<SEC-DOCUMENT>0001176256-18-000219.txt : 20181109
<SEC-HEADER>0001176256-18-000219.hdr.sgml : 20181109
<ACCEPTANCE-DATETIME>20181108173933
ACCESSION NUMBER:		0001176256-18-000219
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20181108
FILED AS OF DATE:		20181109
DATE AS OF CHANGE:		20181108

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:		181170826

	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>silvercorp6kq2.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER FOR NOVEMBER 7, 2018
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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"><strong>UNITED STATES</strong></font><br>
    <font size="4"><strong>SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
    <strong>Washington, D.C. 20549</strong></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">November 7, 2018</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 &#8220;submitting&#8221; the Form 6-K in paper as permitted by Regulation S-T &#8220;Rule&#8221; 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 &#8220;home country&#8221;), 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 &#8220;Yes&#8221; 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: November 7, 2018</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>
      </TR>
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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="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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        <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 - November 7, 2018 Silvercorp Reports Q2 Net Income of $8.0 Million, $0.05 Per Share, and Cash Flow from Operations of $21.0 Million</A></TD>
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        <TD width="96%" align=left>&nbsp;</TD>
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        <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap valign=top align=left><A href="exhibit99-2.htm">99.2</A></TD>
        <TD style="BACKGROUND-COLOR: #ececec" width="96%" align=left><A href="exhibit99-2.htm">Silvercorp Metals Inc. Financial Statements for the 2nd Quarter ended September 30, 2018</A></TD>
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        <TD width="96%" align=left>&nbsp;</TD>
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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">Silvercorp Metals Inc. MD&A for the 2nd Quarter ended September 30, 2018</A></TD>
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        <TD width="96%" align=left>&nbsp;</TD>
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        <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap valign=top align=left><A href="exhibit99-4.htm">99.4</A></TD>
        <TD style="BACKGROUND-COLOR: #ececec" width="96%" align=left><A href="exhibit99-4.htm">Form 52-109F2 Certificate of interim filings- full certificate- CFO</A></TD>
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        <TD width="96%" align=left>&nbsp;</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">Form 52-109F2 Certificate of interim filings- full certificate- CEO</A></TD>
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  <P style="TEXT-ALIGN: center">3</P>
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<TYPE>EX-99.1
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<FILENAME>exhibit99-1.htm
<DESCRIPTION>NEWS RELEASE - NOVEMBER 7, 2018
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   <TD width="8%" noWrap align=left><B><B>NEWS RELEASE</B></B></TD>

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   <TD width="8%" noWrap align=left><B>Trading Symbol:</B></TD>

   <TD width="92%" noWrap align=left><B>TSX: SVM</B></TD></TR>

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

   <TD width="92%" noWrap align=left><B>NYSE AMERICAN: SVM</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B>SILVERCORP REPORTS Q2 NET INCOME OF $8.0 MILLION, $0.05 PER SHARE, <BR>AND CASH FLOW FROM OPERATIONS OF $21.0 MILLION</B></P>

<P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia &#8211; November 7, 2018 <B>&#8211; </B>Silvercorp Metals Inc. (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the second quarter ended September 30, 2018 (&#8220;Q2 Fiscal 2019&#8221;). All amounts are expressed in US Dollars.</P>

<P style="TEXT-ALIGN: justify"><B><U>Q2 FISCAL YEAR 2019 HIGHLIGHTS</U></B></P>

<UL>

<LI>

<P align=justify>Sales of $48.1 million, up 1% compared to $47.5 million in the prior year quarter;</P>

<LI>

<P align=justify>Sold approximately 1.9 million ounces of silver, 1,000 ounces of gold, and 19.4 million pounds of lead, up by 17%, 25%, and 15%, respectively, compared to 1.6 million ounces of silver, 800 ounces of gold, 16.9 million pounds of lead in the prior year quarter while zinc sold was 4.9 million pounds, down 12% compared to 5.6 million pounds in the prior year quarter. The ending inventories of silver-lead concentrate were 3,732 tonnes (containing approximately 0.4 million ounces of silver and 4.3 million pounds of lead), a decrease of 34%, compared to 5,650 tonnes of silver-lead concentrate inventories as at June 30, 2018;</P>

<LI>

<P align=justify>Gross profit margin of 47% compared to 54% in the prior year quarter, with the decrease mainly due to lower metal prices;</P>

<LI>

<P align=justify>Net income attributable to equity shareholders of $8.0 million, or $0.05 per share, compared to net income attributable to equity shareholders of $11.1 million, or $0.07 per share in the prior year quarter;</P>

<LI>

<P align=justify>Cash flow from operations of $21.0 million, up 1% compared to $20.7 million in the prior year quarter;</P>

<LI>

<P align=justify>Cash cost per ounce of silver<SUP>1 </SUP>, net of by-product credits, of negative $3.37, compared to negative $5.16 in the prior year quarter; All-in sustaining cost per ounce of silver<SUP>1 </SUP>, net of by-product credits, of $2.54, compared to $2.26 in the prior year quarter;</P>

<LI>

<P align=justify>Paid $1.1 million withholding tax at 10% rate for dividend distributed out of China to the Company, compared to $nil in the prior year quarter; and,</P>

<LI>

<P align=justify>Ended the quarter with $123.9 million in cash and cash equivalents and short-term investments, an increase of $9.1 million or 8% compared to $114.8 million as at June 30, 2018.</P></LI></UL>

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

<P style="TEXT-ALIGN: justify"><B>Net income attributable to equity shareholders of the Company </B>in Q2 Fiscal 2019 was $8.0 million, or $0.05 per share, compared to $11.1 million, or $0.07 per share in the three months ended September 30, 2017 (&#8220;Q2 Fiscal 2018&#8221;).</P>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="100%" colSpan=2 noWrap align=left><SUP></SUP><SUP><FONT style="FONT-SIZE: 8pt">1 </FONT></SUP><FONT style="FONT-SIZE: 8pt"><I>Non IFRS measure, please refer to section 10 of the corresponding MD&amp;A for reconciliation</FONT></I></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: justify"><B>Sales </B>in Q2 Fiscal 2019 were $48.1 million, up 1% compared to $47.5 million in Q2 Fiscal 2018. Silver and gold sales represented $23.4 million and $1.0 million, respectively, while base metals represented $23.6 million of total sales, compared to silver, gold and base metals sales of $22.6 million, $0.9 million, and $24.1 million, respectively, in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">The Company&#8217;s financial results in Q2 Fiscal 2019 were mainly impacted by i) a decrease of 11%, 4%, 8%, and 18% in the realized selling prices for silver, gold, lead and zinc, respectively compared to Q2 Fiscal 2018, and ii) an increase of 17% and 15% of silver and lead sold.</P>

<P style="TEXT-ALIGN: justify"><B>Cost of sales </B>in Q2 Fiscal 2019 was $25.4 million compared to $21.9 million in Q2 Fiscal 2018. The cost of sales included $18.2 million (Q2 Fiscal 2018 - $16.2 million) cash production costs, $1.4 million mineral resources tax (Q2 Fiscal 2018 - $1.3 million), and $5.8 million (Q2 Fiscal 2018 - $4.4 million) depreciation and amortization charges. The increase in cash production costs and depreciation and amortization charges was mainly due to more metals sold in the current quarter while the increase in mineral resources tax was due to higher sales achieved in Q2 Fiscal 2019. The cash production costs expensed in cost of sales represent approximately 275,000 tonnes of ore processed and expensed at costs of $66.33 per tonne (Q2 Fiscal 2018 &#8211; approximately 246,600 tonnes at $65.61 per tonne) <B>Gross profit margin </B>in Q2 Fiscal 2019 was 47%, compared to 54% in Q2 Fiscal 2018, with the decrease mainly due to the decrease in metal selling prices. Ying Mining District&#8217;s gross profit margin was 50% compared to 56% in Q2 Fiscal 2018. GC Mine&#8217;s gross profit margin was 29% compared to 40% in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify"><B>General and administrative expenses </B>in Q2 Fiscal 2019 were $4.6 million, a slight increase compared to $4.5 million in Q2 Fiscal 2018. Excluding non-cash share-based compensation and amortization expense, general and administrative expenses in Q2 Fiscal 2019 were $3.9 million, comparable to $3.9 million in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify"><B>Income tax expenses </B>in Q2 Fiscal 2019 were $5.8 million compared to $5.3 million in Q2 Fiscal 2018. The income tax expense recorded in Q2 Fiscal 2019 included current income tax expense of $5.1 million (Q2 Fiscal 2018 &#8211; $4.5 million) and deferred income tax expense of $0.7 million (Q2 Fiscal 2018 &#8211; $1.0 million). The current income tax expenses include $1.1 million withholding tax (Q2 Fiscal 2018 &#8211;$nil), being 10% of the dividends distributed out of China to the Company by the Company&#8217;s Chinese subsidiaries.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows provided by operating activities </B>in Q2 Fiscal 2019 were $21.0 million, a slight increase compared to $20.7 million in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify"><B>For the six months ended September 30, 2018, </B>net income attributable to equity shareholders of the Company was $19.0 million or $0.11 per share, an effective increase of $1.2 million or 7% over the same prior year period, which was $17.8 million or $0.10 per share after excluding a one-time gain on the sale of a Net Smelter Royalty, which increased the actual net income to shareholders to $22.1 million or $0.13 per share in the same prior year period; sales were $93.2 million, up 7% from $87.2 million in the same prior year period; and cash flows from operating activities were $42.2 million, up 12% from $37.6 million in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">The Company ended the period with $123.9 million in cash and short-term investments, an increase of $9.1 million or 8% compared to $114.8 million as at June 30, 2018.</P>

<P style="TEXT-ALIGN: justify">Working capital as at September 30, 2018 was $98.7 million, an increase of $4.5 million or 5%, compared to $94.2 million working capital as at June 30, 2018.</P>

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

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   <TD noWrap align=left>Q2 Fiscal 2019 vs. Q2 Fiscal 2018</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2019, on a consolidated basis, the Company mined 248,419 tonnes of ore, an increase of 4% or 9,313 tonnes, compared to 239,106 tonnes in Q2 Fiscal 2018. Ore mined at the Ying Mining District increased by 4% or 7,368 tonnes, and ore mined at the GC Mine increased by 3% or 1,945 tonnes. Ore milled were 239,728 tonnes, up 1% compared to 237,594 tonnes of ore milled in Q2 Fiscal 2018. Ending</P>

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<P style="TEXT-ALIGN: justify">stockpiled ore inventory as at September 30, 2018 was 21,362 tonnes, up 75% compared to 12,234 tonnes as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the Company sold approximately 1.9 million ounces of silver, 1,000 ounces of gold, and 19.4 million pounds of lead, up by 17%, 25%, and 15%, respectively, compared to 1.6 million ounces of silver, 800 ounces of gold, 16.9 million pounds of lead in Q2 Fiscal 2018 while zinc sold was 4.9 million pounds, down 12% compared to 5.6 million pounds in Q2 Fiscal 2018. As at September 30, 2018, inventories of silver-lead concentrate were 3,732 tonnes and zinc concentrate inventories were 598 tonnes, compared to inventories of 4,070 tonnes of silver-lead concentrate and 370 tonnes of zinc concentrate as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the consolidated total mining costs and cash mining costs were $72.71 and $53.90 per tonne, compared to $70.58 and $52.77 per tonne, respectively, in Q2 Fiscal 2018. The 2% increase in the cash mining costs per tonne comparing to Q2 Fiscal 2018 was mainly due to more tunnelling expensed at the GC Mine in the current quarter. The consolidated total milling costs and cash milling costs in Q2 Fiscal 2019 were $11.60 and $9.36 per tonne, down 7% and 8% compared to $12.44 and $10.14 per tonne, respectively, in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, the consolidated total and cash production costs per tonne of ore processed in Q2 Fiscal 2019 increased slightly by 2% and 1% to $87.38 and $66.33, respectively, from $85.72 and $65.61 in Q2 Fiscal 2018, but the consolidated cash production costs per tonne is 6% lower than the annual guidance of $70.20.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the consolidated total production costs and cash costs per ounce of silver, net of byproduct credits, were negative $0.34 and negative $3.37 compared to negative $2.43 and negative $5.16 respectively in Q2 Fiscal 2018. The increase in the cash cost per ounce of silver, net of by-product credits, is mainly due to a 14% decrease in by-product credits per ounce of silver, mainly arising from 8% and 18% decrease in the realized lead and zinc selling price. Sales from lead and zinc accounted for 48% of the total sales and amounted to $23.2 million, a decrease of $0.7 million, compared to $23.9 million in the Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">The consolidated all-in sustaining cost per ounce of silver, net of by-product credits is $2.54 compared to $2.26 in Q2 Fiscal 2018.</P>

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   <TD noWrap align=left>(ii)</TD>

   <TD noWrap align=left>Six months ended September 30, 2018 vs. Six months ended September 30, 2017</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, on a consolidated basis, the Company mined 485,117 tonnes of ore, an increase of 4% or 20,739 tonnes, compared to 464,378 tonnes mined in the same prior year period. In the same comparative period, ore milled increased 2% to 477,468 tonnes compared to 468,496 tonnes.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, the Company sold approximately 3.4 million ounces of silver, 1,700 ounces of gold, 34.3 million pounds of lead, and 11.3 million pounds of zinc, compared to 3.1 million ounces of silver, 1,700 ounces of gold, 32.8 million of lead, and 10.6 million pounds of zinc sold in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">The consolidated total mining and cash mining costs were $74.40 and $55.05 per tonne, an increase of 7% and 7%, compared to $69.39 and $51.57 per tonne in the same prior year period while the consolidated total milling cost and cash milling cost were $12.87 and $10.54, an increase of 3% and 4%, respectively, compared to $12.45 and $10.13 per tonne in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">The consolidated total production costs and cash production costs per tonne of ore processed for the six months ended September 30, 2018 were $90.23 and $68.55, an increase of 7% and 6%, respectively, compared to $84.62 and $64.48 in the same prior year period, but the consolidated cash production costs per tonne is 2% lower than the annual guidance of $70.20.</P>

<P style="TEXT-ALIGN: justify">The consolidated cash production costs and all-in sustaining costs per ounce of silver, net of by-product credits, were negative $5.18 and $1.61 compared to negative $4.51 and $3.44, respectively, in the same prior year period.</P>

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

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   <TD noWrap align=left><B>1.</B></TD>

   <TD noWrap align=left><B>Ying Mining District, Henan Province, China</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="29%"></TD>

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   <TD width="9%"></TD>

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   <TD width="9%"></TD>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD 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 width="9%"></TD>

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   <TD width="9%"></TD>

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   <TD bgColor=#993300 width="38%" colSpan=2 noWrap align=left><B><FONT style="COLOR: #ffffff">Operational results - Ying Mining District</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" bgColor=#993300 width="1%" noWrap align=left></TD>

   <TD bgColor=#993300 width="9%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="29%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">Q2 2019</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">Q1 2019</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">Q4 2018</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">Q3 2018</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">Q2 2018</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" bgColor=#993300 width="1%" noWrap align=left></TD>

   <TD bgColor=#993300 width="19%" colSpan=3 noWrap align=center><B><FONT style="COLOR: #ffffff">Six Months ende</FONT></B><FONT style="COLOR: #ffffff"><B>d </B><B>September 30,</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="29%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">September 30, 2018</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">June 30, 2018</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">March 31, 2018</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">December 31, 2017</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">September 30, 2017</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#993300 width="1%" noWrap align=left></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">2018</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><B><FONT style="COLOR: #ffffff">2017</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B>Ore Mined (tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>180,662</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>156,730</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>113,820</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>166,619</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>173,294</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>337,393</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>333,701</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=left><B>Ore Milled (tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>172,200</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>155,929</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>112,285</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>167,543</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>173,946</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>328,129</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>338,904</TD>

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

<TR vAlign=bottom>

   <TD width="29%" align=left><B>Head Grades</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>308</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>323</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>309</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>315</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>294</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>315</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>299</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>4.6</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>4.5</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>4.3</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>4.5</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>4.3</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>4.6</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>4.4</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>0.9</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>1.1</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>1.0</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>1.0</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>0.8</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>1.0</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>0.8</TD>

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

<TR vAlign=bottom>

   <TD width="29%" align=left><B>Recoveries</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>96.1</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>96.0</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>95.9</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>95.8</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>95.6</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>96.1</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>95.7</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>95.6</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>96.3</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>96.5</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>96.4</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>96.2</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>95.8</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>96.3</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>51.2</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>54.5</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>54.5</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>57.3</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>50.7</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>52.9</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>48.4</TD>

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

<TR vAlign=bottom>

   <TD width="29%" align=left><B>Metal Sales</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>1,765</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1,313</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1,319</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1,322</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1,472</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>3,078</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>2,796</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>1.0</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>0.7</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>0.7</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>0.7</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>0.8</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>1.7</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1.7</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>17,359</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>13,313</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>12,649</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>13,487</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>15,279</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>30,672</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>29,044</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" 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="9%" noWrap align=right><B>1,648</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2,133</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>1,106</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2,006</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2,269</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>3,781</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>3,024</TD>

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

<TR vAlign=bottom>

   <TD width="29%" align=left><B>Cash mining costs ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>58.65</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>63.49</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>65.88</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>66.71</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>59.67</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>62.15</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>57.32</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B>Total mining costs ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>81.50</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>89.57</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>92.81</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>90.12</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>81.20</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>86.50</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>79.03</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B>Cash milling costs ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>8.54</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>10.30</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>12.59</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>9.84</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>8.50</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>9.37</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>8.29</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=left><B>Total milling costs ($ per tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>10.47</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>12.60</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>15.80</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>11.87</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>10.45</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>11.48</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>10.28</TD>

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

<TR vAlign=bottom>

   <TD width="29%" align=left><B>Cash production costs ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>71.45</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>78.10</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>82.84</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>80.60</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>71.85</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>75.80</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>69.47</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B>&nbsp;</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left><B></B></TD>

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

   <TD width="1%" noWrap align=left></TD>

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

   <TD width="1%" noWrap align=left></TD>

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

   <TD width="1%" noWrap align=left></TD>

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

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left><B></B></TD>

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

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B>Cash costs per ounce of silver ($)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>(2.80</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left><B>)</B></TD>

   <TD width="9%" noWrap align=right>(6.25</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="9%" noWrap align=right>(3.41</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="9%" noWrap align=right>(4.53</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="9%" noWrap align=right>(4.27</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>(4.27</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left><B>)</B></TD>

   <TD width="9%" noWrap align=right>(3.79</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=left><B>All-in sustaining costs per ounce of </B><B>silver ($)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>1.52</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(0.28</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>1.39</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2.13</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>1.08</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>0.75</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2.30</TD>

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

<P style="TEXT-ALIGN: justify">Q2 Fiscal 2019 vs. Q2 Fiscal 2018</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the total ore mined at the Ying Mining District was 180,662 tonnes, an increase of 4% or 7,368 tonnes, compared to 173,294 tonnes mined in Q2 Fiscal 2018. Ore milled was 172,200 tonnes, a decrease of 1% or 1,746 tonnes compared to 173, 946 tonnes in Q2 Fiscal 2018. As at September 30, 2018, stockpile ore at the Ying Mining District was 19,269 tonnes, an increase of 10,742 tonnes compared to 8,257 tonnes as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">Head grades of ore milled at the Ying Mining District in Q2 Fiscal 2019 were 308 grams per tonne (&#8220;g/t&#8221;) for silver, 4.6% for lead, and 0.9% for zinc, compared to 294 g/t for silver, 4.3% for lead and 0.8% for zinc in Q2 Fiscal 2018. The Company continues to achieve good dilution control using its &#8220;Enterprise Blog&#8221; to assist and manage daily operations.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the Ying Mining District sold approximately 1.8 million ounces silver, 17.4 million pounds lead, and 1.6 million pounds zinc, compared to 1.5 million ounces silver, 15.3 million pounds lead, and 2.3 million pounds of zinc in Q2 Fiscal 2018. As at September 30, 2018, inventories of silver-lead concentrate at the Ying Mining District were 3,452 tonnes and zinc concentrate inventories were 230 tonnes, compared to inventories of 4,050 tonnes of silver-lead concentrate and 350 tonnes of zinc concentrate as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">Total and cash mining costs per tonne at the Ying Mining District in Q2 Fiscal 2019 were $81.50 and $58.65 per tonne, respectively, comparable to $81.20 and $59.67 per tonne in Q2 Fiscal 2018. Total and cash milling costs per tonne at the Ying Mining District in Q2 Fiscal 2019 were $10.47 and $8.54, also comparable to $10.45 and $8.50 in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, the total production costs and cash production costs per tonne of ore processed in Q2 Fiscal 2019 at the Ying Mining District were $96.23 and $71.45, compared to $95.33 and $71.85 in Q2 Fiscal 2018, and the cash production costs of $71.45 per tonne is 5% lower than the annual guidance of $75.40.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver, net of by-product credits, in Q2 Fiscal 2019 at the Ying Mining District, was negative $2.80 compared to negative $4.27 in the prior year quarter. The increase in the cash cost per ounce of silver, net of by-product credits, is mainly due to a 15% decrease in by-product credits per once of silver, mainly arising from 8% and 20% decreases in lead and zinc realized selling price. All in sustaining costs per ounce of silver, net of by-product credits, in Q2 Fiscal 2019 at the Ying Mining District was $1.52 compared to $1.08 in the prior year quarter. The increase was mainly due to the cash cost per ounce of silver, net of by-product credits as discussed above.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, approximately 22,672 metres or $0.5 million worth of underground diamond drilling</P>

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

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<P style="TEXT-ALIGN: justify">(Q2 Fiscal 2018 &#8211; 29,834 metres or $0.6 million) and 5,376 metres or $1.7 million worth of preparation tunnelling (Q2 Fiscal 2018 &#8211; 6,390 metres or $1.9 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 18,634 metres or $6.0 million worth of horizontal tunnels, raises, ramps and declines (Q2 Fiscal 2018 &#8211; 16,958 metres or $5.2 million) were completed and capitalized.</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>

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   <TD noWrap align=left>i)</TD>

   <TD noWrap align=left>Six months ended September 30, 2018 vs. Six months ended September 30, 2017</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, a total of 337,393 tonnes of ore were mined at the Ying Mining District, an increase of 1% or 3,692 tonnes compared to 333,701 tonnes mined in the same prior year period. Ore milled was 328,129 tonnes, down 3% or 10,775 tonnes compared to 338,904 tonnes in the same prior year period. Average head grades of ore processed were 315 g/t for silver, 4.6% for lead, and 1.0% for zinc compared to 299 g/t for silver, 4.4% for lead, and 0.8% for zinc, respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">During the same time periods, the Ying Mining District sold approximately 3.1 million ounces of silver, 1,700 ounces of gold, 30.7 million pounds of lead, and 3.8 million pounds of zinc, compared to 2.8 million ounces of silver, 1,700 ounces of gold, 29.0 million pounds of lead, and 3.0 million pounds of zinc in prior year period.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, the cash mining costs and cash milling costs at the Ying Mining District were $62.15 per tonne and $9.37 per tonne, an increase of 8% and 13%, respectively, compared to $57.32 and $8.29 in the same prior year period. The cash production costs were $75.80 per tonne, slightly higher than the annual guidance of $75.40.</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 six months ended September 30, 2018, were negative $4.27 and $0.75 respectively, compared to negative $3.79 and $2.30 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, approximately 49,521 metres or $1.1 million worth of underground diamond drilling (same prior year period &#8211; 60,898 metres or $1.3 million) and 10,917 metres or $3.0 million worth of preparation tunnelling (same prior year period &#8211; 11,727 metres or $3.3 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 35,562 metres or $12.5 million worth of horizontal tunnels, raises, and declines (same prior year period &#8211; 35,848 metres or $10.2 million) were completed and capitalized.</P>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B><B>2. </B></B></TD>

   <TD width="96%" noWrap align=left><B>GC Mine, Guangdong Province, China</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD bgColor=#993300 width="29%" noWrap align=left><B><FONT style="COLOR: #ffffff">Operational results - GC Mine</FONT></B></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">Q2 2019</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">Q1 2019</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">Q4 2018</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">Q3 2018</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">Q2 2018</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="1%" noWrap align=left></TD>

