P>
<P align=justify><B>Critical Accounting Estimates </B></P>
<P align=justify>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>As a result of the ongoing production issues at Guanacevi and
revised mine plan, the Company reviewed the Guanacevi CGU for value in use
during the quarter which resulted in no additional impairment to previous
impairment charges. As previously disclosed, any modest decrease in any one key
assumption in isolation causes the estimated recoverable amount to be less than
or equal to the net carrying value. Other than timing of production based on the
revised mine plan and associated increase in per-unit costs, Management&#146;s long
term estimates have not significantly changed from the prior year. </P>
<P align=justify>See &#147;Critical Accounting Estimates&#148; in the Company&#146;s annual
MD&amp;A for the year ended December 31, 2016 for a detailed discussion of the
areas in which critical accounting estimates are made. </P>
<P align=justify><B>Controls and Procedures </B></P>
<P align=justify>Endeavour&#146;s management, including the Chief Executive Officer
and Chief Financial Officer, has evaluated the Company&#146;s internal controls over
financial reporting to determine whether any changes occurred during the period
that have materially affected, or are reasonably likely to materially affect,
the Company&#146;s internal controls over financial reporting. During the nine months
ended September 30, 2017 there have been no changes that occurred that have
materially affected, or are reasonably likely to materially affect, Endeavour&#146;s
internal controls over financial reporting. </P>
<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#800040">35</font></B> </TD>
    </TR>
  </TABLE>
</DIV>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</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>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2</B><BR>
    <B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></P>
<P align=justify>I, Bradford Cooke, Chief Executive Officer of Endeavour Silver
Corp., certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Endeavour Silver Corp. (the &#147;issuer&#148;) for the interim period ended
      September 30, 2017.</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 vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">
      <P align=justify>4. </P></TD>
    <TD align=left colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of</I> <I>Disclosure in
      Issuers&#146; Annual and Interim Filings, </I>for the issuer.</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 vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR>
  <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>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</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>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="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>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <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>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s GAAP.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the Internal Control &#150; Integrated Framework (2013) (COSO
      Framework) published by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR </I></B><B><I>&#150; </I></B><B><I>material
      weakness relating to design: </I></B>N/A</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 vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of design:
  </I></B>N/A</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=left width="5%">
      <P align=justify>6. </P></TD>
    <TD align=left>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on July 1, 2017 and ended on
      September 30, 2017 that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>November 2, 2017</B><B><I> </I></B></P>
<P align=justify><I>&#147;Bradford Cooke&#148;</I><I> </I><BR>_______________________
<BR>Bradford Cooke <BR>Chief Executive Officer <BR></P>
<P align=center>2 </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>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></P>
<P align=justify>I, Dan Dickson, Chief Financial Officer of Endeavour Silver
Corp., certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Endeavour Silver Corp. (the &#147;issuer&#148;) for the interim period ended
      September 30, 2017.</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 vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">
      <P align=justify>4. </P></TD>
    <TD align=left colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of</I> <I>Disclosure in
      Issuers&#146; Annual and Interim Filings, </I>for the issuer.</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 vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR>
  <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>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</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>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="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>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <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>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s GAAP.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the Internal Control &#150; Integrated Framework (2013) (COSO
      Framework) published by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR </I></B><B><I>&#150; </I></B><B><I>material
      weakness relating to design: </I></B>N/A</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 vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of design:
  </I></B>N/A</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=left width="5%">
      <P align=justify>6. </P></TD>
    <TD align=left>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on July 1, 2017 and ended on
      September 30, 2017 that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>November 2, 2017</B><B><I> </I></B></P>
<P align=justify><I>&#147;Dan Dickson&#148;</I><I> </I><BR>_______________________ <BR>Dan
Dickson <BR>Chief Financial Officer <BR></P>
<P align=center>2 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>endeavourlogo.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 endeavourlogo.gif
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MH6NN!N'"+C$JK7N: (J^&<1 ^, ]D1&$GKV9 LHF"X#8"H2ZFSN(-,JF .3
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M^"8"+EVL;VR@,Y6%IRW<*#< 0%L0%3%&%TGV30$>T 1C1-5@CAX()GRZ.FY
M5B)$O'&HH]V;'H\#%<[KC0368]#>",$@V?@Y .I D$GH<2&B!< =ED'ZTI/>
MQKTY@T'N[1LL(.0,OQESA.4NP&"</>T#H5IO^% 0"(1Y(&['MT-^S)A1\\<
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MWY%LR> +IK )KC +U4D0O[".;N19W4FC4 H5;;@4B0<>!R"C!1%DWM$ .G4
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2SO <S_(\S_1<S_:L$ $!   [

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>exhibit99-2x24x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-2x24x1.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!# ! +# X,"A .#0X2$1 3&"@:&!86
M&#$C)1TH.C,]/#DS.#= 2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!# 1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P  1" %R I(# 2(  A$! Q$!_\0
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M-'MS-;O;RL"S1,[,5)/JQS^':@#1HHHH **** "BBB@ HHHH **** "BBB@
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MD_\ Q5&R[_Y[P?\ ?D__ !56** *^R[_ .>\'_?D_P#Q5&R[_P">\'_?D_\
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M ,55BB@"OLN_^>\'_?D__%4;+O\ Y[P?]^3_ /%58HH K[+O_GO!_P!^3_\
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M"OLN_P#GO!_WY/\ \51LN_\ GO!_WY/_ ,55BB@"OLN_^>\'_?D__%4;+O\
MY[P?]^3_ /%58HH K[+O_GO!_P!^3_\ %4;+O_GO!_WY/_Q56** *^R[_P">
M\'_?D_\ Q5&R[_Y[P?\ ?D__ !56** *^R[_ .>\'_?D_P#Q5&R[_P">\'_?
MD_\ Q56** *^R[_Y[P?]^3_\51LN_P#GO!_WY/\ \55BB@"OLN_^>\'_ 'Y/
M_P 51LN_^>\'_?D__%58HH K[+O_ )[P?]^3_P#%4;+O_GO!_P!^3_\ %58H
MH K[+O\ Y[P?]^3_ /%4;+O_ )[P?]^3_P#%58HH K[+O_GO!_WY/_Q5&R[_
M .>\'_?D_P#Q56** *^R[_Y[P?\ ?D__ !5&R[_Y[P?]^3_\55BB@"OLN_\
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M9(V&5=#D$>QI] %/4?N0?]?$?_H57*IZC]R#_KXC_P#0JN4 %%%% !6?I/\
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M"\,;1+C"% 5&.G%2T4 13P0W,?EW$4<J==KJ&'Y&DCM+:*-8XK>)$1MRJJ
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M KQPQ;Y?W2?>_NCT%2>1#_SR3_OD41_?E_WO_914E $?D0_\\D_[Y%'D0_\
M/)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^
M^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E
M% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?
MD0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\
M\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[
MY%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D
M0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\
M/)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^
M^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E
M% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?
MD0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\
M\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[
MY%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D
M0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\ /)/^^14E% $?D0_\\D_[Y%'D0_\
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M!;%3;93;L/RAMOS8[?W?QS0!+J/W(/\ KXC_ /0JN53U'[D'_7Q'_P"A5<H
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M4_[Z%'GP_P#/5/\ OH4 245'Y\/_ #U3_OH4>?#_ ,]4_P"^A0!)14?GP_\
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M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !4<GWXO\
M>_\ 934E139W1;0"=W<X[&@"6FNZ1J6D944=V.!2KG'S  ^QS67KBJ?L[N]L
M0I;]Q<_<EX[?[0QQP>IXH U:*R(Y$.LVCEW1Y+5]T+R?ZL_NR%QV/WO<\U#I
M0G@O5WR(\*P+'++&Y999=P ;I]X\YZ]1GM0!NT5RM]]K/EFW,OV@3S?:MN=W
MDY;&?PV[>_IWK:T\+]JNC;X^RY39L^[NQ\V.WIT[Y[YH DU'[D'_ %\1_P#H
M57*IZC]R#_KXC_\ 0JN4 %%%% !6?I/_ "^_]?3_ -*T*S])_P"7W_KZ?^E
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M -\-_A1YR^C_ /?#?X4 245'YR^C_P#?#?X4><OH_P#WPW^% $E%1^<OH_\
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M%='%<I)$C@.0R@\(?\* )Z*C\Y?1_P#OAO\ "CSE]'_[X;_"@"2BH_.7T?\
M[X;_  H\Y?1_^^&_PH DHJ/SE]'_ .^&_P */.7T?_OAO\* )**C\Y?1_P#O
MAO\ "CSE]'_[X;_"@"2BH_.7T?\ [X;_  H\Y?1_^^&_PH DHJ/SE]'_ .^&
M_P *8]W"DB1NS!Y,[04;G'X4 3U')]^+_>_]E-'G+Z/_ -\-_A3&D5I(@ WW
MNZD?PF@">F-&KE"R@E#N7V."/Y$T^B@ HHHH **** *>H_<@_P"OB/\ ]"JY
M5/4?N0?]?$?_ *%5R@ HHHH *S])_P"7W_KZ?^E:%9^D_P#+[_U]/_2@"S=6
MXN8@A=TPP8,C%3P?4>HR/QIIL+<F+"$>2<H%=@%//. >O)Y]ZLT4 5%T^$HR
MREI-S,S98@-N.<$ \CM@U(]G;O,)6A4N,'GID=#CID>M3T4 0P6L-MGR4V\!
