<SEC-DOCUMENT>0001176256-17-000026.txt : 20170206
<SEC-HEADER>0001176256-17-000026.hdr.sgml : 20170206
<ACCEPTANCE-DATETIME>20170203204858
ACCESSION NUMBER:		0001176256-17-000026
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20170202
FILED AS OF DATE:		20170206
DATE AS OF CHANGE:		20170203

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:		17573899

	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>silvercorp6kq3.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER DATED FEBRUARY 2, 2017
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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"><FONT size=4><B>UNITED STATES</B></FONT><BR>
    <FONT size=4><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT><BR>
    <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 2, 2017</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; ] 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; ]</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 2, 2017</TD>
        <TD width="50%" noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
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        <TD width="50%" noWrap align=left>&nbsp;</TD>
        <TD width="50%" noWrap align=left><P style="MARGIN-LEFT: 4%"><U>/s/ Derek Liu</U></P></TD>
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        <TD width="50%" noWrap align=left>&nbsp;</TD>
        <TD width="50%" noWrap align=left><P style="MARGIN-LEFT: 4%">Derek Liu</P></TD>
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        <TD width="50%" noWrap align=left>&nbsp;</TD>
        <TD width="50%" noWrap align=left><P style="MARGIN-LEFT: 4%">Chief Financial Officer</P></TD>
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  <P style="MARGIN: 0px">&nbsp;</P>
  <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="4%" noWrap align=left><U>EXHIBIT</U></TD>
        <TD width="96%" noWrap align=center><U>DESCRIPTION OF EXHIBIT</U></TD>
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  <P style="MARGIN: 0px">&nbsp;</P>
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        <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap valign=top align=left><A href="exhibit99-1.htm">99.1</A></TD>
        <TD style="BACKGROUND-COLOR: #ececec" width="96%" align=left><A href="exhibit99-1.htm">News Release - (February 1, 2017) Silvercorp to Announce Third Quarter Results on February 2, 2017</A></TD>
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        <TD width="4%" noWrap valign=top align=left><A href="exhibit99-2.htm">99.2</A></TD>
        <TD width="96%" align=left><A href="exhibit99-2.htm">News Release - (February 2, 2017) Silvercorp Net Income $30.2 Million, $0.18 Per Share, Up 284% For First Three Quarters Of Fiscal 2017 </A></TD>
      </TR>
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        <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap valign=top align=left><A href="exhibit99-3.htm">99.3</A></TD>
        <TD style="BACKGROUND-COLOR: #ececec" width="96%" align=left><A href="exhibit99-3.htm">Form 52-109F2 Certificate of Interim Filings - full certificate - CFO</A></TD>
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       <TR vAlign=bottom>
        <TD width="4%" noWrap valign=top align=left><A href="exhibit99-4.htm">99.4</A></TD>
        <TD width="96%" align=left><A href="exhibit99-4.htm">Form 52-109F2 Certificate of Interim Filings - full certificate - CEO</A></TD>
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        <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap valign=top align=left><A href="exhibit99-5.htm">99.5</A></TD>
        <TD style="BACKGROUND-COLOR: #ececec" width="96%" align=left><A href="exhibit99-5.htm">Silvercorp Metals Inc Financial Statements for 3rd Quarter ended December 31, 2016</A></TD>
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        <TD width="4%" noWrap valign=top align=left><A href="exhibit99-6.htm">99.6</A></TD>
        <TD width="96%" align=left><A href="exhibit99-6.htm">Silvercorp Metals Inc MD&A for the 3rd Quarter ended December 31, 2016</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 1, 2017
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.1</B></P>
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        <TD width="50%" noWrap align=left><B>&nbsp;</B></TD>
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        <TD width="50%" noWrap align=left><B>NEWS RELEASE</B></TD>
        <TD width="50%" noWrap align=left><B>&nbsp;</B></TD>
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  <P style="TEXT-ALIGN: justify"><B>Trading Symbol: TSX: SVM</B></P>
  <P style="TEXT-ALIGN: center"><B>Silvercorp to Announce Third Quarter Results on February 2, 2017</B></P>
  <P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia &#8211; February 1, 2017 &#8211; Silvercorp Metals Inc. ("Silvercorp&#8221; or the &#8220;Company&#8221;) (TSX: SVM) announces that its unaudited financial and operating results for the period ended December31, 2016 will be released on Thursday, February 2, 2017 after the market close.</P>
  <P style="TEXT-ALIGN: justify"><B>About Silvercorp Metals Inc.</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.silvercorpmetals.com</P>
  <P style="TEXT-ALIGN: justify"><B>Investor Contact</B></P>
  <P style="TEXT-ALIGN: justify">Silvercorp Metals Inc.<BR>
    Gordon Neal, Vice President, Corporate Development</P>
  <P style="TEXT-ALIGN: justify">Phone: (604) 669-9397 <BR>
    Toll Free 1(888) 224-1881 <BR>
    Email: investor@silvercorp.ca&nbsp;<BR>
    Website: www.silvercorp.ca.</P>
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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 2, 2017
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.2</B></P>
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        <TD width="50%" noWrap align=left><B>&nbsp;</B></TD>
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        <TD width="50%" noWrap align=left><B>NEWS RELEASE</B></TD>
        <TD width="50%" noWrap align=left><B>&nbsp;</B></TD>
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  <P style="TEXT-ALIGN: justify"><B>Trading Symbol: TSX: SVM</B></P>

<P style="TEXT-ALIGN: center"><B>SILVERCORP NET INCOME $30.2 MILLION, $0.18 PER SHARE, UP 284% FOR FIRST </B><B>THREE QUARTERS OF FISCAL 2017</B></P>

<P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia &#8211; February 2, 2017 <B>&#8211; </B>Silvercorp Metals Inc. (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) (TSX: SVM) reported its financial and operating results for the third quarter and nine months ended December 31, 2016. All amounts are expressed in US Dollars.</P>

<P style="TEXT-ALIGN: justify"><B><U>HIGHLIGHTS FOR THE THREE QUARTERS ENDED DECEMBER 31, 2016</U></B></P>

<UL>

<LI>

<P align=justify>Net income attributable to equity shareholders of $30.2 million, or $0.18 per share, up 284% compared with net income attributable to equity shareholders of $7.9 million or $0.05 per share in the prior year period;</P>

<LI>

<P align=justify>Silver, lead and zinc metals sold up 28%, 32%, and 22%, respectively, from the prior year period, to approximately 5.2 million ounces silver, 56.1 million pounds lead, and 16.8 million pounds zinc;</P>

<LI>

<P align=justify>Silver production for the three quarters has already surpassed the Fiscal 2017 annual production guidance by approximately 2%;</P>

<LI>

<P align=justify>Sales of $129.4 million, up 46% compared to $88.5 million in the prior year period;</P>

<LI>

<P align=justify>A 15%, 16%, and 15% increase in the head grades of silver, lead, and zinc compared to the prior year period;</P>

<LI>

<P align=justify>A 13%,13%, and 23% increase in the net realized selling prices of silver, lead, and zinc compared to the prior year period;</P>

<LI>

<P align=justify>Gross margin improved to 54% from 34% in the prior year period;</P>

<LI>

<P align=justify>Cash flows from operations of $75.6 million, or $0.44 per share, an increase of $48.1 million compared to $27.5 million, or $0.16 per share in the prior year period;</P>

<LI>

<P align=justify>Cash production cost per tonne<SUP>1 </SUP>of decreased by 14% to $59.26 from $69.12 in the prior year period;</P>

<LI>

<P align=justify>Cash cost per ounce of silver<SUP>1</SUP>, net of by-product credits, of negative $2.88, compared to $1.26 in the prior year period;</P>

<LI>

<P align=justify>All-in sustaining cost per ounce of silver<SUP>1</SUP>, net of by-product credits, of $3.96, compared to $10.27 in the prior year period; and</P>

<LI>

<P align=justify>Ended the period with $97.4 million in cash and short term investments, an increase of $35.4 million or 60% compared to $62.0 million as at March 31, 2016.</P></LI></UL>

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   <TD style="BORDER-TOP: #000000 1px solid" width="20%" noWrap align=left><SUP>1 </SUP>Non-IFRS measure</TD>

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<P style="TEXT-ALIGN: center">1</P></DIV><BR>

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<P style="TEXT-ALIGN: justify"><B><U>HIGHLIGHTS FOR THE THIRD QUARTER FISCAL 2017 (&#8220;Q3 FISCAL 2017&#8221;)</U></B></P>

<UL>

<LI>

<P align=justify>Net income attributable to equity shareholders of $13.1 million, or $0.08 per share, up 294% compared with net income attributable to equity shareholders of $3.3 million or $0.02 per share in the prior year quarter;</P>

<LI>

<P align=justify>Silver, lead and zinc metals sold up 22%, 29%, and 21%, respectively, from the prior year quarter, to approximately 1.7 million ounces silver, 19.5 million pounds lead, and 5.7 million pounds zinc;</P>

<LI>

<P align=justify>Sales of $47.8 million, up 64% compared to $29.1 million from the prior year quarter;</P>

<LI>

<P align=justify>A 5%, 9%, and 15% increase in the head grades of silver, lead, and zinc compared to the prior year quarter;</P>

<LI>

<P align=justify>A 15%, 52%, and 83% increase in the net realized selling prices of silver, lead, and zinc compared to the prior year quarter;</P>

<LI>

<P align=justify>Gross margin improved to 58% from 33% in the prior year quarter;</P>

<LI>

<P align=justify>Cash flows from operations of $28.3 million, an increase of $18.7 million compared to $9.6 million in the prior year quarter;</P>

<LI>

<P align=justify>Cash production cost per tonne of $60.51, down 8% compared with $65.59 in the prior year quarter;</P>

<LI>

<P align=justify>Cash cost per ounce of silver, net of by-product credits, of negative $5.48, compared to $0.90 in the prior year quarter; and</P>

<LI>

<P align=justify>All-in sustaining cost per ounce of silver, net of by-product credits, of $1.87, compared to $7.72 in the prior year quarter.</P></LI></UL>

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

<P style="TEXT-ALIGN: justify"><B>Net income </B>attributable to the shareholders of the Company in Q3 Fiscal 2017 was $13.1 million, or $0.08 per share, up 294% compared to $3.3 million, or $0.02 per share in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">In the current quarter, the Company&#8217;s financial results were mainly impacted by the following: i) improved head grades yielded higher silver, lead, zinc sales, up 5%, 9% and 15%, respectively; ii) a 8% decrease in total production costs per tonne of ore processed; and iii) the increase of metals prices, as the realized selling price for silver, lead, and zinc increased by 15%, 52% and 83%, respectively, compared to the same prior year quarter.</P>

<P style="TEXT-ALIGN: justify"><B>Sales </B>in Q3 Fiscal 2017 were $47.8 million, up 64% compared to $29.1 million in Q3 Fiscal 2016. Silver and gold sales represented $23.4 million and $0.7 million, respectively, while base metals represented $23.7 million of total sales in this quarter compared to silver, gold and base metals of $16.8 million, $0.4 million, and $11.9 million, respectively, in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify"><B>Cost of sales </B>in Q3 Fiscal 2017 was $20.1 million compared to $19.5 million in Q3 Fiscal 2016. The cost of sales included $14.9 million (Q3 Fiscal 2016 - $13.5 million) cash costs and $5.2 million (Q3 Fiscal 2016 - $6.0 million) depreciation, amortization and depletion charges. The increase of cash cost of sales was mainly due to the increase of metals sold offset by an 8% decrease in cash production costs per tonne of ore processed. The total per tonne ore production cost was $82.19 in Q3 Fiscal 2017, a decrease of 5%, from $86.47 in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify"><B>Gross profit margin </B>in Q3 Fiscal 2017 was 58% compared to 33% in Q3 Fiscal 2016. The improvement of gross profit margin was mainly due to: i) a 5%, 9%, and 15% increase in the head grades of silver, lead, and zinc; ii) a 5% decrease in per tonne ore production costs; and iii) the increase of metal prices. Ying Mining District&#8217;s gross profit margin was 61% compared to a 40% gross</P>

<P style="TEXT-ALIGN: center">2</P></DIV><BR>

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<P style="TEXT-ALIGN: justify">profit margin in the same prior year quarter, while GC Mine&#8217;s profit margin was 42% compared to a 3% gross profit margin in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows provided by operating activities </B>in Q3 Fiscal 2017 were $28.3 million or $0.17 per share compared to $9.6 million or $0.06 per share in Q3 Fiscal 2016. Before changes in non-cash operating working capital, cash flows provided by operating activities were $26.4 million, an increase of $13.9 million or 111%, compared to $12.5 million in Q3 Fiscal 2016 as a result of the improvement of operating earnings.</P>

<P style="TEXT-ALIGN: justify"><B>For the nine months ended December 31, 2016, </B>net income attributable to the shareholders of the Company was $30.2 million, or $0.18 per share, up 284% compared to $7.9 million, or $0.05 per share in the same prior year period; sales were $129.4 million, up 46% from $88.5 million in the same prior year period; and cash flows provided by operating activities were $75.6 million or $0.44 per share compared to $27.5 million or $0.16 per share in the same prior year period. Before changes in non-cash operating working capital, cash flows provided by operating activities for the nine months ended December 31, 2016 were $66.9 million, an increase of $35.9 million or 116%, compared to $31.0 million in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">The Company ended the period with $97.4 million in cash and short term investments, an increase of $35.4 million or 60% compared to $62.0 million as at March 31, 2016.</P>

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

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the Company sold approximately 1.7 million ounces of silver, 19.5 million pounds of lead, and 5.7 million pounds of zinc, up 22%, 29% and 21%, respectively, compared to 1.4 million ounces of silver, 15.1 million pounds of lead, and 4.7 million pounds of zinc in Q3 Fiscal 2016. The increase of metals sold, on a consolidated basis, was mainly due to: i) a 5%, 9%, and 15% increase in the head grades of silver, lead and zinc, resulting largely from the ongoing dilution control measures and operation management improvements; and ii) a 18% increase of ore milled. In addition, as at the end of Q3 Fiscal 2017, the Ying Mining District held 4,656 tonnes of silver-lead concentrate inventories, and the estimated metals contained in silver-lead concentrate were approximately 0.5 million ounces of silver and 5.3 million pounds of lead.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, on a consolidated basis, the Company sold approximately 5.2 million ounces of silver, 56.1 million pounds of lead, and 16.8 million pounds of zinc, up 28%, 32% and 22% compared to the same prior year period.</P>

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

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   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="26%" colSpan=3 noWrap align=left><B><FONT color=#ffffff>Operational results - Ying Mining District</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q3 2017</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q2 2017</FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q1 2017</FONT></B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q4 2016</FONT></B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#993300 width="2%" noWrap align=center><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="20%" colSpan=4 noWrap align=center><B><FONT color=#ffffff>Nine Months ended December 31,</FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" width="8%" noWrap align=right><B><FONT color=#ffffff>December 31, 2016</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>September 30, 2016</FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>June 30, 2016</FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>March 31, 2016</FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>December 31, 2015</FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>2016</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>2015</FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Ore Mined (tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>171,303</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>179,194</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>173,508</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>99,415</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>152,230</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>524,005</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>490,351</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Ore Milled (tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>182,259</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>180,154</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>167,747</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>99,203</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>151,035</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>530,160</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp; </TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>488,248</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Head Grades</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (gram/tonne)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>303</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>302</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>308</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>310</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>287</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>305</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>260</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>4.8</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>4.9</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>4.4</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>4.0</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>4.1</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>4.7</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>3.8</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>0.8</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1.1</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>1.1</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>0.8</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>1.0</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>0.8</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Recoveries</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>95.1</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>95.5</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>95.7</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>95.0</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>95.4</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>95.4</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>95.0</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>96.7</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>96.3</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>96.4</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>96.3</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>96.6</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>96.4</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>95.4</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>47.5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>42.9</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>48.4</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>57.6</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>50.2</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>46.0</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>53.3</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Metal Sales</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounce)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>1,555</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>1,630</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>1,490</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>857</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>1,216</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>4,675</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>3,538</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold (in thousands of ounce)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>0.7</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>1.0</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>0.9</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>0.3</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>0.5</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>2.6</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>2.0</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (in thousands of pound)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>17,269</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>17,768</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>14,861</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>7,379</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>12,107</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>49,898</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>35,563</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (in thousands of pound)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>1,210</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1,785</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>1,820</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>999</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1,168</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>4,815</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>3,999</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash mining cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>55.21</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>49.13</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>52.33</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>54.63</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>55.63</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>52.18</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>58.25</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Total mining cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>80.53</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>76.30</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>78.64</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>83.24</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>78.91</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>78.46</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>80.15</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash milling cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>9.09</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>8.85</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>10.07</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>13.70</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>11.67</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>9.31</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>12.06</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Total milling cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>11.03</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>10.86 </TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>12.25</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>17.38</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>14.15</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>11.35</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>14.40</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash production cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>68.22</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>61.79</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>66.27</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>71.90</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>71.29</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>65.35</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>74.41</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash cost per ounce of silver ($)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>(4.60</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>(2.68</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left>)</TD>

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

   <TD width="8%" noWrap align=right>0.12</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>2.83</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>0.25</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>(2.43</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>1.03</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B><B>All-in sustaining cost per ounce of</B> silver ($)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>1.34</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2.33</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>5.80</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>8.92</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>6.62</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>3.11</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>8.52</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="margin-top: 0px" align=justify><FONT style="FONT-SIZE: 8pt">Figures may not add due to rounding</FONT></P>

<P style="TEXT-ALIGN: center">3</P></DIV><BR>

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<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the total ore mined at the Ying Mining District was 171,303 tonnes, an increase of 13% compared to total ore production of 152,230 tonnes in Q3 Fiscal 2016. Total ore milled at the Ying Mining District in Q3 Fiscal 2017 was 182,259 tonnes, an increase of 21% compared to 151,035 tonnes in Q3 Fiscal 2016. Silver and lead head grades improved by 6% and 16%, respectively, to 303 grams per tonne (&#8220;g/t&#8221;) for silver and 4.8% for lead from 287 g/t for silver and 4.1% for lead, respectively, in Q3 Fiscal 2016, resulting largely from the ongoing dilution control and operation management improvements. Head grade for zinc was 0.8%, comparable to 0.8% in the prior year quarter.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the Ying Mining District sold approximately 1.6 million ounces of silver, 700 ounces of gold, 17.3 million pounds of lead, and 1.2 million pounds of zinc, up 28%, 33%, 43%, and 4% respectively, compared to 1.2 million ounces of silver, 500 ounces of gold, 12.1 million pounds of lead, and 1.2 million pounds of zinc in Q3 Fiscal 2016. The increase in metals sold is mainly due to the improved head grades achieved and higher ore production in the quarter.</P>

<P style="TEXT-ALIGN: justify">Cash mining costs per tonne in Q3 Fiscal 2017 was $55.21, compared to $55.63 in Q3 Fiscal 2016. Cash milling costs in Q3 Fiscal 2017 were $9.09 compared to $11.67 in Q3 Fiscal 2016 with the decrease mainly due to: i) a 15% reduction in per tonne utility costs; ii) a 4% decrease in per tonne labour costs; and iii) the exclusion of mineral resource tax from milling costs. Prior to June 30, 2016, mineral resource tax was levied at RMB&#165;13.0 per tonne of ore milled and included as part of milling costs. Effective July 1, 2016, the mineral resource tax was changed to a levy based on a certain percentage of sales, and therefore such tax is excluded from milling costs but expensed directly and included in government fee and other taxes.</P>

<P style="TEXT-ALIGN: justify">Cash production cost per tonne of ore processed at the Ying Mining District in Fiscal Q3 2017 was $68.22, a decrease of 4% compared to $71.29 in Q3 Fiscal 2016 as a result of the decrease in both per tonne cash mining and milling costs.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver, net of by-product credits, at the Ying Mining District, was negative $4.60 in Q3 Fiscal 2017 compared to $0.25 in Q3 Fiscal 2016. The decrease was mainly due to: i) lower per tonne cash production costs as discussed above; and, ii) a 111% increase in by-product credits arising from 43% and 4% increases in lead and zinc sold and 50% and 67% increases in net realized lead and zinc selling prices. Sales from lead and zinc accounted for 44% of the total sales at the Ying Mining District in the current quarter, and amounted to $17.7 million, an increase of $9.4 million, compared to $8.3 million in the prior year quarter.</P>

<P style="TEXT-ALIGN: justify">All in sustaining costs per ounce of silver, net of by-product credits, at the Ying Mining District in Q3 2017 was $1.34 per ounce of silver compared to $6.62 in Q3 Fiscal 2016. The decrease was mainly due to lower per tonne cash production cost and the increase in by-product credits as discussed above, offset by a $1.2 million increase in sustaining capital expenditures.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the total ore mined at the Ying Mining District was 524,005 tonnes, up 7% compared to 490,351 tonnes in the same prior year period. Correspondingly, total ore milled was 530,160 tonnes, up 9% compared to 488,248 tonnes. Average head grades were 305 g/t for silver, 4.7% for lead, and 1.0% for zinc compared to 260 g/t for silver, 3.8% for lead, and 0.8% for zinc, respectively.</P>

<P style="TEXT-ALIGN: justify">During the same time periods, the Ying Mining District sold approximately 4.7 million ounces of silver, 2,600 ounces of gold, 49.9 million pounds of lead, and 4.8 million pounds of zinc, compared to 3.5 million ounces of silver, 2,000 ounces of gold, 35.6 million pounds of lead, and 4.0 million pounds of zinc in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the cash mining costs at the Ying Mining District was $52.18 per tonne, a decrease of 10% compared to $58.25 per tonne in the same prior year period.</P>

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

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<P style="TEXT-ALIGN: justify">The cash milling cost was $9.31 per tonne, a decrease of 23% compared to $12.06 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver and all in sustaining costs per ounce of silver, net of by-product credits, at the Ying Mining District, for the nine months ended December 31, 2016, were negative $2.43 and $3.11 respectively, compared to $1.03 and $8.52 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, approximately 36,756 meters (&#8220;m&#8221;) of underground diamond drilling (Q3 Fiscal 2016 &#8211; 21,223 m) and 4,900 m of preparation tunnelling (Q3 Fiscal 2016 &#8211; 4,231 m) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 17,823 m of horizontal tunnel, raise, and declines (Q3 Fiscal 2016 &#8211; 13,893 m) were completed and capitalized. Total capitalized exploration and development expenditures in Q3 Fiscal 2017 for the Ying Mining District were $5.7 million compared to $4.6 million in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, approximately 71,794 m of underground diamond drilling (same prior year period &#8211; 60,435 m) and 15,069 m of preparation tunnelling (same prior year period &#8211; 16,460 m) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 50,500 m of horizontal tunnel, raise, and declines (same prior year period &#8211; 49,452 m) were completed and capitalized. Total capitalized exploration and development expenditures for the nine months ended December 31, 2016 for the Ying Mining District were $15.4 million compared to $16.4 million in same prior year period. The Company also paid $1.3 million to renew the mining permit for TLP and LM mine and $8.7 million to retire the mineral right fee payable incurred in prior years for the mining permit for the SGX mine.</P>

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

<DIV align=left>

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



<TR>

   <TD width="16%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD width="8%"></TD>

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

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD width="8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

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

   <TD width="8%"></TD>

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

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD width="8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

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

   <TD width="8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD width="8%"></TD>

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

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD width="8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="16%" noWrap align=left><B><FONT color=#ffffff>Operational results - GC Mine</FONT></B></TD>

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q3 2017</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q2 2017</FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q1 2017</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q4 2016</FONT></B></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#993300 width="2%" noWrap align=center><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="22%" colSpan=5 noWrap align=center><B><FONT color=#ffffff>Nine Months ended December 31</FONT></B> <B><FONT></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><FONT color=#ffffff>December 31, 2016 </FONT></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><FONT color=#ffffff>September 30, 2016</FONT></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><FONT color=#ffffff>June 30, 2016</FONT></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><FONT color=#ffffff>March 31, 2016</FONT></TD>

   <TD style="BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><FONT color=#ffffff>December 31, 2015</FONT></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#993300 width="2%" noWrap align=center><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>2016</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="8%" noWrap align=center><B><FONT color=#ffffff>2015</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Ore Mined (tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>81,481</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>74,692</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>64,349</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>50,014</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>71,288</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>220,522</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>207,561</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Ore Milled (tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>81,080</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>76,100</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>63,587</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>50,124</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>71,593</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>220,767</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>206,738</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Head Grades</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></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 style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (gram/tonne)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>89</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>96</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>99</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>92</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>97</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>94</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>97</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>1.4</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>1.6</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>1.5</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>2.0</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>1.9</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>1.5</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>1.6</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>2.8</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2.8</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>2.9</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2.7</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>2.6</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>2.9</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2.5</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Recovery Rates</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></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 style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>75.4</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>76.2</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>76.8</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>79.1</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>80.2</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>76.2</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>78.3</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>85.5</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>86.6</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>86.9</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>84.9</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>88.3</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>86.3</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>88.5</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>86.5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>86.4</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>85.8</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>82.6</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>81.2</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>86.3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>82.4</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Metal Sales</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></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 style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounce)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>179</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>183</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>149</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>118</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>210</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>511</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>519</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (in thousands of pound)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>2,214</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>2,163</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>1,860</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>1,970</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>3,021</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>6,237</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>7,072</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (in thousands of pound)</B></P></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>4,478</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>4,106</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>3,407</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,576</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>3,525</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>11,991</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>9,726</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash mining cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>31.34</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>28.61</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>33.50</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>26.24</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>38.22</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>31.04</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>41.13</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Total mining cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>38.90</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>36.78</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>41.91</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>34.76</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>46.52</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>39.05</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>49.33</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash milling cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>13.09</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>12.94</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>15.60</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>16.99</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>15.16</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>13.76</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>15.49</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Total milling cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>15.50</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>15.57</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>18.81</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>20.67</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>17.30</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>16.47</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>17.72</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash production cost ($ per tonne)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>44.43</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>41.55</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>49.10</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>43.23</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="8%" noWrap align=right>53.38</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>44.80</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>56.62</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>&nbsp;</B></TD>

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

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

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

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

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

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

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

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

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

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

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

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B></B></TD>

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

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

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

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash cost per ounce of silver ($)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>(13.11</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>(6.39</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left>)</TD>

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

   <TD width="8%" noWrap align=right>(0.28</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>(2.24</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left>)</TD>

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

   <TD width="8%" noWrap align=right>4.62</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="8%" noWrap align=right><B>(6.96</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right>2.78</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left><B><B>All-in sustaining cost per ounce of</B> silver ($)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>(6.12</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(1.49</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>4.76</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1.19</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>9.80</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" bgColor=#f2dcdb width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="8%" noWrap align=right><B>(1.29</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>10.54</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="margin-top: 0px" align=justify><FONT style="FONT-SIZE: 8pt">* Figures may not add due to rounding</FONT></P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the Company mined 81,481 tonnes of ore at the GC Mine, an increase of 14% compared to 71,288 tonnes in Q3 Fiscal 2016. Total ore milled at the GC Mine in Q3 Fiscal 2017 was 81,080 tonnes, an increase of 13% compared to 71,593 tonnes in Q3 Fiscal 2016. Head grades were 89 g/t for silver, 1.4% for lead and 2.8% for zinc, compared to 97 g/t for silver, 1.9% for lead and 2.6% for zinc in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">Cash mining cost was $31.34 in Q3 Fiscal 2017 compared to $38.22 in Q3 Fiscal 2016. The decrease of cash mining costs arose mainly because approximately 29% of the ore was by-product ore from exploration tunnelling or extracted from previously mined stopes for which direct mining costs were paid in prior periods, and the only cost involved was to ship the ore to the mill. The cash milling cost</P>

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

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<P style="TEXT-ALIGN: justify">per tonne was $13.09, compared to $15.16 in Q3 Fiscal 2016, with the decrease mainly due to the exclusion of mineral resource tax from milling costs as discussed above.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, cash production cost per tonne of ore processed at the GC Mine was $44.43, a decrease of 17% compared to $53.38 in Q3 Fiscal 2016 as a result of the decrease in both per tonne cash mining and milling cost.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the GC Mine sold approximately 4.5 million pounds of zinc, an increase of 27%, compared to 3.5 million pounds of zinc in the prior year quarter as a result of the 6% increase in zinc head grade and higher output. Silver and lead sold at the GC Mine decreased by 15% and 27% to approximately 0.2 million ounces of silver and 2.2 million pounds of lead, respectively, compared to 0.2 million ounces of silver and 3.0 million pounds of lead sold in Q3 Fiscal 2016, with the decrease mainly due to lower head grades and recovery rates.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver, net of by-product credits, at the GC Mine, was negative $13.11 in Q3 Fiscal 2017 compared to $4.62 in Q3 Fiscal 2016. The decrease was mainly due to: i) lower per tonne cash production costs as discussed above; and, ii) a 68% increase in by-product credits, mainly arising from more zinc sold and higher lead and zinc prices. Sales from lead and zinc accounted for 75% of the total sales at the GC Mine in the current quarter, and amounted to $5.9 million, an increase of $2.5 million, compared to $3.4 million in the prior year quarter.</P>

<P style="TEXT-ALIGN: justify">All in sustaining costs per ounce of silver, net of by-product credits, at the GC Mine in Q3 2017 was negative $6.12, compared to $9.80 in Q3 Fiscal 2016. The decrease was mainly due to: i) lower per tonne cash production costs and the increase of by-product credits as discussed above; and, ii) a $0.2 million decrease in sustaining capital expenditures.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the total ore mined at the GC Mine was 220,522 tonnes, an increase of 6% compared to 207,561 tonnes in the same prior year period. Correspondingly, total ore milled was 220,767 tonnes, an increase of 7% compared to 206,738 milled in the same prior year period. Average head grades were 94 g/t for silver, 1.5% for lead, and 2.9% for zinc compared to 97 g/t for silver, 1.6% for lead, and 2.5% for zinc, respectively.</P>

<P style="TEXT-ALIGN: justify">During the same time periods, the GC Mine sold approximately 0.5 million ounces of silver, 6.2 million pounds of lead, and 12.0 million pounds of zinc, compared to 0.5 million ounces of silver, 7.1 million pounds of lead, and 9.7 million pounds of zinc in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the cash mining costs at the GC Mine was $31.04 per tonne, a decrease of 25% compared to $41.13 per tonne in the same prior year period. The cash milling cost was $13.76 per tonne, a decrease of 11% compared to $15.49 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver and all in sustaining costs per ounce of silver, net of by-product credits, at the GC Mine, for the nine months ended December 31, 2016, were negative $6.96 and negative $1.29 respectively, compared to $2.78 and $10.54 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, approximately 3,935 m of underground diamond drilling (Q3 Fiscal 2016 &#8211; 4,202 m) and 4,640 m of tunnelling (Q3 Fiscal 2016 &#8211; 4,111 m) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 554 m of horizontal tunnel, raise, and declines (Q3 Fiscal 2016 &#8211; 731 m) were completed and capitalized. Total capitalized exploration and development expenditures in Q3 Fiscal 2017 for the GC Mine were $0.5 million compared to $0.3 million in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, approximately 9,489 m of underground diamond drilling (same prior year period &#8211; 18,500 m) and 11,976 m of tunnelling (same prior year period &#8211;11,847 m) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 1,685 m of horizontal tunnel, raise, and declines (same prior year period &#8211; 1,239 m)</P>

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

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<P style="TEXT-ALIGN: justify">were completed and capitalized. Total capitalized exploration and development expenditures were $0.9 million compared to $0.8 million in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B><U>FISCAL 2018 PRODUCTION AND CASH COST GUIDANCE IMPROVES OVER PRIOR YEAR GUIDANCE</U></B></P>

<P style="TEXT-ALIGN: justify">Silvercorp&#8217;s Fiscal 2018 guidance, for both production and cash costs, has improved relative to Fiscal 2017 guidance including a 12% increase in silver production guidance, a 10% increase in lead production guidance, and a 44% decrease in consolidated all-in sustaining cost per ounce of silver guidance. The table below sets out more detailed guidance for fiscal 2018.</P>

<DIV align=left>

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<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>Ore processed</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>Silver</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>Lead</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>Zinc</FONT></B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>(tonnes)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>(g/t)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>(%)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>(%)</FONT></B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>Ying Mining District</TD>

   <TD width="16%" noWrap align=right>650,000</TD>

   <TD width="16%" noWrap align=right>275</TD>

   <TD width="16%" noWrap align=right>4.2</TD>

   <TD width="16%" noWrap align=right>0.9</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="16%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=left>GC Mine</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right>250,000</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right>90</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right>1.5</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right>2.6</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="16%" noWrap align=right></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>Silver</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>Lead</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>Zinc</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>Cash cost*</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>AISC*</FONT></B></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>(Moz)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>(Mlbs)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>(Mlbs)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>($/t)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" bgColor=#993300 width="16%" noWrap align=right><B><FONT color=#ffffff>($/oz Ag)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>Ying Mining District</TD>