   <TD bgColor=#993300 width="19%" colSpan=3 noWrap align=right><FONT style="COLOR: #ffffff">Six Months Ended September 30</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="29%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">September 30, 2018</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">June 30, 2018</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">March 31, 2018</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">December 31, 2017</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">September 30, 2017</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">2018</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#993300 width="9%" noWrap align=right><FONT style="COLOR: #ffffff">2017</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>Ore Mined (tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>67,757</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>79,967</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>29,442</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>85,665</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>65,812</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>147,724</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>130,677</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" noWrap align=left><B>Ore Milled (tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>67,528</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>81,811</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>26,252</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>88,494</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>63,648</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; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>149,339</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>129,592</TD>

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

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>Head Grades</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>78</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>87</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>96</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>97</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>102</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>83</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>100</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>1.4</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1.3</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1.3</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1.4</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1.4</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>1.3</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1.5</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" noWrap align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>2.8</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2.9</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2.9</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2.8</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2.8</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>2.8</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>2.7</TD>

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

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>Recovery Rates</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>76.7</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>75.3</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>76.3</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>73.6</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>74.4</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>75.9</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>77.8</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>91.2</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>87.1</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>87.5</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>83.9</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>82.8</TD>

   <TD 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="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>89.1</B></TD>

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

   <TD width="9%" noWrap align=right>86.0</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" noWrap align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>83.3</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>84.8</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>85.7</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>81.3</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>81.6</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>84.1</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>81.2</TD>

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

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>Metal Sales</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>136</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>150</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>63</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>196</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>155</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>286</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>344</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>

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

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>2,063</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1,583</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>688</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>2,263</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>1,656</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>3,646</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>3,803</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" 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="9%" noWrap align=right><B>3,240</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>4,244</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>1,479</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>4,399</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>3,311</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>7,484</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>7,555</TD>

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

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>Cash mining cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>41.25</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>36.78</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>45.92</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>35.48</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>34.60</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>38.83</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>36.88</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>Total mining cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>49.29</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>44.62</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>57.47</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>43.10</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>42.62</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>46.76</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>44.78</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>Cash milling cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>11.45</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>14.46</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>25.07</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>14.09</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>14.63</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>13.10</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>14.95</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" noWrap align=left><B>Total milling cost ($ per tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>14.47</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>17.14</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>33.41</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>16.45</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>17.90</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>15.93</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>18.14</TD>

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

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>Cash production cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>52.70</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>51.24</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>70.99</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>49.57</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>49.23</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>51.93</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=right>51.83</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>&nbsp;</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left><B></B></TD>

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

   <TD width="1%" noWrap align=left></TD>

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

   <TD width="1%" noWrap align=left></TD>

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

   <TD width="1%" noWrap align=left></TD>

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

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B></B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left><B></B></TD>

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

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B>Cash cost per ounce of silver ($)</B></TD>

   <TD bgColor=#f2dcdb width="9%" noWrap align=right><B>(10.81</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left><B>)</B></TD>

   <TD width="9%" noWrap align=right>(18.81</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="9%" noWrap align=right>(13.95</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="9%" noWrap align=right>(15.34</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="9%" noWrap align=right>(13.56</TD>

   <TD 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 bgColor=#f2dcdb width="9%" noWrap align=right><B>(15.01</B></TD>

   <TD bgColor=#f2dcdb width="1%" noWrap align=left><B>)</B></TD>

   <TD width="9%" noWrap align=right>(10.39</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" noWrap align=left><B>All-in sustaining cost per ounce of silver ($)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="9%" noWrap align=right><B>(2.03</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(11.36</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(4.57</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(4.52</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(3.77</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</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" bgColor=#f2dcdb width="9%" noWrap align=right><B>(6.92</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(3.06</TD>

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

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   <TD width="4%" noWrap align=left>i)</TD>

   <TD width="96%" noWrap align=left>Q2 Fiscal 2019 vs. Q2 Fiscal 2018</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the total ore mined at the GC Mine was 67,757 tonnes, an increase of 3% or 1,945 tonnes, compared to 65,812 tonnes mined in Q2 Fiscal 2018, while ore milled was 67,528 tonnes, an increase of 6% or 3,880 tonnes compared to 63,648 tonnes in Q2 Fiscal 2018. Average head grades of ore processed at the GC Mine were 78 g/t for silver, 1.4% for lead, and 2.8% for zinc compared to 102 g/t for</P>

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

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<P style="TEXT-ALIGN: justify">silver, 1.4% for lead, and 2.8% for zinc in the prior year quarter.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the GC Mine sold 136 thousand ounces of silver, 2.1 million pounds of lead, and 3.2 million pounds of zinc, compared to 155 thousand ounces of silver, 1.7 million pounds of lead, and 3.3 million pounds of zinc sold in the prior year quarter. The decrease in metals sold at the GC Mine was mainly due to the increase in ending concentrate inventories. As at September 30, 2018, inventories of silver-lead concentrates were 280 tonnes and zinc concentrates were 368, compared to inventories of 20 tonnes of silver-lead concentrate and 20 tonnes of zinc concentrate as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">Total and cash mining costs per tonne at the GC Mine in Q2 Fiscal 2019 were $49.29 and $41.25 per tonne, compared to $42.62 and $34.60 per tonne in Q2 Fiscal 2018. The increase in cash mining costs was mainly due to a $0.3 million increase in mining preparation costs resulting from more underground drilling and tunnelling expensed in the current quarter. Total and cash milling costs per tonne at the GC Mine in Q2 Fiscal 2019 were $14.47 and $11.45, a decrease of 19% and 22%, respectively, compared to $17.90 and $14.63, respectively, in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, the total production costs and cash production costs per tonne of ore processed in Q2 Fiscal 2019 at the GC Mine were $63.76 and $52.70, an increase of 5% and 7%, respectively, compared to $60.52 and $49.23 in the prior year quarter, and cash production costs per tonne is 8% lower than the annual guidance of $57.20.</P>

<P style="TEXT-ALIGN: justify">Cash costs per ounce of silver, net of by-product credits, at the GC Mine, was negative $10.81 compared to negative $13.56 in the prior year quarter. The increase was mainly due to a $0.3 million or 11% increase cash production costs expensed into cost of sales and a $0.3 million or 5% decrease in by-product credits mainly resulting from an 11% and 17% decrease in net realized lead and zinc selling prices at the GC Mine.</P>

<P style="TEXT-ALIGN: justify">All in sustaining costs per ounce of silver, net of by-product credits, in Q2 Fiscal 2019 at the GC Mine was negative $2.03 compared to negative $3.77 in the prior year quarter, and the increase was mainly due to the higher cash costs per ounce of silver, net of by-product credits as discussed above.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, approximately 7,355 metres or $0.3 million worth of underground diamond drilling (Q2 Fiscal 2018 &#8211; 5,511 metres or $0.2 million) and 5,243 metres or $1.4 million worth of tunnelling (Q2 Fiscal 2018 &#8211; 3,940 metres or $1.1 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 241 metres or $0.2 million of horizontal tunnels raises and declines (Q2 Fiscal 2018 &#8211; 105 metres or $0.1 million) were completed and capitalized.</P>

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   <TD width="4%" noWrap align=left>ii)</TD>

   <TD width="96%" noWrap align=left>Six months ended September 30, 2018 vs. Six months ended September 30, 2017</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, a total of 147,724 tonnes of ore were mined and 149,339 tonnes were milled at the GC Mine, compared to 130,677 tonnes mined and 129,592 tonnes milled in the same prior year period. Average head grades of ore milled were 83 g/t for silver, 1.3% for lead, and 2.8% for zinc, compared to 100 g/t for silver, 1.5% for lead, and 2.7% for zinc, respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">During the same time periods, the GC Mine sold approximately 286 thousand ounces of silver, 3.6 million pounds of lead, and 7.5 million pounds of zinc, compared to 344 thousand ounces of silver, 3.8 million pounds of lead, and 7.6 million pounds of zinc in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, the cash mining costs at the GC Mine was $38.83 per tonne, an increase of 5% compared to $36.88 per tonne in the same prior year period. The increase in the cash mining costs was mainly due to a $0.7 million increase in mining preparation as more underground drilling and tunnelling was expensed in the current period. The cash milling costs was $13.10 per tonne, a decrease of 12% compared to $14.95 in the same prior year period. Correspondingly, the total production costs and cash production costs per tonne at the GC Mine were $62.69 and $51.93, comparable to $62.92 and $51.83 in the prior year period, but the cash production costs per tonne is 9% lower than the annual guidance of $57.20.</P>

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

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<P style="TEXT-ALIGN: justify">Cash costs per ounce of silver and all in sustaining costs per ounce of silver, net of by product credits, at the GC Mine, for the six months ended September 30, 2018, were negative $15.01 and negative $6.92 respectively, compared to negative $10.39 and negative $3.06 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, approximately 14,774 metres or $0.7 million worth of underground diamond drilling (same prior year period &#8211; 10,483 metres or $0.5 million) and 10,484 metres or $3.0 million of tunnelling (same prior year period &#8211; 9,232 metres or $2.4 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 779 metres or $0.7 million of horizontal tunnels, raise, and declines (same prior year period &#8211; 263 metres or $0.2 million) were completed and capitalized.</P>

<P style="TEXT-ALIGN: justify">Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of the Company, 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 under the Company&#8217;s profile 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 underdeveloped projects with resource potential and the ability to grow organically. For more information, please visit our website at <U>www.silvercorp.ca</U>.</P>

<P style="TEXT-ALIGN: justify"><B>For further information</B></P>

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

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

<P style="TEXT-ALIGN: justify">Certain of the statements and information in this news 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 (collectively, &#8220;forward-looking statements&#8221;). 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. Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company&#8217;s material properties; the sufficiency of the Company&#8217;s capital to finance the Company&#8217;s operations; estimates of the Company&#8217;s revenues and capital expenditures; estimated production from the Company&#8217;s mines in the Ying Mining District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company&#8217;s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company&#8217;s properties.</P>

<P style="TEXT-ALIGN: justify">Forward-looking statements 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, 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</P>

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

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<P style="TEXT-ALIGN: justify">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; 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. Forward-looking statements 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 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, 2018 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.</P>

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

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

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

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

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

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   <TD style= width="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 September 30,</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="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>2018</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>2018</TD>

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

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   <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>53,522</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>49,199</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>70,396</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>56,910</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>456</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>676</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>11,869</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>11,018</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 a related party</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>32</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>11</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=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>534</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>4,335</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>4,456</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>140,610</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>122,804</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></B></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="72%" noWrap align=left><B>Non-current Assets</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></TR>

<TR vAlign=bottom>

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

   <P style="MARGIN-LEFT: 4%">Long-term 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>1,046</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>954</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%">Reclamation deposits</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>5,219</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>5,712</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%">Investment in an associate</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>38,085</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>38,001</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%">Other investments</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>7,790</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>6,132</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%">Plant and equipment</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>66,465</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>71,211</TD>

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

<TR vAlign=bottom>

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

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</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>217,228</B></TD>

   <TD style="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>232,080</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="72%" noWrap align=left><B>TOTAL ASSETS</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>476,443</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>476,894</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="72%" noWrap align=left><B>&nbsp;</B></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=right></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>LIABILITIES AND EQUITY</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></TR>

<TR vAlign=bottom>

   <TD style= width="72%" noWrap align=left><B>Current Liabilities</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></TR>

<TR vAlign=bottom>

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

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</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>29,144</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>25,198</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%">Bank loan</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>4,371</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>-</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%">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>6,622</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>6,806</TD>

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

<TR vAlign=bottom>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,818</B></TD>

   <TD style="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>303</TD>

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

<TR vAlign=bottom>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>41,955</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>32,307</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>&nbsp;</B></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=right></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>Non-current Liabilities</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></TR>

<TR vAlign=bottom>

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

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

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

   <TD style= width="10%" noWrap align=right><B>31,680</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>33,310</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="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></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>12,148</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>13,098</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="72%" noWrap align=left><B>Total Liabilities</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>85,783</B></TD>

   <TD style="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>78,715</TD>

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=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="72%" noWrap align=left>

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

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

   <TD style= width="10%" noWrap align=right><B>230,129</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>228,729</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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>15,222</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>14,690</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=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="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive loss</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>(45,571</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>(25,875</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>103,146</B></TD>

   <TD style="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>86,283</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=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>328,335</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>329,236</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><B>Non-controlling interests</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>62,325</B></TD>

   <TD style="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>68,943</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 Equity</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>390,660</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>398,179</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><B>&nbsp;</B></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="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>TOTAL LIABILITIES AND EQUITY</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>476,443</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>476,894</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">9</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>Consolidated 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 September 30,</B></TD>

   <TD width="2%" noWrap align=left>&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>Six Months Ended September 30,</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>2018</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>2017</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>2018</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>2017</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>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" 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>48,091</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>47,541</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>93,216</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>87,238</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" align=left><B>Cost of sales</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%" align=left>

   <P style="MARGIN-LEFT: 4%">Production costs</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>18,238</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>16,177</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>32,515</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>30,286</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" align=left>

   <P style="MARGIN-LEFT: 4%">Mineral resource taxes</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,392</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>1,317</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>2,641</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>2,428</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%" align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</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>5,761</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>4,441</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>10,509</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>8,913</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%" align=left>&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>25,391</B></TD>

   <TD style="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>21,935</TD>

   <TD style="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>45,665</B></TD>

   <TD style="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>41,627</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%" 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=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>

   <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="WIDTH: 44%" align=left><B>Gross profit</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>22,700</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>25,606</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>47,551</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>45,611</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" 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>4,605</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>4,473</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>9,077</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>9,043</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" 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>767</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>690</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>1,569</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>1,531</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>Foreign exchange loss (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>708</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>1,111</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>(80</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>2,726</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" 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>124</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>6</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>134</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>176</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>Gain on disposal of NSR</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>-</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>(4,320</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" align=left>Share of loss in associate</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>105</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>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><B>384</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>369</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%" align=left>Other expense (income)</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>213</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>(126</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>276</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>(307</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%" align=left><B>Income from operations</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>16,178</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>19,327</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>36,191</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>36,393</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" 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><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>

   <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="WIDTH: 44%" align=left>Finance income</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>825</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>650</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>1,621</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>1,224</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%" align=left>Finance costs</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>(163</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>(112</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>(297</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>(217</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%" align=left><B>Income before income taxes</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>16,840</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>19,865</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>37,515</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>37,400</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" 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><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>

   <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 1px solid" width="44%" align=left>Income tax expense</TD>

   <TD 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>5,763</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,263</TD>

   <TD style="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>12,261</B></TD>

   <TD style="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>9,284</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%" align=left><B>Net income</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>11,077</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>14,602</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>25,254</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>28,116</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%" align=left><B>&nbsp;</B></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=right></TD>

   <TD style="WIDTH: 10%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" 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=right></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="44%" align=left><B>Attributable to:</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="WIDTH: 44%" align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>8,037</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>11,145</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>18,958</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>22,082</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%" align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</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>3,040</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>3,457</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>6,296</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>6,034</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%" 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>11,077</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>14,602</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>25,254</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>28,116</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%" 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%" align=left><B>Earnings per share attributable to the equity holders of the Company</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="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" align=left><B>Basic 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>0.05</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>0.07</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>0.11</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>0.13</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%" align=left><B>Diluted 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>0.05</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.07</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.11</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.13</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%" align=left><B>Weighted Average Number of Shares Outstanding - Basic</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>168,105,986</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>168,040,068</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>167,687,266</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>167,965,537</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%" align=left><B>Weighted Average Number of Shares Outstanding - Diluted</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>170,312,229</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>170,017,715</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>169,773,955</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>169,990,150</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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<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>Consolidated 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%" align=right></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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Three Months Ended September 30,</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>Six Months Ended September 30,</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2018</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>2017</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>2018</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>2017</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%" align=left><B>Cash provided by</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>

   <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%" align=left><B>Operating activities</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>

   <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%" 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>11,077</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>14,602</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>25,254</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>28,116</TD>

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

<TR vAlign=bottom>

   <TD style= width="44%" align=left>

   <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></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%" align=left>

   <P style="MARGIN-LEFT: 8%">Finance costs</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>163</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>112</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>297</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>217</TD>

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

<TR vAlign=bottom>

   <TD style= width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>6,048</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>4,741</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>11,101</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>9,493</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Share of loss (income) in associate</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>105</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>125</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>384</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>369</TD>

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

<TR vAlign=bottom>

   <TD style= width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Gain on disposal of NSR</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=right>&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=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>(4,320</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Income tax expense</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>5,763</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>5,263</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>12,261</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>9,284</TD>

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

<TR vAlign=bottom>

   <TD style= width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Finance income</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>(825</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>(650</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>(1,621</B></TD>

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

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

   <TD style= width="10%" noWrap align=right>(1,224</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</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>124</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>6</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>134</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>176</TD>

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

<TR vAlign=bottom>

   <TD style= width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Share-based compensation</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>456</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>283</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>912</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>686</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>

   <P style="MARGIN-LEFT: 4%">Reclamation</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>(62</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>(15</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>(66</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>(19</TD>

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

<TR vAlign=bottom>

   <TD style= width="44%" align=left>

   <P style="MARGIN-LEFT: 4%">Income taxes paid</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>(5,388</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>(3,445</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>(8,476</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>(7,582</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>

   <P style="MARGIN-LEFT: 4%">Interest 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>825</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>650</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>1,621</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>1,224</TD>

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

<TR vAlign=bottom>

   <TD style= width="44%" align=left>

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

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

   <TD style= width="10%" noWrap align=right><B>(48</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>-</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>(48</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>-</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%" 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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,808</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>(977</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>441</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>1,167</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%" align=left><B>Net cash provided by operating activities</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>21,046</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>20,695</TD>

   <TD style="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>42,194</B></TD>

   <TD style="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>37,587</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%" 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=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%" align=left><B>Investing activities</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%" align=left>

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></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= width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Capital expenditures</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>(6,064</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>(5,022</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>(11,793</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>(10,933</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></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= width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Additions</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>(422</B></TD>

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

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

   <TD style= width="10%" noWrap align=right>(1,520</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>(1,643</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>(2,731</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</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>2</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>19</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>29</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>19</TD>

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

<TR vAlign=bottom>

   <TD style= width="44%" align=left>

   <P style="MARGIN-LEFT: 4%">Investment in associate</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=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(20,025</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>-</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>(20,025</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%" align=left>

   <P style="MARGIN-LEFT: 4%">Net redemption (purchases) of short-term investments</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>(30,481</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>(28,063</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>(17,219</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>(31,767</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%" align=left><B>Net cash used in investing activities</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>(36,965</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>(54,611</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>(30,626</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>(65,437</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%" 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%" align=left><B>Financing activities</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%" align=left>

   <P style="MARGIN-LEFT: 4%">Bank loan</P></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= width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds</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=right>&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=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>4,527</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>-</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></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= width="44%" align=left>

   <P style="MARGIN-LEFT: 8%">Distribution</P></TD>

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

   <TD style= width="10%" noWrap align=right><B>(3,305</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>-</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>(6,634</B></TD>

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

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

   <TD style= width="10%" noWrap align=right>(4,891</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" align=left>

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</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="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>(2,095</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,679</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%" align=left>

   <P style="MARGIN-LEFT: 4%">Proceeds from issuance of common shares</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>518</B></TD>

   <TD style="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>165</TD>

   <TD style="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>1,020</B></TD>

   <TD style="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>168</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%" align=left><B>Net cash used in financing activities</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>(2,787</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>165</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>(3,182</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>(6,402</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%" align=left><B>Effect of exchange rate changes on cash and cash equivalents</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>(641</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>820</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(4,063</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>2,618</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%" 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=right><B></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></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><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= width="44%" align=left><B>Increase in cash and cash equivalents</B></TD>

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

   <TD style= width="10%" noWrap align=right><B>(19,347</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>(32,931</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>4,323</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>(31,634</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" 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=right><B></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></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><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 1px solid" width="44%" align=left><B>Cash and cash equivalents, beginning of the period</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>72,869</B></TD>

   <TD style="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>74,300</TD>

   <TD style="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>49,199</B></TD>

   <TD style="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>73,003</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%" 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>53,522</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>41,369</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>53,522</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>41,369</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>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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="4%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="46%"></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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="46%" 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 style="COLOR: #ffffff">Three months ended September 30, 2018</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="46%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">Ying Mining District</FONT></B><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff"><SUP>1</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">GC</FONT></B><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff"><SUP>2</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">Total</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="58%" colSpan=4 align=left><B></B><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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="54%" colSpan=3 align=left><B>Mine 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Ore Mined (tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>180,662</B></TD>

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

   <TD width="12%" noWrap align=right><B>67,757</B></TD>

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

   <TD width="12%" noWrap align=right><B>248,419</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Ore Milled (tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>172,200</B></TD>

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

   <TD width="12%" noWrap align=right><B>67,528</B></TD>

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

   <TD width="12%" noWrap align=right><B>239,728</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp; </TD>

   <TD width="50%" colSpan=2 align=left><B><B></B></B></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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Mining cost per tonne of ore mined ($)</B></TD>

   <TD width="12%" noWrap align=right><B>81.50</B></TD>

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

   <TD width="12%" noWrap align=right><B>49.29</B></TD>

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

   <TD width="12%" noWrap align=right><B>72.71</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Cash mining cost per tonne of ore mined ($)</B></TD>

   <TD width="12%" noWrap align=right><B>58.65</B></TD>

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

   <TD width="12%" noWrap align=right><B>41.25</B></TD>

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

   <TD width="12%" noWrap align=right><B>53.90</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Non cash mining cost per tonne of ore mined ($)</B></TD>

   <TD width="12%" noWrap align=right><B>22.85</B></TD>

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

   <TD width="12%" noWrap align=right><B>8.04</B></TD>

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

   <TD width="12%" noWrap align=right><B>18.81</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>&nbsp;</B></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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Unit shipping costs($)</B></TD>

   <TD width="12%" noWrap align=right><B>4.26</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>3.07</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp; </TD>

   <TD width="50%" colSpan=2 align=left><B><B></B></B></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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Milling cost per tonne of ore milled ($)</B></TD>

   <TD width="12%" noWrap align=right><B>10.47</B></TD>

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

   <TD width="12%" noWrap align=right><B>14.47</B></TD>

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

   <TD width="12%" noWrap align=right><B>11.60</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Cash milling cost per tonne of ore milled ($)</B></TD>

   <TD width="12%" noWrap align=right><B>8.54</B></TD>

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

   <TD width="12%" noWrap align=right><B>11.45</B></TD>

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

   <TD width="12%" noWrap align=right><B>9.36</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Non cash milling cost per tonne of ore milled ($)</B></TD>

   <TD width="12%" noWrap align=right><B>1.93</B></TD>

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

   <TD width="12%" noWrap align=right><B>3.02</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="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="4%" align=left><B>&nbsp;</B></TD>

   <TD width="46%" align=left><B></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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Average Production Cost</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Silver ($ per ounce)</B></TD>

   <TD width="12%" noWrap align=right><B>5.91</B></TD>

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

   <TD width="12%" noWrap align=right><B>6.51</B></TD>

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

   <TD width="12%" noWrap align=right><B>6.15</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Gold ($ per ounce)</B></TD>

   <TD width="12%" noWrap align=right><B>483</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>511</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Lead ($ per pound)</B></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>0.65</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.48</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Zinc ($ per pound)</B></TD>

   <TD width="12%" noWrap align=right><B>0.42</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.61</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.45</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Other ($ per pound)</B></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>0.08</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.13</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>&nbsp;</B></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><B></B></TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Total production cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right><B>0.04</B></TD>

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

   <TD width="12%" noWrap align=right><B>(5.32</B></TD>

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

   <TD width="12%" noWrap align=right><B>(0.34</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Total cash cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right><B>(2.80</B></TD>

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

   <TD width="12%" noWrap align=right><B>(10.81</B></TD>

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

   <TD width="12%" noWrap align=right><B>(3.37</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>&nbsp;</B></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><B></B></TD>

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

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right><B>1.52</B></TD>

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

   <TD width="12%" noWrap align=right><B>(2.03</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.54</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>All-in cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right><B>2.32</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.50</B></TD>

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

   <TD width="12%" noWrap align=right><B>3.51</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left><B></B></TD>

