<SEC-DOCUMENT>0001176256-16-000423.txt : 20160209
<SEC-HEADER>0001176256-16-000423.hdr.sgml : 20160209
<ACCEPTANCE-DATETIME>20160209151317
ACCESSION NUMBER:		0001176256-16-000423
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160209
DATE AS OF CHANGE:		20160209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERCORP METALS INC
		CENTRAL INDEX KEY:			0001340677
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34184
		FILM NUMBER:		161399163

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1378
		STREET 2:		200 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1S4
		BUSINESS PHONE:		604-669-9397

	MAIL ADDRESS:	
		STREET 1:		SUITE 1378
		STREET 2:		200 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1S4
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>silvercorp6knrq3160205.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER DATED FEBRUARY 5, 2016
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<TITLE>Filed by e3 Filing, Computershare 1-800-973-3274 - Silvercorp Metals Inc. - Form 6-K</TITLE>
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  <P style="TEXT-ALIGN: center"><B><FONT size=4>UNITED STATES<BR>
    </FONT></B><FONT size=4><B>SECURITIES AND EXCHANGE COMMISSION<BR>
    </B></FONT><B>Washington, D.C. 20549</B></P>
  <P style="TEXT-ALIGN: center"><B><FONT size=5>FORM 6-K</FONT></B></P>
  <P style="TEXT-ALIGN: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>
  <P style="TEXT-ALIGN: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF<BR>
    THE SECURITIES EXCHANGE ACT OF 1934</B></P>
  <P style="TEXT-ALIGN: center">February 5, 2016</P>
  <P style="TEXT-ALIGN: center">Commission File No. 0001-34184</P>
  <P style="TEXT-ALIGN: center"><B><U><FONT size=6>SILVERCORP METALS INC.<BR>
    </FONT></U></B>(Translation of registrant's name into English)</P>
  <P style="TEXT-ALIGN: center"><B>Suite 1378 - 200 Granville Street<BR>
    </B><B><U>Vancouver, BC Canada V6C 1S4<BR>
    </U></B>(Address of principal executive office)</P>
  <P style="TEXT-ALIGN: center">[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]</P>
  <P style="TEXT-ALIGN: center">Form 20-F [&nbsp;&nbsp;&nbsp;] Form 40-F [ X ]</P>
  <P style="TEXT-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) [&nbsp;&nbsp; ]</P>
  <P style="TEXT-ALIGN: center"><B>Note: </B>Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>
  <P style="TEXT-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) [&nbsp;&nbsp;&nbsp;]</P>
  <P style="TEXT-ALIGN: center"><B>Note: </B>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>
  <P style="TEXT-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 style="TEXT-ALIGN: center">Yes [&nbsp;&nbsp; ] No [ X ]</P>
  <P style="TEXT-ALIGN: center">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):</P>
  <P style="TEXT-ALIGN: center">1</P>
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  <P style="TEXT-ALIGN: justify"><B>SIGNATURE</B></P>
  <P style="TEXT-ALIGN: justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
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        <TD width="50%" noWrap align=left>Dated: February 5, 2016</TD>
        <TD width="50%" colSpan=2 noWrap align=left><B></B><B>SILVERCORP METALS INC.</B></TD>
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        <TD width="4%" noWrap align=left>&nbsp;</TD>
        <TD width="46%" noWrap align=left>&nbsp;</TD>
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        <TD width="50%" noWrap align=left>&nbsp;</TD>
        <TD width="4%" noWrap align=left></TD>
        <TD width="46%" noWrap align=left><U>/s/ Derek Liu</U></TD>
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        <TD width="50%" noWrap align=left>&nbsp;</TD>
        <TD width="4%" noWrap align=left></TD>
        <TD width="46%" noWrap align=left>Derek Liu</TD>
      </TR>
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        <TD width="50%" noWrap align=left>&nbsp;</TD>
        <TD width="4%" noWrap align=left></TD>
        <TD width="46%" noWrap align=left>Interim Chief Financial Officer</TD>
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  <P style="TEXT-ALIGN: center">2</P>
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  <P style="TEXT-ALIGN: center">EXHIBIT INDEX</P>
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        <TD width="8%" noWrap align=left><U>EXHIBIT</U></TD>
        <TD width="92%" noWrap align=center><U>DESCRIPTION OF EXHIBIT</U></TD>
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        <TD width="8%" noWrap align=left>&nbsp;</TD>
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        <TD style="BACKGROUND-COLOR: #ececec" vAlign=top width="8%" noWrap align=left><a href="exhibit99-1.htm">99.1</a></TD>
        <TD style="BACKGROUND-COLOR: #ececec" vAlign=top width="92%" align=left><a href="exhibit99-1.htm">News Release &#8211; (February 5, 2016) Silvercorp Announces New Share Repurchase Program</a></TD>
      </TR>
      <TR vAlign=bottom>
        <TD vAlign=top noWrap align=left><a href="exhibit99-2.htm">99.2</a></TD>
        <TD vAlign=top align=left><a href="exhibit99-2.htm">Form 52-109F2 Certificate of Interim Filings &#8211; full certificate &#8211; CFO</a></TD>
      </TR>
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        <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left><a href="exhibit99-3.htm">99.3</a></TD>
        <TD style="BACKGROUND-COLOR: #ececec" vAlign=top align=left><a href="exhibit99-3.htm">Form 52-109F2 Certificate of Interim Filings &#8211; full certificate &#8211; CEO</a></TD>
      </TR>
      <TR vAlign=bottom>
        <TD vAlign=top noWrap align=left><a href="exhibit99-4.htm">99.4</a></TD>
        <TD vAlign=top align=left><a href="exhibit99-4.htm">Silvercorp Metals Inc. Financial Statements for 3rd Quarter ended December 31, 2015</a></TD>
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      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left><a href="exhibit99-5.htm">99.5</a></TD>
        <TD style="BACKGROUND-COLOR: #ececec" vAlign=top align=left><a href="exhibit99-5.htm">Silvercorp Metals Inc. MD&A for the 3rd Quarter ended December 31, 2015</a></TD>

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  <P style="TEXT-ALIGN: center">3</P>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 5, 2016
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   <TITLE>Exhibit 99.1</TITLE>
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<DIV align=right><STRONG>Exhibit 99.1</STRONG></DIV><BR>

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   <TD width="50%" colSpan=2 noWrap align=left><B>NEWS RELEASE</B></TD>

   <TD width="50%" noWrap align=left>&nbsp; </TD></TR>

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   <TD width="10%" noWrap align=left><B>Trading Symbol:</B></TD>

   <TD width="40%" noWrap align=left><STRONG>TSX: SVM</STRONG>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B>&nbsp;</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B>SILVERCORP REPORTS Q3 FISCAL 2016 FINANCIAL AND OPERATING RESULTS</B><br>
  <strong>AND FISCAL 2017 GUIDANCE ISSUED</strong></P>

<P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia - February 5, 2016 - Silvercorp Metals Inc. (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) (TSX: SVM) reported its financial and operating results for the third quarter ended December 31, 2015 (&#8220;Q3 Fiscal 2016&#8221;).  All amounts are expressed in US Dollars</P>

<P style="TEXT-ALIGN: justify"><B><U>THIRD QUARTER HIGHLIGHTS</U></B></P>

<UL>

<LI>

<P style="MARGIN-LEFT: -2%" align=left;>Cash flows from operations of $9.6 million, or $0.06 per share;</P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>Repurchased 684,700 common shares of the Company; </P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>Ended the quarter with $66.8 million in cash and short term investments;</P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>Net income attributable to equity shareholders of $3.3 million, or $0.02 per share;</P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>Silver and lead head grades improved by 13% and 14%, respectively, to 287 grams per tonne for silver and 4.1% for lead at the Ying Mining District, compared to the prior year quarter;</P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>Silver sales of 1.4 million ounces, lead sales of 15.1 million pounds, and zinc sales of 4.7 million pounds, down 15%, 9%, and 33%, respectively, from the prior year quarter;</P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>Realized selling price for silver, lead, and zinc dropped by 12%, 13%, and 35%, respectively, compared to the same prior year quarter;</P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>Sales of $29.1 million, down 28% from the prior year quarter;</P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>Gross margin of 33% compared with 38% in the prior year period;</P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>Cash cost per ounce of silver, net of by-product credits, of $0.90, compared to $0.53 in the prior year quarter; and</P>

<LI>

<P style="MARGIN-LEFT: -2%" align=left>All-in sustaining cost per ounce of silver, net of by-product credits1, of $7.72, compared to $10.91 in the prior year quarter.  </P></LI></UL>

<P style="TEXT-ALIGN: justify"><B><U>FINANCIALS</U></B></P>

<P style="TEXT-ALIGN: justify">Net income attributable to the shareholders of the Company in Q3 Fiscal 2016 was $3.3 million, or $0.02 per share compared to $5.5 million, or $0.03 per share for the three months ended December 31, 2014 (&#8220;Q3 Fiscal 2015&#8221;).</P>

<P style="TEXT-ALIGN: justify">In the current quarter, the Company&#8217;s  financial results were mainly impacted by the following: i) lower metal prices and increased smelter charges, as the realized selling price for silver, lead, and zinc dropped by 15%, 9%, and 33%, respectively, compared to the same prior year quarter; and ii) lower amount of metals sold resulting from lower production output.   </P>

<P style="TEXT-ALIGN: justify">Sales in Q3 Fiscal 2016 were $29.1 million, down 28%, compared to $40.2 million in Q3 Fiscal 2015.  Silver and gold sales represented $16.8 million and $0.4 million, respectively, while base metals </P>
<P style="TEXT-ALIGN: center">1</P>

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<P style="TEXT-ALIGN: justify">represented $11.9 million of total sales in this quarter compared to silver, gold and base metals of $22.4 million, $0.7 million, and $17.1 million, respectively, in Q3 Fiscal 2015.</P>

<P style="TEXT-ALIGN: justify">Cost of sales in Q3 Fiscal 2016 was $19.5 million compared to $24.8 million in Q3 Fiscal 2015.  The cost of sales included $13.6 million (Q3 Fiscal 2015 - $18.7 million) cash costs and $6.0 million (Q3 Fiscal 2015 - $6.1 million) depreciation, amortization and depletion charges. The decrease in cost of sales is mainly due to a lower amount of metals sold in the quarter, offset by the increase in the per tonne non cash mining costs.</P>

<P style="TEXT-ALIGN: justify">Gross profit margin in Q3 Fiscal 2016 was 33% compared to 38% in Q3 Fiscal 2015.  For the nine months ended December 31, 2015, gross profit was 34% compared to 46% in the same prior year period. The decrease in gross profit margin is mainly due to the decline of metal prices, increases in smelter charges, and increased per tonne production costs.  This has been partially offset by the increase in head grades.</P>

<P style="TEXT-ALIGN: justify">Cash flows provided by operating activities were $9.6 million or $0.06 per share in Q3 Fiscal 2016 compared to $15.4 million or $0.09 per share in Q3 Fiscal 2015.  </P>

<P style="TEXT-ALIGN: justify"><B><U>OPERATIONS AND DEVELOPMENT</U></B></P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the Company sold 1.4 million ounces of silver, 15.1 million pounds of lead, and 4.7 million pounds of zinc, compared to 1.7 million ounces of silver, 16.7 million pounds of lead, and 7.0 million pounds of zinc, respectively, in Q3 Fiscal 2015.  The decrease of metal sales is mainly due to less ore milled in the current quarter partially offset by the increase of head grade.  </P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, the Company sold 4.1 million ounces of silver, 42.6 million pounds of lead, and 13.7 million pounds of zinc, compared to 4.2 million ounces of silver, 42.3 million pounds of lead, and 13.4 million pounds of zinc, respectively, in the same prior year period. </P>
<P style="TEXT-ALIGN: justify">In reaction to the lower metal prices, the Company intentionally increased its inventory of concentrates. As at December 31, 2015, the Ying Mining District had 2,931 tonnes of lead concentrates and 240 tonnes of zinc concentrates in inventory, 2,631 and 90 tonnes higher, respectively, compared to 300 tonnes of lead concentrates and 150 tonnes of zinc concentrates in stock as at December 31, 2014. The estimated metals contained in concentrate inventory as at December 31, 2015 are approximately 0.3 million ounces of silver, 3.0 million pounds of lead, and 0.1 million pounds of zinc higher, respectively, compared to the metals contained in concentrate inventory as at December 31, 2014.</P>

<P style="TEXT-ALIGN: justify"><B>1. Ying Mining District, Henan Province, China</B></P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the total ore mined at the Ying Mining District was 152,230 tonnes compared to total ore production of 175,782 tonnes in Q3 Fiscal 2015.  Total ore milled in Q3 Fiscal 2016 was 151,035 tonnes compared to 187,154 tonnes of ore milled in Q3 Fiscal 2015. Silver and lead head grades improved by 13% and 14%, respectively, to 287 grams per tonne (&#8220;g/t&#8221;) for silver and 4.1% for lead from 253 g/t for silver and 3.6% for lead, respectively, in Q3 Fiscal 2015. The decrease in ore mined and the increase of silver and lead head grades at the Ying Mining District were mainly due to enhanced dilution control management at all mining stopes. </P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the Ying Mining District sold 1.2 million ounces of silver, 500 ounces of gold, 12.1 million pounds of lead, and 1.2 million pounds of zinc, compared to 1.4 million ounces of silver, 900 ounces of gold, 14.2 million pounds of lead, and 2.5 million pounds of zinc in Q3 Fiscal 2015. The decrease of metal sales is mainly due to less ore milled in the current quarter partially offset by the increase of head grade.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the total mining costs and cash mining costs at the Ying Mining District were $78.91 and $55.63 per tonne, compared to $73.28 and $57.79 per tonne, respectively, in Q3 Fiscal </P>

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<P style="TEXT-ALIGN: justify">2015. The decrease in cash mining costs was mainly due to improved management resulting in decrease in labour and material costs. </P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the total milling costs and cash milling costs were $14.15 and $11.67 per tonne, compared to $15.77 and $13.63 per tonne, respectively, in Q3 Fiscal 2015. The decrease in cash milling costs was mainly due to the decrease in material costs and utility costs. </P>

<P style="TEXT-ALIGN: justify">All in sustaining costs and all in costs, net of by-product credits, at the Ying Mining District in Q3 2016 was $6.62 and $8.62 per ounce of silver compared to $8.91 and $10.32, respectively, in Q3 Fiscal 2015. The decrease in all in sustaining costs and all in costs was mainly due to improvement in cost and dilution control and less sustaining capital and investment capital incurred in the current quarter.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, the total ore mined at the Ying Mining District was 490,351 tonnes compared to 546,402 tonnes in the same prior year period.  Correspondingly, total ore milled was 488,248 tonnes compared to 547,465 tonnes.  Head grades were 260 g/t for silver and 3.8% for lead compared to 232 g/t for silver and 3.3% for lead, respectively.</P>

<P style="TEXT-ALIGN: justify">During the same periods, the Ying Mining District sold 3.5 million ounces of silver, 2,000 ounces of gold, 35.6 million pounds of lead, and 4.0 million pounds of zinc, compared to 3.8 million ounces of silver, 2,500 ounces of gold, 38.4 million pounds of lead, and 5.7 million pounds of zinc in the prior year. The decrease of metal sales was mainly due to the Company intentionally increasing its inventory of concentrates in reaction to lower metal prices. </P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, the total mining costs and cash mining costs at the Ying Mining District were $80.15 and $58.25 per tonne, compared to $62.10 and $49.24 per tonne, respectively, in the same prior year period.  The increase in cash mining costs per tonne was mainly due to: i) a $1.5 million or $3.1 per tonne increase arising from the mining contractor changeover interruption; ii) a $3.2 million or $8.2 per tonne increase in mining preparation costs as approximately 60,435 metre (&#8220;m&#8221;) of underground diamond drilling and 16,460 m of preparation tunnelling were conducted in the current period; and iii) lower production output resulting in a higher per unit fixed costs allocation offset by $1.2 million, or $1.63 per tonne reduction in labour costs.  </P>

<P style="TEXT-ALIGN: justify">All in sustaining costs and all in costs, net of by-product credits, at the Ying Mining District for the nine months ended December 31, 2015 was $8.52 and $10.08 per ounce of silver compared to $8.62 and $15.00, respectively, in same prior year period. </P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, in addition to approximately 21,223 m of underground diamond drilling and 4,231 m of preparation tunnelling, which were expensed and included in the mining preparation costs, Ying Mining District completed and capitalized approximately 13,893 m of horizontal tunnels, raises and declines. Total exploration and development expenditures capitalized for the Ying Mining District were $4.6 million compared to $8.8 million in Q3 Fiscal 2015.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, in addition to approximately 60,435 m of underground diamond drilling and 16,460 m of preparation tunnelling, which were expensed and included in the mining preparation costs, Ying Mining District completed and capitalized approximately 49,452 m of horizontal tunnel, raises, and declines. Total exploration and development expenditures capitalized for the Ying Mining District were $16.4 million in the nine months ended December 31, 2015 compared to $25.9 million in the same prior year period. In addition, total expenditures capitalized as plant and equipment were $6.7 million, including $4.9 million expenditures to construct a transportation tunnel and haul road, in the current period.</P>

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<P style="TEXT-ALIGN: justify">The operational results at the Ying Mining District for the past five quarters are summarized in the table below:</P>

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   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Operational results - Ying Mining District</FONT></B></TD>
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   <TD width="14%" align=center noWrap bgColor=#993300><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

   <TD bgColor=#993300 width="14%" noWrap align=center><B><FONT color=#ffffff>Q2 2016</FONT></B></TD>

   <TD width="14%" align=center noWrap bgColor=#993300><B><FONT color=#ffffff>Q1 2016</FONT></B></TD>

   <TD bgColor=#993300 width="14%" noWrap align=center><B><FONT color=#ffffff>Q4 2015</FONT></B></TD>

   <TD width="12%" align=center noWrap bgColor=#993300><B><FONT color=#ffffff>Q3 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left>&nbsp;</TD>
   <TD width="14%" align=center noWrap bgColor=#993300><B><FONT color=#ffffff>31-Dec-15</FONT></B></TD>

   <TD bgColor=#993300 width="14%" noWrap align=center><B><FONT color=#ffffff>30-Sep-15</FONT></B></TD>

   <TD width="14%" align=center noWrap bgColor=#993300><B><FONT color=#ffffff>30-Jun-15</FONT></B></TD>

   <TD bgColor=#993300 width="14%" noWrap align=center><B><FONT color=#ffffff>31-Mar-15</FONT></B></TD>
   <TD width="12%" align=center noWrap bgColor=#993300><B><FONT color=#ffffff>31-Dec-14</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Ore Mined <I>(tonne)</I></TD>
   <TD width="14%" align=right noWrap>152,230</TD>

   <TD width="14%" noWrap align=right>171,014</TD>

   <TD width="14%" align=right noWrap>167,107</TD>

   <TD width="14%" noWrap align=right>112,327</TD>

   <TD width="12%" align=right noWrap>175,782</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Ore Milled <I>(tonne)</I></TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">151,035</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>176,936</TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">160,277</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>99,478</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">187,154</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Head Grades</TD>
   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(gram/tonne)</I></P></TD>
   <TD width="14%" align=right noWrap>287</TD>

   <TD width="14%" noWrap align=right>246</TD>

   <TD width="14%" align=right noWrap>250</TD>

   <TD width="14%" noWrap align=right>268</TD>

   <TD width="12%" align=right noWrap>253</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap>4.1</TD>

   <TD width="14%" noWrap align=right>3.8</TD>

   <TD width="14%" align=right noWrap>3.6</TD>

   <TD width="14%" noWrap align=right>3.7</TD>

   <TD width="12%" align=right noWrap>3.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">0.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>0.7</TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">0.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>0.8</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">1.0</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Recovery Rates</TD>
   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap>95.4</TD>

   <TD width="14%" noWrap align=right>94.8</TD>

   <TD width="14%" align=right noWrap>94.7</TD>

   <TD width="14%" noWrap align=right>94.8</TD>

   <TD width="12%" align=right noWrap>94.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap>96.6</TD>

   <TD width="14%" noWrap align=right>95.0</TD>

   <TD width="14%" align=right noWrap>94.9</TD>

   <TD width="14%" noWrap align=right>95.3</TD>

   <TD width="12%" align=right noWrap>95.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">50.2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>55.1</TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">53.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>52.4</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">66.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Metal Sales</TD>
   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(in thousands of ounce)</I></P></TD>
   <TD width="14%" align=right noWrap>1,216</TD>

   <TD width="14%" noWrap align=right>1,132</TD>

   <TD width="14%" align=right noWrap>1,190</TD>

   <TD width="14%" noWrap align=right>822</TD>

   <TD width="12%" align=right noWrap>1,421</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold <I>(in thousands of ounce)</I></P></TD>
   <TD width="14%" align=right noWrap>0.5</TD>

   <TD width="14%" noWrap align=right>0.7</TD>

   <TD width="14%" align=right noWrap>0.9</TD>

   <TD width="14%" noWrap align=right>0.6</TD>

   <TD width="12%" align=right noWrap>0.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(in thousands of pound)</I></P></TD>
   <TD width="14%" align=right noWrap>12,107</TD>

   <TD width="14%" noWrap align=right>11,529</TD>

   <TD width="14%" align=right noWrap>12,454</TD>

   <TD width="14%" noWrap align=right>8,312</TD>

   <TD width="12%" align=right noWrap>14,168</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(in thousands of pound)</I></P></TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">1,168</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>1,459</TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">1,529</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>875</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">2,531</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash mining cost (<I>$ per tonne </I>)</TD>
   <TD width="14%" align=right noWrap>55.63</TD>

   <TD width="14%" noWrap align=right>62.15</TD>

   <TD width="14%" align=right noWrap>56.65</TD>

   <TD width="14%" noWrap align=right>53.25</TD>

   <TD width="12%" align=right noWrap>57.79</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Total mining cost (<I>$ per tonne </I>)</TD>
   <TD width="14%" align=right noWrap>78.91</TD>

   <TD width="14%" noWrap align=right>86.29</TD>

   <TD width="14%" align=right noWrap>75.00</TD>

   <TD width="14%" noWrap align=right>74.84</TD>

   <TD width="12%" align=right noWrap>73.28</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash milling cost (<I>$ per tonne </I>)</TD>
   <TD width="14%" align=right noWrap>11.67</TD>

   <TD width="14%" noWrap align=right>11.55</TD>

   <TD width="14%" align=right noWrap>12.98</TD>

   <TD width="14%" noWrap align=right>16.20</TD>

   <TD width="12%" align=right noWrap>13.63</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Total milling cost (<I>$ per tonne </I>)</TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">14.15</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>13.70</TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">15.40</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>20.09</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">15.77</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>


<P style="TEXT-ALIGN: justify"><B>2. GC Mine, Guangdong Province, China</B></P>

<P style="TEXT-ALIGN: justify">Commercial production at GC mine commenced on July 1, 2014, and the trial mining operation results for the period ending June 30, 2014 have been excluded from the consolidated operation results discussed and revenue realized from metal sales during the trial period was offset against costs capitalized.</P>

<P style="TEXT-ALIGN: justify">The operational results at the GC mine for the past five quarters are summarized in the table below:</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: &#8217;Times New Roman&#8217;; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

   <TD width="30%"></TD>
   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Production results - GC Mine</FONT></B></TD>
   <TD width="14%" align=center noWrap bgColor=#993300><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

   <TD width="14%" align=center noWrap bgColor=#993300><B><FONT color=#ffffff>Q2 2016</FONT></B></TD>

   <TD bgColor=#993300 width="14%" noWrap align=center><B><FONT color=#ffffff>Q1 2016</FONT></B></TD>

   <TD bgColor=#993300 width="14%" noWrap align=center><B><FONT color=#ffffff>Q4 2015</FONT></B></TD>

   <TD width="12%" align=center noWrap bgColor=#993300><B><FONT color=#ffffff>Q3 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left>&nbsp;</TD>
   <TD width="14%" align=center noWrap bgColor=#993300><FONT color=#ffffff>31-Dec-15</FONT></TD>

   <TD width="14%" align=center noWrap bgColor=#993300><FONT color=#ffffff>30-Sep-15</FONT></TD>

   <TD bgColor=#993300 width="14%" noWrap align=center><FONT color=#ffffff>30-Jun-15</FONT></TD>

   <TD bgColor=#993300 width="14%" noWrap align=center><FONT color=#ffffff>31-Mar-15</FONT></TD>

   <TD width="12%" align=center noWrap bgColor=#993300><FONT color=#ffffff>31-Dec-14</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center><FONT color=#ffffff></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Ore Mined <I>(tonne)</I></TD>
   <TD width="14%" align=right noWrap><strong>71,288</strong></TD>

   <TD width="14%" align=right noWrap>69,546</TD>

   <TD width="14%" noWrap align=right>66,727</TD>

   <TD width="14%" noWrap align=right>46,111</TD>

   <TD width="12%" align=right noWrap>87,916</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Ore Milled <I>(tonne)</I></TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>71,593</strong></TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">68,465</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>66,679</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>46,100</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">90,287</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Head Grades</TD>
   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(gram/tonne)</I></P></TD>
   <TD width="14%" align=right noWrap><strong>97</strong></TD>

   <TD width="14%" align=right noWrap>107</TD>

   <TD width="14%" noWrap align=right>93</TD>

   <TD width="14%" noWrap align=right>107</TD>

   <TD width="12%" align=right noWrap>104</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap><strong>1.9</strong></TD>

   <TD width="14%" align=right noWrap>1.4</TD>

   <TD width="14%" noWrap align=right>1.7</TD>

   <TD width="14%" noWrap align=right>1.2</TD>

   <TD width="12%" align=right noWrap>1.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>2.6</strong></TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">2.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>2.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>2.6</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">2.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Recovery Rates</TD>
   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap><strong>80.2</strong></TD>

   <TD width="14%" align=right noWrap>77.0</TD>

   <TD width="14%" noWrap align=right>79.3</TD>

   <TD width="14%" noWrap align=right>76.1</TD>

   <TD width="12%" align=right noWrap>75.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap><strong>88.3</strong></TD>

   <TD width="14%" align=right noWrap>89.5</TD>

   <TD width="14%" noWrap align=right>89.7</TD>

   <TD width="14%" noWrap align=right>84.9</TD>

   <TD width="12%" align=right noWrap>85.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>81.2</strong></TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">82.7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>85.1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>80.0</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">80.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Metal Sales</TD>
   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" align=left noWrap>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(in thousands of ounce)</I></P></TD>
   <TD width="14%" align=right noWrap><strong>210</strong></TD>

   <TD width="14%" align=right noWrap>128</TD>

   <TD width="14%" noWrap align=right>181</TD>

   <TD width="14%" noWrap align=right>99</TD>

   <TD width="12%" align=right noWrap>251</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(in thousands of pound)</I></P></TD>
   <TD width="14%" align=right noWrap><strong>3,021</strong></TD>

   <TD width="14%" align=right noWrap>1,632</TD>

   <TD width="14%" noWrap align=right>2,420</TD>

   <TD width="14%" noWrap align=right>867</TD>

   <TD width="12%" align=right noWrap>2,500</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(in thousands of pound)</I></P></TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>3,525</strong></TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">3,172</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>3,029</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>1,668</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">4,452</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash mining cost ($ per tonne)</TD>
   <TD width="14%" align=right noWrap><strong>38.22</strong></TD>

   <TD width="14%" align=right noWrap>36.49</TD>

   <TD width="14%" noWrap align=right>48.74</TD>

   <TD width="14%" noWrap align=right>86.35</TD>

   <TD width="12%" align=right noWrap>33.11</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Total mining cost ($ per tonne)</TD>
   <TD width="14%" align=right noWrap><strong>46.52</strong></TD>

   <TD width="14%" align=right noWrap>44.68</TD>

   <TD width="14%" noWrap align=right>56.83</TD>

   <TD width="14%" noWrap align=right>132.41</TD>

   <TD width="12%" align=right noWrap>55.20</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash milling cost ($ per tonne)</TD>
   <TD width="14%" align=right noWrap><strong>15.16</strong></TD>

   <TD width="14%" align=right noWrap>15.81</TD>

   <TD width="14%" noWrap align=right>15.52</TD>

   <TD width="14%" noWrap align=right>42.70</TD>

   <TD width="12%" align=right noWrap>15.82</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Total milling cost ($ per tonne)</TD>
   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>17.30</strong></TD>

   <TD width="14%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">18.05</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>17.83</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>58.58</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">19.88</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">4</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>
<A name="page_5"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify">Total ore mined at GC mine in Q3 Fiscal 2016 was 71,288 tonnes at a total mining cost and cash mining cost of $46.52 and $38.22, compared to 87,916 tonnes mined in Q3 Fiscal 2015 at a total mining cost and cash mining cost of $55.16 and $33.11. The increase in cash mining cost was mainly due to $0.3 million increase in mining preparation costs and lower production output resulting in a higher per unit costs allocation.</P>

<P style="TEXT-ALIGN: justify">Total ore milled at GC mine in Q3 Fiscal 2016 was 71,593 at a total milling cost and cash milling cost of $17.30 and $15.16, compared to 90,287 tonnes milled in Q3 Fiscal 2015 at a total milling cost and cash milling cost of $19.88 and $15.82. </P>

<P style="TEXT-ALIGN: justify">The head grades at GC mine were 97 g/t for silver, 1.9% for lead, and 2.6% for zinc in Q3 Fiscal 2016, compared to 104g/t for silver, 1.3% for lead and 2.6% for zinc in Q3 Fiscal 2015. </P>

<P style="TEXT-ALIGN: justify">Recovery rates at GC mine were 80.2% for silver, 88.3% for lead, and 81.2% for zinc in Q3 Fiscal 2016 compared to 75.9% for silver, 85.9% for lead, and 80.6% for zinc, respectively in Q3 Fiscal 2015. </P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, in addition to approximately 4,202 m of underground diamond drilling and 731 m of preparation tunnelling, which were expensed and included in the mining preparation costs, the GC mine completed and capitalized approximately 3,934 m of horizontal tunnels, raises and declines. Total exploration and development expenditures capitalized at the GC mine were $0.3 million compared to $0.9 million in Q3 Fiscal 2015. </P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, in addition to approximately 18,500 m of underground diamond drilling and 2,693 m of preparation tunnelling, which were expensed and included in the mining preparation costs, GC mine completed and capitalized approximately 10,393 m of horizontal tunnel, raises, and declines. Total exploration and development expenditures capitalized at the GC mine were $0.8 million in the nine months ended December 31, 2015 compared to $3.2 million in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><strong><u>FISCAL 2017 Production and Cash Cost Guidance </u></strong></P>