   <TD width="16%" noWrap align=right>5.3</TD>

   <TD width="16%" noWrap align=right>56.0</TD>

   <TD width="16%" noWrap align=right>6.0</TD>

   <TD width="16%" noWrap align=right>66.8</TD>

   <TD width="16%" noWrap align=right>4.2</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left>GC Mine</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>0.4</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>7.1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>12.3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>46.1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>(1.0)</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=left>Consolidated</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right>5.7</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right>63.1</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right>18.3</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right>61.0</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right>5.4</TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=6 align=left><FONT style="FONT-SIZE: 8pt"><EM>(*)Both AISC and cash cost are non-IFRS measures. AISC refers to all-in sustaining cost per ounce of silver, net of credits from gold,</EM><EM>lead, zinc and other metals. Cash cost refers to cash production costs per tonne ore processed. Foreign exchange rates assumptions used are: US$1 = CAD$1.33, US$1 = RMB&#165;6.85; metal prices assumptions used are US$17/oz for silver, US$1,185/oz for gold, US$0.98/lb for lead, and US$1.07/lb for zinc.</EM></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><BR>In Fiscal 2018, the Company expects to produce approximately 900,000 tonnes of ore, yielding 5.7 million ounces of silver, 63.1 million pounds of lead, and 18.3 million pounds of zinc. Fiscal 2018 production guidance represents an increase of approximately 5% in ore production, 12% in silver production, and 10% in lead production compared to the prior year&#8217;s guidance released on February 5, 2016. The consolidated all-in sustaining cost (&#8220;AISC&#8221;) is forecasted to be $5.4 per ounce of silver after credits from gold, lead, zinc and other metals, a decline of 44% compared to guidance of $9.67 for Fiscal 2017.<BR>&nbsp;<BR></P>

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<TR>

   <TD vAlign=top width="4%" noWrap><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>Ying Mining District, Henan Province, China</B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">In Fiscal 2018, Ying Mining District plans to mine and process 650,000 tonnes of ore averaging 275 g/t silver, 4.2% lead, and 0.9% zinc with expected metal production of 5.3 million ounces of silver, 56.0 million pounds of lead and 6.0 million of zinc. Fiscal 2018 production guidance at the Ying Mining District represents an increase of approximately 6% in both ore production and silver head grade and an increase of 15% in silver production compared to the prior year&#8217;s guidance. The cash production cost is expected to be $66.8 per tonne of ore. All-in sustaining cost per ounce of silver is estimated to be $4.2 per ounce of silver, a decline of 48% compared to guidance of $8.13 for Fiscal 2017.</P>

<P style="TEXT-ALIGN: justify">Capital expenditures at the Ying Mining District in Fiscal 2018 are budgeted at $21.5 million, a decline of 29% compared to guidance of $30.2 million for Fiscal 2017. Fiscal 2018 capital expenditures include sustaining capital expenditures of $19.5 million and other capital expenditures of $2.0 million.</P>

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   <TD vAlign=top width="4%" noWrap><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>GC Mine, Guangdong Province, China</B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">In Fiscal 2018, GC Mine plans to mine and process 250,000 tonnes of ore averaging 90 g/t silver, 1.5% lead and 2.6% zinc with expected metal production of 0.4 million ounces of silver, 7.1 million pounds of lead and 12.3 million pounds of zinc. The cash production cost is expected to be $46.1 per tonne of ore. All in sustaining cash cost at GC Mine is expected to be negative $1.0 per ounce of silver.</P>

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

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<P style="TEXT-ALIGN: justify">Capital expenditures at GC Mine in Fiscal 2018 are budgeted at $1.0 million, which includes sustaining capital expenditures of $0.5 million and other capital expenditures of $0.5 million.</P>

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<TR>

   <TD vAlign=top width="4%" noWrap><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>Consolidated AISC</B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Consolidated all-in sustaining cost is estimated to be $5.4 per ounce of silver with the detailed breakdown as follows:</P>

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   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND-COLOR: #993300" bgColor=#993300 width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Corporate and</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND-COLOR: #993300" bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Fiscal 2018 AISC Guidance</FONT></B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #993300; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Ying Mining District</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>GC Mine</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>other</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND: #993300" bgColor=#993300 width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #993300" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Consolidated</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BACKGROUND-COLOR: #993300" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash production cost</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>43,401</TD>

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

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

   <TD width="10%" noWrap align=right>11,528</TD>

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

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

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>54,929</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>By-production credits</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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>(51,982</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;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(15,044</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;&nbsp;</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(67,026</TD>

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

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cash cost, net of by-product credits</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>(8,581</TD>

   <TD width="2%" noWrap align=left>)</TD>

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

   <TD width="10%" noWrap align=right>(3,516</TD>

   <TD width="2%" noWrap align=left>)</TD>

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

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>(12,097</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Government fee and other taxes</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>5,598</TD>

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

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

   <TD width="10%" noWrap align=right>873</TD>

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

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

   <TD width="10%" noWrap align=right>15</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>6,486</TD>

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

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Reclamation accretion</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>415</TD>

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

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

   <TD width="10%" noWrap align=right>32</TD>

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

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

   <TD width="10%" noWrap align=right>42</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>489</TD>

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

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>General and administration</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>5,237</TD>

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

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

   <TD width="10%" noWrap align=right>1,730</TD>

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

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

   <TD width="10%" noWrap align=right>9,212</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>16,179</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 captial</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>19,544</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>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>489</TD>

   <TD 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;&nbsp;</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>20,033</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>All-in sustaining costs, net of by-product credits</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right><B><FONT color=#ff0000></FONT></B></TD>

   <TD width="10%" noWrap align=center><B><FONT color=#ff0000>A</FONT></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>22,213</TD>

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

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

   <TD width="10%" noWrap align=right>(392</TD>

   <TD width="2%" noWrap align=left>)</TD>

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

   <TD width="10%" noWrap align=right>9,269</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

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

   <TD width="10%" noWrap align=right>31,090</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>Silver production (in thousands of ounces)</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B><FONT color=#ff0000>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B><FONT color=#ff0000>B</FONT></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,322</TD>

   <TD 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;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>393</TD>

   <TD 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;&nbsp;</TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; 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;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,715</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%" align=left><B><B>All-in sustaining cost per ounce of silver,</B> net of by product credits</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center><B><FONT color=#ff0000>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B><FONT color=#ff0000>A/B</FONT></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>&nbsp;</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>4.2</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=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(1.0</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><B>$</B></TD>

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

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>&nbsp;</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>5.4</B></TD>

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

<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'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's website at www.silvercorp.ca. All figures are in United States dollars unless otherwise stated.</I></P>

<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'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<BR></B>Silvercorp Metals Inc.<BR>Gordon Neal<BR>Vice President, Corporate Development<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><FONT style="FONT-SIZE: 8pt">CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS</FONT></B></P><FONT style="FONT-SIZE: 8pt"></FONT>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt">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</FONT></P>

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

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<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt">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.</FONT></P><FONT style="FONT-SIZE: 8pt">

<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, 2016 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: 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></FONT>

<P style="TEXT-ALIGN: center">9</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 style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Financial Position</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: 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=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>2016</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>2016</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 style="WIDTH: 72%" noWrap align=left><B>Current Assets</B></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="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><B>66,974</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>41,963</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>30,401</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>19,999</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%">Trade and other receivables</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>1,080</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>2,041</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>10,546</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>8,857</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%">Due from related parties</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>88</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>103</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Income tax receivable</P></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=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>394</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%">Prepaids and deposits</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><B>3,577</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>3,960</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>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>112,666</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>77,317</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&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=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></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>698</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>1,856</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%">Reclamation deposits</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>4,207</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>2,301</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>3,171</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>3,133</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%">Other investments</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>1,026</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>287</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>65,313</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>71,045</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%">Mineral rights and properties</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><B>203,107</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>216,080</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><B>390,188</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>372,019</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>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left><B>LIABILITIES AND EQUITY</B></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></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>32,741</B></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>27,457</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,317</B></TD>

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

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

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right>4,657</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3,970</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,547</B></TD>

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

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

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right>5,849</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>5,648</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="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Due to related parties</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><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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>179</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>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>48,253</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>42,112</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mine right fee payable</P></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>5,796</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>25,128</B></TD>

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

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

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right>23,224</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" 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%">Environmental rehabilitation</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><B>13,581</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>14,328</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="72%" noWrap align=left><B>Total Liabilities</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>86,962</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>85,460</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="72%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></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 style="WIDTH: 72%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>231,590</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>230,933</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%">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><B>13,114</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>12,628</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reserves</P></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="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><B>(52,985</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>(35,994</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%">Retained earnings</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><B>29,144</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>562</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>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>246,272</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>233,538</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%" width="72%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%" 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><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>56,954</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>53,021</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>303,226</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>286,559</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>&nbsp;</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></B></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="10%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></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>390,188</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>372,019</TD>

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

<P style="TEXT-ALIGN: center">10</P></DIV><BR>

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<BR>

<A name="page_11"></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 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>

<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="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="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>2016</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>

   <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>2016</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: none transparent scroll repeat 0% 0%" width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></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><B>47,838</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>29,081</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>129,407</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>88,514</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>20,100</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>19,543</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><B>59,136</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>58,692</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="44%" noWrap align=left><B>Gross profit</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="10%" noWrap align=right><B>27,738</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,538</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="10%" noWrap align=right><B>70,271</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>29,822</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,950</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>3,140</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><B>12,462</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>13,391</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Government fees and other taxes</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>2,410</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>1,557</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><B>5,866</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>4,753</TD>

   <TD style="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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(444</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>(716</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><B>(536</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>(2,113</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Loss on disposal of plant and equipment</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>392</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>95</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><B>457</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>80</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Loss on disposal of a subsidiary</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=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>460</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><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="10%" noWrap align=right>460</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Share of loss (gain) in associate</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>126</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>(65</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><B>(160</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>(166</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Impairment of plant and equipment and mineral rights and properties</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=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>-</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><B>181</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>-</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>Other income</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>(201</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>(65</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><B>(324</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>(179</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>21,505</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>5,132</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><B>52,325</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>13,596</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>647</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>517</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><B>1,615</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>1,058</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>Finance 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><B>(161</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>(280</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><B>(685</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>(751</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>21,991</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>5,369</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><B>53,255</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>13,903</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Income tax expense</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>5,353</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="10%" noWrap align=right>1,453</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="10%" noWrap align=right><B>14,091</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,237</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="44%" noWrap align=left><B>Net income</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>16,638</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>3,916</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>39,164</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>10,666</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="44%" noWrap align=left><B>&nbsp;</B></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>Attributable to:</B></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: 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="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><B>13,115</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>3,326</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>30,167</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>7,856</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>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</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><B>3,523</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="10%" noWrap align=right>590</TD>

   <TD 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>8,997</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>2,810</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="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>16,638</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>3,916</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>39,164</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>10,666</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Earnings per share attributable to the 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="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="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="44%" noWrap align=left><B>Basic earnings per share</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>0.08</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.02</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>0.18</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>0.05</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="44%" noWrap align=left><B>Diluted earnings per share</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>0.08</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>0.02</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>0.18</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>0.05</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="44%" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Basic</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>167,192,640</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>168,975,392</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%" align=right><B>167,048,582</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>170,052,392</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="44%" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Diluted</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="10%" noWrap align=right><B>171,284,390</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>168,975,392</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>171,115,860</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>170,052,392</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">11</P></DIV><BR>

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<BR>

<A name="page_12"></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 Cash Flow</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: 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 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="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="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>2016</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>

   <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>2016</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="44%" noWrap align=left><B>Cash provided by</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><B>Operating activities</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" 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: 10%" 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: 10%" noWrap align=right>&nbsp;</TD>

   <TD style="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%">Net income</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>16,638</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>3,916</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>39,164</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>10,666</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Finance costs</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>161</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>280</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>685</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>751</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>5,463</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>6,356</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>16,812</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>15,733</TD>

   <TD style="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: 8%">Share of loss (gain) in associate</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>126</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>(65</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><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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(166</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Loss on disposal of a subsidiary</P></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>460</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>460</TD>

   <TD style="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: 8%">Impairment of plant and equipment and mineral rights and properties</P></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="10%" noWrap align=right><B>181</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: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Income tax expense</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>5,353</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>1,453</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><B>14,091</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>3,237</TD>

   <TD style="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: 8%">Finance income</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(647</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>(517</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><B>(1,615</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>(1,058</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>392</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>95</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>457</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>80</TD>

   <TD style="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: 8%">Share-based compensation</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>214</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>234</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>654</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>742</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Income taxes paid</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(1,115</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>(224</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(4,030</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>(527</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>647</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>517</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>1,615</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>1,058</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>

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

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(853</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: 10%" noWrap align=right><B>(954</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="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Changes in non-cash operating working capital</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><B>1,955</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>(2,919</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="10%" noWrap align=right><B>8,656</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>(3,439</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="44%" noWrap align=left><B>Net cash provided by operating activities</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>28,334</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>9,586</TD>

   <TD 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>75,556</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>27,537</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>&nbsp;</B></TD>

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>Investing activities</B></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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

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

   <P style="MARGIN-LEFT: 8%">Capital expenditures</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(14,897</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>(5,427</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(25,605</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>(14,157</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

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

   <P style="MARGIN-LEFT: 8%">Additions</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(1,433</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>(2,604</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(4,556</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>(5,594</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>19</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>202</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>51</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>232</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other investments</P></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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(782</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>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(782</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: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></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>422</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>33</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>422</TD>

   <TD style="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%">Reclamation deposit paid</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(1,775</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>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(2,160</B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Net purchases of short-term investments</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(5,542</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>(203</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(11,518</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>5,504</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>

   <P style="MARGIN-LEFT: 4%">Proceeds for sale of a subsidiary</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><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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>11</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>-</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>11</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="44%" noWrap align=left><B>Net cash used in investing activities</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>(24,410</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>(7,599</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><B>(44,537</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>(13,591</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>&nbsp;</B></TD>

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>Financing activities</B></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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

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

   <P style="MARGIN-LEFT: 8%">Payments made</P></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>(1,587</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</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>(1,587</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></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>

   <P style="MARGIN-LEFT: 8%">Distribution</P></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>(1,661</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(1,460</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>(1,661</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(1,585</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>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(1,585</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>(1,323</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Proceeds from issuance of common shares</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>192</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: 10%" noWrap align=right><B>489</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="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" 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; 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=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>(419</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="10%" 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,686</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="44%" noWrap align=left><B>Net cash used in financing activities</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>(1,393</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>(3,667</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><B>(2,556</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>(6,257</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; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Effect of exchange rate changes on cash and cash equivalents</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>(2,041</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>(2,160</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="10%" noWrap align=right><B>(3,452</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>(4,492</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND: none transparent scroll repeat 0% 0%" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Increase (decrease) in cash and cash equivalents</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>490</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>(3,840</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><B>25,011</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>3,197</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>Cash and cash equivalents, beginning of the period</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>66,484</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>67,216</TD>

   <TD 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>41,963</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>60,179</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="44%" noWrap align=left><B>Cash and cash equivalents, end of the period</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>66,974</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>63,376</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>66,974</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>63,376</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">12</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 style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Mining Data</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data 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 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, 2016</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=right><B><FONT color=#ffffff>Ying Mining District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></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=right><B><FONT color=#ffffff>GC</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></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=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="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>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>Ore Mined (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>171,303</B></TD>

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

   <TD width="12%" noWrap align=right><B>81,481</B></TD>

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

   <TD width="12%" noWrap align=right><B>252,784</B></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>Ore Milled (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>182,259</B></TD>

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

   <TD width="12%" noWrap align=right><B>81,080</B></TD>

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

   <TD width="12%" noWrap align=right><B>263,339</B></TD>

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

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>80.53</B></TD>

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

   <TD width="12%" noWrap align=right><B>38.90</B></TD>

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

   <TD width="12%" noWrap align=right><B>67.12</B></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>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>55.21</B></TD>

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

   <TD width="12%" noWrap align=right><B>31.34</B></TD>

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

   <TD width="12%" noWrap align=right><B>47.52</B></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>Non cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>25.32</B></TD>

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

   <TD width="12%" noWrap align=right><B>7.56</B></TD>

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

   <TD width="12%" noWrap align=right><B>19.60</B></TD>

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

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.92</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>2.67</B></TD>

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

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B></B></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>Milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>11.03</B></TD>

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

   <TD width="12%" noWrap align=right><B>15.50</B></TD>

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

   <TD width="12%" noWrap align=right><B>12.40</B></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>Cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>9.09</B></TD>

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

   <TD width="12%" noWrap align=right><B>13.09</B></TD>

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

   <TD width="12%" noWrap align=right><B>10.32</B></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>Non cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.94</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.41</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.08</B></TD>

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

<TR vAlign=bottom>

   <TD width="58%" 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="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <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: 8%"><B>Silver ($ per ounce)</B></P></TD>

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

   <P style="MARGIN-LEFT: 8%"><B>5.41</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>5.68</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>5.67</B></P></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>Gold ($ per ounce)</B></P></TD>

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

   <P style="MARGIN-LEFT: 8%"><B>401</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>-</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>434</B></P></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 ($ per pound)</B></P></TD>

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

   <P style="MARGIN-LEFT: 8%"><B>0.37</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>0.55</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>0.40</B></P></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>Zinc ($ per pound)</B></P></TD>

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

   <P style="MARGIN-LEFT: 8%"><B>0.32</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>0.49</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>0.35</B></P></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>Other ($ per pound)</B></P></TD>

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

   <P style="MARGIN-LEFT: 8%"><B>-</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>3.99</B></P></TD>

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

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

   <P style="MARGIN-LEFT: 8%"><B>2.88</B></P></TD>

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

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(1.81</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(8.45</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(2.50</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(4.60</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(13.11</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(5.48</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.34</B></TD>

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

   <TD width="12%" noWrap align=right><B>(6.12</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>1.87</B></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>All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.46</B></TD>

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

   <TD width="12%" noWrap align=right><B>(4.77</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>2.12</B></TD>

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

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>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></P></TD>

   <TD width="12%" noWrap align=right><B>95.1</B></TD>

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

   <TD width="12%" noWrap align=right><B>75.4</B></TD>

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

   <TD width="12%" noWrap align=right><B>92.8</B></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>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>96.7</B></TD>

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

   <TD width="12%" noWrap align=right><B>85.5</B></TD>

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

   <TD width="12%" noWrap align=right><B>95.4</B></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>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>47.5</B></TD>

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

   <TD width="12%" noWrap align=right><B>86.5</B></TD>

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

   <TD width="12%" noWrap align=right><B>70.9</B></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></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: 8%"><B>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 (gram/tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>303</B></TD>

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

   <TD width="12%" noWrap align=right><B>89</B></TD>

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

   <TD width="12%" noWrap align=right><B>237</B></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>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4.8</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.4</B></TD>

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

   <TD width="12%" noWrap align=right><B>3.7</B></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>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.8</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.8</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.5</B></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></B></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>Concentrate in stock</B></P></TD>

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

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

   <TD width="12%" noWrap align=left>&nbsp;&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 (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4,656</B></TD>

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

   <TD width="12%" noWrap align=right><B>10</B></TD>

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

   <TD width="12%" noWrap align=right><B>4,666</B></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>Zinc concentate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>670</B></TD>

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

   <TD width="12%" noWrap align=right><B>29</B></TD>

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

   <TD width="12%" noWrap align=right><B>699</B></TD>

   <TD width="2%" noWrap align=left>&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 (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,555</B></TD>

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

   <TD width="12%" noWrap align=right><B>179</B></TD>

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

   <TD width="12%" noWrap align=right><B>1,734</B></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>Gold (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.7</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>0.7</B></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 (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>17,269</B></TD>

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

   <TD width="12%" noWrap align=right><B>2,214</B></TD>

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

   <TD width="12%" noWrap align=right><B>19,483</B></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>Zinc (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,210</B></TD>

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

   <TD width="12%" noWrap align=right><B>4,478</B></TD>

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

   <TD width="12%" noWrap align=right><B>5,688</B></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>Other (in thousands of pound)</B></P></TD>

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

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

   <TD width="12%" noWrap align=right><B>28</B></TD>

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

   <TD width="12%" noWrap align=right><B>28</B></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></B>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B></B></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 (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>21,664</B></TD>

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

   <TD width="12%" noWrap align=right><B>1,746</B></TD>

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

   <TD width="12%" noWrap align=right><B>23,410</B></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>Gold (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>723</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>723</B></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 (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>16,658</B></TD>

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

   <TD width="12%" noWrap align=right><B>2,085</B></TD>

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

   <TD width="12%" noWrap align=right><B>18,743</B></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>Zinc (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>995</B></TD>

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

   <TD width="12%" noWrap align=right><B>3,775</B></TD>

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

   <TD width="12%" noWrap align=right><B>4,770</B></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>Other (in thousands of $)</B></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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>192</B></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><B>192</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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>40,040</B></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><B>7,798</B></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><B>47,838</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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 ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>13.93</B></TD>

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

   <TD width="12%" noWrap align=right><B>9.75</B></TD>

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

   <TD width="12%" noWrap align=right><B>13.50</B></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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,033</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>1,033</B></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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.96</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.94</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.96</B></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>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.82</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.84</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.84</B></TD>

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

<P style="TEXT-ALIGN: justify">1 <FONT style="FONT-SIZE: 8pt">Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.</FONT><BR>2 <FONT style="FONT-SIZE: 8pt">GC Silver recovery rate consists of 51.0% from lead concentrates and 24.4% from zinc concentrates.</FONT><BR>2 <FONT style="FONT-SIZE: 8pt">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 of the corresponding management's decision and analysis for reconciliation.</FONT></P>

<P style="TEXT-ALIGN: center">13</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Mining Data</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <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 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>

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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><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>&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>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>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>152,230</TD>

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

   <TD width="12%" noWrap align=right>71,288</TD>

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

   <TD width="12%" noWrap align=right>223,518</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>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>151,035</TD>

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

   <TD width="12%" noWrap align=right>71,593</TD>

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

   <TD width="12%" noWrap align=right>222,628</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>78.91</TD>

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

   <TD width="12%" noWrap align=right>46.52</TD>

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

   <TD width="12%" noWrap align=right>68.58</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>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>55.63</TD>

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

   <TD width="12%" noWrap align=right>38.22</TD>

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

   <TD width="12%" noWrap align=right>50.08</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>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>23.28</TD>

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

   <TD width="12%" noWrap align=right>8.30</TD>

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

   <TD width="12%" noWrap align=right>18.50</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right>3.99</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>2.72</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>14.15</TD>

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

   <TD width="12%" noWrap align=right>17.30</TD>

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

   <TD width="12%" noWrap align=right>15.16</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>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>11.67</TD>

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

   <TD width="12%" noWrap align=right>15.16</TD>

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

   <TD width="12%" noWrap align=right>12.79</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>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>2.48</TD>

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

   <TD width="12%" noWrap align=right>2.14</TD>

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

   <TD width="12%" noWrap align=right>2.37</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>&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>+ 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: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>7.28</TD>

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

   <TD width="12%" noWrap align=right>9.32</TD>

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

   <TD width="12%" noWrap align=right>7.91</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>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>453</TD>

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

   <TD width="12%" noWrap align=right>747</TD>

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

   <TD width="12%" noWrap align=right>508</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>0.38</TD>

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

   <TD width="12%" noWrap align=right>0.59</TD>

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

   <TD width="12%" noWrap align=right>0.42</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>0.33</TD>

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

   <TD width="12%" noWrap align=right>0.44</TD>

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

   <TD width="12%" noWrap align=right>0.31</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>($ per 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>0.01</TD>

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

   <TD width="12%" noWrap align=right>0.01</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>4.43</TD>

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

   <TD width="12%" noWrap align=right>8.86</TD>

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

   <TD width="12%" noWrap align=right>5.08</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>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>0.25</TD>

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

   <TD width="12%" noWrap align=right>4.62</TD>

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

   <TD width="12%" noWrap align=right>0.90</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>6.62</TD>

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

   <TD width="12%" noWrap align=right>9.80</TD>

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

   <TD width="12%" noWrap align=right>7.72</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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></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>10.31</TD>

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

   <TD width="12%" noWrap align=right>9.50</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>

   <P style="MARGIN-LEFT: 8%"><B>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>95.4</TD>

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

   <TD width="12%" noWrap align=right>80.2</TD>

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

   <TD width="12%" noWrap align=right>90.5</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>96.6</TD>

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

   <TD width="12%" noWrap align=right>88.3</TD>

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

   <TD width="12%" noWrap align=right>94.0</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>50.2</TD>

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

   <TD width="12%" noWrap align=right>81.2</TD>

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

   <TD width="12%" noWrap align=right>60.2</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></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: 8%"><B>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>287</TD>

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

   <TD width="12%" noWrap align=right>97</TD>

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

   <TD width="12%" noWrap align=right>226</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>4.1</TD>

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

   <TD width="12%" noWrap align=right>1.9</TD>

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

   <TD width="12%" noWrap align=right>3.4</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>0.8</TD>

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

   <TD width="12%" noWrap align=right>2.6</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 width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><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>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>2,931</TD>

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

   <TD width="12%" noWrap align=right>194</TD>

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

   <TD width="12%" noWrap align=right>3,125</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>240</TD>

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

   <TD width="12%" noWrap align=right>174</TD>

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

   <TD width="12%" noWrap align=right>414</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>1,216</TD>

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

   <TD width="12%" noWrap align=right>210</TD>

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

   <TD width="12%" noWrap align=right>1,426</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>0.5</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>0.5</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>12,107</TD>

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

   <TD width="12%" noWrap align=right>3,021</TD>

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

   <TD width="12%" noWrap align=right>15,128</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>1,168</TD>

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

   <TD width="12%" noWrap align=right>3,525</TD>

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

   <TD width="12%" noWrap align=right>4,693</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>12,373</TD>

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

   <TD width="12%" noWrap align=right>12,373</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></TD>

   <TD width="12%" noWrap align=left></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>14,770</TD>

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

   <TD width="12%" noWrap align=right>2,014</TD>

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

   <TD width="12%" noWrap align=right>16,784</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>379</TD>

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

   <TD width="12%" noWrap align=right>20</TD>

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

   <TD width="12%" noWrap align=right>399</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>7,738</TD>

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

   <TD width="12%" noWrap align=right>1,818</TD>

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

   <TD width="12%" noWrap align=right>9,556</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>572</TD>

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

   <TD width="12%" noWrap align=right>1,602</TD>

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

   <TD width="12%" noWrap align=right>2,174</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>168</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>168</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>23,459</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>5,622</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>29,081</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>12.14</TD>

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

   <TD width="12%" noWrap align=right>9.58</TD>

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

   <TD width="12%" noWrap align=right>11.76</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>756</TD>

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

   <TD width="12%" noWrap align=right>768</TD>

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

   <TD width="12%" noWrap align=right>756</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>0.64</TD>

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

   <TD width="12%" noWrap align=right>0.60</TD>

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

   <TD width="12%" noWrap align=right>0.63</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>0.49</TD>

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

   <TD width="12%" noWrap align=right>0.45</TD>

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

   <TD width="12%" noWrap align=right>0.46</TD>

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

<P style="TEXT-ALIGN: justify"><SUP><FONT style="FONT-SIZE: 8pt">1 </FONT></SUP><FONT style="FONT-SIZE: 8pt">Ying Mining District i ncludes mines: SGX, TLP, HPG,LM, BCG a nd 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 s ubjected to higher s melter and refining charges which l ower the net silver selling price .<BR>+ Non-IFRS measures, see section 9 of the corresponding management's decision and analysis for reconciliation.</FONT></P>

<P style="TEXT-ALIGN: center">14</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Mining Data</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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

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

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

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   <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>Nine months ended December 31, 2016</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=right><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>

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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=right><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></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=right><B><FONT color=#ffffff>GC</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></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=right><B><FONT color=#ffffff>Consolidated</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&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>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>Ore Mined (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>524,005</B></TD>

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

   <TD width="12%" noWrap align=right><B>220,522</B></TD>

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

   <TD width="12%" noWrap align=right><B>744,527</B></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>Ore Milled (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>530,160</B></TD>

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

   <TD width="12%" noWrap align=right><B>220,767</B></TD>

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

   <TD width="12%" noWrap align=right><B>750,927</B></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></B>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>78.46</B></TD>

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

   <TD width="12%" noWrap align=right><B>39.05</B></TD>

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

   <TD width="12%" noWrap align=right><B>66.79</B></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>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>52.18</B></TD>

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

   <TD width="12%" noWrap align=right><B>31.04</B></TD>

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

   <TD width="12%" noWrap align=right><B>45.92</B></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>Non cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>26.28</B></TD>

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

   <TD width="12%" noWrap align=right><B>8.01</B></TD>

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

   <TD width="12%" noWrap align=right><B>20.87</B></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></B>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.86</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>2.72</B></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></B>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>11.35</B></TD>

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

   <TD width="12%" noWrap align=right><B>16.47</B></TD>

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

   <TD width="12%" noWrap align=right><B>12.86</B></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>Cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>9.31</B></TD>

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

   <TD width="12%" noWrap align=right><B>13.76</B></TD>

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

   <TD width="12%" noWrap align=right><B>10.62</B></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>Non cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2.04</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.71</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.24</B></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></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></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>+ 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: 8%"><B>Silver ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>5.97</B></TD>

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

   <TD width="12%" noWrap align=right><B>6.76</B></TD>

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

   <TD width="12%" noWrap align=right><B>6.28</B></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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>437</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>471</B></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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.33</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.49</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.35</B></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>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.29</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.47</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.32</B></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>Other ($ per pound)</B></P></TD>

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

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

   <TD width="12%" noWrap align=right><B>0.02</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.02</B></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></B>&nbsp;</P></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.46</B></TD>

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

   <TD width="12%" noWrap align=right><B>(2.32</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>0.18</B></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>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(2.43</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(6.96</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(2.88</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.11</B></TD>

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

   <TD width="12%" noWrap align=right><B>(1.29</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>3.96</B></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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.81</B></TD>

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

   <TD width="12%" noWrap align=right><B>(0.63</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>4.65</B></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></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: 8%"><B>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></P></TD>

   <TD width="12%" noWrap align=right><B>95.4</B></TD>

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

   <TD width="12%" noWrap align=right><B>76.2</B></TD>

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

   <TD width="12%" noWrap align=right><B>93.2</B></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>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>96.4</B></TD>

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

   <TD width="12%" noWrap align=right><B>86.3</B></TD>

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

   <TD width="12%" noWrap align=right><B>95.2</B></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>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>46.0</B></TD>

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

   <TD width="12%" noWrap align=right><B>86.3</B></TD>

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

   <TD width="12%" noWrap align=right><B>68.0</B></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></B>&nbsp;</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>&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>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 (gram/tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>305</B></TD>

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

   <TD width="12%" noWrap align=right><B>94</B></TD>

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

   <TD width="12%" noWrap align=right><B>243</B></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>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4.7</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.5</B></TD>

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

   <TD width="12%" noWrap align=right><B>3.7</B></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>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.0</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.9</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.5</B></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></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></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>&nbsp;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 (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4,656</B></TD>

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

   <TD width="12%" noWrap align=right><B>10</B></TD>

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

   <TD width="12%" noWrap align=right><B>4,666</B></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>Zinc concentate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>670</B></TD>

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

   <TD width="12%" noWrap align=right><B>29</B></TD>

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

   <TD width="12%" noWrap align=right><B>699</B></TD>

   <TD width="2%" noWrap align=left>&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 (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4,675</B></TD>

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

   <TD width="12%" noWrap align=right><B>511</B></TD>

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

   <TD width="12%" noWrap align=right><B>5,186</B></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>Gold (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2.6</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>2.6</B></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 (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>49,898</B></TD>

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

   <TD width="12%" noWrap align=right><B>6,237</B></TD>

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

   <TD width="12%" noWrap align=right><B>56,135</B></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>Zinc (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4,815</B></TD>

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

   <TD width="12%" noWrap align=right><B>11,991</B></TD>

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

   <TD width="12%" noWrap align=right><B>16,806</B></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>Other (in thousands of pounds)</B></P></TD>

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

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

   <TD width="12%" noWrap align=right><B>8,579</B></TD>

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

   <TD width="12%" noWrap align=right><B>8,579</B></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></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></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 (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>65,953</B></TD>

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

   <TD width="12%" noWrap align=right><B>5,268</B></TD>

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

   <TD width="12%" noWrap align=right><B>71,221</B></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>Gold (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2,682</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>2,682</B></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 (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>38,723</B></TD>