   <TD width="46%" 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Recovery Rates</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Silver (%)</B></TD>

   <TD width="12%" noWrap align=right><B>96.1</B></TD>

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

   <TD width="12%" noWrap align=right><B>76.7</B></TD>

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

   <TD width="12%" noWrap align=right><B>94.3</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Lead (%)</B></TD>

   <TD width="12%" noWrap align=right><B>95.6</B></TD>

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

   <TD width="12%" noWrap align=right><B>91.2</B></TD>

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

   <TD width="12%" noWrap align=right><B>95.1</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Zinc (%)</B></TD>

   <TD width="12%" noWrap align=right><B>51.2</B></TD>

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

   <TD width="12%" noWrap align=right><B>83.3</B></TD>

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

   <TD width="12%" noWrap align=right><B>69.0</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left><B></B></TD>

   <TD width="46%" 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Head Grades</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Silver (gram/tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>308</B></TD>

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

   <TD width="12%" noWrap align=right><B>78</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Lead (%)</B></TD>

   <TD width="12%" noWrap align=right><B>4.6</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>Zinc (%)</B></TD>

   <TD width="12%" noWrap align=right><B>0.9</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>1.4</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="4%" align=left><B></B></TD>

   <TD width="46%" align=left><B>&nbsp;</B></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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="54%" colSpan=3 align=left><B>Concentrate in stock</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Lead concentrate (tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>3,452</B></TD>

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

   <TD width="12%" noWrap align=right><B>280</B></TD>

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

   <TD width="12%" noWrap align=right><B>3,732</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Zinc concentate (tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>230</B></TD>

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

   <TD width="12%" noWrap align=right><B>368</B></TD>

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

   <TD width="12%" noWrap align=right><B>598</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="58%" colSpan=4 align=left><B></B><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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="54%" colSpan=3 align=left><B>Metal Sales</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Silver (in thousands of ounces)</B></TD>

   <TD width="12%" noWrap align=right><B>1,765</B></TD>

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

   <TD width="12%" noWrap align=right><B>136</B></TD>

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

   <TD width="12%" noWrap align=right><B>1,901</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Gold (in thousands of ounces)</B></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>-</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.0</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Lead (in thousands of pounds)</B></TD>

   <TD width="12%" noWrap align=right><B>17,359</B></TD>

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

   <TD width="12%" noWrap align=right><B>2,063</B></TD>

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

   <TD width="12%" noWrap align=right><B>19,422</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Zinc (in thousands of pounds)</B></TD>

   <TD width="12%" noWrap align=right><B>1,648</B></TD>

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

   <TD width="12%" noWrap align=right><B>3,240</B></TD>

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

   <TD width="12%" noWrap align=right><B>4,888</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="54%" colSpan=3 align=left><B>Metal Sales</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Silver (in thousands of $)</B></TD>

   <TD width="12%" noWrap align=right><B>22,140</B></TD>

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

   <TD width="12%" noWrap align=right><B>1,299</B></TD>

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

   <TD width="12%" noWrap align=right><B>23,439</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Gold (in thousands of $)</B></TD>

   <TD width="12%" noWrap align=right><B>1,024</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>1,024</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Lead (in thousands of $)</B></TD>

   <TD width="12%" noWrap align=right><B>16,822</B></TD>

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

   <TD width="12%" noWrap align=right><B>1,967</B></TD>

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

   <TD width="12%" noWrap align=right><B>18,789</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Zinc (in thousands of $)</B></TD>

   <TD width="12%" noWrap align=right><B>1,464</B></TD>

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

   <TD width="12%" noWrap align=right><B>2,897</B></TD>

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

   <TD width="12%" noWrap align=right><B>4,361</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Other (in thousands of $)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>296</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>182</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>478</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: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp; </TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>41,746</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>6,345</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>48,091</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: medium none; BORDER-LEFT: medium none" width="4%" align=left><B></B></TD>

   <TD width="54%" colSpan=3 align=left><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Silver ($ per ounce)</B></TD>

   <TD width="12%" noWrap align=right><B>12.54</B></TD>

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

   <TD width="12%" noWrap align=right><B>9.55</B></TD>

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

   <TD width="12%" noWrap align=right><B>12.33</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Gold ($ per ounce)</B></TD>

   <TD width="12%" noWrap align=right><B>1,024</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>1,024</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Lead ($ per pound)</B></TD>

   <TD width="12%" noWrap align=right><B>0.97</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.95</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.97</B></TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left><B></B><B>Zinc ($ per pound)</B></TD>

   <TD width="12%" noWrap align=right><B>0.89</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.89</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.89</B></TD>

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

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   <TD noWrap align=left><FONT style="FONT-SIZE: 8pt">1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT style="FONT-SIZE: 8pt">2 GC Silver recovery rate consists of 52.4% from lead concentrates and 24.3% from zinc concentrates.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT style="FONT-SIZE: 8pt">2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">12</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>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="4%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="46%"></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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="46%" 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 style="COLOR: #ffffff">Three months ended September 30, 2017</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="46%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">Ying Mining District</FONT></B><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff"><SUP>1</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">GC</FONT></B><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff"><SUP>2</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">Total</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD width="58%" colSpan=4 noWrap align=left>&nbsp;</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="58%" colSpan=4 align=left>Production Data</TD>

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

   <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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="54%" colSpan=3 align=left>Mine Data</TD>

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

   <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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Ore Mined (tonne)</TD>

   <TD width="12%" noWrap align=right>173,294</TD>

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

   <TD width="12%" noWrap align=right>65,812</TD>

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

   <TD width="12%" noWrap align=right>239,106</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Ore Milled (tonne)</TD>

   <TD width="12%" noWrap align=right>173,946</TD>

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

   <TD width="12%" noWrap align=right>63,648</TD>

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

   <TD width="12%" noWrap align=right>237,594</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="50%" colSpan=2 align=left></TD>

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

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

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

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

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

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Mining cost per tonne of ore mined ($)</TD>

   <TD width="12%" noWrap align=right>81.20</TD>

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

   <TD width="12%" noWrap align=right>42.62</TD>

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

   <TD width="12%" noWrap align=right>70.58</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Cash mining cost per tonne of ore mined ($)</TD>

   <TD width="12%" noWrap align=right>59.67</TD>

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

   <TD width="12%" noWrap align=right>34.60</TD>

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

   <TD width="12%" noWrap align=right>52.77</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Non cash mining cost per tonne of ore mined ($)</TD>

   <TD width="12%" noWrap align=right>21.53</TD>

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

   <TD width="12%" noWrap align=right>8.02</TD>

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

   <TD width="12%" noWrap align=right>17.81</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="50%" colSpan=2 align=left>&nbsp;</TD>

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

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

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

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

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

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Unit shipping costs($)</TD>

   <TD width="12%" noWrap align=right>3.68</TD>

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

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

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

   <TD width="12%" noWrap align=right>2.70</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="50%" colSpan=2 align=left>&nbsp;</TD>

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

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

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

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

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

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Milling cost per tonne of ore milled ($)</TD>

   <TD width="12%" noWrap align=right>10.45</TD>

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

   <TD width="12%" noWrap align=right>17.90</TD>

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

   <TD width="12%" noWrap align=right>12.44</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Cash milling cost per tonne of ore milled ($)</TD>

   <TD width="12%" noWrap align=right>8.50</TD>

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

   <TD width="12%" noWrap align=right>14.63</TD>

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

   <TD width="12%" noWrap align=right>10.14</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Non cash milling cost per tonne of ore milled ($)</TD>

   <TD width="12%" noWrap align=right>1.95</TD>

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

   <TD width="12%" noWrap align=right>3.27</TD>

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

   <TD width="12%" noWrap align=right>2.30</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="50%" colSpan=2 align=left>&nbsp;</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Average Production Cost</TD>

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

   <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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Silver ($ per ounce)</TD>

   <TD width="12%" noWrap align=right>5.83</TD>

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

   <TD width="12%" noWrap align=right>6.16</TD>

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

   <TD width="12%" noWrap align=right>6.02</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Gold ($ per ounce)</TD>

   <TD width="12%" noWrap align=right>439</TD>

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

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

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

   <TD width="12%" noWrap align=right>465</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Lead ($ per pound)</TD>

   <TD width="12%" noWrap align=right>0.43</TD>

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

   <TD width="12%" noWrap align=right>0.61</TD>

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

   <TD width="12%" noWrap align=right>0.46</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Zinc ($ per pound)</TD>

   <TD width="12%" noWrap align=right>0.46</TD>

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

   <TD width="12%" noWrap align=right>0.61</TD>

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

   <TD width="12%" noWrap align=right>0.47</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Other ($ per pound)</TD>

   <TD width="12%" noWrap align=right>0.44</TD>

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

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

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

   <TD width="12%" noWrap align=right>0.02</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="50%" colSpan=2 align=left></TD>

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

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

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

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

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

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Total production cost per ounce of Silver, net of by-product credits ($)</TD>

   <TD width="12%" noWrap align=right>(1.78</TD>

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

   <TD width="12%" noWrap align=right>(8.57</TD>

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

   <TD width="12%" noWrap align=right>(2.43</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Total cash cost per ounce of Silver, net of by-product credits ($)</TD>

   <TD width="12%" noWrap align=right>(4.27</TD>

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

   <TD width="12%" noWrap align=right>(13.56</TD>

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

   <TD width="12%" noWrap align=right>(5.16</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="50%" colSpan=2 align=left></TD>

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

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

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

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

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

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>All-in sustaining cost per ounce of Silver, net of by-product credits ($)</TD>

   <TD width="12%" noWrap align=right>1.08</TD>

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

   <TD width="12%" noWrap align=right>(3.77</TD>

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

   <TD width="12%" noWrap align=right>2.26</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>All-in cost per ounce of Silver, net of by-product credits ($)</TD>

   <TD width="12%" noWrap align=right>1.31</TD>

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

   <TD width="12%" noWrap align=right>(3.77</TD>

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

   <TD width="12%" noWrap align=right>2.50</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="50%" colSpan=2 align=left>&nbsp;</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Recovery Rates</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Silver (%)</TD>

   <TD width="12%" noWrap align=right>95.6</TD>

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

   <TD width="12%" noWrap align=right>74.4</TD>

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

   <TD width="12%" noWrap align=right>93.2</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Lead (%)</TD>

   <TD width="12%" noWrap align=right>96.2</TD>

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

   <TD width="12%" noWrap align=right>82.8</TD>

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

   <TD width="12%" noWrap align=right>94.8</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Zinc (%)</TD>

   <TD width="12%" noWrap align=right>50.7</TD>

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

   <TD width="12%" noWrap align=right>81.6</TD>

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

   <TD width="12%" noWrap align=right>67.9</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="50%" colSpan=2 align=left>&nbsp;</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Head Grades</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Silver (gram/tonne)</TD>

   <TD width="12%" noWrap align=right>294</TD>

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

   <TD width="12%" noWrap align=right>102</TD>

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

   <TD width="12%" noWrap align=right>243</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Lead (%)</TD>

   <TD width="12%" noWrap align=right>4.3</TD>

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

   <TD width="12%" noWrap align=right>1.4</TD>

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

   <TD width="12%" noWrap align=right>3.5</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Zinc (%)</TD>

   <TD width="12%" noWrap align=right>0.8</TD>

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

   <TD width="12%" noWrap align=right>2.8</TD>

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

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

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="54%" colSpan=3 align=left>&nbsp;</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="54%" colSpan=3 align=left>Concentrate in stock</TD>

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

   <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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Lead concentrate (tonne)</TD>

   <TD width="12%" noWrap align=right>4,070</TD>

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

   <TD width="12%" noWrap align=right>32</TD>

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

   <TD width="12%" noWrap align=right>4,102</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>Zinc concentate (tonne)</TD>

   <TD width="12%" noWrap align=right>230</TD>

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

   <TD width="12%" noWrap align=right>82</TD>

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

   <TD width="12%" noWrap align=right>312</TD>

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

<TR vAlign=bottom>

   <TD width="58%" colSpan=4 align=left>&nbsp;</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="12%" colSpan=3 align=left>Sales Data</TD>

   <TD width="46%" 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="54%" colSpan=3 align=left>Metal Sales</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Silver (in thousands of ounces)</TD>

   <TD width="12%" noWrap align=right>1,472</TD>

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

   <TD width="12%" noWrap align=right>155</TD>

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

   <TD width="12%" noWrap align=right>1,627</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Gold (in thousands of ounces)</TD>

   <TD width="12%" noWrap align=right>0.8</TD>

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

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

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

   <TD width="12%" noWrap align=right>0.8</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Lead (in thousands of pounds)</TD>

   <TD width="12%" noWrap align=right>15,279</TD>

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

   <TD width="12%" noWrap align=right>1,656</TD>

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

   <TD width="12%" noWrap align=right>16,935</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Zinc (in thousands of pounds)</TD>

   <TD width="12%" noWrap align=right>2,269</TD>

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

   <TD width="12%" noWrap align=right>3,311</TD>

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

   <TD width="12%" noWrap align=right>5,580</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="4%" align=left></TD>

   <TD width="50%" colSpan=2 align=center>&nbsp;</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="54%" colSpan=3 align=left>Metal Sales</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Silver (in thousands of $)</TD>

   <TD width="12%" noWrap align=right>20,928</TD>

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

   <TD width="12%" noWrap align=right>1,668</TD>

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

   <TD width="12%" noWrap align=right>22,596</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Gold (in thousands of $)</TD>

   <TD width="12%" noWrap align=right>857</TD>

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

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

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

   <TD width="12%" noWrap align=right>857</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Lead (in thousands of $)</TD>

   <TD width="12%" noWrap align=right>16,036</TD>

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

   <TD width="12%" noWrap align=right>1,769</TD>

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

   <TD width="12%" noWrap align=right>17,805</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Zinc (in thousands of $)</TD>

   <TD width="12%" noWrap align=right>2,528</TD>

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

   <TD width="12%" noWrap align=right>3,558</TD>

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

   <TD width="12%" noWrap align=right>6,086</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Other (in thousands of $)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>187</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>10</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>197</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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="46%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>40,536</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>7,005</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>47,541</TD>

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

<TR vAlign=bottom>

   <TD width="4%" align=left></TD>

   <TD width="54%" colSpan=3 align=left>&nbsp;</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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="54%" colSpan=3 align=left>Average Selling Price, Net of Value Added Tax and Smelter Charges</TD>

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

   <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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Silver ($ per ounce)</TD>

   <TD width="12%" noWrap align=right>14.22</TD>

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

   <TD width="12%" noWrap align=right>10.76</TD>

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

   <TD width="12%" noWrap align=right>13.89</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Gold ($ per ounce)</TD>

   <TD width="12%" noWrap align=right>1,071</TD>

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

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

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

   <TD width="12%" noWrap align=right>1,071</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Lead ($ per pound)</TD>

   <TD width="12%" noWrap align=right>1.05</TD>

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

   <TD width="12%" noWrap align=right>1.07</TD>

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

   <TD width="12%" noWrap align=right>1.05</TD>

   <TD 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" width="4%" align=left></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 align=left>Zinc ($ per pound)</TD>

   <TD width="12%" noWrap align=right>1.11</TD>

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

   <TD width="12%" noWrap align=right>1.07</TD>

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

   <TD width="12%" noWrap align=right>1.09</TD>

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

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   <TD width="99%"></TD></TR>

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   <TD align=left><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.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT style="FONT-SIZE: 8pt">2 </FONT></SUP><FONT style="FONT-SIZE: 8pt">GC Silver recovery rate consists of 54.2% from lead concentrates and 20.2% from zinc concentrates .</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT style="FONT-SIZE: 8pt">2 </FONT></SUP><FONT style="FONT-SIZE: 8pt">GC Silver s old in zinc concentrates is subjected to higher s melter and refining charges which lowers the net silver s elling price.</FONT></TD></TR></TABLE></DIV>

<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>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="46%" 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 style="COLOR: #ffffff">Six months ended September 30, 2018</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="46%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">Ying Mining District</FONT></B><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff"><SUP>1</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">GC</FONT></B><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff"><SUP>2</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">Total</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 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>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="58%" colSpan=4 noWrap align=left><B></B><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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 noWrap align=left><B>Mine 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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Ore Mined (tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>337,393</B></TD>

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

   <TD width="12%" noWrap align=right><B>147,724</B></TD>

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

   <TD width="12%" noWrap align=right><B>485,117</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Ore Milled (tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>328,129</B></TD>

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

   <TD width="12%" noWrap align=right><B>149,339</B></TD>

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

   <TD width="12%" noWrap align=right><B>477,468</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></B></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 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="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Mining cost per tonne of ore mined ($)</B></TD>

   <TD width="12%" noWrap align=right><B>86.50</B></TD>

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

   <TD width="12%" noWrap align=right><B>46.76</B></TD>

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

   <TD width="12%" noWrap align=right><B>74.40</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Cash mining cost per tonne of ore mined ($)</B></TD>

   <TD width="12%" noWrap align=right><B>62.15</B></TD>

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

   <TD width="12%" noWrap align=right><B>38.83</B></TD>

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

   <TD width="12%" noWrap align=right><B>55.05</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Non cash mining cost per tonne of ore mined ($)</B></TD>

   <TD width="12%" noWrap align=right><B>24.35</B></TD>

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

   <TD width="12%" noWrap align=right><B>7.93</B></TD>

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

   <TD width="12%" noWrap align=right><B>19.35</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></B></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 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="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Unit shipping costs($)</B></TD>

   <TD width="12%" noWrap align=right><B>4.28</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>2.96</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></B></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 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="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Milling cost per tonne of ore milled ($)</B></TD>

   <TD width="12%" noWrap align=right><B>11.48</B></TD>

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

   <TD width="12%" noWrap align=right><B>15.93</B></TD>

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

   <TD width="12%" noWrap align=right><B>12.87</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Cash milling cost per tonne of ore milled ($)</B></TD>

   <TD width="12%" noWrap align=right><B>9.37</B></TD>

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

   <TD width="12%" noWrap align=right><B>13.10</B></TD>

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

   <TD width="12%" noWrap align=right><B>10.54</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Non cash milling cost per tonne of ore milled ($)</B></TD>

   <TD width="12%" noWrap align=right><B>2.11</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.83</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.33</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></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 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="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Average Production Cost</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 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="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Silver ($ per ounce)</B></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>6.03</B></TD>

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

   <TD width="12%" noWrap align=right><B>5.94</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Gold ($ per ounce)</B></TD>

   <TD width="12%" noWrap align=right><B>436</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>466</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Lead ($ per pound)</B></TD>

   <TD width="12%" noWrap align=right><B>0.45</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.64</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.48</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Zinc ($ per pound)</B></TD>

   <TD width="12%" noWrap align=right><B>0.45</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.65</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.48</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Other ($ per pound)</B></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>0.02</B></TD>

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

   <TD width="12%" noWrap align=right><B>0.05</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <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="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Total production cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right><B>(1.37</B></TD>

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

   <TD width="12%" noWrap align=right><B>(9.49</B></TD>

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

   <TD width="12%" noWrap align=right><B>(2.06</B></TD>

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

<TR vAlign=bottom>

   <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="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Total cash cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right><B>(4.27</B></TD>

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

   <TD width="12%" noWrap align=right><B>(15.01</B></TD>

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

   <TD width="12%" noWrap align=right><B>(5.18</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></B></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><B></B></TD>

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

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></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>(6.92</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.61</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>All-in cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right><B>1.67</B></TD>

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

   <TD width="12%" noWrap align=right><B>(5.72</B></TD>

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

   <TD width="12%" noWrap align=right><B>2.66</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="46%" 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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Recovery Rates</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 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="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Silver (%)</B></TD>

   <TD width="12%" noWrap align=right><B>96.1</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>93.9</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Lead (%)</B></TD>

   <TD width="12%" noWrap align=right><B>95.8</B></TD>

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

   <TD width="12%" noWrap align=right><B>89.1</B></TD>

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

   <TD width="12%" noWrap align=right><B>95.0</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Zinc (%)</B></TD>

   <TD width="12%" noWrap align=right><B>52.9</B></TD>

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

   <TD width="12%" noWrap align=right><B>84.1</B></TD>

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

   <TD width="12%" noWrap align=right><B>70.8</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Head Grades</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 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="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Silver (gram/tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>315</B></TD>

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

   <TD width="12%" noWrap align=right><B>83</B></TD>

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

   <TD width="12%" noWrap align=right><B>242</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Lead (%)</B></TD>

   <TD width="12%" noWrap align=right><B>4.6</B></TD>

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

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

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

   <TD width="12%" noWrap align=right><B>3.5</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Zinc (%)</B></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>2.8</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="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 noWrap align=left><B>Concentrate in stock</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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Lead concentrate (tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>3,452</B></TD>

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

   <TD width="12%" noWrap align=right><B>280</B></TD>

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

   <TD width="12%" noWrap align=right><B>3,732</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Zinc concentate (tonne)</B></TD>

   <TD width="12%" noWrap align=right><B>230</B></TD>

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

   <TD width="12%" noWrap align=right><B>368</B></TD>

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

   <TD width="12%" noWrap align=right><B>598</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="58%" colSpan=4 noWrap align=left><B></B><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 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="54%" colSpan=3 noWrap align=left><B></B><B>Metal Sales</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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Silver (in thousands of ounces)</B></TD>

   <TD width="12%" noWrap align=right><B>3,078</B></TD>

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

   <TD width="12%" noWrap align=right><B>286</B></TD>

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

   <TD width="12%" noWrap align=right><B>3,364</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Gold (in thousands of ounces)</B></TD>

   <TD width="12%" noWrap align=right><B>1.7</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>1.7</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Lead (in thousands of pounds)</B></TD>

   <TD width="12%" noWrap align=right><B>30,672</B></TD>

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

   <TD width="12%" noWrap align=right><B>3,646</B></TD>

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

   <TD width="12%" noWrap align=right><B>34,318</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Zinc (in thousands of pounds)</B></TD>

   <TD width="12%" noWrap align=right><B>3,781</B></TD>

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

   <TD width="12%" noWrap align=right><B>7,484</B></TD>

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

   <TD width="12%" noWrap align=right><B>11,265</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="54%" colSpan=3 noWrap align=left><B><B>&nbsp;</B></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 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="54%" colSpan=3 noWrap align=left><B></B><B>Metal Sales</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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Silver (in thousands of $)</B></TD>

   <TD width="12%" noWrap align=right><B>40,490</B></TD>

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

   <TD width="12%" noWrap align=right><B>2,772</B></TD>

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

   <TD width="12%" noWrap align=right><B>43,262</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Gold (in thousands of $)</B></TD>

   <TD width="12%" noWrap align=right><B>1,716</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>1,716</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Lead (in thousands of $)</B></TD>

   <TD width="12%" noWrap align=right><B>32,097</B></TD>

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

   <TD width="12%" noWrap align=right><B>3,743</B></TD>

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

   <TD width="12%" noWrap align=right><B>35,840</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Zinc (in thousands of $)</B></TD>

   <TD width="12%" noWrap align=right><B>3,980</B></TD>

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

   <TD width="12%" noWrap align=right><B>7,793</B></TD>

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

   <TD width="12%" noWrap align=right><B>11,773</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Other (in thousands of $)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>430</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>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="12%" noWrap align=right><B>625</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: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD width="4%" 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="46%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>78,713</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>14,503</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>93,216</B></TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 noWrap align=left><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Silver ($ per ounce)</B></TD>

   <TD width="12%" noWrap align=right><B>13.15</B></TD>

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

   <TD width="12%" noWrap align=right><B>9.69</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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Gold ($ per ounce)</B></TD>

   <TD width="12%" noWrap align=right><B>1,009</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>1,009</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Lead ($ per pound)</B></TD>

   <TD width="12%" noWrap align=right><B>1.05</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.03</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.04</B></TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Zinc ($ per pound)</B></TD>

   <TD width="12%" noWrap align=right><B>1.05</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.04</B></TD>

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

   <TD width="12%" noWrap align=right><B>1.05</B></TD>

   <TD 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="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><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 and HZG.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT style="FONT-SIZE: 8pt">2 </FONT></SUP><FONT style="FONT-SIZE: 8pt">GC Silver recovery rate consists of 50.8% from lead concentrates and 25.1% from zi nc concentrates .</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT style="FONT-SIZE: 8pt">2 </FONT></SUP><FONT style="FONT-SIZE: 8pt">GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net s ilver selling price.</FONT></TD></TR></TABLE></DIV>