<DIV align="left">
  <TABLE style="WIDTH: 100%; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border=0 cellSpacing=0>
  <tr valign=bottom>
    <td style="BORDER-BOTTOM: #000000 1px solid" width="30%" nowrap align=left>
      <tr>
        <td width="38%"></td>
        <td width="16%"></td>
        <td width="16%"></td>
        <td width="16%"></td>
        <td width="14%"></td>
        <td width="2%"></td>
      </tr>
      <tr valign=bottom>
        <td width="38%" align=left nowrap bgcolor=#993300>&nbsp;</td>
        <td width="16%" align=right nowrap bgcolor=#993300><b><font color=#ffffff>Ore Processed</font></b></td>
        <td width="16%" align=right nowrap bgcolor=#993300><b><font color=#ffffff>Silver</font></b></td>
        <td width="16%" align=right nowrap bgcolor=#993300><b><font color=#ffffff>Lead</font></b></td>
        <td width="14%" align=right nowrap bgcolor=#993300><b><font color=#ffffff>Zinc</font></b></td>
        <td bgcolor=#993300 width="2%" nowrap align=center><b><font color=#ffffff></font></b></td>
      </tr>
      <tr valign=bottom>
        <td width="38%" align=left nowrap bgcolor=#993300>&nbsp;</td>
        <td width="16%" align=right nowrap bgcolor=#993300><font color=#ffffff>(tonnes)</font></td>
        <td width="16%" align=right nowrap bgcolor=#993300><font color=#ffffff>(g/t)</font></td>
        <td width="16%" align=right nowrap bgcolor=#993300><font color=#ffffff>(%)</font></td>
        <td width="14%" align=right nowrap bgcolor=#993300><font color=#ffffff>(%)</font></td>
        <td bgcolor=#993300 width="2%" nowrap align=center><font color=#ffffff></font></td>
      </tr>
      <tr valign=bottom>
        <td width="38%" align=left nowrap>Ying Mining District</td>
        <td width="16%" align=right nowrap>610,000</td>
        <td width="16%" align=right nowrap>260</td>
        <td width="16%" align=right nowrap>4.1</td>
        <td width="14%" align=right nowrap>0.8</td>
        <td width="2%" nowrap align=right>&nbsp;</td>
      </tr>
      <tr valign=bottom>
        <td width="38%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">GC Mine<i></i></td>
        <td width="16%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">250,000</td>
        <td width="16%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">109</td>
        <td width="16%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">1.3</td>
        <td width="14%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">3.0</td>
        <td style="BORDER-BOTTOM: #000000 1px solid" width="2%" nowrap align=right>&nbsp;</td>
      </tr>
      </table>
</DIV>
<br>
<DIV align=left>
  <TABLE style="WIDTH: 100%; FONT-FAMILY: &#8217;Times New Roman&#8217;; FONT-SIZE: 10pt" border=0 cellSpacing=0>
  <TR vAlign=bottom></TR>
  <tr>
    <td width="28%"></td>
    <td width="12%"></td>
    <td width="12%"></td>
    <td width="12%"></td>
    <td width="12%"></td>
    <td width="12%"></td>
    <td width="12%"></td>
    <td width="2%"></td>
  </tr>
  <tr valign=bottom>
    <td width="28%" align=left nowrap bgcolor=#993300></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>Silver</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>Lead</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>Zinc</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>Investment</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>Cash Cost</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>AISC*</font></td>
    <td bgcolor=#993300 width="2%" nowrap align=center>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td width="28%" align=left nowrap bgcolor=#993300>&nbsp;</td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>(Moz)</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>(Mpounds)</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>(Mpounds)</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>(US$M)</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>(US$/t)</font></td>
    <td width="12%" align=right nowrap bgcolor=#993300><font color=#ffffff>(US$/oz Ag)</font></td>
    <td bgcolor=#993300 width="2%" nowrap align=center>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td width="28%" align=left nowrap>Ying Ming District<i></i></td>
    <td width="12%" align=right nowrap>4.6</td>
    <td width="12%" align=right nowrap>50.7</td>
    <td width="12%" align=right nowrap>5.3</td>
    <td width="12%" align=right nowrap>30.2</td>
    <td width="12%" align=right nowrap>74.3</td>
    <td width="12%" align=right nowrap>8.13</td>
    <td width="2%" nowrap align=right>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td width="28%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">GC Mine<i></i></td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">0.5</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">6.3</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">14.0</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">2.8</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">47.0</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">8.86</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" width="2%" nowrap align=right>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td width="28%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">Consolidated</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">5.1</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">57.0</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">19.3</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">33.0</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">66.4</td>
    <td width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">9.76</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" width="2%" nowrap align=right>&nbsp;</td>
  </tr>
  </TABLE>

<i>(*) All-in sustaining cost per ounce of silver is net of credits from gold, lead, and zinc, which are estimated based on the metal prices and foreign exchange rates as at December 31, 2015.</i>

<P style="TEXT-ALIGN: justify">In Fiscal 2017, the Company expect to produce approximately 860,000 tonnes of ore, yielding 5.1 million ounce of silver, 57.0 million pounds of lead, and 19.3 million pounds of zinc. The consolidated all-in sustaining cost (&#8220;AISC&#8221;) is forecasted to be $9.76 per ounce of silver after credits from gold, lead, and zinc.</P>

<P style="TEXT-ALIGN: justify"><B>1. Ying Mining District, Henan Province, China</B></P>

<P style="TEXT-ALIGN: justify">In Fiscal 2017, Ying Mining District plans to mine and process 610,000 tonnes of ore averaging 260 g/t silver, 4.1% lead, and 0.8% zinc with expected metal production of 4.6 million ounces of silver, 50.7 million pounds of lead and 5.3 million of zinc. The cash production cost is expected to be $74.3 </P>

<P style="TEXT-ALIGN: center">5</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_5"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify">per tonne of ore. All-in sustaining cash cost per ounce of silver is estimated to be $8.13 per ounce of silver, which includes $17.4 million attributed to sustaining capital expenditures, or $3.76 per ounce of silver. </P>

<P style="TEXT-ALIGN: justify">Capital expenditures in Fiscal 2017 at the Ying Mining District are budgeted at $30.2 million, which includes sustaining capital expenditures of $17.4 million and other capital expenditures of $12.8 million. Sustaining capital expenditures include $2.1 million for tunnel development, $0.7 million of equipment replacement and additions, and $14.6 million in exploration expenditures. Other expected capital expenditures include transportation tunnel and haul road construction of $7.2 million and mining right fees of $5.0 million.   </P>

<P style="TEXT-ALIGN: justify"><B>2. GC Mine, Guangdong Province, China</B></P>

<P style="TEXT-ALIGN: justify">In Fiscal 2017, GC Mine plans to mine and process 250,000 tonnes of ore averaging 109 g/t silver, 1.3% lead and 3.0% zinc with expected metal production of 0.5 million ounces of silver, 6.3 million pounds of lead and 14.0 million pounds of zinc. The cash production cost is expected to be $47.0 per tonne of ore.  All in sustaining cash cost at GC Mine is expected to be $8.86 per ounce of silver, which includes $0.5 million in sustaining capital expenditures, or $1.04 per ounce of silver. </P>

<P style="TEXT-ALIGN: justify">Capital expenditures at GC Mine are budgeted at $1.0 million, which includes sustaining capital expenditures of $0.5 million for tunnel development and other capital expenditures of $0.5 million to complete the shaft development.   </P>

<P style="TEXT-ALIGN: justify"><B>3. Consolidated AISC</B></P>

<P style="TEXT-ALIGN: justify">Consolidated all-in sustaining cost is estimated to be $9.76 per ounce of silver and the detailed breakdown is as follows: </P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: &#8217;Times New Roman&#8217;; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

   <TD width="36%"></TD>
   <TD width="8%"></TD>
   <TD width="2%"></TD>
   <TD width="10%"></TD>
   <TD width="2%"></TD>
   <TD width="2%"></TD>

   <TD width="10%"></TD>
   <TD width="2%"></TD>
   <TD width="2%"></TD>

   <TD width="10%"></TD>
   <TD width="2%"></TD>
   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left noWrap bgColor=#993300><B><FONT color=#ffffff>Fiscal 2017 AISC Guidance</FONT></B></TD>
   <TD width="8%" align=center noWrap bgColor=#993300>&nbsp;</TD>
   <TD width="2%" align=center noWrap bgColor=#993300>&nbsp;</TD>
   <TD width="10%" align=right noWrap bgColor=#993300><strong><FONT color=#ffffff>Ying Mining</FONT></strong></TD>
   <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>
   <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="10%" align=right noWrap bgColor=#993300>&nbsp;</TD>
   <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>
   <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="10%" align=right noWrap bgColor=#993300><strong><FONT color=#ffffff>Corporate</FONT></strong></TD>
   <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>
   <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="10%" align=right noWrap bgColor=#993300>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=center><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

  <TD width="36%" align=left noWrap bgColor=#993300>&nbsp;</TD>
  <TD width="8%" align=center noWrap bgColor=#993300>&nbsp;</TD>
  <TD width="2%" align=center noWrap bgColor=#993300>&nbsp;</TD>
  <TD width="10%" align=right noWrap bgColor=#993300><strong><FONT color=#ffffff>District</FONT></strong></TD>
  <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>
  <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>

  <TD width="10%" align=right noWrap bgColor=#993300><strong><FONT color=#ffffff>GC</FONT></strong></TD>
  <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>
  <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>

  <TD width="10%" align=right noWrap bgColor=#993300><strong><FONT color=#ffffff>and other</FONT></strong></TD>
  <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>
  <TD width="2%" align=right noWrap bgColor=#993300>&nbsp;</TD>

  <TD width="10%" align=right noWrap bgColor=#993300><strong><FONT color=#ffffff>Total</FONT></strong></TD>

  <TD bgColor=#993300 width="2%" noWrap align=center><FONT color=#ffffff></FONT></TD></TR>

<TR vAlign=bottom>

  <TD width="36%" align=left noWrap>Total cash cost, net of by-product credits*</TD>
  <TD width="8%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=right noWrap>$</TD>
  <TD width="10%" align=right noWrap>9,238</TD>
  <TD width="2%" align=right noWrap>&nbsp;</TD>
  <TD width="2%" align=right noWrap>$</TD>

  <TD width="10%" align=right noWrap>1,787</TD>
  <TD width="2%" align=right noWrap>&nbsp;</TD>
  <TD width="2%" align=right noWrap>$</TD>

  <TD width="10%" align=right noWrap>-</TD>
  <TD width="2%" align=right noWrap>&nbsp;</TD>
  <TD width="2%" align=right noWrap>$</TD>

  <TD width="10%" align=right noWrap>11,025</TD>

  <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left noWrap>Government fees and other taxes*</TD>
   <TD width="8%" align=right noWrap>&nbsp;</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>
   <TD width="10%" align=right noWrap>5,569</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>549</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>44</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>6,162</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>
  <TD align=left noWrap>Reclamation accretion*</TD>
  <TD align=right noWrap>&nbsp;</TD>
  <TD align=right noWrap>&nbsp;</TD>
  <TD align=right noWrap>415</TD>
  <TD align=right noWrap>&nbsp;</TD>
  <TD align=right noWrap>&nbsp;</TD>
  <TD align=right noWrap>32</TD>
  <TD align=right noWrap>&nbsp;</TD>
  <TD align=right noWrap>&nbsp;</TD>
  <TD align=right noWrap>42</TD>
  <TD align=right noWrap>&nbsp;</TD>
  <TD align=right noWrap>&nbsp;</TD>
  <TD align=right noWrap>489</TD>
  <TD noWrap align=right>&nbsp;</TD>
</TR>
<TR vAlign=bottom>

   <TD width="36%" align=left noWrap>General and administration*</TD>
   <TD width="8%" align=right noWrap>&nbsp;</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>
   <TD width="10%" align=right noWrap>4,960</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>1,651</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>7,456</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>14,067</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD width="36%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">Sustaining capital*</TD>
  <TD width="8%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">17,380</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

  <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">536</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

  <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">5</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

  <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">17,921</TD>

  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD width="36%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">All-in sustaining costs, net of by-product credits*</TD>
  <TD width="8%" align=center noWrap style="BORDER-BOTTOM: #000000 1px solid">A</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
  <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">37,562</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>

  <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">4,555</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>

  <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">7,547</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>

  <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">49,664</TD>

  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
  <TD align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">Other investment capital*</TD>
  <TD align=center noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">12,810</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">439</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">-</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">13,249</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
</TR>
<TR vAlign=bottom>
  <TD align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">All-in costs, net of by-product credits*</TD>
  <TD align=center noWrap style="BORDER-BOTTOM: #000000 1px solid">B</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">50,372</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">4,994</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">7,547</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">62,913</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
</TR>
<TR vAlign=bottom>
  <TD align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">Silver sold (in thousands of ounces)</TD>
  <TD align=center noWrap style="BORDER-BOTTOM: #000000 1px solid">C</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">4,622</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">514</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">-</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">5,136</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
</TR>

<TR vAlign=bottom>

  <TD width="36%" align=left noWrap><strong>All-in sustaining cost per ounce of silver, net of by-product credits</strong></TD>
  <TD width="8%" align=center noWrap><strong>A/C</strong></TD>
  <TD width="2%" align=right noWrap><strong>$</strong></TD>
  <TD width="10%" align=right noWrap><strong>8.13</strong></TD>
  <TD width="2%" align=right noWrap>&nbsp;</TD>
  <TD width="2%" align=right noWrap><strong>$</strong></TD>

  <TD width="10%" align=right noWrap><strong>8.86</strong></TD>
  <TD width="2%" align=right noWrap>&nbsp;</TD>
  <TD width="2%" align=right noWrap><strong>$</strong></TD>

  <TD width="10%" align=right noWrap><strong>-</strong></TD>
  <TD width="2%" align=right noWrap>&nbsp;</TD>
  <TD width="2%" align=right noWrap><strong>$</strong></TD>

  <TD width="10%" align=right noWrap><strong>9.67</strong></TD>

  <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>All-in cost per ounce of silver, net of by-product credits</strong></TD>
   <TD width="8%" align=center noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>B/C</strong></TD>
   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>$</strong></TD>
   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>10.90</strong></TD>
   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>$</strong></TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>9.72</strong></TD>
   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>$</strong></TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>-</strong></TD>
   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>$</strong></TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>12.25</strong></TD>

  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
  <i>(*) Expressed in thousands of US dollars and estimated based on the metal prices and foreign exchange rates as at December 31, 2015.</i>

<P style="TEXT-ALIGN: justify">Alex Zhang, P.Geo., Vice President, Exploration, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this news release.</P>

<P style="TEXT-ALIGN: justify"><I>This earnings release should be read in conjunction with the Company&#8217;s Management Discussion &amp; Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company&#8217;s website at www.silvercorp.ca. All figures are in United States dollars unless otherwise stated.</I></P>



<P style="TEXT-ALIGN: center">6</P></DIV><BR>

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<P style="TEXT-ALIGN: justify"><B>About Silvercorp</B></P>

<P style="TEXT-ALIGN: justify">Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China. The Company&#8217;s vision is to deliver shareholder value by focusing on the acquisition of under developed projects with resource potential and the ability to grow organically. For more information, please visit our website at www.silvercorp.ca.</P>

<P style="TEXT-ALIGN: justify"><B>For further information</B><BR>Silvercorp Metals Inc.<BR>Lorne Waldman<BR>Senior Vice President<BR>Phone: (604) 669-9397<BR>Toll Free 1(888) 224-1881<BR>Email: investor@silvercorp.ca<BR>Website: www.silvercorp.ca</P>

<P style="TEXT-ALIGN: justify"><B>CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS</B></P>

<P style="TEXT-ALIGN: justify">Certain of the statements and information in this press release constitute &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;assumes&#8221;, &#8220;intends&#8221;, &#8220;strategies&#8221;, &#8220;targets&#8221;, &#8220;goals&#8221;, &#8220;forecasts&#8221;, &#8220;objectives&#8221;, &#8220;budgets&#8221;, &#8220;schedules&#8221;, &#8220;potential&#8221; or variations thereof or stating that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company&#8217;s material properties; the sufficiency of the Company&#8217;s capital to finance the Company&#8217;s operations; estimates of the Company&#8217;s revenues and capital expenditures; estimated production from the Company&#8217;s mines in the Ying Mining District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company&#8217;s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company&#8217;s properties.</P>

<P style="TEXT-ALIGN: justify">Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company&#8217;s existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; and bringing actions and enforcing judgments under U.S. securities laws.</P>

<P style="TEXT-ALIGN: justify">This list is not exhaustive of the factors that may affect any of the Company&#8217;s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company&#8217;s Annual Information Form for the year ended March 31, 2015 under the heading &#8220;Risk Factors&#8221;. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.</P>

<P style="TEXT-ALIGN: center">7</P></DIV><BR>

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<P style="TEXT-ALIGN: justify">The Company&#8217;s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management&#8217;s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.</P>

<P style="TEXT-ALIGN: center">8</P></DIV><BR>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: &#8217;Times New Roman&#8217;; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

   <TD width="72%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left><B>SILVERCORP METALS INC.</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="74%" colSpan=2 noWrap align=left><B>Condensed Consolidated Interim Balance Sheets</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left><I>(Unaudited - Expressed in thousands of U.S. dollars)</I></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>As at December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>As at March 31,</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2015</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left><B>Current Assets</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>63,376</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>60,179</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>3,452</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>9,343</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>1,768</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,278</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>9,139</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>6,899</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Due from related parties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>1,845</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>33</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><strong>3,925</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,745</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>83,505</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>83,477</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>Non-current Assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Long-term prepaids and deposits</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>3,045</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,945</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclamation deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>2,025</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,112</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>3,316</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,449</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>208</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>892</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>65,113</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>64,779</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>211,138</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>214,792</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left><B>TOTAL ASSETS</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><strong>368,350</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>372,446</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #e6efff" width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left><B>LIABILITIES AND EQUITY</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>Current Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><strong>33,723</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>21,768</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mine right fee payable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>3,898</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,292</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>5,444</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8,303</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Dividends payable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>-</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>674</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><strong>355</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>662</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>43,420</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>35,699</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left><B>Non-current Liabilities</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mine right fee payable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>5,690</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,746</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>23,367</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>21,592</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>12,671</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>12,898</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Total Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><strong>85,148</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>79,935</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>Equity</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>231,827</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>233,513</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Share option reserve</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>12,483</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>11,741</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reserves</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>25,409</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>25,409</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive loss</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>(10,385</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(26,697</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Deficit</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><strong>2,082</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(5,089</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>238,877</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><b>51,786</b></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>53,634</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Total Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>283,202</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>292,511</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #e6efff" width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>368,350</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>372,446</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">9</P></DIV><BR>

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<TR>

   <TD width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

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<TR vAlign=bottom>

   <TD width="44%" noWrap align=left><B>SILVERCORP METALS INC.</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" colSpan=6 noWrap align=left><B>Condensed Consolidated Interim Statements of Income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="88%" colSpan=11 noWrap align=left><I>(Unaudited - Expressed in thousands of U.S. dollars, except for per share figures)</I></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" colSpan=5 noWrap align=right><B>Three Months Ended December 31,</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" colSpan=5 noWrap align=right><B>Nine Months Ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>29,081</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>40,247</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>88,514</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>108,196</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><strong>19,543</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>24,844</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><strong>58,692</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>58,701</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>9,538</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15,403</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>29,822</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>49,495</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>General and administrative</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>3,140</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,366</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>13,391</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>16,233</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Government fees and other taxes</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>1,557</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,821</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>4,753</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,798</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Foreign exchange gain</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>(716</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><strong>)</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(958</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>(2,113</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><strong>)</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,427</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Loss (gain) on disposal of plant and equipment</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>95</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(132</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><strong>80</strong></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(118</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
  <TD align=left noWrap bgcolor="#e6efff">Loss on dispoal of a subsidiary</TD>
  <TD align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD align=right noWrap bgcolor="#e6efff"><strong>460</strong></TD>
  <TD align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD align=right noWrap bgcolor="#e6efff">-</TD>
  <TD align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD align=right noWrap bgcolor="#e6efff"><strong>460</strong></TD>
  <TD align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD align=right noWrap bgcolor="#e6efff">-</TD>
  <TD align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
</TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="44%" noWrap align=left>Share of gain in associate</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>(65</strong></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left><strong>)</strong></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>(52</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>(166</strong></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left><strong>)</strong></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>(10</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Loss on investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>-</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>-</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="44%" noWrap align=left>Other income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>(65</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left><strong>)</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>67</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>(179</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left><strong>)</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>(980</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Income from operations</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Finance income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>517</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>292</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>1,058</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>724</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="44%" noWrap align=left>Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>(280</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left><strong>)</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>(153</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>(751</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left><strong>)</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>(224</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Income before income taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>5,369</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,430</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>13,903</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>31,484</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">Income tax expense</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><strong>1,453</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">2,350</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><strong>3,237</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">10,155</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="44%" noWrap align=left><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>3,916</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>7,080</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>10,666</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>21,329</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #e6efff" width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="44%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>3,326</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,468</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><strong>7,856</strong></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15,440</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>590</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>1,612</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>2,810</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>5,889</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><strong>3,906</strong></TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">$</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">7,080</TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><strong>10,666</strong></TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">$</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">21,329</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><B>Earnings per share attributable to the equity holders of the Company</B><BR><B>Basic and diluted earnings per share</B></TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><strong>0.02</strong></TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">$</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">0.03</TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><strong>0.05</strong></TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">$</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">0.09</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="44%" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Basic and Diluted</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>168,975,392</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>170,883,808</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><strong>170,052,392</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right>170,883,808</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">10</P></DIV><BR>

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   <TD width="44%" align=left noWrap><B>SILVERCORP METALS INC.</B></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 noWrap align=left><B>Condensed Consolidated Interim Statements of Cash Flow</B></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><I>(Unaudited - Expressed in thousands of U.S. dollars)</I></TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

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   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

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<TR>

   <TD colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" colSpan=5 noWrap align=right><B>Three Months Ended December 31,</B></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" colSpan=4 noWrap align=right><B>Nine Months Ended December 31,</B></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">2014</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">2014</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BACKGROUND-COLOR: #e6efff"><B>Cash provided by</B></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap><B>Operating activities</B></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">

   <P style="MARGIN-LEFT: 4%">Net income</P></TD>

   <TD width="2%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><B>$</B></TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><strong>3,916</strong></TD>

   <TD width="2%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">$</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">7,080</TD>

   <TD width="2%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><B>$</B></TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><strong>10,666</strong></TD>

   <TD width="2%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">$</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">21,329</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">

   <P style="MARGIN-LEFT: 8%">Unwinding of discount of environmental rehabilitation</P></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><strong>123</strong></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">38</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><strong>371</strong></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">109</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap><strong>6,356</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>6,775</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap><strong>15,733</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>15,467</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">

   <P style="MARGIN-LEFT: 8%">Share of (gain) loss in associate</P></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><strong>(65</strong></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">(52</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">)</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><strong>(166</strong></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">(10</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">)</TD></TR>

<TR vAlign=bottom>
  <TD width="44%" align=left noWrap><P style="MARGIN-LEFT: 8%">Loss on disposal of a subsidiary</P></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap><strong>460</strong></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap>-</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap><strong>460</strong></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap>-</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
</TR>
<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff">

   <P style="MARGIN-LEFT: 8%">Income tax expense</P></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>1,453</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">2,350</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>3,237</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">10,155</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap >

   <P style="MARGIN-LEFT: 8%">Finance income</P></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap ><strong>(517</strong></TD>

   <TD width="2%" align=left noWrap ><strong>)</strong></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap >(292</TD>

   <TD width="2%" align=left noWrap >)</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap ><strong>(1,058</strong></TD>

   <TD width="2%" align=left noWrap ><strong>)</strong></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap >(724</TD>

   <TD width="2%" align=left noWrap >)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff">

   <P style="MARGIN-LEFT: 8%">Loss on investments</P></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>-</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">-</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>-</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">15</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap >

   <P style="MARGIN-LEFT: 8%">Loss (gain)on disposal of plant and equipment</P></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap ><strong>95</strong></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap >(132</TD>

   <TD width="2%" align=left noWrap >)</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap ><strong>80</strong></TD>

   <TD width="2%" align=left noWrap ><strong>)</strong></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap >(118</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff">

   <P style="MARGIN-LEFT: 8%">Share-based compensation</P></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>234</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">340</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>742</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">1,136</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap >

   <P style="MARGIN-LEFT: 4%">Income taxes refund paid</P></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap ><strong>(224</strong></TD>

   <TD width="2%" align=left noWrap ><strong>)</strong></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap >(3,209</TD>

   <TD width="2%" align=left noWrap >)</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap ><strong>(527</strong></TD>

   <TD width="2%" align=left noWrap ><strong>)</strong></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap >(6,656</TD>

   <TD width="2%" align=left noWrap >)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff">

   <P style="MARGIN-LEFT: 4%">Interest received</P></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>514</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">292</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>1,058</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">724</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid;">

   <P style="MARGIN-LEFT: 4%">Changes in non-cash operating working capital</P></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid;">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid;"><strong>(2,762</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid;"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid;">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid;">2,197</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid;">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid;">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid;"><strong>(3,059</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid;"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid;">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid;">7,891</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid;">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>Net cash provided by operating activities</B></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><strong>9,586</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">15,387</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><strong>27,537</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">49,318</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>

<TR>

   <TD  colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff"><B>Investing activities</B></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap >

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff">

   <P style="MARGIN-LEFT: 8%">Capital expenditures</P></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>(5,427</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">(12,241</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">)</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>(14,157</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">(25,976</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap >

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap bgcolor="#e6efff">

   <P style="MARGIN-LEFT: 8%">Additions</P></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>(2,604</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">(2,332</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">)</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>(5,594</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap bgcolor="#e6efff">(6,459</TD>

   <TD width="2%" align=left noWrap bgcolor="#e6efff">)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap >

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap ><strong>202</strong></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap >474</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap ><strong>232</strong></TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD>

   <TD width="10%" align=right noWrap >474</TD>

   <TD width="2%" align=left noWrap >&nbsp;</TD></TR>

<TR vAlign=bottom>
  <TD width="44%" align=left noWrap bgcolor="#e6efff"><P style="MARGIN-LEFT: 4%">Other investments</P></TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="10%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="10%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="10%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="10%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
</TR>
<TR vAlign=bottom>
  <TD width="44%" align=left noWrap><P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap><strong>422</strong></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap>-</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap><strong>422</strong></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap>-</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
</TR>
<TR vAlign=bottom>

  <TD width="44%" align=left noWrap bgcolor="#e6efff">

    <P style="MARGIN-LEFT: 4%">Reclamation deposit paid</P></TD>

  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

  <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>-</strong></TD>

  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

  <TD width="10%" align=right noWrap bgcolor="#e6efff">-</TD>

  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

  <TD width="10%" align=right noWrap bgcolor="#e6efff"><strong>(9</strong></TD>

  <TD width="2%" align=left noWrap bgcolor="#e6efff"><strong>)</strong></TD>

  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>

  <TD width="10%" align=right noWrap bgcolor="#e6efff">-</TD>

  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD></TR>
<TR vAlign=bottom>
  <TD width="44%" align=left noWrap><P style="MARGIN-LEFT: 4%">Net redemptions of short-term investments</P></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap><strong>(203</strong></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap>7,787</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap><strong>5.504</strong></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap>7.668</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
</TR>

<TR vAlign=bottom>
  <TD width="44%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><P style="MARGIN-LEFT: 4%">Proceeds for sale of a subsidiary</P></TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><strong>11</strong></TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">-</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><strong>11</strong></TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  <TD width="10%" align=right noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">-</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
</TR>
<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><B>Net cash provided by (used in) investing activities</B></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>(7,599</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">(6,312</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">)</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>(13,591</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">(24,293</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">)</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #e6efff" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap><B>Financing activities</B></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>
<TR vAlign=bottom>
  <TD width="44%" align=left noWrap bgcolor="#e6efff"><P style="MARGIN-LEFT: 4%">Related Parties</P></TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="10%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="10%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="10%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="10%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
  <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
</TR>
<TR vAlign=bottom>
  <TD width="44%" align=left noWrap><P style="MARGIN-LEFT: 8%">Payments Made</P></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap><strong>(1,587</strong></TD>
  <TD width="2%" align=left noWrap><strong>)</strong></TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap>-</TD>
  <TD width="2%" align=right noWrap>&nbsp;</TD>
  <TD width="2%" align=right noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap><strong>(1,587</strong></TD>
  <TD width="2%" align=left noWrap><strong>)</strong></TD>
  <TD width="2%" align=right noWrap>&nbsp;</TD>
  <TD width="10%" align=right noWrap>-</TD>
  <TD width="2%" align=left noWrap>&nbsp;</TD>
</TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%">Distribution</P></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap><strong>(1,661</strong></TD>

   <TD width="2%" align=left noWrap><strong>)</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>(651</TD>

   <TD width="2%" align=left noWrap>)</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap><strong>(1,661</strong></TD>

   <TD width="2%" align=left noWrap><strong>)</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>(3,214</TD>

   <TD width="2%" align=left noWrap>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><strong>-</strong></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">(760</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">)</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff"><strong>(1,323</strong></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BACKGROUND-COLOR: #e6efff">(2,331</TD>

   <TD width="2%" align=left noWrap style="BACKGROUND-COLOR: #e6efff">)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">

   <P style="MARGIN-LEFT: 4%">Common shares repurchased as part of normal course issuer bid</P></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>(419</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">-</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>(1,686</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">-</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff"><B>Net cash used in financing activities</B></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff"><strong>(3,667</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">(1,411</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">)</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff"><strong>(6,257</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">(5,545</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><B>Effect of exchange rate changes on cash and cash equivalents</B></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>(2,160</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">(1,586</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">)</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>(4,492</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>)</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">(1,342</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #e6efff" colSpan=13>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap><B>(Decrease) Increase in cash and cash equivalents</B></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap><strong>(3,840</strong></TD>

   <TD width="2%" align=left noWrap><strong>)</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>6,078</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap><strong>3,197</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="10%" align=right noWrap>18,138</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff"><B>Cash and cash equivalents, beginning of the period</B></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff"><strong>67,216</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">72,674</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff"><strong>60,179</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">60,614</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left noWrap style="BORDER-BOTTOM: #000000 2px solid"><B>Cash and cash equivalents, end of the period</B></TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid"><strong>63,376</strong></TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid">78,752</TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid"><strong>63,376</strong></TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>