M>I. .@&>@'ITJ:BB@"./[\O^]_[**DJ./[\O^]_[**DH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ J*&>*X#&)PP5BIQV(J6N>\/3%;NXC;[L
MI+K]0>?YT =#1444\4S2+&X8QMM8>AJ6@ HHJ@;E_P"W!;;OW?D;MO\ M9_P
MH Y^;4KB6Z7YB9(WD"-TP&P*U[VPCM-+#QJOFPE7+D<L<\\UEZ39-<Z@DS*Q
MB#L20.,CD?SKJ)HDGA:*095A@U#C>X[D%KJ-O=RM'$V649/'7Z5G);OJ\=Q<
MN5SS'"O9?>G7>DS)*)=.81!(]NT'!8Y_SUK2L+86EG'".H'S?7O2LY:2#;8R
MO[/U!Y&N]XCN00%7=D;<8J:Q:YL+J.QGP\3Y*2>^,XK7JK?VK7*(8G\N6-MR
M/C.*.2VJ"Y#K<S1:>P1BKNP5<'!ZU+I=P;JPBD9@SXPWU%4+"UGFU"66_0NT
M6%1F7 )SU%2744UE>K-90%DE4JZ)TW=C[47=^8/(6VU62:ZC5XE2"1F16SDY
M%%GQK]^/]E/Y"FKI+MI45NSA)D??N'.#FL*]N)?,"Y(D5?+D8'[Q4\'^7Y4X
MM[,&=I69KJ"6TBB)P))D7/UJE-KTA:W^SH2I7,@QDGG&/\^HIUO;Z@SPOJ,@
M%O$?.)8C.>P/TJQ%G5H%@T38G2'9C\"!6I5#5'2?1IWC8.I7((.1P:NPMNA1
MO50: 'T444 %%%% !1145U(8;6:4=40M^0H =-((87E;HBEC^%<Y'=7]Q]KN
M8K<LDP$90$DKQP1_GO3#<WVIVT-O S/(%8S'( ()P,_A731((HDC'15"_E0!
MES1_99=*1R!Y>58]ON\UK @@$'(-9^KZ>^H1Q*CA=C$G/TI^CR;]*@+'E5VG
M/L<4 +J\OE:=* ,M(/+4#N3Q4-GH\5O:2QDEI)4VLQ[<=!^-,O'-UK-M:J"4
MA/FR>F<<?Y]ZUJ ,K1K"6VL)H;E0K2,>,YXQBG:-<H;=;-F_TB#*LOL#C_"M
M.LDQB'Q(C*H430G..Y!Y_D* -:BBB@ HI*I6.J0WT\D42L-G(8]&'K0!>HHH
MH **** "BBB@ KEM6U'S-5B:/)2U;J.YR,_X5I:]J$MFL20MM9\Y..@IFCZ7
M =/\R>/<\ZG)/]T]/Y TNH&K;3I<P)-'G8XR,TLGWXO][_V4UC6,QTW4Y-/;
M<T+L#%_LYK8D(+Q8/\?_ +*:+@2T444P"BBB@ HHHH IZC]R#_KXC_\ 0JN5
M3U'[D'_7Q'_Z%5R@ HHHH *S])_Y??\ KZ?^E:%9^D_\OO\ U]/_ $H T**H
MZM;27=H((V&'8!T,C1^8O.5W+R/7CTQT-4H)&<:1)%)<11&5HC [YZ))G<W5
MN5&.>V: -NBLO62LD:)#-*+MB5@6*1A\_'S, <$#J<\?G5+4[V:WNYYVCDD$
M$J10I'.R\LH.2@X<9)Z]E..^0#H:*R=,S'=(J3RS)-;+,YDD+_,3P1D\ \\#
MCC@5J.2JDA2Q'88R?SH ;']^7_>_]E%254CN)-\G^B3?>]4]!_M4_P"T2_\
M/G/^:?\ Q5 %BBJ_VB7_ )\Y_P T_P#BJ/M$O_/G/^:?_%4 6**K_:)?^?.?
M\T_^*H^T2_\ /G/^:?\ Q5 %BBJ_VB7_ )\Y_P T_P#BJ/M$O_/G/^:?_%4
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MRM/U*>YOKJW9(_W;';R1P#C\:T<S?W$_[[/^%-*RL(DK+FUJ&WU![:5& 7:
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M%<9 RQ'=N] %JBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ K-UG>JVLD2[G6=<#UZUI44FKJP&+'>WNH6DL:6B\YC9_,P <>AK2L[
M2*TB"QHJL5 <CN14X 7. !GGBEI*-M6.X44450@HHHH **** "BBB@ HHHH
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MG_?!_P :,3?WT_[X/^- $E%1XF_OI_WP?\:,3?WT_P"^#_C0!)14>)O[Z?\
M?!_QHQ-_?3_O@_XT 245'B;^^G_?!_QHQ-_?3_O@_P"- $E%1XF_OI_WP?\
M&C$W]]/^^#_C0!)14>)O[Z?]\'_&C$W]]/\ O@_XT 245'B;^^G_ 'P?\:,3
M?WT_[X/^- $E%1XF_OI_WP?\:,3?WT_[X/\ C0!)14>)O[Z?]\'_ !HQ-_?3
M_O@_XT 245'B;^^G_?!_QHQ-_?3_ +X/^- $E%1XF_OI_P!\'_&C$W]]/^^#
M_C0!)14>)O[Z?]\'_&C$W]]/^^#_ (T 245'B;^^G_?!_P :,3?WT_[X/^-
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ J.3[\7^]_P"RFI*CD^_%_O?^RF@"2BBB@ HHHH ****
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M!0!O57%[;&_^PB4&Y\OS#&,Y"Y R?S%5K2T>-Y@T>R5I';[2NTDJ6R!SD\#
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M&: $&KV;Q221/),L4ODOY,+R8;&<84'C!Z]*L6MS%=VZSP%C&V<;E*G@X/!
M(Y%9=K;7MO!JGDP>7+<3&2#<RX7**HS@]L$XK6MX4MK>."(82-0JCV% $E16
MUQ%=0+- V^-LX.".AQWI[DJA*KN([ XS6!%I=Y!ITD C5Y)K;RCAP C;G//_
M 'WV[C\: .AJ&6Z@AN(8))566<D1IW; )/Z \UG6VF217 FVHKFZED9UQNV,
M&Q^I7CVJ:[@E^TV3)$\QAEWO)\@)&QUQV[MZ4 20ZI:S7GV13,L^TL%D@D3(
M! )!90#U'YU=JI;6[K>75S,!N<A(_:,#I_WT6/XBK= $/VF'[7]EW_OMGF;<
M'[N<9_.IJPGL-4.H_;U>WXN ?**'=Y6-N-^<=,MC'7O5;4+6Y@TV(2+%&EO"
ML)DE.4/[R/)('\&%.<^^: .E)P,FJ@U.U>V>XB=YHD?83#&TG/L%!)^HXJKH
M:*VG Q.I7S'+>0J^5*2225_V><#GMWIT,5VEI?B*(Q32NS0[BN!D  G!/3%
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M[Z%'GP_\]4_[Z%1_8;3_ )]8/^_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\
M/5/^^A4?V&T_Y]8/^_8H^PVG_/K!_P!^Q0!)Y\/_ #U3_OH4>?#_ ,]4_P"^
MA4?V&T_Y]8/^_8H^PVG_ #ZP?]^Q0!)Y\/\ SU3_ +Z%'GP_\]4_[Z%1_8;3
M_GU@_P"_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\]4_[Z%1_8;3_ )]8/^_8
MH^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\ /5/^^A4?V&T_Y]8/^_8H^PVG_/K!