<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>

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   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></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 style="COLOR: #ffffff">Six months ended September 30, 2017</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="46%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT style="COLOR: #ffffff">Ying Mining</FONT></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" bgColor=#993300 width="4%" noWrap align=left></TD>

   <TD bgColor=#993300 width="46%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=center><B><FONT style="COLOR: #ffffff">District</FONT></B><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff"><SUP>1</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">GC</FONT></B><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff"><SUP>2</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT style="COLOR: #ffffff">Total</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD width="58%" colSpan=4 noWrap align=left><B><B>&nbsp;</B></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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="58%" colSpan=4 noWrap align=left><B></B><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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 noWrap align=left><B>Mine 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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Ore Mined </B><I>(tonne)</I></TD>

   <TD width="12%" noWrap align=right>333,701</TD>

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

   <TD width="12%" noWrap align=right>130,677</TD>

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

   <TD width="12%" noWrap align=right>464,378</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Ore Milled </B><I>(tonne)</I></TD>

   <TD width="12%" noWrap align=right>338,904</TD>

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

   <TD width="12%" noWrap align=right>129,592</TD>

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

   <TD width="12%" noWrap align=right>468,496</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="46%" noWrap align=left><B>&nbsp;</B></TD>

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

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

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

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

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

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Mining cost per tonne of ore mined </B>($)</TD>

   <TD width="12%" noWrap align=right>79.03</TD>

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

   <TD width="12%" noWrap align=right>44.78</TD>

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

   <TD width="12%" noWrap align=right>69.39</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Cash mining cost per tonne of ore mined </B>($)</TD>

   <TD width="12%" noWrap align=right>57.32</TD>

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

   <TD width="12%" noWrap align=right>36.88</TD>

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

   <TD width="12%" noWrap align=right>51.57</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Non cash mining cost per tonne of ore mined </B>($)</TD>

   <TD width="12%" noWrap align=right>21.71</TD>

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

   <TD width="12%" noWrap align=right>7.90</TD>

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

   <TD width="12%" noWrap align=right>17.82</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></B></TD>

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

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

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

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

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

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Unit shipping costs($)</B></TD>

   <TD width="12%" noWrap align=right>3.86</TD>

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

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

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

   <TD width="12%" noWrap align=right>2.78</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></B></TD>

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

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

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

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

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

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Milling cost per tonne of ore milled </B>($)</TD>

   <TD width="12%" noWrap align=right>10.28</TD>

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

   <TD width="12%" noWrap align=right>18.14</TD>

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

   <TD width="12%" noWrap align=right>12.45</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Cash milling cost per tonne of ore milled </B>($)</TD>

   <TD width="12%" noWrap align=right>8.29</TD>

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

   <TD width="12%" noWrap align=right>14.95</TD>

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

   <TD width="12%" noWrap align=right>10.13</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Non cash milling cost per tonne of ore milled </B>($)</TD>

   <TD width="12%" noWrap align=right>1.99</TD>

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

   <TD width="12%" noWrap align=right>3.19</TD>

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

   <TD width="12%" noWrap align=right>2.32</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="46%" 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 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="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Average Production Cost</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 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="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Silver </B><I>($ per ounce)</I></TD>

   <TD width="12%" noWrap align=right>5.78</TD>

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

   <TD width="12%" noWrap align=right>6.63</TD>

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

   <TD width="12%" noWrap align=right>6.12</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Gold </B><I>($ per ounce)</I></TD>

   <TD width="12%" noWrap align=right>441</TD>

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

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

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

   <TD width="12%" noWrap align=right>480</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Lead </B><I>($ per pound)</I></TD>

   <TD width="12%" noWrap align=right>0.39</TD>

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

   <TD width="12%" noWrap align=right>0.59</TD>

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

   <TD width="12%" noWrap align=right>0.43</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Zinc </B><I>($ per pound)</I></TD>

   <TD width="12%" noWrap align=right>0.45</TD>

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

   <TD width="12%" noWrap align=right>0.62</TD>

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

   <TD width="12%" noWrap align=right>0.46</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Other </B><I>($ per pound)</I></TD>

   <TD width="12%" noWrap align=right>0.38</TD>

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

   <TD width="12%" noWrap align=right>0.01</TD>

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

   <TD width="12%" noWrap align=right>0.02</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="46%" noWrap align=left><B>&nbsp;</B></TD>

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

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

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

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

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

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Total production cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right>(1.18</TD>

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

   <TD width="12%" noWrap align=right>(5.69</TD>

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

   <TD width="12%" noWrap align=right>(1.68</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Total cash cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right>(3.79</TD>

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

   <TD width="12%" noWrap align=right>(10.39</TD>

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

   <TD width="12%" noWrap align=right>(4.51</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="46%" noWrap align=left><B>&nbsp;</B></TD>

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

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

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

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

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

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right>2.30</TD>

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

   <TD width="12%" noWrap align=right>(3.06</TD>

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

   <TD width="12%" noWrap align=right>3.44</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>+</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>All-in cost per ounce of Silver, net of by-product credits ($)</B></TD>

   <TD width="12%" noWrap align=right>2.56</TD>

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

   <TD width="12%" noWrap align=right>(1.42</TD>

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

   <TD width="12%" noWrap align=right>3.86</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="46%" 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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Recovery Rates</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 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="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Silver </B><I>(%)</I></TD>

   <TD width="12%" noWrap align=right>95.7</TD>

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

   <TD width="12%" noWrap align=right>77.8</TD>

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

   <TD width="12%" noWrap align=right>93.6</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Lead </B><I>(%)</I></TD>

   <TD width="12%" noWrap align=right>96.3</TD>

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

   <TD width="12%" noWrap align=right>86.0</TD>

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

   <TD width="12%" noWrap align=right>95.1</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Zinc </B><I>(%)</I></TD>

   <TD width="12%" noWrap align=right>48.4</TD>

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

   <TD width="12%" noWrap align=right>81.2</TD>

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

   <TD width="12%" noWrap align=right>67.0</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="50%" colSpan=2 noWrap align=left><B><B>&nbsp;</B></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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Head Grades</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 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="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Silver </B><I>(gram/tonne)</I></TD>

   <TD width="12%" noWrap align=right>299</TD>

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

   <TD width="12%" noWrap align=right>100</TD>

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

   <TD width="12%" noWrap align=right>244</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Lead </B><I>(%)</I></TD>

   <TD width="12%" noWrap align=right>4.4</TD>

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

   <TD width="12%" noWrap align=right>1.5</TD>

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

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

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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><B></B></TD>

   <TD width="46%" noWrap align=left><B>Zinc </B><I>(%)</I></TD>

   <TD width="12%" noWrap align=right>0.8</TD>

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

   <TD width="12%" noWrap align=right>2.7</TD>

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

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

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 noWrap align=left><B>Concentrate in stock</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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Lead concentrate </B><I>(tonne)</I></TD>

   <TD width="12%" noWrap align=right>4,070</TD>

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

   <TD width="12%" noWrap align=right>32</TD>

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

   <TD width="12%" noWrap align=right>4,102</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Zinc concentate </B><I>(tonne)</I></TD>

   <TD width="12%" noWrap align=right>230</TD>

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

   <TD width="12%" noWrap align=right>82</TD>

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

   <TD width="12%" noWrap align=right>312</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="58%" colSpan=4 noWrap align=left><B></B><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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 noWrap align=left><B>Metal Sales</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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Silver </B><I>(in thousands of ounces)</I></TD>

   <TD width="12%" noWrap align=right>2,796</TD>

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

   <TD width="12%" noWrap align=right>344</TD>

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

   <TD width="12%" noWrap align=right>3,140</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Gold </B><I>(in thousands of ounces)</I></TD>

   <TD width="12%" noWrap align=right>1.7</TD>

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

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

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

   <TD width="12%" noWrap align=right>1.7</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Lead </B><I>(in thousands of pounds)</I></TD>

   <TD width="12%" noWrap align=right>29,044</TD>

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

   <TD width="12%" noWrap align=right>3,803</TD>

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

   <TD width="12%" noWrap align=right>32,847</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Zinc </B><I>(in thousands of pounds)</I></TD>

   <TD width="12%" noWrap align=right>3,024</TD>

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

   <TD width="12%" noWrap align=right>7,555</TD>

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

   <TD width="12%" noWrap align=right>10,579</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 noWrap align=left><B>Metal Sales</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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Silver </B><I>(in thousands of $)</I></TD>

   <TD width="12%" noWrap align=right>39,132</TD>

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

   <TD width="12%" noWrap align=right>3,647</TD>

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

   <TD width="12%" noWrap align=right>42,779</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Gold </B><I>(in thousands of $)</I></TD>

   <TD width="12%" noWrap align=right>1,816</TD>

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

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

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

   <TD width="12%" noWrap align=right>1,816</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Lead </B><I>(in thousands of $)</I></TD>

   <TD width="12%" noWrap align=right>27,683</TD>

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

   <TD width="12%" noWrap align=right>3,570</TD>

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

   <TD width="12%" noWrap align=right>31,253</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Zinc </B><I>(in thousands of $)</I></TD>

   <TD width="12%" noWrap align=right>3,267</TD>

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

   <TD width="12%" noWrap align=right>7,500</TD>

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

   <TD width="12%" noWrap align=right>10,767</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Other </B><I>(in thousands of $)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>395</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>228</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>623</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" width="4%" noWrap align=left></TD>

   <TD width="4%" 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="46%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>72,293</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>14,945</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>87,238</TD>

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

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 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 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left><B></B></TD>

   <TD width="54%" colSpan=3 noWrap align=left><B>Average Selling Price,Net of Value Added Tax and Smelter Charges</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 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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Silver </B><I>($ per ounce)</I></TD>

   <TD width="12%" noWrap align=right>14.00</TD>

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

   <TD width="12%" noWrap align=right>10.60</TD>

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

   <TD width="12%" noWrap align=right>13.62</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Gold </B><I>($ per ounce)</I></TD>

   <TD width="12%" noWrap align=right>1,068</TD>

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

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

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

   <TD width="12%" noWrap align=right>1,068</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Lead </B><I>($ per pound)</I></TD>

   <TD width="12%" noWrap align=right>0.95</TD>

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

   <TD width="12%" noWrap align=right>0.94</TD>

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

   <TD width="12%" noWrap align=right>0.95</TD>

   <TD 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" width="4%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="50%" colSpan=2 noWrap align=left><B></B><B>Zinc </B><I>($ per pound)</I></TD>

   <TD width="12%" noWrap align=right>1.08</TD>

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

   <TD width="12%" noWrap align=right>0.99</TD>

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

   <TD width="12%" noWrap align=right>1.02</TD>

   <TD 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="99%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><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.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT style="FONT-SIZE: 8pt">2 </FONT></SUP><FONT style="FONT-SIZE: 8pt">GC Silver recovery rate consists of 57.4% from lead concentrates and 20.5% from zinc concentrates.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT style="FONT-SIZE: 8pt">2 </FONT></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.</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">15</P></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>SILVERCORP METALS INC. FINANCIAL STATEMENTS FOR SEPTEMBER 30, 2018
<TEXT>

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   <TITLE>Exhibit 99.2</TITLE>
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.2</B></P>
<IMG border=0 src="exhibit99-2x1x1.jpg"> <BR>

<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 six months ended September 30, 2018 and 2017 <BR>(Expressed in thousands of US dollars, unless otherwise stated) <BR>(Unaudited)</B></P></DIV><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 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>

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<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: 14%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 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>As at September 30,</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="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="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>2018</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>2018</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="58%" noWrap align=left><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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: 58%" noWrap align=left><B>Current Assets</B></TD>

   <TD style="WIDTH: 14%" 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="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>19</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>53,522</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>49,199</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

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

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>70,396</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>56,910</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>456</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>676</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

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

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>11,869</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>11,018</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>11</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>32</B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

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

   <TD style="WIDTH: 14%" 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>534</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>4,335</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>4,456</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>140,610</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>122,804</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Non-current Assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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: 58%" noWrap align=left>

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

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,046</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>954</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,219</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,712</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

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

   <TD style="WIDTH: 14%" noWrap align=center>3</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>38,085</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>38,001</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>4</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>7,790</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>6,132</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

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

   <TD style="WIDTH: 14%" noWrap align=center>5</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>66,465</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>71,211</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>6</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>217,228</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>232,080</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="58%" noWrap align=left><B>TOTAL ASSETS</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>476,443</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>476,894</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="58%" noWrap align=left><B>LIABILITIES AND EQUITY</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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: 58%" noWrap align=left><B>Current Liabilities</B></TD>

   <TD style="WIDTH: 14%" 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="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>29,144</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>25,198</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

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

   <TD style="WIDTH: 14%" noWrap align=center>7</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>4,371</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>6,622</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>6,806</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Income tax payable</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>1,818</B></TD>

   <TD 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>303</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="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>41,955</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>32,307</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left><B>Non-current Liabilities</B></TD>

   <TD style="WIDTH: 14%" 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="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>31,680</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>33,310</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</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>12,148</B></TD>

   <TD 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>13,098</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="58%" noWrap align=left><B>Total Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=left>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>85,783</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>78,715</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left><B>Equity</B></TD>

   <TD style="WIDTH: 14%" 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="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>230,129</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>228,729</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

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

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>15,222</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>14,690</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>25,409</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>25,409</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

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

   <TD style="WIDTH: 14%" noWrap align=center>9</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(45,571</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>(25,875</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>103,146</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>86,283</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%" colSpan=2 noWrap align=left><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>328,335</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>329,236</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" colSpan=2 noWrap align=left><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center>10</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>62,325</B></TD>

   <TD 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>68,943</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="58%" noWrap align=left><B>Total Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>390,660</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>398,179</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: 58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>476,443</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>476,894</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: 58%" noWrap align=left><B>Commitments and contingencies</B></TD>

   <TD style="WIDTH: 14%" noWrap align=center>18</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Approved on behalf of the Board:</P>

<P style="TEXT-ALIGN: justify"><B><I><U>(Signed) David Kong</U><BR></I></B>Director</P>

<P style="TEXT-ALIGN: justify"><B><I><U>(Signed) Rui Feng<BR></U></I></B>Director</P>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

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

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

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

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, except numbers for share and per share figures)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD style="WIDTH: 30%"></TD>

   <TD style="WIDTH: 14%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

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   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

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   <TD style="WIDTH: 30%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" colSpan=5 noWrap align=right><B>Three Months Ended September 30,</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Six Months Ended September 30,</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>2018</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>2017</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>2018</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>2017</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>17(c)</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>48,091</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>47,541</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>93,216</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>87,238</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>18,238</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>16,177</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>32,515</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>30,286</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mineral resource taxes</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,392</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>1,317</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>2,641</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,428</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="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>5,761</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>4,441</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>10,509</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>8,913</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="30%" noWrap align=left>&nbsp;</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>25,391</B></TD>

   <TD 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>21,935</TD>

   <TD 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>45,665</B></TD>

   <TD 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>41,627</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>22,700</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>25,606</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>47,551</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>45,611</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 14%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>&nbsp;</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>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>&nbsp;</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>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>General and administrative</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>12</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,605</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>4,473</TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,077</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,043</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Government fees and other taxes</TD>

   <TD style="WIDTH: 14%" noWrap align=center>13</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>767</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>690</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,569</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>1,531</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Foreign exchange loss (gain)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>708</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>1,111</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>(80</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,726</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Loss on disposal of plant and equipment</TD>

   <TD style="WIDTH: 14%" noWrap align=center>5</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>124</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</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>134</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>176</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Gain on disposal of NSR</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=left>&nbsp;</TD>

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

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

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

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

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

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="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>(4,320</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Share of loss in associate</TD>

   <TD style="WIDTH: 14%" noWrap align=center>3</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>105</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>125</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>384</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>369</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="30%" noWrap align=left>Other expense (income)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>213</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>(126</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>276</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>(307</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left><B>Income from operations</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>16,178</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>19,327</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>36,191</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>36,393</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Finance income</TD>

   <TD style="WIDTH: 14%" noWrap align=center>14</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>825</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>650</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,621</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>1,224</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="30%" noWrap align=left>Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>14</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>(163</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>(112</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>(297</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>(217</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left><B>Income before income taxes</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>16,840</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>19,865</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>37,515</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>37,400</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center>15</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>5,763</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,263</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>12,261</B></TD>

   <TD 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>9,284</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>11,077</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>14,602</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>25,254</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>28,116</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: 30%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>

   <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: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>8,037</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>11,145</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>18,958</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>22,082</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="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>10</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,040</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>3,457</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>6,296</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>6,034</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>&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=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>11,077</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>14,602</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>25,254</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>28,116</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="46%" colSpan=3 noWrap align=left><B>&nbsp;</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=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: 46%" colSpan=3 noWrap align=left><B>Earnings per share attributable to the equity holders of the Company</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=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="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Basic earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>0.05</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>0.07</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>0.11</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>0.13</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="30%" noWrap align=left><B>Diluted earnings per share</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>0.05</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.07</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.11</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.13</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%" colSpan=2 noWrap align=left><B>Weighted Average Number of Shares Outstanding - Basic</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>168,105,986</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>168,040,068</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>167,687,266</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>167,965,537</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%" colSpan=2 noWrap align=left><B>Weighted Average Number of Shares Outstanding - Diluted</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>170,312,229</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>170,017,715</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>169,773,955</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>169,990,150</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" 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>

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   <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 vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>&nbsp;</TD>

   <TD style="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="24%" colSpan=4 noWrap align=right><B>Three Months Ended September 30,</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Six Months Ended September 30,</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=center><B>Notes</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>2018</B></TD>

   <TD 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>2017</TD>

   <TD 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>2018</B></TD>

   <TD 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>2017</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Net income</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>11,077</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>14,602</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>25,254</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>28,116</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left><B>Other comprehensive income (loss), net of taxes:</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Items that may subsequently be reclassified to net income or loss:</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>

   <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: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Currency translation adjustment, net of tax of $nil</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(10,154</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>7,924</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>(27,268</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>14,143</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Share of other comprehensive income (loss) in associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>3</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>358</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(8</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>617</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>(13</TD>

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

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Items that will not subsequently be reclassified to net income or loss:</TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="30%" 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="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>4</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>1,585</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>715</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,677</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>521</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: 30%" noWrap align=left><B>Other comprehensive (loss) income, net of taxes</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(8,211</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>8,631</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(24,974</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>14,651</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>

   <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: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(6,071</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>7,587</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(19,696</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>12,784</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="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>10</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(2,140</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,044</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>(5,278</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,867</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="30%" noWrap align=left>&nbsp;</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>(8,211</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>8,631</TD>

   <TD style="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>(24,974</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>14,651</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Total comprehensive income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>2,866</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>23,233</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>280</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>42,767</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: 30%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>

   <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: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,966</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>18,732</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(738</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>34,866</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="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>900</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>4,501</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,018</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>7,901</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>&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=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2,866</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>23,233</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>280</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>42,767</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">3</P></DIV><BR>

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<BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Cash Flows</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 30%"></TD>

   <TD style="WIDTH: 14%"></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: 30%" noWrap align=left>&nbsp;</TD>

   <TD style="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="24%" colSpan=4 noWrap align=right><B>Three Months Ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Six Months Ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" 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>2018</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>2017</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>2018</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>2017</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Cash provided by</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>

   <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: 30%" noWrap align=left><B>Operating activities</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Net income</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>11,077</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>14,602</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>25,254</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>28,116</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Finance costs</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>14</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>163</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>112</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>297</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>217</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>6,048</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,741</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>11,101</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>9,493</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Share of loss (income) in associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>3</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>105</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>125</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>384</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>369</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Gain on disposal of NSR</P></TD>

   <TD style="WIDTH: 14%" 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>-</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>(4,320</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Income tax expense</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,763</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,263</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>12,261</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,284</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Finance income</P></TD>

   <TD style="WIDTH: 14%" noWrap align=center>14</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(825</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>(650</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>(1,621</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>(1,224</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>5</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>124</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>6</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>134</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>176</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Share-based compensation</P></TD>

   <TD style="WIDTH: 14%" noWrap align=center>8(b)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>456</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>283</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>912</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>686</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclamation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>(62</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>(15</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>(66</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>(19</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Income taxes paid</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(5,388</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(3,445</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>(8,476</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(7,582</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Interest received</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>825</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>650</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>1,621</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>1,224</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Interest paid</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(48</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>(48</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="30%" 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="14%" noWrap align=center>19</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>2,808</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>(977</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>441</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>1,167</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="30%" noWrap align=left><B>Net cash provided by operating activities</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>21,046</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>20,695</TD>

   <TD 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>42,194</B></TD>

   <TD 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>37,587</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Investing activities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>

   <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: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Capital expenditures</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>(6,064</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>(5,022</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>(11,793</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(10,933</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>(422</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>(1,520</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>(1,643</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,731</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD style="WIDTH: 14%" noWrap align=center>5</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>2</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</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>29</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</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Investment in associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(20,025</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>-</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>(20,025</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Net purchases of short-term investments</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>(30,481</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>(28,063</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>(17,219</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>(31,767</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="30%" noWrap align=left><B>Net cash used in investing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>(36,965</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>(54,611</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>(30,626</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>(65,437</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left><B>Financing activities</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Bank loan</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>

   <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: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds</P></TD>

   <TD style="WIDTH: 14%" noWrap align=center>7</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>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>4,527</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" 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>

   <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: 30%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">Distribution</P></TD>

   <TD style="WIDTH: 14%" noWrap align=center>10</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(3,305</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>(6,634</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>(4,891</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>8(c)</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>(2,095</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>(1,679</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Proceeds from issuance of common shares</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>518</B></TD>

   <TD 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>165</TD>

   <TD 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>1,020</B></TD>

   <TD 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>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Net cash provided by (used in) financing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>(2,787</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>165</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(3,182</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>(6,402</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="30%" noWrap align=left><B>Effect of exchange rate changes on cash and cash equivalents</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>(641</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>820</TD>

   <TD 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>(4,063</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2,618</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left><B>Increase in cash and cash equivalents</B></TD>

   <TD style="WIDTH: 14%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(19,347</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>(32,931</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>4,323</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>(31,634</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Cash and cash equivalents, beginning of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" 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>72,869</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>74,300</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>49,199</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>73,003</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left><B>Cash and cash equivalents, end of the period</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>53,522</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>41,369</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>53,522</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>41,369</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left><B>Supplementary cash flow information</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=center>19</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">4</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<a name="_bclPageBorder6"></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>Condensed Consolidated Interim Statements of Changes in Equity</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share figures)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 20%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 7%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=4 noWrap align=center>Share capital</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 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: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" align=right>Share option</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" align=right>Accumulated other comprehensive</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>Retained</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" align=right>Total equity attributable to the equity holders of</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>Non-controlling</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="20%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Notes</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="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="6%" noWrap align=right>Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>reserve</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>Reserves</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>loss</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>earnings</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>the Company</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>interests</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>Total equity</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left><B>Balance, April 1, 2017</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>167,889,636</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>232,155</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>13,325</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>25,409</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(50,419</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>42,651</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>263,121</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>54,814</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>317,935</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Options exercised</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 7%" noWrap align=right>304,618</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>231</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(63</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>168</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>168</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Share-based compensation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="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="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>686</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>686</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>686</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Dividends declared</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 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: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(1,679</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(1,679</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(1,679</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Comprehensive income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>12,784</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>22,082</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>34,866</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>7,901</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>42,767</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Balance, September 30, 2017</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 7%" noWrap align=right>168,194,254</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>232,386</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>13,948</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>25,409</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(37,635</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>63,054</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>297,162</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>62,715</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 6%" noWrap align=right>359,877</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Options exercised</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>552,402</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>520</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(138</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>382</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>382</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Share-based compensation</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 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: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>880</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>880</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>880</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Dividends declared</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="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="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,683</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,683</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(1,683</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Distribution to non-controlling interests</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 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: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(2,917</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(2,917</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Common shares repurchased as part of normal</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" 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="6%" 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="6%" 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="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=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="6%" 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="6%" 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="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>course issuer bid</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 7%" noWrap align=right>(1,717,100</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(4,177</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(4,177</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(4,177</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Comprehensive income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>11,760</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>24,912</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>36,672</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>9,145</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>45,817</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left><B>Balance, March 31, 2018</B></TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 7%" noWrap align=right><B>167,029,556</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>228,729</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>14,690</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>25,409</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>(25,875</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: 6%" noWrap align=right><B>86,283</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>329,236</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>68,943</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 6%" noWrap align=right><B>398,179</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Options exercised</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>1,394,806</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>1,400</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(380</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>1,020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>1,020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Share-based compensation</TD>