   <TD width="10%" align=right noWrap style="BORDER-BOTTOM: #000000 2px solid">78,752</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">11</P></DIV><BR>

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<BR>

<A name="page_10"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: &#8217;Times New Roman&#8217;; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

   <TD width="58%"></TD>

   <TD width="12%"></TD>
   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap><B>SILVERCORP METALS INC.</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid"><B>Mining Data</B></TD>

   <TD width="12%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>

   <TD width="12%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 colSpan=5 noWrap align=center><B><FONT color=#ffffff>Three months ended December 31, 2015</FONT></B></TD>

   <TD width="2%" align=center noWrap bgColor=#993300 style="BORDER-BOTTOM: #ffffff 1px solid"><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=center noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>
   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=left noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=left noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgColor=#993300></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=center noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>
   <TD width="2%" align=center noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=center noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>GC</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

   <TD width="2%" align=center noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=center noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD width="2%" align=right noWrap bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap><B>&nbsp;</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap><B>Production Data</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>152,230</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>71,288</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>223,518</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>151,035</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>71,593</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>222,628</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR>

   <TD colSpan=6>&nbsp; </TD>

   <TD width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%">+ <B>Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>78.91</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>46.52</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>68.58</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>55.63</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>38.22</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>50.08</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>23.28</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>8.30</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>18.50</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%">+ <B>Unit shipping costs($)</B></P></TD>

   <TD width="12%" align=right noWrap><strong>3.99</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>-</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>2.72</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%">+ <B>Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>14.15</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>17.30</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>15.16</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>11.6</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>15.16</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>12.79</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>2.48</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>2.14</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>2.37</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%">+ <B>Average Production Cost</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>7.28</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>9.32</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>7.91</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>453</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>747</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>508</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>0.38</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.59</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.42</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>0.33</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.44</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.31</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%">+ <B>Total production cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>4.43</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>8.86</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>5.08</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%">+ <B>Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>0.25</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>4.62</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.90</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%">+ <B>All-in sustaining cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>6.62</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>9.80</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>7.72</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%">+ <B>All-in cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" align=right noWrap><strong>8.62</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>10.31</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>9.50</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Recovery Rates</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>95.4</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>80.2</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>90.5</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>96.6</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>88.3</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>94.0</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>50.2</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>81.2</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>60.2</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Head Grades</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>287</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>97</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>226</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>4.1</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>1.9</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>3.4</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>0.8</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>2.6</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>1.3</strong></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Concentrate in stock</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Lead concentrate </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>2,931</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>194</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>3,125</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Zinc concentate </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>240</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>174</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>414</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap><B>Sales Data</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>1,216</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>210</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>1,426</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>0.5</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>-</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.5</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>12,107</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>3,021</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>15,128</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>1,168</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>3,525</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>4,693</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>-</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>12,373</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>12,373</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>14,770</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>2,014</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>16,784</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap><p><strong>379</strong></p></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>20</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>399</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>7,738</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>1,818</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>9,556</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>572</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>1,602</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>2,174</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>-</strong></TD>
   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>168</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>168</strong></TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>&nbsp;&nbsp;&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>23,459</strong></TD>
   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>5,622</strong></TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>29,081</strong></TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid"><strong>&nbsp;&nbsp;&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price,Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>
   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>12.14</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>9.58</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>11.76</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>756</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>768</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>756</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>0.64</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.60</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.63</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left noWrap>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" align=right noWrap><strong>0.49</strong></TD>
   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.45</strong></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap><strong>0.46</strong></TD>

   <TD width="2%" align=right noWrap><strong>&nbsp;&nbsp;</strong></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.<BR>
<SUP>2 </SUP>GC Silver recovery rate consists of 63.4% from lead concentrates and 16.8% from zinc concentrates.<BR><SUP>2 </SUP>GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.<BR>+Non-IFRS measures.</P>

<P style="TEXT-ALIGN: center">12</P></DIV><BR>

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   <TD colSpan=2 noWrap align=left><B>SILVERCORP METALS INC.</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 noWrap align=left><B>Mining Data</B></TD>

   <TD width="12%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

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   <TD colSpan=5 noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 colSpan=5 noWrap align=center><B><FONT color=#ffffff>Three months ended September 30, 2014</FONT></B></TD>

   <TD width="2%" align=left noWrap bgColor=#993300 style="BORDER-BOTTOM: #ffffff 1px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=center noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=left noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=left noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid">&nbsp;</TD>

   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=center noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=center noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC</FONT></B></TD>

   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=center noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap>175,782</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>87,916</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>263,698</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap>187,154</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>90,287</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>277,441</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>Mining cost per tonne of ore mined </B>($)</TD>

   <TD width="12%" align=right noWrap>73.28</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>55.16</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>67.25</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" align=right noWrap>57.79</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>33.11</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>49.57</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" align=right noWrap>15.49</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>22.05</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>17.68</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>Unit shipping costs($)</B></TD>

   <TD width="12%" align=right noWrap>5.41</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>3.60</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>Milling cost per tonne of ore milled </B>($)</TD>

   <TD width="12%" align=right noWrap>15.77</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>19.88</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>17.11</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" align=right noWrap>13.63</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>15.82</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>14.35</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" align=right noWrap>2.14</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>4.06</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2.76</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>Average Production Cost</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>7.63</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>10.06</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>8.28</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>433</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>750</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>504</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" align=right noWrap>0.40</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.66</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.44</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" align=right noWrap>0.39</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.65</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.44</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>Total production cost per ounce of Silver </B>($)</TD>

   <TD width="12%" align=right noWrap>3.48</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>8.26</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>4.20</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>Total cash cost per ounce of Silver </B>($)</TD>

   <TD width="12%" align=right noWrap>0.83</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>(1.18</TD>

   <TD width="2%" align=left noWrap>)</TD>

   <TD width="12%" align=right noWrap>0.53</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>Total production cost per ounce of Gold </B>($)</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>Total cash cost per ounce of Gold </B>($)</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>All-in sustaining cost per ounce of Silver </B>($)<SUP>2</SUP></TD>

   <TD width="12%" align=right noWrap>8.91</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>(4.22</TD>

   <TD width="2%" align=left noWrap>)</TD>

   <TD width="12%" align=right noWrap>10.91</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right>+</TD>

   <TD width="56%" align=left noWrap><B>All-in cost per ounce of Silver </B>($)<SUP>2</SUP></TD>

   <TD width="12%" align=right noWrap>10.32</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>6.61</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>11.90</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap><B>Recovery Rates</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD noWrap align=left>&nbsp;</TD>

  <TD width="56%" align=left noWrap>

    <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(%) </I><I><SUP>3</SUP></I></P></TD>

  <TD width="12%" align=right noWrap>94.7</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>75.9</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>88.6</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD noWrap align=left>&nbsp;</TD>

  <TD width="56%" align=left noWrap>

    <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(%)</I></P></TD>

  <TD width="12%" align=right noWrap>95.9</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>85.9</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>92.7</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap>66.8</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>80.6</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>71.3</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap><B>Head Grades</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD noWrap align=left>&nbsp;</TD>

  <TD width="56%" align=left noWrap>

    <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

  <TD width="12%" align=right noWrap>253</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>104</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>205</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD noWrap align=left>&nbsp;</TD>

  <TD width="56%" align=left noWrap>

    <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(%)</I></P></TD>

  <TD width="12%" align=right noWrap>3.6</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>1.3</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>2.9</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap>1.0</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2.6</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>1.5</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Concentrate in stock</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead concentrate </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap>300</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>311</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>611</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc concentate </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap>150</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>123</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>273</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(in thousands of ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>1,421</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>251</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>1,672</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>(in thousands of ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>0.9</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.9</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" align=right noWrap>14,168</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2,500</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>16,668</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" align=right noWrap>2,531</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>4,452</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>6,983</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Other </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>10,070</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>10,070</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap>19,671</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2,754</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>22,425</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap>725</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>11</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>736</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap>10,217</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>1,805</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>12,022</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap>1,780</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>3,146</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>4,926</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Other </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">-</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">138</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid" >138</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">32,393</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid" >7,854</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid" >40,247</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price,Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>13.84</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>10.98</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>13.41</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>786</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>821</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>787</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD width="56%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" align=right noWrap>0.72</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.72</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.72</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD noWrap align=left>&nbsp;</TD>

  <TD width="56%" align=left noWrap>

    <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>($ per pound)</I></P></TD>

  <TD width="12%" align=right noWrap>0.70</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>0.71</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>0.71</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD></TR>
</TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG&amp;LM.<BR><SUP>2 </SUP>BYP gold ounces converted to silver equivalent using a ratio of 50:1.<BR>
  <SUP>3 </SUP>GC silver recovery rate consist of 53.2% from lead concentrate and 22.7% from zinc concentrate.</P>

<P style="TEXT-ALIGN: center">13</P></DIV><BR>

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   <TD width="58%" colSpan=2 noWrap align=left><B>SILVERCORP METALS INC.</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=2 noWrap align=left><B>Mining Data</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

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   <TD width="84%" colSpan=5 noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

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<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="40%" colSpan=5 noWrap align=center><B><FONT color=#ffffff>Six months ended September 30, 2015</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left><B><FONT color=#ffffff></FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp; </TD>

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   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="56%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>GC</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" colSpan=2 noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>490,351</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>207,561</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>697,912</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>488,248</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>206,738</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>694,986</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>+</TD>

   <TD width="56%" noWrap align=left><B>Mining cost per tonne of ore mined </B>($)</TD>

   <TD width="12%" noWrap align=right><strong>80.15</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>49.33</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>70.98</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right><strong>58.25</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>41.163</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>53.16</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right><strong>21.90</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>8.20</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>17.82</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>+</TD>

   <TD width="56%" noWrap align=left><B>Unit shipping costs($)</B></TD>

   <TD width="12%" noWrap align=right><strong>4.10</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>-</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>2.88</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>+</TD>

   <TD width="56%" noWrap align=left><B>Milling cost per tonne of ore milled </B>($)</TD>

   <TD width="12%" noWrap align=right><strong>14.40</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>17.72</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>15.39</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right><strong>12.06</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>15.49</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>13.08</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right><strong>2.34</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>2.23</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>2.31</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>+</TD>

   <TD width="56%" noWrap align=left><B>Average Production Cost</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>7.63</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>8.98</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>8.08</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>487</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>717</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>529</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>0.42</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>0.60</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>0.45</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>0.36</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>0.51</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>0.38</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>+</TD>

   <TD width="56%" noWrap align=left><B>Total production cost per ounce of Silver </B>($)</TD>

   <TD width="12%" noWrap align=right><strong>4.50</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>7.11</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>4.83</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>+</TD>

   <TD width="56%" noWrap align=left><B>Total cash cost per ounce of Silver </B>($)</TD>

   <TD width="12%" noWrap align=right><strong>1.03</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>2.78</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>1.26</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>+</TD>

   <TD width="56%" noWrap align=left><B>All-in sustaining cost per ounce of Silver </B>($)</TD>

   <TD width="12%" noWrap align=right><strong>8.52</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>10.54</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>10.27</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=right>+</TD>

   <TD width="56%" noWrap align=left><B>All-in cost per ounce of Silver </B>($)</TD>

   <TD width="12%" noWrap align=right><strong>10.08</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>11.05</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>11.69</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left><B>Recovery Rates</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>95.0</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>78.3</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>90.0</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>95.4</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>88.5</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>93.4</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>53.3</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>82.4</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>61.9</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left><B>Head Grades</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>260</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>97</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>212</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>3.8</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>1.6</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>3.2</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>0.8</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>2.5</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>1.3</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" colSpan=2 noWrap align=left><B>Concentrate in stock</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left><B>Lead concentrate </B><I>(tonne)</I></TD>

   <TD width="12%" noWrap align=right><strong>2,931</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>194</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>3,125</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left><B>Zinc concentate </B><I>(tonne)</I></TD>

   <TD width="12%" noWrap align=right><strong>240</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>174</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>414</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" colSpan=2 noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>3,538</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>519</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>4,057</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>2.0</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>0.1</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>2.1</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>35.563</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>7,072</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>42,635</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>3,999</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>9,726</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>13,725</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>-</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>38,905</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>38,905</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>44,293</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>5,121</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>49,414</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>1,609</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>43</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>1,652</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>24,429</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>4,630</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>29,059</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>2,347</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>5,498</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>7,845</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other </B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><strong>-</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><strong>544</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><strong>544</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><strong>72,678</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><strong>15,836</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><strong>88,514</strong></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><strong>&nbsp;</strong></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>12.52</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>9.87</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>12.18</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>799</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>789</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>798</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>0.69</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>0.65</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>0.68</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="56%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><strong>0.59</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>0.57</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><strong>0.57</strong></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.<BR>
  GC Silver recovery rate consists of 57.56% from lead concentrates and 20.72% from zinc concentrates.<BR>
  GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.<BR>
</P>

<P style="TEXT-ALIGN: center">14</P></DIV><BR>

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   <TD colSpan=2 noWrap align=left><B>SILVERCORP METALS INC.</B></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 noWrap align=left><B>Mining Data</B></TD>

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   <TD colSpan=7 noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 colSpan=7 noWrap align=center><B><FONT color=#ffffff>Six months ended September 30, 2014</FONT></B></TD>

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   <TD width="12%" align=center noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>Ying Mining<BR>District<SUP>1</SUP></FONT></B></TD>

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   <TD width="12%" align=right noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD width="2%" align=right noWrap bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD width="12%" align=right noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD width="12%" align=right noWrap bgColor=#993300 style="BORDER-LEFT: #ffffff 1px solid"><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD width="2%" align=left noWrap bgColor=#993300>&nbsp;</TD></TR>

<TR>

   <TD colSpan=10>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap>546,402</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>46,547</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>158,814</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>751,763</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" align=right noWrap>547,465</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>48,844</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>159,431</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>755,740</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap></TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>&nbsp;</B></P></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>Mining cost per tonne of ore mined </B>($)</TD>

   <TD width="12%" align=right noWrap>62.10</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>30.55</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>53.62</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>58.35</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" align=right noWrap>49.24</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>22.92</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>31.39</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>43.84</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" align=right noWrap>12.86</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>7.63</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>22.23</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>14.51</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap></TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>&nbsp;</B></P></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>Unit shipping costs($)</B></TD>

   <TD width="12%" align=right noWrap>4.83</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>3.51</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap></TD>

   <TD width="42%" align=left noWrap><B>&nbsp;</B></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>Milling cost per tonne of ore milled </B>($)</TD>

   <TD width="12%" align=right noWrap>15.06</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>13.40</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>21.15</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>16.23</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" align=right noWrap>12.88</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>12.31</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>16.59</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>13.62</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" align=right noWrap>2.18</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>1.09</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>4.56</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2.61</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap></TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>&nbsp;</B></P></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>Average Production Cost</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>7.57</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>9.79</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>8.03</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>418</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>565</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>706</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>510</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" align=right noWrap>0.37</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.63</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.40</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD width="2%" align=right noWrap>&nbsp;</TD>

  <TD width="42%" align=left noWrap>

    <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>($ per pound)</I></P></TD>

  <TD width="12%" align=right noWrap>0.34</TD>

  <TD width="2%" align=right noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>-</TD>

  <TD width="2%" align=right noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>0.61</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>0.38</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD width="2%" align=right noWrap></TD>

  <TD width="42%" align=left noWrap>

    <P style="MARGIN-LEFT: 4%"><B>&nbsp;</B></P></TD>

  <TD width="12%" align=right noWrap>&nbsp;</TD>

  <TD width="2%" align=right noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>&nbsp;</TD>

  <TD width="2%" align=right noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>&nbsp;</TD>

  <TD width="2%" align=left noWrap></TD>

  <TD width="12%" align=right noWrap>&nbsp;</TD>

  <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>Total production cost per ounce of Silver </B>($)</TD>

   <TD width="12%" align=right noWrap>2.95</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>6.79</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>3.31</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>Total cash cost per ounce of Silver </B>($)</TD>

   <TD width="12%" align=right noWrap>0.40</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>(2.96</TD>

   <TD width="2%" align=left noWrap>)</TD>

   <TD width="12%" align=right noWrap>0.07</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap></TD>

   <TD width="42%" align=left noWrap><B>&nbsp;</B></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>Total production cost per ounce of Gold </B>($)</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>565</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>566</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>Total cash cost per ounce of Gold </B>($)</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>454</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>455</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap></TD>

   <TD width="42%" align=left noWrap><B>&nbsp;</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>All-in sustaining cost per ounce of Silver </B>($)<SUP>2</SUP></TD>

   <TD width="12%" align=right noWrap>8.62</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>21.54</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>9.34</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>10.73</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap>+</TD>

   <TD width="42%" align=left noWrap><B>All-in cost per ounce of Silver </B>($)<SUP>2</SUP></TD>

   <TD width="12%" align=right noWrap>15.00</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>23.38</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>13.10</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>16.77</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=right noWrap></TD>

   <TD width="42%" align=left noWrap><B>&nbsp;</B></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap><B>Recovery Rates</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(%) </I><I><SUP>3</SUP></I></P></TD>

   <TD width="12%" align=right noWrap>94.1</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>77.2</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>90.3</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>(%)</I></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>89.1</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>89.1</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap>95.6</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>86.8</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>93.6</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap>61.2</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>80.9</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>65.7</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap></TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>&nbsp;</B></P></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap></TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap><B>Head Grades</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" align=right noWrap>232</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>105</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>203</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2.7</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2.7</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap>3.3</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>1.3</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2.9</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" align=right noWrap>0.8</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2.7</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>1.2</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=10>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B>Concentrate in stock</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap><B>Lead concentrate </B><I>(tonne)</I></TD>

   <TD width="12%" align=right noWrap>300</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>311</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>611</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap><B>Zinc concentate </B><I>(tonne)</I></TD>

   <TD width="12%" align=right noWrap>150</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>123</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>273</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR>

   <TD colSpan=10>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(in thousands of ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>3,798</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>402</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>4,200</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>(in thousands of ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>2.5</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2.7</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>5.2</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" align=right noWrap>38,362</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>3,928</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>42,290</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" align=right noWrap>5,686</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>7,711</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>13,397</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Other </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>21,412</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>21,412</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap></TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>&nbsp;</B></P></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=right noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap>57,598</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>4,569</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>62,167</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap>2,121</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2,775</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>11</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>4,907</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap>28,629</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>2,866</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>31,495</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap>3,906</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>5,453</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>9,359</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Other</B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">-</TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">-</TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">268</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">268</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">92,254</TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">2,775</TD>

   <TD width="2%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">13,167</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD width="12%" align=right noWrap style="BORDER-BOTTOM: #000000 1px solid">108,196</TD>

   <TD width="2%" align=left noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap></TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=left noWrap>&nbsp;</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>15.17</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>11.38</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>14.80</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" align=right noWrap>837</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>1,024</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>821</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>933</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="42%" align=left noWrap>

   <P style="MARGIN-LEFT: 4%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" align=right noWrap>0.75</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>-</TD>

   <TD width="2%" align=right noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.73</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD>

   <TD width="12%" align=right noWrap>0.74</TD>

   <TD width="2%" align=left noWrap>&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="42%" align=left noWrap>

    <P style="MARGIN-LEFT: 4%"><B>Zinc </B><I>($ per pound)</I></P></TD>

  <TD width="12%" align=right noWrap>0.69</TD>

  <TD width="2%" align=right noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>-</TD>

  <TD width="2%" align=right noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>0.71</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD>

  <TD width="12%" align=right noWrap>0.70</TD>

  <TD width="2%" align=left noWrap>&nbsp;</TD></TR>
</TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG&amp;LM.<BR><SUP>2 </SUP>BYP gold ounces converted to silver equivalent using a ratio of 50:1.<BR>
  <SUP>3 </SUP>GC silver recovery rate consist of 54.0% from lead concentrate and 23.2% from zinc concentrate.</P>

<P style="TEXT-ALIGN: center">15</P></DIV><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>CERTIFICATE OF INTERIM FILINGS CFO
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.2</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
<hr noshade size="3">
<P align="right" style="font-size:10pt; margin:0px;"><strong>Exhibit 99.2</strong></P>
<A name="page_1"></A><BR>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: center"><B>Form 52-109F2<BR>Certification of interim filings - full certificate</B></P>

<P style="TEXT-ALIGN: justify">I, <B>Derek Liu, Chief Financial Officer of Silvercorp Metals Inc. </B>certify the following:</P>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="4%" noWrap>1.</TD>

   <TD width="96%">

   <P align=justify><B><I>Review: </I></B>I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of <B>Silvercorp Metals Inc. </B>(the &#8220;issuer&#8221;) for the interim period ended <B>December 31, 2015</B>.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>2.</TD>

   <TD width="96%">

   <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 vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>3. </TD>

   <TD width="96%">

   <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 vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>4.</TD>

   <TD width="96%">

   <P align=justify><B><I>Responsibility: </I></B>The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings, </I>for the issuer.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5. </TD>

   <TD width="96%">

   <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="92%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>(a)</TD>

   <TD width="92%">

   <P align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="8%" noWrap>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="88%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="8%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>(i)</TD>

   <TD width="88%">

   <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 vAlign=top width="8%" noWrap>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="88%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="8%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>(ii)</TD>

   <TD width="88%">

   <P align=justify>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="92%">

   <P align=justify></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>(b)</TD>

   <TD width="92%">

   <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&#8217;s GAAP.</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp; </I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.1</TD>

   <TD width="96%">

   <P align=justify><B><I>Control framework: </I></B>The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <B>the </B><B><I>Internal Control &#8211; Integrated Framework </I></B>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp; </I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.2&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>ICFR &#8211; material weakness relating to design: </I></B>The issuer has disclosed in its interim MD&amp;A for each material weakness relating to design existing at the end of the interim period</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="92%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

  <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

  <TD vAlign=top width="4%" noWrap>(a) </TD>

  <TD width="92%">

    <P align=justify>a description of the material weakness;</P></TD></TR>
</TABLE></DIV><BR><br>

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<BR>

<A name="page_2"></A><BR>

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<TR>
  <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top noWrap>&nbsp;</TD>
  <TD vAlign=top noWrap>(b)&nbsp;&nbsp;</TD>
  <TD>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</TD>
</TR>
<TR>
  <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top noWrap>&nbsp;</TD>
  <TD vAlign=top noWrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap>(c)&nbsp;&nbsp; </TD>

   <TD width="92%">

   <P align=justify>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.3</TD>

   <TD width="96%">

   <P align=justify>N/A</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>6.</TD>

   <TD width="96%">

   <P align=justify><B>Reporting changes in ICFR: </B>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on October 1, 2015 and ended on December 31, 2015 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Date: <B>February 5, 2016</B></P>

<P style="TEXT-ALIGN: justify"><I><U>&#8220;Derek Liu&#8221;</U></I></P>

<P style="TEXT-ALIGN: justify">Derek Liu<BR>Chief Financial Officer</P>

<P style="TEXT-ALIGN: center">2</P></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>CERTIFICATE OF INTERIM FILINGS CEO
<TEXT>

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   <TITLE>Exhibit 99.3</TITLE>
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<P align="right" style="font-size:10pt; margin:0px;"><strong>Exhibit 99.3</strong></P>
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<P style="TEXT-ALIGN: center"><B>Form 52-109F2<BR></B><B>Certification of interim filings - full certificate</B></P>

<P style="TEXT-ALIGN: justify">I, <B>Rui Feng, Chief Executive Officer of Silvercorp Metals Inc. </B>certify the following:</P>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="4%" noWrap>1.&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Review: </I></B>I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of <B>Silvercorp Metals Inc. </B>(the &#8220;issuer&#8221;) for the interim period ended <B>December 31, 2015</B>.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>2.&nbsp; </TD>

   <TD width="96%">

   <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 vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>3.&nbsp; </TD>

   <TD width="96%">

   <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 vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>4. </TD>

   <TD width="96%">

   <P align=justify><B><I>Responsibility: </I></B>The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings, </I>for the issuer.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.</TD>

   <TD width="96%">

   <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="92%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>(a)</TD>

   <TD width="92%">

   <P align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="8%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="88%">

   <P align=justify></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="8%" noWrap>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap>(i) </TD>

   <TD width="88%">

   <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 vAlign=top width="8%" noWrap>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="88%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="8%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>(ii)</TD>

   <TD width="88%">

   <P align=justify>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="92%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>(b) </TD>

   <TD width="92%">

   <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&#8217;s GAAP.</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.1</TD>

   <TD width="96%">

   <P align=justify><B><I>Control framework: </I></B>The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <B>the </B><B><I>Internal Control &#8211; Integrated Framework </I></B>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp; </I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.2 </TD>

   <TD width="96%">

   <P align=justify><B><I>ICFR &#8211; material weakness relating to design: </I></B>The issuer has disclosed in its interim MD&amp;A for each material weakness relating to design existing at the end of the interim period</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="92%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

  <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap>&nbsp;</TD>

  <TD vAlign=top width="4%" noWrap>(a)</TD>

  <TD width="92%">

    <P align=justify>a description of the material weakness;</P></TD></TR>
</TABLE></DIV><BR><br>

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<BR>

<A name="page_2"></A><BR>

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<TR>
  <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top noWrap></TD>
  <TD vAlign=top noWrap>(b)</TD>
  <TD>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</TD>
</TR>
<TR>
  <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top noWrap></TD>
  <TD vAlign=top noWrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>

   <TD style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>(c)</TD>

   <TD width="92%">

   <P align=justify>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD></TR></TABLE>

<TABLE style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" border=0 cellSpacing=0 width="100%">



<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.3</TD>

   <TD width="96%">

   <P align=justify>N/A</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B>&nbsp;</B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>6.</TD>

   <TD width="96%">

   <P align=justify><B>Reporting changes in ICFR: </B>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on October 1, 2015 and ended on December 31, 2015 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Date: <B>February 5, 2016</B></P>

<P style="TEXT-ALIGN: justify"><I><U>&#8220;Rui Feng&#8221;</U></I></P>

<P style="TEXT-ALIGN: justify">Rui Feng<BR>Chief Executive Officer</P>

<P style="TEXT-ALIGN: center">2</P></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>FINANCIAL STATEMENTS FOR 3RD QUARTER ENDED DECEMBER 31, 2015
<TEXT>

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<HEAD>
   <TITLE>Exhibit 99.4</TITLE>
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<A name="page_1"></A><HR NOSHADE size=3><P style="margin-top: 0px" align=right><B>Exhibit 99.4</B></P><BR>

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<IMG border=0 src="exhibit99-4x1x1.jpg">

<P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>

<P style="TEXT-ALIGN: justify"><B>CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <BR>For the three and nine months ended December 31, 2015 and 2014 <BR>(Expressed in thousands of US dollars, unless otherwise stated) <BR>(Unaudited)</B></P></DIV><BR>

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<BR>

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<P style="TEXT-ALIGN: center"><B>Notice to Readers of the Unaudited Condensed Consolidated Interim Financial Statements <BR>For the three and nine months ended December 31, 2015</B></P>

<P style="TEXT-ALIGN: justify">The unaudited condensed consolidated interim financial statements of Silvercorp Metals Inc. (the &#8220;Company&#8221;) for the three and nine months ended December 31, 2015 (the &#8220;Financial Statements&#8221;) have been prepared by management and have not been reviewed by the Company&#8217;s independent auditors. The Financial Statements should be read in conjunction with the Company&#8217;s audited financial statements for the year ended March 31, 2015 which are available at the SEDAR website at www.sedar.com. The Financial Statements are stated in terms of US dollars and are prepared in accordance with International Financial Reporting Standards.</P></DIV><BR>

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<A name="page_3"></A><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Condensed Consolidated Interim Balance Sheets</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 62%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>As at December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>As at March 31,</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="62%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2015</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left><B>Current Assets</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>20</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>63,376</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>60,179</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>3,452</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>9,343</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,768</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,278</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>9,139</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>6,899</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Due from related parties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>11</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,845</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>33</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3,925</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>5,745</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>83,505</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>83,477</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left><B>Non-current Assets</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Long-term prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,045</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,945</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclamation deposits</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>2,025</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,112</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>3</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,316</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,449</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD style="WIDTH: 10%" noWrap align=center>4</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>208</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>892</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>5</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>65,113</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>64,779</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>211,138</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>214,792</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left><B>TOTAL ASSETS</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>368,350</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>372,446</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left><B>LIABILITIES AND EQUITY</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left><B>Current Liabilities</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>33,723</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>21,768</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mine right fee payable</P></TD>

   <TD style="WIDTH: 10%" noWrap align=center>7</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>3,898</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,292</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,444</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>8,303</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Dividends payable</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>674</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>355</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>662</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>43,420</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>35,699</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left><B>Non-current Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mine right fee payable</P></TD>

   <TD style="WIDTH: 10%" noWrap align=center>7</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>5,690</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>9,746</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>23,367</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>21,592</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>12,671</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>12,898</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left><B>Total Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>85,148</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>79,935</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp; </TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left><B>Equity</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>231,827</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>233,513</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Share option reserve</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>12,483</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>11,741</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reserves</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>25,409</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>25,409</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive loss</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>9</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(40,385</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(26,697</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Retained earnings (deficit)</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2,082</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(5,089</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" colSpan=2 noWrap align=left><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>231,416</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>238,877</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" colSpan=2 noWrap align=left><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>51,786</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>53,634</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left><B>Total Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>283,202</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>292,511</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="62%" noWrap align=left><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>368,350</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>372,446</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="62%" noWrap align=left><B>Commitments and contingencies</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>19</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Approved on behalf of the Board:</P>

<P style="TEXT-ALIGN: justify"><B><I><U>(Signed) David Kong</U><BR></I></B>Director</P>

<P style="TEXT-ALIGN: justify"><B><I><U>(Signed) Rui Feng</U><BR></I></B>Director</P>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">1</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except for per share figures)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Three Months Ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Nine Months Ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>18(c)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>29,081</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>40,247</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>88,514</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>108,196</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>12</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>19,543</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>24,844</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>58,692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>58,701</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,538</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15,403</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>29,822</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>49,495</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=center>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>General and administrative</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>13</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,140</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,366</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>13,391</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>16,233</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Government fees and other taxes</TD>

   <TD style="WIDTH: 10%" noWrap align=center>14</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,557</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,821</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>4,753</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,798</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Foreign exchange gain</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(716</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(958</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(2,113</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,427</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Loss (gain) on disposal of plant and equipment</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>95</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(132</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>80</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(118</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Loss on disposal of a subsidiary</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>21</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>460</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>460</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Share of gain in associate</TD>