M_P!^Q0!)Y\/_ #U3_OH4>?#_ ,]4_P"^A4?V&T_Y]8/^_8H^PVG_ #ZP?]^Q
M0!)Y\/\ SU3_ +Z%'GP_\]4_[Z%1_8;3_GU@_P"_8H^PVG_/K!_W[% $GGP_
M\]4_[Z%'GP_\]4_[Z%1_8;3_ )]8/^_8H^PVG_/K!_W[% $GGP_\]4_[Z%'G
MP_\ /5/^^A4?V&T_Y]8/^_8H^PVG_/K!_P!^Q0!)Y\/_ #U3_OH4>?#_ ,]4
M_P"^A4?V&T_Y]8/^_8H^PVG_ #ZP?]^Q0!)Y\/\ SU3_ +Z%'GP_\]4_[Z%1
M_8;3_GU@_P"_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\]4_[Z%1_8;3_ )]8
M/^_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\ /5/^^A4?V&T_Y]8/^_8H^PVG
M_/K!_P!^Q0!)Y\/_ #U3_OH4>?#_ ,]4_P"^A4?V&T_Y]8/^_8H^PVG_ #ZP
M?]^Q0!)Y\/\ SU3_ +Z%'GP_\]4_[Z%1_8;3_GU@_P"_8H^PVG_/K!_W[% $
MGGP_\]4_[Z%'GP_\]4_[Z%1_8;3_ )]8/^_8H^PVG_/K!_W[% $GGP_\]4_[
MZ%'GP_\ /5/^^A4?V&T_Y]8/^_8H^PVG_/K!_P!^Q0!)Y\/_ #U3_OH4>?#_
M ,]4_P"^A4?V&T_Y]8/^_8H^PVG_ #ZP?]^Q0!)Y\/\ SU3_ +Z%'GP_\]4_
M[Z%1_8;3_GU@_P"_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\]4_[Z%1_8;3_
M )]8/^_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\ /5/^^A4?V&T_Y]8/^_8H
M^PVG_/K!_P!^Q0!)Y\/_ #U3_OH4>?#_ ,]4_P"^A4?V&T_Y]8/^_8H^PVG_
M #ZP?]^Q0!)Y\/\ SU3_ +Z%'GP_\]4_[Z%1_8;3_GU@_P"_8H^PVG_/K!_W
M[% $GGP_\]4_[Z%'GP_\]4_[Z%1_8;3_ )]8/^_8H^PVG_/K!_W[% $GGP_\
M]4_[Z%'GP_\ /5/^^A4?V&T_Y]8/^_8H^PVG_/K!_P!^Q0!)Y\/_ #U3_OH4
M>?#_ ,]4_P"^A4?V&T_Y]8/^_8H^PVG_ #ZP?]^Q0!)Y\/\ SU3_ +Z%'GP_
M\]4_[Z%1_8;3_GU@_P"_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\]4_[Z%1_
M8;3_ )]8/^_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\ /5/^^A4?V&T_Y]8/
M^_8H^PVG_/K!_P!^Q0!)Y\/_ #U3_OH4>?#_ ,]4_P"^A4?V&T_Y]8/^_8H^
MPVG_ #ZP?]^Q0!)Y\/\ SU3_ +Z%'GP_\]4_[Z%1_8;3_GU@_P"_8H^PVG_/
MK!_W[% $GGP_\]4_[Z%'GP_\]4_[Z%1_8;3_ )]8/^_8H^PVG_/K!_W[% $G
MGP_\]4_[Z%'GP_\ /5/^^A4?V&T_Y]8/^_8H^PVG_/K!_P!^Q0!)Y\/_ #U3
M_OH4>?#_ ,]4_P"^A4?V&T_Y]8/^_8H^PVG_ #ZP?]^Q0!)Y\/\ SU3_ +Z%
M'GP_\]4_[Z%1_8;3_GU@_P"_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\]4_[
MZ%1_8;3_ )]8/^_8H^PVG_/K!_W[% $GGP_\]4_[Z%'GP_\ /5/^^A4?V&T_
MY]8/^_8H^PVG_/K!_P!^Q0!#?RQNL 5U8^?'P#_M5>J!;.U1@RVT*L#D$( 1
M4] !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !
J1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>exhibit99-2x25x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-2x25x1.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!# ! +# X,"A .#0X2$1 3&"@:&!86
M&#$C)1TH.C,]/#DS.#= 2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!# 1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P  1" $O CP# 2(  A$! Q$!_\0
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M* *_VB7_ )\Y_P T_P#BJ/M$O_/G/^:?_%58HH K_:)?^?.?\T_^*H^T2_\
M/G/^:?\ Q56** *_VB7_ )\Y_P T_P#BJ/M$O_/G/^:?_%58HH K_:)?^?.?
M\T_^*H^T2_\ /G/^:?\ Q56** *_VB7_ )\Y_P T_P#BJ/M$O_/G/^:?_%58
MHH K_:)?^?.?\T_^*H^T2_\ /G/^:?\ Q56** *_VB7_ )\Y_P T_P#BJ/M$
MO_/G/^:?_%58HH K_:)?^?.?\T_^*H^T2_\ /G/^:?\ Q56** *_VB7_ )\Y
M_P T_P#BJ/M$O_/G/^:?_%58HH K_:)?^?.?\T_^*H^T2_\ /G/^:?\ Q56*
M* *_VB7_ )\Y_P T_P#BJ/M$O_/G/^:?_%58HH K_:)?^?.?\T_^*H^T2_\
M/G/^:?\ Q56** *_VB7_ )\Y_P T_P#BJ/M$O_/G/^:?_%58HH K_:)?^?.?
M\T_^*H^T2_\ /G/^:?\ Q56** *_VB7_ )\Y_P T_P#BJ/M$O_/G/^:?_%58
MHH K_:)?^?.?\T_^*H^T2_\ /G/^:?\ Q56** *_VB7_ )\Y_P T_P#BJ/M$
MO_/G/^:?_%58HH K_:)?^?.?\T_^*H^T2_\ /G/^:?\ Q56** *_VB7_ )\Y
M_P T_P#BJ/M$O_/G/^:?_%58HH K_:)?^?.?\T_^*H^T2_\ /G/^:?\ Q56*
M* *_VB7_ )\Y_P T_P#BJ/M$O_/G/^:?_%58HH K_:)?^?.?\T_^*H^T2_\
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M&_PH\Y?1_P#OAO\ "@"2BH_.7T?_ +X;_"CSE]'_ .^&_P * )**C\Y?1_\
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MP%4 ']VMN*19HDD0Y1P&!]C1'30K#WA>G+I^H^BBBJ.D**** "BBB@ HHHH
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M!'Y;?\]G_)?\*/+;_GL_Y+_A4E% $?EM_P ]G_)?\*/+;_GL_P"2_P"%244
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M%(@VC !3IG/\J.:VY7UEQO&:]XOWFK68@F1;UF<QG: O!R.!TJ?18F72;?\
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M"/S&_P">+_FO^-'F-_SQ?\U_QJ2B@"/S&_YXO^:_XT>8W_/%_P U_P :DHH
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M-"N4N-,A <%XUVLN>1C@?H*E2NSGIXA3GRVTZ>9=\QO^>+_FO^-'F-_SQ?\
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MCS_6L^73+G3&EN=,E4(5R\;C/ ]ZV5@15"C> !@#>W^-(]NCHRDOAA@_.?\
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M?5_^^V_QH*)**C\E?5_^^V_QH\E?5_\ OMO\: )**C\E?5_^^V_QH\E?5_\
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M@_WE_P#0A4.GWGVR%F:,QR1N8Y$SD!AUP>X]#^@J:;[@_P!Y?_0A0!)1110
M4444 %(6"XR0,\#-+7.>) ]Q>10QGF*)I3CM_G%)NR,JU3V<>:USHZQ_$;!K
M:"W!^::91CV_SBH8]8N[_;%IT +*F9'EZ ^W--LM.U&74(Y-28M' 2Z$L#D^
MW^>U2W?1&-2K[6/+!-WZ]#=CBCB!$4:H"<D*,9-/HHJSKV"BBB@#(OM!M[F6
M6='>.9^1@C:#ZXJIISC1SJ,4TJL\85UR<;R03Q715G7.C6MW>FYGW-E0-F<
M_ES4M=4<M2A9J=-:E>+7%GTRXF52D\,>2I'&3T(]JSK6XDT62.29GDCN8?,*
MC^^?\BKMWH;S:@#%)Y5JZ!7"GG@<#'?H*UWM8)(5BDC5T484,,X^E*S9FJ=6
M;NW9K9E*UURTN'@CR5EE'W>H4^A-1Z2JW&H7]U(H9UE\M"1]T#CC\*JS: UK
M:%[5S)<I('0X .!V_K5[0H)H+20W"%)))6<@^^*%>^HX.K*<546VIIT4459V
MA1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% #515)VJ!DY.!UIU%% '.333:+?792!WAN#NC;!VA
MCG^O:ELM)NKNX%QJ3EH6'F>7N/4]B.U=%14\IS?5E?5Z=BE<Z79W%OY)A5%!
MR/+&W!]>*QY-%U*V@>&UN%DA?.4^Z3G@]?\ &NEHIN*94\/">NS\C$?P[!]E
M00L8[E<'S<D\U"VC:C(WD37GF6[L&D.3GCZUT-%+E0GAJ;V5BIIM@FG6HA1B
MY)W,Q&,FK=%%4;QBHJR"HY_^/>3_ '3_ "J2HY_^/>3_ '3_ "H&4]#_ .01
M!_P+_P!"-:%9^A_\@B#_ (%_Z$:T* *[_P#(0A_ZY2?S2GW!D$#&%59QSM;H
MP[C\J8__ "$(?^N4G\TJQ0!E6=A+%:W3I%%"]WAO(4X2+Y0#T')[G@?UI(=,
MN!8:;9RR1B.TV>:%R?-"+\O;CY@#^%:B.DB[HV5U]5.13J ,_4;.YO&4)+$B
M1,DL65).]6R0>>A''M47]FS?:3>EXS<F82!.=H4(4VYZ]"3G'7M6K10!4T^T
M:TA<2.'EED:5R!@9)Z#V P/PI-2C)LI7B13-@;#M!.<\5<J.;[@_WE_]"% F
MKJQFZ5>0WB-%- L=Q"H\P,@&?>KY%JKA&$(<C(4XR:R=9TFYN;HSVA4>8FR0
M$XS_ )X_*J\&@W-VROJ$GEA%5%5<$X Q^%1=['(JE6+Y.6_F:>HW4%M8F:".