   <TD style="WIDTH: 8%" noWrap align=center>8(b)</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: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>912</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>912</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>912</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="20%" noWrap align=left>Dividends declared</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>8(c)</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="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2,095</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2,095</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right>(2,095</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" noWrap align=left>Distribution to non-controlling interests</TD>

   <TD style="WIDTH: 8%" noWrap align=center>10</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: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(6,634</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%" noWrap align=right>(6,634</TD>

   <TD style="WIDTH: 1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%; BACKGROUND-COLOR: #e6efff" align=left>Disposition of non-controlling interests upon&nbsp;wound-up of a subsidiary</TD>

   <TD style="WIDTH: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=center>10</TD>

   <TD style="WIDTH: 7%; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 6%; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%; BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,002</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 6%; BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,002</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left>Comprehensive (loss) income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="6%" 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="6%" 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="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(19,696</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="6%" noWrap align=right>18,958</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="6%" noWrap align=right>(738</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="6%" noWrap align=right>1,018</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="6%" noWrap align=right>280</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="20%" noWrap align=left><B>Balance, September 30, 2018</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="7%" noWrap align=right><B>168,424,362</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="6%" noWrap align=right><B>230,129</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="6%" noWrap align=right><B>15,222</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="6%" noWrap align=right><B>25,409</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="6%" noWrap align=right><B>(45,571</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="6%" noWrap align=right><B>103,146</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="6%" noWrap align=right><B>328,335</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="6%" noWrap align=right><B>62,325</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="6%" noWrap align=right><B>390,660</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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   <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 September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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>

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   <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 and NYSE American 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 six months ended September 30, 2018, are not necessarily indicative of the results that may be expected for the year ending March 31, 2019.</P>

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   <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;IASB&#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, 2018. 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, 2018 except for the following:</P>

<P style="TEXT-ALIGN: justify"><I><U>IFRS 9 (2014) &#8211; Financial Instruments (amended 2014)</U></I></P>

<P style="TEXT-ALIGN: justify">On April 1, 2018, the Company adopted, retrospectively without restatement, IFRS 9 &#8211; Financial Instruments, the final version issued in 2014 by IASB (&#8220;IFRS 9 2014&#8221;). As the Company has applied IFRS 9 (2010) effective April 1, 2011, the adoption of IFRS 9 (2014) has no impact on the classification or the carrying value of the Company&#8217;s financial instruments. IFRS 9 (2014) introduced a single expected credit loss impairment model for the financial assets measured at amortized cost and for debt instrument at fair value through other comprehensive income, which is based on changes in credit quality since initial recognition. The adoption of the expected credit loss impairment model did not have a significant impact on the Company&#8217;s financial statements. IFRS 9 (2014) change the requirements for hedge effectiveness and consequently for the application of hedge accounting. As the Company does not apply hedge accounting, the adoption of IFRS 9 (2014) with regards to hedge accounting did not impact the Company or its accounting policies.</P>

<P style="TEXT-ALIGN: justify"><I><U>IFRS 15 &#8211; Revenue from contracts with customers</U></I></P>

<P style="TEXT-ALIGN: justify">On April 1, 2018, the Company adopted IFRS 15 &#8211; Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 18 &#8211; Revenue ("IAS 18"). IFRS 15 establishes a single five-step model framework for</P>

<P style="TEXT-ALIGN: right">6</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="TEXT-ALIGN: justify">determining the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The standard is effective for annual periods beginning on or after January 1, 2018.</P>

<P style="TEXT-ALIGN: justify">IFRS 15 requires entities to recognize revenue when &#8216;control&#8217; of goods or services transfers to the customer whereas the previous standard, IAS 18, required entities to recognize revenue when the &#8216;risks and rewards&#8217; of the goods or services transfer to the customer. The Company concluded there is no change in the timing of revenue recognition of its concentrate sales under the new standard as the point of transfer of risks and rewards of goods and services and transfer of control occur at the same time. As such, no adjustment was required to the Company's financial statements.</P>

<P style="TEXT-ALIGN: justify">IFRS 15 requires that variable consideration should only be recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company concluded that the adjustments relating to the final assay results for the quantity and quality of concentrate sold and the retroactive pricing adjustment for the new pricing terms are not significant and does not constrain the recognition of revenue.</P>

<P style="TEXT-ALIGN: justify">The company concluded after review of its revenue streams and underlying contracts with customers that the adoption of IFRS 15 has no material impact on the Company&#8217;s financial statements.</P>

<P style="TEXT-ALIGN: justify"><I><U>Other narrow scope amendments</U></I></P>

<P style="TEXT-ALIGN: justify">The Company has adopted IFRIC interpretation 22 &#8211; Foreign currency transaction and advanced consideration, and narrow scope amendments to IFRS 2 &#8211; Share-based payment, which did not have a material impact on the Company&#8217;s financial statements.</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 November 6, 2018.</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.</P>

<P style="TEXT-ALIGN: justify">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. Adjustments to recognize the non-controlling interests&#8217; share of changes to the subsidiary&#8217;s equity are made even if this results in the non-controlling interests having a deficit balance. Changes in the Company&#8217;s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interests is adjusted to reflect the change in the non-controlling interests&#8217; relative interests in the subsidiary and the difference between the</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 noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="TEXT-ALIGN: justify">adjustment to the carrying amount of non-controlling interest and the Company&#8217;s share of proceeds received and/or consideration paid is recognized directly in equity and attributed to equity holders of the Company.</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: justify">Details of the Company&#8217;s significant subsidiaries which are consolidated are as follows:</P>

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<TR>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 32%" colSpan=2 noWrap align=center>Proportion of ownership interest held</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Place of</TD>

   <TD style="WIDTH: 16%" noWrap align=center><B>September 30,</B></TD>

   <TD style="WIDTH: 16%" noWrap align=center>March 31,</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</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>2018</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center>2018</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center>Mineral 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>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>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>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 (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=left>&nbsp;</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 Mining District</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 effect</I></P>

<P style="TEXT-ALIGN: justify">IFRS 16 &#8211; <I>Leases </I>(&#8220;IFRS 16&#8221;) was issued by the IASB and will replace <I>Leases </I>(&#8220;IAS 17&#8221;) and <I>determining whether an arrangement contains a lease </I>(&#8220;IFRIC 4&#8221;). IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a non-lease component on the basis of whether the customer controls the specific asset. For those contracts that are or contain a lease, IFRS 16 introduces significant changes to the accounting for contracts that are or contain a lease, introducing a single, on-balance sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. The Company anticipates that the application of IFRS 16 will result in an increase in the recognition of right of use assets and lease liabilities related to leases with terms greater than 12 months on the Consolidated Statements of Financial Position on April 1, 2019. IFRS 16 will further result in increased depreciation and amortization on these rights of use assets and increased interest on these additional lease liabilities. These lease payments will be recorded as financing outflows on the Consolidated Statements of Cash Flows. The Company is currently identifying and collecting data relating to existing lease agreements for Fiscal 2019.</P>

<P style="TEXT-ALIGN: right">8</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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>

<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>3.</B></TD>

   <TD noWrap align=left><B>INVESTMENT IN AN ASSOCIATE</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">New Pacific Metals Corp. (&#8220;NUAG&#8221;) is a Canadian public company listed on the TSX Venture Exchange (symbol: NUAG). NUAG is a related party of the Company by way of two common directors and officers, and the Company accounts for its investment in NUAG using the equity method as it is able to exercise significant influence over the financial and operating policies of NUAG.</P>

<P style="TEXT-ALIGN: justify">As at September 30, 2018, the Company owned 39,280,900 common shares (March 31, 2018 &#8211; 39,280,900) of NUAG, representing an ownership interest of 29.8% (March 31, 2018 &#8211; 29.8%). The summary of the investment in NUAG common shares and its market value as at the respective balance sheet dates are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 58%"></TD>

   <TD style="WIDTH: 12%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" 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 NUAG's</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=right>Number of</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>common shares per</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" 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="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Balance, April 1, 2017</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>10,806,300</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>8,517</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>8,517</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Participate in Private placement</TD>

   <TD style="WIDTH: 12%" noWrap align=right>28,000,000</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>23,352</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="58%" noWrap align=left>Purchase from open market</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>474,600</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>509</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: 58%" noWrap align=left>Share of net loss</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(700</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</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="58%" noWrap align=left>Share of other comprehensive income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" 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=right>461</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: 58%" noWrap align=left>Impairment recovery</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,714</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="58%" noWrap align=left>Dilution gain</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" 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=right>822</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="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>326</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Balance March 31, 2018</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>39,280,900</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>38,001</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>50,266</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Share of net loss</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(384</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Share of other comprehensive income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" 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=right>617</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="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(149</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Balance September 30, 2018</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right><B>39,280,900</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>38,085</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>47,337</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<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="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>September 30, 2018</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, 2018</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>Equity 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="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><B>&nbsp;</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Publicly-traded companies</P></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>7,790</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>6,132</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><I>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 mining companies that the Company has acquired through the open market or through private placements. These equity interests are for long-term investment purposes and consist of common shares and warrants. As of June 30, 2018, none of the investments held by the Company represented more than 10% of the respective interest of investees.</P>

<P style="TEXT-ALIGN: right">9</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR></DIV>

<A name="page_11"></A><BR>

<a name="_bclPageBorder11"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="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=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%" 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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Fair value</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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, 2017</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,207</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>(6,233</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>378</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>378</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%">Equity investments received as consideration for disposal of NSR</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,320</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="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>227</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>March 31, 2018</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>6,132</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>(5,855</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Change in fair value on equity investments designated as FVTOCI</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,677</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>1,677</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(19</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>-</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>September 30, 2018</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>7,790</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(4,178</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="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>5.</B></TD>

   <TD noWrap align=left><B>PLANT AND EQUIPMENT</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Plant and equipment consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 28%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></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: 10%" colSpan=2 noWrap align=center><B>Land use rights</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=center><B>Office</B></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=center><B>Motor</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" align=right><B>Construction</B></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="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" colSpan=2 noWrap align=center><B>and building</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=center><B>equipment</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>Machinery</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=center><B>vehicles</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%" align=right><B>in progress</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Balance as at April 1, 2017</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>94,484</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>5,964</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>26,352</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>6,131</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,143</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>135,074</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,497</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>1,156</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>1,084</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>559</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>1,540</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>5,836</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(246</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>(194</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="8%" noWrap align=right>(298</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="8%" noWrap align=right>(515</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="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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,253</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups<SUP>(1)</SUP></P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>344</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=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>4</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>-</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>(348</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>9,086</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>829</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="8%" noWrap align=right>2,271</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="8%" noWrap align=right>555</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="8%" noWrap align=right>267</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="8%" noWrap align=right>13,008</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Balance as at March 31, 2018</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>105,165</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>7,755</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>29,413</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>6,730</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>3,602</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>152,665</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>120</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>263</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=right>956</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=right>567</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=right>2,448</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=right>4,354</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(70</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>(73</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(271</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(216</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(630</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups<SUP>(1)</SUP></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>47</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=left>&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=left>&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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(47</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="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(8,854</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>(567</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>(2,539</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>(585</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>(405</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>(12,950</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Ending balance as at September 30, 2018</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>96,408</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>7,378</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>27,559</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>6,496</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>5,598</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>143,439</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" colSpan=2 noWrap align=left><B>&nbsp;</B></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=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="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="30%" colSpan=2 noWrap align=left><B>Impairment, accumulated depreciation and amortization</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>Balance as at April 1, 2017</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(42,706</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(4,666</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(17,520</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(4,928</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</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(69,873</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>68</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>175</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=right>208</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=right>440</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=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="8%" noWrap align=right>891</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(3,180</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>(438</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,643</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(390</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(5,651</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>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(4,198</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>(383</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="8%" noWrap align=right>(1,768</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="8%" noWrap align=right>(467</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="8%" noWrap align=right>(5</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="8%" noWrap align=right>(6,821</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 as at March 31, 2018</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(50,016</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(5,312</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(20,723</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(5,345</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(58</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(81,454</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>26</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>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>180</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=right>196</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=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="8%" noWrap align=right>467</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,608</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>(265</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(838</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(164</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(2,875</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>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>4,257</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>369</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="8%" noWrap align=right>1,803</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="8%" noWrap align=right>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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>6</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="8%" noWrap align=right>6,888</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="28%" noWrap align=left><B>Ending balance as at September 30, 2018</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>(47,341</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>(5,143</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>(19,578</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>(4,860</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>(52</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>(76,974</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</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="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=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=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="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Carrying amounts</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</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="2%" 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="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=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="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="2%" 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="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Balance as at March 31, 2018</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>55,149</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,443</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>8,690</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,385</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,544</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>71,211</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="28%" noWrap align=left><B>Ending balance as at September 30, 2018</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>49,067</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>2,235</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>7,981</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>1,636</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>5,546</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>66,465</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>(1) </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: right">10</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_12"></A><BR>

<a name="_bclPageBorder12"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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>

<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: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="40%" noWrap align=left><B>Carrying amounts as at September 30, 2018</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%" align=right><B>Ying Mining District</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>BYP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>GC</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" 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="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>Land use rights and building</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>33,224</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,224</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>12,617</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,002</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>49,067</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>Office equipment</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,821</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>38</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>227</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>149</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>2,235</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>Machinery</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>5,393</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>281</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,176</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>131</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>7,981</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>Motor vehicles</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,484</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>28</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>111</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>13</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,636</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="40%" noWrap align=left>Construction in progress</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,685</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,799</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>62</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>5,546</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="40%" noWrap align=left><B>Total</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>45,607</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>4,370</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>15,193</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>1,295</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>66,465</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="40%" noWrap align=left><B>Carrying amounts as at March 31, 2018</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%" align=right><B>Ying Mining District</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>BYP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>GC</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" 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="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>Land use rights and building</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>37,432</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,527</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>14,039</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,151</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>55,149</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>Office equipment</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>2,053</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>46</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>168</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>176</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>2,443</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="40%" noWrap align=left>Machinery</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>5,649</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>339</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,652</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>50</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>8,690</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 40%" noWrap align=left>Motor vehicles</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,270</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>33</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>80</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>2</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,385</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="40%" noWrap align=left>Construction in progress</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,529</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,966</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>49</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,544</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 2px solid" width="40%" noWrap align=left><B>Total</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>47,933</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>4,911</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>16,988</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>1,379</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>71,211</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the three and six months ended September 30, 2018, certain plant and equipment were disposed for proceeds of $2 and $29, respectively (three and six months ended September 30, 2017 - $19 and $19, respectively) and loss of $124 and $134, respectively (three and six months ended September 30, 2017 &#8211;loss of $6 and $176, 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>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 width="28%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="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="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&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=6 noWrap align=center><B>Producing and development properties</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="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=4 align=center><B>Exploration and evaluation properties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>Ying Mining District</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>BYP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>GC</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>XHP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>RZY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="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>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Balance as at April 1, 2017</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>234,847</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>63,746</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>103,202</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>19,906</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>174</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>421,875</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>20,125</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>14</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>323</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>231</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>-</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>20,693</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Environmental rehabiliation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(589</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="8%" noWrap align=right>(52</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(36</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="8%" noWrap align=right>(17</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(694</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>23,351</TD>

   <TD 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>1,346</TD>

   <TD 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>9,755</TD>

   <TD 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>1,904</TD>

   <TD 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>6</TD>

   <TD 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>36,362</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Balance as at March 31, 2018</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>277,734</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>65,054</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>113,244</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>22,024</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>180</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>478,236</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>12,469</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>31</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>661</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>160</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>-</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>13,321</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(23,928</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="8%" noWrap align=right>(1,308</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="8%" noWrap align=right>(9,491</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="8%" noWrap align=right>(1,866</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="8%" noWrap align=right>(1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(36,594</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>Ending balance as at September 30, 2018</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>266,275</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>63,777</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>104,414</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>20,318</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>179</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>454,963</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></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></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="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Impairment and accumulated depletion</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=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="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="2%" 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="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=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="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="2%" 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="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Balance as at April 1, 2017</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(64,157</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>(56,891</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>(74,547</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>(19,906</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>(174</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>(215,675</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>(12,196</TD>

   <TD width="2%" align=left>)</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>-</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>(1,837</TD>

   <TD width="2%" align=left>)</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>-</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>-</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>(14,033</TD>

   <TD width="2%" align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(6,746</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="8%" noWrap align=right>(693</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="8%" noWrap align=right>(7,111</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="8%" noWrap align=right>(1,892</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="8%" noWrap align=right>(6</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="8%" noWrap align=right>(16,448</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>Balance as at March 31, 2018</TD>

   <TD width="2%" align=right>$</TD>

   <TD width="8%" align=right>(83,099</TD>

   <TD width="2%" align=left>)</TD>

   <TD width="2%" align=right>$</TD>

   <TD width="8%" align=right>(57,584</TD>

   <TD width="2%" align=left>)</TD>

   <TD width="2%" align=right>$</TD>

   <TD width="8%" align=right>(83,495</TD>

   <TD width="2%" align=left>)</TD>

   <TD width="2%" align=right>$</TD>

   <TD width="8%" align=right>(21,798</TD>

   <TD width="2%" align=left>)</TD>

   <TD width="2%" align=right>$</TD>

   <TD width="8%" align=right>(180</TD>

   <TD width="2%" align=left>)</TD>

   <TD width="2%" align=right>$</TD>

   <TD width="8%" align=right>(246,156</TD>

   <TD width="2%" align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(7,298</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="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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,122</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="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=left>&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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(8,420</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>7,324</TD>

   <TD 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>675</TD>

   <TD 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>7,001</TD>

   <TD 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>1,840</TD>

   <TD 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</TD>

   <TD 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>16,841</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Ending balance as at September 30, 2018</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>(83,073</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(56,909</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(77,616</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(19,958</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(179</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(237,735</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B>&nbsp;</B></TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Balance as at March 31, 2018</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>194,635</TD>

   <TD 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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>7,470</TD>

   <TD style="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>29,749</TD>

   <TD style="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>226</TD>

   <TD style="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>232,080</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="28%" noWrap align=left><B>Ending balance as at September 30, 2018</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>183,202</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><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>6,868</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>26,798</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>360</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>217,228</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>7.</B></TD>

   <TD noWrap align=left><B>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, 2018</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=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,527</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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>55</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=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(48</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(163</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, September 30, 2018</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>4,371</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">11</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="TEXT-ALIGN: justify">On June 14, 2018, the Company's 77.5% owned subsidiary Henan Found borrowed a loan of $4,527 (RMB &#165;30 million) from Bank of China. The loan bears Chinese prevailing loan prime interest rate and matures on June 14, 2019. As of September 30, 2018, the Chinese prevailing loan prime interest rate was 4.35%. For the three and six months ended September 30, 2018, interest of $48 and $58, respectively (three and six months ended September 30, 2017 - $nil) was accrued and expensed through finance costs (see note 14).</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>8.</B></TD>

   <TD noWrap align=left><B>SHARE CAPITAL</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(a) Authorized</I></P>

<P style="TEXT-ALIGN: justify">Unlimited number of common shares without par value. All shares issued as at September 30, 2018 were fully paid.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b) Stock options</I></P>

<P style="TEXT-ALIGN: justify">The Company has a stock option plan which allows for the maximum number of common shares to be reserved for issuance on the exercise of options granted under the stock option plan to be a rolling 10% of the issued and outstanding common shares from time to time. The maximum exercise period may not exceed 10 years from the date of the grant of the options to employees, officers, and consultants. The following is a summary of option transactions:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 12%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" align=right>Weighted average</TD>

   <TD style="WIDTH: 2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" align=right>exercise price per</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>Number of shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>share CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Balance, April 1, 2017</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>7,679,507</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1.97</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Option granted</TD>

   <TD style="WIDTH: 12%" noWrap align=right>2,192,500</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>3.30</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Options exercised</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>(857,020</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>0.81</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Options forfeited</TD>

   <TD style="WIDTH: 12%" noWrap align=right>(195,626</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>3.00</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="72%" noWrap align=left>Options expired</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>(672,562</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>5.25</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Balance, March 31, 2018</TD>

   <TD style="WIDTH: 12%" noWrap align=right>8,146,799</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>2.15</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Option granted</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>1,130,000</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>3.40</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Options exercised</TD>

   <TD style="WIDTH: 12%" noWrap align=right>(1,394,806</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>0.95</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Options forfeited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>(114,075</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>3.38</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Options expired</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>(385,812</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>3.36</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left><B>Balance, September 30, 2018</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right><B>7,382,106</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2.49</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the six months ended September 30, 2018, a total of 1,130,000 options with a life of three years were granted to directors, officers, and employees at exercise prices of CAD$3.40 per share subject to a vesting schedule over a two-year term with 25% of the options vesting every six months from the date of grant.</P>

<P style="TEXT-ALIGN: right">12</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="TEXT-ALIGN: justify">The fair value of stock options granted during the six months ended September 30, 2018 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="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 noWrap align=right><B>Six months ended September 30,</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="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2018</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>2017</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>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>2.12%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Expected life of option in years</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1.51 years</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Expected volatility</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>51%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 72%" noWrap align=left>Expected dividend yield</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1.86%</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>Estimated forfeiture rate</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>10%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>Weighted average share price at date of grant</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3.40</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>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The weighted average grant date fair value of the options granted during the six months ended September 30, 2018 was CAD$1.13. 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 six months ended September 30, 2018, a total of $456 and $912, respectively (three and six months ended September 30, 2017 - $283 and $686, respectively) in share-based compensation expense was recognized and included in the general and administrative expenses on the condensed consolidated interim statements of income.</P>

<P style="TEXT-ALIGN: justify">The following table summarizes information about stock options outstanding at September 30, 2018:</P>

<DIV align=left>

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<TR>

   <TD style="WIDTH: 7%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 17%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 7%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 17%"></TD>

   <TD style="WIDTH: 16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 7%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 17%" noWrap align=right>Number of options</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 7%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 17%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=right>Weighted</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 7%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 17%" noWrap align=right>outstanding at</TD>

   <TD style="WIDTH: 16%" noWrap align=right>Weighted average</TD>

   <TD style="WIDTH: 7%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>Weighted average</TD>

   <TD style="WIDTH: 17%" noWrap align=right>Number of options</TD>

   <TD style="WIDTH: 16%" noWrap align=right>average</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 7%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>Exercise price in</TD>

   <TD style="WIDTH: 17%" noWrap align=right>September 30,</TD>

   <TD style="WIDTH: 16%" noWrap align=right>remaining contractual</TD>

   <TD style="WIDTH: 7%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>exercise price in</TD>

   <TD style="WIDTH: 17%" noWrap align=right>exercisable at</TD>

   <TD style="WIDTH: 16%" align=right>exercise price</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" noWrap align=right>2018</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>life (Years)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" noWrap align=right>September 30, 2018</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>in CAD$</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>0.66</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>1,256,004</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>0.25</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>0.66</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>1,256,004</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>0.66</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1.43</TD>

   <TD style="WIDTH: 17%" noWrap align=right>1,260,934</TD>

   <TD style="WIDTH: 16%" noWrap align=right>1.67</TD>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1.43</TD>

   <TD style="WIDTH: 17%" noWrap align=right>1,260,934</TD>

   <TD style="WIDTH: 16%" noWrap align=right>1.43</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1.75</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>340,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>0.66</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1.75</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>340,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>1.75</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1.76</TD>

   <TD style="WIDTH: 17%" noWrap align=right>221,168</TD>

   <TD style="WIDTH: 16%" noWrap align=right>1.04</TD>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1.76</TD>

   <TD style="WIDTH: 17%" noWrap align=right>206,343</TD>

   <TD style="WIDTH: 16%" noWrap align=right>1.76</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2.98</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>118,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>0.31</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2.98</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>118,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>2.98</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3.23</TD>