   <TD style="WIDTH: 10%" noWrap align=center>3</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(65</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(52</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(166</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(10</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Loss on investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>4</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>Other (income) expenses</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(65</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>67</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(179</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>(980</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Income from operations</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,132</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,291</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>13,596</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>30,984</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=center>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Finance income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>517</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>292</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,058</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>724</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>15</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(280</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(153</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(751</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(224</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Income before income taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,369</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,430</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>13,903</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>31,484</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=center>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Income tax expense</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>16</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,453</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,350</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,237</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>10,155</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3,916</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>7,080</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>10,666</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>21,329</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,326</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,468</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>7,856</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15,440</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>590</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,612</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2,810</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,889</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,916</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,080</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>10,666</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>21,329</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp; </TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Earnings per share attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left><B>Basic and diluted earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.02</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.03</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.05</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.09</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Basic and Diluted</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>168,975,392</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>170,883,808</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" align=right><B>170,052,392</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>170,883,808</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">2</P></DIV><BR>

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<BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Comprehensive Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 32%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

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   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

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   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Three Months Ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Nine Months Ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="32%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>Net income</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,916</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,080</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>10,666</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>21,329</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left><B>Other comprehensive loss, net of taxes:</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>Items that may subsequently be reclassified to net income or loss:</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Currency translation adjustment, net of tax of $nil</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(7,565</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(5,653</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(15,708</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(1,358</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>Items that will not subsequently be reclassified to net income or loss:</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Change in fair value on equity investments designated as FVTOCI, net of tax of $nil</P></TD>

   <TD style="WIDTH: 10%" noWrap align=center>4</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>16</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(135</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(227</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(1,126</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>Items reclassified to net income:</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cumulative translation adjustment upon sale of a subsidiary</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>21</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>23</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>23</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>Other comprehensive loss, net of taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(7,526</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(5,788</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(15,912</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,484</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(6,396</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(5,149</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(13,688</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,571</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(1,130</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(639</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(2,224</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>87</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(7,526</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(5,788</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(15,912</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,484</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="32%" noWrap align=left><B>Total comprehensive (loss) income, net of taxes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(3,610</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>1,292</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(5,246</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>18,845</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(3,070</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>319</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(5,832</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>12,869</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(540</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>973</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>586</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,976</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(3,610</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,292</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(5,246</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>18,845</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">3</P></DIV><BR>

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<BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Cash Flows</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 32%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

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   <TD style="WIDTH: 10%"></TD>

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   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Three Months Ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Nine Months Ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="32%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>Cash provided by</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left><B>Operating activities</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Net income</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,916</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,080</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>10,666</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>21,329</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Unwinding of discount of environmental rehabilitation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>123</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>38</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>371</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>109</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>6,356</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>6,775</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>15,733</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>15,467</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Share of gain in associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(65</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(52</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(166</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(10</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Loss on disposal of a subsidiary</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>460</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>460</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Income tax expense</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,453</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,350</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,237</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>10,155</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Finance income</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(517</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(292</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(1,058</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(724</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Loss on investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Loss (gain) on disposal of plant and equipment</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>95</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(132</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>80</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(118</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Share-based compensation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>234</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>340</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>742</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,136</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Income taxes paid</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(224</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(3,209</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(527</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(6,656</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Interest received</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>517</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>292</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,058</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>724</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Changes in non-cash operating working capital</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>20</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(2,762</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2,197</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(3,059</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>7,891</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>Net cash provided by operating activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,586</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15,387</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>27,537</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>49,318</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>Investing activities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Capital expenditures</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(5,427</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(12,241</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(14,157</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(25,976</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(2,604</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,332</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(5,594</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(6,459</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>202</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>474</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>232</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>474</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>422</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>422</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclamation deposit paid</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(9</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Net redemptions of short-term investments</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(203</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>7,787</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>5,504</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>7,668</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Proceeds for sale of a subsidiary</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>21</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>11</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>11</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" noWrap align=left><B>Net cash used in investing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(7,599</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(6,312</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(13,591</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(24,293</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left><B>Financing activities</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Related parties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Payments made</P></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(1,587</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(1,587</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Distribution</P></TD>

   <TD style="WIDTH: 10%" noWrap align=center>10</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(1,661</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(651</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(1,661</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(3,214</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(760</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(1,323</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,331</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Common shares repurchased as part of normal course issuer bid</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(419</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(1,686</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>Net cash used in financing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(3,667</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,411</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(6,257</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(5,545</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" noWrap align=left><B>Effect of exchange rate changes on cash and cash equivalents</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(2,160</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(1,586</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(4,492</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(1,342</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 32%" noWrap align=left><B>(Decrease) increase in cash and cash equivalents</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(3,840</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>6,078</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>3,197</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>18,138</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>Cash and cash equivalents, beginning of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>67,216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>72,674</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>60,179</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>60,614</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="32%" noWrap align=left><B>Cash and cash equivalents, end of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>63,376</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>78,752</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>63,376</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>78,752</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="32%" noWrap align=left><B>Supplementary cash flow information</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center>20</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">4</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_7"></A><BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Changes in Equity</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share figures)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 20%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" colSpan=4 noWrap align=center>Share capital</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>Share</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 7%" colSpan=2 noWrap align=right>Accumulated other</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>Retained </TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 7%" colSpan=2 noWrap align=right>Total equity attributable</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>Non-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>Number of</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>option</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>comprehensive</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>earnings</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 7%" colSpan=2 noWrap align=right>to the equity holders of</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>controlling</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="20%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Notes</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>shares</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>reserve</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>Reserves</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>loss</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>(deficit)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>the Company</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>interests</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>Total equity</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left><B>Balance, April 1, 2014</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>170,883,808</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>233,513</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>10,492</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>25,409</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(20,141</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>100,993</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>350,266</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>62,296</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>412,562</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Share-based compensation</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>1,136</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>1,136</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>1,136</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Dividends declared</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2,299</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2,299</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2,299</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Distribution to non-controlling interests</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(3,214</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(3,214</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Comprehensive income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2,571</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>15,440</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>12,869</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>5,976</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>18,845</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left><B>Balance, December 31, 2014</B></TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>170,883,808</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>233,513</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>11,628</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>25,409</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(22,712</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>114,134</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>361,972</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>65,058</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>427,030</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Share-based compensation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>113</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>113</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>113</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Dividends declared</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(674</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(674</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(674</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Comprehensive loss</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(3,985</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(118,549</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(122,534</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(11,424</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(133,958</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left><B>Balance, March 31, 2015</B></TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>170,883,808</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>233,513</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>11,741</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>25,409</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(26,697</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(5,089</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>238,877</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>53,634</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>292,511</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Share-based compensation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>8(b)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp; </TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>742</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>742</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>742</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Dividends declared</TD>

   <TD style="WIDTH: 8%" noWrap align=center>8(c)</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp; </TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(685</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(685</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(685</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" align=left>Common shares repurchased as part of normal&nbsp;course issuer bid</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>8(e)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp; </TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2,322,952</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,686</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,686</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,686</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" align=left>Distribution to non-controlling interests</TD>

   <TD style="WIDTH: 8%" noWrap align=center>10</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(1,661</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(1,661</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" align=left>Disposition of non-controlling interests upon&nbsp;sale of a subsidiary</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>10, 21</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(773</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(773</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" align=left>Cumulative translation adjustment realized&nbsp;upon sale of a subsidiary</TD>

   <TD style="WIDTH: 8%" noWrap align=center>21</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>23</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>23</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>23</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Comprehensive (loss) income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(13,711</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>7,856</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(5,855</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>586</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(5,269</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="20%" noWrap align=left><B>Balance, December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>168,560,856</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>231,827</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>12,483</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>25,409</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>(40,385</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>2,082</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>231,416</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>51,786</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>283,202</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">5</P></DIV><BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>1.</B></TD>

   <TD noWrap align=left><B>CORPORATE INFORMATION</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Silvercorp Metals Inc., along with its subsidiary companies (collectively the &#8220;Company&#8221;), is engaged in the acquisition, exploration, development, and mining of precious and base metal mineral properties. The Company&#8217;s producing mines and other current exploration and development projects are in China.</P>

<P style="TEXT-ALIGN: justify">The Company is a publicly listed company incorporated in Canada with limited liability under the legislation of the Province of British Columbia. The Company&#8217;s shares are listed on the Toronto Stock Exchange.</P>

<P style="TEXT-ALIGN: justify">The head office, registered address and records office of the Company are located at 200 Granville Street, Suite 1378, Vancouver, British Columbia, Canada, V6C 1S4.</P>

<P style="TEXT-ALIGN: justify">The condensed consolidated interim financial statements of the Company, as at and for the three and nine months ended December 31, 2015, were authorized for issue by the Board of Directors on February 4, 2016.</P>

<P style="TEXT-ALIGN: justify">Operating results for the three and nine months ended December 31, 2015, are not necessarily indicative of the results that may be expected for the year ending March 31, 2016.</P>

<P style="TEXT-ALIGN: justify">Details of the Company&#8217;s significant subsidiaries which are consolidated are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 32%" colSpan=2 noWrap align=center>Proportion of ownership interest held</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Place of</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>December 31,</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>March 31,</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Mineral</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left>Name of subsidiaries</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center>Principal activity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center>incorporation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center>2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center>properties</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Silvercorp Metals China Inc.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Canada</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Silvercorp Metals (China) Inc.</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>China</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>0875786 B.C. LTD.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Canada</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Fortune Mining Limited</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>BVI (i)</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=center>RZY</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Fortune Copper Limited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>BVI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Fortune Gold Mining Limited</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>BVI</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Victor Resources Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>BVI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Yangtze Mining Ltd.</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>BVI</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Victor Mining Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Barbados</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Yangtze Mining (H.K.) Ltd.</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Hong Kong</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Fortune Gold Mining (H.K.) Limited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Hong Kong</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Wonder Success Limited</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Hong Kong</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Henan Huawei Mining Co. Ltd. ("Henan Huawei")</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center><B>80%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>80%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>HPG, LM</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Henan Found Mining Co. Ltd. ("Henan Found")</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Mining</TD>

   <TD style="WIDTH: 16%" noWrap align=center>China</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>77.5%</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>77.5%</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Ying, TLP</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Songxian Gold Mining Co., Ltd. ("SX Gold")</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center><B>77.5%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>77.5%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>XHP</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Xinshao Yunxiang Mining Co., Ltd. ("Yunxiang")</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Mining</TD>

   <TD style="WIDTH: 16%" noWrap align=center>China</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>70%</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>70%</TD>

   <TD style="WIDTH: 16%" noWrap align=center>BYP</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Guangdong Found Mining Co. Ltd. (Guangdong Found")</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>China</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center><B>95%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>95%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>GC</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>(i) British Virgin Island ("BVI")</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Details of the Company&#8217;s associate are as follows:</P>

<DIV align=left>

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<TR>

   <TD style="WIDTH: 20%"></TD>

   <TD style="WIDTH: 20%"></TD>

   <TD style="WIDTH: 20%"></TD>

   <TD style="WIDTH: 20%"></TD>

   <TD style="WIDTH: 20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 40%" colSpan=2 noWrap align=center>Proportion of ownership interest held</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 20%" noWrap align=center>Place of</TD>

   <TD style="WIDTH: 20%" noWrap align=center><B>December 31,</B></TD>

   <TD style="WIDTH: 20%" noWrap align=center>March 31,</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left>Name of associate</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center>Principal activity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center>incorporation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center>2015</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>New Pacific Metals Corp. ("NUX")</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=center>Canada</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=center><B>16.1%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=center>16.1%</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">6</P></DIV><BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>2.</B></TD>

   <TD noWrap align=left><B>SIGNIFICANT ACCOUNTING POLICIES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(a)Statement of Compliance</I></P>

<P style="TEXT-ALIGN: justify">These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 &#8211; <I>Interim Financial Reporting </I>(&#8220;IAS 34&#8221;) of the International Financial Reporting Standards as issued by the International Accounting Standards Board (&#8220;IFRS&#8221;). These condensed consolidated interim financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements for the year ended March 31, 2015. These condensed consolidated interim financial statements follow the same significant accounting policies set out in note 2 to the audited consolidated financial statements for the year ended March 31, 2015.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b) Accounting standards issued but not yet in effective</I></P>

<P style="TEXT-ALIGN: justify">IFRS 15 &#8211; <I>Revenue from contracts with customers, </I>the standard on revenue from contacts with customers was issued on April 28, 2015 and is effective for annual reporting periods beginning on or after January 1, 2018 for public entities with early adoption permitted. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. The Company is assessing the impact of this standard.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>3.</B></TD>

   <TD noWrap align=left><B>INVESTMENT IN AN ASSOCIATE</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">New Pacific Metals Corp. (&#8220;NUX&#8221;) is a Canadian public company listed on the TSX (symbol: NUX). NUX is a related party of the Company by way of two common directors and officers.</P>

<P style="TEXT-ALIGN: justify">As at December 31, 2015, the Company owned 10,806,300 common shares (March 31, 2015 &#8211; 10,806,300) of NUX, representing an ownership interest of 16.1% (March 31, 2015 &#8211; 16.1%).</P>

<P style="TEXT-ALIGN: justify">The Company accounts for its investment in NUX common shares using the equity method since it is able to exercise significant influence over the financial and operating policies of NUX. The summary of the investment in NUX common shares and its market value as at the respective balance sheet dates are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 58%"></TD>

   <TD style="WIDTH: 12%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>Value of NUX's</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=right>Number of</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>common shares per</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>quoted market price</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Balance, April 1, 2014</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>10,806,300</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,715</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,715</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Share of income</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>235</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(501</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Balance, March 31, 2015</TD>

   <TD style="WIDTH: 12%" noWrap align=right>10,806,300</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3,449</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,448</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Share of income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>166</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(299</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Balance, December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right><B>10,806,300</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,316</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,796</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify">7</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_10"></A><BR>

<a name="_bclPageBorder10"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>4.</B></TD>

   <TD noWrap align=left><B>OTHER INVESTMENTS</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left><B>Equity investments designated as FVTOCI</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Publicly-traded companies</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>208</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>892</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Yongning Smelting Co. Ltd.</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Jinduicheng Xise (Canada) Co. Ltd.</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Warrants</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>208</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>892</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Common shares:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>Fair value</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>Accumulated fair value change included in OCI</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>April 1, 2014</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,377</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(4,957</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Change in fair value on equity investments designated as FVTOCI</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(1,314</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(1,314</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(171</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>March 31, 2015</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>892</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(6,271</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Change in fair value on equity investments designated as FVTOCI</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(227</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(227</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposal of equity investments</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(422</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(35</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>208</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(6,498</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Warrants:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Fair value</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><STRONG>Accumulated mark-to-market loss</STRONG><STRONG>&nbsp;included in net income</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>April 1, 2014</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>16</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,524</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Loss on investments</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(15</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(15</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(1,539</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(1,539</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the three and nine months ended December 31, 2015, certain equity investments were disposed for total proceeds of $422 and $422, respectively (three and nine months ended December 31, 2014 -$nil).</P>

<P style="TEXT-ALIGN: right">8</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_11"></A><BR>

<a name="_bclPageBorder11"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>5.</B></TD>

   <TD noWrap align=left><B>PLANT AND EQUIPMENT</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Plant and equipment consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 28%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Land use</B></TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>rights and</B></TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Office</B></TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Motor</B></TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" align=center><B>Construction</B></TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>building</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>equipment</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Machinery</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>vehicles</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" align=center><B>in progress</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Balance as at April 1, 2014</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>80,337</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>6,267</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>25,700</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>7,163</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>6,385</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>125,852</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>2,257</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>364</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,642</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>459</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,929</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>6,651</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(107</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(19</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(231</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(368</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(725</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups<SUP>(1)</SUP></P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>4,783</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(4,783</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>134</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(120</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>72</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>20</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>20</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>126</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Balance as at March 31, 2015</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>87,404</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>6,492</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>27,183</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>7,274</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>3,551</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>131,904</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,480</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>253</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,316</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>247</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>4,877</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>8,173</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(144</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(100</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(166</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(155</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(80</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(645</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups<SUP>(1)</SUP></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>296</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(296</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(4,048</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(332</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(1,271</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(333</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(296</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(6,280</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Ending balance as at December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>84,988</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>6,313</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>27,062</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>7,033</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>7,756</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>133,152</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" colSpan=2 noWrap align=left><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="30%" colSpan=2 noWrap align=left><B>Impairment, accumulated depreciation and amortization</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Balance as at April 1, 2014</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(9,300</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(3,073</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(8,136</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(3,467</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(23,976</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impairment Loss</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(28,097</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(403</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(6,113</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(533</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(59</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(35,205</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>7</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>16</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>81</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>233</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>337</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(3,914</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(931</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(2,452</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,123</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(8,420</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>57</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>110</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(19</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(9</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>139</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Balance as at March 31, 2015</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(41,247</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(4,281</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(16,639</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(4,899</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(59</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(67,125</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impairment loss</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>93</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>81</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>28</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>131</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>333</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,920</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(539</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,327</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(686</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(4,472</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(560</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>56</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>521</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(17</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1,964</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>225</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>792</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>241</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>3,225</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Ending balance as at December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(41,670</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(4,458</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(16,625</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(5,230</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(56</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(68,039</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Balance as at March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>46,157</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,211</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>10,544</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,375</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>3,492</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>64,779</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Ending balance as at December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>43,318</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,855</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>10,437</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,803</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>7,700</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>65,113</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0px"><SUP>(1)</SUP> when an asset is available for use, it is reclassified from construction in progress to one of the appropriate plant and equipment categories.</P>

<P style="TEXT-ALIGN: justify">During the three and nine months ended December 31, 2015, certain plant and equipment were disposed for proceeds of $202 and $232, respectively (three and nine months ended December 31, 2014 - $474 and $474, respectively) and loss of $95 and $80, respectively (three and nine months ended December 31, 2014 &#8211; gain of $132 and $118, respectively).</P>

<P style="TEXT-ALIGN: right">9</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_12"></A><BR>

<a name="_bclPageBorder12"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>6.</B></TD>

   <TD noWrap align=left><B>MINERAL RIGHTS AND PROPERTIES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Mineral rights and properties consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 24%"></TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=7 noWrap align=center><B>Producing and development properties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=4 align=center><B>Exploration and evaluation properties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="24%" noWrap align=left><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>Ying Mining District</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>BYP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>GC</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>XHP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>RZY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left>Balance as at April 1, 2014</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>163,745</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>64,923</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>109,470</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>21,694</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>210</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>360,042</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>30,389</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>355</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>3,330</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>389</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>34,463</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mine right fee</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>17,439</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>17,439</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Environmental rehabiliation</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>6,973</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>31</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(64</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(21</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>6,919</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>156</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>44</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>108</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>55</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(27</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>336</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" noWrap align=left>Balance as at March 31, 2015</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>218,702</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>65,353</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>112,844</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>22,117</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>183</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>419,199</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>16,371</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>840</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>17,211</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(10,475</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(717</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(5,215</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(1,009</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(15</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(17,431</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left><B>Ending balance as at December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>224,598</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>64,636</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>108,469</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>21,108</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>168</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>418,979</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left><B>Impairment and accumulated depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" noWrap align=left>Balance as at April 1, 2014</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(35,880</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(57,368</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(536</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(93,784</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impairment loss</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(73,565</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(21,579</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(95,144</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(9,858</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(311</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(5,392</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(18</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(15,579</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(95</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(22</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>201</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>16</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" noWrap align=left>Balance as at March 31, 2015</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(45,833</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(57,701</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(78,756</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(22,117</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(204,407</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(9,318</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,540</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(10,858</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,363</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>368</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>3,684</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1,009</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>7,424</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left><B>Ending balance as at December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(52,788</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(57,333</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(76,612</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(21,108</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(207,841</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" noWrap align=left>Balance as at March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>172,869</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>7,652</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>34,088</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>183</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>214,792</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="24%" noWrap align=left><B>Ending balance as at December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>171,810</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>7,303</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>31,857</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>168</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>211,138</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>7.</B></TD>

   <TD noWrap align=left><B>MINE RIGHT FEE PAYABLE</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">On October 21, 2015, installment of $4,095 plus interest of $180 were paid for the mine right fee. The remaining mine right fee will be paid in three annual installments and carries interest at a prevailing prime interest rate in China. As at December 31, 2015, the prevailing prime interest rate was 4.75%. For the three and nine months ended December 31, 2015, interest of $157 and $380, respectively (three and nine months ended December 31, 2014 - $115 and $115, respectively) was accrued and expensed through finance costs (see note 15).</P>

<P style="TEXT-ALIGN: justify">Details of the installments for mine right fee are as follow:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left><B>Mine right fee payable</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Current portion</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,898</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,292</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Non-current portion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>5,690</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>9,746</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,588</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>14,038</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">10</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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

<a name="_bclPageBorder13"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>8.</B></TD>

   <TD noWrap align=left><B>SHARE CAPITAL</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(a) Authorized</I></P>

<P style="TEXT-ALIGN: justify">Unlimited number of common shares without par value. All shares issued as at December 31, 2015 were fully paid.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b) Stock options</I></P>

<P style="TEXT-ALIGN: justify">The Company has a stock option plan which allows for the maximum number of common shares to be reserved for issuance on the exercise of options granted under the stock option plan to be a rolling 10% of the issued and outstanding common shares from time to time. The maximum exercise period may not exceed 10 years from the date of the grant of the options to employees, officers, and consultants. The following is a summary of option transactions:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 12%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>Weighted average</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>exercise price per</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>Number of shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>share CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Balance, April 1, 2014</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>5,067,907</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5.88</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Options granted</TD>

   <TD style="WIDTH: 12%" noWrap align=right>1,320,200</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1.75</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Options forfeited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>(903,750</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5.11</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Options expired</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>(743,001</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>4.19</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Balance, March 31, 2015</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>4,741,356</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5.15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Options granted</TD>

   <TD style="WIDTH: 12%" noWrap align=right>5,652,125</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>0.91</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Options forfeited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>(191,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4.54</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Options expired</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>(363,625</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>7.94</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>Balance, December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right><B>9,838,856</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2.62</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the nine months ended December 31, 2015, a total of 1,825,000 options with a life of five years were granted to directors, officers, and employees at an exercise price of CAD$1.43 per share subject to a vesting schedule over a four-year term with 6.25% of the options vesting every three months from the date of grant.</P>

<P style="TEXT-ALIGN: justify">During the nine months ended December 31, 2015, a total of 3,827,125 options with a life of three years were granted to directors, officers, and employees at an exercise price of CAD$0.66 per share subject to a vesting schedule over a two-year term with 25% of the options vesting every six months from the date of grant.</P>

<P style="TEXT-ALIGN: right">11</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_14"></A><BR>

<a name="_bclPageBorder14"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The fair value of the stock options granted during the nine months ended December 31, 2015 and 2014 has been calculated as at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Nine months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Risk free interest rate</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>0.53%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1.13%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Expected life of option in years</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>2.86 years</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3.01 years</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Expected volatility</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>57%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>53%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Expected dividend yield</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>0.45%</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1.14%</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Estimated forfeiture rate</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>11%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>11%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>Weighted average share price at date of grant</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.91</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>1.75</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The weighted average grant date fair value of options granted during the nine months ended December 31, 2015 was CAD$0.33 (for nine months ended December 31, 2014 - CAD$0.59). Volatility was determined based on the historical volatility of the Company&#8217;s shares over the estimated life of stock options. For the three and nine months ended December 31, 2015, a total of $234 and $742, respectively (for three and nine months ended December 31, 2014 - $340 and $1,136, respectively) in share-based compensation expense was recognized and included in the general and administrative expenses in the condensed consolidated interim statements of income.</P>

<P style="TEXT-ALIGN: justify">The following table summarizes information about stock options outstanding at December 31, 2015:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 15%"></TD>

   <TD style="WIDTH: 14%"></TD>

   <TD style="WIDTH: 15%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 15%"></TD>

   <TD style="WIDTH: 14%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>Weighted average</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 14%" noWrap align=right>Number of options</TD>

   <TD style="WIDTH: 15%" noWrap align=right>remaining</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>Weighted average</TD>

   <TD style="WIDTH: 14%" noWrap align=right>Number of options</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>Weighted average</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 14%" noWrap align=right>outstanding at</TD>

   <TD style="WIDTH: 15%" noWrap align=right>contractual life</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>exercise price in</TD>

   <TD style="WIDTH: 14%" noWrap align=right>exercisable at</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>exercise price in</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>Exercise price in CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>December 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>(Years)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>December 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>CAD$</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>0.66</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>3,827,125</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>3.00</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>0.66</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>&#8211;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>0.66</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.43</TD>

   <TD style="WIDTH: 14%" noWrap align=right>1,825,000</TD>

   <TD style="WIDTH: 15%" noWrap align=right>4.42</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.43</TD>

   <TD style="WIDTH: 14%" noWrap align=right>152,085</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.43</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>1.75</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>675,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>3.41</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>1.75</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>210,938</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>1.75</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.76</TD>

   <TD style="WIDTH: 14%" noWrap align=right>423,450</TD>

   <TD style="WIDTH: 15%" noWrap align=right>3.79</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.76</TD>

   <TD style="WIDTH: 14%" noWrap align=right>79,401</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.76</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>2.98</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>274,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>3.06</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>2.98</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>102,752</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>2.98</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>3.25</TD>

   <TD style="WIDTH: 14%" noWrap align=right>282,000</TD>

   <TD style="WIDTH: 15%" noWrap align=right>2.42</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>3.25</TD>

   <TD style="WIDTH: 14%" noWrap align=right>158,627</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>3.25</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>3.41</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>369,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>2.70</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>3.41</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>184,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>3.41</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>3.91</TD>

   <TD style="WIDTH: 14%" noWrap align=right>278,000</TD>

   <TD style="WIDTH: 15%" noWrap align=right>2.18</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>3.91</TD>

   <TD style="WIDTH: 14%" noWrap align=right>173,752</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>3.91</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>5.35</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>277,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>1.60</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>5.35</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>208,125</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>5.35</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>5.40</TD>

   <TD style="WIDTH: 14%" noWrap align=right>280,000</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.92</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>5.40</TD>

   <TD style="WIDTH: 14%" noWrap align=right>192,504</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>5.40</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>6.53</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>214,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>1.46</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>6.53</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>173,878</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>6.53</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>6.69</TD>

   <TD style="WIDTH: 14%" noWrap align=right>371,500</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.18</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>6.69</TD>

   <TD style="WIDTH: 14%" noWrap align=right>325,065</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>6.69</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>7.27</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>225,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>0.90</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>7.27</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>211,409</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>7.27</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>9.20</TD>

   <TD style="WIDTH: 14%" noWrap align=right>193,500</TD>

   <TD style="WIDTH: 15%" noWrap align=right>0.43</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>9.20</TD>

   <TD style="WIDTH: 14%" noWrap align=right>193,500</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>9.20</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>12.16</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>173,781</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>0.01</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>12.16</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>173,781</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>12.16</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>14.96</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>149,500</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>0.27</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>14.96</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>149,500</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>14.96</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right><B>$ 0.66 - 14.96</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right><B>9,838,856</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right><B>2.91</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right><B>2.62</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right><B>3,071,263</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right><B>5.57</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">On January 31, 2016, 375,281 stock options with exercise prices from $1.43 to $14.96 were either cancelled or expired.</P>

<P style="TEXT-ALIGN: right">12</P></DIV><BR>

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<BR>

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<DIV align=left>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(c) Cash dividends declared</I></P>

<P style="TEXT-ALIGN: justify">During the three and nine months ended December 31, 2015, dividends of $nil and $685, respectively (for three and nine months ended December 31, 2014 - $736 and $2,299, respectively) were declared, which was a cash dividend of CAD$0.005 per share (for three and nine months ended December 31, 2014 &#8211;CAD$0.005 per share).</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(d) Warrants</I></P>

<P style="TEXT-ALIGN: justify">On July 30, 2015, 50,000 warrants at an exercise price of CAD$6.76 per share were expired. As at December 31, 2015, the Company has no outstanding warrants (March 31, 2015 &#8211; 50,000 outstanding warrants at an exercise price of CAD$6.76 per share).</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(e) </I>Normal course issuer bid</P>

<P style="TEXT-ALIGN: justify">As at December 31, 2015, the Company acquired a total of 2,322,952 common shares at a cost of $1,676. Transaction cost related to the common share acquisition was $10. All shares bought were subsequently cancelled.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>9.</B></TD>

   <TD noWrap align=left><B>ACCUMULATED OTHER COMPREHENSIVE INCOME</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Change in fair value on equity investments designated as FVTOCI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(38,151</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(37,923</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Currency translation adjustment</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(2,234</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>11,226</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Balance, end of the period</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(40,385</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(26,697</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The change in fair value on equity investments designated as FVTOCI and on currency translation adjustment are net of tax of $nil for all periods presented.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>10.</B></TD>

   <TD noWrap align=left><B>NON-CONTROLLING INTERESTS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The continuity of non-controlling interests is summarized as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 28%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>Henan</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>Henan</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" align=right>Guangdong</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>Found</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>Huawei</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>Yunxiang</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>Found</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>SX Gold</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Balance, April 1, 2014</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>46,127</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>5,457</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>4,932</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,148</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,632</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>62,296</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Share of net income (loss), excluding the impairment loss</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>6,226</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>479</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(231</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(257</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(279</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>5,938</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Share of impairment loss</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(4,973</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(6,596</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(11,569</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Share of other comprehensive income (loss)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>134</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>22</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>12</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>16</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>183</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Distributions</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(2,563</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(651</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(3,214</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Balance, March 31, 2015</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>49,924</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>5,307</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>4,713</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(3,066</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(3,244</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>53,634</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Share of net income (loss)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,602</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(131</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(253</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(130</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(278</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,810</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Share of other comprehensive (loss) income</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,830</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(662</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(169</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>41</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>396</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(2,224</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Distributions</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,282</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(379</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,661</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Disposition upon sale of a subsidiary</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(773</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(773</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Balance, December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>50,414</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>4,135</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>4,291</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(3,155</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(3,899</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>51,786</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">13</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_16"></A><BR>

<a name="_bclPageBorder16"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at December 31, 2015, non-controlling interests in Henan Found, Henan Huawei, Yunxiang, Guangdong Found and SX Gold were 22.5%, 20%, 30%, 5% and 22.5%, respectively.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>11.</B></TD>