M&5V8(@ !!;\*H+KL"%$GL-CYP^5 "^]":#/!=P*DWF6JR"0AN""/:MRYMX[J
M!X9ERC#FGJQKVT[OX?(BG>SMU)E\E<*6P0,D#T'>LO18X;VZO;LQ!D9MB;EZ
M#_.*D7PU:\^9+,XX"Y/*BM:&&.WB$<**B#H%%&K>I:C4G).:LD,AL[:",1Q0
M(JCVS3_(A_YY)_WR*DHJC=))61'Y$/\ SR3_ +Y%'D0_\\D_[Y%244#(_(A_
MYY)_WR*/(A_YY)_WR*DHH C\B'_GDG_?(H\B'_GDG_?(J2B@"/R(?^>2?]\B
MCR(?^>2?]\BI** (_(A_YY)_WR*/(A_YY)_WR*DHH C\B'_GDG_?(H\B'_GD
MG_?(J2B@"/R(?^>2?]\BCR(?^>2?]\BI** (_(A_YY)_WR*/(A_YY)_WR*DH
MH C\B'_GDG_?(H\B'_GDG_?(J2B@"/R(?^>2?]\BCR(?^>2?]\BI** (_(A_
MYY)_WR*/(A_YY)_WR*DHH C\B'_GDG_?(H\B'_GDG_?(J2B@"/R(?^>2?]\B
MCR(?^>2?]\BI** (_(A_YY)_WR*/(A_YY)_WR*DHH C\B'_GDG_?(H\B'_GD
MG_?(J2B@"/R(?^>2?]\BCR(?^>2?]\BI** (_(A_YY)_WR*/(A_YY)_WR*DH
MH C\B'_GDG_?(H\B'_GDG_?(J2B@"/R(?^>2?]\BCR(?^>2?]\BI** (_(A_
MYY)_WR*/(A_YY)_WR*DHH C\B'_GDG_?(H\B'_GDG_?(J2B@"/R(?^>2?]\B
MCR(?^>2?]\BI** (_(A_YY)_WR*/(A_YY)_WR*DHH C\B'_GDG_?(H\B'_GD
MG_?(J2B@"/R(?^>2?]\BCR(?^>2?]\BI** &"*-3E8T!'<**?110 5'/_P >
M\G^Z?Y5)4<__ ![R?[I_E0!3T/\ Y!$'_ O_ $(UH5GZ'_R"(/\ @7_H1K0H
M KO_ ,A"'_KE)_-*CU:%;C39HFF2 ,!\[\J#D8!'<'H1WS4C_P#(0A_ZY2?S
M2IF4,I5NA&#0!A!X+G2[V"XC@@2(C<]O)MBE.T'@\?0CGTR:I6K^;INC@7%E
M'&EB/FND\Q-P"9&-PP<>_ SQS74Q1K%$D<8PB*%4>@%/H P;^[2XTNR$@6+<
M\$EQ#G[D9/<=ER,<\5 !"NI2;?+_ +-:Z7/3RL^4V?;&[;^/O72T4 9F@C;;
M7 3_ %'VF0P^FS/;VSG%7+@R;1M52-R\EL=Q[5/4<WW!_O+_ .A"@ S-_<3_
M +[/^%&9O[B?]]G_  J2B@"/,W]Q/^^S_A1F;^XG_?9_PJ2B@"/,W]Q/^^S_
M (49F_N)_P!]G_"I** (\S?W$_[[/^%&9O[B?]]G_"I** (\S?W$_P"^S_A1
MF;^XG_?9_P *DHH CS-_<3_OL_X49F_N)_WV?\*DHH CS-_<3_OL_P"%&9O[
MB?\ ?9_PJ2B@"/,W]Q/^^S_A1F;^XG_?9_PJ2B@"/,W]Q/\ OL_X49F_N)_W
MV?\ "I** (\S?W$_[[/^%&9O[B?]]G_"I** (\S?W$_[[/\ A1F;^XG_ 'V?
M\*DHH CS-_<3_OL_X49F_N)_WV?\*DHH CS-_<3_ +[/^%&9O[B?]]G_  J2
MB@"/,W]Q/^^S_A1F;^XG_?9_PJ2B@"/,W]Q/^^S_ (49F_N)_P!]G_"I** (
M\S?W$_[[/^%&9O[B?]]G_"I** (\S?W$_P"^S_A1F;^XG_?9_P *DHH CS-_
M<3_OL_X49F_N)_WV?\*DHH CS-_<3_OL_P"%&9O[B?\ ?9_PJ2B@"/,W]Q/^
M^S_A1F;^XG_?9_PJ2B@"/,W]Q/\ OL_X49F_N)_WV?\ "I** (\S?W$_[[/^
M%&9O[B?]]G_"I** (\S?W$_[[/\ A1F;^XG_ 'V?\*DHH CS-_<3_OL_X49F
M_N)_WV?\*DHH CS-_<3_ +[/^%&9O[B?]]G_  J2B@"/,W]Q/^^S_A1F;^XG
M_?9_PJ2B@"/,W]Q/^^S_ (49F_N)_P!]G_"I** (\S?W$_[[/^%&9O[B?]]G
M_"I** (\S?W$_P"^S_A1F;^XG_?9_P *DHH 8#)GYD0#V8G^E/HHH *CG_X]
MY/\ =/\ *I*CG_X]Y/\ =/\ *@"GH?\ R"(/^!?^A&M"L_0_^01!_P "_P#0
MC6A0!7?_ )"$/_7*3^:4W4;L6%C+<E0PCQP3@<D#)/8#.2?2G/\ \A"'_KE)
M_-*DG$AA<1;=^.-PR#[8R* *9N[F#3#<-$EU)U3R'&UE/(.3C Q]>G?I5?\
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M@"2BH_(A_P">2?\ ?(H\B'_GDG_?(H DHJ/R(?\ GDG_ 'R*/(A_YY)_WR*
M)**C\B'_ )Y)_P!\BCR(?^>2?]\B@"2BH_(A_P">2?\ ?(H\B'_GDG_?(H D
MHJ/R(?\ GDG_ 'R*/(A_YY)_WR* )**C\B'_ )Y)_P!\BCR(?^>2?]\B@"2B
MH_(A_P">2?\ ?(H\B'_GDG_?(H DHJ/R(?\ GDG_ 'R*/(A_YY)_WR* )**C
M\B'_ )Y)_P!\BCR(?^>2?]\B@"2BH_(A_P">2?\ ?(H\B'_GDG_?(H DHJ/R
M(?\ GDG_ 'R*/(A_YY)_WR* )**C\B'_ )Y)_P!\BCR(?^>2?]\B@"2BH_(A
M_P">2?\ ?(H\B'_GDG_?(H DHJ/R(?\ GDG_ 'R*/(A_YY)_WR* )**C\B'_
M )Y)_P!\BCR(?^>2?]\B@"2BH_(A_P">2?\ ?(H\B'_GDG_?(H DHJ/R(?\
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M/$W]]/\ O@_XTTF82!=Z<@G.P]L>_O0!-14>)O[Z?]\'_&C$W]]/^^#_ (T
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M[@M?+^T2K$)7$:%C@%B"0/TK'D&KVES?3 6[(?G6>>4A @'"!1]T]<M^//0
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MSTYWZ* (+2TMK*'R;2"."/.=L:A1FIZ** "JVH6<>H6,UI,6"2KM)4\BK-%
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M\\[7_OMO\*,ZC_SSM?\ OMO\*N44 4\ZC_SSM?\ OMO\*,ZC_P \[7_OMO\
M"KE% %/.H_\ /.U_[[;_  HSJ/\ SSM?^^V_PJY10!3SJ/\ SSM?^^V_PHSJ
M/_/.U_[[;_"KE% %/.H_\\[7_OMO\*,ZC_SSM?\ OMO\*N44 4\ZC_SSM?\
MOMO\*,ZC_P \[7_OMO\ "KE% %/.H_\ /.U_[[;_  HSJ/\ SSM?^^V_PJY1
M0!3SJ/\ SSM?^^V_PHSJ/_/.U_[[;_"KE% %/.H_\\[7_OMO\*,ZC_SSM?\
MOMO\*N44 4\ZC_SSM?\ OMO\*,ZC_P \[7_OMO\ "KE% %/.H_\ /.U_[[;_
M  HSJ/\ SSM?^^V_PJY10!3SJ/\ SSM?^^V_PHSJ/_/.U_[[;_"KE% %/.H_
M\\[7_OMO\*,ZC_SSM?\ OMO\*N44 4\ZC_SSM?\ OMO\*,ZC_P \[7_OMO\
M"KE% %/.H_\ /.U_[[;_  HSJ/\ SSM?^^V_PJY10!3SJ/\ SSM?^^V_PHSJ
M/_/.U_[[;_"KE% %/.H_\\[7_OMO\*,ZC_SSM?\ OMO\*N44 4\ZC_SSM?\
MOMO\*,ZC_P \[7_OMO\ "KE% %/.H_\ /.U_[[;_  HSJ/\ SSM?^^V_PJY1
M0!3SJ/\ SSM?^^V_PHSJ/_/.U_[[;_"KE% %/.H_\\[7_OMO\*,ZC_SSM?\
MOMO\*N44 4\ZC_SSM?\ OMO\*,ZC_P \[7_OMO\ "KE% %/.H_\ /.U_[[;_
M  HSJ/\ SSM?^^V_PJY10!3SJ/\ SSM?^^V_PHSJ/_/.U_[[;_"KE% %/.H_
M\\[7_OMO\*,ZC_SSM?\ OMO\*N44 4\ZC_SSM?\ OMO\*,ZC_P \[7_OMO\
M"KE% %/.H_\ /.U_[[;_  HSJ/\ SSM?^^V_PJY10!3SJ/\ SSM?^^V_PHSJ
M/_/.U_[[;_"KE% %/.H_\\[7_OMO\*,ZC_SSM?\ OMO\*N44 4\ZC_SSM?\
MOMO\*,ZC_P \[7_OMO\ "KE% %/.H_\ /.U_[[;_  HSJ/\ SSM?^^V_PJY1
M0!3SJ/\ SSM?^^V_PHSJ/_/.U_[[;_"KE% %/.H_\\[7_OMO\*,ZC_SSM?\
MOMO\*N44 4\ZC_SSM?\ OMO\*1QJ+HRE+4;@1]]O\*NT4 5=.MGM+&.!RI9<
+Y*].235JBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>exhibit99-2x25x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-2x25x2.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!# ! +# X,"A .#0X2$1 3&"@:&!86