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

   <TD width="12%" noWrap align=right><B>4,656</B></TD>

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

   <TD width="12%" noWrap align=right><B>43,379</B></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>Zinc (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3,308</B></TD>

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

   <TD width="12%" noWrap align=right><B>8,514</B></TD>

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

   <TD width="12%" noWrap align=right><B>11,822</B></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>Other (in thousands of $)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" noWrap align=right><B>303</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" noWrap align=right><B>303</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" noWrap align=right><B>110,666</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" noWrap align=right><B>18,741</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" noWrap align=right><B>129,407</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=left>&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 ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>14.11</B></TD>

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

   <TD width="12%" noWrap align=right><B>10.31</B></TD>

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

   <TD width="12%" noWrap align=right><B>13.73</B></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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,032</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>1,032</B></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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.78</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.75</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.77</B></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>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.69</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.71</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.70</B></TD>

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

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt">1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.<BR>2 GC Silver recovery rate consists of 54.2% from lead concentrates and 22.0% from zinc concentrates.<BR>2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.<BR>+ Non-IFRS measures, see section 9 of the corresponding management's decision and analysis for reconciliation.</FONT></P>

<P style="TEXT-ALIGN: center">15</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>Mining Data</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></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>

   <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>

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   <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>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=right>&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>&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>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>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>490,351</TD>

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

   <TD width="12%" noWrap align=right>207,561</TD>

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

   <TD width="12%" noWrap align=right>697,912</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>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>488,248</TD>

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

   <TD width="12%" noWrap align=right>206,738</TD>

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

   <TD width="12%" noWrap align=right>694,986</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>80.15</TD>

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

   <TD width="12%" noWrap align=right>49.33</TD>

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

   <TD width="12%" noWrap align=right>70.98</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>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>58.25</TD>

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

   <TD width="12%" noWrap align=right>41.13</TD>

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

   <TD width="12%" noWrap align=right>53.16</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>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>21.90</TD>

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

   <TD width="12%" noWrap align=right>8.20</TD>

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

   <TD width="12%" noWrap align=right>17.82</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right>4.10</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>2.88</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>14.40</TD>

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

   <TD width="12%" noWrap align=right>17.72</TD>

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

   <TD width="12%" noWrap align=right>15.39</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>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>12.06</TD>

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

   <TD width="12%" noWrap align=right>15.49</TD>

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

   <TD width="12%" noWrap align=right>13.08</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>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>2.34</TD>

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

   <TD width="12%" noWrap align=right>2.23</TD>

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

   <TD width="12%" noWrap align=right>2.31</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>&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>+ 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: 8%"><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>8.98</TD>

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

   <TD width="12%" noWrap align=right>8.08</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>487</TD>

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

   <TD width="12%" noWrap align=right>717</TD>

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

   <TD width="12%" noWrap align=right>529</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>0.42</TD>

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

   <TD width="12%" noWrap align=right>0.60</TD>

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

   <TD width="12%" noWrap align=right>0.45</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>0.36</TD>

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

   <TD width="12%" noWrap align=right>0.51</TD>

   <TD width="2%" noWrap align=right>&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="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>($ per 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>0.01</TD>

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

   <TD width="12%" noWrap align=right>0.01</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>4.50</TD>

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

   <TD width="12%" noWrap align=right>7.11</TD>

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

   <TD width="12%" noWrap align=right>4.83</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>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>1.03</TD>

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

   <TD width="12%" noWrap align=right>2.78</TD>

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

   <TD width="12%" noWrap align=right>1.26</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>8.52</TD>

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

   <TD width="12%" noWrap align=right>10.54</TD>

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

   <TD width="12%" noWrap align=right>10.27</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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>10.08</TD>

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

   <TD width="12%" noWrap align=right>11.05</TD>

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

   <TD width="12%" noWrap align=right>11.69</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>&nbsp;</P></TD>

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

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

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

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

   <TD width="12%" noWrap align=right>&nbsp;</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>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>95.0</TD>

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

   <TD width="12%" noWrap align=right>78.3</TD>

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

   <TD width="12%" noWrap align=right>90.0</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>95.4</TD>

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

   <TD width="12%" noWrap align=right>88.5</TD>

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

   <TD width="12%" noWrap align=right>93.4</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>53.3</TD>

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

   <TD width="12%" noWrap align=right>82.4</TD>

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

   <TD width="12%" noWrap align=right>61.9</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></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: 8%"><B>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>260</TD>

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

   <TD width="12%" noWrap align=right>97</TD>

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

   <TD width="12%" noWrap align=right>212</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>3.8</TD>

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

   <TD width="12%" noWrap align=right>1.6</TD>

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

   <TD width="12%" noWrap align=right>3.2</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>0.8</TD>

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

   <TD width="12%" noWrap align=right>2.5</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 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>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>2,931</TD>

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

   <TD width="12%" noWrap align=right>194</TD>

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

   <TD width="12%" noWrap align=right>3,125</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>240</TD>

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

   <TD width="12%" noWrap align=right>174</TD>

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

   <TD width="12%" noWrap align=right>414</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>3,538</TD>

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

   <TD width="12%" noWrap align=right>519</TD>

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

   <TD width="12%" noWrap align=right>4,057</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>2.0</TD>

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

   <TD width="12%" noWrap align=right>0.1</TD>

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

   <TD width="12%" noWrap align=right>2.1</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>35,563</TD>

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

   <TD width="12%" noWrap align=right>7,072</TD>

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

   <TD width="12%" noWrap align=right>42,635</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>3,999</TD>

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

   <TD width="12%" noWrap align=right>9,726</TD>

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

   <TD width="12%" noWrap align=right>13,725</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>38,905</TD>

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

   <TD width="12%" noWrap align=right>38,905</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>44,293</TD>

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

   <TD width="12%" noWrap align=right>5,121</TD>

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

   <TD width="12%" noWrap align=right>49,414</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>1,609</TD>

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

   <TD width="12%" noWrap align=right>43</TD>

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

   <TD width="12%" noWrap align=right>1,652</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>24,429</TD>

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

   <TD width="12%" noWrap align=right>4,630</TD>

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

   <TD width="12%" noWrap align=right>29,059</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>2,347</TD>

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

   <TD width="12%" noWrap align=right>5,498</TD>

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

   <TD width="12%" noWrap align=right>7,845</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>544</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>544</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>72,678</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>15,836</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>88,514</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>12.52</TD>

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

   <TD width="12%" noWrap align=right>9.87</TD>

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

   <TD width="12%" noWrap align=right>12.18</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>799</TD>

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

   <TD width="12%" noWrap align=right>789</TD>

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

   <TD width="12%" noWrap align=right>798</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>0.69</TD>

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

   <TD width="12%" noWrap align=right>0.65</TD>

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

   <TD width="12%" noWrap align=right>0.68</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>0.59</TD>

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

   <TD width="12%" noWrap align=right>0.57</TD>

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

   <TD width="12%" noWrap align=right>0.57</TD>

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

<P style="TEXT-ALIGN: justify"><SUP><FONT style="FONT-SIZE: 8pt">1 </FONT></SUP><FONT style="FONT-SIZE: 8pt">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 i s subjected to higher smelter and refining charges which lower the net silver&nbsp;selling price.<BR>+ Non-IFRS measures, see section 9 of the corresponding management's decision and analysis for reconciliation.</FONT></P>

<P style="TEXT-ALIGN: center">16</P></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>CERTIFICATE OF INTERIM FILINGS - CFO
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.3</TITLE>
</HEAD>
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.3</B></P>
<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-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top width="4%" noWrap>1.&nbsp;&nbsp;&nbsp;&nbsp;&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, 2016</B>.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="2%" noWrap></TD>
      <TD width="98%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="2%" noWrap>2.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><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="2%" noWrap></TD>
      <TD width="98%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="2%" noWrap>3.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><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="2%" noWrap></TD>
      <TD width="98%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="2%" noWrap>4.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><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="2%" noWrap></TD>
      <TD width="98%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="2%" noWrap>5.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><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>
    <TR>
      <TD vAlign=top width="2%" noWrap></TD>
      <TD width="98%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="92%"><P align=justify>&nbsp;</P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="8%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="88%"><P align=justify>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="8%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(ii)&nbsp; &nbsp; &nbsp; </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>
    <TR>
      <TD vAlign=top width="8%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="88%"><P align=justify>&nbsp;</P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="92%"><P align=justify>&nbsp;</P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top width="4%" noWrap>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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></TD>
      <TD width="96%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap>5.2&nbsp; &nbsp; &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>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="96%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>a description of the material weakness;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="92%"><P align=justify>&nbsp;</P></TD>
    </TR>
  </TABLE>
</DIV>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</P></TD>
    </TR>
    <TR>
      <TD 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-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(c)&nbsp; &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>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>&nbsp;</TD>
      <TD width="92%"><P align=justify></P></TD>
    </TR>
  </TABLE>
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    <TR>
      <TD vAlign=top width="4%" noWrap>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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></P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap>6.&nbsp; &nbsp; &nbsp; </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 <B>October 1, 2016 </B>and ended on <B>December 31, 2016 </B>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 2, 2017</B></P>
  <P style="TEXT-ALIGN: justify"><I><U>&#8220;Derek Liu&#8221;<BR>
    </U></I>Derek Liu <BR>
    Chief Financial Officer</P>
  <P style="TEXT-ALIGN: center">2</P>
</DIV>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>CERTIFICATE OF INTERIM FILINGS - CEO
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.4</B></P>
<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>Rui Feng, Chief Executive Officer of Silvercorp Metals Inc. </B>certify the following:</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top width="4%" noWrap>1.&nbsp;&nbsp;&nbsp;&nbsp;&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, 2016</B>.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="96%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap>2.&nbsp; &nbsp; &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></TD>
      <TD width="96%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap>3.&nbsp; &nbsp; &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></TD>
      <TD width="96%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap>4.&nbsp; &nbsp; &nbsp; </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></TD>
      <TD width="96%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap>5.&nbsp; &nbsp; &nbsp; </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>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="92%"><P align=justify>&nbsp;</P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="8%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="88%"><P align=justify>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="8%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(ii)&nbsp; &nbsp; &nbsp; </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>
    <TR>
      <TD vAlign=top width="8%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="88%"><P align=justify>&nbsp;</P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="92%"><P align=justify>&nbsp;</P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top width="4%" noWrap>5.1&nbsp; &nbsp; &nbsp; </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></TD>
      <TD width="96%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap>5.2&nbsp; &nbsp; &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>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="96%"><P align=justify><B><I></I></B>&nbsp;</P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>a description of the material weakness;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap></TD>
      <TD width="92%"><P align=justify>&nbsp;</P></TD>
    </TR>
  </TABLE>
</DIV>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</P></TD>
    </TR>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: 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-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="4%" noWrap></TD>
      <TD vAlign=top width="4%" noWrap>(c)&nbsp; &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>
    <TR>
      <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM: medium none; BORDER-LEFT: 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>
  </TABLE>
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    <TR>
      <TD vAlign=top width="4%" noWrap>5.3&nbsp; &nbsp; &nbsp; </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></P></TD>
    </TR>
    <TR>
      <TD vAlign=top width="4%" noWrap>6.&nbsp; &nbsp; &nbsp; </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 <B>October 1, 2016 </B>and ended on <B>December 31, 2016 </B>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 2, 2017</B></P>
  <P style="TEXT-ALIGN: justify"><I><U>&#8220;Rui Feng&#8221;</U><BR>
    </I>Rui Feng<BR>
    Chief Executive Officer</P>
  <P style="TEXT-ALIGN: center">2</P>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>FINANCIAL STATEMENTS FOR 3RD QUARTER ENDED DECEMBER 31, 2016
<TEXT>

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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.5</B></P>

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<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, 2016 and 2015 <BR>(Expressed in thousands of US dollars, unless otherwise stated) <BR>(Unaudited)</B></P></DIV><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, 2016</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, 2016 (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, 2016 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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   <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 Financial Position</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>

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<TR>

   <TD style="WIDTH: 64%"></TD>

   <TD style="WIDTH: 8%"></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: 64%" noWrap align=left>&nbsp;</TD>

   <TD style="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>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="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" 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>2016</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>2016</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="64%" noWrap align=left><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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: 64%" noWrap align=left><B>Current Assets</B></TD>

   <TD style="WIDTH: 8%" 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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>21</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>66,974</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>41,963</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>30,401</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>19,999</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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><B>1,080</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>2,041</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>10,546</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>8,857</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>12</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>88</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>103</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=left>&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=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>394</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="64%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,577</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="10%" noWrap align=right>3,960</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: 64%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>112,666</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>77,317</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left><B>Non-current Assets</B></TD>

   <TD style="WIDTH: 8%" 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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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><B>698</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>1,856</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>4,207</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>2,301</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>3</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,171</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>3,133</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=center>4</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,026</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>287</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>5</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>65,313</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>71,045</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="64%" noWrap align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>6</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>203,107</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="10%" noWrap align=right>216,080</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="64%" noWrap align=left><B>TOTAL ASSETS</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=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>390,188</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>372,019</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: 64%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 8%" noWrap align=left></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></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left><B>LIABILITIES AND EQUITY</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left><B>Current Liabilities</B></TD>

   <TD style="WIDTH: 8%" 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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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>32,741</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>27,457</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=center>8</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>4,317</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>4,657</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>7</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=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>3,970</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>5,547</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>5,849</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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><B>5,648</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>-</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="64%" noWrap align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>12</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=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>179</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="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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><B>48,253</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>42,112</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left><B>Non-current Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=center>7</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=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>5,796</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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><B>25,128</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>23,224</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="64%" noWrap align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>13,581</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>14,328</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="64%" noWrap align=left><B>Total Liabilities</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>86,962</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>85,460</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: 64%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left><B>Equity</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=center>9</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>231,590</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>230,933</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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><B>13,114</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>12,628</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>

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

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&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=right>&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="64%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>10</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(52,985</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>(35,994</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Retained earnings</P></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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>29,144</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>562</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%" 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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>246,272</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>233,538</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" colSpan=2 noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="64%" noWrap align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>11</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>56,954</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>53,021</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="64%" noWrap align=left><B>Total Equity</B></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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>303,226</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>286,559</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="64%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="64%" noWrap align=left><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" 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>390,188</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>372,019</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="64%" noWrap align=left><B>Commitments and contingencies</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>20</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></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 10%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" noWrap align=left>Approved on behalf of the Board:</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&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: #ffffff" width="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left></TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left></TD>

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

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left></TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" noWrap align=left><B><I><U>(Signed) David Kong</U></I></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&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: #ffffff" width="64%" noWrap align=left>Director</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" 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: #ffffff" width="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left></TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left></TD>

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

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left></TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" noWrap align=left><B><I><U>(Signed) Rui Feng</U></I></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" 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: #ffffff" width="64%" noWrap align=left>Director</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" 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></TABLE></DIV>

<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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<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 Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, except numbers for share and per share figures)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=center>

<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: 8%"></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: 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: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="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="20%" 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="20%" 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="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" 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="8%" noWrap align=right><B>2016</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>2015</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>2016</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>2015</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 8%" noWrap align=center></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></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></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></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></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="8%" noWrap align=center>19(c)</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>47,838</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="8%" noWrap align=right>29,081</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="8%" noWrap align=right><B>129,407</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="8%" noWrap align=right>88,514</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="8%" noWrap align=center>13</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>20,100</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>19,543</TD>

   <TD 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>59,136</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>58,692</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="8%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>27,738</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="8%" noWrap align=right>9,538</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><B>70,271</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="8%" noWrap align=right>29,822</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></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></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></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></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="8%" noWrap align=center>14</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>3,950</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="8%" noWrap align=right>3,140</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><B>12,462</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="8%" noWrap align=right>13,391</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Government fees and other taxes</TD>

   <TD style="WIDTH: 8%" noWrap align=center>15</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>2,410</B></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>1,557</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><B>5,866</B></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>4,753</TD>

   <TD style="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="8%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(444</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="8%" noWrap align=right>(716</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><B>(536</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="8%" noWrap align=right>(2,113</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Loss on disposal of plant and equipment</TD>

   <TD style="WIDTH: 8%" noWrap align=center>5</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>392</B></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>95</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><B>457</B></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>80</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Loss on disposal of a subsidiary</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>28</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" noWrap align=right>460</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><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="8%" noWrap align=right>460</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Share of loss (gain) in associate</TD>

   <TD style="WIDTH: 8%" noWrap align=center>3</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>126</B></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>(65</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><B>(160</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Impairment of plant and equipment and mineral rights and properties</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="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><B>181</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="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="44%" noWrap align=left>Other income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&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>(201</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>(65</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><B>(324</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>(179</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>21,505</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="8%" noWrap align=right>5,132</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><B>52,325</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="8%" noWrap align=right>13,596</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></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></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></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></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Finance income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>16</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>647</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="8%" noWrap align=right>517</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><B>1,615</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="8%" noWrap align=right>1,058</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>Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>16</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>(161</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>(280</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><B>(685</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>(751</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>21,991</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="8%" noWrap align=right>5,369</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><B>53,255</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="8%" noWrap align=right>13,903</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></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></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></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></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Income tax expense</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>17</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><B>5,353</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="8%" noWrap align=right>1,453</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><B>14,091</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,237</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="44%" noWrap align=left><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>&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>16,638</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="8%" noWrap align=right>3,916</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>39,164</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="8%" noWrap align=right>10,666</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="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></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=left></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=left></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=left></TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="WIDTH: 8%" noWrap align=center>&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: 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="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="8%" noWrap align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>13,115</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="8%" noWrap align=right>3,326</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="8%" noWrap align=right><B>30,167</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="8%" noWrap align=right>7,856</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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>11</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>3,523</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="8%" noWrap align=right>590</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><B>8,997</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="8%" noWrap align=right>2,810</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="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&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>16,638</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="8%" noWrap align=right>3,916</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>39,164</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="8%" noWrap align=right>10,666</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: 44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 8%" noWrap align=center></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Earnings per share attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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=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="8%" 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="8%" 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="8%" 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="44%" noWrap align=left><B>Basic earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" 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>0.08</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>0.02</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>0.18</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="8%" noWrap align=right>0.05</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="44%" noWrap align=left><B>Diluted earnings per share</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=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>0.08</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="8%" noWrap align=right>0.02</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>0.18</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="8%" noWrap align=right>0.05</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="44%" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Basic</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" 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>167,192,640</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>168,975,392</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>167,048,582</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>170,052,392</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="44%" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Diluted</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="8%" noWrap align=right><B>171,284,390</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="8%" noWrap align=right>168,975,392</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="8%" noWrap align=right><B>171,115,860</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="8%" noWrap align=right>170,052,392</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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   <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>

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<TR>

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   <TD style="WIDTH: 3%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 3%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 3%"></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></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 noWrap align=right><B>Three Months Ended December 31,</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 noWrap align=right><B>Nine Months Ended December 31,</B></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center><B>Notes</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2016</B></TD>

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2016</B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><B>&nbsp;</B></TD>

   <TD align=left></TD>

   <TD align=left><B></B></TD>

   <TD align=right><B></B></TD>

   <TD align=left></TD>

   <TD align=center></TD>

   <TD align=right></TD>

   <TD align=left></TD>

   <TD align=left><B></B></TD>

   <TD align=right><B></B></TD>

   <TD align=left></TD>

   <TD align=center></TD>

   <TD align=right></TD>

   <TD align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Net income</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>16,638</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,916</TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>39,164</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>10,666</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B>Other comprehensive loss, net of taxes:</B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Items that may subsequently be reclassified to net income or loss:</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 4%">Currency translation adjustment, net of tax of $nil</P></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B>(11,730</B></TD>

   <TD align=left><B>)</B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>(7,565</TD>

   <TD align=left>)</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B>(20,602</B></TD>

   <TD align=left><B>)</B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>(15,708</TD>

   <TD align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Share of other comprehensive income (loss) in associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>3</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>61</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(12</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Items that will not subsequently be reclassified to net income or loss:</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" 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="BACKGROUND-COLOR: #e6efff" noWrap align=center>4</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(122</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>16</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>19</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(227</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Items reclassified to net income:</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" 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; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>23</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>23</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B>Other comprehensive loss, net of taxes</B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B>$</B></TD>

   <TD align=right><B>(11,791</B></TD>

   <TD align=left><B>)</B></TD>

   <TD align=right>$</TD>

   <TD align=right>(7,526</TD>

   <TD align=left>)</TD>

   <TD align=right><B>$</B></TD>

   <TD align=right><B>(20,595</B></TD>

   <TD align=left><B>)</B></TD>

   <TD align=right>$</TD>

   <TD align=right>(15,912</TD>

   <TD align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B>$</B></TD>

   <TD align=right><B>(9,769</B></TD>

   <TD align=left><B>)</B></TD>

   <TD align=right>$</TD>

   <TD align=right>(6,396</TD>

   <TD align=left>)</TD>

   <TD align=right><B>$</B></TD>

   <TD align=right><B>(16,991</B></TD>

   <TD align=left><B>)</B></TD>

   <TD align=right>$</TD>

   <TD align=right>(13,688</TD>

   <TD align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>11</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(2,022</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,130</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(3,604</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(2,224</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(11,791</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(7,526</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(20,595</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(15,912</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Total comprehensive income (loss), net of taxes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,847</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(3,610</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>18,569</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(5,246</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B>&nbsp;</B></TD>

   <TD align=left></TD>

   <TD align=right></TD>

   <TD align=left></TD>

   <TD align=left></TD>

   <TD align=right></TD>

   <TD align=left></TD>

   <TD align=left></TD>

   <TD align=right></TD>

   <TD align=left></TD>

   <TD align=left></TD>

   <TD align=right></TD>

   <TD align=left></TD>

   <TD align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B>$</B></TD>

   <TD align=right><B>3,346</B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>$</TD>

   <TD align=right>(3,070</TD>

   <TD align=left>)</TD>

   <TD align=right><B>$</B></TD>

   <TD align=right><B>13,176</B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>$</TD>

   <TD align=right>(5,832</TD>

   <TD align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,501</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(540</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,393</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>586</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>4,847</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>(3,610</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>18,569</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>(5,246</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)</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="44%"></TD>

   <TD style= width="8%"></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="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="44%" noWrap align=left>&nbsp;</TD>

   <TD style= 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="20%" 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="20%" 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="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" 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="8%" noWrap align=right><B>2016</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>2015</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>2016</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>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="44%" noWrap align=left><B>Cash provided by</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" 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="8%" 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="8%" 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><B>Operating activities</B></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&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=left>&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=left>&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=left>&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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Net income</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>16,638</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="8%" noWrap align=right>3,916</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="8%" noWrap align=right><B>39,164</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="8%" noWrap align=right>10,666</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></TD>

   <TD style= width="8%" noWrap align=center>&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="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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Finance costs</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>161</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="8%" noWrap align=right>280</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><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="8%" noWrap align=right>751</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

   <TD style= width="8%" noWrap align=center>13, 14</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>5,463</B></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>6,356</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><B>16,812</B></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>15,733</TD>

   <TD style= 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: 8%">Share of loss (gain) in associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>3</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>126</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="8%" noWrap align=right>(65</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><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="8%" noWrap align=right>(166</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Loss on disposal of a subsidiary</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>-</B></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>460</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><B>-</B></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>460</TD>

   <TD style= 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: 8%">Impairment of plant and equipment and mineral rights and properties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="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><B>181</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="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Income tax expense</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>5,353</B></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>1,453</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><B>14,091</B></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>3,237</TD>

   <TD style= 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: 8%">Finance income</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>16</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(647</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="8%" noWrap align=right>(517</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><B>(1,615</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="8%" noWrap align=right>(1,058</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P></TD>

   <TD style= width="8%" noWrap align=center>5</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>392</B></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>95</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><B>457</B></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>80</TD>

   <TD style= 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: 8%">Share-based compensation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>214</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="8%" noWrap align=right>234</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><B>654</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="8%" noWrap align=right>742</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Income taxes paid</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>(1,115</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>(224</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><B>(4,030</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>(527</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Interest received</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>647</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="8%" noWrap align=right>517</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><B>1,615</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="8%" noWrap align=right>1,058</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Interest paid</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>(853</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></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><B>(954</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Changes in non-cash operating working capital</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>21</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><B>1,955</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="8%" noWrap align=right>(2,919</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><B>8,656</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="8%" noWrap align=right>(3,439</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=center></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="8%" noWrap align=right><B></B></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></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="8%" noWrap align=right><B></B></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></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Net cash provided by operating activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&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><B>28,334</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="8%" noWrap align=right>9,586</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><B>75,556</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="8%" noWrap align=right>27,537</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="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=center></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="8%" noWrap align=right><B></B></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></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="8%" noWrap align=right><B></B></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></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Investing activities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" 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="8%" 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="8%" 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>

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style= width="8%" noWrap align=center>&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="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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Capital expenditures</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(14,897</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="8%" noWrap align=right>(5,427</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><B>(25,605</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="8%" noWrap align=right>(14,157</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD style= width="8%" noWrap align=center>&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="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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(1,433</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="8%" noWrap align=right>(2,604</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><B>(4,556</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="8%" noWrap align=right>(5,594</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD style= width="8%" noWrap align=center>5</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>19</B></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>202</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><B>51</B></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>232</TD>

   <TD style= 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%">Other investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" 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="8%" 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="8%" 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>

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>(782</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></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><B>(782</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>4</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" noWrap align=right>422</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><B>33</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="8%" noWrap align=right>422</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclamation deposit paid</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>(1,775</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></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><B>(2,160</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>(9</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Net purchases of short-term investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(5,542</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="8%" noWrap align=right>(203</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><B>(11,518</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="8%" noWrap align=right>5,504</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>

   <P style="MARGIN-LEFT: 4%">Proceeds for sale of a subsidiary</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&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>-</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>11</TD>

   <TD 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>-</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>11</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="44%" noWrap align=left><B>Net cash used in investing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&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><B>(24,410</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="8%" noWrap align=right>(7,599</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><B>(44,537</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="8%" noWrap align=right>(13,591</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=center></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financing activities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" 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="8%" 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="8%" 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>

   <P style="MARGIN-LEFT: 4%">Related parties</P></TD>

   <TD style= width="8%" noWrap align=center>&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="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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Payments made</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" noWrap align=right>(1,587</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><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="8%" noWrap align=right>(1,587</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style= width="8%" noWrap align=center>&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="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="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Distribution</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>11</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" noWrap align=right>(1,661</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><B>(1,460</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="8%" noWrap align=right>(1,661</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>

   <TD style= width="8%" noWrap align=center>9(c)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>(1,585</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></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><B>(1,585</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>(1,323</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Proceeds from issuance of common shares</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>192</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="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><B>489</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="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="44%" 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="8%" noWrap align=center>&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>-</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>(419</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><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="8%" noWrap align=right>(1,686</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; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Net cash used in financing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&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><B>(1,393</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="8%" noWrap align=right>(3,667</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><B>(2,556</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="8%" noWrap align=right>(6,257</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="44%" noWrap align=left><B>Effect of exchange rate changes on cash and cash equivalents</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&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>(2,041</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>(2,160</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><B>(3,452</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>(4,492</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></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></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><B></B></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></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left><B>Increase (decrease) in cash and cash equivalents</B></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>490</B></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>(3,840</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><B>25,011</B></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>3,197</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></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></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><B></B></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></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Cash and cash equivalents, beginning of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&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>66,484</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>67,216</TD>

   <TD 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>41,963</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>60,179</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>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></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></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><B></B></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></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left><B>Cash and cash equivalents, end of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>&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>66,974</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="8%" noWrap align=right>63,376</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>66,974</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="8%" noWrap align=right>63,376</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="44%" noWrap align=left><B>Supplementary cash flow information</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>21</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" 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="8%" 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="8%" 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>

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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 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="16%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="16%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" 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="7%" 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="7%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" 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="7%" 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="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="16%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" noWrap align=right>Share</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>Accumulated other</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>Retained </TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>&nbsp;Total equity attributable</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="7%" 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="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="16%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" noWrap align=right>option</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>comprehensive</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>earnings</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="7%" noWrap align=right>&nbsp;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="7%" 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="7%" 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="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=center>Notes</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>&nbsp;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="7%" 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>&nbsp;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="16%" align=left><B>Balance, April 1, 2015</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" noWrap align=right>11,741</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="7%" noWrap align=right>25,409</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(26,697</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(5,089</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>238,877</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="7%" noWrap align=right>53,634</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="7%" noWrap align=right>292,511</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="16%" align=left>Share-based compensation</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" noWrap align=right>742</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" noWrap align=right>742</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" noWrap align=right>742</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" align=left>Dividends declared</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" noWrap align=right>(685</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="7%" noWrap align=right>(685</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="7%" 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="7%" noWrap align=right>(685</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="16%" align=left>Distribution to non-controlling interests</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>(1,661</TD>

   <TD style= width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" align=left>Disposition of non-controlling interests upon sale of a subsidiary</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>(773</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="16%" align=left>Common shares repurchased as part of normal course issuer bid</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(2,322,952</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(1,686</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" 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="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" noWrap align=right>(1,686</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" noWrap align=right>(1,686</TD>

   <TD style= width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" align=left>Cumulative translation adjustment realized upon sale of a subsidiary</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>23</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="7%" 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="7%" noWrap align=right>23</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="7%" 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="7%" noWrap align=right>23</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left>Comprehensive (loss) income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>(13,711</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>7,856</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>(5,855</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>586</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>(5,269</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" align=left><B>Balance, December 31, 2015</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>168,560,856</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="7%" noWrap align=right>231,827</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="7%" noWrap align=right>12,483</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="7%" noWrap align=right>25,409</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(40,385</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>2,082</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="7%" noWrap align=right>231,416</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="7%" noWrap align=right>51,786</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="7%" noWrap align=right>283,202</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="16%" align=left>Share-based compensation</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" noWrap align=right>145</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" noWrap align=right>145</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" noWrap align=right>145</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" align=left>Common shares repurchased as part of normal course issuer bid</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(1,714,500</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="7%" noWrap align=right>(894</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="7%" 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="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" noWrap align=right>(894</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="7%" 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="7%" noWrap align=right>(894</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left>Comprehensive income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>4,391</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>(1,520</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>2,871</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>1,235</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>4,106</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="16%" align=left><B>Balance, March 31, 2016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>166,846,356</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>230,933</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>12,628</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>25,409</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>(35,994</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>562</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>233,538</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>53,021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>286,559</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="16%" align=left>Options exercised</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>460,964</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>657</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(168</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" 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="7%" noWrap align=right>489</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" noWrap align=right>489</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" align=left>Share-based compensation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>9(b)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" noWrap align=right>654</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="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" noWrap align=right>654</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="7%" 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="7%" noWrap align=right>654</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="16%" align=left>Dividends declared</TD>

   <TD style= width="4%" noWrap align=center>9(c)</TD>

   <TD style= width="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" noWrap align=right>(1,585</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(1,585</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" 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="7%" noWrap align=right>(1,585</TD>

   <TD style= width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" align=left>Distribution to non-controlling interests</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>11</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="7%" 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="7%" 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="7%" noWrap align=right>(1,460</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="7%" noWrap align=right>(1,460</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left>Comprehensive (loss) income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>(16,991</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>30,167</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>13,176</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>5,393</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right>18,569</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="16%" align=left><B>Balance, December 31, 2016</B></TD>

   <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="7%" noWrap align=right><B>167,307,320</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>231,590</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>13,114</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>25,409</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>(52,985</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>29,144</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>246,272</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>56,954</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right><B>303,226</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" 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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<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" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</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 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">Operating results for the three and nine months ended December 31, 2016, are not necessarily indicative of the results that may be expected for the year ending March 31, 2017.</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>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 (&#8220;IAS 34&#8221;) </I>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, 2016. 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, 2016.</P>

<P style="TEXT-ALIGN: justify">These condensed consolidated interim financial statements were authorized for issue in accordance with a resolution of the Board of Directors dated on February 1, 2017.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b)Basis of Consolidation</I></P>

<P style="TEXT-ALIGN: justify">These condensed consolidated interim financial statements include the accounts of the Company and its wholly or partially owned subsidiaries.</P>

<P style="TEXT-ALIGN: justify">Subsidiaries are consolidated from the date on which the Company obtains control up to the date of the disposition of control. Control is achieved when the Company has power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary; and has the ability to use its power to affect its returns. For non-wholly-owned subsidiaries over which the Company has control, the net assets attributable to outside equity shareholders are presented as &#8220;non-controlling interests&#8221; in the equity section of the consolidated balance sheets. Net income for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary.</P>

<P style="TEXT-ALIGN: justify">Balances, transactions, revenues and expenses between the Company and its subsidiaries are eliminated on consolidation.</P>