   <TD noWrap align=left><B>RELATED PARTY TRANSACTIONS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Related party transactions not disclosed elsewhere in the financial statements are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Due from related parties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>NUX (a)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>198</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Henan Non-ferrous Geology Bureau (b)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,647</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>18</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,845</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>33</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>(a)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">According to a services and administrative costs reallocation agreement between the Company and NUX, the Company recovers costs for services rendered to NUX and expenses incurred on behalf of NUX. During the three and nine months ended December 31, 2015, the Company recovered $40 and $177, respectively (for three and nine months ended December 31, 2014 - $103 and $241, respectively) from NUX for services rendered and expenses incurred on behalf of NUX. The costs recovered from NUX were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income. </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">Henan Non-ferrous Geology Bureau (&#8220;Henan Geology Bureau&#8221;) is a 22.5% equity interest holder of Henan Found. During the three and nine months ended December 31, 2015, Henan Found declared and paid dividends of $1,282 and $1,282, respectively (three and nine months ended December 31, 2014 - $nil and $2,563, respectively) to Henan Geology Bureau.&nbsp; <BR><BR>On December 28, 2015, Henan Found made a short-term loan in the amount of $1,544 (RMB &#165;10,000) to Henan Geology Bureau. The loan plus interest of $2 were repaid on January 6, 2016.</TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">For the three and nine months ended December 31, 2015, the Company paid $nil and $376, respectively (for three and nine months ended December 31, 2014 - $86 and $303, respectively) consulting fees to Greensea Management Ltd., a private consulting services company controlled by a former director of the Company. </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(d)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">For the three and nine months ended December 31, 2015, the Company paid $293 and $293, respectively (for three and nine months ended December 31, 2014 - $nil and $140, respectively) consulting fees to Parkside Management Limited, a private consulting services company controlled by a director of the Company. </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%">The Company rents a Beijing office from a relative of a director and officer of the Company for $21 (RMB &#165;130,746) per month. For the three and nine months ended December 31, 2015, total rents were $63 and $189, respectively (for three and nine months ended December 31, 2014 - $63 and $189, respectively). </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(f)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">Henan Xinhui Mining Co., Ltd. (&#8220;Henan Xinhui&#8221;) is a 20% equity interest holder of Henan Huawei. During the three and nine months ended December 31, 2015, Henan Huawei declared and paid </TD></TR></TABLE>

<P style="TEXT-ALIGN: right">14</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_17"></A><BR>

<a name="_bclPageBorder17"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">dividends of $379 and $379, respectively (three and nine months ended December 31, 2014 - $651 and $651, respectively) to Henan Xinhui.</P>

<P style="TEXT-ALIGN: justify">Transactions with related parties are made on normal commercial terms and are considered to be at arm&#8217;s length. The balances with related parties are unsecured, non-interest bearing, and due on demand.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>12.</B></TD>

   <TD noWrap align=left><B>COST OF SALES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Cost of sales consists of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 noWrap align=right><B>Three months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 noWrap align=right><B>Nine months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Cash cost</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>13,578</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>18,700</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>44,204</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>44,798</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Depreciation, amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>5,965</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>6,144</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>14,488</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>13,903</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>19,543</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>24,844</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>58,692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>58,701</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><B>13.</B></TD>

   <TD width="96%" noWrap align=left><B>GENERAL AND ADMINISTRATIVE</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">General and administrative expenses consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Three months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Nine months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>General and administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2014</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Office and administrative expenses</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>668</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,070</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,570</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>6,096</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Amortization and depreciation</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>390</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>631</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,244</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,564</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Salaries and benefits</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,129</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,023</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,744</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,965</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Share-based compensation</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>234</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>340</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>742</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,136</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Professional fees</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(281</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>302</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,091</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,472</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3,140</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>5,366</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>13,391</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>16,233</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>14.</B></TD>

   <TD noWrap align=left><B>GOVERNMENT FEES AND OTHER TAXES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Government fees and other taxes consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Three months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Nine months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Government fees</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>865</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>861</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,617</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,510</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Other taxes</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>960</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2,136</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2,288</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,557</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,821</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,753</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,798</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">15</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>15.</B></TD>

   <TD noWrap align=left><B>FINANCE ITEMS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Finance items consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 align=right><B>Three months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Nine months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Finance income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B>2014</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Interest income</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center><B>517</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>292</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,058</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>724</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 24%" colSpan=4 align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 26%" colSpan=5 noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 align=right><B>Three months ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Nine months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Finance costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Interest on mine right fee</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center><B>157</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>115</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center><B>380</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>115</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Unwinding of discount of environmental</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>rehabilitation provision</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center><B>123</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>38</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center><B>371</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>109</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B>280</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>153</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B>751</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>224</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>16.</B></TD>

   <TD noWrap align=left><B>INCOME TAX</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The significant components of income tax expense are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 align=right><B>Three months ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Nine months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Income tax expense</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Current</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>482</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,523</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>818</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Deferred</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>971</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>827</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2,419</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2,655</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,453</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,350</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,237</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>10,155</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>17.</B></TD>

   <TD noWrap align=left><B>FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company manages its exposure to financial risks, including liquidity risk, foreign exchange rate risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company&#8217;s Board of Directors has overall responsibility for the establishment and oversight of the Company&#8217;s risk management framework and reviews the Company&#8217;s policies on an ongoing basis. There have been no significant changes in the financial risks facing the Company since March 31, 2015.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(a)Fair value</I></P>

<P style="TEXT-ALIGN: justify">The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements.</P>

<P style="TEXT-ALIGN: justify">Level 1 &#8211; Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.</P>

<P style="TEXT-ALIGN: justify">Level 2 &#8211; Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</P>

<P style="TEXT-ALIGN: justify">Level 3 &#8211; Unobservable inputs which are supported by little or no market activity.</P>

<P style="TEXT-ALIGN: right">16</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table sets forth the Company&#8217;s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2015 that are not otherwise disclosed. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As at December 31, 2015 and March 31, 2015, the Company did not have financial liabilities measured at fair value on a recurring basis.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=10 noWrap align=center><B>Fair value as at December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left><B>Recurring measurements</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Level 1</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Level 2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Level 3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>63,376</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>63,376</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Common shares of publicly traded companies</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>208</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>208</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Yongning Smelting Co. Ltd.<SUP>(1)</SUP></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Jinduicheng Xise (Canada) Co. Ltd.<SUP>(1)</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><SUP>(1) </SUP>Level 3 financial instruments</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=10 noWrap align=center>Fair value as at March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Recurring measurements</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>60,179</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>- </TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>60,179</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Common shares of publicly traded companies</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>892</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>892</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Yongning Smelting Co. Ltd.<SUP>(1)</SUP></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Jinduicheng Xise (Canada) Co. Ltd.<SUP>(1)</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><SUP>(1) </SUP>Level 3 financial instruments</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The fair value of other financial instruments excluded from the table above approximates their carrying amounts as of December 31, 2015 and March 31, 2015, respectively.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b)Liquidity risk</I></P>

<P style="TEXT-ALIGN: justify">Liquidity risk is the risk that the Company will not be able to meet its short term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#8217;s normal operating requirements on an ongoing basis and its expansion plans.</P>

<P style="TEXT-ALIGN: justify">In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company&#8217;s financial liabilities.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=center><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Within a year</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2-3 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>4-5 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Mine right fee payable</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,898</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,690</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,588</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Accounts payable and accrued liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>33,723</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>33,723</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>37,621</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,690</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>43,311</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">17</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_20"></A><BR>

<a name="_bclPageBorder20"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I></I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(c) Foreign exchange risk</I></P>

<P style="TEXT-ALIGN: justify">The Company undertakes transactions denominated in foreign currencies and is exposed to foreign exchange risk arising from such transactions.</P>

<P style="TEXT-ALIGN: justify">The Company conducts its mining operations in China and thereby the majority of the Company&#8217;s assets, liabilities, revenues and expenses are denominated in RMB, which is tied to a basket of currencies of China&#8217;s largest trading partners.</P>

<P style="TEXT-ALIGN: justify">The Company currently does not engage in foreign currency hedging, and the exposure of the Company&#8217;s financial assets and financial liabilities to foreign exchange risk is summarized as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Financial assets denominated in U.S. Dollars</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>24,147</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>20,838</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Financial assets denominated in Chinese RMB</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>40,410</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>44,133</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at December 31, 2015, with other variables unchanged, a 1% strengthening (weakening) of the RMB against the USD would have increased (decreased) net income before income taxes by approximately $0.6 million.</P>

<P style="TEXT-ALIGN: justify">As at December 31, 2015, with other variables unchanged, a 1% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income before income taxes by approximately $0.2 million.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>18.</B></TD>

   <TD noWrap align=left><B>SEGMENTED INFORMATION</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Operating segments are components of the Company where separate financial information is available that is evaluated regularly by the Company&#8217;s Chief Executive Officer who is the Chief Operating Decision Maker (&#8220;CODM&#8221;). The operational segments are determined based on the Company&#8217;s management and internal reporting structure. Operating segments are summarized as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 33%"></TD>

   <TD style="WIDTH: 33%"></TD>

   <TD style="WIDTH: 33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=left><B>Operational Segments</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=left><B>Subsidiaries Included in the Segment</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=left><B>Properties Included in the Segment</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left><B>Mining</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Henan Luoning</P></TD>

   <TD style="WIDTH: 33%" noWrap align=left>Henan Found and Henan Huawei</TD>

   <TD style="WIDTH: 33%" noWrap align=left>Ying Mining District</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Hunan</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>Yunxiang</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>BYP</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Guangdong</P></TD>

   <TD style="WIDTH: 33%" noWrap align=left>Guangdong Found</TD>

   <TD style="WIDTH: 33%" noWrap align=left>GC</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>SX Gold and 0875786 B.C. Ltd.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>XHP</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 33%" noWrap align=left><B>Administrative</B></TD>

   <TD style="WIDTH: 33%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Vancouver</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>Silvercorp Metals Inc., BVI and Barbados' holding companies</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>RZY</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Beijing</P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="33%" noWrap align=left>Silvercorp Metals (China) Inc.</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="33%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">18</P></DIV><BR>

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<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(a) Segmented information for assets and liabilities are as follows:</P>

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<TR>

   <TD style="WIDTH: 26%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=24 align=center><B>December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=4 noWrap align=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=6 noWrap align=center><B>Administrative</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>Total</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left><B>Balance sheet items:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Beijing</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Vancouver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Current assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>38,534</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>1,859</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>6,451</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>510</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>180</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>35,971</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>83,505</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Plant and equipment</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>45,577</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>5,551</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>12,571</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>1,275</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>139</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>65,113</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Mineral rights and properties</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>171,810</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>7,303</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>31,857</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>168</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>211,138</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Investment in an associate</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>3,316</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>3,316</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Other investments</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>208</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>208</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Raclamation deposit</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>1,626</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>392</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>7</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>2,025</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Long-term prepaids and deposits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>571</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>102</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>2,196</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>176</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>3,045</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left><B>Total assets</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>258,118</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>14,815</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>53,467</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>686</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>1,455</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>39,809</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>368,350</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Current liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>30,479</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>1,445</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>6,194</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>3,592</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>296</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>1,414</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>43,420</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Mine right fee payable</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>5,690</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>5,690</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Deferred income tax liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>22,463</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>904</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>23,367</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left><B>Environmental rehabilitation</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>10,639</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>966</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>815</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>251</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>12,671</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Total liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>69,271</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>3,315</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>7,009</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>3,843</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>296</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>1,414</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>85,148</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 100%" colSpan=24 align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=24 align=center>March 31, 2015</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=4 noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=5 noWrap align=center>Administrative</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=center>Henan</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>Total</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left>Balance sheet items:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Vancouver</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Current assets</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>34,386</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>1,913</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>5,080</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>2,277</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>342</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>39,479</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>83,477</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Plant and equipment</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>44,191</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>6,012</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>12,733</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>113</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>1,427</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>303</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>64,779</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Mineral rights and properties</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>172,869</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>7,652</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>34,088</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>183</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>214,792</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Investment in an associate</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>3,449</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>3,449</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Other investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>892</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>892</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Raclamation deposit</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>1,701</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>403</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>8</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>2,112</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Long-term prepaids and deposits</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>358</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>59</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>2,320</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>208</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>2,945</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left>Total assets</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>253,505</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>15,636</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>54,624</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>2,598</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>1,769</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>44,314</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>372,446</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Current liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>23,256</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>943</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>4,209</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>4,035</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>142</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>3,114</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>35,699</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Mine right fee payable</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>9,746</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>9,746</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Deferred income tax liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>20,790</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>802</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>21,592</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left>Environmental rehabilitation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>10,831</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>983</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>829</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>255</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>12,898</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Total liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>64,623</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>2,728</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>5,038</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>4,290</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>142</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>3,114</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>79,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">19</P></DIV><BR>

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<BR>

<A name="page_22"></A><BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(b) Segmented information for operating results are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 26%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=24 align=center><B>Three months ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=4 noWrap align=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=4 noWrap align=center><B>Administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>Total</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left><B>Statement of operations:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Hunan</B><B><SUP>(1)</SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Guangdong</B><B><SUP>(2)</SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Beijing</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Vancouver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>23,459</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>5,622</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>29,081</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(14,072</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(5,471</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(19,543</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>9,387</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>151</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>9,538</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Operating (expenses) income</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(4,678</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(160</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(795</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(596</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(441</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>2,264</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(4,406</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Finance items</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(120</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(9</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(3</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(3</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>78</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>294</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>237</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Income tax expenses</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(808</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(33</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(612</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(1,453</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>3,781</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(202</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(647</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(599</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(363</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>1,946</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>3,916</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Attributed to:</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>2,962</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(141</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(605</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(473</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(363</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>1,946</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>3,326</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>819</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(61</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(42</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(126</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>590</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>3,781</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(202</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(647</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(599</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(363</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>1,946</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>3,916</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0px"><SUP>(1) </SUP>Hunan's BYP project was placed on care and maintenance starting August 2014; <BR><SUP>(2) </SUP>Guangdong's GC project commenced commercial production on July 1, 2014.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 26%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=24 align=center>Three months ended December 31, 2014</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=4 noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=4 noWrap align=center>Administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=center>Henan</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>Total</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left>Statement of operations:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Vancouver</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Sales</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>32,393</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>7,854</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>40,247</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(17,670</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(7,174</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(24,844</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Gross profit</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>14,723</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>680</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>15,403</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Operating expenses</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(3,434</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(383</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(930</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(237</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(541</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(587</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(6,112</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Finance items</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(48</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(6</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>30</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>2</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>106</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>55</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>139</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Income tax (expenses) recovery</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,867</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(168</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>81</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(395</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2,350</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Net income (loss)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>9,374</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(557</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(139</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(235</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(436</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(927</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>7,080</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Attributed to:</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Equity holders of the Company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>7,430</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(392</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(89</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(118</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(436</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(927</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>5,468</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left>Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,944</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(165</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(50</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(117</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,612</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Net income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>9,374</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(557</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(139</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(235</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(436</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(927</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>7,080</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">20</P></DIV><BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 26%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=24 align=center><B>Nine months ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=4 noWrap align=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=4 noWrap align=center><B>Administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>Total</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left><B>Statement of operations:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Hunan</B><B><SUP>(1)</SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Guangdong</B><B><SUP>(2)</SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Beijing</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center><B>Vancouver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>72,678</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>15,836</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>88,514</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(44,289</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(14,403</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(58,692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>28,389</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>1,433</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>29,822</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp; </TD>

   <TD style="WIDTH: 6%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Operating expenses</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(10,474</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(674</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(2,272</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(803</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(1,436</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(567</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(16,226</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Finance items</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(294</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(28</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>20</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(4</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>272</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>341</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>307</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Income tax expenses</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(2,471</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(142</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(622</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(3,237</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>15,150</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(844</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(819</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(807</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(1,166</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(848</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>10,666</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp; </TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>11,679</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(591</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(689</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(529</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(1,166</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(848</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>7,856</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>3,471</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(253</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(130</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(278</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>2,810</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>15,150</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(844</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(819</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(807</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(1,166</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(848</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>10,666</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0px"><SUP>(1) </SUP>Hunan's BYP project was placed on care and maintenance in August 2014; <BR><SUP>(2) </SUP>Guangdong's GC project commenced commercial production on July 1, 2014.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 26%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="100%" colSpan=24 align=center>Nine months ended December 31, 2014</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" colSpan=4 noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" colSpan=4 noWrap align=center>Administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=center>Henan</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>Total</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left>Statement of operations:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=center>Vancouver</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Sales</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>92,254</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>2,775</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>13,167</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>108,196</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(45,843</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(1,530</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(11,328</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(58,701</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Gross profit</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>46,411</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>1,245</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>1,839</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>49,495</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Operating expenses</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(9,276</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,387</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,873</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(73</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,471</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(4,431</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(18,511</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Finance items</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(337</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(2</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>39</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>2</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>319</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>479</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>500</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Income tax (expenses) recovery</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(8,877</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(359</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>368</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,285</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(10,155</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Net income (loss)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>27,921</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(503</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>373</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(71</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(1,154</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(5,237</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>21,329</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Attributable to:</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Equity holders of the Company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>21,542</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(359</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>490</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>158</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,154</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(5,237</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>15,440</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left>Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>6,379</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(144</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(117</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(229</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>5,889</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Net income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>27,921</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(503</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>373</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(71</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,154</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(5,237</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>21,329</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">21</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_24"></A><BR>

<a name="_bclPageBorder24"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(c) Sales by metal</P>

<P style="TEXT-ALIGN: justify">The sales generated for the three and nine months ended December 31, 2015 and 2014 comprise:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=10 noWrap align=center><B>Three months ended December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Henan Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Silver (Ag)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>14,770</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,014</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>16,784</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>Gold (Au)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>379</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>20</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>399</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Lead (Pb)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>7,738</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,818</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,556</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>Zinc (Zn)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>572</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,602</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>2,174</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>168</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>168</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>23,459</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>5,622</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>29,081</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 38%" colSpan=7 noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=10 noWrap align=center>Three months ended December 31, 2014</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Henan Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Silver (Ag)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>19,671</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,754</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>22,425</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Gold (Au)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>725</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>11</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>736</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Lead (Pb)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>10,217</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,805</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>12,022</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Zinc (Zn)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,780</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3,146</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,926</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>32,393</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>7,854</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>40,247</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 42%" colSpan=9 noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=10 noWrap align=center><B>Nine months ended December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Henan Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Silver (Ag)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>44,293</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,121</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>49,414</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>Gold (Au)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,609</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>43</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,652</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Lead (Pb)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>24,429</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,630</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>29,059</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>Zinc (Zn)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>2,347</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>5,498</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>7,845</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>544</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>544</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>72,678</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>15,836</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>88,514</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 38%" colSpan=7 noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="52%" colSpan=10 noWrap align=center>Nine months ended December 31, 2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Henan Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Silver (Ag)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>57,598</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,569</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>62,167</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Gold (Au)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,121</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,775</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>11</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,907</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Lead (Pb)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>28,629</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,866</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>31,495</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Zinc (Zn)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3,906</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>5,453</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>9,359</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>268</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>268</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>92,254</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2,775</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>13,167</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>108,196</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(d) Major customers</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, three major customers (for nine months ended December 31, 2014 - three) accounted for 10% to 53% of sales, (for nine months ended December 31, 2014 - 13% to 42%) and were collectively approximately 77% (for nine months ended December 31, 2014 - 74%) of the total sales of the Company.</P>

<P style="TEXT-ALIGN: right">22</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_25"></A><BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>19.</B></TD>

   <TD noWrap align=left><B>COMMITMENTS AND CONTINGENCIES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Commitments, not disclosed elsewhere in these condensed consolidated interim financial statements, are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Less than 1 year</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1-5 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>After 5 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Operating leases</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,175</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>390</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,986</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>799</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Commitments</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>6,418</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>6,418</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As of December 31, 2015, the Company has two office rental agreements totaling $4,175 for the next eight years and commitments of $6,418 related to the GC property. During the three and nine months ended December 31, 2015, the Company incurred rental expenses of $144 and $479, respectively (three and nine months ended December 31, 2014 - $283 and $912, respectively), which were included in office and administrative expenses on the condensed consolidated interim statements of income.</P>

<P style="TEXT-ALIGN: justify">Due to the size, complexity and nature of the Company&#8217;s operations, various legal and tax matters arise in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. As at December 31, 2015 and March 31, 2015, no contingent liabilities were accrued.</P>

<P style="TEXT-ALIGN: justify">On May 23, 2013 the Company became aware of an action commenced pursuant to the Class Proceedings Act (Ontario) against it and certain of its senior officers and expert advisors in the Ontario Superior Court of Justice on May 21, 2013 relating to claims for misrepresentation, at common law and pursuant to secondary market civil liability provisions under the Securities Act (Ontario) (the &#8220;Mask Action&#8221;). The lead plaintiff is John Mask and the amount claimed as special damages or general damages, not including claims for costs and interest, is $80 million or such other sum the court finds appropriate in the event this action is certified and judgment pronounced at trial. Two other class action lawsuits have been filed against the Company and certain of its senior officers and expert advisors in the Ontario Superior Court of Justice pursuant to the Class Proceedings Act (Ontario) on September 11, 2013 and in the British Columbia Supreme Court pursuant to the Class Proceedings Act (British Columbia) on September 9, 2013. The Company understands that, as between the three actions, only the Mask Action is proceeding at this time. The Company believes that there is no merit to the allegations set out in these lawsuits and has retained McCarthy T&#233;trault LLP as its defense counsel and intends to pursue a vigorous defense.</P>

<P style="TEXT-ALIGN: justify">On October 22, 2015 the Ontario Superior Court of Justice denied Mr. Mask leave to proceed with a class action and awarded costs in favour of Silvercorp. Mr. Mask has since filed an appeal with the Court of Appeal for Ontario.</P>

<P style="TEXT-ALIGN: right">23</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>31, 2015 and for three and nine months ended December 31, 2015 and 2014</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><EM>(Unaudited) (Expressed in thousands of U.S. dollars, except share and per share figures or </EM><EM>otherwise stated)</EM></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>20.</B></TD>

   <TD noWrap align=left><B>SUPPLEMENTARY CASH FLOW INFORMATION</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(a) Cash and cash equivalents</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Cash on hand and at bank</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>40,667</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>44,395</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Bank term deposits and GICs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>22,709</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>15,784</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Total cash and cash equivalents</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>63,376</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>60,179</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(b) Net changes in non-cash working capital</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 42%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 42%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="24%" colSpan=4 noWrap align=right><B>Three months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="24%" colSpan=4 noWrap align=right><B>Nine months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 42%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="42%" noWrap align=left>Trade and other receivables</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(55</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,205</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(661</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,918</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 42%" noWrap align=left>Inventories</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(492</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>936</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(2,940</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>221</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="42%" noWrap align=left>Prepaids and deposits</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>685</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>439</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(16</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>621</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 42%" noWrap align=left>Accounts payable and accrued liabilities</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(2,544</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,375</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>3,387</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>5,646</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="42%" noWrap align=left>Deposits received</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(187</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(5,502</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(2,538</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,205</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 42%" noWrap align=left>Due to related parties</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(169</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(256</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(291</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(310</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="42%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(2,762</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,197</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(3,059</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,891</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>21.</B></TD>

   <TD noWrap align=left><B>DISPOSAL OF A SUBSIDIARY</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">On November 17, 2015, the Company entered into a share transfer agreement (&#8220;the Agreement&#8221;) with an arm&#8217;s length private Chinese company. Pursuant to the Agreement, the Company&#8217;s subsidiary, SX Gold sold its 51% equity interest in Rongtai Mining Co., Ltd. (&#8220;Rongtai&#8221;) for $11 (RMB &#165;70). Rongtai did not have any core assets other than its working capitals and equipment. The total net assets disposed of are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 86%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="86%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Rongtai</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Cash consideration received (RMB &#165;70)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>11</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>116</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Trade and other receivables</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>56</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Prepaids and deposits</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>953</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Plant and equipment</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>108</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Accounts payable and accrued liabilities</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(12</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Accumulated comprehensive income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>23</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="86%" noWrap align=left>Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(773</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left><B>Net assets disposed of</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>471</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="86%" noWrap align=left><B>Loss on disposal of a subsidiary</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(460</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company recognized loss of $460 on the disposal of Rongtai.</P>

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   <TD noWrap align=left><B>22.</B></TD>

   <TD noWrap align=left><B>SUBSEQUENT EVENT</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">On January 6, 2016, the Company&#8217;s 77.5% owned subsidiary Henan Found borrowed a loan of $4,619 (RMB &#165;30 million) from Bank of China to cover its short-term operational needs. The loan bears interest rate of 4.35% per annum and matures on January 6, 2017.</P>

<P style="TEXT-ALIGN: right">24</P></DIV><BR>

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<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>MD&A FOR THE 3RD QUARTER ENDED DECEMBER 31, 2015
<TEXT>

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   <TITLE>Exhibit 99.5</TITLE>
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<!--$$/page=--><A name="page_1"></A><HR NOSHADE size=3><P style="margin-top: 0px" align=right><B>Exhibit 99.5</B></P><BR>

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<P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>

<P style="TEXT-ALIGN: justify"><B>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</B></P>

<P style="TEXT-ALIGN: justify"><B>For the Three and Nine Months Ended December 31, 2015</B></P>

<P style="TEXT-ALIGN: justify"><B>(Expressed in thousands of US dollars, except per share figures or otherwise stated)</B></P></DIV><BR>

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<P style="TEXT-ALIGN: justify"><B>Table of Contents</B></P>

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<TR>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 92%"></TD>

   <TD style="WIDTH: 4%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>1.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Core Business and Strategy</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>2</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>2.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Third Quarter of Fiscal Year 2016 Highlights</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>2</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>4.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Third Quarter Fiscal Year 2016 Financial Results</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>12</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>5.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Liquidity and Capital Resources</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>15</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>6.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Financial Instruments and Related Risks</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>16</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>7.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Off-Balance Sheet Arrangements</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>18</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>8.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Transactions with Related Parties</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>18</B></TD></TR>

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   <TD style="WIDTH: 4%" noWrap align=left><B>9.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Alternative Performance (Non-IFRS) Measures</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>19</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>10.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Critical Accounting Policies and Estimates</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>25</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>11.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Changes in Accounting Standards</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>26</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>12.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Other MD&amp;A Requirements</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>26</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>13.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Outstanding Share Data</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>26</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>14.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Risks and Uncertainties</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>27</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>15.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Disclosure Controls and Procedures</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>28</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>16.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Changes in Internal Control over Financial Reporting</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>28</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>17.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Directors and Officers</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>28</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="96%" colSpan=2 noWrap align=left><B>Forward Looking Statements</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>29</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I>Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is intended to help the reader understand the significant factors that have affected Silvercorp Metals Inc. and its subsidiaries&#8217; (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) performance and such factors that may affect its future performance. This MD&amp;A should be read in conjunction with the Company&#8217;s unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2015 and the related notes contained therein. In addition, the following should be read in conjunction with the audited consolidated financial statements of the Company for the year ended March 31, 2015, the related MD&amp;A, the Annual Information Form (available on SEDAR at www.sedar.com), and the annual report on Form 40-F. The Company reports its financial position, results of operations and cash flow in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (&#8220;IFRS&#8221;). Silvercorp&#8217;s significant accounting policies are set out in Note 2 of the unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2015, as well as Note 2 to the audited consolidated financial statements for the year ended March 31, 2015. This MD&amp;A refers to various non-IFRS measures, such as total and cash cost per ounce of silver, net of by-product credits, all-in &amp; all-in sustaining cost per ounce of silver, net of byproduct credits, cash flow from operations per share, and production costs per tonne. Non-IFRS measures do not have standardized meanings under IFRS. Accordingly, non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. To facilitate a better understanding of these measures as calculated by the Company, we have provided detailed descriptions and reconciliations, in section 9 of this MD&amp;A.</I></P>

<P style="TEXT-ALIGN: justify"><I>This MD&amp;A is prepared as of February 4, 2016 and expressed in thousands of U.S. dollars, except share, per share, unit cost, and production data, unless otherwise stated.</I></P>

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   <TD noWrap align=left><B>1.</B></TD>

   <TD noWrap align=left><B>Core Business and Strategy</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China. Silvercorp is the largest primary silver producer in China through the operation of several silver-lead-zinc mines at the Ying Mining District in Henan Province, China. The Company also commenced commercial production at its GC silver-lead-zinc project in Guangdong Province in July 2014. The Company&#8217;s shares are traded on Toronto Stock Exchange.</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

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   <TD noWrap align=left><B>2.</B></TD>

   <TD noWrap align=left><B>Third Quarter of Fiscal Year 2016 Highlights</B></TD></TR></TABLE></DIV>

<UL>

<LI>Cash flows from operations of $9.6 million, or $0.06 per share; </LI><BR>

<LI>Repurchased 684,700 common shares of the Company; </LI><BR>

<LI>Ended the quarter with $66.8 million in cash and short term investments; </LI><BR>

<LI>Net income attributable to equity shareholders of $3.3 million, or $0.02 per share; </LI><BR>

<LI>Silver and lead head grades improved by 13% and 14%, respectively, to 287 grams per tonne for silver and 4.1% for lead at the Ying Mining District, compared to the prior year quarter; </LI><BR>

<LI>Silver sales of 1.4 million ounces, lead sales of 15.1 million pounds, and zinc sales of 4.7 million pounds, down 15%, 9%, and 33%, respectively, from the prior year quarter; </LI><BR>

<LI>Realized selling price for silver, lead, and zinc dropped by 12%, 13%, and 35%, respectively, compared to the same prior year quarter; </LI><BR>

<LI>Sales of $29.1 million, down 28% from the prior year quarter; </LI><BR>

<LI>Gross margin of 33% compared with 38% in the prior year period; </LI><BR>

<LI>Cash cost per ounce of silver, net of by-product credits<SUP>1 </SUP>, of $0.90, compared to $0.53 in the prior year quarter; and </LI><BR>

<LI>All-in sustaining cost per ounce of silver, net of by-product credits<SUP>1 </SUP>, of $7.72, compared to $10.91 in the prior year quarter. </LI></UL>

<P style="TEXT-ALIGN: justify">______________________________<BR><SUP>1 </SUP>Non-IFRS measure, see section 9 for reconciliation.</P>

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   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 2</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

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   <TD noWrap align=left><B>3.</B></TD>

   <TD noWrap align=left><B>Operating Performance</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes consolidated and each mining district&#8217;s operational information for the three months ended December 31, 2015:</P>