M&#$C)1TH.C,]/#DS.#= 2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!# 1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P  1" $M ?\# 2(  A$! Q$!_\0
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M[]BC[#:?\^L'_?L4 6**K_8;3_GU@_[]BC[#:?\ /K!_W[% %BBJ_P!AM/\
MGU@_[]BC[#:?\^L'_?L4 6**K_8;3_GU@_[]BC[#:?\ /K!_W[% %BBJ_P!A
MM/\ GU@_[]BC[#:?\^L'_?L4 6**K_8;3_GU@_[]BC[#:?\ /K!_W[% %BBJ
M_P!AM/\ GU@_[]BC[#:?\^L'_?L4 6**K_8;3_GU@_[]BC[#:?\ /K!_W[%
M%BBJ_P!AM/\ GU@_[]BC[#:?\^L'_?L4 6**K_8;3_GU@_[]BC[#:?\ /K!_
MW[% %BBJ_P!AM/\ GU@_[]BC[#:?\^L'_?L4 6**K_8;3_GU@_[]BC[#:?\
M/K!_W[% %BBJ_P!AM/\ GU@_[]BC[#:?\^L'_?L4 6**K_8;3_GU@_[]BC[#
M:?\ /K!_W[% %BBJ_P!AM/\ GU@_[]BC[#:?\^L'_?L4 6**K_8;3_GU@_[]
MBC[#:?\ /K!_W[% %BBJ_P!AM/\ GU@_[]BC[#:?\^L'_?L4 6**K_8;3_GU
M@_[]BC[#:?\ /K!_W[% %BBJ_P!AM/\ GU@_[]BC[#:?\^L'_?L4 6**K_8;
M3_GU@_[]BC[#:?\ /K!_W[% %BBJ_P!AM/\ GU@_[]BC[#:?\^L'_?L4 6**
MK_8;3_GU@_[]BC[#:?\ /K!_W[% %BBJ_P!AM/\ GU@_[]BH]*&+! . &<#_
M +Z- $E[_J%_ZZQ_^AK5BJ][_J%_ZZQ_^AK5B@ HHHH **** "BBB@ HHHH
M***3I0 M%<Y-XUTF*:1%^T31QG#311;HQ^-=#&ZR1K(ARK $'U!H =1110 4
M444 %%<U9>+TN]"DU-=.N&"7'D>5%^\;H#N[<8-=&IW*&P1D9P>HH =1110
M455U&^ATVPFO+C=Y40RVT9/7%8]OXTTF:2-9/M%L)3A'GB*J?QH Z*BDJ&]N
M/LEE/<[=WDQM)MSC.!G% $]%<_%XF$EKH\WV0C^TI/+V^9_J^<9Z<_I704 %
M%%17,Z6UM+<2?<B0NWT S0!+17-6'B@C1[.^U6(1M>S&.%85)XZ G)]C^E:V
MJ:M;:5]G^T[_ /2)1$FP9^8^OM0!?HHKG?\ A,],,S(D=W)$K[#.D),8/UH
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MPDF.6%]CIGT-1V'ANPL+>ZBB\UVNU*332/N=@01U_&@#E;7_ )!O@[_KX/\
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MYGMF:8EB3(,*=S>IW'K[D4 =#12,2!D GV%1K,6&1"_4CJO;\: ):*C\QO\
MGB_YK_C1YC?\\7_-?\: )**C\QO^>+_FO^-'F-_SQ?\ -?\ &@"2BH_,;_GB
M_P":_P"-'F-_SQ?\U_QH DHJ/S&_YXO^:_XT>8W_ #Q?\U_QH DHJ/S&_P">
M+_FO^-'F-_SQ?\U_QH DHJ/S&_YXO^:_XT>8W_/%_P U_P : )**C\QO^>+_
M )K_ (T>8W_/%_S7_&@"2BH_,;_GB_YK_C1YC?\ /%_S7_&@"2BH_,;_ )XO
M^:_XT>8W_/%_S7_&@"2BH_,;_GB_YK_C1YC?\\7_ #7_ !H DHJ/S&_YXO\
MFO\ C1YC?\\7_-?\: )**C\QO^>+_FO^-'F-_P \7_-?\: )**C\QO\ GB_Y
MK_C1YC?\\7_-?\: )**C\QO^>+_FO^-'F-_SQ?\ -?\ &@"2BH_,;_GB_P":
M_P"-'F-_SQ?\U_QH DHJ/S&_YXO^:_XT>8W_ #Q?\U_QH DHJ/S&_P">+_FO
M^-'F-_SQ?\U_QH DHJ/S&_YXO^:_XT>8W_/%_P U_P : )**C\QO^>+_ )K_
M (T>8W_/%_S7_&@"2BH_,;_GB_YK_C1YC?\ /%_S7_&@"2BH_,;_ )XO^:_X
MT>8W_/%_S7_&@"2BH_,;_GB_YK_C1YC?\\7_ #7_ !H DHJ/S&_YXO\ FO\
MC1YC?\\7_-?\: )**C\QO^>+_FO^-'F-_P \7_-?\: )**C\QO\ GB_YK_C1
MYC?\\7_-?\: )**C\QO^>+_FO^- D;/^J<?B/\: )**** "J>E_\>*_[[_\
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M%%% !1110 4444 %%%5;2_@O);B.$MFW?RWR,<^U*Y2BVFUT+5%%%,D****
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M_P : )<\NF/]P_XU)10 4444 %4]+_X\5_WW_P#0S5RJ>E_\>*_[[_\ H9H
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M]K%UY$8DCNL2X;H#DY_7-=#IFJ6^J)(UOOQ&VT[AC/TJ34K3[=I\UMN"F1<
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M(/\ O\?_ (FC?=_\\(/^_P ?_B:L44 5]]W_ ,\(/^_Q_P#B:-]W_P \(/\
MO\?_ (FK%% %??=_\\(/^_Q_^)HWW?\ SP@_[_'_ .)JQ10!7WW?_/"#_O\
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MCO$V.W5E(/\ B/SKNJS9=%@FO8[R2:9KB/[K_+Q^&W!JU]GE_P"?R?\ )/\
MXFHA!QO<Z,3B(UE%15K;^O4L53MM,M;6]FNXD(FF^\2<]3DXJ3[/+_S^3_DG
M_P 31]GE_P"?R?\ )/\ XFKLF<RG**:3W+%%5_L\O_/Y/^2?_$T?9Y?^?R?\
MD_\ B:9)8HJO]GE_Y_)_R3_XFC[/+_S^3_DG_P 30!8HJO\ 9Y?^?R?\D_\
MB:/L\O\ S^3_ ))_\30!8HJO]GE_Y_)_R3_XFC[/+_S^3_DG_P 30!8HJO\
M9Y?^?R?\D_\ B:/L\O\ S^3_ ))_\30!8HJO]GE_Y_)_R3_XFC[/+_S^3_DG
M_P 30!8HJO\ 9Y?^?R?\D_\ B:/L\O\ S^3_ ))_\30!8HJO]GE_Y_)_R3_X
MFC[/+_S^3_DG_P 30!8HJO\ 9Y?^?R?\D_\ B:/L\O\ S^3_ ))_\30!8HJO
M]GE_Y_)_R3_XFC[/+_S^3_DG_P 30!8HJO\ 9Y?^?R?\D_\ B:/L\O\ S^3_
M ))_\30!8HJO]GE_Y_)_R3_XFC[/+_S^3_DG_P 30!8HJO\ 9Y?^?R?\D_\
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M- !Y$/\ SR3_ +Y%'D0_\\D_[Y%244 1^1#_ ,\D_P"^11Y$/_/)/^^14E%
M$?D0_P#/)/\ OD4>1#_SR3_OD5)10!'Y$/\ SR3_ +Y%'D0_\\D_[Y%244 1
M^1#_ ,\D_P"^11Y$/_/)/^^14E% $?D0_P#/)/\ OD4>1#_SR3_OD5)10!'Y
M$/\ SR3_ +Y%'D0_\\D_[Y%244 1^1#_ ,\D_P"^11Y$/_/)/^^14E% $?D0
M_P#/)/\ OD4>1#_SR3_OD5)10!'Y$/\ SR3_ +Y%'D0_\\D_[Y%244 1^1#_
M ,\D_P"^11Y$/_/)/^^14E% $?D0_P#/)/\ OD4>1#_SR3_OD5)10!'Y$/\
MSR3_ +Y%'D0_\\D_[Y%244 1^1#_ ,\D_P"^11Y$/_/)/^^14E% $?D0_P#/
M)/\ OD4>1#_SR3_OD5)10!'Y$/\ SR3_ +Y%'D0_\\D_[Y%244 1^1#_ ,\D
M_P"^11Y$/_/)/^^14E% $?D0_P#/)/\ OD4>1#_SR3_OD5)10!'Y$/\ SR3_
M +Y%'D0_\\D_[Y%244 1^1#_ ,\D_P"^11Y$/_/)/^^14E% $?D0_P#/)/\
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M[Z?]\'_&C$W]]/\ O@_XT 245'B;^^G_ 'P?\:CMWFFMXY=R+O0-C:3C(^M
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MLL]J'W,=V%Y!"LQ[*&QGTZ]JL:9?37%S<V\S0R^2$99H 0C!@>,9/(QZ]"*
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M>'/3CCKGH*UH+>&VC\NWACB3).V-0HS]!3;+[1]CA^V;/M&P>;LZ;L<XJ>@
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M 'VW^%&=1_YYVO\ WVW^%7** *>=1_YYVO\ WVW^%&=1_P">=K_WVW^%7**
M*>=1_P">=K_WVW^%&=1_YYVO_?;?X5<HH IYU'_GG:_]]M_A1G4?^>=K_P!]