<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 style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<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=center>&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>2016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center>2016</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; MARGIN-LEFT: 4%"><I>(c) 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 in September 2015 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 the impact of this standard.</P>

<P style="TEXT-ALIGN: justify">IAS 7 - <I>Statement of Cash Flows </I>has been revised to incorporate amendments issued by the International Accounting Standards Board ("IASB") in January 2016. The amendments require entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments are effective for annual periods beginning on or after January 1, 2017 with early adoption permitted. The Company is assessing the impact of this standard.</P>

<P style="TEXT-ALIGN: justify">IAS 12 - <I>Income Taxes </I>has been revised to incorporate amendments issued by the IASB in January 2016. The amendments clarify how to account for deferred tax assets related to debt instruments measured at fair value. The amendments are effective for annual periods beginning on or after January 1, 2017 with early adoption permitted. The Company is assessing the impact of this standard.</P>

<P style="TEXT-ALIGN: justify">IFRS 16 - <I>Leases </I>was issued by the IASB and will replace Leases (&#8220;IAS 17&#8221;). IFRS 16 requires most leases to be reported on a company&#8217;s balance sheet as assets and liabilities. IFRS 16 is effective for annual periods beginning on or after January 1, 2019 with early application permitted for companies that also apply IFRS</P>

<P style="TEXT-ALIGN: justify">15 - Revenue from Contracts with Customers. The Company is currently assessing the impact of this new standard.</P>

<P style="TEXT-ALIGN: right">7</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" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></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>INVESTMENT IN AN ASSOCIATE</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">New Pacific Holdings Corp. (&#8220;NUX&#8221;) is a Canadian public company listed on the TSX Venture Exchange (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, 2016, the Company owned 10,806,300 common shares (March 31, 2016 &#8211; 10,806,300) of NUX, representing an ownership interest of 16.1% (March 31, 2016 &#8211; 16.1%).</P>

<P style="TEXT-ALIGN: justify">The Company accounts for its investment in NUX common shares using the equity method as 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: 64%"></TD>

   <TD style="WIDTH: 8%"></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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" 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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>Number of</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="10%" noWrap align=right>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="WIDTH: 64%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance, April 1, 2015</TD>

   <TD style="WIDTH: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=right>10,806,300</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right>3,449</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right>1,448</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>Share of net loss</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(50</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Share of other comprehensive loss</TD>

   <TD style="WIDTH: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right>(186</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" noWrap align=left>Foreign exchange impact</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(80</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="WIDTH: 64%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance, March 31, 2016</TD>

   <TD style="WIDTH: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=right>10,806,300</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right>3,133</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right>2,333</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%" noWrap align=left>Share of net income</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>160</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Share of other comprehensive loss</TD>

   <TD style="WIDTH: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=right>(12</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" noWrap align=left>Foreign exchange impact</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(110</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="64%" noWrap align=left><B>Balance December 31 , 2016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>10,806,300</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>3,171</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>5,473</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></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>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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" 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, 2016</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, 2016</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></B></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 10%" noWrap align=left></TD>

   <TD style="WIDTH: 4%" noWrap align=left></TD>

   <TD style="WIDTH: 10%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>Equity investments designated as FVTOCI</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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 10%" noWrap align=left></TD>

   <TD style="WIDTH: 4%" noWrap align=left></TD>

   <TD style="WIDTH: 10%" noWrap align=left></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%">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>1,026</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>287</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 4%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Luoyang Yongning Smelting 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><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 4%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></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%">Jinduicheng Xise (Canada) Co. Ltd.</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><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" 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></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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>1,026</B></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>287</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%"><I>(a) Investments in publicly-traded companies with no significant influence</I></P>

<P style="TEXT-ALIGN: justify">Investments in publicly-traded companies represent equity interests of other publicly-trading companies that the Company has acquired through the open market or through private placements. Such investments are designated as FVTOCI and are measured at fair value on initial recognition and subsequent measurement. As of December 31, 2016, none of the investments held by the Company represented more than 10% of the respective interest of investees.</P>

<P style="TEXT-ALIGN: right">8</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 style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The continuity of such investments is 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="WIDTH: 72%" 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%" align=right><B>Accumulated fair value change</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&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="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%" noWrap align=right><B>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, 2015</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" 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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(6,271</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>(158</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>(158</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%">Disposal of equity investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(422</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>-</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%">Impact of foreign currency translation</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>(25</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>-</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>March 31, 2016</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>287</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>(6,429</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>19</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>19</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%">Purchase of equity investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>782</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>-</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>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></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>(62</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>&nbsp;</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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>December 31, 2016</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>1,026</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>(6,410</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; MARGIN-LEFT: 4%"><I>(b) Luoyang Yongning Smelting Co. Ltd. (&#8220;Yongning Smelting&#8221;)</I></P>

<P style="TEXT-ALIGN: justify">Yongning Smelting is a private company based in China. The Company invested in Yongning Smelting through its subsidiary Henan Found. On July 31, 2016, the Company disposed its 0.1% (March 31, 2016 &#8211;0.1%) ownership of Yongning Smelting&#8217;s total equity for cash proceeds of $33 (RMB &#165;221).</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(c) Jinduicheng Xise (Canada) Co. Ltd. (&#8220;Jinduicheng&#8221;)</I></P>

<P style="TEXT-ALIGN: justify">Jinduicheng is a Canadian private holding company, with primary assets holding 100% interest in a Canadian private mining company, Yukon Zinc Mining Corporation (&#8220;Yukon Zinc&#8221;). The Company invested in Jinduicheng through a private placement by subscribing common shares of Jinduicheng. As at December 31, 2016, the Company&#8217;s total investment in Jinduicheng represents 6% (March 31, 2016 - 6%) of Jinduicheng&#8217;s total equity. The fair value of the investment as at December 31, 2016 was determined to be $nil (March 31, 2016 - $nil), using a market based approach taking into consideration of Jinduicheng&#8217;s consolidated mineral reserve and resource data and its consolidated financial position. The maximum risk exposures would be the amount the Company invested in the common shares of Jinduicheng.</P>

<P style="TEXT-ALIGN: right">9</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 style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</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 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: 40%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 9%" colSpan=2 noWrap align=center><B>Land use rights</B></TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Office</B></TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Motor</B></TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" align=center><B>Construction</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" 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="40%" noWrap align=left><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>and building</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><STRONG>equipment&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center><STRONG>&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center><STRONG>&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><STRONG>&nbsp;Machinery</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&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="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&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="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="8%" noWrap align=right><B>Total</B></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="40%" noWrap align=left>Balance as at April 1, 2015</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>87,404</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="8%" noWrap align=right>6,492</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="8%" noWrap align=right>27,183</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="8%" noWrap align=right>7,274</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="8%" noWrap align=right>3,551</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="8%" noWrap align=right>131,904</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>7,100</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>293</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,376</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>323</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>6,112</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>15,204</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(142</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="8%" noWrap align=right>(101</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="8%" noWrap align=right>(231</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="8%" noWrap align=right>(210</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="8%" noWrap align=right>(79</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="8%" noWrap align=right>(763</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups<SUP>(1)</SUP></P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>293</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" 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: 8%" 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: 8%" 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: 8%" noWrap align=right>(293</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</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="40%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(3,493</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="8%" noWrap align=right>(242</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="8%" noWrap align=right>(1,073</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="8%" noWrap align=right>(284</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="8%" noWrap align=right>(216</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="8%" noWrap align=right>(5,308</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>Balance as at March 31, 2016</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>91,162</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>6,442</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>27,255</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>7,103</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>9,075</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>141,037</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,647</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="8%" noWrap align=right>140</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="8%" noWrap align=right>418</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="8%" noWrap align=right>298</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="8%" noWrap align=right>1,625</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="8%" noWrap align=right>4,128</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(215</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(256</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(284</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(754</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(3</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,512</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups<SUP>(1)</SUP></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>7,470</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="8%" 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="8%" noWrap align=right>320</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="8%" 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="8%" noWrap align=right>(7,790</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="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(6,987</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(433</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(2,003</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(498</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(411</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(10,332</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left><B>Ending balance as at December 31, 2016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>93,077</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>5,893</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>25,706</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>6,149</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>2,496</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>133,321</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 41%" colSpan=2 noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="41%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" 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="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>Balance as at April 1, 2015</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(41,247</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(4,281</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(16,639</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(4,899</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(59</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(67,125</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>92</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="8%" noWrap align=right>82</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="8%" noWrap align=right>28</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="8%" noWrap align=right>174</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="8%" 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="8%" noWrap align=right>376</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(2,588</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(700</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,756</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(866</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" 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: 8%" noWrap align=right>(5,910</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="40%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,085</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="8%" noWrap align=right>206</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="8%" noWrap align=right>1,190</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="8%" noWrap align=right>184</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="8%" noWrap align=right>2</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="8%" noWrap align=right>2,667</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: 40%" noWrap align=left>Balance as at March 31, 2016</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(42,658</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(4,693</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(17,177</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(5,407</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(57</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(69,992</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>72</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="8%" noWrap align=right>227</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="8%" noWrap align=right>161</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="8%" noWrap align=right>544</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="8%" 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="8%" noWrap align=right>1,004</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(2,137</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(400</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,272</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(392</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" 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: 8%" noWrap align=right>(4,201</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="40%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,173</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="8%" noWrap align=right>299</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="8%" noWrap align=right>1,316</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="8%" noWrap align=right>389</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="8%" noWrap align=right>4</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="8%" noWrap align=right>5,181</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="40%" noWrap align=left><B>Ending balance as at December 31, 2016</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="8%" noWrap align=right><B>(41,550</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="8%" noWrap align=right><B>(4,567</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="8%" noWrap align=right><B>(16,972</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="8%" noWrap align=right><B>(4,866</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="8%" noWrap align=right><B>(53</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="8%" noWrap align=right><B>(68,008</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></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="8%" noWrap align=left></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="8%" noWrap align=left></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="8%" noWrap align=left></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="8%" noWrap align=left></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="8%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="40%" noWrap align=left><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=right>&nbsp;</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></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>Balance as at March 31, 2016</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>48,504</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,749</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>10,078</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,696</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>9,018</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>71,045</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="40%" noWrap align=left><B>Ending balance as at December 31, 2016</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="8%" noWrap align=right><B>51,527</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="8%" noWrap align=right><B>1,326</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="8%" noWrap align=right><B>8,734</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="8%" noWrap align=right><B>1,283</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="8%" noWrap align=right><B>2,443</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="8%" noWrap align=right><B>65,313</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP><FONT style="FONT-SIZE: 8pt">(1) </FONT></SUP><FONT style="FONT-SIZE: 8pt">when an asset is available for use, it is reclassified from construction in progress to one of the appropriate plant and equipment categories.</FONT></P>

<P style="TEXT-ALIGN: justify">During the three and nine months ended December 31, 2016, certain plant and equipment were disposed for proceeds of $19 and $51, respectively (three and nine months ended December 31, 2015 - $202 and $232, respectively) and loss of $392 and $457, respectively (three and nine months ended December 31, 2015 &#8211; loss of $95 and $80, respectively).</P>

<P style="TEXT-ALIGN: right">10</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 style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</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 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: 26%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=6 noWrap align=center><B>Producing and development properties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" colSpan=4 align=center><B>Exploration and evaluation properties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" noWrap align=left><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Ying Mining District</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>BYP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>GC</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>XHP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>RZY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Balance as at April 1, 2015</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>218,702</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="10%" noWrap align=right>65,353</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="10%" noWrap align=right>112,844</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" noWrap align=right>22,117</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="10%" noWrap align=right>183</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" noWrap align=right>419,199</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>18,914</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" noWrap align=right>943</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>19,857</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mine right fee</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,985</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="10%" 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="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" 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="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" noWrap align=right>1,985</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Environmental rehabiliation</P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,243</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>75</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>74</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,392</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="26%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(8,717</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="10%" noWrap align=right>(613</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="10%" noWrap align=right>(4,383</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=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="10%" noWrap align=right>(860</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="10%" noWrap align=right>(4</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=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="10%" noWrap align=right>(14,577</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>Balance as at March 31, 2016</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>232,127</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>64,815</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>109,478</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>21,257</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>179</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>427,856</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15,207</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="10%" 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="10%" noWrap align=right>686</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" 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="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" noWrap align=right>15,893</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mine right fee</P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,337</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,337</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="26%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(17,579</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="10%" noWrap align=right>(1,108</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="10%" noWrap align=right>(7,954</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=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="10%" noWrap align=right>(1,547</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="10%" noWrap align=right>(6</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=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="10%" noWrap align=right>(28,194</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="26%" noWrap align=left><B>Ending balance as at December 31, 2016</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="10%" noWrap align=right><B>231,092</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="10%" noWrap align=right><B>63,707</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="10%" noWrap align=right><B>102,210</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=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="10%" noWrap align=right><B>19,710</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="10%" noWrap align=right><B>173</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=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="10%" noWrap align=right><B>416,892</B></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="26%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></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="10%" noWrap align=left></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="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></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="10%" noWrap align=left></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="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></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="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left><B>Impairment and accumulated depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</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="26%" noWrap align=left>Balance as at April 1, 2015</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(45,833</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="10%" noWrap align=right>(57,701</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="10%" noWrap align=right>(78,756</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" noWrap align=right>(22,117</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="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" noWrap align=right>(204,407</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(11,633</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" noWrap align=right>(1,922</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(13,555</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="26%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,942</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="10%" noWrap align=right>315</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="10%" noWrap align=right>3,069</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></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="10%" noWrap align=right>860</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="10%" 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></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="10%" noWrap align=right>6,186</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: 26%" noWrap align=left>Balance as at March 31, 2016</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(55,524</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(57,386</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(77,609</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(21,257</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(211,776</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impairment Loss</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" 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="10%" 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="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" 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="10%" noWrap align=right>(181</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="10%" noWrap align=right>(181</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(12,563</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" noWrap align=right>(1,609</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(14,172</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="26%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,554</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="10%" noWrap align=right>567</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="10%" noWrap align=right>5,668</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></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="10%" noWrap align=right>1,547</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="10%" noWrap align=right>8</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></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="10%" noWrap align=right>12,344</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left><B>Ending balance as at December 31, 2016</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="10%" noWrap align=right><B>(63,533</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="10%" noWrap align=right><B>(56,819</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="10%" noWrap align=right><B>(73,550</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=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="10%" noWrap align=right><B>(19,710</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="10%" noWrap align=right><B>(173</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=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="10%" noWrap align=right><B>(213,785</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></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="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></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="10%" noWrap align=left></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="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></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="10%" noWrap align=left></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="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></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="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" 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="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="26%" noWrap align=left>Balance as at March 31, 2016</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>176,603</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,429</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>31,869</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=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>179</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></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>216,080</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left><B>Ending balance as at December 31, 2016</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="10%" noWrap align=right><B>167,559</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="10%" noWrap align=right><B>6,888</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="10%" noWrap align=right><B>28,660</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=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="10%" noWrap align=right><B>-</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="10%" noWrap align=right><B>-</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=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="10%" noWrap align=right><B>203,107</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">On June 16, 2016, the Company paid a mine right fee of $1,337 (RMB &#165;8.7 million) to the Chinese government as part of its requirement to renew the mining permit for its TLP and LM mine (part of the Ying Mining District).</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 25, 2016, the Company repaid its entire mine right fee payable along with accrued interest to the Chinese government.</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>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="86%" noWrap align=left>Balance, April 1, 2015</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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Interest accrued</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>488</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Principal paid</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(4,095</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Interest paid</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(180</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Foreign exchange impact</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>(485</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Balance, March 31, 2016</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>9,766</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Interest accrued</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>226</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Principal paid</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(8,710</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Interest paid</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(805</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="86%" noWrap align=left>Foreign exchange impact</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>(477</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="86%" noWrap align=left><B>Balance, December 31, 2016</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></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the three and nine months ended December 31, 2016, interest of $10 and $226, respectively (three and nine months ended December 31, 2015 - $157 and $380, respectively) was accrued and expensed through finance costs.</P>

<P style="TEXT-ALIGN: right">11</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 style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></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>8.</B></TD>

   <TD noWrap align=left><B>BANK LOAN</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: 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>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="86%" noWrap align=left>Balance, April 1, 2015</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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Addition</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,619</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Interest accrued</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>49</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Interest paid</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(41</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Foreign exchange impact</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>30</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: 86%" noWrap align=left>Balance, March 31, 2016</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,657</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Interest accrued</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>149</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 86%" noWrap align=left>Interest paid</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(149</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="86%" noWrap align=left>Foreign exchange impact</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>(340</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="86%" noWrap align=left><B>Balance, December 31, 2016</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>4,317</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">For the three and nine months ended December 31, 2016, interest of $49 and $149, respectively (three and nine months ended December 31, 2015 - $nil) was accrued and expensed through finance costs.</P>

<P style="TEXT-ALIGN: justify">Subsequent to December 31, 2016, the Company repaid the principal and interest of the bank loan in full.</P>

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<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>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, 2016 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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" 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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></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></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Balance, April 1, 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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></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>(682,050</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>3.89</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></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>(537,406</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>9.31</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Balance, March 31, 2016</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>9,174,025</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>2.39</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Options granted</TD>

   <TD style="WIDTH: 12%" noWrap align=right>143,000</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>4.34</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Options exercised</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>(460,964</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>1.37</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Options forfeited</TD>

   <TD style="WIDTH: 12%" noWrap align=right>(847,238</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>3.61</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Options expired</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>(481,000</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>10.29</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left><B>Balance, December 31, 2016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" noWrap align=right><B>7,527,823</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>1.84</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B></B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">12</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 style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the nine months ended December 31, 2016, a total of 143,000 options with a life of three years were granted to officers and employees at an exercise price of CAD$4.34 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: justify">Subsequent to December 31, 2016, a total of 1,000,000 options with a life of three years were granted to directors, officers and employees at an exercise price of CAD$3.63 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: justify">The fair value of stock options granted during the nine months ended December 31, 2016 and 2015 were calculated as of 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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD style="WIDTH: 68%"></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-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=left></TD>

   <TD style="WIDTH: 68%" 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-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="68%" 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>2016</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>2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="68%" 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>0.59</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>0.53</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=left></TD>

   <TD style="WIDTH: 68%" 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>2.25 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>2.86 years</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="68%" 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>70</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>57</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=left></TD>

   <TD style="WIDTH: 68%" noWrap align=left>Expected dividend yield</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=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>0.45</TD>

   <TD style="WIDTH: 2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="68%" 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>%</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>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="68%" noWrap align=left>Weighted average share price at date of grant</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>$ 4.34</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>$ 0.91</TD>

   <TD style="BORDER-BOTTOM: #000000 1px 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, 2016 was CAD$1.74 (nine months ended December 31, 2015 - CAD$0.33). 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, 2016, a total of $214 and $654, respectively (three and nine months ended December 31, 2015 - $234 and $742, respectively) in share-based compensation expense was recognized and included in the general and administrative expenses on the consolidated statements of income.</P>

<P style="TEXT-ALIGN: justify">The following table summarizes information about stock options outstanding at December 31, 2016:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 15%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 15%"></TD>

   <TD style="WIDTH: 15%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 2%" align=center></TD>

   <TD style="WIDTH: 2%" align=center>&nbsp;</TD>

   <TD style="WIDTH: 16%" align=center>&nbsp;</TD>

   <TD style="WIDTH: 15%" align=center>&nbsp;</TD>

   <TD style="WIDTH: 16%" align=right>&nbsp;Weighted</TD>

   <TD style="WIDTH: 2%" align=center>&nbsp;</TD>

   <TD style="WIDTH: 15%" align=center>&nbsp;</TD>

   <TD style="WIDTH: 15%" align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=center>&nbsp;</TD>

   <TD style="WIDTH: 15%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=right>average</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>Weighted</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>Number of options</TD>

   <TD style="WIDTH: 16%" noWrap align=right>remaining</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" align=right>Weighted</TD>

   <TD style="WIDTH: 15%" noWrap align=right>Number of options</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>average</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>outstanding at</TD>

   <TD style="WIDTH: 16%" noWrap align=right>contractual life</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" align=right>average exercise</TD>

   <TD style="WIDTH: 15%" noWrap align=right>exercisable at </TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>exercise price</TD></TR>

<TR vAlign=bottom>

   <TD 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="16%" align=right>Exercise price in CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>December 31, 2016</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>(Years)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right>price in CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>December 31, 2016</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" noWrap align=right>in CAD$</TD></TR>

<TR vAlign=bottom>

   <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="16%" noWrap align=right>0.66</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>3,600,179</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>2.00</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>0.66</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>1,734,417</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" 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: 2%" noWrap align=left>$</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=right>1.43</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1,553,431</TD>

   <TD style="WIDTH: 16%" noWrap align=right>3.42</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.43</TD>

   <TD style="WIDTH: 15%" noWrap align=right>710,931</TD>

   <TD style="WIDTH: 2%" 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="2%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>1.75</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>398,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>2.41</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>1.75</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>242,125</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" 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: 2%" noWrap align=left>$</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=right>1.76</TD>

   <TD style="WIDTH: 15%" noWrap align=right>257,527</TD>

   <TD style="WIDTH: 16%" noWrap align=right>2.78</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>1.76</TD>

   <TD style="WIDTH: 15%" noWrap align=right>125,127</TD>

   <TD style="WIDTH: 2%" 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="2%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>2.98</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>139,437</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>2.06</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>2.98</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>94,595</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" 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: 2%" noWrap align=left>$</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=right>3.25</TD>

   <TD style="WIDTH: 15%" noWrap align=right>182,187</TD>

   <TD style="WIDTH: 16%" noWrap align=right>1.42</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>3.25</TD>

   <TD style="WIDTH: 15%" noWrap align=right>159,313</TD>

   <TD style="WIDTH: 2%" 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="2%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>3.41</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>275,312</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>1.70</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>3.41</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>223,563</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" 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: 2%" noWrap align=left>$</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=right>3.91</TD>

   <TD style="WIDTH: 15%" noWrap align=right>177,250</TD>

   <TD style="WIDTH: 16%" noWrap align=right>1.18</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>3.91</TD>

   <TD style="WIDTH: 15%" noWrap align=right>166,064</TD>

   <TD style="WIDTH: 2%" 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="2%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>4.34</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>143,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>2.71</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>4.34</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 2%" noWrap align=left>$</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=right>5.35</TD>

   <TD style="WIDTH: 15%" noWrap align=right>180,000</TD>

   <TD style="WIDTH: 16%" noWrap align=right>0.60</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>5.35</TD>

   <TD style="WIDTH: 15%" noWrap align=right>180,000</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>5.35</TD></TR>

<TR vAlign=bottom>

   <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="16%" noWrap align=right>5.40</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>184,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>1.17</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>5.40</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>184,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>5.40</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 2%" noWrap align=left>$</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=right>6.53</TD>

   <TD style="WIDTH: 15%" noWrap align=right>141,000</TD>

   <TD style="WIDTH: 16%" noWrap align=right>0.71</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 15%" noWrap align=right>6.53</TD>

   <TD style="WIDTH: 15%" noWrap align=right>141,000</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 15%" noWrap align=right>6.53</TD></TR>

<TR vAlign=bottom>

   <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="16%" noWrap align=right>6.69</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>296,000</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>0.43</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="15%" noWrap align=right>6.69</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="15%" noWrap align=right>296,000</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="15%" noWrap align=right>6.69</TD></TR>

<TR vAlign=bottom>

   <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="16%" noWrap align=right><B>0.66 - 6.69</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" noWrap align=right><B>7,527,823</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right><B>2.15</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="15%" noWrap align=right><B>1.84</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" noWrap align=right><B>4,257,135</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="15%" noWrap align=right><B>2.32</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">13</P></DIV><BR>

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<BR>

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   <TD width="100%"></TD></TR>

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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" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Subsequent to December 31, 2016, a total of 76,436 options with exercise prices ranging from CAD$0.66 to CAD$3.41 were exercised.</P>

<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, 2016, dividends of $1,585 and $1,585, respectively (for three and nine months ended December 31, 2015 - $nil and $685, respectively) were declared and paid.</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>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, 2016</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, 2016</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>(38,063</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>(38,082</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="72%" noWrap align=left>Share of other comprehensive loss in associate</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>(198</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>(186</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>Currency translation adjustment</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>(14,724</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="10%" noWrap align=right>2,274</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>Balance, end of the period</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>(52,985</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>(35,994</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The unrealized loss on equity investments designated as FVTOCI, share of other comprehensive loss in associate and currency translation adjustment are net of tax of $nil for all periods presented.</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

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   <TD noWrap align=left><B>11.</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>

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<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%"></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="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=left>&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=left>&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=right>Guangdong</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&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=left>&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=left>&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=left>&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, 2015</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>49,924</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>5,307</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>4,713</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>(3,066</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>(3,244</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>53,634</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)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>4,365</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>(66</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>(354</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>(48</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>(294</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>3,603</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 other comprehensive (loss) income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,411</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>(631</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>(162</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>32</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>390</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>(1,782</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= width="28%" noWrap align=left>Distributions</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>(1,282</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>(379</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>-</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>(1,661</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Disposition upon sale of a subsidiary</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>-</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>(773</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>(773</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, 2016</TD>

   <TD style= width="2%" noWrap align=right>$</TD>

   <TD style= width="8%" noWrap align=right>51,596</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>4,231</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>4,197</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>(3,082</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=right>$</TD>

   <TD style= width="8%" noWrap align=right>(3,921</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=right>$</TD>

   <TD style= width="8%" noWrap align=right>53,021</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>8,570</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>559</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>(277</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>172</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>(27</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>8,997</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>(3,118</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>(372</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>(222</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>53</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>55</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>(3,604</TD>

   <TD style= width="2%" noWrap align=left>)</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>(1,460</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>-</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>(1,460</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="28%" noWrap align=left><B>Balance, December 31, 2016</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>55,588</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>4,418</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>3,698</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>(2,857</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(3,893</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>56,954</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at December 31, 2016, 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>

<P style="TEXT-ALIGN: right">14</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" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</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 width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>12.</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 consolidated financial statements 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="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" 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%" noWrap align=right><B>December 31, 2016</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%" align=right>March 31, 2016</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>38</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>13</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>50</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>90</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>88</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>103</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="72%" noWrap align=left><B></B></TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style= width="10%" noWrap align=right><B></B></TD>

   <TD style= width="4%" noWrap align=right></TD>

   <TD style= width="10%" align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="72%" noWrap align=left><B>Due to related parties</B></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><B>December 31, 2016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" align=right>March 31, 2016</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Parkside Management Ltd. (c)</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="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>179</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>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" align=left>(a)</TD>

   <TD vAlign=top width="96%" align=left>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, 2016, the Company recovered $46 and $139, respectively (three and nine months ended December 31, 2015 - $40 and $177, 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 vAlign=bottom>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="96%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" align=left>(b)</TD>

   <TD vAlign=top width="96%" align=left>Henan Non-ferrous Geology Bureau (&#8220;Henan Geology Bureau&#8221;) is the 22.5% equity interest holder of Henan Found. During the nine months ended December 31, 2016, Henan Found declared and paid dividends of $1,460 (nine months ended December 31, 2015 - $1,282) to Henan Geology Bureau.</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="96%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" align=left>(c)</TD>

   <TD vAlign=top width="96%" align=left>Parkside Management Limited is a private consulting services company controlled by a director of the Company. For the three and nine months ended December 31, 2016 and 2015, the Company paid consulting fees of $250 and $250, respectively to Parkside Management Ltd (for three and nine months ended December 31, 2015 - $nil).</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="96%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" align=left>(d)</TD>

   <TD vAlign=top width="96%" align=left>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, 2016, total rents were $63 and $189, respectively (three and nine months ended December 31, 2015 - $63 and $189, respectively).</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="96%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" align=left>(e)</TD>

   <TD vAlign=top width="96%" align=left>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, 2016, Henan Huawei did not declare and pay any dividends to Henan Xinhui (for three and nine months ended December 31, 2015 - $651 and $651, respectively).</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Transactions with related parties are made on terms agreed upon by the two parties. The balances with related parties are unsecured, non-interest bearing, and due on demand.</P>

<P style="TEXT-ALIGN: right">15</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" rowSpan=2 noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></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>13.</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 width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD 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="4%" 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=right><B>&nbsp;</B></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>2016</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>2015</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><B>2016</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>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="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>14,922</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>13,578</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>43,275</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>44,204</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></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>5,178</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>5,965</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><B>15,861</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>14,488</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>20,100</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>19,543</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="10%" noWrap align=right><B>59,136</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>58,692</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 noWrap align=left><B>14.</B></TD>

   <TD 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 width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD 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=right><B>&nbsp;</B></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>2016</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>2015</TD>

   <TD 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>2016</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><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>&nbsp;</B></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>1,379</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>668</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>4,074</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,570</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Amortization and depreciation</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>285</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>390</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>951</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,244</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,833</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,129</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><B>5,305</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,744</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Share-based compensation</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>214</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>234</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>654</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>742</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>239</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(281</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><B>1,478</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,091</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>3,950</B></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>3,140</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>12,462</B></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>13,391</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>15.</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 width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD 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="4%" 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=right><B>&nbsp;</B></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>2016</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>2015</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><B>2016</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>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="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>141</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>865</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,317</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,617</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></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>2,269</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>692</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><B>4,549</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>2,136</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>2,410</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>1,557</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="10%" noWrap align=right><B>5,866</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>4,753</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">Government fees include mineral resource compensation fees and environmental protection fees paid to the state and local Chinese government. Other taxes were composed of mineral resource tax, surtax on value-added tax, land usage levy, stamp duty and other miscellaneous levies, duties and taxes imposed by the state and local Chinese government.</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>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <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>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 width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD 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 align=right><B>Three months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" 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=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left><B>Finance income</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=center><B>2016</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%" noWrap align=right>2015</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center><B>2016</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%" noWrap align=right><B>2015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></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=right><B>647</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>517</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="10%" noWrap align=right><B>1,615</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>1,058</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="24%" colSpan=3 align=right><B></B></TD>

   <TD width="4%" noWrap align=right></TD>

   <TD width="24%" colSpan=3 noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="44%" noWrap align=left>&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="24%" colSpan=3 align=right><B>Three months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="24%" colSpan=3 noWrap align=right><B>Nine months ended December 31,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B>&nbsp;</B></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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center><B>2016</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>2015</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=center><B>2016</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>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="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=right><B>10</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>157</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=center><B>226</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>380</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Interest on bank loan</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>49</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=center><B>149</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Unwinding of discount of environmental</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="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>rehabilitation provision</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>102</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>123</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=center><B>310</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>371</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>161</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>280</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="10%" noWrap align=center><B>685</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>751</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 noWrap align=left><B>17.</B></TD>

   <TD noWrap align=left><B>INCOME TAX</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="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>The significant components of income tax expense are as follows:</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="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD 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="4%" 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=right><B>&nbsp;</B></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=right><B>2016</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>2015</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><B>2016</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>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="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>4,737</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>482</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>10,343</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>818</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></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>616</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>971</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><B>3,748</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>2,419</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>5,353</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>1,453</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="10%" noWrap align=right><B>14,091</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>3,237</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>18.</B></TD>

   <TD noWrap align=left><B>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 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.</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 as defined in IFRS 7, Financial Instruments: Disclosures (&#8220;IFRS 7&#8221;).</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">17</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" rowSpan=2 noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following tables set forth the Company&#8217;s financial assets and liabilities that are measured at fair value level on a recurring basis within the fair value hierarchy at December 31, 2016 and March 31, 2016 that are not otherwise disclosed. As required by IFRS 7, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</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="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD 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=7 noWrap align=center><B>Fair value as at December 31,2016</B> <B></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="4%" 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="4%" noWrap align=right><B>&nbsp;</B></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="4%" noWrap align=right><B>&nbsp;</B></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><B>&nbsp;</B></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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>66,974</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>66,974</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in 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>1,026</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,026</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Luoyang Yongning Smelting Co. Ltd.<SUP>(1)</SUP></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=right><B></B></TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=right><B></B></TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right><B></B></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="4%" 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="4%" noWrap align=right><B>&nbsp;</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="4%" noWrap align=right><B>&nbsp;</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><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left><SUP>(1) </SUP>Level 3 financial instruments</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=left></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="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD 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=7 noWrap align=center>Fair value as at March 31, 2016</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>Level 1</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Level 2</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>Level 3</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" 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><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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>41,963</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>- </TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>41,963</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in 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>287</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>287</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Luoyang Yongning Smelting Co. Ltd.<SUP>(1)</SUP></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=right></TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=right></TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></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="4%" 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="4%" 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="4%" 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 width="44%" noWrap align=left><SUP>(1) </SUP>Level 3 financial instruments</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=left></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Fair value of the other financial instruments excluded from the table above approximates their carrying amount as of December 31, 2016 and March 31, 2016, 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 width="40%"></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="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" 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="44%" colSpan=7 noWrap align=center><B>December 31,2016</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>March 31, 2016</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" 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>Within a year</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>2-3 years</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>4-5 years</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>Total</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>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="40%" 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="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>9,766</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left>Bank loan</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>4,317</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>4,317</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>4,657</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>Accounts payable and accrued liabilities</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=right><B>32,741</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</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="4%" noWrap align=right>&nbsp;</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="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>32,741</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>27,457</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="40%" 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>37,058</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>-</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>-</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>37,058</B></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>41,880</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">18</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 style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</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 reports its financial statements in US dollars. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is CAD and the functional currency of all Chinese subsidiaries is RMB. The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currencies.</P>