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<TR>

   <TD width="58%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="42%" colSpan=6 noWrap align=center><B><FONT color=#ffffff>Three months ended December 31, 2015</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>GC</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>152,230</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>71,288</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>223,518</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>151,035</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>71,593</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>222,628</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>78.91</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>46.52</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>68.58</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>55.63</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>38.22</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>50.08</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>23.28</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8.30</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>18.50</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.99</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.72</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>14.15</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>17.30</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>15.16</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>11.67</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>15.16</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12.79</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>2.48</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.14</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.37</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Average Production Cost</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp; </TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><B>7.28</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9.32</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>7.91</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><B>453</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>747</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>508</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.38</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.59</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.42</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.33</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.44</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.31</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total production cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>4.43</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8.86</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5.08</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>0.25</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4.62</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.90</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ All-in sustaining cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>6.62</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9.80</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>7.72</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ All-in cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>8.62</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10.31</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9.50</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Recovery Rates</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>95.4</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>80.2</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>90.5</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>96.6</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>88.3</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>94.0</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>50.2</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>81.2</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>60.2</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Head Grades</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>287</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>97</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>226</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>4.1</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.9</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3.4</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.8</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.6</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.3</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Concentrate in stock</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead concentrate </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>2,931</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>194</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,125</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc concentate </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>240</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>174</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>414</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>

   <TD width="12%" noWrap align=right><B>1,216</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>210</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,426</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.5</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.5</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" noWrap align=right><B>12,107</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,021</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>15,128</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" noWrap align=right><B>1,168</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,525</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,693</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12,373</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12,373</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><B>14,770</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2,014</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>16,784</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><B>379</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>20</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>399</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><B>7,738</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,818</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9,556</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><B>572</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,602</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2,174</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>168</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>168</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>23,459</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>5,622</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>29,081</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price,Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><B>12.14</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9.58</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11.76</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><B>756</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>768</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>756</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.64</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.60</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.63</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.49</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.45</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.46</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.<BR><SUP>2 </SUP>GC Silver recovery rate consists of 63.4% from lead concentrates and 16.8% from zinc concentrates.<BR><SUP>2 </SUP>GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.<BR>+Non-IFRS measures, see section 9 for reconciliation</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 3</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes consolidated and each mining district&#8217;s operational information for the three months ended December 31, 2014:</P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="42%" colSpan=6 noWrap align=center><B><FONT color=#ffffff>Three months ended December 31, 2014</FONT></B></TD></TR>

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   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

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   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>175,782</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>87,916</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>263,698</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>187,154</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>90,287</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>277,441</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>73.28</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>55.16</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>67.25</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>57.79</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>33.11</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>49.57</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>15.49</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>22.05</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>17.68</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right>5.41</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.60</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>15.77</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>19.88</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>17.11</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>13.63</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>15.82</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>14.35</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>2.14</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.06</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.76</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Average Production Cost</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>7.63</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10.03</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>8.28</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>433</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>750</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>504</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.40</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.66</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.44</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.39</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.65</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.44</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total production cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right>3.48</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>8.26</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.20</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right>0.83</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>(1.18</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>0.53</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total production cost per ounce of Gold </B>($)</P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total cash cost per ounce of Gold </B>($)</P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ All-in sustaining cost per ounce of Silver </B>($)<SUP>2</SUP></P></TD>

   <TD width="12%" noWrap align=right>8.91</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>(4.22</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>10.91</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ All-in cost per ounce of Silver </B>($)<SUP>2</SUP></P></TD>

   <TD width="12%" noWrap align=right>10.32</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>6.64</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>11.90</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Recovery Rates</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%) </I><I><SUP>3</SUP></I></P></TD>

   <TD width="12%" noWrap align=right>94.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>75.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>88.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.5</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>95.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>85.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>92.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>66.8</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>80.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>71.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Head Grades</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>253</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>104</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>205</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>3.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>1.0</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.5</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Concentrate in stock</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead concentrate </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>300</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>311</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>611</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc concentate </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>150</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>123</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>273</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>1,421</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>251</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,672</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>0.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right>14,168</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,500</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>16,668</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right>2,531</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,452</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>6,983</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10,070</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10,070</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>19,671</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,754</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>22,425</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>725</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>11</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>736</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>10,217</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,805</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>12,022</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>1,780</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,146</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,926</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>32,393</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>7,854</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>40,247</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>13.84</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10.98</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13.41</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>786</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>821</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>787</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.72</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.72</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.72</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.70</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.71</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.71</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG&amp;LM.<BR><SUP>2 </SUP>BYP gold ounces converted to silver equivalent using a ratio of 50:1.<BR><SUP>3 </SUP>GC silver recovery rate consist of 53.2% from lead concentrate and 22.7% from zinc concentrate.<BR>+ Non-IFRS measures, see section 9 for reconciliation</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 4</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes consolidated and each mining district&#8217;s operational information for the nine months ended December 31, 2015:</P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="42%" colSpan=6 noWrap align=center><B><FONT color=#ffffff>Nine months ended December 31, 2015</FONT></B></TD></TR>

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   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>GC</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>490,351</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>207,561</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>697,912</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>488,248</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>206,738</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>694,986</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>80.15</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>49.33</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>70.98</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>58.25</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>41.13</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>53.16</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>21.90</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8.20</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>17.82</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4.10</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.88</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>14.40</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>17.72</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>15.39</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>12.06</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>15.49</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13.08</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>2.34</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.23</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.31</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Average Production Cost</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><B>7.63</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8.98</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8.08</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><B>487</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>717</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>529</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.42</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.60</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.45</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.36</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.51</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.38</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total production cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>4.50</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>7.11</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4.83</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>1.03</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.78</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.26</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ All-in sustaining cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>8.52</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10.54</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10.27</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ All-in cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right><B>10.08</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11.05</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11.69</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Recovery Rates</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>95.0</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>78.3</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>90.0</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>95.4</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>88.5</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>93.4</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>53.3</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>82.4</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>61.9</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Head Grades</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>260</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>97</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>212</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>3.8</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.6</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3.2</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.8</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.5</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.3</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Concentrate in stock</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead concentrate </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>2,931</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>194</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,125</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc concentate </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>240</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>174</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>414</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B></B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>

   <TD width="12%" noWrap align=right><B>3,538</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>519</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,057</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>

   <TD width="12%" noWrap align=right><B>2.0</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.1</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.1</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" noWrap align=right><B>35,563</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>7,072</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>42,635</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" noWrap align=right><B>3,999</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9,726</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13,725</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>38,905</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>38,905</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><B>44,293</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5,121</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>49,414</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><B>1,609</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>43</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,652</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><B>24,429</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,630</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>29,059</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right><B>2,347</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5,498</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>7,845</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>544</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>544</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>72,678</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>15,836</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>88,514</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><B>12.52</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9.87</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12.18</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><B>799</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>789</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>798</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.69</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.65</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.68</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>0.59</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.57</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.57</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.<BR><SUP>2 </SUP>GC Silver recovery rate consists of 57.56% from lead concentrates and 20.72% from zinc concentrates.<BR><SUP>2 </SUP>GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.<BR>+ Non-IFRS measures, see section 9 for reconciliation</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 5</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes consolidated and each mining district&#8217;s operational information for the nine months ended December 31, 2014:</P>

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<TR>

   <TD width="44%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

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   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="44%" colSpan=8 noWrap align=center><B><FONT color=#ffffff>Nine months ended December 31, 2014</FONT></B></TD></TR>

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   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>546,402</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>46,547</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>158,814</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>751,763</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>547,465</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>48,844</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>159,431</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>755,740</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>62.10</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>30.55</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>53.62</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>58.35</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>49.24</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>22.92</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>31.39</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>43.84</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>12.86</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7.63</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>22.23</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>14.51</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right>4.83</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.51</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>15.06</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13.40</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>21.15</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>16.23</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>12.88</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>12.31</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>16.59</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13.62</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>2.18</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.09</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.56</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.61</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Average Production Cost</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>7.57</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9.79</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>8.03</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>418</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>565</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>706</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>510</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.37</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.63</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.40</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.34</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.61</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.38</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total production cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right>2.95</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>6.79</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.31</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD width="12%" noWrap align=right>0.40</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>(2.96</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total production cost per ounce of Gold </B>($)</P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>565</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>566</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total cash cost per ounce of Gold </B>($)</P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>454</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>455</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ All-in sustaining cost per ounce of Silver </B>($)<SUP>2</SUP></P></TD>

   <TD width="12%" noWrap align=right>8.62</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>21.54</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9.34</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10.73</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ All-in cost per ounce of Silver </B>($)<SUP>2</SUP></P></TD>

   <TD width="12%" noWrap align=right>15.00</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>23.38</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13.10</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>16.77</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Recovery Rates</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%) </I><I><SUP>3</SUP></I></P></TD>

   <TD width="12%" noWrap align=right>94.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>77.2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>90.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.1</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>95.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>86.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>93.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>61.2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>80.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>65.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;&nbsp; Head Grades</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>232</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>105</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>203</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>3.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>0.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.2</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Concentrate in stock</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead concentrate </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>300</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>311</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>611</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc concentate </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>150</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>123</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>273</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>3,798</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>402</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,200</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>2.5</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>5.2</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right>38,362</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,928</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>42,290</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right>5,686</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7,711</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13,397</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>21,412</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>21,412</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

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   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>57,598</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,569</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>62,167</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>2,121</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,775</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>11</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,907</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>28,629</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,866</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>31,495</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>3,906</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>5,453</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9,359</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other</B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>268</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>268</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>92,254</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>2,775</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>13,167</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>108,196</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>15.17</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>11.38</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>14.80</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>837</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,024</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>821</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>933</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.75</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.73</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.74</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.69</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.71</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.70</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG&amp;LM.<BR><SUP>2 </SUP>BYP gold ounces converted to silver equivalent using a ratio of 50:1.<BR><SUP>3 </SUP>GC silver recovery rate consist of 54.0% from lead concentrate and 23.2% from zinc concentrate.<BR>+ Non-IFRS measures, see section 9 for reconciliation</P>

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<P style="TEXT-ALIGN: justify">(a) Mine and Milling Production</P>

<P style="TEXT-ALIGN: justify">For the three months ended December 31, 2015 (&#8220;Q3 Fiscal 2016&#8221;), on a consolidated basis, the Company mined 223,518 tonnes of ore, down 15% compared to 263,698 tonnes in the three months ended December 31, 2014 (&#8220;Q3 Fiscal 2015&#8221;). The decrease in ore mined was mainly due to the fact that the Company reduced the mining activities at the relatively lower grade HPG mine, LM mine, and GC mine in light of the current low metal prices. Ore milled decreased correspondingly by 20% to 222,628 tonnes of ore compared to 277,441 tonnes in Q3 Fiscal 2015.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, on a consolidated basis, the Company mined 697,912 tonnes of ore, a 7% decrease compared to 751,763 tonnes in the same prior year period. In the same comparative periods, ore milled decreased 8% to 694,986 tonnes ore compared to 755,740 tonnes.</P>

<P style="TEXT-ALIGN: justify">(b) Mining and Milling Costs</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the consolidated total mining costs and cash mining costs were $68.58 and $50.08 per tonne, an increase of 2% and 1% as compared to $67.25 and $49.57 per tonne, respectively, in Q3 Fiscal 2015. The increase in cash mining costs is mainly resulting from fixed overhead costs allocated to reduced ore mined.</P>

<P style="TEXT-ALIGN: justify">The consolidated total milling costs and cash milling costs in Q3 Fiscal 2016 were $15.16 and $12.79 per tonne, a decrease of 11% and 11% as compared to $17.11 and $14.35 per tonne, respectively, in Q3 Fiscal 2015. The decrease in per tonne milling costs is mainly due to enhanced management to reduce material and utility consumption.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, the consolidated total mining cost and cash mining cost were $70.98 and $53.16 per tonne, an increase of 22% and 21% as compared to $58.35 and $43.84 per tonne, respectively, in the same prior year period, and the increase was mainly due to the impacts arising from a mining contractor&#8217;s termination and more underground drilling and preparation tunnelling conducted as disclosed in the prior quarters of Fiscal 2016. Meanwhile, the consolidated total milling cost and cash milling costs were $15.39 and $13.08 per tonne, a decrease of 5% and 4% as compared to $16.23 and $13.62, respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Compared to the Company&#8217;s forecasted production costs for Fiscal 2016 announced February 12, 2015, the consolidated average cash production costs per tonne in the current quarter are within the Company&#8217;s guidance. Each mine&#8217;s production costs are further discussed in <I>item (f) &#8211; Operation Review </I>below.</P>

<P style="TEXT-ALIGN: justify">(c) Metal Sales</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the Company sold 1.4 million ounces of silver, 15.1 million pounds of lead, and 4.7 million pounds of zinc, compared to 1.7 million ounces of silver, 16.7 million pounds of lead, and 7.0 million pounds of zinc, respectively, in Q3 Fiscal 2015. The decrease of metal sales is mainly due to less ore milled in the current quarter partially offset by the increase of head grade.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, the Company sold 4.1 million ounces of silver, 42.6 million pounds of lead, and 13.7 million pounds of zinc, compared to 4.2 million ounces of silver, 42.3 million pounds of lead, and 13.4 million pounds of zinc, respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">In reaction to the lower metal prices, the Company intentionally increased its inventory of concentrates. As at December 31, 2015, the Company increased its silver-lead and zinc concentrate inventories by 2,514 and 141 tonnes respectively, ending the quarter with 3,125 tonnes of lead and 414 tonnes of zinc concentrates, respectively, compared to 611 tonnes of silver-lead and 273 tonnes of zinc concentrates in inventory as at December 31, 2014.</P>

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<P style="TEXT-ALIGN: justify">(d) Total and Cash Cost per Ounce of Silver, Net of By-Product Credits<SUP>1</SUP></P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the consolidated total production cost and cash cost per ounce of silver, net of byproduct credits, were $5.08 and $0.90 compared to $4.20 and $0.53, respectively, in Q3 Fiscal 2015. The overall increase in cash cost per ounce of silver, net of by-product credits, is mainly due to the decline of metal prices impacting by-product sales partially offset by the increase of head grade.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, the consolidated total production cost and cash cost per ounce of silver, net of by-product credits, were $4.83 and $1.26 compared to $3.31 and $0.07, respectively, in the same prior year periods.</P>

<P style="TEXT-ALIGN: justify">(e) All-in Sustaining Cost per Ounce of Silver, Net of By-Product Credits<SUP>1</SUP></P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the consolidated all-in sustaining cost per ounce of silver, net of by-product credits is $7.72 compared to $10.91 in Q3 Fiscal 2015. The decrease in all-in sustaining cost is mainly due to improvement in cost and dilution control and less sustaining capital expenditures incurred during the quarter.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, the consolidated all-in sustaining cost per ounce of silver, net of by-product credits is $10.27 compared to $10.73 in the same prior year periods.</P>

<P style="TEXT-ALIGN: justify">(f) Operation Review</P>

<P style="TEXT-ALIGN: justify"><I>(i) Ying Mining District</I></P>

<P style="TEXT-ALIGN: justify">The Ying Mining District consists of several mines, including SGX, HPG, TLP, and LM mines, and is the Company&#8217;s primary source of production.</P>

<P style="TEXT-ALIGN: justify">The operational results at the Ying Mining District for the past five quarters are summarized in the table below:</P>

<P style="TEXT-ALIGN: justify">___________________________<BR><SUP>1 </SUP>Non-IFRS measure, see section 9 for reconciliation</P>

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   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Operational results - Ying Mining District</FONT></B></TD>

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   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Q2 2016</FONT></B></TD>

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   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Q4 2015</FONT></B></TD>

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   <TD bgColor=#993300 width="30%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>31-Dec-15</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>30-Sep-15</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>30-Jun-15</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>31-Mar-15 </FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>31-Dec-14</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Ore Mined <I>(tonne)</I></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>152,230</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>171,014</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>167,107</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>112,327</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>175,782</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Ore Milled <I>(tonne)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>151,035</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>176,936</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>160,277</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>99,478</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>187,154</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Head Grades</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(gram/tonne)</I></P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>287</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>246</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>250</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>268</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>253</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.1</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.8</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>0.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>0.7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>0.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>0.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1.0</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Recovery Rates</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(%)</I></P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.4</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>94.8</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>94.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>94.8</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>94.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>96.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.0</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>94.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>50.2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>55.1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>53.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>52.4</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>66.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Metal Sales</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(in thousands of ounce)</I></P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,216</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,132</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,190</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>822</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,421</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold <I>(in thousands of ounce)</I></P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.5</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(in thousands of pound)</I></P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,107</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>11,529</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,454</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8,312</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14,168</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(in thousands of pound)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,168</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,459</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,529</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>875</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2,531</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash mining cost (<I>$ per tonne </I>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>55.63</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>62.15</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>56.65</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>53.25</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>57.79</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Total mining cost (<I>$ per tonne </I>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>78.91</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>86.29</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>75.00</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>74.84</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>73.28</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash milling cost (<I>$ per tonne </I>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>11.67</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>11.55</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12.98</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16.20</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13.63</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Total milling cost (<I>$ per tonne </I>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>14.15</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>13.70</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>15.40</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>20.09</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>15.77</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the total ore mined at the Ying Mining District was 152,230 tonnes compared to total ore production of 175,782 tonnes in Q3 Fiscal 2015. Total ore milled in Q3 Fiscal 2016 was 151,035 tonnes compared to 187,154 tonnes of ore milled in Q3 Fiscal 2015. Silver and lead head grades improved by 13% and 14%, respectively, to 287 grams per tonne (&#8220;g/t&#8221;) for silver and 4.1% for lead from 253 g/t for silver and 3.6% for lead, respectively, in Q3 Fiscal 2015. The decrease in ore mined and the increase of silver and lead head grade at the Ying Mining District were mainly due to enhanced dilution control management at all mining stopes.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the Ying Mining District sold 1.2 million ounces of silver, 500 ounces of gold, 12.1 million pounds of lead, and 1.2 million pounds of zinc, compared to 1.4 million ounces of silver, 900 ounces of gold, 14.2 million pounds of lead, and 2.5 million pounds of zinc in Q3 Fiscal 2015. The decrease of metal sales is mainly due to less ore milled in the current quarter partially offset by the increase of head grade.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the total mining costs and cash mining costs at the Ying Mining District were $78.91 and $55.63 per tonne, compared to $73.28 and $57.79 per tonne, respectively, in Q3 Fiscal 2015. The decrease in cash mining costs was mainly due to improved management resulting in decrease in labour and material costs.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, the total milling costs and cash milling costs were $14.15 and $11.67 per tonne, compared to $15.77 and $13.63 per tonne, respectively, in Q3 Fiscal 2015. The decrease in cash milling costs was mainly due to the decrease in material and utility costs.</P>

<P style="TEXT-ALIGN: justify">All in sustaining costs and all in costs, net of by-product credits, at the Ying Mining District in Q3 2016 was $6.62 and $8.62 per ounce of silver compared to $8.91 and $10.32, respectively, in Q3 Fiscal 2015. The decrease in all in sustaining costs and all in costs was mainly due to improvement in cost and dilution control and less sustaining capital and investment capital incurred in the current quarter.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, the total ore mined at the Ying Mining District was 490,351 tonnes compared to 546,402 tonnes in the same prior year period. Correspondingly, total ore</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 9</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">milled was 488,248 tonnes compared to 547,465 tonnes. Head grades were 260 g/t for silver and 3.8% for lead compared to 232 g/t for silver and 3.3% for lead, respectively.</P>

<P style="TEXT-ALIGN: justify">During the same periods, the Ying Mining District sold 3.5 million ounces of silver, 2,000 ounces of gold, 35.6 million pounds of lead, and 4.0 million pounds of zinc, compared to 3.8 million ounces of silver, 2,500 ounces of gold, 38.4 million pounds of lead, and 5.7 million pounds of zinc in the prior year. The decrease of metal sales was mainly due to the Company intentionally increasing its inventory of concentrates in reaction to lower metal prices. As at December 31, 2015, the Ying Mining District had 2,931 tonnes of lead concentrates and 240 tonnes of zinc concentrates in inventory, 2,631 and 90 tonnes higher, respectively, compared to 300 tonnes of lead concentrates and 150 tonnes of zinc concentrates in stock as at December 31, 2014. The estimated metals contained in concentrate inventory as at December 31, 2015 are approximately 0.3 million ounces of silver, 3.0 million pounds of lead, and 0.1 million pounds of zinc higher, respectively, compared to the metals contained in concentrate inventory as at December 31, 2014.</P>

<P style="TEXT-ALIGN: justify">In February 2015, the Company terminated one mining contractor upon the expiration of its contract and entered into contracts with three new mining contractors to replace the terminated contractor who previously worked out of three portals at the SGX Mine. Regrettably, the changeover process for the terminated contractor was slow as the Company and the contractor being terminated had protracted disagreements and negotiations regarding the final bill payment. In June 2015, the Company reached an agreement with the terminated contractor, resulting in the contractor departing from all the three portals, which returned to normal operations in the current quarter. The changeover disruptions have impacted not only the production but also resulted in additional costs of approximately $1.5 million in total incurred at the SGX mine for the nine months ended December 31, 2015.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, the total mining costs and cash mining costs at the Ying Mining District were $80.15 and $58.25 per tonne, compared to $62.10 and $49.24 per tonne, respectively, in the same prior year period. The increase in cash mining costs per tonne was mainly due to i) a $1.5 million or $3.1 per tonne increase arising from the mining contractor change-over interruption; ii) a $3.2 million or $8.2 per tonne increase in mining preparation costs as approximately 60,435 metre (&#8220;m&#8221;) of underground diamond drilling and 16,460 m of preparation tunnelling were conducted in the current period; and iii) lower production output resulting in a higher per unit fixed costs allocation offset by $1.2 million, or $1.63 per tonne reduction in labour costs.</P>

<P style="TEXT-ALIGN: justify">All in sustaining costs and all in costs, net of by-product credits, at the Ying Mining District for the nine months ended December 31, 2015 was $8.52 and $10.08 per ounce of silver compared to $8.62 and $15.00, respectively, in same prior year period.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, in addition to approximately 21,223 m of underground diamond drilling and 4,231 m of preparation tunnelling, which were expensed and included in the mining preparation costs, Ying Mining District completed and capitalized approximately 13,893 m of horizontal tunnels, raises and declines. Total exploration and development expenditures capitalized for the Ying Mining District were $4.6 million compared to $8.8 million in Q3 Fiscal 2015.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, in addition to approximately 60,435 m underground diamond drilling and 16,460 m preparation tunnelling, which were expensed and included in the mining preparation costs, Ying Mining District completed and capitalized approximately 49,452 m of horizontal tunnel, raises, and declines. Total exploration and development expenditures capitalized for the Ying Mining District were $16.4 million in the nine months ended December 31, 2015 compared to $25.9 million in the same prior year period. In addition, total expenditures capitalized as plant and equipment were $6.7 million, including $4.9 million expenditures to construct a transportation tunnel and haul road, in the current period.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 10</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I>(ii) GC Mine</I></P>

<P style="TEXT-ALIGN: justify">Commercial production at GC mine commenced on July 1, 2014. Trial mining operation results in the quarter ended June 30, 2014 have been excluded from the consolidated operation results discussed and revenue realized from metal sales during the trial period was offset against costs capitalized.</P>

<P style="TEXT-ALIGN: justify">The operational results at the GC mine for the past five quarters are summarized in the table below:</P>

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<TR>

   <TD width="30%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

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   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Production results - GC Mine</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Q2 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Q1 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Q4 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=center><B><FONT color=#ffffff>Q3 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><FONT color=#ffffff>31-Dec-15</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=center><FONT color=#ffffff>30-Sep-15</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=center><FONT color=#ffffff>30-Jun-15</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=center><FONT color=#ffffff>31-Mar-15</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=center><FONT color=#ffffff>31-Dec-14</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Ore Mined <I>(tonne)</I></TD>

   <TD width="12%" noWrap align=right><B>71,288</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>69,546</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>66,727</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>46,111</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>87,916</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Ore Milled <I>(tonne)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>71,593</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>68,465</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>66,679</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>46,100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>90,287</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Head Grades</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(gram/tonne)</I></P></TD>

   <TD width="12%" noWrap align=right><B>97</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>107</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>93</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>107</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>104</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>1.9</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.4</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.2</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>2.6</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>2.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>2.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>2.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>2.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Recovery Rates</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>80.2</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>77.0</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>79.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>76.1</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>75.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right><B>88.3</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.5</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.7</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>84.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>85.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>81.2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>82.7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>85.1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>80.0</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>80.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Metal Sales</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(in thousands of ounce)</I></P></TD>

   <TD width="12%" noWrap align=right><B>210</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>128</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>181</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>99</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>251</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(in thousands of pound)</I></P></TD>

   <TD width="12%" noWrap align=right><B>3,021</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,632</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,420</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>867</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,500</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc <I>(in thousands of pound)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>3,525</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>3,172</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>3,029</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>1,668</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>4,452</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash mining cost ($ per tonne)</TD>

   <TD width="12%" noWrap align=right><B>38.22</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>36.49</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>48.74</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>86.35</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>33.11</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Total mining cost ($ per tonne)</TD>

   <TD width="12%" noWrap align=right><B>46.52</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>44.68</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>56.83</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>132.41</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>55.16</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash milling cost ($ per tonne)</TD>

   <TD width="12%" noWrap align=right><B>15.16</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>15.81</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>15.52</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>42.70</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>15.82</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Total milling cost ($ per tonne)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>17.30</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>18.05</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>17.83</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>58.58</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>19.88</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Total ore mined at GC mine in Q3 Fiscal 2016 was 71,288 tonnes at a total mining cost and cash mining cost of $46.52 and $38.22, compared to 87,916 tonnes mined in Q3 Fiscal 2015 at a total mining cost and cash mining cost of $55.16 and $33.11. The increase in cash mining cost was mainly due to $0.3 million increase in mining preparation cost and lower production output resulting in a higher per unit costs allocation.</P>

<P style="TEXT-ALIGN: justify">Total ore milled at GC mine in Q3 Fiscal 2016 was 71,593 at a total milling cost and cash milling cost of $17.30 and $15.16, compared to 90,287 tonnes milled in Q3 Fiscal 2015 at a total milling cost and cash milling cost of $19.88 and $15.82.</P>

<P style="TEXT-ALIGN: justify">The head grades at GC mine were 97 g/t for silver, 1.9% for lead, and 2.6% for zinc in Q3 Fiscal 2016, compared to 104g/t for silver, 1.3% for lead and 2.6% for zinc in Q3 Fiscal 2015.</P>

<P style="TEXT-ALIGN: justify">Recovery rates at GC mine were 80.2% for silver, 88.3% for lead, and 81.2% for zinc in Q3 Fiscal 2016 compared to 75.9% for silver, 85.9% for lead, and 80.6% for zinc, respectively in Q3 Fiscal 2015.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2016, in addition to approximately 4,202 m of underground diamond drilling and 731 m of preparation tunnelling, which were expensed and included in the mining preparation costs, the GC mine completed and capitalized approximately 3,934 m of horizontal tunnels, raises and declines. Total exploration and development expenditures capitalized at the GC mine were $0.3 million compared to $0.9 million in Q3 Fiscal 2015.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, in addition to approximately 18,500 m of underground diamond drilling and 2,693 m of preparation tunnelling, which were expensed and included in the</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 11</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">mining preparation costs, GC mine completed and capitalized approximately 10,393 m of horizontal tunnel, raises, and declines. Total exploration and development expenditures capitalized at the GC mine were $0.8 million in the nine months ended December 31, 2015 compared to $3.2 million in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><I>(iii) BYP Mine</I></P>

<P style="TEXT-ALIGN: justify">BYP mine has been placed on care and maintenance since August 2014 in consideration of the required capital upgrades to sustain its ongoing production and the market environment. BYP mine is not viewed as a core asset of the Company and the Company is considering various strategic options for this project.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2014, the BYP mine processed 48,844 tonnes of ore with a head grade of 2.7 g/t for gold.</P>

<P style="TEXT-ALIGN: justify"><I>(iv) XHP Project</I></P>

<P style="TEXT-ALIGN: justify">Activities at the XHP project have been suspended since Fiscal 2014 as part of the Company&#8217;s cost saving measures. The Company is considering various strategic alternatives for this project.</P>

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   <TD noWrap align=left><B>4.</B></TD>

   <TD noWrap align=left><B>Third Quarter Fiscal Year 2016 Financial Results</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The tables below set out selected quarterly results for the past eight quarters:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Dec 31,2015</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Sep 30,2015</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Jun 30,2015</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Mar31,2015</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Sales</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>$29,081</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$27,213</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp; </TD>

   <TD width="10%" noWrap align=right>$32,220</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$20,269</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Gross Profit</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>$9,538</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8,828</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>11,456</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>5,224</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Expenses and foreigh exchange</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,981</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(4,770</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(7,280</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(2,223</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Other Items</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(425</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>325</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(95</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(130,257</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Net Income (Loss)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,916</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,979</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,771</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(130,070</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left>Net income (Loss), attributable to the&nbsp;shareholders of the Company</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,326</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,234</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,296</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(118,549</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Basic earnings (loss) per share</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>0.02</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.01</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.01</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(0.69</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Diluted earnings (loss) per share</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>0.02</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.01</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.01</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(0.69</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Cash dividend declared</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>685</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>674</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Cash dividended declared per share (CAD)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.005</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.005</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Dec 31, 2014</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Sep 30,2014</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Jun 30, 2014</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Mar 31, 2014</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Sales</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$40,247</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$37,333</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$30,616</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$16,135</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Gross Profit</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,403</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>18,894</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,653</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>6,945</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Expenses and foreigh exchange</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(6,229</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(5,901</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(7,474</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3,717</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Other Items</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>256</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,196</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>141</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(6,305</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Net Income (Loss)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,080</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>9,614</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,635</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(4,677</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left>Net income (Loss), attributable to the&nbsp;shareholders of the Company</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>5,468</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,228</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,744</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(4,541</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Basic earnings (loss) per share</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.03</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.04</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.02</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(0.03</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Diluted earnings (loss) per share</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.03</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.04</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.02</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(0.03</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Cash dividend declared</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>736</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>763</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>800</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>773</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Cash dividended declared per share (CAD)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.005</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.005</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.005</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.005</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Financial results including sales, gross profit, net income, basic earnings per share, and diluted earnings per share are heavily influenced by changes in commodity prices, particularly, the silver price.</P>

<P style="TEXT-ALIGN: justify"><B>Net income attributable to the shareholders of the Company </B>in Q3 Fiscal 2016 was $3.3 million, or $0.02 per share compared to $5.5 million, or $0.03 per share in Q3 Fiscal 2015. For the nine months ended December 31, 2015, net income attributable to the shareholders of the Company was $7.9 million, or $ 0.05 per share compared to $15.4 million or $0.09 per share in the same prior year period.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 12</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In the current quarter, the Company&#8217;s financial results were mainly impacted by the following: i) lower metal prices and increased smelter charges, as the realized selling price for silver, lead, and zinc dropped by 15%, 9%, and 33%, respectively, compared to the same prior year quarter; and ii) a lower amount of metals sold resulting from lower production output.</P>