MM_A5RB@"GG4?^>=K_P!]M_A1G4?^>=K_ -]M_A5RB@"GG4?^>=K_ -]M_A1G
M4?\ GG:_]]M_A5RB@"GG4?\ GG:_]]M_A1G4?^>=K_WVW^%7** *>=1_YYVO
M_?;?X49U'_GG:_\ ?;?X5<HH IYU'_GG:_\ ?;?X49U'_GG:_P#?;?X5<HH
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<_P#?;?X5)8PO;VJQR%2X+$[>G))_K5BB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>exhibit99-2x26x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-2x26x1.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!# ! +# X,"A .#0X2$1 3&"@:&!86
M&#$C)1TH.C,]/#DS.#= 2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!# 1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P  1" &" B\# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#T"BJ-Y;0W
M=Y!'.F]!&[8R1SE?3ZTW^Q=/_P"??_Q]O\: -"BL_P#L73_^??\ \?;_ !H_
ML73_ /GW_P#'V_QH T**S_[%T_\ Y]__ !]O\:/[%T__ )]__'V_QH T**S_
M .Q=/_Y]_P#Q]O\ &C^Q=/\ ^??_ ,?;_&@#0HK/_L73_P#GW_\ 'V_QH_L7
M3_\ GW_\?;_&@#0HK/\ [%T__GW_ /'V_P :/[%T_P#Y]_\ Q]O\: -"BL_^
MQ=/_ .??_P ?;_&C^Q=/_P"??_Q]O\: -"BL_P#L73_^??\ \?;_ !H_L73_
M /GW_P#'V_QH T**S_[%T_\ Y]__ !]O\:/[%T__ )]__'V_QH T**S_ .Q=
M/_Y]_P#Q]O\ &C^Q=/\ ^??_ ,?;_&@#0HK/_L73_P#GW_\ 'V_QH_L73_\
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M T**S_[%T_\ Y]__ !]O\:/[%T__ )]__'V_QH T**S_ .Q=/_Y]_P#Q]O\
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MSTZT 7Z*** "BBB@ HHHH **** "L[Q"KMX>U$1G#_9I,8_W36C2$ C!&0:
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MR3G/KR:HV_@G389[><SWDL\$BR+))*"3M.0O3I0!=\6ACX7U$)G/DD\>G?\
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M:G:CX:LM1TFUTV9YU@M=NPHP#':NT9X]* ,#5;*/5/B!!;3O(L+V8,BHQ7>
M2=I/I4.G$Z%JWB:"PRL5O;&6)"20K!<CK]:ZPZ+;'6TU;?+]H2+R@N1MQ],9
MSSZT6^BVL&K7>HJ9&ENU"2(Q!3 P.!CVH \^L-.U#5=!\ZWT=KB[DD+KJ)O%
M#Y#?W3SVQU]Z]'TD72Z5:K?9^U")1+D@G=CGD5B_\(391NPMK[4;:!R2T$4^
M$_E70V\*6UO%!'G9$@1=QR< 8Y- $M%%% !1110 4444 %%%% !1110 4444
M 4]6_P"09<?[E7*IZM_R#+C_ '*N4 5W_P"0A#_URD_FE6*KO_R$(?\ KE)_
M-*L4 %%%% &/JUO)<7&RWMV2Z91Y=TDFW: 1D-CDXS]WD'VYJ62WG?7X[GR6
M$"VSPELKU9E.<9Z?*:TZ* .=N-)O+O3+.T9$C>R4%6W961D(V^X! .<],]ZT
MHX[C[=-=FW"[UCB5&<9V@DLQQD?Q'CV[9K0HH P/[)NI+*'3I BQ13.YF!^\
MOS%<#U^89SQP>M6+*RN_,T_[2B1BRA*,5;.]B N5]L GGGD<5KT4 %49$6/5
M+?9D;UD+<]>E7JIS_P#(3M/]R3_V6@"Y1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M!3U;_D&7'^Y5RJ>K?\@RX_W*N4 5W_Y"$/\ URD_FE6*KO\ \A"'_KE)_-*L
M4 %%%% !116$=5G6_N]\\(%NKD6/EGSI%49#@D\YQV&,'UH W:*P6UJXMHU>
MX^SS?:(1+ (@5P2RJ%;).1EU^88Z'BM"RGN1=S6EXT,DB(LBO$A0%6)&""3R
M"I[]Z +U%8$^N7-O:+J+Q1-9N[(L0!$@QG#%LX.=O3'&>IQS=MKNZCU);*],
M+O+"9D:%"H7! *G).?O#GCZ4 :54Y_\ D)VG^Y)_[+5RL]YXIM6MTC<,T:R!
M@.QX_P * -"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BL2QO;AO/\Z?%\(F=K.5-@4@\%3W7L3SGU'2F:9KBS0S3/,\L<5O'(X,>
MUM[9X4#J#QC&1Z$T ;U%9^D7%U-#<?;2AECF*X1< #:#CWQG&:IV>JSRG3)W
M(,6HLX"8 \OY2RX/T7!]SQCI0!N450TR>ZEDO4O#$7BF"J(P0 I16QSU^]U_
M05?H *:CI(@>-E=&Y#*<@U3UBU^V6)@$ZPNSJ4+C*L00=I&>0<8(K*>8W$/V
M2*VMX)XKT1$ 9@D8)N)/ [=NS8ZXH Z.BN1)D?P[):[6$8:?[2RJ63*D_*F.