<P style="TEXT-ALIGN: justify">The Company currently does not engage in foreign exchange currency hedging. The Company's exposure to currency risk affect net income arise from non-functional currency financial assets is summarized as follow:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="72%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" 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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>December 31, 2016</B></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>March 31, 2016</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>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>23,554</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>24,968</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>Financial assets denominated in Chinese RMB</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>6,979</B></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>35,521</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at December 31, 2016, with other variables unchanged, a 10% strengthening (weakening) of the RMB against the CAD would have increased (decreased) net income by approximately $0.7 million.</P>

<P style="TEXT-ALIGN: justify">As at December 31, 2016, with other variables unchanged, a 10% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $2.4 million.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(d)Interest rate risk</I></P>

<P style="TEXT-ALIGN: justify">The Company is exposed to interest rate risk on its cash equivalents, short term investments, bank loan and outstanding mine right fee payable. As at December 31, 2016, all of its interest-bearing cash equivalents and short term investments earn interest at market rates that are fixed to maturity or at variable interest rate with terms of less than one year. The Company monitors its exposure to changes in interest rates on cash equivalents and short term investments. Due to the short term nature of the financial instruments, fluctuations in interest rates would not have a significant impact on the Company&#8217;s after-tax net income.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(e) Credit risk</I></P>

<P style="TEXT-ALIGN: justify">Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to accounts receivable, due from related parties, cash and cash equivalents and short term investments. The carrying amount of assets included on the balance sheet represents the maximum credit exposure.</P>

<P style="TEXT-ALIGN: justify">The Company undertakes credit evaluations on counterparties as necessary and has monitoring processes intended to mitigate credit risks. The Company has trade receivables from time to time from its major customers primarily in China engaged in the mining and milling of base and polymetallic metals. The historical level of customer default is zero and aging of trade receivables are no more than 180 days, and, as a result, the credit risk associated with trade receivables from customers as at December 31, 2016 is considered to be immaterial. There were no amounts in receivables which were past due at December 31, 2016 (at March 31, 2016 - $nil) for which no provision is recognized.</P>

<P style="TEXT-ALIGN: right">19</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" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(f) Equity price risk</I></P>

<P style="TEXT-ALIGN: justify">The Company holds certain marketable securities that will fluctuate in value as a result of trading on financial markets. As the Company&#8217;s marketable securities holding are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company&#8217;s portfolio at December 31, 2016, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects would have resulted in an increase (decrease) to comprehensive income of approximately $1 million.</P>

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<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>SEGMENTED INFORMATION</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company's reportable 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>

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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; BORDER-BOTTOM: #000000 2px solid" width="33%" noWrap align=left><B>Operational Segments</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid" width="33%" noWrap align=left><B>Subsidiaries Included in the Segment</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px 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 width="33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Henan Luoning</P></TD>

   <TD width="33%" noWrap align=left>Henan Found and Henan Huawei</TD>

   <TD 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 width="33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Guangdong</P></TD>

   <TD width="33%" noWrap align=left>Guangdong Found</TD>

   <TD 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 width="33%" noWrap align=left><B>Administrative</B></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD 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. and BVI's 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="MARGIN: 0px">&nbsp;</P>

<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 style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(a) Segmented information for assets and liabilities 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: 28%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=20 align=center><B>December 31, 2016</B> <B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" colSpan=7 noWrap align=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; BORDER-LEFT: medium none" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=3 noWrap align=center><B>Administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Henan</B></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: 8%" 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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center></TD>

   <TD style="WIDTH: 1%" 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: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Balance sheet items:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Luoning</B></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>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" colSpan=2 noWrap align=center><B>Guangdong</B></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>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Beijing</B></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>Vancouver</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></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</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></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Current assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>67,261</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,951</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>6,318</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>517</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>4,003</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>32,616</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>112,666</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>Plant and equipment</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>43,494</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>4,872</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>15,781</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>1,093</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>73</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>65,313</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Mineral rights and properties</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>167,559</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>6,888</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>28,660</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>203,107</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>Investment in an associate</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>3,171</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>3,171</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Other investments</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,026</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,026</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>Reclamation deposits</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>4,056</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>144</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>7</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>4,207</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Long-term prepaids and deposits</B></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="8%" noWrap align=right><B>213</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="8%" noWrap align=right><B>95</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="8%" noWrap align=right><B>299</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="8%" noWrap align=right><B>91</B></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></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="8%" 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="8%" noWrap align=right><B>-</B></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></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="8%" noWrap align=right><B>698</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Total assets</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="8%" noWrap align=right><B>282,583</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>13,806</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>51,202</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>608</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</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="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>5,096</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>36,893</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</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="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>390,188</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>Current liabilities</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>35,040</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>1,424</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>7,357</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>2,943</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>216</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>1,273</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>48,253</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Deferred income tax liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>24,308</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>820</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>25,128</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Environmental rehabilitation</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>11,431</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>1,002</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>855</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>293</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>13,581</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Total liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>70,779</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>3,246</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>8,212</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>3,236</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>216</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>1,273</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>86,962</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 99%" colSpan=19 align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="100%" colSpan=20 align=center>March 31, 2016</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="38%" colSpan=7 noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="18%" colSpan=3 noWrap align=center>Administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Henan</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=right>Total</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="28%" noWrap align=left>Balance sheet items:</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="10%" colSpan=2 noWrap align=center>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Vancouver</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Current assets</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>34,277</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>2,399</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>5,310</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>565</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>287</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>34,479</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>77,317</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Plant and equipment</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>46,387</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>5,477</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>17,800</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,254</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>127</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>71,045</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Mineral rights and properties</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>176,603</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>7,429</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>31,869</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>179</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>216,080</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Investment in an associate</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" 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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" 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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,133</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,133</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Other investments</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>287</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>287</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Reclamation deposits</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,138</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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>155</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" 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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>8</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,301</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Long-term prepaids and deposits</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>729</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>102</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>848</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>177</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1,856</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Total assets</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>260,134</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="8%" noWrap align=right>15,407</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="8%" noWrap align=right>55,982</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="8%" noWrap align=right>742</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></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,541</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="8%" noWrap align=right>38,213</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></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>372,019</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Current liabilities</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>26,506</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,690</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>8,511</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>3,619</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>134</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,652</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>42,112</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Mine right fee payable</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>5,796</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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" 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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>5,796</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Deferred income tax liabilities</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>22,286</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>938</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>23,224</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Environmental rehabilitation</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="8%" noWrap align=right>12,060</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>1,057</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>902</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>309</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></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="8%" 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="8%" 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></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="8%" noWrap align=right>14,328</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Total liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>66,648</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>3,685</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>9,413</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>3,928</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>134</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>1,652</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>85,460</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">21</P></DIV><BR>

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<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, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify">(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: 28%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=24 align=center><B>Three months ended December 31, 2016</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" colSpan=10 noWrap align=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=4 noWrap align=center><B>Administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center></TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>Total</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Statement of operations:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>&nbsp;<B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Hunan</B><B><SUP>(1)</SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Guangdong</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Beijing</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Vancouver</B>&nbsp;</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></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>40,040</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>7,798</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>47,838</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(15,560</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(4,540</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(20,100</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>24,480</B></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="8%" noWrap align=right><B>-</B></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="8%" noWrap align=right><B>3,258</B></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="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></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="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right><B>27,738</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Operating expenses</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(3,157</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(497</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(1,130</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(55</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(315</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(1,079</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right><B>(6,233</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>Finance items</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>30</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(34</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>27</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(3</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>59</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>407</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>486</B></TD>

   <TD style="WIDTH: 1%" 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>Income tax expenses</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(5,338</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(20</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(5,353</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>16,015</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(551</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>2,155</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(58</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(256</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(667</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>16,638</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></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="8%" noWrap align=right></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="8%" noWrap align=right></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="8%" noWrap align=right></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="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></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="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></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="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>Attributed to:</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" 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: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>12,413</B></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="8%" noWrap align=right><B>(386</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>2,056</B></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="8%" noWrap align=right><B>(45</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(256</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(667</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right><B>13,115</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>3,602</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(165</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>99</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(13</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>3,523</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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>Net income (loss)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>16,015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(551</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>2,155</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(58</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(256</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(667</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>16,638</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 57%" colSpan=9 noWrap align=left><SUP>(1) </SUP>Hunan's BYP project was placed on care and maintenance starting August 2014;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" 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-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" 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: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&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; BACKGROUND-COLOR: #ffffff" width="100%" colSpan=24 align=center>Three months ended December 31, 2015</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="38%" colSpan=10 noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="18%" colSpan=4 noWrap align=center>Administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Henan</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=right>Total</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="28%" noWrap align=left>Statement of operations:</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Guangdong&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Vancouver&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Sales</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>23,459</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="8%" 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>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>5,622</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="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right>29,081</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(14,072</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(5,471</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(19,543</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Gross profit</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>9,387</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="8%" 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="8%" noWrap align=right>151</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="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right>9,538</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Operating (expenses) income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(4,678</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="8%" noWrap align=right>(160</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="8%" noWrap align=right>(795</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="8%" noWrap align=right>(596</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(441</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="8%" noWrap align=right>2,264</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right>(4,406</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Finance items</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(120</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(9</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(3</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(3</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>78</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>294</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>237</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="28%" noWrap align=left>Income tax expenses</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="8%" noWrap align=right>(808</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="8%" noWrap align=right>(33</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="8%" 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="8%" 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></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="8%" 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="8%" noWrap align=right>(612</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=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="8%" noWrap align=right>(1,453</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Net income (loss)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>3,781</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(202</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(647</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(599</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(363</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,946</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>3,916</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></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="8%" noWrap align=right></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="8%" noWrap align=right></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="8%" noWrap align=right></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="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></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="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></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="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Attributed to:</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" 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: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Equity holders of the Company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,962</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="8%" noWrap align=right>(141</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="8%" noWrap align=right>(605</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="8%" noWrap align=right>(473</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(363</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="8%" noWrap align=right>1,946</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right>3,326</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>819</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(61</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(42</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(126</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>590</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Net income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,781</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(202</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(647</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(599</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></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(363</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,946</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></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,916</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">22</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" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</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: 28%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=24 align=center><B>Nine months ended December 31, 2016</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" colSpan=10 noWrap align=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=4 noWrap align=center><B>Administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center></TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>Total</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Statement of operations:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>&nbsp;<B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Hunan</B><B><SUP>(1)</SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Beijing</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Vancouver</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=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>110,666</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>18,741</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></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="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>129,407</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(46,851</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(12,285</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(59,136</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>63,815</B></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="8%" noWrap align=right><B>-</B></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="8%" noWrap align=right><B>6,456</B></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="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></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="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right><B>70,271</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Operating expenses</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(9,090</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(926</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(2,475</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(113</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(1,044</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(4,117</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right><B>(17,765</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>Impairment loss</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(181</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(181</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Finance items</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(55</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(49</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>29</B></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="8%" noWrap align=right><B>(7</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>200</B></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="8%" noWrap align=right><B>812</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right><B>930</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Income tax (expenses) recovery</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(13,617</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>52</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>-</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>-</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></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(1</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(525</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=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(14,091</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>41,053</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(923</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>4,010</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(120</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(845</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(4,011</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>39,164</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>&nbsp;</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="8%" noWrap align=right>&nbsp;</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="8%" noWrap align=right>&nbsp;</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="8%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=right>&nbsp;</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left><B>Equity holders of the Company</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>31,924</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(646</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>3,838</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(93</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(845</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(4,011</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>30,167</B></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="28%" noWrap align=left><B>Non-controlling interests</B></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="8%" noWrap align=right><B>9,129</B></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="8%" noWrap align=right><B>(277</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></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="8%" noWrap align=right><B>172</B></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="8%" noWrap align=right><B>(27</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" 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="8%" noWrap align=right><B>-</B></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="8%" noWrap align=right><B>-</B></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></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="8%" noWrap align=right><B>8,997</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Net income (loss)</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="8%" noWrap align=right><B>41,053</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="8%" noWrap align=right><B>(923</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="8%" noWrap align=right><B>4,010</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="8%" noWrap align=right><B>(120</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="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(845</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="8%" noWrap align=right><B>(4,011</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=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="8%" noWrap align=right><B>39,164</B></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="49%" colSpan=8 noWrap align=left><SUP>(1) </SUP>Hunan's BYP project was placed on care and maintenance in August 2014;</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="1%" noWrap align=left>&nbsp;</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</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="1%" noWrap align=right>&nbsp;</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="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&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; BACKGROUND-COLOR: #ffffff" width="100%" colSpan=24 align=center>Nine months ended December 31, 2015</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="38%" colSpan=10 noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="18%" colSpan=4 noWrap align=center>Administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Henan</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=right>Total</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="28%" noWrap align=left>Statement of operations:</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>&nbsp;Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=center>Vancouver</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Sales</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>72,678</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="8%" 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>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>15,836</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="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right>88,514</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(44,289</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(14,403</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(58,692</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Gross profit</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>28,389</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="8%" 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="8%" noWrap align=right>1,433</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="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" 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="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right>29,822</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Operating expenses</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(10,474</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="8%" noWrap align=right>(674</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="8%" noWrap align=right>(2,272</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="8%" noWrap align=right>(803</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,436</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="8%" noWrap align=right>(567</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right>(16,226</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Finance items</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(294</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(28</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>20</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(4</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>272</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>341</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>307</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="28%" noWrap align=left>Income tax expenses</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="8%" noWrap align=right>(2,471</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="8%" noWrap align=right>(142</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="8%" 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="8%" 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></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="8%" noWrap align=right>(2</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="8%" noWrap align=right>(622</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=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="8%" noWrap align=right>(3,237</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Net income (loss)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>15,150</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(844</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(819</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(807</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,166</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(848</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>10,666</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></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="8%" noWrap align=right></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="8%" noWrap align=right></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="8%" noWrap align=right></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="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></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="8%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></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="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Attributable to:</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" 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: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Equity holders of the Company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>11,679</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="8%" noWrap align=right>(591</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="8%" noWrap align=right>(689</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="8%" noWrap align=right>(529</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,166</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="8%" noWrap align=right>(848</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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="8%" noWrap align=right>7,856</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>3,471</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(253</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(130</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(278</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" 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="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,810</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Net income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>15,150</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(844</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(819</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(807</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></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,166</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(848</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=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>10,666</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">23</P></DIV><BR>

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<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 style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></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, 2016 and 2015 was all earned in China and is comprised 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="58%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></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="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" colSpan=5 noWrap align=center><B>Three months ended December 31, 2016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" 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="4%" 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="4%" 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><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" 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>21,664</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,746</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>23,410</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left><B>Gold (Au)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>723</B></TD>

   <TD style= width="4%" 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>723</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Lead (Pb)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>16,658</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,085</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>18,743</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left><B>Zinc (Zn)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>995</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>3,775</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>4,770</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Other</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="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>192</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>192</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" 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>40,040</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="10%" noWrap align=right><B>7,798</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="10%" noWrap align=right><B>47,838</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="38%" colSpan=5 noWrap align=right>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="58%" noWrap align=left>&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="38%" colSpan=5 noWrap align=center>Three months ended December 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" 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>Henan Luoning</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>Guangdong</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>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="58%" 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>14,770</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,014</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>16,784</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left>Gold (Au)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>379</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>20</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>399</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Lead (Pb)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,738</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,818</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,556</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left>Zinc (Zn)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>572</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1,602</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>2,174</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Other</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="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>168</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>168</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 1px solid" width="58%" 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>23,459</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>5,622</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>29,081</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="28%" colSpan=4 noWrap align=right><B>&nbsp;</B></TD>

   <TD style= width="10%" noWrap align=right></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="58%" noWrap align=left>&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="38%" colSpan=5 noWrap align=center><B>Nine months ended December 31, 2016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" 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>Henan Luoning</B></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><B>Guangdong</B></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><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" 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>65,953</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,268</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>71,221</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left><B>Gold (Au)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>2,682</B></TD>

   <TD style= width="4%" 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>2,682</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Lead (Pb)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>38,723</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,656</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>43,379</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left><B>Zinc (Zn)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>3,308</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>8,514</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>11,822</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Other</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="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>303</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>303</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" 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>110,666</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="10%" noWrap align=right><B>18,741</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="10%" noWrap align=right><B>129,407</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="28%" colSpan=4 noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="58%" noWrap align=left>&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="38%" colSpan=5 noWrap align=center>Nine months ended December 31, 2015</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" 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>Henan Luoning</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>Guangdong</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>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="58%" 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>44,293</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,121</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>49,414</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left>Gold (Au)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1,609</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>43</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1,652</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Lead (Pb)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>24,429</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,630</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>29,059</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left>Zinc (Zn)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>2,347</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>5,498</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>7,845</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Other</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="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>544</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>544</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 1px solid" width="58%" 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>72,678</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>15,836</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>88,514</TD>

   <TD style="BORDER-BOTTOM: #000000 1px 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, 2016, three major customers (nine months ended December 31, 2015 - three) accounted for 16% to 32%, (nine months ended December 31, 2015 - 10% to 53%) and collectively 78% (nine months ended December 31, 2015 - 77%) of the total sales of the Company.</P>

<P style="TEXT-ALIGN: right">24</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" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD noWrap align=left><B>20.</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 financial statements, are as follows:</P>

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   <TD width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" 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="4%" 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="4%" 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="4%" 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><B>&nbsp;&nbsp;</B></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>3,972</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>379</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,079</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>514</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></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="4%" 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>-</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>6,418</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As of December 31, 2016, the Company has two office rental agreements totaling $3,972 for the next seven years and commitments of $6,418 related to the GC property. During the three and nine months ended December 31, 2016, the Company incurred rental expenses of $93 and $393, respectively (three and nine months ended December 31, 2015 - $144 and $479, respectively), which were included in office and administrative expenses on the consolidated statement of income.</P>

<P style="TEXT-ALIGN: justify">Although the Company has taken steps to verify title to properties in which it has an interest, these procedures do not guarantee the Company's title. Property title may be subject to, among other things, unregistered prior agreements or transfers and may be affected by undetected defects.</P>

<P style="TEXT-ALIGN: justify">Due to the size, complexity and nature of the Company&#8217;s operations, the Company is subject to various claims, legal and tax matters arise in the ordinary course of business. Each of these matters is subject to various uncertainties and it is possible that some of these matters may be resolved unfavorably to the Company. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated.</P>

<P style="TEXT-ALIGN: justify">In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company and its legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. Major legal proceedings against the Company are summarized as follows:</P>

<UL>

<LI>

<P align=justify>An action commenced pursuant to the Class Proceedings Act (Ontario) against the Company and certain of its senior officers and expert advisors was initiated 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. 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. An appeal with the Court of Appeal for Ontario was denied on August 24, 2016 with further costs awarded in favour of Silvercorp. On October 23, 2016 Mr. Mask filed an application for leave to appeal to the Supreme Court of Canada. Subsequent to year end Mask discontinued the leave to appeal motion.</P></LI></UL>

<P style="TEXT-ALIGN: right">25</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" rowSpan=2 align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at December </B><B>31, 2016 and for three and nine months ended December 31, 2016 and 2015</B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<UL>

<LI>

<P align=justify>On August 19, 2014, an action was commenced against the Company in the Supreme Court of British Columbia seeking an unspecified amount of damages for a claim of false imprisonment and defamation (the &#8220;Huang Action&#8221;). The case is currently scheduled for a 60 day jury trial, commencing February 2018. The Company believes that there is no merit to the allegations and intends to pursue a vigorous defence.</P>

<LI>

<P align=justify>During the year ended March 31, 2016, an action was initiated by Luoyang Mining Group Co., Ltd. (&#8220;Luoyang Mining&#8221;) against Henan Found seeking payment of $1.6 million (RMB10.0 million) plus interest related to the acquisition agreements Henan Found entered into in August 2012 to acquire the XHP Mine. The $1.6 million has been included into the accounts payable and accrued liabilities on the consolidated statements of financial position of the Company. Henan Found did not make the final payment as certain commercial conditions were not fulfilled by Luoyang Mining. In April 2016, Henan Found filed a counter claim in Luoyang People&#8217;s Court against Luoyang Mining to have the original acquisition agreements nullified and is seeking repayment of the amount paid to date of $9.7 million (RMB62.8 million) plus compensation of direct loss of $2.5 million (RMB16.5 million) arising from XHP mine. The carrying value of XHP mine was impaired to $nil in fiscal year 2015.</P>

<LI>

<P align=justify>During the year ended March 31, 2016, SX Gold, a 100% owned subsidiary of Henan Found, commenced a legal action against Luoyang HA Mining Co. Ltd. (&#8220;HA Mining&#8221;) to seek payment of $4.0 million (RMB26.0 million) plus interest related to a share transfer agreement that SX Gold entered into with HA Mining in September 2013. Pursuant to the agreement, SX Gold was to transfer all shares it held in Songxian Zhongxin Mining Co. Ltd. to HA Mining for $11.8 million (RMB76.0 million).<BR>SX Gold fulfilled its responsibilities and the title of the shares was transferred to HA Mining, who paid $7.8 million (RMB50.0 million). The remaining $4.0 million (RMB26.0 million) was unpaid. In April 2016, HA Mining filed a counter claim for $2.2 million (RMB14.0 million). On June 17, 2016, the court issued an order in favor of SX Gold. The court order demands HA Mining to pay $3.4 million (RMB22.75 million) to SX Gold. On July 1, 2016, HA Mining filed an appeal to the court order. This case is currently under appeal. The outstanding receivable amount of $4.0 million (RMB26.0 million) was written off in prior years.</P></LI></UL>

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   <TD noWrap align=left><B>21.</B></TD>

   <TD noWrap align=left><B>SUPPLEMENTARY CASH FLOW INFORMATION</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="72%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" 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, 2016</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, 2016</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>31,990</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>28,839</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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>34,984</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>13,124</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>66,974</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>41,963</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="42%"></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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" noWrap align=left>Changes in non-cash operating working capital:</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="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left></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 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>2016</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>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left></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>2016</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>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="42%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</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>77</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>(55</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></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>866</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(661</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(618</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>(492</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(1,097</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD>

   <TD width="10%" noWrap align=right>(2,940</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="42%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</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>414</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>685</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>184</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; 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>)</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,956</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(2,701</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>8,744</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" noWrap align=right></TD>

   <TD width="10%" noWrap align=right>3,007</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="42%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Deposits received</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>(1,824</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>(187</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>127</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,538</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Due to related parties</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><B>(50</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>(169</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></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>(291</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>1,955</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>(2,919</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><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="10%" noWrap align=right><B>8,656</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>(3,439</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">26</P></DIV><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>MD&A FOR THE 3RD QUARTER ENDED DECEMBER 31, 2016
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.6</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">

<A name="page_1"></A>
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.6</B></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<IMG border=0 src="exhibit99-4x1x1.jpg">&nbsp;<BR>

<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, 2016</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>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<!--$$/page=--><A name="page_2"></A><BR>

<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><B>Table of Contents</B></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: 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>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>3.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Operating Performance</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>4</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>4.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Financial Results</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>14</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>5.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Liquidity and Capital Resources</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>6.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Financial Instruments and Related Risks</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>7.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Off-Balance Sheet Arrangements</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>22</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>8.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Transactions with Related Parties</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>22</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>9.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Alternative Performance (Non-IFRS) Measures</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>22</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>10.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Critical Accounting Policies and Estimates</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>30</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>11.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>New Accounting Standards</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>31</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>12.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Other MD&amp;A Requirements</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>32</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>13.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Outstanding Share Data</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>32</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>14.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Risks and Uncertainties</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>33</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>15.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Disclosure Controls and Procedures</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>34</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>16.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Changes in Internal Control over Financial Reporting</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>34</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>17.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Directors and Officers</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>34</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 96%" colSpan=2 noWrap align=left><B>Forward Looking Statements</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>35</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, 2016</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 interim financial statements for the three and nine months ended December 31, 2016 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, 2016, 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 interim financial statements for the three and nine months ended December 31, 2016, as well as Note 2 to the audited consolidated financial statements for the year ended March 31, 2016. 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 by-product 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 1, 2017 and expressed in thousands of U.S. dollars, except share, per share, unit cost, and production data, unless otherwise stated. Figures may not tie due to rounding.</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 and its GC silver-lead-zinc project in Guangdong Province, China. The Company&#8217;s shares are traded on the Toronto Stock Exchange.</P>

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   <TD noWrap align=left><B>2.</B></TD>

   <TD noWrap align=left><B>Highlights</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD noWrap align=left><B>(a)</B></TD>

   <TD noWrap align=left><B>Highlights for the three quarters ended December 31, 2016</B></TD></TR></TABLE></DIV>

<UL>

<LI>

<P align=justify>Net income attributable to equity shareholders of $30.2 million, or $0.18 per share, up 284% compared with net income attributable to equity shareholders of $7.9 million or $0.05 per share in the prior year period;</P>

<LI>

<P align=justify>Silver, lead and zinc metals sold up 28%, 32%, and 22%, respectively, from the prior year period, to approximately 5.2 million ounces silver, 56.1 million pounds lead, and 16.8 million pounds zinc.</P>

<LI>

<P align=justify>Silver production for the three quarters has already surpassed the Fiscal 2017 annual production guidance by approximately 2%;</P>

<LI>

<P align=justify>Sales of $129.4 million, up 46% compared to $88.5 million in the prior year period;</P>

<LI>

<P align=justify>A 15%, 16%, and 15% increase in the head grades of silver, lead, and zinc compared to the prior year period;</P>

<LI>

<P align=justify>A 13%, 13%, and 23% increase in the net realized selling prices of silver, lead, and zinc compared to the prior year period;</P>

<LI>

<P align=justify>Gross margin improved to 54% from 34% in the prior year period;</P>

<LI>

<P align=justify>Cash flows from operations of $75.6 million, an increase of $48.1 million compared to $27.5 million in the prior year period;</P>

<LI>

<P align=justify>Cash production cost per tonne<SUP>1 </SUP>decreased by 14% to $59.26, from $69.12 in the prior year period;</P></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 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>

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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, 2016</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>

<UL>

<LI>

<P align=justify>Cash cost per ounce of silver<SUP>1 </SUP>, net of by-product credits, of negative $2.88, compared to $1.26 in the prior year period;</P>

<LI>

<P align=justify>All-in sustaining cost per ounce of silver<SUP>1 </SUP>, net of by-product credits, of $3.96, compared to $10.27 in the prior year period; and</P>

<LI>

<P align=justify>Ended the period with $97.4 million in cash and short term investments, an increase of $35.4 million or 60% compared to $62.0 million as at March 31, 2016.</P></LI></UL>

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   <TD noWrap align=left><B>(b)</B></TD>

   <TD noWrap align=left><B>Highlights for the third quarter Fiscal 2017</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<UL>

<LI>

<P align=justify>Net income attributable to equity shareholders of $13.1 million, or $0.08 per share, up 294% compared with net income attributable to equity shareholders of $3.3 million or $0.02 per share in the prior year quarter;</P>

<LI>

<P align=justify>Silver, lead and zinc metals sold up 22%, 29%, and 21%, respectively, from the prior year quarter, to approximately 1.7 million ounces silver, 19.5 million pounds lead, and 5.7 million pounds zinc;</P>

<LI>

<P align=justify>Sales of $47.8 million, up 64% compared to $29.1 million in the prior year quarter;</P>

<LI>

<P align=justify>A 5%, 9%, and 15% increase in the head grades of silver, lead, and zinc compared to the prior year quarter;</P>

<LI>

<P align=justify>A 15%, 52%, and 83% increase in the net realized selling prices of silver, lead, and zinc compared to the prior year quarter;</P>

<LI>

<P align=justify>Gross margin improved to 58% from 33% in the prior year quarter ;</P>

<LI>

<P align=justify>Cash flows from operations of $28.3 million, an increase of $18.7 million compared to $9.6 million in the prior year quarter;</P>

<LI>

<P align=justify>Cash production cost per tonne of $60.51, down 8% compared with $65.59 in the prior year quarter;</P>

<LI>

<P align=justify>Cash cost per ounce of silver, net of by-product credits, of negative $5.48, compared to $0.90 in the prior year quarter; and</P>

<LI>

<P align=justify>All-in sustaining cost per ounce of silver, net of by-product credits, of $1.87, compared to $7.72 in the prior year quarter.</P></LI></UL>

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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>

<TR vAlign=bottom>

   <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, 2016</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 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, 2016:</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>

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   <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, 2016</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=right><B><FONT color=#ffffff>Ying Mining District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></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=right><B><FONT color=#ffffff>GC</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></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=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="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>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>Ore Mined (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>171,303</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>81,481</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>252,784</B></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>Ore Milled (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>182,259</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>81,080</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>263,339</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>80.53</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>38.90</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>67.12</B></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>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>55.21</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>31.34</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>47.52</B></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>Non cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>25.32</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>7.56</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>19.60</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.92</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.67</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>11.03</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>15.50</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12.40</B></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>Cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>9.09</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13.09</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10.32</B></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>Non cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.94</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.41</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.08</B></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></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>+ 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: 8%"><B>Silver ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>5.41</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5.68</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5.67</B></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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>401</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>434</B></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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.37</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.55</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.40</B></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>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.32</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.49</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.35</B></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>Other ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3.99</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.88</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(1.81</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(8.45</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(2.50</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(4.60</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(13.11</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(5.48</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+&nbsp;All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.34</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(6.12</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>1.87</B></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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.46</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(4.77</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>2.12</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>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></P></TD>

   <TD width="12%" noWrap align=right><B>95.1</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>75.4</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>92.8</B></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>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>96.7</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>85.5</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>95.4</B></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>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>47.5</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>86.5</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>70.9</B></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></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: 8%"><B>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 (gram/tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>303</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>89</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>237</B></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>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4.8</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.4</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3.7</B></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>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.8</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.8</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.5</B></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></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>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 (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4,656</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,666</B></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>Zinc concentate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>670</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>29</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>699</B></TD>

   <TD width="2%" noWrap align=left>&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>&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 (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,555</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>179</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,734</B></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>Gold (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.7</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.7</B></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 (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>17,269</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2,214</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>19,483</B></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>Zinc (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,210</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,478</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5,688</B></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>Other (in thousands of pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>28</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>28</B></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></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 (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>21,664</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,746</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>23,410</B></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>Gold (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>723</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>723</B></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 (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>16,658</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2,085</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>18,743</B></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>Zinc (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>995</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,775</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,770</B></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>Other (in thousands of $)</B></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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>192</B></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><B>192</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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>40,040</B></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><B>7,798</B></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><B>47,838</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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 ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>13.93</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9.75</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13.50</B></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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,033</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,033</B></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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.96</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.94</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.96</B></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>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.82</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.84</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.84</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1</SUP> <FONT style="FONT-SIZE: 8pt">Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.</FONT><BR><SUP>2</SUP> <FONT style="FONT-SIZE: 8pt">GC Silver recovery rate consists of 51.0% from lead concentrates and 24.4% from zinc concentrates.</FONT><BR><SUP>2</SUP> <FONT style="FONT-SIZE: 8pt">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</FONT></P>

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   <TD width="33%" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD 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, 2016</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, 2015:</P>

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   <TD width="58%"></TD>

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   <TD width="2%"></TD>

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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, 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>

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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=right>&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>&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>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>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>152,230</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>71,288</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>223,518</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>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>151,035</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>71,593</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>222,628</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=right></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: 4%"><B>+ Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>78.91</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>46.52</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>68.58</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>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>55.63</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>38.22</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>50.08</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>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>23.28</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>8.30</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>18.50</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=right></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: 4%"><B>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right>3.99</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>2.72</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></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=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>+ Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>14.15</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>17.30</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>15.16</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>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>11.67</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>15.16</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>12.79</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>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>2.48</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.14</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.37</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>+ 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: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>7.28</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9.32</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7.91</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>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>453</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>747</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>508</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>0.38</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.59</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.42</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>0.33</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.44</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.31</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>($ per 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>0.01</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.01</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=right></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: 4%"><B>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>4.43</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>8.86</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>5.08</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>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>0.25</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.62</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.90</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=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=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>6.62</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9.80</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7.72</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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></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>10.31</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9.50</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>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>95.4</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>80.2</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>90.5</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>96.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>88.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>94.0</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>50.2</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>81.2</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>60.2</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>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>287</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>97</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>226</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>4.1</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.4</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>0.8</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.6</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 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>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>2,931</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>194</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,125</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>240</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>174</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>414</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 ounces)</I></P></TD>