   <TD style="WIDTH: 17%" noWrap align=right>1,032,500</TD>

   <TD style="WIDTH: 16%" noWrap align=right>2.45</TD>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3.23</TD>

   <TD style="WIDTH: 17%" noWrap align=right>258,125</TD>

   <TD style="WIDTH: 16%" noWrap align=right>3.23</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3.36</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>1,010,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>2.45</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3.36</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>245,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>3.36</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3.40</TD>

   <TD style="WIDTH: 17%" noWrap align=right>1,130,000</TD>

   <TD style="WIDTH: 16%" noWrap align=right>2.90</TD>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3.40</TD>

   <TD style="WIDTH: 17%" noWrap align=right>-</TD>

   <TD style="WIDTH: 16%" noWrap align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3.63</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>840,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>1.30</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3.63</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>630,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>3.63</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4.34</TD>

   <TD style="WIDTH: 17%" noWrap align=right>143,000</TD>

   <TD style="WIDTH: 16%" noWrap align=right>0.97</TD>

   <TD style="WIDTH: 7%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4.34</TD>

   <TD style="WIDTH: 17%" noWrap align=right>143,000</TD>

   <TD style="WIDTH: 16%" noWrap align=right>4.34</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5.58</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>30,000</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>1.40</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5.58</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=right>22,500</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>5.58</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.66 - 5.58</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="17%" noWrap align=right><B>7,382,106</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right><B>1.63</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2.49</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="17%" noWrap align=right><B>4,480,406</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=right><B>$ 1.93</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Subsequent to September 30, 2018, a total of 315,574 options with exercise prices ranging from CAD$0.66 to CAD$1.43 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 six months ended September 30, 2018, dividends of $nil and $2,095, respectively (three and six months ended September 30, 2017 - $nil and $1,679, respectively) were declared and paid.</P>

<P style="TEXT-ALIGN: right">13</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>9.</B></TD>

   <TD noWrap align=left><B>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>September 30, 2018</B></TD>

   <TD 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, 2018</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>(35,831</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(37,508</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 income in associate</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>898</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>281</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>Currency translation adjustment</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>(10,638</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>11,352</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>(45,571</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>(25,875</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 income in associate and currency translation adjustment are net of tax of $nil for all periods presented.</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>10.</B></TD>

   <TD noWrap align=left><B>NON-CONTROLLING INTERESTS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The continuity of non-controlling interests is summarized as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 28%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></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, 2017</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>53,812</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>4,084</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>3,664</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(2,848</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>(3,898</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>54,814</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>10,230</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>1,313</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>(374</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>341</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>392</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>11,902</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 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>4,476</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=right>512</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=right>242</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>(38</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="8%" noWrap align=right>(48</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>5,144</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Distributions</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>(2,917</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>-</TD>

   <TD style="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=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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(2,917</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="28%" noWrap align=left>Balance, March 31, 2018</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>65,601</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>5,909</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>3,532</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(2,545</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>(3,554</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>68,943</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>5,788</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>547</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>(161</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>175</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>(53</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>6,296</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>(4,918</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="8%" noWrap align=right>(427</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="8%" noWrap align=right>(264</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>297</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=right>34</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>(5,278</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>(5,618</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,016</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(6,634</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 wound-up 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=left>&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=left>&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>(1,002</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="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>(1,002</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, September 30, 2018</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>60,853</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>5,013</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>3,107</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>(3,075</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>(3,573</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>62,325</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 September 30, 2018, 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: justify">Henan Non-ferrous Geology Minerals Ltd. (&#8220;Henan Non-ferrous&#8221;) is the 17.5% equity interest holder of Henan Found. During the three and six months ended September 30, 2018, Henan Found declared and paid dividends of $2,566 and $4,370, respectively to Henan Non-ferrous (three and six months ended September 30, 2017 &#8211; $nil and $3,804, respectively).</P>

<P style="TEXT-ALIGN: justify">Henan Xinxiangrong Mining Ltd. (&#8220;Henan Xinxiangrong&#8221;) is the 5% equity interest holder of Henan Found. During the three and six months ended September 30, 2018, Henan Found declared and paid dividends of $739 and $1,248, respectively to Henan Xinxiangrong (three and six months ended September 30, 2017 &#8211;$nil and $1,087, respectively).</P>

<P style="TEXT-ALIGN: justify">Henan Xinhui Mining Co., Ltd. (&#8220;Henan Xinhui&#8221;) is the 20% equity interest holder of Henan Huawei. During the three and six months ended September 30, 2018, Henan Huawei declared and paid dividends of $nil and $1,016, respectively to Henan Xinhui (three and six months ended September 30, 2017 &#8211; $nil).</P>

<P style="TEXT-ALIGN: justify">GRT Mining Investment (Beijing) Co., Ltd. (&#8220;GRT&#8221;) is the 5% equity holder of Guangdong Found and a related party of the Company as it is controlled by a relative of an officer and director of the Company. Subsequent to September 30, 2018, the Company exercised its first right of refusal and entered into an agreement with GRT to acquire its 4% ownership in Guangdong Found for cash consideration of $2.2</P>

<P style="TEXT-ALIGN: right">14</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="TEXT-ALIGN: justify">million (RMB&#165;15 million). Non-controlling interests in Guangdong Found is reduced to 1% after this transaction.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>11.</B></TD>

   <TD noWrap align=left><B>RELATED PARTY TRANSACTIONS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Related party transactions are made on terms agreed upon by the related parties. The balances with related parties are unsecured, non-interest bearing, and due on demand. Related party transactions not disclosed elsewhere in the condensed consolidated interim financial statements are as follows:</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(a) Transactions with NUAG</I></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: 12%"></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 a related party</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>September 30, 2018</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%" align=right>March 31, 2018</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>NUAG (a)</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>32</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="12%" noWrap align=right>11</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">According to a services and administrative costs reallocation agreement between the Company and NUAG, the Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG. During the three and six months ended September 30, 2018, the Company recovered $50 and $99, respectively (three and six months ended September 30, 2017 - $140 and $250, respectively) from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the condensed consolidated interim statements of income.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b) Transactions with key management personnel</I></P>

<P style="TEXT-ALIGN: justify">The Company has identified its directors and senior officers as its key management personnel as they have authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly. The compensation costs for key management personnel, including the grant date fair value for options granted to key management personnel and fees paid or payable to company controlled by key management personnel, were as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></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="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 align=right><B>Three month ended September 30,</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>Six month ended Spetember 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2018</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>2017</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>2018</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>2017</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>Salaries and bonuses</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>340</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,128</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>759</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,532</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Share-based compensation</TD>

   <TD style="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>440</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>-</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>440</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>-</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>780</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>1,128</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>1,199</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>1,532</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>12.</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 style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 align=right><B>Three months ended September 30,</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>Six months ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>General and administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2018</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>2017</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>2018</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>2017</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Office and administrative expenses</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,633</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,784</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>3,091</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,992</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Amortization and depreciation</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>287</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>300</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>592</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>580</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Salaries and benefits</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,050</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,947</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,192</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,139</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Share-based compensation</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>456</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>283</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>912</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>686</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Professional fees</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>179</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>159</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>290</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>646</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>4,605</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>4,473</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>9,077</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>9,043</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">15</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_17"></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>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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>

<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>13.</B></TD>

   <TD noWrap align=left><B>GOVERNMENT FEES AND OTHER TAXES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Government fees and other taxes consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></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="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 align=right><B>Three months ended September 30,</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>Six months ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2018</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>2017</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>2018</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>2017</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>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>19</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>105</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>274</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Other taxes</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>767</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>671</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>1,464</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>1,257</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>767</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>690</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>1,569</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>1,531</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 environmental protection fees paid to the state and local Chinese government. Other taxes were composed of 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>

<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>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 width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left>&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 September 30,</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>Six months ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Finance income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2018</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>2017</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>2018</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>2017</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>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>825</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>650</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>1,621</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>1,224</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%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="10%" colSpan=3 align=right><B>&nbsp;</B></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="10%" colSpan=3 noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left>&nbsp;&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 September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" colSpan=4 noWrap align=right><B>Six months ended September 30,</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2018</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>2017</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>2018</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>2017</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 bank loan</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>45</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</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>55</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Unwinding of discount of environmental rehabilitation provision</TD>

   <TD style="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>118</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>112</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>242</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>217</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>163</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>112</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>297</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>217</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>15.</B></TD>

   <TD noWrap align=left><B>INCOME TAX</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The significant components of income tax expense are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></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="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 align=right><B>Three months ended September 30,</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>Six months ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Income tax expense</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2018</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>2017</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>2018</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>2017</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>5,072</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,516</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>11,021</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,743</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Deferred</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>691</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>747</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>1,240</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>1,541</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>5,763</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>5,263</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>12,261</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>9,284</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>16.</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 13, Fair Value Measurement (&#8220;IFRS 13&#8221;).</P>

<P style="TEXT-ALIGN: right">16</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<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>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="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: 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 September 30, 2018 and March 31, 2018 that are not otherwise disclosed. As required by IFRS 13, 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 style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" colSpan=5 noWrap align=center><B>Fair value as at September 30, 2018</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=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 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="4%" 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="4%" noWrap align=right>&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="4%" 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 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="BACKGROUND-COLOR: #e6efff" width="4%" 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="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>53,522</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>53,522</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in publicly traded companies</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>7,790</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" 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="4%" 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>7,790</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 38%" colSpan=5 noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;&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>Fair value as at March 31, 2018</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=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 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="4%" 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="4%" noWrap align=right>&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="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" 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="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>49,199</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>49,199</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in publicly traded companies</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>6,132</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="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>6,132</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">Fair value of the other financial instruments excluded from the table above approximates their carrying amount as of September 30, 2018 and March 31, 2018, respectively, due to the short-term nature of these instruments.</P>

<P style="TEXT-ALIGN: justify">There were no transfers into or out of level 3 during the three and six months ended September 30, 2018 and 2017.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(a)Liquidity risk</I></P>

<P style="TEXT-ALIGN: justify">Liquidity risk is the risk that the Company will not be able to meet its short-term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#8217;s normal operating requirements on an ongoing basis and its expansion plans.</P>

<P style="TEXT-ALIGN: justify">In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company&#8217;s financial liabilities.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 30%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></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="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=7 noWrap align=center><B>September 30, 2018</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, 2018</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=right>&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="4%" 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="4%" noWrap align=right>&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="4%" 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="4%" 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>Bank loan</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>4,371</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>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" 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="10%" noWrap align=right><B>4,371</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>Accounts payable and accrued liabilities</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>29,144</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>-</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>-</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>29,144</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>25,198</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">17</P></DIV><BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b) 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. 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>

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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="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>September 30, 2018</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, 2018</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>Financial assets denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>45,143</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>27,256</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at September 30, 2018, with other variables unchanged, a 10% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $4.5 million.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(c) 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, and bank loan payable. As at September 30, 2018, 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">The outstanding bank loan is subject to Chinese prevailing loan prime interest rate plus four basis points. If the prime interest rate was increased (decreased) by 1%, interest expenses would be increased (decreased) by approximately $0.5 million per annum. However, the Company does not believe there is significant interest rate risk as the Chinese central bank has maintained stable interest rates to ensure economic stability, with less than 1% fluctuation in base interest rate in the last three years.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(d) 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, requests deposits from customers prior to delivery, and has monitoring processes intended to mitigate credit risks. The Company has no trade receivables from customers as at September 30, 2018. There were no amounts in other receivables which were past due at September 30, 2018 (at March 31, 2018 - $nil) for which no provision is recognized.</P>

<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 noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(e) 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 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 September 30, 2018, 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 $610.</P>

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   <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>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 style="WIDTH: 33%"></TD>

   <TD style="WIDTH: 33%"></TD>

   <TD style="WIDTH: 33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=left><B>Operational Segments</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=left><B>Subsidiaries Included in the Segment</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=left><B>Properties Included in the Segment</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left><B>Mining</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Henan Luoning</P></TD>

   <TD style="WIDTH: 33%" noWrap align=left>Henan Found and Henan Huawei</TD>

   <TD style="WIDTH: 33%" noWrap align=left>Ying Mining District</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Hunan</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>Yunxiang</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>BYP</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Guangdong</P></TD>

   <TD style="WIDTH: 33%" noWrap align=left>Guangdong Found</TD>

   <TD style="WIDTH: 33%" noWrap align=left>GC</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>SX Gold and 0875786 B.C. Ltd.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>XHP</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 33%" noWrap align=left><B>Administrative</B></TD>

   <TD style="WIDTH: 33%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Vancouver</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="33%" noWrap align=left>Silvercorp Metals Inc. 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="TEXT-ALIGN: right">19</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>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="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: 16%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=16 align=center><B>September 30, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" colSpan=7 noWrap align=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=3 noWrap align=center><B>Administrative</B></TD>

   <TD style="WIDTH: 4%" 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="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>Total</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=left><B>Statement of financial position items:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>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="8%" noWrap align=center><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" colSpan=2 noWrap align=center><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="8%" noWrap align=center><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&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="4%" noWrap align=right>&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="4%" 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="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Current assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>77,735</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>1,673</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>7,746</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>590</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>7,108</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>45,758</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>140,610</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>Plant and equipment</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>45,607</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>4,370</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>15,193</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>219</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>960</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>116</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>66,465</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Mineral rights and properties</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>183,202</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>6,868</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>26,798</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>360</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>217,228</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>Investment in an associate</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>38,085</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>38,085</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Other investments</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>6,781</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,009</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>7,790</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>Reclamation deposits</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>5,065</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>146</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>8</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>5,219</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Long-term prepaids and deposits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>389</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>99</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="8%" noWrap align=right><B>392</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>166</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="8%" 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="8%" 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="8%" noWrap align=right><B>1,046</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" 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="8%" noWrap align=right><B>311,998</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>13,010</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>50,275</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>8,116</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>8,068</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>84,976</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>476,443</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Current liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>31,694</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>1,434</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>4,621</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>2,328</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>229</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>1,649</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>41,955</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>Deferred income tax liabilities</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>30,736</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>944</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>31,680</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Environmental rehabilitation</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>10,178</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>923</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>774</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>273</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="8%" 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="8%" 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="8%" noWrap align=right><B>12,148</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=left><B>Total liabilities</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>72,608</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>3,301</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>5,395</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>2,601</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>229</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>1,649</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>85,783</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 100%" colSpan=16 align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=16 align=center>March 31, 2018</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" colSpan=7 noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=3 noWrap align=center>Administrative</TD>

   <TD style="WIDTH: 4%" 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="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>Henan</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>Total</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=left>Statement of financial position items:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" colSpan=2 noWrap align=center>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Vancouver</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" 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="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Current assets</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>82,567</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,833</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>7,911</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>699</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,574</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>28,220</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>122,804</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Plant and equipment</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>47,933</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>4,911</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>16,988</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>137</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,104</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>138</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>71,211</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Mineral rights and properties</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>194,635</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>7,470</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>29,749</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>226</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>232,080</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Investment in an associate</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>38,001</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>38,001</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Other investments</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="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>4,863</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,269</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>6,132</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Reclamation deposits</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>5,544</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>160</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>8</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>5,712</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="16%" noWrap align=left>Long-term prepaids and deposits</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>311</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>108</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>325</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>210</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="8%" 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="8%" 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="8%" noWrap align=right>954</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="16%" noWrap align=left>Total assets</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>330,990</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>14,322</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>55,133</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>6,135</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>2,678</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>67,636</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>476,894</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="16%" noWrap align=left>Current liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>22,419</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,652</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,485</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,745</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>474</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,532</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>32,307</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Deferred income tax liabilities</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>32,382</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>928</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>33,310</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="16%" noWrap align=left>Environmental rehabilitation</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>10,929</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>989</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>887</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>293</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="8%" 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="8%" 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="8%" noWrap align=right>13,098</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="16%" noWrap align=left>Total liabilities</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>65,730</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>3,569</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>4,372</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>3,038</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>474</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>1,532</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>78,715</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">20</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_22"></A><BR>

<a name="_bclPageBorder22"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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: 16%"></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>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=22 align=center><B>Three months ended September 30, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=4 noWrap align=center><B>Administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 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=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=right><B>Total</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Statement of operations:</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=center><B>Luoning</B></TD>

   <TD 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=center><B>Hunan</B><B><SUP>(1)</SUP></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%" colSpan=2 noWrap align=center><B>Guangdong</B></TD>

   <TD 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=center><B>Other</B></TD>

   <TD style="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=center><B>Beijing</B></TD>

   <TD style="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=center><B>Vancouver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" 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="8%" noWrap align=right><B>41,746</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="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><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>6,345</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="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><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=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>-</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="8%" noWrap align=right><B>48,091</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(20,878</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>(4,513</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=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>-</B></TD>

   <TD style="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>(25,391</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>20,868</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="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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,832</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="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><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><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><B>22,700</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Operating (expenses) recovery</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>(2,496</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="8%" noWrap align=right><B>(174</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="8%" noWrap align=right><B>(743</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="8%" noWrap align=right><B>(117</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><B>(386</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><B>(2,606</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><B>(6,522</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>Finance items</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>291</B></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><B>(31</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>17</B></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><B>(2</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><B>16</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><B>371</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><B>662</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Income tax (expenses) recovery</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>(4,625</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="8%" noWrap align=right><B>(14</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="8%" 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="8%" 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="8%" 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="8%" noWrap align=right><B>(1,124</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><B>(5,763</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>14,038</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(219</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>1,106</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(119</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(370</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(3,359</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>11,077</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="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>

   <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: 16%" noWrap align=left><B>Attributed to:</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=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=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="16%" noWrap align=left><B>Equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>10,960</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="8%" noWrap align=right><B>(154</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="8%" noWrap align=right><B>1,052</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="8%" noWrap align=right><B>(92</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><B>(370</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><B>(3,359</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><B>8,037</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>3,078</B></TD>

   <TD 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>(65</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>54</B></TD>

   <TD 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>(27</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="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>3,040</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>14,038</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(219</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,106</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(119</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(370</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(3,359</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>11,077</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>(1) </SUP><FONT style="FONT-SIZE: 8pt">Hunan's BYP project was placed on care and maintenance starting August 2014;</FONT></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: 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>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=22 align=center>Three months ended September 30, 2017</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=4 noWrap align=center>Administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=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="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>Henan</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 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=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=right>Total</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=left>Statement of operations:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" colSpan=2 noWrap align=center>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Other</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=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>Vancouver</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Sales</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>40,536</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>-</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>7,005</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>-</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>-</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>-</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>47,541</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="16%" noWrap align=left>Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(17,715</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="2%" noWrap align=left>&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>(4,220</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(21,935</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Gross profit</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>22,821</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=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="8%" noWrap align=right>2,785</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=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>25,606</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp; </TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>Operating expenses</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,828</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="8%" noWrap align=right>(368</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(576</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="8%" noWrap align=right>(142</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>(357</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>(3,008</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(6,279</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Finance items</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>75</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>(20</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>2</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>(4</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>66</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>419</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>538</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="16%" noWrap align=left>Income tax (expenses) recovery</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(5,269</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="8%" noWrap align=right>7</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="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=left>&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</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>(5,263</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>Net income (loss)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>15,799</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>(381</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>2,211</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>(146</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(292</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(2,589</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>14,602</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" 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=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=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: 16%" noWrap align=left>Attributed to:</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=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=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="16%" noWrap align=left>Equity holders of the Company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>12,299</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=right>(267</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="8%" noWrap align=right>2,108</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=right>(114</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>(292</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(2,589</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>11,145</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="16%" noWrap align=left>Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>3,500</TD>

   <TD 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>(114</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>103</TD>

   <TD 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>(32</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>3,457</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="16%" noWrap align=left>Net income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>15,799</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>(381</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,211</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>(146</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(292</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(2,589</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>14,602</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">21</P></DIV><BR>

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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 noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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>

<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: 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>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=22 align=center><B>Six months ended September 30, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=4 noWrap align=center><B>Administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 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=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=right><B>Total</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%" noWrap align=left><B>Statement of income:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Hunan</B><B><SUP>(1)</SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" colSpan=2 noWrap align=center><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Other</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=center><B>Beijing</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Vancouver</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" 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="8%" noWrap align=right><B>78,713</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="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><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>14,503</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="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><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=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>-</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="8%" noWrap align=right><B>93,216</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(36,214</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>(9,451</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=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>-</B></TD>

   <TD style="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>(45,665</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>42,499</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="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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>5,052</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="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><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><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><B>47,551</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp; </B></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp; </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><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Operating (expenses) income</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(4,472</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="8%" noWrap align=right><B>(379</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="8%" noWrap align=right><B>(1,436</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(229</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><B>(767</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><B>(4,077</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><B>(11,360</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>Finance items, net</B></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=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(60</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>37</B></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><B>(5</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><B>70</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><B>825</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><B>1,324</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Income tax expenses</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(9,567</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="8%" noWrap align=right><B>(99</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="8%" 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="8%" 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="8%" noWrap align=right><B>(1</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><B>(2,594</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><B>(12,261</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>28,917</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(538</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>3,653</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(234</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(698</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>(5,846</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 8%" noWrap align=right><B>25,254</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="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>

   <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: 16%" noWrap align=left><B>Attributable to:</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=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=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="16%" noWrap align=left><B>Equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>22,582</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="8%" noWrap align=right><B>(377</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="8%" noWrap align=right><B>3,478</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="8%" noWrap align=right><B>(181</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><B>(698</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><B>(5,846</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><B>18,958</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>6,335</B></TD>

   <TD 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>(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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>175</B></TD>

   <TD 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>(53</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="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>6,296</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>28,917</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(538</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>3,653</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(234</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(698</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>(5,846</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>25,254</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>(1) </SUP><FONT style="FONT-SIZE: 8pt">Hunan's BYP project was placed on care and maintenance in August 2014;</FONT></P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 17%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 5%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 6%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 7%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 7%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 7%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=22 align=center>Six months ended September 30, 2017</TD></TR>

<TR vAlign=bottom>

   <TD 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=left>&nbsp;</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=center>Mining</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=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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 noWrap align=center>Administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=center>Henan</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&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=right>Total</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Statement of income:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center>Luoning</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=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" colSpan=2 noWrap align=center>Guangdong</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=center>Other</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=center>Beijing</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=center>Vancouver</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 style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Sales</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>72,293</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>-</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>14,945</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>-</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>-</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>-</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>87,238</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" 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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(31,838</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(9,789</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</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>-</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>(41,627</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Gross profit</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>40,455</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>-</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>5,156</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>-</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>-</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>45,611</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&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=right>&nbsp;</TD>

   <TD align=right>&nbsp; </TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Operating (expenses) income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(3,842</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(516</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,238</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>4,107</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>(619</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(7,110</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(9,218</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Finance items, net</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>63</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>(39</TD>

   <TD align=left>)</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>(1</TD>

   <TD align=left>)</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>(5</TD>

   <TD align=left>)</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>130</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>859</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>1,007</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Income tax expenses</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>(9,273</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(10</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</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>(1</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>-</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>(9,284</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Net income (loss)</TD>

   <TD align=right>$</TD>

   <TD align=right>27,403</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>$</TD>

   <TD align=right>(565</TD>

   <TD align=left>)</TD>

   <TD align=right>$</TD>

   <TD align=right>3,917</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>$</TD>

   <TD align=right>4,102</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>$</TD>

   <TD align=right>(490</TD>

   <TD align=left>)</TD>

   <TD align=right>$</TD>

   <TD align=right>(6,251</TD>

   <TD align=left>)</TD>

   <TD align=right>$</TD>

   <TD align=right>28,116</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=left>&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=left>&nbsp; </TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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=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>Attributable to:</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=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>Equity holders of the Company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>21,331</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>(396</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,737</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>4,151</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>(490</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(6,251</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>22,082</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>6,072</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>(169</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>180</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>(49</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>-</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>6,034</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Net income (loss)</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>27,403</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>(565</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>3,917</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>4,102</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>(490</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(6,251</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>28,116</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">22</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<A name="page_24"></A><BR>

<a name="_bclPageBorder24"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(c) Sales by metal</P>