MBECWZ $'FM34)XG\/^4)0DKQ1[5;@C+!064_PY(S[9H VJ*YRT@9HM7M+Q46
M4!6<6V5BQMX [@\?,.^1VK3\/_\ (O:;_P!>L7_H(H T**** *>K?\@RX_W*
MN53U;_D&7'^Y5R@"N_\ R$(?^N4G\TJQ5=_^0A#_ -<I/YI5B@ HHHH *SVL
MYYKU7GD0Q0/YD)"?-DAA@G/09[8SBM"B@#+DT2&<3&9AND4*OE($$>"&W <\
MY /)/058CLY%N7N'N"97*AL( -BYPH'/<DYSFKE% &0^@PR6_P!EEFD:T5W=
M8N 06SQGN!N./PZXJW;V1CN%N;B;SYUB\I7V[<#.2<>I(&?H.!5RB@ JG/\
M\A.T_P!R3_V6KE4Y_P#D)VG^Y)_[+0!<JM>78M@BK&99Y<B*)2 7(!/4\ <=
M:LUE:^T"VL7VFTFN$,JJI@<(Z.2 I!W+CDXR#W],T 6I;^./8!'*\CQF7RU7
MY@HQG(/U''6HWU>U6,R+ODB6-97=%R$5NA/?ISQT')K*O=-O)X+5+^"6^5("
MI^SNJ.)#U)+$9&,#T)'(Z8>MA?PPWENT'GM?QHK2H55(F\L(V02#CC(P#^%
M&Y--Y6W$4DC,< (,]L\GH.G>JW]JVY$7EB21Y4:18T7Y@HX)/I@G'UIM\97@
M:,V5U(@DV@6\XC<C&=P.Y>,\8SGVJF+2:WBM&2SN&N4C:-7A>-1&A.0KY//&
MW) /0X]P#7MYXKJWCG@</%(H9&'<&I:J:59G3]+MK1G#M%&%+#N>]6Z "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M-G.X>N"!ZY/8&@#9HKGW>6+4;BY;[+(%NTA\MXB9<$*!M;/& =V,>O//'04
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M?\@RX_W*N4 5W_Y"$/\ URD_FE6*KO\ \A"'_KE)_-*L4 %%%% !30BAV<*
MS8R0.3CI3J* "BBB@ HHHH *IS_\A.T_W)/_ &6KE4Y_^0G:?[DG_LM %RBB
MB@#@O%W_ "''_P!Q?Y5B5M^+O^0X_P#N+_*L2L);GIT_@05!9?\ ']!_UU7^
M=3U!9?\ ']!_UU7^=$0J'K]%%%;GF!7EMW_Q^3_]=&_G7J5>6W?_ !^3_P#7
M1OYUG4.O"[LAJ.?_ %1J2HY_]4:S1UO8V_ ?_(<D_P"N#?\ H2UZ#7GW@/\
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M %T;^=>I5Y;=_P#'Y/\ ]=&_G6=0Z\+NR&HY_P#5&I*CG_U1K-'6]C;\!_\
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M5D=Y%IO_ "$K7_KLG\Q7KM>1:;_R$K7_ *[)_,5Z[6T3SZVZ"BBBJ,#RJ?\
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M:RCMW\S?)+($$8>0Y(4=O\3U/?I0!9K/>82:M;J$D78L@RRD ].GK6A5.?\
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M>QM^ _\ D.2?]<&_]"6O0:\^\!_\AR3_ *X-_P"A+7H-;1V/.K?$%97B;_D
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M ,A"'_KE)_-*L4 %%%% !6-Y;+JN;*.XC*2%[E-Z^7("&P=I/4D#ICWK9HH
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MHGGUMT%%%%48'E4_^OD_WC_.F4^?_7R?[Q_G3*YSUD1S_P"J-;W@'_D+S_\
M7 _^A+6#/_JC6]X!_P"0O/\ ]<#_ .A+5Q,*VS.^HHHK4X#'\5?\@"X^J?\
MH0KS^O0/%7_( N/JG_H0KS^LI[G=AO@"J]SU6K%5[GJM0MS>6QW7@+_D"2_]
M?#?^@K735S/@+_D"2_\ 7PW_ *"M=-6ZV/-J?$PKDO'/6Q_X'_[+76UR7CGK
M8_\  _\ V6E/8NA_$1RE%%%8GHE27_6-]:]6T7_D"6'_ %[Q_P#H(KRF7_6-
M]:]6T7_D"6'_ %[Q_P#H(K6!PUR[1115G,4]6_Y!EQ_N5<JGJW_(,N/]RKE
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M'_@?_LM=;7)>.>MC_P #_P#9:4]BZ'\1'*4445B>B5)?]8WUKU;1?^0)8?\
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MH-><^"I'CUF1HXFE/D,-JD#NOK7=?:[C_GPE_P"^U_QK:.QYU;XBY65XF_Y
M%U]%_P#0A5G[7<?\^$O_ 'VO^-9OB&XF?1+E7M)(U(7+%E('S#T--[$T_C1P
MM%%%8'J$%S_#^-=I\/\ _D'77_74?RKB[G^'\:ZWP--+%87(CMGE!E'*L!CC
MW-:0.6OLSLJ*I_:[C_GPE_[[7_&C[7<?\^$O_?:_XUH<1A>.?]39_P"\W]*Y
M"NI\8S22Q6OF6[Q89L;B#GIZ&N6K&>YZ-#^&@JI/_K6JW52?_6M21<]CU/0/
M^0%8_P#7%?Y5H5BZ'<SKHMFJV<C@0KA@R\\?6KWVNX_Y\)?^^U_QK='F2W9<
MK@/%G_(>F_W5_D*[/[7<?\^$O_?:_P"-<3XF=I-:E9XS&VU?E)!/0>E1/8WP
MWQF311161WD6F_\ (2M?^NR?S%>NUY#IY(U"V(&2)5P!WY%>I?:[C_GPE_[[
M7_&MHGGUMT7**I_:[C_GPE_[[7_&C[7<?\^$O_?:_P"-48'FT_\ KY/]X_SI
ME/FYFDR,?,>/QIE<YZR(Y_\ 5&M[P#_R%Y_^N!_]"6L&?_5&MGP1(\>JSF.%
MI28",*0,?,/6KB85]F>AT53^UW'_ #X2_P#?:_XT?:[C_GPE_P"^U_QK4X"G
MXJ_Y %Q]4_\ 0A7G]=QXEN)I-$G5[22-25^8LI ^8>AKAZRGN=V&^ *KW/5:
ML57N>JU"W-Y;'=> O^0)+_U\-_Z"M=-7)>"9Y8]'E6.V>4>>QW*P'\*^IKH?
MM=Q_SX2_]]K_ (UNMCS:GQ,N5R7CGK8_\#_]EKH?M=Q_SX2_]]K_ (US/C*6
M24V?F0/#C?C<0<_=]*4]BZ'\1',T445B>B5)?]8WUKU;1?\ D"6'_7O'_P"@
MBO*9?]8WUKTS2+F=='L@ME*P%O& P9>?E'/6M8'#7->BJ?VNX_Y\)?\ OM?\
M:;_:$GGK"UG*';G&Y3@>IYZ59S#M6_Y!EQ_N5<JGJW_(,N/]RKE %=_^0A#_
M -<I/YI5BJ[_ /(0A_ZY2?S2K% !1110 4444 %-=UC0L[!5')). *=5'6!$
M;!C-=):!65EF?&U&!!7.>,9Q0!:MYXKF!)H'#QN,JP[BI*S-(N[FZMB[);R
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M91N:TZGL[GG?V"]_Y])_^_9_PH.E7\Y$26<^YR ,H0/SKT3R;[_G\C_[\_\
MUZ/)OO\ G\C_ ._/_P!>IY#5XEOH9WASP]'H\9FE;?=NN&8'Y5'H/TK=JGY-
M]_S^1_\ ?G_Z],ACU"2%':Z1&902IAY'MUK0YFVW=E^LSQ'&\NAW*1HSL0N%
M49)^85/Y-]_S^1_]^?\ Z]'DWW_/Y'_WY_\ KT,(NS3/._L%[_SZ3_\ ?L_X
M4?8+W_GTG_[]G_"O1/)OO^?R/_OS_P#7H\F^_P"?R/\ [\__ %ZS]F=/UE]C
M@;7P_?ZC<I&(7A0<O)(I 4?UKN](TJWTBT\BWW')R[MU8T_R;[_G\C_[\_\
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M?_KU1B5O$T;RZ'.D2,[$KA5&3]X5PGV"]_Y])_\ OV?\*]$\F^_Y_(_^_/\
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MT5FZR4Q9B<XMVN5$N3@$;6V@^Q;:*A)L;:_OL^2EM' AN% &U6R<9'KC'O\
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ML-I_SZP?]^Q1]AM/^?6#_OV* (-4FC;39P)$)*] PJ_5?[#:?\^L'_?L58H
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
' "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>exhibit99-2x5x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-2x5x1.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!# ! +# X,"A .#0X2$1 3&"@:&!86
M&#$C)1TH.C,]/#DS.#= 2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!# 1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P  1" %. DX# 2(  A$! Q$!_\0
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M +\/_A1]LB_NS_\ ?A_\*L44 5_MD7]V?_OP_P#A1]LB_NS_ /?A_P#"K%%
M%?[9%_=G_P"_#_X4?;(O[L__ 'X?_"K%% %?[9%_=G_[\/\ X4?;(O[L_P#W
MX?\ PJQ10!7^V1?W9_\ OP_^%'VR+^[/_P!^'_PJQ10!7^V1?W9_^_#_ .%'
MVR+^[/\ ]^'_ ,*L44 5_MD7]V?_ +\/_A1]LB_NS_\ ?A_\*L44 5_MD7]V
M?_OP_P#A1]LB_NS_ /?A_P#"K%% %?[9%_=G_P"_#_X4?;(O[L__ 'X?_"K%
M% %?[9%_=G_[\/\ X4?;(O[L_P#WX?\ PJQ10!7^V1?W9_\ OP_^%'VR+^[/
M_P!^'_PJQ10!7^V1?W9_^_#_ .%'VR+^[/\ ]^'_ ,*L44 5_MD7]V?_ +\/
M_A1]LB_NS_\ ?A_\*L44 5_MD7]V?_OP_P#A1]LB_NS_ /?A_P#"K%% %?[9
M%_=G_P"_#_X4?;(O[L__ 'X?_"K%% %?[9%_=G_[\/\ X4?;(O[L_P#WX?\
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M<G/_  &LX7E[)JD'GI/%&KQ+(RNH56*_<*YR<L0<X/3TS71U&88C*)3$AD'
M?:,C\: ,B1=2,]VR22B0"01((_E(V_(02<9S[9SG/%36SW+6>HBV,C2H["W%
MQU!V*0/7&3WY]:U:0  D@ 9Y/O0!AG[48G0?;%C=T"N^XM&=OSG"\D=AGC)]
M*W:** "BBB@ HHJJTTEQ\EKC;T,QY ^GJ?TH DFN[>W8+-,B$C(!-1?VE9?\