   <TD width="12%" noWrap align=right>1,216</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>210</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,426</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>0.5</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>0.5</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>12,107</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,021</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>15,128</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>1,168</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,525</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,693</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>12,373</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>12,373</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>14,770</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,014</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>16,784</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>379</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>20</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>399</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>7,738</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,818</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9,556</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>572</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,602</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,174</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>168</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>168</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>23,459</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>5,622</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>29,081</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>12.14</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9.58</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>11.76</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>756</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>768</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>756</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>0.64</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.60</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.63</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>0.49</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.45</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.46</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP><FONT style="FONT-SIZE: 8pt">Ying Mining District includes mines : SGX, TLP, HPG,LM, BCG and HZG.</FONT><BR><SUP>2 </SUP><FONT style="FONT-SIZE: 8pt">GC Silver recovery rate consists of 63.4% from lead concentrates and 16.8% from zinc concentrates.</FONT><BR><SUP>2 </SUP><FONT style="FONT-SIZE: 8pt">GC Silver sold in zinc concentrates is subjected to higher s melter a nd refining charges which lower the net silver selling price.<BR>+ Non-IFRS measures, see section 9 for reconciliation</FONT></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 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, 2016</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, 2016:</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="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="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>Nine months ended December 31, 2016</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=right><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=right><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></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=right><B><FONT color=#ffffff>GC</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></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=right><B><FONT color=#ffffff>Consolidated</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&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>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>Ore Mined (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>524,005</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>220,522</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>744,527</B></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>Ore Milled (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>530,160</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>220,767</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>750,927</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>78.46</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>39.05</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>66.79</B></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>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>52.18</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>31.04</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>45.92</B></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>Non cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>26.28</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8.01</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>20.87</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.86</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.72</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>11.35</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>16.47</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12.86</B></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>Cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>9.31</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13.76</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10.62</B></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>Non cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2.04</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.71</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.24</B></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></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>+ 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: 8%"><B>Silver ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>5.97</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>6.76</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>6.28</B></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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>437</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>471</B></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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.33</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.49</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.35</B></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>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.29</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.47</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.32</B></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>Other ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.02</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.02</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.46</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(2.32</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>0.18</B></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>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(2.43</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(6.96</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(2.88</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></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><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.11</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(1.29</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>3.96</B></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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.81</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(0.63</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>4.65</B></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></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>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: 8%"><B>Silver (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>95.4</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>76.2</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>93.2</B></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 (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>96.4</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>86.3</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>95.2</B></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>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>46.0</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>86.3</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>68.0</B></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></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>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: 8%"><B>Silver (gram/tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>305</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>94</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>243</B></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 (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4.7</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.5</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3.7</B></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>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.0</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.9</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.5</B></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>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 (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4,656</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,666</B></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>Zinc concentate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>670</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>29</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>699</B></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></B>&nbsp;</P></TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></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 (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4,675</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>511</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5,186</B></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>Gold (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2.6</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.6</B></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 (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>49,898</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>6,237</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>56,135</B></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>Zinc (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4,815</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11,991</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>16,806</B></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>Other (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8,579</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8,579</B></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></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 (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>65,953</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5,268</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>71,221</B></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>Gold (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2,682</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2,682</B></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 (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>38,723</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,656</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>43,379</B></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>Zinc (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3,308</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8,514</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11,822</B></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>Other (in thousands of $)</B></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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>303</B></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><B>303</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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>110,666</B></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><B>18,741</B></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><B>129,407</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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 ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>14.11</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10.31</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13.73</B></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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,032</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,032</B></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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.78</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.75</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.77</B></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>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.69</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.71</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.70</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">1 <FONT style="FONT-SIZE: 8pt">Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.</FONT><BR>2 <FONT style="FONT-SIZE: 8pt">GC Silver recovery rate consists of 54.2% from lead concentrates and 22.0% from zinc concentrates.</FONT><BR>2 <FONT style="FONT-SIZE: 8pt">GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.<BR>+ Non-IFRS measures, see section 9 for reconciliation</FONT></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 6</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, 2016</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>

<DIV align=center>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=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>

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   <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>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=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><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=right><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>&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>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>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>490,351</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>207,561</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>697,912</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>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>488,248</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>206,738</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>694,986</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;</B></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=right></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>+ Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>80.15</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>49.33</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>70.98</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>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>58.25</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>41.13</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>53.16</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>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>21.90</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>8.20</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>17.82</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>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right>4.10</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>2.88</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>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>14.40</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>17.72</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>15.39</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>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>12.06</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>15.49</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13.08</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>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>2.34</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.23</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.31</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>+ 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: 8%"><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>8.98</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>8.08</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>487</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>717</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>529</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>0.42</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.60</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.45</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>0.36</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.51</TD>

   <TD width="2%" noWrap align=right>&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="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other </B><I>($ per 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>0.01</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.01</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>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</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>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>4.50</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7.11</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.83</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>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>1.03</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.78</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.26</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>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</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>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>8.52</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10.54</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10.27</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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>10.08</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>11.05</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>11.69</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: 8%"><B>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>95.0</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>78.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>90.0</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>95.4</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>88.5</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>93.4</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>53.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>82.4</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>61.9</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></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: 8%"><B>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>260</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>97</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>212</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>3.8</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.2</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>0.8</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.5</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 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>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>2,931</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>194</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,125</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>240</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>174</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>414</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>3,538</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>519</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,057</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>2.0</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.1</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.1</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>35,563</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7,072</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>42,635</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>3,999</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9,726</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13,725</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>38,905</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>38,905</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>

   <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>44,293</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>5,121</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>49,414</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>1,609</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>43</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,652</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>24,429</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,630</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>29,059</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>2,347</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>5,498</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7,845</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>544</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>544</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>72,678</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>15,836</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>88,514</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>12.52</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9.87</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>12.18</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>799</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>789</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>798</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>0.69</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.65</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.68</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>Zinc </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.59</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.57</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.57</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP><FONT style="FONT-SIZE: 8pt">Ying Mining District includes mines : SGX, TLP, HPG,LM, BCG and HZG.</FONT><BR><SUP>2 </SUP><FONT style="FONT-SIZE: 8pt">GC Silver recovery rate consists of 57.56% from lead concentrates a nd 20.72% from zinc concentrates.</FONT><BR><SUP>2 </SUP><FONT style="FONT-SIZE: 8pt">GC Silvers old in zinc concentrates is s ubjected to higher s melter and refi ning charges which l ower the net silver selling price.<BR>+ Non-IFRS measures, sees ection 9 for reconciliation</FONT></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 7</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, 2016</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 noWrap align=left>Mine and Milling Production</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">For the three months ended December 31, 2016 (&#8220;Q3 Fiscal 2017&#8221;), on a consolidated basis, the Company mined 252,784 tonnes of ore, up 13% compared to 223,518 tonnes in the three months ended December 31, 2015 (&#8220;Q3 Fiscal 2016&#8221;). The increase in ore mined was mainly due to a 13% increase in the ore mined at the Ying Mining District and a 14% increase in the ore mined at the GC Mine. Correspondingly, ore milled increased by 18% to 263,339 tonnes of ore compared to 222,628 tonnes in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, on a consolidated basis, the Company mined 744,527 tonnes of ore, a 7% increase compared to 697,912 tonnes in the same prior year period. In the same comparative period, ore milled increased by 8% to 750,927 tonnes ore compared to 694,986 tonnes.</P>

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   <TD noWrap align=left>Metal Sales</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the Company sold approximately 1.7 million ounces of silver, 19.5 million pounds of lead, and 5.7 million pounds of zinc, up 22%, 29% and 21%, respectively, compared to 1.4 million ounces of silver, 15.1 million pounds of lead, and 4.7 million pounds of zinc in Q3 Fiscal 2016. The increase of metals sold, on a consolidated basis, was mainly due to: i) a 5%, 9%, and 15% increase in the head grades of silver, lead and zinc, resulting largely from the ongoing dilution control measures and operation management improvements; and ii) a 18% increase of ore milled. In addition, as at the end of Q3 Fiscal 2017, Ying Mining District held 4,656 tonnes of silver-lead concentrate inventories, and the estimated metals contained in silver-lead concentrate were approximately 0.5 million ounces of silver and 5.3 million pounds of lead, compared to 2,931 tonnes of lead concentrate inventories containing approximately 0.3 million ounces of silver and 3.0 million pounds of lead held at December 31, 2015.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, on a consolidated basis, the Company sold approximately 5.2 million ounces of silver, 56.1 million pounds of lead, and 16.8 million pounds of zinc, up 28%, 32% and 22% compared to the same prior year period.</P>

<P style="TEXT-ALIGN: justify">The significant improvement in the head grades of silver, lead and zinc and improved cost structures since the December quarter of 2015 can be attributed in part to an internal &#8220;Enterprise Blog&#8221; system in the management of Mine Production and Safety Information which the Company has implemented since August 2015.</P>

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   <TD noWrap align=left>Mining and Milling Costs</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the consolidated total mining cost and cash mining cost were $67.12 and $47.52 per tonne, a decrease of 2% and 5% as compared to $68.58 and $50.08 per tonne, respectively, in Q3 Fiscal 2016. The decrease in cash mining cost is mainly due to: i) a 22% decrease in per tonne mining preparation costs; and ii) a 2% decrease in per tonne mining contractor&#8217;s cost.</P>

<P style="TEXT-ALIGN: justify">The consolidated total milling cost and cash milling cost in Q3 Fiscal 2017 were $12.40 and $10.32 per tonne, a decrease of 18% and 19%, respectively, compared to $15.16 and $12.79 per tonne, respectively, in Q3 Fiscal 2016. The decrease in cash milling costs is mainly due to: i) a 10% reduction on per tonne utility costs; ii) a 8% decrease in per tonne raw material and maintenance costs; and iii) the exclusion of mineral resource tax from milling costs. Prior to June 30, 2016, mineral resource tax was levied at RMB&#165;13.0 per tonne of ore milled and included as part of milling costs. Effective July 1, 2016, the mineral resource tax has been changed to a levy based on a certain percentage of sales, and therefore such tax is excluded from milling costs but expensed directly and included in government fee and other taxes.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, the consolidated cash production cost per tonne of ore processed in Q3 Fiscal 2017 decreased by 8% to $60.51 from $65.59 in Q3 Fiscal 2016, while the consolidated per tonne total production costs decreased by 5% to $82.19 from $86.47 in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the consolidated total mining cost and cash mining cost</P>

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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, 2016</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">were $66.79 and $45.92 per tonne, a decrease of 6% and 14% as compared to $70.98 and $53.16 per tonne, respectively, in same prior year period. The consolidated total milling cost and cash milling cost were $12.86 and $10.62 per tonne, a decrease of 16% and 19%, respectively, compared to $15.39 and $13.08 per tonne in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, the consolidated cash production cost per tonne of ore processed for the nine months ended December 31, 2016 decreased by 14% to $59.26 from $69.12 in the same prior year period, while the consolidated per tonne total production costs decreased by 8% to $82.37 from $89.25 in the same prior year period.</P>

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   <TD noWrap align=left>(d)</TD>

   <TD noWrap align=left>Total and Cash Cost per Ounce of Silver, Net of By-Product Credits</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the consolidated total production cost and cash cost per ounce of silver, net of byproduct credits, were negative $2.50 and negative $5.48 compared to $5.08 and $0.90, respectively, in Q3 Fiscal 2016. The overall decrease in cash cost per ounce of silver, net of by-product credits, is mainly due to lower per tonne cash production costs as discussed above and a 99% increase in by-product credits, arising from more lead and zinc sold as well as higher lead and zinc prices. Sales from lead and zinc accounted for 49% of the total sales in the current quarter and amounted to $23.5 million, an increase of $11.8 million, compared to $11.7 million in prior year quarter.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the consolidated total production cost and cash cost per ounce of silver, net of by-product credits, were $0.18 and negative $2.88 compared to $4.83 and $1.26 in the same prior year period.</P>

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   <TD noWrap align=left>(e)</TD>

   <TD noWrap align=left>All-in Sustaining Cost per Ounce of Silver, Net of By-Product Credits</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the consolidated all-in sustaining cost per ounce of silver, net of by-product credits, was $1.87 compared to $7.72 in Q3 Fiscal 2016. The decrease is mainly due to the lower per tonne cash production costs and the increase of by-products credits as discussed above, offset by a $1.3 million increase in sustaining capital expenditures.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the consolidated all-in sustaining cost per ounce of silver, net of by-product credits, was $3.96 compared to $10.27 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 9</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, 2016</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 noWrap align=left>(f)</TD>

   <TD noWrap align=left>Operation Review</TD></TR></TABLE></DIV>

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   <TD noWrap align=left><I>(i)</I></TD>

   <TD noWrap align=left><I>Ying Mining District</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Ying Mining District consists of several mines, including SGX, HPG, TLP, LM, BCG and HZG 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, and for the nine month periods ending December 31, 2015 and 2016, are summarized in the table below:</P>

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   <TD width="14%"></TD>

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   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

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   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

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   <TD bgColor=#993300 width="24%" colSpan=2 noWrap align=left><B><FONT color=#ffffff>Operational results - Ying Mining District</FONT></B></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="10%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD 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="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD bgColor=#993300 width="14%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Q3 2017</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Q2 2017</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Q1 2017</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Q4 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="24%" colSpan=4 noWrap align=right><B><FONT color=#ffffff>Nine Months ended December 31,</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="14%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>December 31, 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>September 30, 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>June 30, 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>March 31, 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>December 31, 2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><B>Ore Mined (tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>171,303</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>179,194</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>173,508</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>99,415</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>524,005</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>490,351</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left><B>Ore Milled (tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>182,259</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>180,154</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>167,747</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>99,203</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 width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>530,160</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>488,248</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Head Grades</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (gram/tonne)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>303</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>302</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>308</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>310</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>305</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>260</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>4.8</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.4</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.0</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>4.7</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.8</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>0.8</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1.1</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>1.1</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>0.9</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 width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>1.0</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&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></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Recoveries</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>95.1</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.7</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="10%" noWrap align=right>95.4</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>95.4</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.0</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>96.7</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>96.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>96.4</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>96.3</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>96.4</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.4</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>47.5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>42.9</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>48.4</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>57.6</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 width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>46.0</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>53.3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Metal Sales</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounce)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>1,555</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,630</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,490</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>857</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>4,675</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,538</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold (in thousands of ounce)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>0.7</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.0</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.3</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>2.6</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2.0</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (in thousands of pound)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>17,269</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>17,768</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14,861</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,379</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>49,898</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>35,563</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (in thousands of pound)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>1,210</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,785</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>1,820</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>999</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 width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>4,815</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>3,999</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Cash mining cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>55.21</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>49.13</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>52.33</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>54.63</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>52.18</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>58.25</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Total mining cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>80.53</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>76.30</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>78.64</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>83.24</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>78.46</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>80.15</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Cash milling cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>9.09</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8.85</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10.07</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13.70</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></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>9.31</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12.06</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left><B>Total milling cost ($ per tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>11.03</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>10.86</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>12.25</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>17.38</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 width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>11.35</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>14.40</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Cash production cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>68.22</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>61.79</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>66.27</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>71.90</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>71.29</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>65.35</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>74.41</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Cash cost per ounce of silver ($)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>(4.60</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD width="10%" noWrap align=right>(2.68</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>0.12</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2.83</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.25</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>(2.43</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD width="10%" noWrap align=right>1.03</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><B>All-in sustaining cost per ounce of silver ($)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>1.34</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2.33</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>5.80</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>8.92</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>6.62</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>3.11</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>8.52</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 2017, the total ore mined at the Ying Mining District was 171,303 tonnes, an increase of 13% compared to total ore production of 152,230 tonnes in Q3 Fiscal 2016. Total ore milled in Q3 Fiscal 2017 was 182,259 tonnes, an increase of 21% compared to 151,035 tonnes in Q3 Fiscal 2016. Silver and lead head grades improved by 6% and 16%, respectively, to 303 grams per tonne (&#8220;g/t&#8221;) for silver and 4.8% for lead from 287 g/t for silver and 4.1% for lead, respectively, in Q3 Fiscal 2016, resulting largely from the ongoing dilution control and operation management improvements. Head grade for zinc was 0.8%, comparable to 0.8% in the prior year quarter.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the Ying Mining District sold approximately 1.6 million ounces of silver, 700 ounces of gold, 17.3 million pounds of lead, and 1.2 million pounds of zinc, up 28%, 33%, 43%, and 4% respectively, compared to 1.2 million ounces of silver, 500 ounces of gold, 12.1 million pounds of lead, and 1.2 million pounds of zinc in Q3 Fiscal 2016. The increase in metals sold is mainly due to the improved head grades achieved and higher ore production in the quarter. In addition, as at the end of Q3 Fiscal 2017, Ying Mining District held 4,656 tonnes of silver-lead concentrate inventories, and the estimated metals contained in silver-lead concentrate were approximately 0.5 million ounces of silver and 5.3 million pounds of lead.</P>

<P style="TEXT-ALIGN: justify">Total and cash mining costs per tonne in Q3 Fiscal 2017 were $80.53 and $55.21, respectively, compared to $78.91 and $55.63, respectively, in Q3 Fiscal 2016. Cash milling costs in Q3 Fiscal 2017 were $9.09 compared to $11.67 in Q3 Fiscal 2016 with the decrease mainly due to: i) a 15% reduction in per tonne utility costs; ii) a 4% decrease in per tonne labour costs; and iii) the exclusion of mineral resource tax from milling costs. Prior to June 30, 2016, mineral resource tax was levied at RMB&#165;13.0 per tonne of ore milled and included as part of milling costs. Effective July 1, 2016, mineral resource tax was changed to a levy based on a certain percentage of sales, and therefore such tax is excluded from milling costs but expensed directly and included in government fee and other taxes.</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>

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   <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2016</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">Correspondingly, cash production cost per tonne of ore processed at the Ying Mining District was $68.22, a decrease of 4% compared to $71.29 in Q3 Fiscal 2016 as a result of the decrease in both per tonne cash mining and milling costs.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver, net of by-product credits, at the Ying Mining District, was negative $4.60 in Q3 Fiscal 2017 compared to $0.25 in Q3 Fiscal 2016. The decrease was mainly due to: i) lower per tonne cash production costs as discussed above; and, ii) a 111% increase in by-product credits arising from 43% and 4% increases in lead and zinc sold and 50% and 67% increases in net realized lead and zinc selling prices. Sales from lead and zinc accounted for 44% of the total sales at the Ying Mining District in the current quarter, and amounted to $17.7 million, an increase of $9.4 million, compared to $8.3 million in prior year quarter.</P>

<P style="TEXT-ALIGN: justify">All in sustaining costs per ounce of silver, net of by-product credits, at the Ying Mining District in Q3 2017 was $1.34 per ounce of silver compared to $6.62 in Q2 Fiscal 2016. The decrease was mainly due to the lower per tonne cash production cost and the increase in by-product credits as discussed above, offset by a $1.2 million increase in sustaining capital expenditures.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the total ore mined at the Ying Mining District was 524,005 tonnes, up 7% compared to 490,351 tonnes in the same prior year period. Correspondingly, total ore milled was 530,160 tonnes, up 9% compared to 488,248 tonnes. Average head grades were 305 g/t for silver, 4.7% for lead, and 1.0% for zinc compared to 260 g/t for silver, 3.8% for lead, and 0.8% for zinc, respectively.</P>

<P style="TEXT-ALIGN: justify">During the same time periods, the Ying Mining District sold approximately 4.7 million ounces of silver, 2,600 ounces of gold, 49.9 million pounds of lead, and 4.8 million pounds of zinc, compared to 3.5 million ounces of silver, 2,000 ounces of gold, 35.6 million pounds of lead, and 4.0 million pounds of zinc in prior year period.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the cash mining costs at the Ying Mining District was $52.18 per tonne, a decrease of 10% compared to $58.25 per tonne in the same prior year period. The cash milling cost was $9.31 per tonne, a decrease of 23% compared to $12.06 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver and all in sustaining costs per ounce of silver, net of by-product credits, at the Ying Mining District, for the nine months ended December 31, 2016, were negative $2.43 and $3.11 respectively, compared to $1.03 and $8.52 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, approximately 36,756 meters (&#8220;m&#8221;) of underground diamond drilling (Q3 Fiscal 2016 &#8211; 21,223 m) and 4,900 m of preparation tunnelling (Q3 Fiscal 2016 &#8211; 4,231 m) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 17,823 m of horizontal tunnel, raise, and declines (Q3 Fiscal 2016 &#8211; 13,893 m) were completed and capitalized. Total capitalized exploration and development expenditures in Q3 Fiscal 2017 for the Ying Mining District were $5.7 million compared to $4.6 million in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, approximately 71,794 m of underground diamond drilling (same prior year period &#8211; 60,435 m) and 15,069 m of preparation tunnelling (same prior year period &#8211; 16,460 m) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 50,500 m of horizontal tunnel, raise, and declines (same prior year period &#8211; 49,452 m) were completed and capitalized. Total capitalized exploration and development expenditures for the nine months ended December 31, 2016 for the Ying Mining District were $15.4 million compared to $16.4 million in same prior year period. The Company also paid $1.3 million to renew the mining permit for TLP and LM mine and $8.7 million to retire the mineral right fee payable the Company accrued in prior years for the mining permit for the SGX mine.</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 11</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</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 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, 2016</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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<TR>

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   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(ii)</I></TD>

   <TD noWrap align=left><I>GC Mine</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The operational results of GC Mine for the past five quarters, and for the nine month periods ending December 31, 2015 and 2016, are summarized in the table below:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="14%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></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="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="14%" noWrap align=left><B><FONT color=#ffffff>Operational results - GC Mine</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Q3 2017</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Q2 2017</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Q1 2017</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Q4 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><B><FONT color=#ffffff>Q3 2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=center>&nbsp;</TD>

   <TD width="2%" noWrap align=center>&nbsp;</TD>

   <TD bgColor=#993300 width="24%" colSpan=4 noWrap align=right><B><FONT color=#ffffff>Nine Months ended December 31,</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="14%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>December 31, 2016 </FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>September 30, 2016</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>June 30, 2016</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>March 31, 2016</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>December 31, 2015</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2016</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2015</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Ore Mined (tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>81,481</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>74,692</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>64,349</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>50,014</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>71,288</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>220,522</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>207,561</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left><B>Ore Milled (tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>81,080</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>76,100</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>63,587</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>50,124</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>71,593</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>220,767</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>206,738</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Head Grades</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (gram/tonne)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>89</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>96</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>99</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>92</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>97</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>94</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>97</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>1.4</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2.0</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.9</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>1.5</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.6</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>2.8</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2.8</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>2.9</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>2.7</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>2.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>2.9</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Recovery Rates</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>75.4</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>76.2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>76.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>79.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>80.2</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>76.2</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>78.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>85.5</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>86.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>86.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>84.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>88.3</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>86.3</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>88.5</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>86.5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>86.4</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>85.8</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>82.6</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>81.2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>86.3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>82.4</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Metal Sales</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounce)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>179</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>183</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>149</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>118</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>210</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>511</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>519</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (in thousands of pound)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>2,214</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,163</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,860</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,970</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,021</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>6,237</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,072</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (in thousands of pound)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>4,478</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>4,106</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>3,407</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>2,576</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>3,525</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>11,991</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>9,726</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Cash mining cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>31.34</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>28.61</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>33.50</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>26.24</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>38.22</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>31.04</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>41.13</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Total mining cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>38.90</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>36.78</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>41.91</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>34.76</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>46.52</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>39.05</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>49.33</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Cash milling cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>13.09</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12.94</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15.60</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16.99</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15.16</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>13.76</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15.49</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=left><B>Total milling cost ($ per tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>15.50</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>15.57</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>18.81</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>20.67</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>17.30</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>16.47</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>17.72</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Cash production cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>44.43</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>41.55</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>49.10</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>43.23</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>53.38</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>44.80</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>56.62</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb 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="10%" noWrap align=right>&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="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B>Cash cost per ounce of silver ($)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>(13.11</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD width="10%" noWrap align=right>(6.39</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>(0.28</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>(2.24</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>4.62</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>(6.96</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD width="10%" noWrap align=right>2.78</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><B>All-in sustaining cost per ounce of silver ($)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>(6.12</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(1.49</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>4.76</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>1.19</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>9.80</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>(1.29</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>10.54</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 2017, the Company mined 81,481 tonnes of ore at the GC Mine, an increase of 14% compared to 71,288 tonnes in Q3 Fiscal 2016. Total ore milled at the GC Mine in Q3 Fiscal 2017 was 81,080 tonnes, an increase of 13% compared to 71,593 tonnes in Q3 Fiscal 2016. Head grades were 89 g/t for silver, 1.4% for lead and 2.8% for zinc, compared to 97 g/t for silver, 1.9% for lead and 2.6% for zinc in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">The total mining cost and cash mining cost were $38.90 and $31.34, respectively, compared to $46.52 and $38.22 in Q3 Fiscal 2016. The decrease of cash mining costs arose mainly because approximately 29% of the ore was by-product ore from exploration tunnelling or extracted from previously mined stopes for which direct mining costs were paid in prior periods and the only cost involved was to ship the ore to the mill. The cash milling cost per tonne was $13.09, compared to $15.16 in Q3 Fiscal 2016, with the decrease mainly due to the exclusion of mineral resource tax from milling costs as discussed above.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, cash production cost per tonne of ore processed at the GC Mine was $44.43, a decrease of 17% compared to $53.38 in Q3 Fiscal 2016 as a result of the decrease in both per tonne cash mining and milling cost.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, the GC Mine sold approximately 4.5 million pounds of zinc, an increase of 27%, compared to 3.5 million pounds of zinc in the prior year quarter as a result of the 11% increase in zinc head grade and higher output. Silver and lead sold at the GC Mine decreased by 15% and 27% to approximately 0.2 million ounces of silver and 2.2 million pounds of lead, respectively, compared to 0.2 million ounces of silver and 3.0 million pounds of lead sold in Q3 Fiscal 2016, with the decrease mainly due to lower head grades and recovery rates.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver, net of by-product credits, at the GC Mine, was negative $13.11 in Q3 Fiscal 2017 compared to $4.62 in Q3 Fiscal 2016. The decrease was mainly due to: i) lower per tonne cash production costs as discussed above; and, ii) a 68% increase in by-product credits, mainly arising from more zinc sold and higher lead and zinc prices. Sales from lead and zinc accounted for 75% of the total sales at the GC Mine in the current quarter, and amounted to $5.9 million, an increase of $2.4 million, compared to $3.4 million in the prior year quarter.</P>

<P style="TEXT-ALIGN: justify">All in sustaining costs per ounce of silver, net of by-product credits, at the GC Mine in Q3 2017 was negative $6.12, compared to $9.80 in Q3 Fiscal 2016. The decrease was mainly due to: i) lower per</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>

<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, 2016</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">tonne cash production costs and the increase of by-product credits as discussed; and, ii) a $0.2 million decrease in sustaining capital expenditures.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the total ore mined at the GC Mine was 220,522 tonnes, an increase of 6% compared to 207,561 tonnes in the same prior year period. Correspondingly, total ore milled was 220,767 tonnes, an increase of 7% compared to 206,738 milled in the same prior year period. Average head grades were 94 g/t for silver, 1.5% for lead, and 2.9% for zinc compared to 97 g/t for silver, 1.6% for lead, and 2.5% for zinc, respectively.</P>

<P style="TEXT-ALIGN: justify">During the same time periods, the GC Mine sold approximately 0.5 million ounces of silver, 6.2 million pounds of lead, and 12.0 million pounds of zinc, compared to 0.5 million ounces of silver, 7.1 million pounds of lead, and 9.7 million pounds of zinc in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, the cash mining costs at the GC Mine was $31.04 per tonne, a decrease of 25% compared to $41.13 per tonne in the same prior year period. The cash milling cost was $13.76 per tonne, a decrease of 11% compared to $15.49 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver and all in sustaining costs per ounce of silver, net of by-product credits, at the GC Mine, for the nine months ended December 31, 2016, were negative $6.96 and negative $1.29 respectively, compared to $2.78 and $10.54 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">In Q3 Fiscal 2017, approximately 3,935 m of underground diamond drilling (Q3 Fiscal 2016 &#8211; 4,202 m) and 4,640 m of tunnelling (Q3 Fiscal 2016 &#8211; 4,111 m) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 554 m of horizontal tunnel, raise, and declines (Q3 Fiscal 2016 &#8211; 731 m) were completed and capitalized. Total capitalized exploration and development expenditures in Q3 Fiscal 2017 for the GC Mine were $0.5 million compared to $0.3 million in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, approximately 9,489 m of underground diamond drilling (same prior year period &#8211; 18,500 m) and 11,976 m of tunnelling (same prior year period &#8211;11,847 m) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 1,685 m of horizontal tunnel, raise, and declines (same prior year period &#8211; 1,239 m) were completed and capitalized. Total capitalized exploration and development expenditures were $0.9 million compared to $0.8 million in the same prior year period.</P>

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   <TD noWrap align=left><I>(iii)</I></TD>

   <TD noWrap align=left><I>BYP Mine</I></TD></TR></TABLE></DIV>

<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. The Company is reviewing alternatives for this project.</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 13</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, 2016</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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   <TD noWrap align=left><B>4.</B></TD>

   <TD noWrap align=left><B>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>

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   <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>

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   <TD bgColor=#993300 width="44%" 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>Dec 31, 2016</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, 2016</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, 2016</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, 2016</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="44%" noWrap align=left>Sales</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$47,838</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$46,298</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$35,271</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$19,426</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>27,738</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>26,789</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,744</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$6,193</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>(5,916</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(5,673</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(6,203</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(7,189</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>169</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>827</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(221</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(219</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Net (loss) income</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16,638</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16,006</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>6,520</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(727</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left>Net (loss) income, attributable to the shareholders of the Company</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13,115</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,378</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,674</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,520</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Basic (loss) earnings per share</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</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>&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>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Diluted (loss) earnings per share</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</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>&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>)</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>1,585</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>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=center>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Cash dividended declared per share (CAD)</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>0.01</TD>

   <TD 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>

   <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>

   <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>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" 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>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>Mar 31, 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>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$29,081</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>&nbsp;</TD>

   <TD width="10%" noWrap align=right>$9,538</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>3,981</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>(189</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>451</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(151</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(92</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>3,916</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 shareholders of the Company</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,326</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>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>0.01</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>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>0.01</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>-</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></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 and lead prices.</P>

<P style="TEXT-ALIGN: justify"><B>Net income attributable to the shareholders of the Company </B>in Q3 Fiscal 2017 was $13.1 million, or $0.08 per share, up 294% compared to $3.3 million, or $0.02 per share in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">In the current quarter, the Company&#8217;s financial results were mainly impacted by the following: i) improved head grades yielded higher silver, lead, zinc sales, up 5%, 9% and 15%, respectively; ii) a 8% decrease in total production costs per tonne of ore processed; and iii) the increase of metals prices, as the realized selling price for silver, lead, and zinc increased by 15%, 52% and 83%, respectively, compared to the same prior year quarter.</P>

<P style="TEXT-ALIGN: justify">Net income attributable to the shareholders of the Company for nine months ended December 31, 2016 was $30.2 million, or $0.18 per share, up 284% compared to $7.9 million, or $0.05 per share in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>Sales </B>in Q3 Fiscal 2017 were $47.8 million, up 64% compared to $29.1 million in Q3 Fiscal 2016. Silver and gold sales represented $23.4 million and $0.7 million, respectively, while base metals represented $23.7 million of total sales in this quarter compared to silver, gold and base metals of $16.8 million, $0.4 million, and $11.9 million, respectively, in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">For nine months ended December 31, 2016, sales were $129.4 million, up 46% from $88.5 million in the same prior year period. Silver and gold sales represented $71.2 million and $2.7 million, respectively, while base metals represented $55.5 million of total sales in the current period compared to silver, gold and base metals of $49.4 million, $1.7 million, and $37.4 million, respectively, 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).</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 14</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, 2016</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 table is a reconciliation of the Company&#8217;s net realized selling prices in Q3 Fiscal 2017, including a comparison with London Metal Exchange (&#8220;LME&#8221;) prices:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></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=right>&nbsp;</TD>