<P style="TEXT-ALIGN: justify">The sales generated for the three months ended September 30, 2018 and 2017 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="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 September 30, 2018</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="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>&nbsp;</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>22,140</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>1,299</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>23,439</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left><B>Gold (Au)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,024</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,024</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Lead (Pb)er</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>16,822</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,967</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>18,789</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left><B>Zinc (Zn)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,464</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>2,897</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>4,361</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>296</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>182</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>478</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="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>41,746</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>6,345</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>48,091</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px 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=left>&nbsp;</TD>

   <TD style="WIDTH: 40%" colSpan=6 noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;&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>Three months ended September 30, 2017</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Henan Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="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="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>20,928</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,668</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>22,596</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Gold (Au)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>857</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>857</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>16,036</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,769</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>17,805</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Zinc (Zn)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,528</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3,558</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>6,086</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="58%" noWrap align=left>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>187</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>197</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="58%" 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>40,536</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>7,005</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>47,541</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 28%" colSpan=4 noWrap align=center><B>&nbsp;</B></TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="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>Six months ended September 30, 2018</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="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>&nbsp;</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>40,490</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>2,772</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>43,262</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left><B>Gold (Au)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,716</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>1,716</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>32,097</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,743</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>35,840</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left><B>Zinc (Zn)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>3,980</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>7,793</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>11,773</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>430</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>195</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>625</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="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>78,713</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>14,503</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>93,216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 28%" colSpan=4 noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;&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>Six months ended September 30, 2017</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Henan Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="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="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>39,132</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,647</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>42,779</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Gold (Au)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,816</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,816</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>27,683</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,570</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>31,253</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Zinc (Zn)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3,267</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>7,500</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>10,767</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="58%" noWrap align=left>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>395</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>228</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>623</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="58%" 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>72,293</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>14,945</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>87,238</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(d) Major customers</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, three major customers (six months ended September 30, 2017 - three) accounted for 10% to 35%, (six months ended September 30, 2017 - 15% to 33%) and collectively 62% (six months ended September 30, 2017 - 79%) of the total sales of the Company.</P>

<P style="TEXT-ALIGN: right">23</P></DIV><BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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>

<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>18.</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>

<DIV align=left>

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<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Operating leases</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,842</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>547</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,295</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</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>$</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As of September 30, 2018, the Company has two office rental agreements totaling $2,842 for the next five years and commitments of $6,418 related to the GC property. During the three and six months ended September 30, 2018, the Company incurred rental expenses of $189 and $385, respectively (three and six months ended September 30, 2017 - $167 and $325, respectively), which were included in office and administrative expenses on the condensed consolidated interim 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 arising 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>During the year ended March 31, 2016, an action was initiated by Luoyang Mining Group Co., Ltd. (&#8220;Luoyang Mining&#8221;) at the Luoyang Luolong District People&#8217;s Court (the &#8220;District Court&#8217;) 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 Project. 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 Intermediate People&#8217;s Court (the &#8220;Intermediate Court&#8221;) 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 the XHP Project. A trial was heard in March 2017 by the Intermediate Court. In July 2018, the Intermediate Court decided to combine Luoyang Mining&#8217;s claim and Henan Found&#8217;s counter claim as one case. In September 2018, the Company reached mutual settlement agreement with Luoyang Mining and paid the $1.6 million (RMB10.0 million) to Luoyang Mining and the case was closed. The settlement has no material impact on the Company&#8217;s financial results as the $1.6 million was accrued and included into the accounts payable and accrued liabilities on the consolidated statements of financial position of the Company in prior years.</P></LI></UL>

<P style="TEXT-ALIGN: right">24</P></DIV><BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at September</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>30, 2018 and for three and six months ended September 30, 2018 and 2017</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>

<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>19.</B></TD>

   <TD noWrap align=left><B>SUPPLEMENTARY CASH FLOW INFORMATION</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 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>September 30, 2018</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, 2018</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>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>38,542</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>31,281</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Bank term deposits and GICs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>14,980</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>17,918</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>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>53,522</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>49,199</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 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>Changes in non-cash operating working capital:</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 September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Six Months Ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2018</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>2017</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>2018</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>2017</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>

   <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>12</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>(4</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</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>183</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>64</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%">Inventories</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>637</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>(30</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>(1,730</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>(429</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%">Prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(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=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(311</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>(1,099</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>(214</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%">Accounts payable and accrued liabilities</P></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(1,820</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>(1,596</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>2,704</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>(110</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%">Deposits 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>4,051</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>983</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>403</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>1,819</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%">Due from a related party</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</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>(19</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(20</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>37</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>&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>2,808</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>(977</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="10%" noWrap align=right><B>441</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>1,167</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">25</P></DIV><BR>

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<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>SILVERCORP METALS INC. MD&A FOR SEPTEMBER 30, 2018
<TEXT>

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   <TITLE>Exhibit 99.3</TITLE>
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.3</B></P>
<IMG border=0 src="exhibit99-2x1x1.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 Six Months Ended September 30, 2018</B></P>

<P style="TEXT-ALIGN: justify"><B>(Expressed in thousands of US dollars, except per share figures or otherwise stated)</B></P></DIV><BR>

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<P style="TEXT-ALIGN: justify"><B>Table of Contents</B></P>

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   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 92%"></TD>

   <TD style="WIDTH: 4%"></TD></TR>

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   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left><B>1.</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="92%" noWrap align=left><B>Core Business and Strategy</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" 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>Second Quarter of Fiscal Year 2019 Highlights</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>2</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left><B>3.</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="92%" noWrap align=left><B>Operating Performance</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>3</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>Investment in New Pacific Metals Corp. (&#8220;NUAG&#8221;)</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>12</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left><B>5.</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="92%" noWrap align=left><B>Second Quarter Fiscal 2019 Financial Results</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>13</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>Liquidity and Capital Resources</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>16</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left><B>7.</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="92%" noWrap align=left><B>Financial Instruments and Related Risks</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>18</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>Off-Balance Sheet Arrangements</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>20</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left><B>9.</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="92%" noWrap align=left><B>Transactions with Related Parties</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>20</B></TD></TR>

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   <TD style="WIDTH: 4%" noWrap align=left><B>10.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Alternative Performance (Non-IFRS) Measures</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>21</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left><B>11.</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="92%" noWrap align=left><B>Critical Accounting Policies and Estimates</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>29</B></TD></TR>

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   <TD style="WIDTH: 4%" noWrap align=left><B>12.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>New Accounting Standards</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>30</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left><B>13.</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="92%" noWrap align=left><B>Other MD&amp;A Requirements</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>31</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>Outstanding Share Data</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>31</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left><B>15.</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="92%" noWrap align=left><B>Risks and Uncertainties</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>32</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>Disclosure Controls and Procedures</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>35</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left><B>17.</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="92%" noWrap align=left><B>Changes in Internal Control over Financial Reporting</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>35</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>18.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Directors and Officers</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>36</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="96%" colSpan=2 noWrap align=left><B>Forward Looking Statements</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>36</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 Six Months Ended September 30, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I>Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is intended to help the reader understand the significant factors that have affected Silvercorp Metals Inc. and its subsidiaries&#8217; (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) performance and such factors that may affect its future performance. This MD&amp;A should be read in conjunction with the Company&#8217;s unaudited condensed consolidated financial statements for the three and six months ended September 30, 2018 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, 2018, the related MD&amp;A, the Annual Information Form (available on SEDAR at www.sedar.com), and the annual report on Form 40-F. The Company reports its financial position, results of operations and cash flow in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (&#8220;IFRS&#8221;). Silvercorp&#8217;s significant accounting policies are set out in Note 2 of the unaudited condensed consolidated financial statements for the three and six months ended September 30, 2018, as well as Note 2 to the audited consolidated financial statements for the year ended March 31, 2018. 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 10 of this MD&amp;A. Figures may not add due to rounding.</I></P>

<P style="TEXT-ALIGN: justify">This MD&amp;A is prepared as of November 6, 2018 and expressed in thousands of U.S. dollars, except share, per share, unit cost, and production data, unless otherwise stated.</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 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 mine in Guangdong Province, China. The Company&#8217;s shares are traded on the Toronto Stock Exchange and NYSE American Stock Exchange.</P>

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   <TD noWrap align=left><B>2.</B></TD>

   <TD noWrap align=left><B>Second Quarter of Fiscal Year 2019 Highlights</B></TD></TR></TABLE></DIV>

<UL>

<LI>

<P align=justify>Sales of $48.1 million, up 1% compared to $47.5 million in the prior year quarter;</P>

<LI>

<P align=justify>Sold approximately 1.9 million ounces of silver, 1,000 ounces of gold, and 19.4 million pounds of lead, up by 17%, 25%, and 15%, respectively, compared to 1.6 million ounces of silver, 800 ounces of gold, 16.9 million pounds of lead in the prior year quarter while zinc sold was 4.9 million pounds, down 12% compared to 5.6 million pounds in the prior year quarter. The ending inventories of silver-lead concentrate were 3,732 tonnes (containing approximately 0.4 million ounces of silver and 4.3 million pounds of lead), a decrease of 34%, compared to 5,650 tonnes of silver-lead concentrate inventories as at June 30, 2018;</P>

<LI>

<P align=justify>Gross profit margin of 47% compared to 54% in the prior year quarter, with the decrease mainly due to lower metal prices;</P>

<LI>

<P align=justify>Net income attributable to equity shareholders of $8.0 million, or $0.05 per share, compared to net income attributable to equity shareholders of $11.1 million, or $0.07 per share in the prior year quarter;</P>

<LI>

<P align=justify>Cash flow from operations of $21.0 million, up 1% compared to $20.7 million in the prior year quarter;</P>

<LI>

<P align=justify>Cash cost per ounce of silver<SUP>1 </SUP>, net of by-product credits, of negative $3.37, compared to negative $5.16 in the prior year quarter;</P>

<LI>

<P align=justify>All-in sustaining cost per ounce of silver<SUP>1 </SUP>, net of by-product credits, of $2.54, compared to $2.26 in the prior year quarter;</P>

<LI>

<P align=justify>Paid $1.1 million withholding tax at 10% rate of dividend distributed out of China to the Company, compared to $nil in the prior year quarter; and,</P>

<LI>

<P align=justify>Ended the quarter with $123.9 million in cash and cash equivalents and short-term investments, an increase of $9.1 million or 8% compared to $114.8 million as at June 30, 2018.</P></LI></UL>

<P style="TEXT-ALIGN: justify">____________________<BR><SUP>1 </SUP><I><FONT style="FONT-SIZE: 8pt">Non IFRS measure, please refer to section 10 for reconciliation</FONT></I></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" 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 Six Months Ended September 30, 2018</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>3.</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 September 30, 2018:</P>

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<TR>

   <TD width="58%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="42%" colSpan=6 noWrap align=center><B><FONT color=#ffffff>Three months ended September 30, 2018</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>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>180,662</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>67,757</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>248,419</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>172,200</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>67,528</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>239,728</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>81.50</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>49.29</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>72.71</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>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>58.65</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>41.25</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>53.90</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>Non cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>22.85</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8.04</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>18.81</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4.26</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>3.07</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>10.47</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>14.47</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11.60</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>8.54</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11.45</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9.36</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>Non cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.93</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3.02</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>&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: 8%"><B>+ Average Production Cost</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>5.91</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>6.51</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>6.15</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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>483</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>511</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 ($ per pound)</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>0.65</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.48</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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.42</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.61</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.45</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>Other ($ per pound)</B></P></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>0.08</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.13</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.04</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(5.32</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(0.34</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>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(2.80</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(10.82</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(3.37</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.52</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(2.03</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>2.54</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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2.32</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.50</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3.51</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: 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>96.1</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>76.7</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>94.3</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>95.6</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>91.2</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>95.1</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>51.2</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>83.3</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>69.0</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: 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>308</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>78</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>4.6</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>0.9</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>1.4</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>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>3,452</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>280</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,732</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>230</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>368</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>598</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><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>1,765</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>136</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,901</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>1.0</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>1.0</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>Lead (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>17,359</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2,063</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>19,422</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>1,648</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,240</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,888</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>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>22,140</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,299</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>23,439</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>1,024</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>1,024</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>16,822</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,967</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>18,789</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>1,464</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2,897</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,361</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>296</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>182</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>478</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>41,746</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>6,345</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>48,091</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>12.54</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9.55</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12.33</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>1,024</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>1,024</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>0.97</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.95</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.97</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>0.89</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.89</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.89</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 52.4% from lead concentrates and 24.3% 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.</FONT><BR>+ <FONT style="FONT-SIZE: 8pt">Non-IFRS measures, see section 10 for reconciliation</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 3</B></TD></TR></TABLE>

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<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 Six Months Ended September 30, 2018</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 summarizes consolidated and each mining district&#8217;s operational information for the three months ended September 30, 2017:</P>

<DIV align=left>

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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 September 30, 2017</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>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>173,294</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>65,812</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>239,106</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>173,946</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>63,648</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>237,594</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>81.20</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>42.62</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>70.58</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>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>59.67</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>34.60</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>52.77</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>21.53</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>8.02</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>17.81</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.68</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>2.70</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>10.45</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>17.90</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12.44</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>Cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>8.50</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>14.63</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10.14</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>Non cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.95</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3.27</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.30</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: 8%"><B>+ Average Production Cost</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>5.83</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>6.16</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>6.02</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>439</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>465</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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.43</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.61</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.46</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 ($ per pound)</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>0.61</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></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(1.78</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(8.57</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(2.43</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>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(4.27</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(13.56</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(5.16</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.08</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(3.77</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>2.26</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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.31</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(3.77</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>&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: 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>95.6</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>74.4</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>96.2</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>82.8</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>94.8</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>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>50.7</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>81.6</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>67.9</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: 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>294</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>102</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>4.3</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>3.5</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 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>1.3</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>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>4,070</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>32</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4,102</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>230</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>82</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>312</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><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>1,472</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>155</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,627</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>0.8</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>0.8</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>15,279</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,656</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>16,935</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>2,269</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,311</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5,580</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>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>20,928</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,668</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>22,596</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>857</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>857</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>16,036</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1,769</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>17,805</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>2,528</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,558</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>6,086</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>187</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>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="12%" noWrap align=right><B>197</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>40,536</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>7,005</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>47,541</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>14.22</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10.76</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13.89</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>1,071</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>1,071</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>1.05</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.07</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.05</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>1.11</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.07</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.09</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 20.2% 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.</FONT><BR>+ <FONT style="FONT-SIZE: 8pt">Non-IFRS measures, see section 10 for reconciliation</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 4</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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 six months ended September 30, 2018:</P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="42%" colSpan=6 noWrap align=center><B><FONT color=#ffffff>Six months ended September 30, 2018</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</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>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>337,393</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>147,724</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>485,117</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>328,129</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>149,339</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>477,468</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>86.50</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>46.76</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>74.40</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>62.15</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>38.83</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>55.05</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>Non cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>24.35</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>7.93</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>19.35</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+&nbsp;Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4.28</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>2.96</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>11.48</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>15.93</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12.87</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>9.37</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13.10</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10.54</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>Non cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2.11</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.83</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2.33</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: 8%"><B>+ Average Production Cost</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver ($ per ounce)</B></P></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>6.03</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>5.94</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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>436</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>466</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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.45</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.64</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.48</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 ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.45</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.65</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.48</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>Other ($ per pound)</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>0.02</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0.05</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(1.37</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(9.49</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(2.06</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>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(4.27</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(15.01</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>(5.18</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></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>(6.92</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>1.61</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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.67</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>(5.72</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right><B>2.66</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: 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>96.1</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>75.9</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>93.9</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>95.8</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>89.1</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>95.0</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>52.9</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>84.1</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>70.8</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: 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>315</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>83</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>242</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>4.6</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.3</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3.5</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 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>2.8</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>&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>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>3,452</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>280</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,732</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>230</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>368</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>598</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><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>3,078</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>286</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,364</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>1.7</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>1.7</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>30,672</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,646</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>34,318</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>3,781</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>7,484</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11,265</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>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>40,490</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2,772</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>43,262</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>1,716</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>1,716</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>32,097</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>3,743</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>35,840</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>3,980</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>7,793</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11,773</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>430</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>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="12%" noWrap align=right><B>625</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>78,713</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>14,503</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>93,216</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>13.15</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9.69</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>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,009</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>1,009</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>1.05</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.03</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.04</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>1.05</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.04</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1.05</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 50.8% from lead concentrates and 25.1% 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.</FONT><BR>+ <FONT style="FONT-SIZE: 8pt">Non-IFRS measures, see section 10 for reconciliation</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 5</B></TD></TR></TABLE>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<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 Six Months Ended September 30, 2018</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 summarizes consolidated and each mining district&#8217;s operational information for the six months ended September 30, 2017:</P>

<DIV align=left>

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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 bgColor=#993300 width="42%" colSpan=6 noWrap align=center><B><FONT color=#ffffff>Six months ended September 30, 2017</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD 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 bgColor=#993300 width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD 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 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=left>&nbsp;</TD>

   <TD 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 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>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>333,701</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>130,677</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>464,378</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 </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>338,904</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>129,592</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>468,496</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>79.03</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>44.78</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>69.39</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>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>57.32</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>36.88</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>51.57</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>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD width="12%" noWrap align=right>21.71</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7.90</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>17.82</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Unit shipping costs($)</B></P></TD>

   <TD width="12%" noWrap align=right>3.86</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.78</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>10.28</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>18.14</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>12.45</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>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>8.29</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>14.95</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10.13</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>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD width="12%" noWrap align=right>1.99</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.19</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.32</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: 8%"><B>+ Average Production Cost</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>5.78</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>6.63</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>6.12</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>Gold </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>441</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>480</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><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.39</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.59</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.43</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><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.45</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.62</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.46</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>Other </B><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.38</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.01</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.02</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>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ Total production cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>(1.18</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(5.69</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(1.68</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>+ Total cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>(3.79</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(10.39</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(4.51</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&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>+ All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>2.30</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>(3.06</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>3.44</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>+ All-in cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right>2.56</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>(1.42</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>3.86</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: 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>95.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>77.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>93.6</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><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>96.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>86.0</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>95.1</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><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>48.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>81.2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>67.0</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: 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>299</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>100</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>244</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><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>4.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.6</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><I>(%)</I></P></TD>

   <TD width="12%" noWrap align=right>0.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.3</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>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>4,070</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>32</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,102</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 </B><I>(tonne)</I></P></TD>

   <TD width="12%" noWrap align=right>230</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>82</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>312</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><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>2,796</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>344</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,140</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 </B><I>(in thousands of ounces)</I></P></TD>

   <TD width="12%" noWrap align=right>1.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.7</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><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" noWrap align=right>29,044</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,803</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>32,847</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><I>(in thousands of pounds)</I></P></TD>

   <TD width="12%" noWrap align=right>3,024</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7,555</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10,579</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>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>39,132</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,647</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>42,779</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 </B><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>1,816</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,816</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><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>27,683</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,570</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>31,253</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><I>(in thousands of $)</I></P></TD>

   <TD width="12%" noWrap align=right>3,267</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>7,500</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10,767</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 </B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>395</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>228</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>623</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>72,293</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>14,945</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>87,238</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 </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>14.00</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10.60</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13.62</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 </B><I>($ per ounce)</I></P></TD>

   <TD width="12%" noWrap align=right>1,068</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,068</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><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>0.95</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.94</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.95</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><I>($ per pound)</I></P></TD>

   <TD width="12%" noWrap align=right>1.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.99</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.02</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 57.4% from lead concentrates and 20.5% 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.</FONT><BR>+ <FONT style="FONT-SIZE: 8pt">Mineral resouces tax was excluded from production costs, but presented as a separate line item on the consolidated statements of income </FONT><BR>+ <FONT style="FONT-SIZE: 8pt">Non-IFRS measures, see section 10 for reconciliation</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 6</B></TD></TR></TABLE>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Six Months Ended September 30, 2018</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">(a) Mine and Mill Production</P>

<P style="TEXT-ALIGN: justify">For the three months ended September 30, 2018 (&#8220;Q2 Fiscal 2019&#8221;), on a consolidated basis, the Company mined 248,419 tonnes of ore, an increase of 4% or 9,313 tonnes, compared to 239,106 tonnes in the three months ended September 30, 2017 (&#8220;Q2 Fiscal 2018&#8221;). Ore mined at the Ying Mining District increased by 4% or 7,368 tonnes, and ore mined at the GC Mine increased by 3% or 1,945 tonnes. Ore milled were 239,728 tonnes, up 1% compared to 237,594 tonnes of ore milled in Q2 Fiscal 2018. Ending stockpiled ore inventory as at September 30, 2018 was 21,362 tonnes, up 75% compared to 12,234 tonnes as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, on a consolidated basis, the Company mined 485,117 tonnes of ore, an increase of 4% or 20,739 tonnes, compared to 464,378 tonnes mined in the same prior year period. Ore mined at the Ying Mining District increased by 1% or 3,692 tonnes to 337,393 tonnes from 333,701 tonnes, and ore mined at the GC Mine increased by 13% or 17,047 tonnes to 147,724 tonnes from 130,677 tonnes in the same prior year period. In the same comparative period, ore milled increased 2% to 477,468 tonnes compared to 468,496 tonnes.</P>

<P style="TEXT-ALIGN: justify">(b) Metal Sales</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the Company sold approximately 1.9 million ounces of silver, 1,000 ounces of gold, and 19.4 million pounds of lead, up by 17%, 25%, and 15%, respectively, compared to 1.6 million ounces of silver, 800 ounces of gold, 16.9 million pounds of lead in Q2 Fiscal 2018 while zinc metal sold was 4.9 million pounds, down 12% compared to 5.6 million pound in Q2 Fiscal 2018. As at September 30, 2018, inventories of silver-lead concentrate were 3,732 tonnes and zinc concentrate inventories were 598 tonnes, compared to 4,070 tonnes of silver-lead concentrate inventories and 370 tonnes of zinc concentrate inventories as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, the Company sold approximately 3.4 million ounces of silver, 1,700 ounces of gold, 34.3 million pounds of lead, and 11.3 million pounds of zinc, compared to 3.1 million ounces of silver, 1,700 ounces of gold, 32.8 million of lead, and 10.6 million pounds of zinc sold in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">(c) Mining and Milling Costs<SUP>1</SUP></P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the consolidated total mining costs and cash mining costs were $72.71 and $53.90 per tonne, compared to $70.58 and $52.77 per tonne, respectively, in Q2 Fiscal 2018. The 2% increase in the cash mining costs per tonne was mainly due to more tunnelling expensed at the GC Mine in the current quarter. The consolidated total milling costs and cash milling costs in Q2 Fiscal 2019 were $11.60 and $9.36 per tonne, down 7% and 8% compared to $12.44 and $10.14 per tonne, respectively, in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, the consolidated total production costs and cash production costs per tonne of ore processed in Q2 Fiscal 2019 increased slightly by 2% and 1% to $87.38 and $66.33, respectively, from $85.72 and $65.61 in Q2 Fiscal 2018, but the consolidated cash production costs per tonne is 6% lower than the annual guidance of $70.20 the Company provided in February 2018.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, the consolidated total mining costs and cash mining costs were $74.40 and $55.05 per tonne, an increase of 7% and 7%, compared to $69.39 and $51.57 per tonne in the same prior year period. The consolidated total milling costs and cash milling costs were $12.87 and $10.54, an increase of 3% and 4%, respectively, compared to $12.45 and $10.13 per tonne in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, the consolidated total production costs and cash production costs per tonne of ore processed for the six months ended September 30, 2018 were $90.23 and $68.55, an increase of 7%</P>

<P style="TEXT-ALIGN: justify">____________________<BR><SUP>1 </SUP><FONT style="FONT-SIZE: 8pt">Non IFRS measure, please refer to section 10 for reconciliation</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 7</B></TD></TR></TABLE>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Six Months Ended September 30, 2018</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">and 6%, respectively, compared to $84.62 and $64.48 in the same prior year period, but the consolidated cash production costs is 2% lower than the annual guidance of $70.20.</P>