M_,?_ 'U4T,"0K\HRQ^\QY+'U)J3 ]* *O]I67_/S'_WU1_:5E_S\Q_\ ?56L
M#THP/2@"K_:5E_S\Q_\ ?5']I67_ #\Q_P#?56L#THP/2@"K_:5E_P _,?\
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M44 4]1^Y!_U\1_\ H57*IZC]R#_KXC_]"JY0!7O_ /D'W/\ UR;^1JQ5>_\
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M]]M_C6)X)_Y!L_\ UV_H*Z2O0A\**16^P6W]P_\ ?;?XUE>(;:*&Q1HU()E
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MP6W]P_\ ?;?XUQMT MU,!T#D#\Z[NN%N_P#C\F_ZZ-_.N;$;(3(JCN/]0_\
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M_=_6CR(_[OZU+17%=B,F;B5QV#$5ZC;_ /'O%_N#^5>73?ZZ3_>/\Z]1M_\
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MV^<T?O;KNT,.?<,X_H/U^E "3WB@.L<4LV 0QC (4_4FN+KNRBQP%$4*JK@
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M3\::R_EU<B%6OT.A\(7!AL)E%O-+F7.8P"!P/4UO?;F_Y\KK_OE?\:R/!/\
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M_KDW\C5B@ HHHH **** "BBB@ HHHH **** *]E_J#_UTD_]#-6*KV7^H/\
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M:J]M3-*[L<=]L@_O_H:/MD']_P#0UF457URIY&_U"EW99O[J,PC8<G/I6YX
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M0.X)L&,^N/6IZ* &HB1H$C5451@*HP!3J** *]E_J#_UTD_]#-6*KV7^H/\
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M/^>,'_?T_P#Q-<7XN,AU=?-55;REX5LCJ?85WE<EXGTB^OM3$MM;F1/+"Y#
M<Y/J:F>QM0:4]3E**U/^$=U;_GS;_OM?\:/^$=U;_GS;_OM?\:RLSMYX]SGY
M/]8WU->KVS7?V:+$,&-@_P"6I]/]VL#0_"$<?^DZHHDD)RL.>%^OK]*ZL
M 8 Z"M8JQPUIJ3LB#=>?\\8/^_I_^)HW7G_/&#_OZ?\ XFK%%48GG/B$N=;N
MO,"AMPR%.1T%9M='KFB:C=:O<306Q>-R-K;E&>![U0_X1W5O^?-O^^U_QK!I
MW/2A./*M3+J'3\_VC;;<9\U,9^HK:_X1W5O^?-O^^U_QK?T#PI!8*MQ?*LUT
M#D#JJ?XGWJHID5:D4MS=W7G_ #Q@_P"_I_\ B:-UY_SQ@_[^G_XFK%%:G 5]
MUY_SQ@_[^G_XFO-K[/V^XW  ^:V<?4UZC7 WF@:I)>3NEHQ5I&(.Y>1GZU$T
M=.'DDW<Q:;)_JV^E:W_".ZM_SYM_WVO^-!\-ZLXV_9",\9+K@?K6=F=;G'N4
M?#!<>(+3RPI;<<!C@?=->E;KS_GC!_W]/_Q-9>A>&K720DS_ +Z[ YD/1?\
M=%:\\Z0KELEC]U%&2WT%;)6//J24GH1M)=*I9HK< =29C_\ $TEK<33NV^%5
MC X<,2&/MD#\Z%ADG^:[QMZK".0/KZG]*M4S,**** *>H_<@_P"OB/\ ]"JY
M5/4?N0?]?$?_ *%5R@"O?_\ (/N?^N3?R-6*KW__ "#[G_KDW\C5B@ HHHH
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M_GXG_P"^O_K5,C!T##(!]00?R--FFC@4-(V,G  &23Z #DT 1_9C_P _$_\
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MAUR,?UI_V8_\_$__ 'U_]:K%5Y;VWA=E>3E!E\ G8/5L=/QH /LQ_P"?B?\
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M.)&1<9*[67(SUQNSCVJG+?&/4[B9+:=F^S@11E"IG())QGIC(Z\\GC'7:HH
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MUN+)84PAWEE8GD'&"V[J<#CM38+1[2YT=3"Y,$++,Z1D@$JH'('/3'X5OT4
M4$AEFUF2XE7;#;IY<(/\1;!9OY#\#5^BB@#!ODE31=1LOL\LDLS3!2L98$.Q
M(;(] W3K\O /&9 ZWTEHA#O:0[)5D\ICYS@<=N #@\]QVQSM44 9NLF6:'[$
MBR+'<*RRS(I8HO0@  _,<\=AR?8UKJ&1(;^WAMY'6ZA5(=JG RI7!STQU.?7
MN:VZ* ,R-%CUA=D3A?)*,XB(!;(/7&.W6I;.-Y+ZZNY8V0DB&,-UV+W_ !)/
MX 5>HH @O86N;*X@1_+>6-D5_P"Z2,9K&N)=MEIJ30SV_P!FE1I6,9*QA01U
M'!!Z9Z8/.*Z"B@#)MUGDU9+C%PRF-PZW"A?(R1\J[1@Y(YY;[O7U=>$W6HQ0
M302"W@=90^QF$C]AP. #@Y/?'O6I10!A"WN)#;VI@<&&^>=I#]W9N9@0>^=P
M&.O6K6GD13WY6&14:0/&OE%05$:+QD>H(Q6G10!GZ/;R16K3W$>RYNG,TRDY
MVD]%S[  ?A6A110 4444 %%%% %/4?N0?]?$?_H57*IZC]R#_KXC_P#0JN4
M17,9FM98E(!="H)]Q4&=1_YYVO\ WVW^%7** *>=1_YYVO\ WVW^%&=1_P">
M=K_WVW^%7** *>=1_P">=K_WVW^%&=1_YYVO_?;?X5<HH IYU'_GG:_]]M_A
M1G4?^>=K_P!]M_A5RB@"GG4?^>=K_P!]M_A1G4?^>=K_ -]M_A5RB@"GG4?^
M>=K_ -]M_A1G4?\ GG:_]]M_A5RB@"GG4?\ GG:_]]M_A1G4?^>=K_WVW^%7
M** *>=1_YYVO_?;?X49U'_GG:_\ ?;?X5<HH IYU'_GG:_\ ?;?X49U'_GG:
M_P#?;?X5<HH IYU'_GG:_P#?;?X49U'_ )YVO_?;?X5<HH IYU'_ )YVO_?;
M?X49U'_GG:_]]M_A5RB@"GG4?^>=K_WVW^%&=1_YYVO_ 'VW^%7** *>=1_Y
MYVO_ 'VW^%&=1_YYVO\ WVW^%7** *>=1_YYVO\ WVW^%&=1_P">=K_WVW^%
M7** *>=1_P">=K_WVW^%&=1_YYVO_?;?X5<HH IYU'_GG:_]]M_A1G4?^>=K
M_P!]M_A5RB@"GG4?^>=K_P!]M_A1G4?^>=K_ -]M_A5RB@"GG4?^>=K_ -]M
M_A1G4?\ GG:_]]M_A5RB@"GG4?\ GG:_]]M_A1G4?^>=K_WVW^%7** *>=1_
MYYVO_?;?X49U'_GG:_\ ?;?X5<HH IYU'_GG:_\ ?;?X49U'_GG:_P#?;?X5
M<HH IYU'_GG:_P#?;?X49U'_ )YVO_?;?X5<HH IYU'_ )YVO_?;?X49U'_G
MG:_]]M_A5RB@"GG4?^>=K_WVW^%&=1_YYVO_ 'VW^%7** *>=1_YYVO_ 'VW
M^%&=1_YYVO\ WVW^%7** *>=1_YYVO\ WVW^%&=1_P">=K_WVW^%7** *>=1
M_P">=K_WVW^%&=1_YYVO_?;?X5<HH IYU'_GG:_]]M_A1G4?^>=K_P!]M_A5
MRB@"GG4?^>=K_P!]M_A1G4?^>=K_ -]M_A5RB@"GG4?^>=K_ -]M_A1G4?\
MGG:_]]M_A5RB@"GG4?\ GG:_]]M_A1G4?^>=K_WVW^%7** *>=1_YYVO_?;?
MX49U'_GG:_\ ?;?X5<HH IYU'_GG:_\ ?;?X49U'_GG:_P#?;?X5<HH IYU'
M_GG:_P#?;?X49U'_ )YVO_?;?X5<HH IYU'_ )YVO_?;?X49U'_GG:_]]M_A
M5RB@"GG4?^>=K_WVW^%&=1_YYVO_ 'VW^%7** *$L5].T0E6W5$D5R59B>#G
(TJ_110!__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>lglogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 lglogo.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!# ! +# X,"A .#0X2$1 3&"@:&!86
M&#$C)1TH.C,]/#DS.#= 2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!# 1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P  1" "9 ?@# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M#XSQ5VLOPU!]GT&T4]67>?\ @1S_ %K4IDRLF[!11102%%%% !1110 4444
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MYG']*[6O.O%DPFU^?!R(PJ#\!S^N:3-J*O(;I?AV\U2U-Q \*(&*_O&()Q]
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M:*BW@"J,#Y&_PIW_  DNC_\ /X/^^&_PKF?^$-U+_GI;?]]G_"C_ (0W4O\
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MQ<7 .02/E7Z#^M&HN6G'6]S@I5=9G64$2!B&SUSWKTJ=O[,\/L1P8+? ^H7
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MGTK?#)-&=C!E88RIS0!3TO4/MT;;E"R)C..AS4=WJ4L6HQVL*(V<!BV>"?\
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M;.UDU:=<MRENI[GN?Z?G75Z9:FVMLOS+(=[GW]*$36E=\JZ%RBBBF8A1110
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M 4444 %%%% "4M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %<SXPTA)[4W\*?OXL;\?Q+_];^5=-2$!@00"#P0:"HR<
M7='D5>IZ4ACTJS0]5A0'\A4*:%I:'(L83]1G^=:%)(TJ5%/86BBBF8A1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
# ?_9

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