   <TD bgColor=#993300 width="18%" colSpan=4 noWrap align=center><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="18%" colSpan=4 noWrap align=center><B><FONT color=#ffffff>Gold (in US$/ounce)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="18%" colSpan=4 noWrap align=center><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="18%" colSpan=4 noWrap align=center><B><FONT color=#ffffff>Zinc (in US$/pound)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" 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>Q3 2017</FONT></B></TD>

   <TD bgColor=#993300 width="4%" 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=right>&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 2017</FONT></B></TD>

   <TD bgColor=#993300 width="4%" 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=right>&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 2017</FONT></B></TD>

   <TD bgColor=#993300 width="4%" 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=right>&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 2017</FONT></B></TD>

   <TD bgColor=#993300 width="4%" 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=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>13.50</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>11.76</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>1,033</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>756</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>0.96</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>0.63</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>0.84</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>0.46</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>2.30</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>2.00</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="4%" 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>0.16</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>0.11</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>0.14</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>0.08</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>2.83</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>2.07</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>229</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>350</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>0.09</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>0.19</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>0.43</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" 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>18.63</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>15.83</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>1,262</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>1,106</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>1.22</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>0.93</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>1.41</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>0.95</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>17.35</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>14.99</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>1,229</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>1,105</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>0.98</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>0.76</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>1.14</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>0.73</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 2017 was $20.1 million compared to $19.5 million in Q3 Fiscal 2016. The cost of sales included $14.9 million (Q3 Fiscal 2016 - $13.5 million) cash costs and $5.2 million (Q3 Fiscal 2016 - $6.0 million) depreciation, amortization and depletion charges. The increase of cash cost of sales was mainly due to the increase of metals sold offset by an 8% decrease in cash production costs per tonne of ore processed. The total per tonne ore production cost was $82.19 in Q3 Fiscal 2017, a decrease of 5%, from $86.47 in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, cost of sales was $59.1 million (cash cost - $43.3 million) compared to $58.7 million (cash cost - $44.2 million) in the same prior year period. The decrease of cash cost of sales was mainly due to a 14% decrease in per tonne cash production costs while the increase of cost of sales is mainly due to more metals sold. The total per tonne ore production costs was $82.37 for the nine months ended December 31, 2016, an 8% decrease compared to $89.25 in prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>Gross profit margin </B>in Q3 Fiscal 2017 was 58% compared to 33% in Q3 Fiscal 2016. The improvement of gross profit margin was mainly due to: i) a 5%, 9%, and 15% increase in the head grades of silver, lead, and zinc; ii) a 5% decrease in per tonne ore production costs; and iii) the increase of metal prices. Ying Mining District&#8217;s gross profit margin was 61% compared to a 40% gross profit margin in the same prior year quarter, while GC Mine&#8217;s profit margin was 42% compared to a 3% gross profit margin in Q3 Fiscal 2016.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, gross profit margin was 54% compared to 34% in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>General and administrative (&#8220;G&amp;A&#8221;) expenses </B>in Q3 Fiscal 2017 were $4.0 million compared to $3.1 million in Q3 Fiscal 2016. For the nine months ended December 31, 2016, G&amp;A expenses were $12.5 million compared to $13.4 million in the same prior year period. Items included in general and administrative expenses in Q3 Fiscal 2017 and for the nine months ended December 31, 2016 are as follows:</P>

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<TR>

   <TD vAlign=top width="4%" noWrap>(i)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>Amortization and depreciation </B>of $0.3 million and $1.0 million (Q3 Fiscal 2016 - $0.4 million, nine months ended December 31, 2015 - $1.2 million);</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B></B></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(ii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>Office and administrative expenses </B>of $1.4 million and $4.1 million (Q3 Fiscal 2016 - $0.7 million, nine months ended December 31, 2015 - $4.6 million);</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B></B></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(iii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>Salaries and benefits </B>of $1.8 million and $5.3 million (Q3 Fiscal 2016 - $2.1 million, nine months ended December 31, 2015 - $5.7 million);</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B></B></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(iv)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>Stock based compensation expense </B>of $0.2 million and $0.7 million (Q3 Fiscal 2016 - $0.2 million, nine months ended December 31, 2015 - $0.7 million); and</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B></B></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(v)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>Professional fees </B>of $0.2 million and $1.5 million (Q3 Fiscal 2016 - a recovery of $0.3 million, nine months ended December 31, 2015 - $1.1 million).</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><B>Government fees and other taxes </B>in Q3 Fiscal 2017 and nine months ended December 31, 2016 were $2.4 million and $5.9 million (Q3 Fiscal 2016 - $1.6 million, nine months ended December 31, 2015 -$4.8 million). Government fees include mineral resource compensation fees and environmental</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 15</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, 2016</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">protection fees paid to the state and local Chinese government agencies. Other taxes were composed of mineral resources tax, 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 from 4% to 5% of total sales.</P>

<P style="TEXT-ALIGN: justify"><B>Foreign exchange gain </B>in Q3 Fiscal 2017 was $0.4 million (nine months ended December 31, 2016 - $0.5 million) compared to $0.7 million in Q3 Fiscal 2016 (nine months ended December 31, 2015 - $2.1 million). 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 2017 was $0.4 million (nine months ended December 31, 2016 - $0.5 million) compared to $0.1 million in Q3 Fiscal 2016 (nine months ended December 31, 2015 - $0.1 million). The loss is related to the disposal of obsolete equipment.</P>

<P style="TEXT-ALIGN: justify"><B>Loss on disposal of a subsidiary </B>in Q3 Fiscal 2017 and nine months ended December 31, 2016 were $nil compared to $460 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 or loss in an associate </B>in Q3 Fiscal 2017 was a loss of $0.1 million (Q3 Fiscal 2016 - a gain of $0.1 million), representing the Company&#8217;s equity pickup in New Pacific Holdings Corp. (&#8220;NUX&#8221;). The Company recorded on the statement of income its proportionate share of NUX&#8217;s net gain or loss, as the Company is able to exercise significant influence over the financial and operating policies of NUX.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, share of gain in an associate was $0.2 million compared to the gain of $0.2 million in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>Impairment loss </B>in Q3 Fiscal 2017 was $nil (Q3 Fiscal 2016 - $nil) while the impairment loss for the nine months ended December 31, 2016 was $0.2 million (same prior year period - $nil). In Q1 Fiscal 2017, the Company wrote off its 13.4% ownership interest in the RZY project and recorded an impairment charge of $181 against its carrying value. The RZY project is an exploration stage silver-lead-zinc project located in Qinghai Province, China, but has been put on care and maintenance for a prolonged period since October 2013 and there was no formal plan on restoring the project.</P>

<P style="TEXT-ALIGN: justify"><B>Finance income </B>in Q3 Fiscal 2017 was $0.6 million compared to $0.5 million in Q3 Fiscal 2016. For the nine months ended December 31, 2016, finance income was $1.6 million compared to $1.1 million in the same prior year period. 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 2017 were $0.2 million compared to $0.3 million in Q3 Fiscal 2016. For the nine months ended December 31, 2016, finance costs were $0.7 million compared to $0.8 million in the same prior year period. The finance costs mainly relate to the unwinding of discount of environmental rehabilitations provision and the interest on the mine right fee payable and the bank loan.</P>

<P style="TEXT-ALIGN: justify"><B>Income tax expense </B>in Q3 Fiscal 2017 was $5.4 million compared to $1.5 in Q3 Fiscal 2016. The income tax expense recorded in Q3 Fiscal 2017 included current income tax expense of $4.7 million (Q3 Fiscal 2016 &#8211; $0.5) and deferred income tax expense of $0.6 million (Q3 Fiscal 2016 &#8211; $1.0).</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2017, income tax expense was $14.1 million (same prior year period - $3.2 million), which included current income tax expense of $10.3 million (same prior year period - $0.8) and deferred income tax expenses of $3.7 million (same prior year period - $2.4 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, 2016 were $97.4 million,</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>

<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, 2016</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">an increase of $35.4 million or 60% compared to $62.0 million cash and cash equivalents and short-term investments as at March 31, 2016.</P>

<P style="TEXT-ALIGN: justify"><B>Working capital </B>as at December 31, 2016 was $64.4 million.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows provided by operating activities </B>in Q3 Fiscal 2017 were $28.3 million or $0.17 per share compared to $9.6 million or $0.06 per share in Q3 Fiscal 2016. Before changes in non-cash operating working capital, cash flows provided by operating activities were $26.4 million, an increase of $13.9 million or 111%, compared to $12.5 million in Q3 Fiscal 2016 as a result of the improvement of operating earnings.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, cash flows provided by operating activities were $75.6 million or $0.44 per share compared to $27.5 million or $0.16 per share in the same prior year period. Before changes in non-cash operating working capital, cash flows provided by operating activities for the nine months ended December 31, 2016 were $66.9 million, an increase of $35.9 million or 116%, compared to $31.0 million in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows used in investing activities </B>were $24.4 million in Q3 Fiscal 2017, comprising mainly of payments of $8.7 million to retire the mineral right fee payable the Company incurred in prior years for the mining permit of SGX mine, $6.2 million for capital mineral exploration and development expenditures, $1.4 million for plant and equipment, $0.8 million for other investments, $1.8 million for reclamation deposit, and $5.5 million for short term investments. In Q3 Fiscal 2016, cash used investing activities were $7.6 million, comprising of payments of $1.3 million capital mineral exploration and development expenditures, $2.6 million plant and equipment, $0.2 million short-term investment, and an instalment of $4.1 million to the mineral right fee payable for the mining permit of SGX mine, offset by $0.2 million proceeds on disposals of plant and equipment and $0.4 million proceeds on disposal of other investments.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, cash flows used in investing activities were $44.5 million, comprising mainly of payments of $8.7 million to retire the mineral right fee payable the Company incurred in prior years for the mining permit of SGX mine, $1.3 million to renew the mining permit for TLP and LM mine, $15.4 million for capital mineral exploration and development expenditures, $4.6 million for plant and equipment, $0.8 million for other investments, $2.2 million reclamation deposit, and $11.5 million for short term investments. For the nine months ended December 31, 2016, cash used in investing activities were $13.6 million, mainly comprising of payments of $10.1 million of capital mineral exploration and development expenditures, $5.6 million for plant and equipment, an instalment of $4.1 million to the mineral right fee payable for the mining permit of SGX mine, offset by $0.2 million proceeds on disposals of plant and equipment, $0.4 million proceeds on disposal of other investments, and $5.5 million net proceeds from short-term investments.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows used in financing activities </B>in Q3 Fiscal 2017 were $1.4 million, comprising mainly of $1.6 million cash dividends to equity shareholders of the Company offset by $0.2 million cash from the issuance of common shares of the Company arising from exercised stock options. In Q3 Fiscal 2016, $3.7 million cash was used in financing activities, including a $1.6 million temporally advance to a non-controlling shareholder, $1.7 million distributions to non-controlling shareholders, and $0.4 million used for the share buyback.</P>

<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2016, cash flow used in financing activities were $2.6 million, comprising mainly of $1.5 million cash distributed to non-controlling shareholders and $1.6 million cash dividends to equity shareholders of the Company, offset by $0.5 million cash from the issuance of the common shares of the Company arising from exercised stock options. In the same prior year period, cash used in financing activities were $6.3 million, including a $1.6 million temporally advance to a non-controlling shareholder, $1.7 million distributions to non-controlling shareholders, $1.3 million cash dividends to the equity shareholders of the Company, and $1.7 million used for the share buyback.</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 17</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, 2016</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>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: 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>

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   <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>3,972</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>379</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>3,079</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>514</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <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=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>-</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>-</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>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, 2016, the Company has two office rental agreements totaling $3,972 for the next seven years and commitments of $6,418 related to the GC property. During the three and nine months ended December 31, 2016, the Company incurred rental expenses of $93 and $393, respectively (three and nine months ended December 31, 2015 - $144 and $479, respectively), which were included in office and administrative expenses on the consolidated statement of income.</P>

<P style="TEXT-ALIGN: justify">Although the Company has taken steps to verify title to properties in which it has an interest, these procedures do not guarantee the Company's title. Property title may be subject to, among other things, unregistered prior agreements or transfers and may be affected by undetected defects.</P>

<P style="TEXT-ALIGN: justify">Due to the size, complexity and nature of the Company&#8217;s operations, the Company is subject to various claims, legal and tax matters arise in the ordinary course of business. Each of these matters is subject to various uncertainties and it is possible that some of these matters may be resolved unfavorably to the Company. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated.</P>

<P style="TEXT-ALIGN: justify">In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company and its legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. Major legal proceedings against the Company are summarized as follows:</P>

<UL>

<LI>

<P align=justify>An action commenced pursuant to the Class Proceedings Act (Ontario) against the Company and certain of its senior officers and expert advisors was initiated 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;).<BR>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. 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. An appeal with the Court of Appeal for Ontario was denied on August 24, 2016 with further costs awarded in favour of Silvercorp. On October 23, 2016 Mr. Mask filed an application for leave to appeal to the Supreme Court of Canada. Subsequent to year end Mask discontinued the leave to appeal motion.</P>

<LI>

<P align=justify>On August 19, 2014, an action was commenced against the Company in the Supreme Court of British Columbia seeking an unspecified amount of damages for a claim of false imprisonment and defamation (the &#8220;Huang Action&#8221;). The case is currently scheduled for a 60 day jury trial, commencing February 2018. The Company believes that there is no merit to the allegations and intends to pursue a vigorous defence.</P></LI></UL>

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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 18</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, 2016</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>

<UL>

<LI>

<P align=justify>During the year ended March 31, 2016, an action was initiated by Luoyang Mining Group Co., Ltd. (&#8220;Luoyang Mining&#8221;) against Henan Found seeking payment of $1.6 million (RMB10.0 million) plus interest related to the acquisition agreements Henan Found entered into in August 2012 to acquire the XHP Mine. The $1.6 million has been included into the accounts payable and accrued liabilities on the consolidated statements of financial position of the Company. Henan Found did not make the final payment as certain commercial conditions were not fulfilled by Luoyang Mining. In April 2016, Henan Found filed a counter claim in Luoyang People&#8217;s Court against Luoyang Mining to have the original acquisition agreements nullified and is seeking repayment of the amount paid to date of $9.7 million (RMB62.8 million) plus compensation of direct loss of $2.5 million (RMB16.5 million) arising from XHP mine. The carrying value of XHP mine was impaired to $nil in fiscal year 2015.</P>

<LI>

<P align=justify>During the year ended March 31, 2016, SX Gold, a 100% owned subsidiary of Henan Found, commenced a legal action against Luoyang HA Mining Co. Ltd. (&#8220;HA Mining&#8221;) to seek payment of $4.0 million (RMB26.0 million) plus interest related to a share transfer agreement that SX Gold entered into with HA Mining in September 2013. Pursuant to the agreement, SX Gold was to transfer all shares it held in Songxian Zhongxin Mining Co. Ltd. to HA Mining for $11.8 million (RMB76.0 million). SX Gold fulfilled its responsibilities and the title of the shares was transferred to HA Mining, who paid $7.8 million (RMB50.0 million). The remaining $4.0 million (RMB26.0 million) was unpaid. In April 2016, HA Mining filed a counter claim for $2.2 million (RMB14.0 million). On June 17, 2016, the court issued an order in favor of SX Gold. The court order demands HA Mining to pay $3.4 million (RMB22.75 million) to SX Gold. On July 1, 2016, HA Mining filed an appeal to the court order. This case is currently under appeal. The outstanding receivable amount of $4.0 million (RMB26.0 million) was written off in prior years.</P></LI></UL>

<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 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.</P>

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   <TD noWrap align=left>(a)</TD>

   <TD noWrap align=left>Fair value</TD></TR></TABLE></DIV>

<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 as defined in IFRS 7, Financial Instruments: Disclosures (&#8220;IFRS 7&#8221;).</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 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, 2016</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 tables set forth the Company&#8217;s financial assets and liabilities that are measured at fair value level on a recurring basis within the fair value hierarchy at December 31, 2016 and March 31, 2016 that are not otherwise disclosed. As required by IFRS 7, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</P>

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   <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>

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   <TD 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 31,2016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <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=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>Total</B></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><B>Financial 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>

   <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>

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   <TD width="44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>66,974</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD width="10%" noWrap align=right><B>66,974</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Investments in publicly traded companies</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,026</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>-</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>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,026</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="44%" noWrap align=left>Luoyang Yongning Smelting Co. Ltd.<SUP>(1)</SUP></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</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>-</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>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>Jinduicheng Xise (Canada) Co. Ltd.<SUP>(1)</SUP></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>-</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>-</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>-</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>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="44%" noWrap align=left><SUP>(1) </SUP><FONT style="FONT-SIZE: 8pt">Level 3 financial instruments</FONT></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>

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   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="38%" colSpan=7 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="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, 2016</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 width="44%" noWrap align=left><B>Financial 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>

   <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="44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>41,963</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>41,963</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Investments in publicly traded companies</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>287</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</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></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Luoyang Yongning Smelting Co. Ltd.<SUP>(1)</SUP></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>Jinduicheng Xise (Canada) Co. Ltd.<SUP>(1)</SUP></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>-</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>-</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>-</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>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left><SUP>(1) </SUP><FONT style="FONT-SIZE: 8pt">Level 3 financial instruments</FONT></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></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, 2016 and March 31, 2016, 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)</TD>

   <TD noWrap align=left>Liquidity risk</TD></TR></TABLE></DIV>

<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=right><B>December 31,2016</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, 2016</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>-</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="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=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=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>-</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>9,766</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Bank loan</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>4,317</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><B>-</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><B>-</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><B>4,317</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>4,657</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="30%" noWrap align=left>Accounts payable and accrued liabilities</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>32,741</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="10%" 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="10%" 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="10%" noWrap align=right><B>32,741</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="10%" noWrap align=right>27,457</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="30%" 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>37,058</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>-</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>-</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>37,058</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>41,880</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="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 20</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_22"></A><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>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, 2016</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="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>(c)</TD>

   <TD noWrap align=left>Foreign exchange risk</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company reports its financial statements in US dollars. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is CAD and the functional currency of all Chinese subsidiaries is RMB. The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currencies.</P>

<P style="TEXT-ALIGN: justify">The Company currently does not engage in foreign exchange currency hedging. The Company's exposure to currency risk affect net income is summarized 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 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, 2016</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, 2016</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>23,554</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>24,968</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>6,979</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>35,521</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, 2016, with other variables unchanged, a 10% strengthening (weakening) of the RMB against the CAD would have increased (decreased) net income by approximately $0.7 million.</P>

<P style="TEXT-ALIGN: justify">As at December 31, 2016, with other variables unchanged, a 10% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $2.4 million.</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>(d)</TD>

   <TD noWrap align=left>Interest rate risk</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company is exposed to interest rate risk on its cash equivalents, short term investments, bank loan and outstanding mine right fee payable. As at December 31, 2016, all of its interest-bearing cash equivalents and short term investments earn interest at market rates that are fixed to maturity or at variable interest rate with terms of less than one year. The Company monitors its exposure to changes in interest rates on cash equivalents and short term investments. Due to the short term nature of the financial instruments, fluctuations in interest rates would not have a significant impact on the Company&#8217;s after-tax net income.</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>(e)</TD>

   <TD noWrap align=left>Credit risk</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to accounts receivable, due from related parties, cash and cash equivalents and short term investments. The carrying amount of assets included on the balance sheet represents the maximum credit exposure.</P>

<P style="TEXT-ALIGN: justify">The Company undertakes credit evaluations on counterparties as necessary and has monitoring processes intended to mitigate credit risks. The Company has trade receivables from time to time from its major customers primarily in China engaged in the mining and milling of base and polymetallic metals. The historical level of customer default is zero and aging of trade receivables are no more than 180 days, and, as a result, the credit risk associated with trade receivables from customers as at December 31 , 2016 is considered to be immaterial. There were no amounts in receivables which were past due at December 31, 2016 (at March 31, 2016 - $nil) for which no provision is recognized.</P>

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   <TD width="4%"></TD>

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<TR vAlign=bottom>

   <TD noWrap align=left>(f)</TD>

   <TD noWrap align=left>Equity price risk</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company holds certain marketable securities that will fluctuate in value as a result of trading on Canadian financial markets. As the Company&#8217;s marketable securities holding are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company&#8217;s portfolio at December 31, 2016, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects would have resulted in an increase (decrease) to comprehensive income of approximately $1million.</P>

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   <TD width="33%"></TD>

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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 21</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, 2016</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>

<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>

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   <TD width="4%"></TD>

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<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 the consolidated 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%" noWrap align=right><B>December 31, 2016</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, 2016</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>38</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>13</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>50</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>90</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>88</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>103</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: 72%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" 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: 10%" align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Due to related parties</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>December 31, 2016</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%" align=right>March 31, 2016</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Parkside Management Ltd. (c)</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>179</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%">

   <P align=justify>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, 2016, the Company recovered $46 and $139, respectively (three and nine months ended December 31, 2016 - $40 and $177, 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.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Henan Non-ferrous Geology Bureau (&#8220;Henan Geology Bureau&#8221;) is the 22.5% equity interest holder of Henan Found. During the nine months ended December 31, 2016, Henan Found declared and paid dividends of $1,460 (nine months ended December 31, 2015 - $1,282) to Henan Geology Bureau.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Parkside Management Limited is a private consulting services company controlled by a director of the Company. For the three and nine months ended December 31, 2016 and 2015, the Company paid consulting fees of $250 and $250, respectively to Parkside Management Ltd (for three and nine months ended December 31, 2015 - $nil).</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(d)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>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, 2016, total rents were $63 and $189, respectively (three and nine months ended December 31, 2016 - $63 and $189, respectively).</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(e)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>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, 2016, Henan Huawei did not declare and pay any dividends to Henan Xinhui (for three and nine months ended December 31, 2015 - $651 and $651, respectively).</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Transactions with related parties are made on terms agreed upon by the two parties. The balances with related parties are unsecured, non-interest bearing, and due on demand.</P>

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   <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</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 22</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

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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, 2016</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">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, 2016 and 2015:</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>(a)</TD>

   <TD noWrap align=left>Cash and Total Cost per Ounce of Silver</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">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 are 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, 2016 and 2015:</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="14%"></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=11 align=center><B><FONT color=#ffffff>Three months ended December 31, 2016</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="44%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>15,560</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>4,540</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>20,100</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>Amortization and depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(4,344</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>(834</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>(5,178</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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Total cash cost</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>11,216</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>3,706</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>14,922</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left><B>By-product sales</B></TD>

   <TD width="14%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(723</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>-</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>(723</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(16,658</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>(2,085</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>(18,743</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(995</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>(3,775</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>(4,770</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(192</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>(192</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="44%" noWrap align=left><B>Total by-product sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(18,376</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>(6,052</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>(24,428</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="44%" noWrap align=left><B>Silver ounces sold ('000s)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>1,555</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>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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,734</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>Total production cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>(1.81</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(8.45</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(2.50</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" 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="14%" 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>(4.60</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(13.11</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(5.48</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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><B>&nbsp;</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><B>&nbsp;</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><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left><B>By-product credits per ounce of silver</B></TD>

   <TD width="14%" 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="10%" 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>Gold</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>(0.46</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" 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="10%" noWrap align=right><B>(0.42</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(10.71</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>(11.65</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>(10.81</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(0.64</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>(21.09</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>(2.75</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>-</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>(1.07</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>(0.11</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" width="44%" noWrap align=left><B>Total by-product credits per ounce of silver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>(11.81</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(33.81</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(14.09</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</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="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>

<P style="MARGIN: 0px">&nbsp;</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>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, 2016</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="44%"></TD>

   <TD width="14%"></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=11 align=center><FONT color=#ffffff>Three months ended December 31, 2015</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><FONT color=#ffffff>Ying Mining</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="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="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><FONT color=#ffffff>District</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="10%" noWrap align=center><FONT color=#ffffff>GC</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="10%" noWrap align=center><FONT color=#ffffff>Total</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>14,072</TD>

   <TD 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>5,471</TD>

   <TD 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>19,543</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>Amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(5,074</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>(891</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>(5,965</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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Total cash cost</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>8,998</TD>

   <TD 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>4,580</TD>

   <TD 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>13,578</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>By-product sales</TD>

   <TD width="14%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(379</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(20</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(399</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(7,738</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,818</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(9,556</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(572</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,602</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(2,174</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(168</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>(168</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="44%" noWrap align=left>Total by-product sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(8,689</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>(3,608</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>(12,297</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="44%" noWrap align=left>Silver ounces sold ('000s)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>1,216</TD>

   <TD 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>210</TD>

   <TD 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>1,426</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>Total production cost per ounce of silver, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>4.43</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>8.86</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>5.08</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>Total cash cost per ounce of silver, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>0.25</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>4.62</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>0.90</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="14%" 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>

   <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="44%" noWrap align=left>By-product credits per ounce of silver</TD>

   <TD width="14%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>(0.31</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>(0.10</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>(0.28</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(6.36</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(8.65</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(6.70</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(0.47</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(7.62</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1.52</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(0.80</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>(0.12</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" width="44%" noWrap align=left>Total by-product credits per ounce of silver</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>(7.15</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>(17.16</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>(8.62</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" 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>

   <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=11 align=center><B><FONT color=#ffffff>Nine months ended December 31, 2016</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="44%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>46,851</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>12,285</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>59,136</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>Amortization and depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(13,491</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>(2,370</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>(15,861</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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Total cash cost</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>33,360</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>9,915</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>43,275</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left><B>By-product sales</B></TD>

   <TD width="14%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(2,682</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>-</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>(2,682</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(38,723</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>(4,656</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>(43,379</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(3,308</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>(8,514</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>(11,822</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(303</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>(303</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="44%" noWrap align=left><B>Total by-product sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(44,713</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>(13,473</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>(58,186</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="44%" noWrap align=left><B>Silver ounces sold ('000s)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>4,675</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>511</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>5,186</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>Total production cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>0.46</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>(2.32</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.18</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="44%" 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="14%" 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>(2.43</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(6.96</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(2.88</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>

   <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="44%" noWrap align=left><B>By-product credits per ounce of silver</B></TD>

   <TD width="14%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>(0.57</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" 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="10%" noWrap align=right><B>(0.52</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(8.28</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>(9.11</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>(8.36</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc</B></P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(0.71</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>(16.66</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>(2.28</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>(0.59</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>(0.06</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" width="44%" noWrap align=left><B>Total by-product credits per ounce of silver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>(9.56</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(26.36</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(11.22</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

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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 24</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, 2016</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>

   <TD width="46%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="3%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 colSpan=11 align=center><FONT color=#ffffff>Nine months ended December 31, 2015</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=center><FONT color=#ffffff>Ying Mining</FONT></TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=center><FONT color=#ffffff>District</FONT></TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=right><FONT color=#ffffff>GC</FONT></TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=right><FONT color=#ffffff>Total</FONT></TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><FONT color=#c00000>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>44,289</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>14,403</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>58,692</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(12,243</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(2,245</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(14,488</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Total cash cost</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><FONT color=#c00000>B</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>32,046</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>12,158</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>44,204</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>By-product sales</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>(1,609</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(43</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(1,652</TD>

   <TD noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>(24,429</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(4,630</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(29,059</TD>

   <TD noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>(2,347</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(5,498</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(7,845</TD>

   <TD noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(544</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(544</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total by-product sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><FONT color=#c00000>C</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(28,385</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(10,715</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(39,100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Silver ounces sold ('000s)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><FONT color=#c00000>D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>3,538</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>519</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>4,057</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Total production cost per ounce of silver, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center><FONT color=#c00000>(A+C)/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>4.50</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>7.11</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>4.83</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Total cash cost per ounce of silver, net of by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center><FONT color=#c00000>(B+C)/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>1.03</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>2.78</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>1.26</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>By-product credits per ounce of silver</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>$</TD>

   <TD noWrap align=right>(0.45</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>$</TD>

   <TD noWrap align=right>(0.08</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>$</TD>

   <TD noWrap align=right>(0.41</TD>

   <TD noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(6.90</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(8.92</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(7.16</TD>

   <TD noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(0.66</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(10.59</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>(1.93</TD>

   <TD noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(1.05</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(0.13</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Total by-product credits per ounce of silver</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>(8.02</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>(20.65</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>(9.64</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)</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)</TD>

   <TD noWrap align=left>All-in &amp; All-in Sustaining Cost per Ounce of Silver</TD></TR></TABLE></DIV>

<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>

<P style="TEXT-ALIGN: justify">The following tables provide a detailed reconciliation of these measures for the three and nine months ended December 31, 2016 and 2015:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></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="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" 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 bgColor=#993300 width="8%" 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=left>&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="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="8%" align=right><B><FONT color=#ffffff>Developing</FONT></B></TD>

   <TD bgColor=#993300 width="4%" 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 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></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" noWrap align=left><B><FONT color=#ffffff>Three month ended December 31, 2016</FONT></B></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="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>Projects</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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="20%" noWrap align=left><B>Cost of sales (as reported)</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" noWrap align=right><B>15,560</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" 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="8%" noWrap align=right><B>4,540</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="8%" 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="8%" noWrap align=right><B>20,100</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Depreciation, amortization and depletion</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(4,344</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>(834</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>(5,178</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>By-products credits</B></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="8%" noWrap align=right><B>(18,376</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>-</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>(6,052</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>-</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>-</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>(24,428</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Total cash cost, net of by-product credits</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(7,160</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>(2,346</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>(9,506</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>General &amp; administrative</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>1,202</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>455</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>455</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>81</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>1,757</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>3,950</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Amorization included in general &amp; adminnistrative</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(101</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(92</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(49</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" 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="8%" noWrap align=right><B>(285</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Government fees and other taxes</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>1,905</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>-</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>505</B></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=right><B>(1</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>2,410</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Reclamation accretion</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>85</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>9</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>6</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>2</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>102</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>Sustaining capital</B></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="8%" noWrap align=right><B>6,155</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>71</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>334</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>-</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>5</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>6,565</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="20%" noWrap align=left><B>All-in sustaining cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>2,086</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="8%" noWrap align=right><B>443</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="8%" noWrap align=right><B>(1,095</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="8%" noWrap align=right><B>84</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>1,718</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="8%" noWrap align=right><B>3,236</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="20%" noWrap align=left><B>Non-sustaining expenditures</B></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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>242</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>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>432</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="20%" noWrap align=left><B>All-in cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>2,276</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="8%" noWrap align=right><B>443</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="8%" noWrap align=right><B>(853</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="8%" noWrap align=right><B>84</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>1,718</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="8%" noWrap align=right><B>3,668</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="20%" noWrap align=left><B>Ounces of silver sold</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>1,555</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>-</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>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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" 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="8%" noWrap align=right><B>1,734</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><B>All-in sustaining cost per ounce of silver, net of by-product credits</B></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#c00000>A/C</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" noWrap align=right><B>1.34</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" 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="8%" noWrap align=right><B>(6.12</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="8%" 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="8%" noWrap align=right><B>1.87</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#c00000>&nbsp;</FONT></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="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="2%" 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="4%" 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></B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>All-in cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>1.46</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="8%" 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="8%" noWrap align=right><B>(4.77</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="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>2.12</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <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 25</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

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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, 2016</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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   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

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   <TD width="2%"></TD>

   <TD width="8%"></TD>

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   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

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   <TD bgColor=#993300 width="20%" 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 bgColor=#993300 width="8%" 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=left>&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="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="8%" align=right><B><FONT color=#ffffff>Developing</FONT></B></TD>

   <TD bgColor=#993300 width="4%" 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 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></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" noWrap align=left><B><FONT color=#ffffff>Three months ended December 31, 2015</FONT></B></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="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>Projects</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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="20%" noWrap align=left>Cost of sales (as reported)</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>14,072</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>5,471</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>19,543</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Depreciation, amortization and depletion</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(5,074</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(891</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(5,965</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left>By-products credits</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="8%" noWrap align=right>(8,689</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>-</TD>

   <TD 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>(3,608</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>-</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>-</TD>

   <TD 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>(12,297</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Total cash cost, net of by-product credits</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>309</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>972</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>1,281</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>General &amp; administrative</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>1,464</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>160</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>624</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>130</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>762</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>3,140</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Amorization included in general &amp; adminnistrative</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(162</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(112</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(66</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>154</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(204</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(390</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Government fees and other taxes</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>1,385</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>169</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>1</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>1,557</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Reclamation accretion</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>104</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>2</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>123</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left>Sustaining capital</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="8%" noWrap align=right>4,950</TD>

   <TD 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>-</TD>

   <TD 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>354</TD>

   <TD 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>-</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>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="8%" noWrap align=right>5,306</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="20%" noWrap align=left><B>All-in sustaining cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right>8,050</TD>

   <TD 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>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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,061</TD>

   <TD 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>287</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>562</TD>

   <TD 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>11,017</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="20%" noWrap align=left><B>Non-sustaining expenditures</B></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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,426</TD>