<P style="TEXT-ALIGN: justify"><B>Sales </B>in Q3 Fiscal 2016 were $29.1 million, down 28%, compared to $40.2 million in Q3 Fiscal 2015. Silver and gold sales represented $16.8 million and $0.4 million, respectively, while base metals represented $11.9 million of total sales in this quarter compared to silver, gold and base metals of $22.4 million, $0.7 million, and $17.1 million, respectively, in Q3 Fiscal 2015.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, sales were $88.5 million compared to $108.2 million in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Fluctuations in sales revenue are mainly dependent on metal production and the realized metal price. The net realized selling price is calculated using Shanghai Metal Exchange (&#8220;SME&#8221;) prices, less smelter charges and recovery, and a value added tax (&#8220;VAT&#8221;) at a rate of 17% (VAT is not applied to gold sales). The following table is a reconciliation of the Company&#8217;s net realized selling prices in Q3 Fiscal 2016, including a comparison with London Metal Exchange (&#8220;LME&#8221;) prices:</P>

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<TR>

   <TD width="20%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD></TR>

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   <TD bgColor=#993300 width="20%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="16%" colSpan=4 noWrap align=right><B><FONT color=#ffffff>Silver (in US$/ounce)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="20%" colSpan=6 noWrap align=right><B><FONT color=#ffffff>Gold (in US$/ounce)</FONT></B></TD>

   <TD bgColor=#993300 width="16%" colSpan=4 noWrap align=right><B><FONT color=#ffffff>Lead (in US$/pound)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="16%" colSpan=4 noWrap align=right><B><FONT color=#ffffff>Zinc (in US$/pound)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" align=right><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q3 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q3 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q3 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q3 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Net realized selling prices</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>11.76</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>13.41</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>756</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>787</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>0.63</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>0.72</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>0.46</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>0.71</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Add back: Value added taxes</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>2.00</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>2.28</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>0.11</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>0.12</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>0.08</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>0.12</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>Add back: Smelter charges and recovery</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>2.07</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>2.40</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>350</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>417</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>0.19</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>0.14</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>0.41</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>0.41</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" noWrap align=left><B>SME</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>15.83</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>18.09</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>1,106</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>1,204</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>0.93</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>0.99</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>0.95</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>1.24</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="20%" noWrap align=left><B>LME</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>14.99</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>16.51</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>1,105</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>1,201</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>0.76</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>0.91</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>0.73</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>1.01</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Cost of sales </B>in Q3 Fiscal 2016 was $19.5 million compared to $24.8 million in Q3 Fiscal 2015. The cost of sales included $13.6 million (Q3 Fiscal 2015 - $18.7 million) cash costs and $6.0 million (Q3 Fiscal 2015 - $6.1 million) depreciation, amortization and depletion charges. The decrease in cost of sales is mainly due to a lower amount of metals sold in the quarter, offset by the increase in the per tonne non cash mining costs.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, cost of sales was $58.7 million (cash costs - $44.2 million) compared to $58.7 million (cash costs - $44.8 million) in the same prior year period. The increase in cost of sales is mainly due to the increase in mining production costs.</P>

<P style="TEXT-ALIGN: justify"><B>Gross profit margin </B>in Q3 Fiscal 2016 was 33% compared to 38% in Q3 Fiscal 2015. For the nine months ended December 31, 2015, gross profit was 34% compared to 46% in the same prior year period. The decrease in gross profit margin is mainly due to the decline of metal prices, increases in smelter charges, and increased per tonne production costs partially offset by the increase in head grades.</P>

<P style="TEXT-ALIGN: justify"><B>General and administrative (&#8220;G&amp;A&#8221;) expenses </B>in Q3 Fiscal 2016 were $3.1 million, a decrease of 41% compared to $5.4 million in Q3 Fiscal 2015. Main reduction was made in professional fees and discretionary overhead spending. For the nine months ended December 31, 2015, G&amp;A expenses were $13.4 million compared to $16.2 million in the same prior year period. Items included in general and administrative expenses in Q3 Fiscal 2016 and the nine months ended December 31, 2015 are as follows:</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>(i)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%"><B>Amortization and depreciation </B>of $0.4 million and $1.2 million (Q3 Fiscal 2015 - $0.6 million, nine months ended December 31,2014 - $1.6 million); </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%"><B></B>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(ii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%"><B>Office and administrative expenses </B>of $0.7 million and $4.6 million (Q3 Fiscal 2015 - $2.1 million, nine months ended December 31, 2014 - $6.1 million); </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%"><B></B>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(iii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%"><B>Salaries and benefits </B>of $2.1 million and $5.7 million (Q3 Fiscal 2015 - $2.0 million, nine months ended December 31 ,2014 - $6.0 million); </TD></TR></TABLE>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 13</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

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   <TD vAlign=top width="4%" noWrap>(iv)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%"><B>Stock based compensation expense </B>of $0.2 million and $0.7 million (Q3 Fiscal 2015 - $0.3 million, nine months ended December 31, 2014 -$1.1 million); and </TD></TR>

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   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%"><B>&nbsp;</B></TD></TR>

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   <TD vAlign=top width="4%" noWrap>(v)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%"><B>Professional fees </B>of negative $0.3 million and $1.1 million (Q3 Fiscal 2015 - $0.3 million, nine months ended December 31, 2014 -$1.5 million). The negative balance is due to the adjustment of using insurance proceeds to offset part of the previous quarter legal fees in the current quarter. </TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><B>Government fees and other taxes </B>in Q3 Fiscal 2016 and nine months ended December 31, 2015 were $1.6 million and $4.8 million compared to $1.8 million and $4.8 million in the same respective comparative periods. Government fees include mineral resource compensation fees and environmental protection fees paid to the state and local Chinese government agencies. Other taxes were composed of surtax on value-added tax, business tax, land usage levy, stamp duty, and other miscellaneous levies, duties and taxes imposed by the state and local Chinese governments. Although government fees and other taxes vary period over period, they normally range between 4% and 5% of total sales.</P>

<P style="TEXT-ALIGN: justify"><B>Foreign exchange gain </B>in Q3 Fiscal 2016 and nine months ended December 31, 2015 were $0.7 million and $2.1 million compared to $1.0 million and $1.4 million in the same prior year periods. The foreign exchange gain or loss is mainly driven by the fluctuations of the RMB and US dollar against the functional currency of the entities.</P>

<P style="TEXT-ALIGN: justify"><B>Loss on disposal of plant and equipment </B>in Q3 Fiscal 2016 and nine months ended December 31, 2015 were $95 and $80 compared to a gain of $132 and $118 in the same respective comparative periods.</P>

<P style="TEXT-ALIGN: justify"><B>Loss on disposal of a subsidiary </B>in Q3 Fiscal 2016 and nine months ended December 31, 2015 were $460 and $460 compared to $nil in the same respective comparative periods. In November 2015, Songxian Gold Mining Co.,Ltd., a 77.5% indirect owned subsidiary of the Company, disposed its 51% equity interest in Rongtai Mining Co., Ltd (&#8220;Rongtai&#8221;) for $11 (RMB &#165;70) and resulting a loss of $460. Rongtai did not have any core assets other than its working capitals and equipment.</P>

<P style="TEXT-ALIGN: justify"><B>Share of gain in an associate </B>in Q3 Fiscal 2016 and nine months ended December 31, 2015 were $65 and $166 compared to gain of $52 and $10 in the same respective comparative periods. This represents the Company&#8217;s equity pickup in New Pacific Metals Corp. (&#8220;New Pacific&#8221;). The Company recorded on the statement of income its proportionate share of New Pacific&#8217;s net gain or loss, as the Company is able to exercise significant influence over the financial and operating policies of New Pacific.</P>

<P style="TEXT-ALIGN: justify"><B>Loss on investments </B>in Q3 Fiscal 2016 and nine months ended December 31, 2015 were $nil compared to $nil and $15 in the same comparative periods. The Company acquired equity interests in other publicly-traded mining companies on the open market or by participating in private placements. These equity interests, including common shares and warrants are for long-term investment purpose. Due to their nature, warrants meet the definition of derivatives and are accounted for as &#8220;Fair value through profit and loss&#8221; (&#8220;FVTPL&#8221;). The fair value of warrants was determined using the Black-Scholes pricing model as at the acquisition date as well as at each period end. Gain or loss in such securities, arising from changes in the fair value of the warrants, is included in net income for the period in which they arise.</P>

<P style="TEXT-ALIGN: justify"><B>Finance income </B>in Q3 Fiscal 2016 and nine months ended December 31, 2015 were $517 and $1,058 compared to $292 and $724 in the same respective comparative periods. The Company invests in high yield short-term investments as well as long-term corporate bonds.</P>

<P style="TEXT-ALIGN: justify"><B>Finance costs </B>in Q3 Fiscal 2016 and nine months ended December 31, 2015 were $280 and $751 compared to $153 and $224 in the same respective comparative periods. As the Company does not have any interest bearing debt, the finance cost in the current period relates to the unwinding of discount of environmental rehabilitations provision and the interest on the SGX mine right fee payable.</P>

<P style="TEXT-ALIGN: justify"><B>Income tax expense </B>in Q3 Fiscal 2016 was $1.5 million compared to $2.4 million in Q3 Fiscal 2015. The income tax expenses recorded in Q3 Fiscal 2016 included current income tax expense of $ $0.5 million</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 14</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(Q3 Fiscal 2015 - $1.5 million) and deferred income tax expense of $1.0 million (Q3 Fiscal 2015 - $0.8 million). Current income tax expense decreased due to lower taxable income.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015 income tax expense were $3.2 million compared to $10.2 million in the same prior year period. The income tax expense recorded in nine months ended December 31, 2015 included current income tax expense of $0.8 million (nine months ended December 31, 2014 - $7.5 million and deferred income tax expense of $ 2.4 million (nine months ended December 31, 2014 - $2.7 million).</P>

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   <TD noWrap align=left><B>5.</B></TD>

   <TD noWrap align=left><B>Liquidity and Capital Resources</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Cash and cash equivalents and short-term investments </B>as at December 31, 2015 were $66.8 million.</P>

<P style="TEXT-ALIGN: justify"><B>Working capital </B>as at December 31, 2015 was $40.1 million.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows provided by operating activities </B>were $9.6 million or $0.06 per share in Q3 Fiscal 2016 compared to $15.4 million or $0.09 per share in Q3 Fiscal 2015. For the nine months ended December 31, 2015, cash flow provided by operating activities were $27.5 million or $0.16 per share compared to $49.3 million and $0.29 per share in the same prior year period. The decrease in cash flows from operations is mainly due to lower operating earnings.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows used by investing activities </B>were $7.6 million in Q3 Fiscal 2016, comprising mainly of cash used in capital expenditures of $8.0 million offset by proceeds on disposals of other investment of $0.4 million. For Q3 Fiscal 2015, cash used in investing activities were $6.3 million, comprising mainly of cash used in capital expenditures of $14.1 million offset by net redemption of short-term investments of $7.8 million.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, cash flows used in the investing activities were $13.6 million, comprising mainly of cash used in capital expenditures of $19.8 million, offset by net redemptions of short-term investments of $5.5 million. In the same prior year period, cash flow used in investing activities were $24.3 million, comprising mainly of cash used in capital expenditures of $32.0 million offset by net redemption of short-term investments of $7.7 million.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows used in financing activities </B>were $3.7 million in Q3 Fiscal 2016, comprising mainly of $1.7 million distributions to non-controlling interests, $0.4 million for the share buyback, and $1.6 million temporally advance to the 22.5% equity interest holder of Henan Found. The advance plus interest was repaid to Henan Found on January 6, 2016. For Q3 Fiscal 2015, cash used in financing activities were $1.4 million, comprising of cash distribution to non-controlling interest of $0.65 million and cash dividend of $0.76 million.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2015, cash flows used in financing activities were $6.3 million, comprising mainly of $1.3 million cash dividend paid, $1.7 million for the share buyback, $1.7 million distributions to non-controlling interests, and $1.6 million temporally advance to the 22.5% equity interest holder of Henan Found. In the same prior year period, cash flows used in financing activities were $5.5 million, comprising mainly of distributions to non-controlling interests of $3.2 million and cash dividends of $2.3 million.</P>

<P style="TEXT-ALIGN: justify"><B>Contractual commitments and contingencies </B>not disclosed elsewhere in this Management&#8217;s Discussion and Analysis are as follows:</P>

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   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Less than 1 year</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1-5 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>After 5 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Operating leases</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,175</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>390</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,986</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>799</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>Commitments</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>6,418</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>6,418</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As of December 31, 2015, the Company has two office rental agreements totaling $4,175 for the next eight years and commitments of $6,418 related to the GC property. During the three and nine months ended December 31, 2015, the Company incurred rental expenses of $144 and $479, respectively (three and nine months ended December 31, 2014 - $283 and $912, respectively), which were included</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 15</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">in office and administrative expenses on the condensed consolidated interim statements of income.</P>

<P style="TEXT-ALIGN: justify">Due to the size, complexity and nature of the Company&#8217;s operations, various legal and tax matters arise in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. As at December 31, 2015 and March 31, 2015, no contingent liabilities were accrued.</P>

<P style="TEXT-ALIGN: justify">On May 23, 2013 the Company became aware of an action commenced pursuant to the Class Proceedings Act (Ontario) against it and certain of its senior officers and expert advisors in the Ontario Superior Court of Justice on May 21, 2013 relating to claims for misrepresentation, at common law and pursuant to secondary market civil liability provisions under the Securities Act (Ontario) (the &#8220;Mask Action&#8221;). The lead plaintiff is John Mask and the amount claimed as special damages or general damages, not including claims for costs and interest, is $80 million or such other sum the court finds appropriate in the event this action is certified and judgment pronounced at trial. Two other class action lawsuits have been filed against the Company and certain of its senior officers and expert advisors in the Ontario Superior Court of Justice pursuant to the Class Proceedings Act (Ontario) on September 11, 2013 and in the British Columbia Supreme Court pursuant to the Class Proceedings Act (British Columbia) on September 9, 2013. The Company understands that, as between the three actions, only the Mask Action is proceeding at this time. The Company believes that there is no merit to the allegations set out in these lawsuits and has retained McCarthy T&#233;trault LLP as its defense counsel and intends to pursue a vigorous defense.</P>

<P style="TEXT-ALIGN: justify">On October 22, 2015 the Ontario Superior Court of Justice denied Mr. Mask leave to proceed with a class action and awarded costs in favour of Silvercorp. Mr. Mask has since filed an appeal with the Court of Appeal for Ontario.</P>

<P style="TEXT-ALIGN: justify"><B>Available sources of funding</B></P>

<P style="TEXT-ALIGN: justify">The Company does not have unlimited resources and its future capital requirements will depend on many factors, including, among others, cash flow from operations. To the extent that its existing resources and the funds generated by future income are insufficient to fund the Company&#8217;s operations, the Company may need to raise additional funds through public or private debt or equity financing. If additional funds are raised through the issuance of equity securities, the percentage ownership of current shareholders will be reduced and such equity securities may have rights, preferences or privileges senior to those of the holders of the Company&#8217;s common stock. No assurance can be given that additional financing will be available or that, if available, can be obtained on terms favourable to the Company and its shareholders. If adequate funds are not available, the Company may be required to delay, limit or eliminate some or all of its proposed operations. The Company believes it has sufficient capital to meet its cash needs for the next 12 months, including the costs of compliance with continuing reporting requirements.</P>

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   <TD noWrap align=left><B>6.</B></TD>

   <TD noWrap align=left><B>Financial Instruments and Related Risks</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company manages its exposure to financial risks, including liquidity risk, foreign exchange rate risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company&#8217;s Board of Directors has overall responsibility for the establishment and oversight of the Company&#8217;s risk management framework and reviews the Company&#8217;s policies on an ongoing basis. There have been no significant changes in the financial risks facing the Company since March 31, 2015.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(a) <I>Fair value</I></P>

<P style="TEXT-ALIGN: justify">The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements.</P>

<P style="TEXT-ALIGN: justify">Level 1 &#8211; Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 16</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Level 2 &#8211; Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</P>

<P style="TEXT-ALIGN: justify">Level 3 &#8211; Unobservable inputs which are supported by little or no market activity.</P>

<P style="TEXT-ALIGN: justify">The following table sets forth the Company&#8217;s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2015 that are not otherwise disclosed. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of December 31, 2015 and March 31, 2015, the Company did not have financial liabilities measured at fair value on a recurring basis.</P>

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   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=10 noWrap align=center><B>Fair value as at December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Recurring measurements</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 1</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>63,376</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>63,376</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Common shares of publicly traded companies</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>208</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>208</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Yongning Smelting Co. Ltd.<SUP>(1)</SUP></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Jinduicheng Xise (Canada) Co. Ltd.<SUP>(1)</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><SUP>(1) </SUP>Level 3 financial instruments</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=10 noWrap align=center>Fair value as at March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Recurring measurements</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>60,179</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>60,179</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Common shares of publicly traded companies</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>892</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>892</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Yongning Smelting Co. Ltd.<SUP>(1)</SUP></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Jinduicheng Xise (Canada) Co. Ltd.<SUP>(1)</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><SUP>(1) </SUP>Level 3 financial instruments</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The fair value of other financial instruments excluded from the table above approximates their carrying amounts as of December 31, 2015 and March 31, 2015, respectively.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(b) <I>Liquidity risk</I></P>

<P style="TEXT-ALIGN: justify">Liquidity risk is the risk that the Company will not be able to meet its short term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#8217;s normal operating requirements on an ongoing basis and its expansion plans.</P>

<P style="TEXT-ALIGN: justify">In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company&#8217;s financial liabilities.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 30%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=center><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Within a year</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2-3 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>4-5 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Mine right fee payable</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,898</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,690</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,588</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>14,038</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Accounts payable and accrued liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>33,723</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>33,723</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>21,768</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>37,621</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,690</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>43,311</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>36,480</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(c) <I>Foreign exchange risk</I></P>

<P style="TEXT-ALIGN: justify">The Company undertakes transactions denominated in foreign currencies and is exposed to foreign exchange risk arising from such transactions.</P>

<DIV align=left>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 17</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company conducts its mining operations in China and thereby the majority of the Company&#8217;s assets, liabilities, revenues and expenses are denominated in RMB, which is tied to a basket of currencies of China&#8217;s largest trading partners.</P>

<P style="TEXT-ALIGN: justify">The Company currently does not engage in foreign currency hedging, and the exposure of the Company&#8217;s financial assets and financial liabilities to foreign exchange risk is summarized as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Financial assets denominated in U.S. Dollars</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>24,147</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>20,838</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Financial assets denominated in Chinese RMB</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>40,410</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>44,133</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at December 31, 2015, with other variables unchanged, a 1% strengthening (weakening) of the RMB against the USD would have increased (decreased) net income before income taxes by approximately $0.6 million.</P>

<P style="TEXT-ALIGN: justify">As at December 31, 2015, with other variables unchanged, a 1% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income before income taxes by approximately $0.2 million.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>7.</B></TD>

   <TD noWrap align=left><B>Off-Balance Sheet Arrangements</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company does not have any off-balance sheet arrangements.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>8.</B></TD>

   <TD noWrap align=left><B>Transactions with Related Parties</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Related party transactions not disclosed elsewhere in this MD&amp;A are as follows:</P>

<DIV align=left>

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<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Due from related parties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>December 31, 2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>March 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>NUX (a)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>198</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Henan Non-ferrous Geology Bureau (b)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,647</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>18</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,845</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>33</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD vAlign=top width="4%" noWrap>(a)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">According to a services and administrative costs reallocation agreement between the Company and NUX, the Company recovers costs for services rendered to NUX and expenses incurred on behalf of NUX. During the three and nine months ended December 31, 2015, the Company recovered $40 and $177, respectively (for three and nine months ended December 31, 2014 - $103 and $241, respectively) from NUX for services rendered and expenses incurred on behalf of NUX. The costs recovered from NUX were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income. </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">Henan Non-ferrous Geology Bureau (&#8220;Henan Geology Bureau&#8221;) is a 22.5% equity interest holder of Henan Found. During the three and nine months ended December 31, 2015, Henan Found declared and paid dividends of $1,282 and $1,282, respectively (three and nine months ended December 31, 2014 - $nil and $2,563, respectively) to Henan Geology Bureau. <BR><BR>On December 28, 2015, Henan Found made a short-term loan in the amount of $1,544 (RMB &#165;10,000) to Henan Geology Bureau. The loan plus interest of $2 were repaid on January 6, 2016.</TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">For the three and nine months ended December 31, 2015, the Company paid $nil and $376, respectively (for three and nine months ended December 31, 2014 - $86 and $303, respectively) consulting fees to Greensea Management Ltd., a private consulting services company controlled by a former director of the Company. </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(d)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">For the three and nine months ended December 31, 2015, the Company paid $293 and $293, respectively (for three and nine months ended December 31, 2014 - $nil and $140, respectively) </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR></TABLE>

<DIV align=left>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 18</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

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<TR>

   <TD vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD width="98%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD width="98%">consulting fees to Parkside Management Limited, a private consulting services company controlled by a director of the Company.</TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD width="98%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap>(e)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">The Company rents a Beijing office from a relative of a director and officer of the Company for $21 (RMB &#165;130,746) per month. For the three and nine months ended December 31, 2015, total rents were $63 and $189, respectively (for three and nine months ended December 31, 2014 - $63 and $189, respectively). </TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD width="98%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap>(f)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">Henan Xinhui Mining Co., Ltd. (&#8220;Henan Xinhui&#8221;) is a 20% equity interest holder of Henan Huawei. During the three and nine months ended December 31, 2015, Henan Huawei declared and paid dividends of $379 and $379, respectively (three and nine months ended December 31, 2014 - $651 and $651, respectively) to Henan Xinhui. </TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Transactions with related parties are made on normal commercial terms and are considered to be at arm&#8217;s length. The balances with related parties are unsecured, non-interest bearing, and due on demand.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>9.</B></TD>

   <TD noWrap align=left><B>Alternative Performance (Non-IFRS) Measures</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following alternative performance measures are used by the Company to manage and evaluate operating performance of the Company&#8217;s mines and are widely reported in the silver mining industry as benchmarks for performance, but do not have standardized meaning. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. To facilitate a better understanding of these measures, the following tables provides the reconciliation of these measures to the financial statements for the three and nine months ended December 31, 2015 and 2014: (a) Cash and Total Cost per Ounce of Silver The Company assesses this measure in a manner that isolates the impacts of silver production volumes, the by-product credits, and operating costs fluctuations. The Company believes these measures provide investors and analysts with useful information about the Company&#8217;s underlying cash costs of operations and the impact of by-product credits on the Company&#8217;s cost structure, operating profitability and ability to generate cash flows. The Company includes by-product credits from lead, zinc and gold, as the Company considers these metals is incidental to the silver production process and as a result, the cost to produce the silver is reduced. Cash and total costs on a by-product basis are calculated by deducting by-product lead, zinc and gold sales revenues from the Company&#8217;s cash and total cost of sales, respectively. The following table provides a reconciliation of cash and total cost per ounce of silver, net of by-product credits for the three and nine months ended December 31, 2015 and 2014:</P>

<DIV align=left>

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<TR>

   <TD width="38%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="100%" colSpan=12 align=center><B><FONT color=#ffffff>Three months ended December 31, 2015</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="38%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="38%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>District</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B><FONT color=#c00000>A</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>14,072</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>5,471</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>19,543</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left><B>Amortization and depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(5,074</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(891</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(5,965</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Total cash cost</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B><FONT color=#c00000>B</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>8,998</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>4,580</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>13,578</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left><B>By-product sales</B></TD>

   <TD width="20%" colSpan=2 noWrap align=center><B>By-product per ounce of silver</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</B></P></TD>

   <TD width="10%" noWrap align=right><STRONG>(6.70</STRONG><STRONG>)</STRONG></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(7,738</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(1,818</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(9,556</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc</B></P></TD>

   <TD width="10%" noWrap align=right><STRONG>(1.52</STRONG><STRONG>)</STRONG></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(572</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(1,602</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(2,174</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold</B></P></TD>

   <TD width="10%" noWrap align=right><STRONG>(0.28</STRONG><STRONG>)</STRONG></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(379</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(20</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(399</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><STRONG>(0.12</STRONG>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(168</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(168</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left><B>Total by-product sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B><FONT color=#c00000>C</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(8,689</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(3,608</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(12,297</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left><B>Silver ounces sold ('000s)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B><FONT color=#c00000>D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>210</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,426</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>Total production cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>(A+C)/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>4.43</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>8.86</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>5.08</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>Total cash cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>(B+C)/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.25</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>4.62</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.90</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>Total production cost per ounce of silver, before by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>A/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>11.57</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>26.02</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>13.70</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>Total cash cost per ounce of silver, before by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>B/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>7.40</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>21.78</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>9.52</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 19</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

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<TR>

   <TD width="38%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="100%" colSpan=12 align=center><B><FONT color=#ffffff>Three months ended December 31, 2014</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="38%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="38%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>District</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>17,670</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>7,174</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>24,844</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>Amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(3,773</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(2,371</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(6,144</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Total cash cost</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>B</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>13,897</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>4,803</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>18,700</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>By-product sales</TD>

   <TD width="20%" colSpan=2 noWrap align=center>By-product per ounce of silver</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD width="10%" noWrap align=right>(7.19)</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(10,217</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,805</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(12,022</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD width="10%" noWrap align=right>(2.95)</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,780</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3,146</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(4,926</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD width="10%" noWrap align=right>(0.44)</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(725</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(11</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(736</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(0.08)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>Total by-product sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>C</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(12,722</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(5,100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(17,822</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>Silver ounces sold ('000s)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,421</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>251</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,672</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>Total production cost per ounce of silver, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>(A+C)/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>3.48</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>8.26</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>4.20</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>Total cash cost per ounce of silver, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>(B+C)/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.83</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>(1.18</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.53</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>Total production cost per ounce of silver, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>A/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>12.43</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>28.58</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>14.86</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>Total cash cost per ounce of silver, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>B/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>9.78</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>19.14</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>11.18</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=center><FONT color=#c00000>&nbsp;</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="100%" colSpan=12 align=center><B><FONT color=#ffffff>Nine months ended December 31, 2015</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="38%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="38%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>District</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B><FONT color=#c00000>A</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>44,289</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>14,403</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>58,692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left><B>Amortization and depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(12,243</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(2,245</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(14,488</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Total cash cost</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B><FONT color=#c00000>B</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>32,046</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>12,158</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>44,204</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left><B>By-product sales</B></TD>

   <TD width="20%" colSpan=2 noWrap align=center><B>By-product per ounce of silver</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</B></P></TD>

   <TD width="10%" noWrap align=right><B>(7.16)</B></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(24,429</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(4,630</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(29,059</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc</B></P></TD>

   <TD width="10%" noWrap align=right><B>(1.93)</B></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(2,347</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(5,498</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(7,845</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold</B></P></TD>

   <TD width="10%" noWrap align=right><B>(0.41)</B></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(1,609</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(43</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(1,652</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(0.13)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(544</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(544</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left><B>Total by-product sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B><FONT color=#c00000>C</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(28,385</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(10,715</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(39,100</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left><B>Silver ounces sold ('000s)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B><FONT color=#c00000>D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>3,538</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>519</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>4,057</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>Total production cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>(A+C)/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>4.50</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>7.11</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>4.83</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>Total cash cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>(B+C)/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>1.03</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2.78</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>1.26</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>Total production cost per ounce of silver, before by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>A/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>12.52</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>27.76</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>14.47</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left><B>Total cash cost per ounce of silver, before by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#c00000>B/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>9.06</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>23.43</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>10.90</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" colSpan=2 noWrap align=left><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=center><B><FONT color=#c00000>&nbsp;</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="100%" colSpan=12 align=center><B><FONT color=#ffffff>Nine months ended December 31, 2014</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="38%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="38%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>District</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>45,843</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>11,328</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>57,171</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>Amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(9,685</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(3,918</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(13,603</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Total cash cost</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>B</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>36,158</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>7,410</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>43,568</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>By-product sales</TD>

   <TD width="20%" colSpan=2 noWrap align=center>By-product per ounce of silver</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD width="10%" noWrap align=right>(7.50)</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(28,629</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(2,866</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(31,495</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD width="10%" noWrap align=right>(2.23)</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3,906</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(5,453</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(9,359</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD width="10%" noWrap align=right>(0.51)</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(2,121</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(11</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(2,132</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(0.06)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(268</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(268</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>Total by-product sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>C</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(34,656</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(8,598</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(43,254</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" noWrap align=left>Silver ounces sold ('000s)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>3,798</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>402</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>4,200</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>Total production cost per ounce of silver, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>(A+C)/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2.95</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>6.79</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>3.31</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>Total cash cost per ounce of silver, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>(B+C)/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.40</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>(2.96</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.07</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>Total production cost per ounce of silver, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>A/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>12.07</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>28.18</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>13.61</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="48%" colSpan=2 noWrap align=left>Total cash cost per ounce of silver, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>B/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>9.52</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>18.43</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>10.37</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 20</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(b) Cash and Total Cost per Ounce of Gold (BYP Mine)</P>

<P style="TEXT-ALIGN: justify">There is no production at the BYP mine in the current periods, and the reconciliation of cash and total cost per ounce of gold at BYP for the prior year periods are as follows:</P>

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<TR>

   <TD width="62%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="100%" colSpan=7 align=center><B><FONT color=#ffffff>BYP Mine</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="62%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" align=center><B><FONT color=#ffffff>Three months ended</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" align=center><B><FONT color=#ffffff>Nine months ended</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="62%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" align=center><B><FONT color=#ffffff>December 31, 2014</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" align=center><B><FONT color=#ffffff>December 31, 2014</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,530</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left>Amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(300</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Total cash cost</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>B</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,230</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="62%" noWrap align=left>By-product sales</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left>Total by-product sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>C</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" noWrap align=left>Gold ounces sold ('000s)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2.7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="62%" noWrap align=left>Total production cost per ounce of gold, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>(A+C)/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>565</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="62%" noWrap align=left>Total cash cost per ounce of gold, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>(B+C)/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="62%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="62%" noWrap align=left>Total production cost per ounce of gold, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>A/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>565</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="62%" noWrap align=left>Total cash cost per ounce of gold, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>B/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(c) All-in &amp; All-in Sustaining Cost per Ounce of Silver</P>

<P style="TEXT-ALIGN: justify">All-in sustaining cost (&#8220;AISC&#8221;) per ounce and all-in cost (&#8220;AIC&#8221;) per ounce of silver are non-IFRS measures calculated based on guidance developed by the World Gold Council in an effort to provide a comparable standard within the precious metal industry. The measures do not have standardized meaning and should not be considered in isolation or as a substitute for measures of performance prepared in accordance to IFRS. These measures are used by the Company to manage and evaluate operating performance at each of the Company&#8217;s mining units and consolidated group, and are widely reported in the silver mining industry as a benchmark for performance.</P>

<P style="TEXT-ALIGN: justify">AISC is an extension of the &#8220;cash cost&#8221; metric and provides a comprehensive measure of the Company&#8217;s operating performance and ability to generate cash flows. AISC is based on the Company&#8217;s cash production costs, net of by-product sales, and further include corporate general and administrative expense, government fee and other taxes, reclamation cost accretion, and sustaining capital expenditures. The Company believes that this measure represents the total sustainable costs of producing silver from current operations.</P>

<P style="TEXT-ALIGN: justify">AIC further extends the AISC metric by including non-sustaining expenditures, mainly investment capital expenditures, which are deemed expansionary in nature that result in an increase in asset life, expanded mineral resources and reserves, or higher capacity and productivity.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 21</B></TD></TR></TABLE></DIV>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following tables provide a detailed reconciliation of these measures for the three and nine months ended December 31, 2015 and 2014:</P>

<DIV align=left>

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<TR>

   <TD width="36%"></TD>

   <TD width="4%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="36%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Developing</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="36%" noWrap align=left><B><FONT color=#ffffff>Three months ended December 31, 2015</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>District</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Projects</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Corporate</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Cost of sales (as reported)</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>14,072</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>5,471</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>19,543</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Depreciation, amortization and depletion</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(5,074</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(891</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(5,965</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>By-products credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(8,689</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(3,608</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(12,297</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Total cash cost, net of by-product credits</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>309</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>972</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,281</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>General &amp; administrative</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,464</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>160</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>624</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>130</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>762</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>3,140</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Amorization included in general &amp; adminnistrative</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(162</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(112</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(66</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>154</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(204</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(390</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Government fees and other taxes</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,385</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>169</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>2</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,557</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Reclamation accretion</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>104</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>9</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>8</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>2</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>123</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>Sustaining capital</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,950</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>354</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,306</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>All-in sustaining cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><B><FONT color=#c00000>A</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>8,050</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>57</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>2,061</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>287</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>562</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>11,017</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>Investment capital</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>2,426</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>107</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>2,533</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>All-in cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><B><FONT color=#c00000>B</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>10,476</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>57</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>2,168</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>287</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>562</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>13,550</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>Ounces of silver sold</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><B><FONT color=#c00000>C</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>210</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,426</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><STRONG>All-in sustaining cost per ounce of silver, net of by-</STRONG><STRONG>product credits</STRONG></TD>

   <TD width="4%" noWrap align=center><B><FONT color=#c00000>A/C</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>6.62</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>9.80</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>7.72</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><STRONG>All-in cost per ounce of silver, net of by-product </STRONG><STRONG>credits</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><B><FONT color=#c00000>B/C</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>8.62</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>10.31</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>9.50</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><STRONG>&nbsp;</STRONG></TD>

   <TD width="4%" noWrap align=center><B><FONT color=#c00000>&nbsp;</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="36%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Developing</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="36%" noWrap align=left><B><FONT color=#ffffff>Three months ended December 31, 2014</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>District</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Projects</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Corporate</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left>Cost of sales (as reported)</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>17,670</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>7,174</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>24,844</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left>Depreciation, amortization and depletion</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(3,773</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(2,371</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(6,144</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left>By-products credits</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(12,722</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(5,100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(17,822</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left>Total cash cost, net of by-product credits</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,175</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(297</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>878</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left>General &amp; administrative</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>2,753</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>383</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>871</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>136</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,223</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>5,366</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left>Amorization included in general &amp; adminnistrative</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(154</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(117</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(243</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(28</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(89</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(631</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left>Government fees and other taxes</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,515</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>223</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>82</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,821</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left>Reclamation accretion</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>25</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>38</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left>Sustaining capital</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>7,347</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>3,374</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>55</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>10,776</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>All-in sustaining cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><FONT color=#c00000>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>12,661</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>272</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>3,934</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>191</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,190</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>18,248</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left>Investment capital</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,999</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>18</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(373</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,652</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>All-in cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><FONT color=#c00000>B</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>14,660</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>290</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>3,942</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(182</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,190</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>19,900</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left>Ounces of silver sold<SUP>1</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><FONT color=#c00000>C</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,421</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>251</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,672</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><STRONG>All-in sustaining cost per ounce of silver, net of by-</STRONG><STRONG>&nbsp;product credits</STRONG></TD>

   <TD width="4%" noWrap align=center><FONT color=#c00000>A/C</FONT></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>8.91</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>(4.22</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>10.91</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><STRONG>All-in cost per ounce of silver, net of by-product</STRONG><STRONG>&nbsp;credits</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><FONT color=#c00000>B/C</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>10.32</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>6.64</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>11.90</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><STRONG>&nbsp;</STRONG></TD>

   <TD width="4%" noWrap align=center><FONT color=#c00000>&nbsp;</FONT></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="36%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Developing</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="36%" noWrap align=left><B><FONT color=#ffffff>Nine months ended December 31, 2015</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>District</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Projects</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Corporate</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Cost of sales (as reported)</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>44,289</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>14,403</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>58,692</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Depreciation, amortization and depletion</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(12,243</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(2,245</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(14,488</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>By-products credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(28,385</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(10,715</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(39,100</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Total cash cost, net of by-product credits</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>3,661</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,443</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>5,104</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>General &amp; administrative</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>5,057</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>673</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,667</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>375</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>5,619</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>13,391</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Amorization included in general &amp; adminnistrative</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(499</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(346</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(195</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(204</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(1,244</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>One-time adjustment</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(322</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(322</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Government fees and other taxes</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>4,121</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>601</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>6</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>24</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>4,753</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" noWrap align=left><B>Reclamation accretion</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>312</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>28</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>24</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>7</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>371</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>Sustaining capital</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>17,504</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>154</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,931</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>7</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>19,596</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>All-in sustaining cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><B><FONT color=#c00000>A</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>30,156</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>510</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,471</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>388</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,124</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>41,649</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>Investment capital</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,523</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>265</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,788</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>All-in cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><B><FONT color=#c00000>B</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>35,679</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>510</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,736</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>388</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,124</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>47,437</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" noWrap align=left><B>Ounces of silver sold</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><B><FONT color=#c00000>C</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>3,538</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>519</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,057</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><STRONG>All-in sustaining cost per ounce of silver, net of by-</STRONG><STRONG>&nbsp;product credits</STRONG></TD>

   <TD width="4%" noWrap align=center><B><FONT color=#c00000>A/C</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>8.52</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>10.54</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>10.27</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><STRONG>All-in cost per ounce of silver, net of by-product</STRONG><STRONG>&nbsp;credits</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center><B><FONT color=#c00000>B/C</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>10.08</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>11.05</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>11.69</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 22</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

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   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#c7edcc>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

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   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

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   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#c7edcc>Developing</FONT></B></TD>

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   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Nine months ended December 31, 2014</FONT></B></TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#c7edcc>District</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#c7edcc>BYP</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#c7edcc>GC</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#c7edcc>Projects</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#c7edcc>Corporate</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#c7edcc>Total</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cost of sales (as reported)</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>45,843</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,530</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>11,328</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>58,701</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Depreciation, amortization and depletion</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(9,685</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(300</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(3,918</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(13,903</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>By-products credits</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(34,656</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(8,598</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(43,254</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Total cash cost, net of by-product credits</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>1,502</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>1,230</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>(1,188</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>1,544</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>General &amp; administrative</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>5,972</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,388</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,747</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>346</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>6,780</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>16,233</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Amorization included in general &amp; adminnistrative</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(473</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(243</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(475</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(85</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(288</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(1,564</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Government fees and other taxes</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>4,355</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>32</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>285</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>102</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>24</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>4,798</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Reclamation accretion</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>74</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>18</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>12</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>109</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Sustaining capital</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>21,299</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>504</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>3,374</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>219</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>25,396</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left><B>All-in sustaining cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>32,729</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>2,929</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>3,755</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>368</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>6,735</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>46,516</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Investment capital</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>24,229</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>250</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,513</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>152</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>26,144</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left><B>All-in cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>B</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>56,958</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>3,179</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,268</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>520</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>6,735</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>72,660</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Ounces of silver sold<SUP>1</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><FONT color=#c00000>C</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>3,798</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>136</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>402</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>4,336</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><STRONG>All-in sustaining cost per ounce of silver, net of by-</STRONG><STRONG>&nbsp;product credits</STRONG></TD>

   <TD width="10%" noWrap align=center><FONT color=#c00000>A/C</FONT></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>8.62</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>21.54</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>9.34</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>10.73</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left><STRONG>All-in cost per ounce of silver, net of by-product</STRONG><STRONG>&nbsp;credits</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><FONT color=#c00000>B/C</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>15.00</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>23.38</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>13.10</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>16.77</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0px"><SUP>1 </SUP>BYP gold ounces converted to silver equivalent using a ratio of 50:1.</P>

<P style="TEXT-ALIGN: justify">(d) Average Production Cost</P>

<P style="TEXT-ALIGN: justify">The Company assesses average production cost as the total production cost on a co-product basis. This is calculated by allocating the Company&#8217;s total cost of sales to each co-product based on the ratio of actual sales volumes multiplied by realized sales prices. The following table provides a reconciliation of average production cost for the three and nine months ended December 31, 2015 and 2014:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="28%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><B><FONT color=#ffffff>Average Production Cost</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="32%" colSpan=5 noWrap align=right><B><FONT color=#ffffff>Three months ended December 31, 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(in 000's)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Direct mining and milling cost</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>13,578</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Depreciation, amortization and depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>5,965</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>19,543</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Silver</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Gold</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Lead</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Zinc</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Other</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>Total</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Metals revenue</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>16,784</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>399</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>9,556</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>2,174</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>168</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>29,081</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Ratio of metals sold</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>58</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>1</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>33</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>7</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>1</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>100</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Cost of sales allocated to metals</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>11,279</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>268</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>6,422</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>1,461</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>113</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>19,543</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Metals produced ('000s)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>1,426</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>0.5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>15,128</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>4,693</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>12,373</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Average production cost ($/unit)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>7.91</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>508</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>0.42</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>0.31</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>0.01</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="4%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="4%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><FONT color=#ffffff>Average Production Cost</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="32%" colSpan=5 noWrap align=right><FONT color=#ffffff>Three months ended December 31, 2014</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>(in 000's)</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Direct mining and milling cost</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>18,700</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Depreciation, amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>6,144</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>24,844</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>Silver</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>Gold</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>Lead</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>Zinc</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>Other</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>Total</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Metals revenue</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>22,425</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>736</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>12,022</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>4,926</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>138</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>40,247</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Ratio of metals sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>56</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>30</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>12</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>0</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Cost of sales allocated to metals</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>13,843</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>454</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>7,453</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>3,041</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>85</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>24,844</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Metals produced ('000s)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1,672</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>0.9</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>16,668</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>6,983</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>10,070</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left>Average production cost ($/unit)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>8.28</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>504</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>0.44</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>0.44</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>0.01</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>&nbsp;</TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>&nbsp;</TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><B><FONT color=#ffffff>Average Production Cost</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="32%" colSpan=5 noWrap align=right><B><FONT color=#ffffff>Nine months ended December 31, 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(in 000's)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Direct mining and milling cost</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>44,204</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Depreciation, amortization and depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>14,488</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>58,692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Silver</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Gold</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Lead</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Zinc</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>Other</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>Total</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Metals revenue</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>49,414</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>1,652</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>29,059</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>7,845</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>544</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>88,514</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Ratio of metals sold</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>56</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>33</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>9</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>1</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>100</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Cost of sales allocated to metals</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>32,765</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>1,095</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>19,268</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>5,202</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>361</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>58,692</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Metals produced('000s)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>4,057</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>2.1</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>42,635</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>13,725</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>38,905</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Average production cost ($/unit)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>8.08</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>529</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>0.45</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>0.38</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>0.01</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 23</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

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<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><FONT color=#ffffff>Average Production Cost</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="32%" colSpan=5 noWrap align=center><FONT color=#ffffff>Nine months ended December 31, 2014</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>(in 000's)</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Direct mining and milling cost</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>44,798</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Depreciation, amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>13,903</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>58,701</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>Silver</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>Gold</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>Lead</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>Zinc</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=center>Other</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>Total</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Metals revenue</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>62,167</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>4,907</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>31,495</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>9,359</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>268</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>108,196</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Ratio of metals sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>57</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>29</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>9</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>0</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Cost of sales allocated to metals</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>33,728</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>2,662</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>17,087</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>5,078</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>145</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>58,701</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Metals produced ('000s)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>4,200</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>5.2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>42,290</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>13,397</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>21,412</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left>Average production cost ($/unit)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>8.03</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>510</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>0.40</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>0.38</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>0.01</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(e) Production Costs per Tonne</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left><B><FONT color=#ffffff>Three months ended December 31, 2015</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Total costs</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Tonnage of ore</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Per tonne costs</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff><STRONG>('000 </STRONG><STRONG>US$)</STRONG></FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(tonne)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(USD/tonne)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Cash mining costs</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>11,193</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp; </TD>

   <TD width="10%" noWrap align=right><B>223,518</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>50.08</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Non-cash mining costs</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4,136</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>223,518</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>18.50</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Shipping costs</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>608</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>223,518</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2.72</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Cash milling costs</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2,848</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>222,628</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>12.79</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left><B>Non-cash milling costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>528</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>222,628</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2.37</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Total</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>19,313</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>86.47</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Add: stockpile and concentrate inventory - Beginning</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>6,643</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Less: stockpile and concentrate inventory - Ending</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(5,825</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left><B>Adjustment for foreign exchange movement</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(588</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>19,543</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left><FONT color=#ffffff>Three months ended December 31, 2014</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Total costs</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Tonnage of ore</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Per tonne costs</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>('000 US$)</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left><FONT color=#ffffff></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>(tonne)</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>(USD/tonne)</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Cash mining costs</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>13,073</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>263,698</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>49.57</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Non-cash mining costs</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,663</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>263,698</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>17.68</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Shipping costs</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>950</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>263,698</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.60</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Cash milling costs</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,981</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>277,441</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14.35</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Non-cash milling costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>766</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>277,441</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2.76</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Total</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>23,434</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>87.97</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Add: stockpile and concentrate inventory - Beginning</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,530</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Less: stockpile and concentrate inventory - Ending</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(2,596</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Adjustment for foreign exchange movement</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>476</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>24,844</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left><B><FONT color=#ffffff>Nine months ended December 31, 2015</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Total costs</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Tonnage of ore</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Per tonne costs</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff><STRONG>('000 </STRONG><STRONG>US$)</STRONG></FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(tonne)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(USD/tonne)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Cash mining costs</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>37,100</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>697,912</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>53.16</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Non-cash mining costs</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>12,440</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>697,912</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>17.82</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Shipping costs</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2,011</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>697,912</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2.88</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Cash milling costs</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>9,090</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>694,986</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>13.08</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left><B>Non-cash milling costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,604</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>694,986</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2.31</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Total</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>62,245</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>89.25</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Add: stockpile and concentrate inventory - Beginning</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,025</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Less: stockpile and concentrate inventory - Ending</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(5,825</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left><B>Adjustment for foreign exchange movement</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(753</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>58,692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 24</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left><FONT color=#ffffff>Nine months ended December 31, 2014</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Total costs</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Tonnage of ore</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Per tonne costs</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>('000 US$)</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>(tonne)</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>(USD/tonne)</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Cash mining costs</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>32,954</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>751,763</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>43.84</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Non-cash mining costs</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10,910</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>751,763</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14.51</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Shipping costs</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,641</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>751,763</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.51</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Cash milling costs</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10,295</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>755,740</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13.62</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Non-cash milling costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,972</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>755,740</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2.61</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Total</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>58,772</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>78.09</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Add: stockpile and concentrate inventory - Beginning</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,109</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Less: stockpile and concentrate inventory - Ending</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(2,596</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Adjustment for foreign exchange movement</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,416</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>58,701</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>10.</B></TD>

   <TD noWrap align=left><B>Critical Accounting Policies and Estimates</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements. These critical accounting estimates represent management estimates that are uncertain and any changes in these estimates could materially impact the Company&#8217;s financial statements. Management continuously reviews its estimates and assumptions using the most current information available. The Company&#8217;s critical accounting policies and estimates are described in Note 2 of the unaudited condensed consolidated financial statements as of and ended December 31, 2015, as well as the audited consolidated financial statements as of and ended March 31, 2015.</P>

<P style="TEXT-ALIGN: justify">(i) Ore reserve and mineral resource estimates</P>

<P style="TEXT-ALIGN: justify">Ore reserves are estimates of the amount of ore that can be economically and legally extracted from the Company&#8217;s mining properties. The Company estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates. Such an analysis requires complex engineering and geological judgements to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with engineering and geological assumptions and judgements made in estimating the size and grade of the ore body.</P>

<P style="TEXT-ALIGN: justify">The Company estimates ore reserves in accordance with National Instrument 43-101, &#8220;Standards of Disclosure for Mineral Projects&#8221;, issued by the Canadian Securities Administrators. There are numerous assumptions including:</P>

<UL>

<LI>Future production estimates &#8211; which include proved and probable reserves, resource estimates and committed expansions;

<LI>Expected future commodity prices, based on current market price, forward prices and the Company&#8217;s assessment of the long-term average price; and

<LI>Future cash costs of production, capital expenditure and rehabilitation obligations. </LI></UL>

<P style="TEXT-ALIGN: justify">As the economic assumptions used may change and as additional geological information is produced during the operation of a mine, estimates of reserves may change. Such changes may impact the Company&#8217;s reported financial position and results which include:</P>

<UL>

<LI>The carrying value of mineral rights and properties and plant and equipment may be affected due to changes in estimated future cash flows;

<LI>Depreciation and depletion charges in net income may change where such charges are determined using the units of production method, or where the useful life of the related assets change; and

<LI>The recognition and carrying value of deferred income tax assets may change due to changes in the judgements regarding the existence of such assets and in estimates of the likely recovery of such assets. </LI></UL>

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   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 25</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(ii) <I>Impairment of assets</I></P>

<P style="TEXT-ALIGN: justify">Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is considered to be the higher of the fair value less costs to sell and value in use. These assessments require the use of estimates and assumptions such as long-term commodity prices (considering current and historical prices, price trends and related factors), discount rates, operating costs, future capital requirements, closure and rehabilitation costs, exploration potential, reserves and operating performance (which includes production and sales volumes). These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will impact these projections, which may impact the recoverable amount of assets and/or cash generating units. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm&#8217;s length transaction between knowledgeable and willing parties. Fair value for mineral assets is generally determined as the present value of estimated future cash flows arising from the continued use of the asset, which includes estimates such as the cost of future expansion plans and eventual disposal, using assumptions that an independent market participant may take into account. Cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.</P>

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   <TD noWrap align=left><B>11.</B></TD>

   <TD noWrap align=left><B>Changes in Accounting Standards</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">IFRS 15 &#8211; <I>Revenue from contracts with customers, </I>the standard on revenue from contacts with customers was issued on May 28, 2014 and may be effective for annual reporting periods beginning on or after January 1, 2018, for public entities with early adoption permitted. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. The Company is assessing impact of this standard.</P>

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   <TD noWrap align=left><B>12.</B></TD>

   <TD noWrap align=left><B>Other MD&amp;A Requirements</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Additional information relating to the Company:</P>

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<TR>

   <TD vAlign=top width="4%" noWrap>(a)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">may be found on SEDAR at www.sedar.com; </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">may be found at the Company&#8217;s web-site www.silvercorpmetals.com; </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">may be found in the Company&#8217;s Annual Information Form; and, </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(d)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">is also provided in the Company&#8217;s annual audited consolidated financial statements as of March 31, 2015. </TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">&nbsp;</TD></TR></TABLE>

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   <TD noWrap align=left><B>13.</B></TD>

   <TD noWrap align=left><B>Outstanding Share Data</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at the date of this MD&amp;A, the following securities were outstanding: </P>

<P style="TEXT-ALIGN: justify">(a) Share Capital </P>

<P style="TEXT-ALIGN: justify">Authorized - unlimited number of common shares without par value</P>

<P style="TEXT-ALIGN: justify">Issued and outstanding &#8211; <B>168,560,856 </B>common shares with a recorded value of <B>$231.8 million </B></P>

<P style="TEXT-ALIGN: justify">Shares subject to escrow or pooling agreements - $nil.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 26</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(b) Options</P>

<P style="TEXT-ALIGN: justify">As at the date of this report, the outstanding options comprise the following:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="33%" noWrap align=right><B><FONT color=#ffffff>Number of Options</FONT></B></TD>

   <TD bgColor=#993300 width="33%" noWrap align=right><B><FONT color=#ffffff>Exercise Price (CAD$)</FONT></B></TD>

   <TD bgColor=#993300 width="33%" noWrap align=center><B><FONT color=#ffffff>Expiry Date</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>145,500</TD>

   <TD width="33%" noWrap align=right>14.96</TD>

   <TD width="33%" noWrap align=right>7/Apr /16</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>188,500</TD>

   <TD width="33%" noWrap align=right>9.20</TD>

   <TD width="33%" noWrap align=right>4/Jun /16</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>218,000</TD>

   <TD width="33%" noWrap align=right>7.27</TD>

   <TD width="33%" noWrap align=right>24/Nov /16</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>361,500</TD>

   <TD width="33%" noWrap align=right>6.69</TD>

   <TD width="33%" noWrap align=right>5/Mar /17</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>199,000</TD>

   <TD width="33%" noWrap align=right>6.53</TD>

   <TD width="33%" noWrap align=right>17/Jun /17</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>262,500</TD>

   <TD width="33%" noWrap align=right>5.35</TD>

   <TD width="33%" noWrap align=right>8/Aug /17</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>265,000</TD>

   <TD width="33%" noWrap align=right>5.40</TD>

   <TD width="33%" noWrap align=right>3/Dec /17</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>263,000</TD>

   <TD width="33%" noWrap align=right>3.91</TD>

   <TD width="33%" noWrap align=right>7/Mar /18</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>267,000</TD>

   <TD width="33%" noWrap align=right>3.25</TD>

   <TD width="33%" noWrap align=right>2/Jun /18</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>354,000</TD>

   <TD width="33%" noWrap align=right>3.41</TD>

   <TD width="33%" noWrap align=right>12/Sep /18</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>259,000</TD>

   <TD width="33%" noWrap align=right>2.98</TD>

   <TD width="33%" noWrap align=right>21/Jan /19</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>645,000</TD>

   <TD width="33%" noWrap align=right>1.75</TD>

   <TD width="33%" noWrap align=right>29/May /19</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>408,450</TD>

   <TD width="33%" noWrap align=right>1.76</TD>

   <TD width="33%" noWrap align=right>14/Oct /19</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>1,800,000</TD>

   <TD width="33%" noWrap align=right>1.43</TD>

   <TD width="33%" noWrap align=right>2/Jun /20</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=right>3,827,125</TD>

   <TD width="33%" noWrap align=right>0.66</TD>

   <TD width="33%" noWrap align=right>30/Dec /18</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=right><B>9,463,575</B></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>14.</B></TD>

   <TD noWrap align=left><B>Risks and Uncertainties</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company is exposed to many risks in conducting its business, including but not limit to: metal price risk as the Company derives its revenue from the sale of silver, lead, zinc, and gold; credit risk in the normal course of dealing with other companies and financial institutions; foreign exchange risk as the Company reports its financial statements in USD whereas the Company operates in jurisdictions that utilize other currencies; equity price risk and interest rate risk as the Company has investments in marketable securities that are traded in the open market or earn interest at market rates that are fixed to maturity or at variable interest rates; inherent risk of uncertainties in estimating mineral reserves and mineral resources; political risks; and environmental risk.</P>

<P style="TEXT-ALIGN: justify">Management and the Board of Directors continuously assess risks that the Company is exposed to, and attempt to mitigate these risks where practical through a range of risk management strategies.</P>

<P style="TEXT-ALIGN: justify">These and other risks are described in the Company&#8217;s Annual Information Form and NI 43-101 technical reports, which are available on SEDAR at www.sedar.com; Form 40-F; Audited Consolidated Financial Statements; and Management&#8217;s Discussion and Analysis for the year ended March 31, 2015. Readers are encouraged to refer to these documents for a more detailed description of some of the risks and uncertainties inherent to Silvercorp&#8217;s business.</P>

<P style="TEXT-ALIGN: justify">Due to the recent decline in metal prices, readers are especially encouraged to understand the significant impact of metal prices on the Company&#8217;s operations.</P>

<UL>

<LI>Metal Price Risk </LI></UL>

<P style="TEXT-ALIGN: justify">The Company&#8217;s sales price for lead and zinc pounds is fixed against the Shanghai Metals Exchange, while gold ounces are fixed against the Shanghai Gold Exchange and silver ounces are fixed against the Shanghai White Platinum &amp; Silver Exchange. These metal prices traditionally move in tandem with and at marginally higher prices than those quoted on the North American and European market places. The Company&#8217;s revenues are expected to be in large part derived from the mining and sale of silver, lead, zinc, and gold contained in metal concentrates. The prices of those commodities has fluctuated widely, particularly in recent years, and are affected by numerous factors beyond the Company&#8217;s control including international and regional economic and political conditions, expectations of inflation;</P>

<DIV align=left>

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   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 27</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">currency exchange fluctuations; interest rates; global or regional supply and demand for jewellery and industrial products containing silver and other metals; sale of silver and other metals by central banks and other holders, speculators and producers of silver and other metals; availability and costs of metal substitutes; and increased production due to new mine developments and improved mining and production methods. The price of base and precious metals may have a significant influence on the market price of the Company&#8217;s shares and the value of the properties. The effect of these factors on the price of base and precious metals, and therefore the viability of the Company&#8217;s exploration projects, cannot be accurately predicted.</P>

<P style="TEXT-ALIGN: justify">If silver and other metals prices were to decline significantly or for an extended period of time, the Company may be unable to continue operations, develop the properties or fulfil obligations under agreements with the Company&#8217;s joint venture partners or under its permits or licenses.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>15.</B></TD>

   <TD noWrap align=left><B>Disclosure Controls and Procedures</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Disclosure controls and procedures are designed to provide reasonable assurance that material information is gathered and reported to senior management, including the Chief Executive Officer (&#8220;CEO&#8221;) and the Chief Financial Officer (&#8220;CFO&#8221;), as appropriate to allow for timely decision about public disclosure.</P>

<P style="TEXT-ALIGN: justify">Management, including the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company&#8217;s disclosure controls and procedures as at December 31, 2015, as defined in the rules of the U.S. Securities and Exchange Commission and Canadian Securities Administration. The evaluation included documentation review, enquiries and other procedures considered by management to be appropriate in the circumstances. Based on this evaluation, management concluded that the disclosure controls and procedures (as defined in Rule 13a-15(e) under Securities Exchange Act of 1934) are effective in providing reasonable assurance that the information required to be disclosed in annual filings, interim filings, and other reports we filed or submitted under United States and Canadian securities legislation was recorded, processed, summarized and reported within the time periods specified in those rules.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>16.</B></TD>

   <TD noWrap align=left><B>Changes in Internal Control over Financial Reporting</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">There was no change in the Company&#8217;s internal control over financial reporting that occurred during the quarter that has materially affected or is reasonably likely to materially affect, its internal control over financial reporting.</P>

<DIV align=left>

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   <TD width="4%"></TD>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>17.</B></TD>

   <TD noWrap align=left><B>Directors and Officers</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at the date of this report, the Company&#8217;s Directors and Officers are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



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   <TD style="WIDTH: 50%"></TD>

   <TD style="WIDTH: 50%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" noWrap align=left><B>Directors</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" noWrap align=left><B>Officers</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Dr. Rui Feng, Director, Chairman</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Rui Feng, Chief Executive Officer</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%" noWrap align=left>Yikang Liu, Director</TD>

   <TD style="WIDTH: 50%" noWrap align=left>Derek Liu, Chief Financial Officer</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="50%" noWrap align=left>Paul Simpson, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" align=left>Lorne Waldman, Senior Vice President, Corporate Secretary &amp; General Counsel</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%" noWrap align=left>David Kong, Director</TD>

   <TD style="WIDTH: 50%" noWrap align=left>Alex Zhang, Vice President, Exploration</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Malcolm Swallow, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Luke Liu, Vice President, China Operations</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Mr. Alex Zhang, P.Geo., Vice President, Exploration of the Company, is a Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this MD&amp;A.</P>

<DIV align=center>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



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   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp; </B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 28</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Forward Looking Statements</B></P>

<P style="TEXT-ALIGN: justify"><I>Certain of the statements and information in this MD&amp;A constitute &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;assumes&#8221;, &#8220;intends&#8221;, &#8220;strategies&#8221;, &#8220;targets&#8221;, &#8220;goals&#8221;, &#8220;forecasts&#8221;, &#8220;objectives&#8221;, &#8220;budgets&#8221;, &#8220;schedules&#8221;, &#8220;potential&#8221; or variations thereof or stating that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things:</I></P>

<UL>

<LI><I>the price of silver and other metals;</I> <BR>

<LI><I>estimates of the Company&#8217;s revenues and capital expenditures;</I> <BR>

<LI><I>estimated ore production and grades from the Company&#8217;s mines in the Ying Mining District; and;</I> <BR>

<LI><I>timing of receipt of permits and regulatory approvals.</I> </LI></UL>

<P style="TEXT-ALIGN: justify"><I>Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to,</I></P>

<UL>

<LI><I>fluctuating commodity prices;</I> <BR>

<LI><I>fluctuating currency exchange rates;</I> <BR>

<LI><I>increasing labour costs;</I> <BR>

<LI><I>exploration and development programs;</I> <BR>

<LI><I>feasibility and engineering reports;</I> <BR>

<LI><I>permits and licenses;</I> <BR>

<LI><I>operations and political conditions;</I> <BR>

<LI><I>regulatory environment in China and Canada;</I> <BR>

<LI><I>environmental risks; and</I> <BR>

<LI><I>risks and hazards of mining operations.</I> </LI></UL>

<P style="TEXT-ALIGN: justify"><I>This list is not exhaustive of the factors that may affect any of the Company&#8217;s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in this MD&amp;A under the heading &#8220;Risks and Uncertainties&#8221; and elsewhere. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.</I></P>

<P style="TEXT-ALIGN: justify"><I>The Company&#8217;s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this MD&amp;A, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management&#8217;s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.</I></P>

<DIV align=left>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%" noWrap align=right><B>Page 29</B></TD></TR></TABLE></DIV>

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