   <TD 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>107</TD>

   <TD 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="4%" 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>2,533</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="20%" noWrap align=left><B>All-in cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><FONT color=#c00000>B</FONT></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>10,476</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=right>$</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,168</TD>

   <TD 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>287</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>562</TD>

   <TD 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>13,550</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="20%" noWrap align=left>Ounces of silver sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right>1,216</TD>

   <TD 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>210</TD>

   <TD 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="4%" 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>1,426</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><B>All-in sustaining cost per ounce of silver, net of by-product credits</B></TD>

   <TD width="8%" noWrap align=center><FONT color=#c00000>A/C</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>6.62</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>9.80</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>7.72</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=center><FONT color=#c00000>&nbsp;</FONT></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="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="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="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></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>All-in cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><FONT color=#c00000>B/C</FONT></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>8.62</TD>

   <TD 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>-</TD>

   <TD 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>10.31</TD>

   <TD 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>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" 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>9.50</TD>

   <TD style="BORDER-BOTTOM: #000000 1px 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="20%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></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="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" 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 bgColor=#993300 width="8%" 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=left>&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="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="8%" align=right><B><FONT color=#ffffff>Developing</FONT></B></TD>

   <TD bgColor=#993300 width="4%" 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 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></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" noWrap align=left><B><FONT color=#ffffff>Nine months ended December 31, 2016</FONT></B></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="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>Projects</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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="20%" noWrap align=left><B>Cost of sales (as reported)</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" noWrap align=right><B>46,851</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" 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="8%" noWrap align=right><B>12,285</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="8%" 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="8%" noWrap align=right><B>59,136</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Depreciation, amortization and depletion</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(13,491</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>(2,370</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>(15,861</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>By-products credits</B></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="8%" noWrap align=right><B>(44,713</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>-</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>(13,473</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>-</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>-</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>(58,186</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Total cash cost, net of by-product credits</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(11,353</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>(3,558</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>(14,911</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>General &amp; administrative</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>4,106</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>905</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>1,417</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>180</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>5,854</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>12,462</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Amorization included in general &amp; adminnistrative</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(366</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(291</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(161</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(133</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>(951</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Government fees and other taxes</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>4,957</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>-</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>878</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>2</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>29</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>5,866</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Reclamation accretion</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>260</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>24</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>19</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>7</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>-</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>310</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>Sustaining capital</B></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="8%" noWrap align=right><B>16,932</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>76</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>747</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>-</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>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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>17,762</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="20%" noWrap align=left><B>All-in sustaining cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>14,536</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="8%" noWrap align=right><B>714</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="8%" noWrap align=right><B>(658</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="8%" noWrap align=right><B>189</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>5,757</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="8%" noWrap align=right><B>20,538</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="20%" noWrap align=left><B>Non-sustaining expenditures</B></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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>3,260</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>-</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>336</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>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>3,596</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="20%" noWrap align=left><B>All-in cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>17,796</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="8%" noWrap align=right><B>714</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="8%" noWrap align=right><B>(322</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="8%" noWrap align=right><B>189</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>5,757</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="8%" noWrap align=right><B>24,134</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="20%" noWrap align=left><B>Ounces of silver sold</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>4,675</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>-</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>511</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>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>5,186</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><B>All-in sustaining cost per ounce of silver, net of by-product credits</B></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#c00000>A/C</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" noWrap align=right><B>3.11</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" 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="8%" noWrap align=right><B>(1.29</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="8%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="8%" 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="8%" noWrap align=right><B>3.96</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#c00000>&nbsp;</FONT></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="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="2%" 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="4%" 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="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>All-in cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>3.81</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="8%" 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="8%" noWrap align=right><B>(0.63</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="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right><B>4.65</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px 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="20%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></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="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" 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 bgColor=#993300 width="8%" 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="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="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="8%" noWrap align=right><B><FONT color=#c7edcc>Developing</FONT></B></TD>

   <TD bgColor=#993300 width="4%" 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 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></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" noWrap align=left><B><FONT color=#ffffff>Nine months ended December 31, 2015</FONT></B></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="8%" 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="8%" 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="8%" 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="8%" noWrap align=right><B><FONT color=#c7edcc>Projects</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" 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="8%" 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="20%" noWrap align=left>Cost of sales (as reported)</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>44,289</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>14,403</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>58,692</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Depreciation, amortization and depletion</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(12,243</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(2,245</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>(14,488</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left>By-products credits</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="8%" noWrap align=right>(28,385</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>-</TD>

   <TD 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>(10,715</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>-</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>-</TD>

   <TD 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>(39,100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Total cash cost, net of by-product credits</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>3,661</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>1,443</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>5,104</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>General &amp; administrative</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>5,057</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>673</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>1,667</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>375</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>5,619</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>13,391</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Amorization included in general &amp; adminnistrative</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(499</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(346</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(195</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(204</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(1,244</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" colSpan=2 noWrap align=left>One-time severance charges included in general &amp; administrative</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(322</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(322</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Government fees and other taxes</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>4,121</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>601</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>6</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>24</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>4,753</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Reclamation accretion</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>312</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>28</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>24</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>7</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>371</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left>Sustaining capital</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="8%" noWrap align=right>17,504</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>154</TD>

   <TD 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>1,931</TD>

   <TD 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>-</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>7</TD>

   <TD 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>19,596</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="20%" noWrap align=left><B>All-in sustaining cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right>30,156</TD>

   <TD 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>510</TD>

   <TD 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>5,471</TD>

   <TD 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>388</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>5,124</TD>

   <TD 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>41,649</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="20%" noWrap align=left><B>Non-sustaining expenditures</B></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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>5,523</TD>

   <TD 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>265</TD>

   <TD 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="4%" 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>5,788</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="20%" noWrap align=left><B>All-in cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><FONT color=#c00000>B</FONT></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>35,679</TD>

   <TD 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>510</TD>

   <TD 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>5,736</TD>

   <TD 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>388</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>5,124</TD>

   <TD 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>47,437</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="20%" noWrap align=left>Ounces of silver sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="8%" noWrap align=right>3,538</TD>

   <TD 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>519</TD>

   <TD 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="4%" 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>4,057</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><B>All-in sustaining cost per ounce of silver, net of by-product credits</B></TD>

   <TD width="8%" noWrap align=center><FONT color=#c00000>A/C</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>8.52</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>10.54</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="8%" noWrap align=right>10.27</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=center><FONT color=#c00000>&nbsp;</FONT></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="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="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="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></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>All-in cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><FONT color=#c00000>B/C</FONT></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>10.08</TD>

   <TD 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>-</TD>

   <TD 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>11.05</TD>

   <TD 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>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" 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>11.69</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=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>

<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, 2016</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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<TR vAlign=bottom>

   <TD noWrap align=left>(c)</TD>

   <TD noWrap align=left>Average Production Cost</TD></TR></TABLE></DIV>

<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, 2016 and 2015:</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="14%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></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=9 align=center><B><FONT color=#ffffff>Three months ended December 31, 2016</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="4%" 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="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="4%" 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="4%" 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=right>&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="14%" 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>15,560</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>4,540</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>20,100</B></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><B>Metals revenue ( in thousands of US$)</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>B</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>21,664</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,746</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>23,410</B></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>Gold</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>C</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>723</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>723</B></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>Lead</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>D</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>16,658</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2,085</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>18,743</B></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</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>E</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>995</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,775</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4,770</B></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>Other</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>F</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>-</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><B>192</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><B>192</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#c00000>G</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>40,040</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><B>7,798</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><B>47,838</B></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><B>Metals sold</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounces)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>H</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,555</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>179</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,734</B></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>Gold (in thousands of ounces)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>I</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>0.7</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>0.7</B></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>Lead (in thousands of pounds)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>J</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>17,269</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2,214</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>19,483</B></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 (in thousands of pounds)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>K</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,210</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4,478</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>5,688</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other (in thousands of pounds)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#c00000>L</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>-</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><B>28</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><B>28</B></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><B>Average production cost ($/unit)</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>B/G*A/H</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>5.41</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>5.68</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>5.67</B></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>Gold</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>C/G*A/I</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>401</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>434</B></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>Lead</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>D/G*A/J</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.37</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.55</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.40</B></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</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>E/G*A/K</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.32</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.49</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.35</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><B><FONT color=#c00000>F/G*A/L</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>-</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="10%" noWrap align=right><B>3.99</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="10%" noWrap align=right><B>2.88</B></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="44%"></TD>

   <TD width="14%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></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=9 align=center><FONT color=#ffffff>Three months ended December 31, 2015</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><FONT color=#ffffff>Ying Mining</FONT></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="4%" 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="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><FONT color=#ffffff>District</FONT></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><FONT color=#ffffff>GC</FONT></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=center><FONT color=#ffffff>Total</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>14,072</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,471</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>19,543</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>Metals revenue ( in thousands of US$)</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>B</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14,770</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,014</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16,784</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>C</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>379</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>20</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>399</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>D</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,738</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,818</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>9,556</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>E</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>572</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,602</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,174</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>F</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>-</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>168</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>168</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#c00000>G</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>23,459</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>5,622</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>29,081</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>Metals sold</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver (in thousands of ounces)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>H</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,216</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>210</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,426</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold (in thousands of ounces)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>I</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.5</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.5</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead (in thousands of pounds)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>J</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,107</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,021</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,128</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc (in thousands of pounds)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>K</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,168</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,525</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,693</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other (in thousands of pounds)</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#c00000>L</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>-</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>12,373</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>12,373</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>Average production cost ($/unit)</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>B/G*A/H</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>7.28</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>9.32</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>7.91</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>C/G*A/I</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>453</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>747</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>508</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>D/G*A/J</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.38</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.59</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.42</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>E/G*A/K</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.33</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.44</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.31</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><FONT color=#c00000>F/G*A/L</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>0.01</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>0.01</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&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 27</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, 2016</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="44%"></TD>

   <TD width="14%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></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=9 align=center><B><FONT color=#ffffff>Nine months ended December 31, 2016</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="4%" 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="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="4%" 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="4%" 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=right>&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="14%" 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>46,851</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>12,285</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>59,136</B></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><B>Metals revenue ( in thousands of US$)</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>B</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>65,953</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>5,268</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>71,221</B></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>Gold</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>C</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2,682</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2,682</B></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>Lead</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>D</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>38,723</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4,656</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>43,379</B></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</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>E</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,308</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>8,514</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>11,822</B></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>Other</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>F</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>-</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><B>303</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><B>303</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#c00000>G</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>110,666</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><B>18,741</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><B>129,407</B></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><B>Metals sold</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounces)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>H</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4,675</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>511</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>5,186</B></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>Gold (in thousands of ounces)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>I</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2.6</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2.6</B></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>Lead (in thousands of pounds)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>J</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>49,898</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>6,237</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>56,135</B></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 (in thousands of pounds)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>K</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4,815</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>11,991</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>16,806</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other (in thousands of pounds)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#c00000>L</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>-</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><B>8,579</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><B>8,579</B></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><B>Average production cost ($/unit)</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>B/G*A/H</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>5.97</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>6.76</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>6.28</B></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>Gold</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>C/G*A/I</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>437</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>471</B></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>Lead</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>D/G*A/J</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.33</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.49</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.35</B></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</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#c00000>E/G*A/K</FONT></B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.29</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.47</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.32</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><B><FONT color=#c00000>F/G*A/L</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>-</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="10%" noWrap align=right><B>0.02</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="10%" noWrap align=right><B>0.02</B></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="44%"></TD>

   <TD width="14%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></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=9 align=center><B><FONT color=#ffffff>Nine months ended December 31, 2015</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="4%" 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="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="14%" 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="4%" 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="4%" 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=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>44,289</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>14,403</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>58,692</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>Metals revenue ( in thousands of US$)</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>B</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>44,293</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>5,121</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>49,414</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>C</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,609</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>43</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,652</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>D</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>24,429</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,630</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>29,059</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>E</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,347</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>5,498</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,845</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>F</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>-</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>544</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>544</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#c00000>G</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>72,678</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>15,836</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>88,514</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>Metals sold</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver (in thousands of ounces)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>H</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,538</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>519</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,057</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold (in thousands of ounces)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>I</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2.0</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.1</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2.1</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead (in thousands of pounds)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>J</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>35,563</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,072</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>42,635</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc (in thousands of pounds)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>K</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,999</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>9,726</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13,725</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other (in thousands of pounds)</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#c00000>L</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>-</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>38,905</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>38,905</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>Average production cost ($/unit)</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" 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="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Silver</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>B/G*A/H</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>7.63</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>8.98</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>8.08</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gold</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>C/G*A/I</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>487</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>717</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>529</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Lead</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>D/G*A/J</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.42</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.60</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.45</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Zinc</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>E/G*A/K</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.36</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.51</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.38</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><FONT color=#c00000>F/G*A/L</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>0.01</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>0.01</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="70%"></TD>

   <TD width="29%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD noWrap align=left><B>Page 28</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<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>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, 2016</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="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>(d)</TD>

   <TD noWrap align=left>Per Tonne Production Costs</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="30%"></TD>

   <TD width="14%"></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="30%" noWrap align=left><B><FONT color=#ffffff>Three months ended December 31, 2016</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="14%" 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>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="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 style="BORDER-LEFT: #ffffff 1px solid" 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 style="BORDER-LEFT: #ffffff 1px solid" 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="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="14%" 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>District</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>GC</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>Other</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>Consolidated</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Cost of sales</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>15,560</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>4,540</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" 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="10%" noWrap align=right><B>20,100</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Less: stockpile and concentrate inventory - Beginning</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(5,982</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>(208</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>(840</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>(7,030</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Add: stockpile and concentrate inventory - Ending</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>6,648</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>89</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>805</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>7,542</B></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><B>Adjustment for foreign exchange movement</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>260</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>5</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>35</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>300</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><B>Total production costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>16,486</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>4,426</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><B>$</B></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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>20,912</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Non-cash mining costs</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>A</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4,338</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>616</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>4,954</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Non-cash milling costs</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>B</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="10%" noWrap align=right><B>353</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>195</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>-</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>548</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><B>Total non-cash production costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>4,691</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>811</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>-</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>5,502</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Cash mining costs</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>C</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>9,458</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2,554</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>12,012</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Shipping costs</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>D</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>680</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><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><B>680</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Cash milling costs</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>E</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="10%" noWrap align=right><B>1,657</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>1,061</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>&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>2,718</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><B>Total cash production costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>11,795</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>3,615</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>-</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>15,410</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Ore mined ('000s)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>F</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>171.303</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>81.481</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>252.784</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore shipped ('000s)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>G</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>173.521</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>81.481</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>255.002</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Ore milled ('000s)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>H</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="10%" noWrap align=right><B>182.259</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>81.080</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>-</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>263.339</B></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><B>Per tonne Production costs</B></TD>

   <TD width="14%" 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="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="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Non-cash mining costs ($/tonne)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>I=A/F</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>25.32</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>7.56</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>19.60</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Non-cash milling costs ($/tonne)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>J=B/H</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="10%" noWrap align=right><B>1.94</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>2.41</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>-</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>2.08</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><B>Non-cash production costs ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>K=I+J</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>27.26</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>9.97</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>-</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>21.68</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Cash mining costs ($/tonne)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>L=C/F</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>55.21</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>31.34</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>47.52</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Shipping costs ($/tonne)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>M=D/G</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3.92</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><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><B>2.67</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Cash milling costs ($/tonne)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>N=E/H</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="10%" noWrap align=right><B>9.09</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>13.09</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>-</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>10.32</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><B>Cash production costs ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>0=L+M+N</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>68.22</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>44.43</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>-</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>60.51</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><B>Total production costs ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>P=K+O</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>95.48</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>54.40</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>-</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>82.19</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>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="30%"></TD>

   <TD width="14%"></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="30%" noWrap align=left><FONT color=#ffffff>Three months ended December 31, 2015</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="14%" 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>Ying Mining</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=left>&nbsp;</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=left>&nbsp;</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=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>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="14%" 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>District</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>GC</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>Other</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>Consolidated</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cost of sales</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>14,072</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>5,471</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>19,543</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Less: stockpile and concentrate inventory - Beginning</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(4,452</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,310</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(881</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(6,643</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Add: stockpile and concentrate inventory - Ending</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,596</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>366</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>863</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>5,825</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>Adjustment for foreign exchange movement</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>542</TD>

   <TD 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>28</TD>

   <TD 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>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="10%" noWrap align=right>588</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>Total production costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>14,758</TD>

   <TD 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>4,555</TD>

   <TD 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>19,313</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>

   <P style="MARGIN-LEFT: 4%">Non-cash mining costs</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>A</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,544</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>592</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>4,136</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>

   <P style="MARGIN-LEFT: 4%">Non-cash milling costs</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>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>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>&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>&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>

   <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>528</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>Total non-cash production costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>3,919</TD>

   <TD 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>745</TD>

   <TD 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>4,664</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>

   <P style="MARGIN-LEFT: 4%">Cash mining costs</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>C</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8,469</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,725</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>11,194</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Shipping costs</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>D</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>607</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>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>607</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>

   <P style="MARGIN-LEFT: 4%">Cash milling costs</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>E</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>1,763</TD>

   <TD 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>1,085</TD>

   <TD 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>

   <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>2,848</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>Total cash production costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>10,839</TD>

   <TD 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>3,810</TD>

   <TD 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>14,649</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>

   <P style="MARGIN-LEFT: 4%">Ore mined ('000s)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>F</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>152.230</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>71.288</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>223.518</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Ore shipped ('000s)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>G</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>152.230</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>71.288</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>223.518</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>

   <P style="MARGIN-LEFT: 4%">Ore milled ('000s)</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>H</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>151.035</TD>

   <TD 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>71.593</TD>

   <TD 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>

   <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>222.628</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>Per tonne Production costs</TD>

   <TD width="14%" 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="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="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-cash mining costs ($/tonne)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>I=A/F</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>23.28</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8.30</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>18.50</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>

   <P style="MARGIN-LEFT: 4%">Non-cash milling costs ($/tonne)</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>J=B/H</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>2.48</TD>

   <TD 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>2.14</TD>

   <TD 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>

   <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>2.37</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>Non-cash production costs ($/tonne)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>K=I+J</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>25.76</TD>

   <TD 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>10.44</TD>

   <TD 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>20.88</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>

   <P style="MARGIN-LEFT: 4%">Cash mining costs ($/tonne)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>L=C/F</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>55.63</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>38.22</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>50.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Shipping costs ($/tonne)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>M=D/G</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.99</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>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2.72</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>

   <P style="MARGIN-LEFT: 4%">Cash milling costs ($/tonne)</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>N=E/H</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>11.67</TD>

   <TD 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>15.16</TD>

   <TD 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>

   <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>12.79</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>Cash production costs ($/tonne)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>0=L+M+N</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>71.29</TD>

   <TD 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>53.38</TD>

   <TD 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>65.59</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>Total production costs ($/tonne)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><FONT color=#ff0000>P=K+O</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>97.05</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>63.82</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>-</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>86.47</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 29</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, 2016</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="30%"></TD>

   <TD width="14%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="10%"></TD>

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   <TD width="2%" align=right></TD>

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   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Nine months ended December 31, 2016</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="14%" 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><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="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" 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="2%" noWrap align=right>&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="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="14%" 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><B><FONT color=#ffffff>District</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=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><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="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Other</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=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Consolidated</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Cost of sales</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>46,851</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>12,285</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" 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="10%" noWrap align=right><B>59,136</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Less: stockpile and concentrate inventory - Beginning</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(4,729</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>(135</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>(869</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>(5,733</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Add: stockpile and concentrate inventory - Ending</B></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>6,648</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>89</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>805</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>7,542</B></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><B>Adjustment for foreign exchange movement</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>393</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>10</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>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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>467</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><B>Total production costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>49,163</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>12,249</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>-</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>61,412</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Non-cash mining costs</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>A</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>13,770</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,767</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>15,537</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Non-cash milling costs</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>B</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="10%" noWrap align=right><B>1,081</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>599</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>-</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>1,680</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><B>Total non-cash production costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>14,851</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>2,366</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>-</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>17,217</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Cash mining costs</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>C</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>27,341</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>6,846</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>34,187</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Shipping costs</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>D</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2,033</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><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><B>2,033</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Cash milling costs</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>E</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="10%" noWrap align=right><B>4,938</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>3,037</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>-</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>7,975</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><B>Total cash production costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>34,312</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>9,883</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>-</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>44,195</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Ore mined ('000s)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>F</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>524.005</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>220.522</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>744.527</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore shipped ('000s)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>G</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>526.049</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>220.522</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>746.571</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Ore milled ('000s)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>H</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="10%" noWrap align=right><B>530.160</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>220.767</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>-</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>750.927</B></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><B>Per tonne Production costs</B></TD>

   <TD width="14%" 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="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="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Non-cash mining costs ($/tonne)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>I=A/F</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>26.28</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>8.01</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>20.87</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Non-cash milling costs ($/tonne)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>J=B/H</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="10%" noWrap align=right><B>2.04</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>2.71</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>-</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>2.24</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><B>Non-cash production costs ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>K=I+J</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>28.32</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="10%" noWrap align=right><B>10.72</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>-</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>23.11</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Cash mining costs ($/tonne)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>L=C/F</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>52.18</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>31.04</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><B>45.92</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Shipping costs ($/tonne)</B></P></TD>

   <TD width="14%" noWrap align=center><B><FONT color=#ff0000>M=D/G</FONT></B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3.86</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</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><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><B>2.72</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Cash milling costs ($/tonne)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>N=E/H</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="10%" noWrap align=right><B>9.31</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>13.76</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>-</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>10.62</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><B>Cash production costs ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>0=L+M+N</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>65.35</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>44.80</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>-</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>59.26</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><B>Total production costs ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><B><FONT color=#ff0000>P=K+O</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>93.67</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>55.52</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>-</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>82.37</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>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="30%"></TD>

   <TD width="14%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%" align=right></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left><FONT color=#ffffff>Nine months ended December 31, 2015</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="14%" 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>Ying Mining</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=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" 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="2%" noWrap align=right>&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="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="14%" 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>District</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=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>GC</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=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Other</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=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Consolidated</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Cost of sales</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>44,289</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>14,403</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>58,692</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Less: stockpile and concentrate inventory - Beginning</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,195</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(926</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(904</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3,025</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>Add: stockpile and concentrate inventory - Ending</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,596</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>366</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>863</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>5,825</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>Adjustment for foreign exchange movement</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>653</TD>

   <TD 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>59</TD>

   <TD 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>41</TD>

   <TD 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>753</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>Total production costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>48,343</TD>

   <TD 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>13,902</TD>

   <TD 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>62,245</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>

   <P style="MARGIN-LEFT: 4%">Non-cash mining costs</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>A</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10,739</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,702</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>12,441</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>

   <P style="MARGIN-LEFT: 4%">Non-cash milling costs</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>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>1,143</TD>

   <TD 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>461</TD>

   <TD 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>

   <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>1,604</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>Total non-cash production costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>11,882</TD>

   <TD 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>2,163</TD>

   <TD 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>14,045</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>

   <P style="MARGIN-LEFT: 4%">Cash mining costs</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>C</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>28,562</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8,537</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>37,099</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Shipping costs</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>D</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,010</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>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,010</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>

   <P style="MARGIN-LEFT: 4%">Cash milling costs</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>E</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>5,889</TD>

   <TD 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>3,202</TD>

   <TD 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>

   <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>9,091</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>Total cash production costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" 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>36,461</TD>

   <TD 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>11,739</TD>

   <TD 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>48,200</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>

   <P style="MARGIN-LEFT: 4%">Ore mined ('000s)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>F</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>490.351</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>207.561</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>697.912</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Ore shipped ('000s)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>G</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>490.351</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>207.561</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>697.912</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>

   <P style="MARGIN-LEFT: 4%">Ore milled ('000s)</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>H</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>488.248</TD>

   <TD 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>206.738</TD>

   <TD 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>

   <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>694.986</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>Per tonne Production costs</TD>

   <TD width="14%" 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="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="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-cash mining costs ($/tonne)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>I=A/F</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>21.90</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8.20</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>17.82</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>

   <P style="MARGIN-LEFT: 4%">Non-cash milling costs ($/tonne)</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>J=B/H</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>2.34</TD>

   <TD 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>2.23</TD>

   <TD 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>

   <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>2.31</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>Non-cash production costs ($/tonne)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>K=I+J</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>24.24</TD>

   <TD 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>10.43</TD>

   <TD 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>20.13</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>

   <P style="MARGIN-LEFT: 4%">Cash mining costs ($/tonne)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>L=C/F</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>58.25</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>41.13</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>53.16</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Shipping costs ($/tonne)</P></TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>M=D/G</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.10</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>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2.88</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>

   <P style="MARGIN-LEFT: 4%">Cash milling costs ($/tonne)</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>N=E/H</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>12.06</TD>

   <TD 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>15.49</TD>

   <TD 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>

   <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>13.08</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>Cash production costs ($/tonne)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><FONT color=#ff0000>0=L+M+N</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>74.41</TD>

   <TD 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>56.62</TD>

   <TD 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>69.12</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>Total production costs ($/tonne)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><FONT color=#ff0000>P=K+O</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>98.65</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>67.05</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>-</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>89.25</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 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 September 30, 2016, as well as the audited consolidated financial statements as of and ended March 31, 2016.</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 30</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, 2016</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 noWrap align=left>(i)</TD>

   <TD noWrap align=left>Ore reserve and mineral resource estimates</TD></TR></TABLE></DIV>

<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>

<P align=justify>Future production estimates &#8211; which include proved and probable reserves, resource estimates and committed expansions;</P>

<LI>

<P align=justify>Expected future commodity prices, based on current market price, forward prices and the Company&#8217;s assessment of the long-term average price; and</P>

<LI>

<P align=justify>Future cash costs of production, capital expenditure and rehabilitation obligations.</P></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>

<P align=justify>The carrying value of mineral rights and properties and plant and equipment may be affected due to changes in estimated future cash flows;</P>

<LI>

<P align=justify>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</P>

<LI>

<P align=justify>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.</P></LI></UL>

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   <TD noWrap align=left>(ii)</TD>

   <TD noWrap align=left><I>Impairment of assets</I></TD></TR></TABLE></DIV>

<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>New 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 in September 2015 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</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 31</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, 2016</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">using either a full retrospective or a modified retrospective approach to adopt the guidance. The Company is assessing the impact of this standard.</P>

<P style="TEXT-ALIGN: justify">IAS 7 - <I>Statement of Cash Flows </I>has been revised to incorporate amendments issued by the International Accounting Standards Board ("IASB") in January 2016. The amendments require entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments are effective for annual periods beginning on or after January 1, 2017 with early adoption permitted. The Company is assessing the impact of this standard.</P>

<P style="TEXT-ALIGN: justify">IAS 12 - <I>Income Taxes </I>has been revised to incorporate amendments issued by the IASB in January 2016. The amendments clarify how to account for deferred tax assets related to debt instruments measured at fair value. The amendments are effective for annual periods beginning on or after January 1, 2017 with early adoption permitted. The Company is assessing the impact of this standard.</P>

<P style="TEXT-ALIGN: justify">IFRS 16 - <I>Leases </I>was issued by the IASB and will replace Leases (&#8220;IAS 17&#8221;). IFRS 16 requires most leases to be reported on a company&#8217;s balance sheet as assets and liabilities. IFRS 16 is effective for annual periods beginning on or after January 1, 2019 with early application permitted for companies that also apply IFRS 15 Revenue from Contracts with Customers. The Company is currently assessing the impact of this new 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%">

   <P align=justify>may be found on SEDAR at www.sedar.com;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>may be found at the Company&#8217;s web-site www.silvercorpmetals.com;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>may be found in the Company&#8217;s Annual Information Form; and,</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(d)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>is also provided in the Company&#8217;s annual audited consolidated financial statements as of March 31, 2016.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify>&nbsp;</P></TD></TR></TABLE>

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<TR vAlign=bottom>

   <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>

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<TR>

   <TD vAlign=top width="4%" noWrap>(a)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Share Capital</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Authorized - unlimited number of common shares without par value<BR><BR>Issued and outstanding &#8211; <B>167,307,320 </B>common shares with a recorded value of <B>$231.6 million <BR><BR></B>Shares subject to escrow or pooling agreements - $nil.</P>

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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 32</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<a name="_bclPageBorder34"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<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>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, 2016</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>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



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   <TD width="4%"></TD>

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<TR vAlign=bottom>

   <TD noWrap align=left>(b)</TD>

   <TD noWrap align=left>Options</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">As at the date of this report, the outstanding options comprise the following:</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 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=right><B><FONT color=#ffffff>Expiry Date</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>296,000</TD>

   <TD width="33%" noWrap align=right>6.69</TD>

   <TD width="33%" noWrap align=right>3/5/2017</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>141,000</TD>

   <TD width="33%" noWrap align=right>6.53</TD>

   <TD width="33%" noWrap align=right>6/17/2017</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>180,000</TD>

   <TD width="33%" noWrap align=right>5.35</TD>

   <TD width="33%" noWrap align=right>8/8/2017</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>184,000</TD>

   <TD width="33%" noWrap align=right>5.40</TD>

   <TD width="33%" noWrap align=right>12/3/2017</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>143,000</TD>

   <TD width="33%" noWrap align=right>4.34</TD>

   <TD width="33%" noWrap align=right>9/18/2019</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>177,250</TD>

   <TD width="33%" noWrap align=right>3.91</TD>

   <TD width="33%" noWrap align=right>3/7/2018</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>1,000,000</TD>

   <TD width="33%" noWrap align=right>3.63</TD>

   <TD width="33%" noWrap align=right>2/18/2020</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>182,125</TD>

   <TD width="33%" noWrap align=right>3.25</TD>

   <TD width="33%" noWrap align=right>6/2/2018</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>275,187</TD>

   <TD width="33%" noWrap align=right>3.41</TD>

   <TD width="33%" noWrap align=right>9/12/2018</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>139,187</TD>

   <TD width="33%" noWrap align=right>2.98</TD>

   <TD width="33%" noWrap align=right>1/21/2019</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>398,250</TD>

   <TD width="33%" noWrap align=right>1.75</TD>

   <TD width="33%" noWrap align=right>5/29/2019</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>257,202</TD>

   <TD width="33%" noWrap align=right>1.76</TD>

   <TD width="33%" noWrap align=right>10/14/2019</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>1,550,098</TD>

   <TD width="33%" noWrap align=right>1.43</TD>

   <TD width="33%" noWrap align=right>6/2/2020</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=right>3,528,088</TD>

   <TD width="33%" noWrap align=right>0.66</TD>

   <TD width="33%" noWrap align=right>12/30/2018</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=right><B>8,451,387</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>

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   <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, 2016. 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 volatility in metal prices, readers are especially encouraged to understand the significant impact of metal prices on the Company&#8217;s operations.</P>

<UL>

<LI>

<P align=justify>Metal Price Risk</P></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; currency exchange fluctuations; interest rates; global or regional supply and demand for jewellery and</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 33</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, 2016</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">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, 2016, 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>

<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>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>

<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>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>



<TR>

   <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 width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</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 width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Yikang Liu, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Derek Liu, Chief Financial Officer</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Paul Simpson, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Lorne Waldman, Senior Vice President, Corporate Secretary &amp; General Counsel</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 100%" colSpan=2 align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>David Kong, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Alex Zhang, Vice President, Exploration</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</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>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Gordon Neal, Vice President, Corporate Development</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=left>

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   <TD width="33%"></TD>

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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 34</B></TD></TR></TABLE></DIV>

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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>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, 2016</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>

<P align=justify><I>the price of silver and other metals;</I></P>

<LI>

<P align=justify><I>estimates of the Company&#8217;s revenues and capital expenditures;</I></P>

<LI>

<P align=justify><I>estimated ore production and grades from the Company&#8217;s mines in the Ying Mining District; and;</I></P>

<LI>

<P align=justify><I>timing of receipt of permits and regulatory approvals.</I></P></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>

<P align=justify><I>fluctuating commodity prices;</I></P>

<LI>

<P align=justify><I>fluctuating currency exchange rates;</I></P>

<LI>

<P align=justify><I>increasing labour costs;</I></P>

<LI>

<P align=justify><I>exploration and development programs;</I></P>

<LI>

<P align=justify><I>feasibility and engineering reports;</I></P>

<LI>

<P align=justify><I>permits and licenses;</I></P>

<LI>

<P align=justify><I>operations and political conditions;</I></P>

<LI>

<P align=justify><I>regulatory environment in China and Canada;</I></P>

<LI>

<P align=justify><I>environmental risks; and</I></P>

<LI>

<P align=justify><I>risks and hazards of mining operations.</I></P></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>

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   <TD width="33%"></TD></TR>

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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 35</B></TD></TR></TABLE></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