<P style="TEXT-ALIGN: justify">(d) Total and Cash Costs per Ounce of Silver, Net of By-Product Credits</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the consolidated total production costs and cash costs per ounce of silver, net of byproduct credits, were negative $0.34 and negative $3.37 compared to negative $2.43 and negative $5.16 respectively, in the prior year quarter. The increase in cash cost per ounce of silver, net of byproduct credits, is mainly due to a 14% decrease in by-product credits per ounce of silver, mainly arising from 8% and 18% decreases in the realized lead and zinc selling price. Sales from lead and zinc accounted for 48% of the total sales and amounted to $23.2 million, a decrease of $0.7 million, compared to $23.9 million in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, the consolidated total production costs and cash costs per ounce of silver, net of by-product credits, were negative $2.06 and negative $5.18 compared to negative $1.68 and negative $4.51 respectively, in the same prior year period. The overall improvement in cash cost per ounce of silver, net of by-product credits, is mainly due to a 12% increase in by-product credits, mainly arising from 9% and 3% increases in the realized lead and zinc selling prices and 4% and 6% increase in lead and zinc metals sold. Sales from lead and zinc accounted for 51% of the total sales and amounted to $47.6 million, an increase of $5.6 million, compared to $42.0 million in the prior year quarter.</P>

<P style="TEXT-ALIGN: justify">(e) All-in Sustaining Costs per Ounce of Silver, Net of By-Product Credits</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the consolidated all-in sustaining costs per ounce of silver, net of by-product credits, is $2.54 compared to $2.26 in Q2 Fiscal 2018. The increase was mainly due to the increase of cash costs per ounce of silver, net of by-product credits as discussed above.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, the consolidated all-in sustaining costs per ounce of silver, net of by-product credits is $1.61 compared to $3.44 in the same prior year period. The improvement was mainly due to an increase of $5.4 million in by-product credits and a decrease of $9.9 million in sustaining capital expenditures.</P>

<P style="TEXT-ALIGN: justify">(f) Operation Review</P>

<P style="TEXT-ALIGN: justify"><I>(i) Ying Mining District</I></P>

<P style="TEXT-ALIGN: justify">The Ying Mining District consists of several mines, including the SGX, HPG, TLP, LM, PCG, and HZG mines, and is the Company&#8217;s primary source of production. The operational results at the Ying Mining District for the past five quarters are summarized in the table below:</P>

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   <TD width="16%"></TD>

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   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

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   <TD width="2%"></TD>

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   <TD width="10%"></TD>

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   <TD width="2%"></TD></TR>

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   <TD bgColor=#993300 width="26%" 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 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>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Q2 2019</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 2019</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 2018</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>Q3 2018</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 2018</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="22%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Six Months ende</FONT></B><B><FONT color=#ffffff>d </FONT></B><B><FONT color=#ffffff>September 30,</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>September 30, 2018</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, 2018</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>March 31, 2018</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>December 31, 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>September 30, 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>2018</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>2017</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Ore Mined (tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>180,662</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>156,730</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>113,820</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>166,619</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>173,294</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>337,393</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>333,701</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>172,200</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>155,929</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>112,285</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>167,543</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>173,946</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>328,129</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>338,904</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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 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="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (gram/tonne)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>308</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>323</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>309</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>315</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>294</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>315</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>299</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>4.6</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>4.6</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>0.9</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>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>1.0</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1.0</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>0.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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 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="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>96.1</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>96.0</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>96.1</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>95.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>95.6</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>96.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>96.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>96.2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>95.8</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></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="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>51.2</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>54.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>54.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>57.3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>50.7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>52.9</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>48.4</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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 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="16%" 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>1,765</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,313</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,319</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,322</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,472</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>3,078</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,796</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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 bgColor=#f2dcdb width="10%" noWrap align=right><B>1.0</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>1.7</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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 bgColor=#f2dcdb width="10%" noWrap align=right><B>17,359</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13,313</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,649</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13,487</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,279</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>30,672</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>29,044</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>1,648</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>2,133</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,106</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>2,006</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2,269</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>3,781</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>3,024</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash mining costs ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>58.65</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>63.49</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>65.88</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>66.71</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>59.67</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>62.15</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>57.32</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Total mining costs ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>81.50</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>89.57</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>92.81</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>90.12</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>81.20</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>86.50</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>79.03</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash milling costs ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>8.54</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10.30</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12.59</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>9.84</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8.50</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>9.37</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8.29</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><B>Total milling costs ($ per tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>10.47</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>12.60</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>15.80</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>11.87</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>10.45</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>11.48</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>10.28</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash production costs ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>71.45</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>78.10</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>82.84</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>80.60</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>71.85</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>75.80</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>69.47</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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=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></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash costs per ounce of silver ($)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>(2.80</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD width="10%" noWrap align=right>(6.25</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>(3.41</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>(4.53</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>(4.27</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>(4.27</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD width="10%" noWrap align=right>(3.79</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left><B>All-in sustaining costs per ounce of silver ($)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>1.52</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>(0.28</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>1.39</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2.13</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1.08</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>0.75</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>2.30</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" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 8</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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>i) Q2 Fiscal 2019 vs. Q2 Fiscal 2018</B></P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the total ore mined at the Ying Mining District was 180,662 tonnes, an increase of 4% or 7,368 tonnes, compared to 173,294 tonnes mined in Q2 Fiscal 2018. Ore milled was 172,200 tonnes, a decrease of 1% or 1,746 tonnes compared to 173,946 tonnes in Q2 Fiscal 2018. As at September 30, 2018, stockpiled ore at the Ying Mining District was 19,269 tonne, an increase of 10,742 tonnes compared to 8,527 tonnes as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">Head grades of ore milled at the Ying Mining District in Q2 Fiscal 2019 were 308 grams per tonne (&#8220;g/t&#8221;) for silver, 4.6% for lead, and 0.9% for zinc, compared to 294 g/t for silver, 4.3% for lead and 0.8% for zinc in Q2 Fiscal 2018. The Company continues to achieve good dilution control using its &#8220;Enterprise Blog&#8221; to assist and manage daily operations.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the Ying Mining District sold approximately 1.8 million ounces silver, 17.4 million pounds lead, and 1.6 million pounds zinc, compared to 1.5 million ounces silver, 15.3 million pounds lead, and 2.3 million pounds of zinc in Q2 Fiscal 2018. As at September 30, 2018, inventories of silver-lead concentrate at the Ying Mining District were 3,452 tonnes and zinc concentrate inventories were 230 tonnes, compared to inventories of 4,050 tonnes of silver-lead concentrate and 350 tonnes of zinc concentrate as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">Total and cash mining costs per tonne at the Ying Mining District in Q2 Fiscal 2019 were $81.50 and $58.65 per tonne, respectively, comparable to $81.20 and $59.67 per tonne in Q2 Fiscal 2018. Total and cash milling costs per tonne at the Ying Mining District in Q2 Fiscal 2019 were $10.47 and $8.54, also comparable to $10.45 and $8.50 in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, the total production costs and cash production cost per tonne of ore processed in Q2 Fiscal 2019 at the Ying Mining District were $96.23 and $71.45, compared to $95.33 and $71.85 in Q2 Fiscal 2018, but the cash production costs per tonne is 5% lower than the annual guidance of $75.40.</P>

<P style="TEXT-ALIGN: justify">Cash cost per ounce of silver, net of by-product credits, in Q2 Fiscal 2019 at the Ying Mining District, was negative $2.80 compared to negative $4.27 in the prior year quarter. The increase in the cash cost per ounce of silver, net of by-product credits, is mainly due to a 15% decrease in by-product credits per ounce of silver, mainly arising from 8% and 20% decreases in lead and zinc realized selling price. All in sustaining costs per ounce of silver, net of by-product credits, in Q2 Fiscal 2019 at the Ying Mining District was $1.52 compared to $1.08 in the prior year quarter. The increase was mainly due to the cash cost per ounce of silver, net of by-product credits as discussed above.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, approximately 22,672 metres or $0.5 million worth of underground diamond drilling (Q2 Fiscal 2018 &#8211; 29,834 metres or $0.6 million) and 5,376 metres or $1.7 million worth of preparation tunnelling (Q2 Fiscal 2018 &#8211; 6,390 metres or $1.9 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 18,634 metres or $6.0 million worth of horizontal tunnels, raises, ramps and declines (Q2 Fiscal 2018 &#8211; 16,958 metres or $5.2 million) were completed and capitalized. <B>ii) Six months ended September 30, 2018 vs. Six months ended September 30, 2017</B></P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, a total of 337,393 tonnes of ore were mined at the Ying Mining District, an increase of 1% or 3,692 tonnes compared to 333,701 tonnes mined in the same prior year period. Ore milled was 328,129 tonnes, down 3% or 10,775 tonnes compared to 338,904 tonnes in the same prior year period. Average head grades of ore processed were 315 g/t for silver, 4.6% for lead, and 1.0% for zinc compared to 299 g/t for silver, 4.4% for lead, and 0.8% for zinc, respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">During the same time periods, the Ying Mining District sold approximately 3.1 million ounces of silver, 1,700 ounces of gold, 30.7 million pounds of lead, and 3.8 million pounds of zinc, compared to 2.8 million ounces of silver, 1,700 ounces of gold, 29.0 million pounds of lead, and 3.0 million pounds of zinc in prior year period.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 9</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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">For the six months ended September 30, 2018, the cash mining costs and cash milling costs at the Ying Mining District were $62.15 per tonne and $9.37 per tonne, an increase of 8% and 13%, respectively, compared to $57.32 and $8.29 in the same prior year period. The cash production cost was $75.80 per tonne, slightly higher than the annual guidance of $75.40.</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 six months ended September 30, 2018, were negative $4.27 and $0.75 respectively, compared to negative $3.79 and $2.30 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, approximately 49,521 metres or $1.1 million worth of underground diamond drilling (same prior year period &#8211; 60,898 metres or $1.3 million) and 10,917 metres or $3.0 million worth of preparation tunnelling (same prior year period &#8211; 11,727 metres or $3.3 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 35,562 metres or $12.5 million worth of horizontal tunnels, raises, and declines (same prior year period &#8211; 35,848 metres or $10.2 million) were completed and capitalized.</P>

<P style="TEXT-ALIGN: justify"><I>(ii) GC Mine</I></P>

<P style="TEXT-ALIGN: justify">The operational results at the GC Mine for the past five quarters are summarized in the table below:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="16%"></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="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="16%" noWrap align=left><B><FONT color=#ffffff>Operational results - GC Mine</FONT></B></TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Q2 2019</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 2019</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 2018</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>Q3 2018</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 2018</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="22%" colSpan=3 noWrap align=right><B><FONT color=#ffffff>Six Months ended September 30,</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#993300 width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>September 30, 2018</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>June 30, 2018</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, 2018</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, 2017</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>September 30, 2017</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2018</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2017</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Ore Mined (tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>67,757</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>79,967</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>29,442</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>85,665</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>65,812</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>147,724</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>130,677</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>67,528</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>81,811</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>26,252</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>88,494</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>63,648</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>149,339</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>129,592</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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 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="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (gram/tonne)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>78</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>87</TD>

   <TD 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>97</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>102</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>83</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>100</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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>1.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>1.3</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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="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>2.9</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>2.9</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>2.8</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>2.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</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>2.7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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 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="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>76.7</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>75.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>76.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>73.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>74.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>75.9</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>77.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>91.2</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>87.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>87.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>83.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>82.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>89.1</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>86.0</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>83.3</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>84.8</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>85.7</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>81.3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>81.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>84.1</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>81.2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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 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="16%" 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>136</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>150</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>63</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>196</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>155</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>286</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>344</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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 bgColor=#f2dcdb width="10%" noWrap align=right><B>2,063</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,583</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>688</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,263</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,656</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>3,646</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,803</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>3,240</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>4,244</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,479</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>4,399</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>3,311</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>7,484</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>7,555</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash mining cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>41.25</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>45.92</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>35.48</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>34.60</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>38.83</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>36.88</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Total mining cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>49.29</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>44.62</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>57.47</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>43.10</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>42.62</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>46.76</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>44.78</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash milling cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>11.45</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14.46</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>25.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14.09</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14.63</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>13.10</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14.95</TD>

   <TD width="2%" noWrap align=left>&nbsp;</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="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>14.47</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>17.14</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>33.41</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>16.45</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>17.90</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>15.93</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>18.14</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash production cost ($ per tonne)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>52.70</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>51.24</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>70.99</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>49.57</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>49.23</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>51.93</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>51.83</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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=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></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B>Cash cost per ounce of silver ($)</B></TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>(10.81</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD width="10%" noWrap align=right>(18.81</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>(13.95</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>(15.34</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="10%" noWrap align=right>(13.56</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD bgColor=#f2dcdb width="10%" noWrap align=right><B>(15.01</B></TD>

   <TD bgColor=#f2dcdb width="2%" noWrap align=left><B>)</B></TD>

   <TD width="10%" noWrap align=right>(10.39</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap 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>(2.03</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>(11.36</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>(4.57</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>(4.52</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>(3.77</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2dcdb width="10%" noWrap align=right><B>(6.92</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>(3.06</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>i) Q2 Fiscal 2019 vs. Q2 Fiscal 2018</B></P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the total ore mined at the GC Mine was 67,757 tonnes, an increase of 3% or 1,945 tonnes, compared to 65,812 tonnes mined in Q2 Fiscal 2018, while ore milled was 67,528 tonnes, an increase of 6% or 3,880 tonnes compared to 63,648 tonnes in Q2 Fiscal 2018. Average head grades of ore processed at the GC Mine were 78 g/t for silver, 1.4% for lead, and 2.8% for zinc compared to 102 g/t for silver, 1.4% for lead, and 2.8% for zinc in the prior year quarter.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, the GC Mine sold 136 thousand ounces of silver, 2.1 million pounds of lead, and 3.2 million pounds of zinc, compared to 155 thousand ounces of silver, 1.7 million pounds of lead, and 3.3 million pounds of zinc sold in the prior year quarter. The decrease in metals sold at the GC Mine was mainly due to the increase in ending concentrate inventories. As at September 30, 2018, inventories of silver-lead concentrates were 280 tonnes and zinc concentrates were 368 tonnes, compared to inventories of 20 tonnes of silver-lead concentrate and 20 tonnes of zinc concentrate as at March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">Total and cash mining costs per tonne at the GC Mine in Q2 Fiscal 2019 were $49.29 and $41.25 per tonne, compared to $42.62 and $34.60 per tonne in Q2 Fiscal 2018. The increase in cash mining costs was mainly due to a $0.3 million increase in mining preparation costs resulting from more underground drilling and tunnelling expensed in the current quarter. Total and cash milling costs per tonne at the GC</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 10</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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">Mine in Q2 Fiscal 2019 were $14.47 and $11.45, a decrease of 19% and 22%, respectively, compared to $17.90 and $14.63, respectively, in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">Correspondingly, the total production costs and cash production costs per tonne of ore processed in Q2 Fiscal 2019 at the GC Mine were $63.76 and $52.70, an increase of 5% and 7%, respectively, compared to $60.52 and $49.23 in the prior year quarter, but the cash production costs per tonne is an 8% lower than the annual guidance of $57.20.</P>

<P style="TEXT-ALIGN: justify">Cash costs per ounce of silver, net of by-product credits, at the GC Mine, was negative $10.81 compared to negative $13.56 in the prior year quarter. The increase was mainly due to a $0.3 million or 11% increase cash production costs expensed into cost of sales and a $0.3 million or 5% decrease in byproduct credits mainly resulting from an 11% and 17% decrease in net realized lead and zinc selling prices at the GC Mine.</P>

<P style="TEXT-ALIGN: justify">All in sustaining costs per ounce of silver, net of by-product credits, in Q2 Fiscal 2019 at the GC Mine was negative $2.03 compared to negative $3.77 in the prior year quarter, and the increase was mainly due to higher cash costs per ounce of silver, net of by product credits as discussed above.</P>

<P style="TEXT-ALIGN: justify">In Q2 Fiscal 2019, approximately 7,355 metres or $0.3 million worth of underground diamond drilling (Q2 Fiscal 2018 &#8211; 5,511 metres or $0.2 million) and 5,243 metres or $1.4 million worth of tunnelling (Q2 Fiscal 2018 &#8211; 3,940 metres or $1.1 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 241 metres or $0.2 million of horizontal tunnels, raises and declines (Q2 Fiscal 2018 &#8211; 105 metres or $0.1 million) were completed and capitalized. <B>ii) Six months ended September 30, 2018 vs. Six months ended September 30, 2017</B></P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, a total of 147,724 tonnes of ore were mined and 149,339 tonnes were milled at the GC Mine compared to 130,677 tonnes mined and 129,592 tonnes milled in the same prior year period. Average head grades of ore milled were 83 g/t for silver, 1.3% for lead, and 2.8% for zinc compared to 100 g/t for silver, 1.5% for lead, and 2.7% for zinc, respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">During the same time periods, the GC Mine sold approximately 286 thousand ounces of silver, 3.6 million pounds of lead, and 7.5 million pounds of zinc, compared to 344 thousand ounces of silver, 3.8 million pounds of lead, and 7.6 million pounds of zinc in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, the cash mining costs at the GC Mine was $38.83 per tonne, an increase of 5% compared to $36.88 per tonne in the same prior year period. The increase in the cash mining costs was mainly due to a $0.7 million increase in mining preparation as more underground drilling and tunnelling was expensed in the current period. The cash milling costs was $13.10 per tonne, a decrease of 12% compared to $14.95 in the same prior year period. Correspondingly, the total production costs and cash production costs per tonne at the GC Mine were $62.69 and $51.93, comparable to $62.92 and $51.83 in the prior year period, but cash production costs per tonne 9% lower than the annual guidance of $57.20 Cash costs per ounce of silver and all in sustaining costs per ounce of silver, net of by product credits, at the GC Mine, for the six months ended September 30, 2018, were negative $15.01 and negative $6.92 respectively, compared to negative $10.39 and negative $3.06 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, approximately 14,774 metres or $0.7 million worth of underground diamond drilling (same prior year period &#8211; 10,483 metres or $0.5 million) and 10,484 m or $3.0 million of tunnelling (same prior year period &#8211; 9,232 metres or $2.4 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 779 metres or $0.7 million of horizontal tunnels, raise, and declines (same prior year period &#8211; 263 metres or $0.2 million) were completed and capitalized.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 11</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In October 2018, the Company exercised its first right of refusal and entered into an agreement with GRT Mining Investment (Beijing) Co., Ltd. (&#8220;GRT&#8221;), the 5% equity shareholder of GC Mine and a related party of the Company as it is controlled by a relative of an officer and director of the Company, to acquire its 4% ownership in GC Mine for cash consideration of $2.2 million (RMB&#165;15 million). The acquisition price is at 54% discount of the net present value estimated per AMC&#8217;s independent 43-101 report released on July 25, 2018. After this transaction, the Company owns 99% ownership in GC Mine.</P>

<P style="TEXT-ALIGN: justify"><I>(iii) BYP Mine</I></P>

<P style="TEXT-ALIGN: justify">The BYP Mine was placed on care and maintenance in August 2014 in consideration of the required capital upgrades to sustain its ongoing production and the market environment. The Company continues to review alternatives for this project and is also carrying out activities to renew its mining license.</P>

<P style="TEXT-ALIGN: justify"><I>(iv) XHP Project</I></P>

<P style="TEXT-ALIGN: justify">Activities at the XHP project, a development stage project, were suspended in Fiscal 2014. In light of the recent increase in lead and zinc prices, the Company has resumed activities at the XHP project to review and evaluate alternatives for this project.</P>

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   <TD noWrap align=left><B>4.</B></TD>

   <TD noWrap align=left><B>Investment in New Pacific Metals Corp. (&#8220;NUAG&#8221;)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">New Pacific Metals Corp. (&#8220;NUAG&#8221;) is a Canadian public company listed on the TSX Venture Exchange (symbol: NUAG). NUAG is a related party of the Company by way of two common directors and officers, and the Company accounts for its investment in NUAG using the equity method as it is able to exercise significant influence over the financial and operating policies of NUAG.</P>

<P style="TEXT-ALIGN: justify">As at September 30, 2018, the Company owned 39,280,900 common shares (March 31, 2018 &#8211;39,280,900) of NUAG, representing an ownership interest of 29.8% (March 31, 2018 &#8211; 29.8%). The summary of the investment in NUAG common shares and its market value as at the respective balance sheet dates are as follows:</P>

<DIV align=left>

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<TR>

   <TD style="WIDTH: 58%"></TD>

   <TD style="WIDTH: 12%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" 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 NUAG's</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=right>Number of</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>common shares per</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>quoted market price</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Balance, April 1, 2017</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>10,806,300</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>8,517</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>8,517</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Participate in Private placement</TD>

   <TD style="WIDTH: 12%" noWrap align=right>28,000,000</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>23,352</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="58%" noWrap align=left>Purchase from open market</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>474,600</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>509</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: 58%" noWrap align=left>Share of net loss</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(700</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</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="58%" noWrap align=left>Share of other comprehensive income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" 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=right>461</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: 58%" noWrap align=left>Impairment recovery</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>4,714</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="58%" noWrap align=left>Dilution gain</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" 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=right>822</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="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>326</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Balance March 31, 2018</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>39,280,900</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>38,001</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>50,266</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Share of net loss</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(384</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</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="58%" noWrap align=left>Share of other comprehensive income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" 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=right>617</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="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(149</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Balance September 30, 2018</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right><B>39,280,900</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>38,085</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>47,337</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">NUAG acquired a 100% interest in the Silver Sand Property, an early-stage exploration projects in the Potosi Department of Bolivia, in July 2017 and commenced a 30,000 meters exploration drilling program in October 2017. Exploration results of this drilling program have not yet been released by NUAG as of the date of this MD&amp;A.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 12</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In July 2018, NUAG entered into an acquisition option agreement with private owners to acquire their 100% interest in certain mineral concessions located adjacent to the Silver Sand project. NUAG also expects to enter into additional acquisition option agreements with other private concession owners to further expand the mineral concession area for the Silver Sand project.</P>

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   <TD noWrap align=left><B>5.</B></TD>

   <TD noWrap align=left><B>Second Quarter Fiscal 2019 Financial Results</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(a) Summary of Quarterly Results</P>

<P style="TEXT-ALIGN: justify">The tables below set out selected quarterly results for the past eight quarters:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="44%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Sep 30, 2018</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=right><FONT color=#ffffff>Jun 30, 2018</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=right><FONT color=#ffffff>Mar 31, 2018</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=right><FONT color=#ffffff>Dec 31, 2017</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>$</TD>

   <TD width="10%" noWrap align=right>48,091</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>45,125</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>38,449</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>44,352</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>22,700</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>24,851</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>19,107</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>23,166</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(6,080</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(4,486</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(4,403</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(5,581</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Impairment reversal</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=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,714</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=center>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Dilution gain on investment in associate</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=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>822</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Other Items</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>220</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>311</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>628</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,962</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Net income</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>11,077</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14,177</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14,713</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16,067</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Net income, attributable to the</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>shareholders of the Company</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8,037</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10,921</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,194</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,718</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Basic earnings per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.05</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Diluted earnings per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.05</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.06</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Cash dividend declared</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>2,095</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>1,683</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Cash dividended declared per share</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>0.01</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>0.01</TD>

   <TD 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=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Sep 30, 2017</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=right><FONT color=#ffffff>Jun 30, 2017</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=right><FONT color=#ffffff>Mar 31, 2017</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=right><FONT color=#ffffff>Dec 31, 2016*</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>$</TD>

   <TD width="10%" noWrap align=right>47,541</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>39,697</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>34,064</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>47,838</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>25,606</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>20,005</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>20,304</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>25,019</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(6,274</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(7,026</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(5,083</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3,197</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Impairment reversal</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>5,278</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>Gain on disposal of NSR</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>4,320</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>Other Items</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>533</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>236</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>981</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>169</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Net Income</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>14,602</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13,514</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16,334</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16,638</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Net income, attributable to the</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>shareholders of the Company</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>11,145</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10,937</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13,507</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13,115</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Basic earnings per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Diluted earnings per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.06</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>Cash dividend declared</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>1,679</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>1,585</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=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>0.01</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>0.01</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">*Mineral resources tax has been excluded from expenses but included as part of cost of sales</P>

<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 price. (b) Financial Results</P>

<P style="TEXT-ALIGN: justify"><B>Net income attributable to equity shareholders of the Company </B>in Q2 Fiscal 2019 was $8.0 million, or $0.05 per share, compared to $11.1 million, or $0.07 per share in the three months ended September 30, 2017 (&#8220;Q2 Fiscal 2018&#8221;).</P>

<P style="TEXT-ALIGN: justify">The Company&#8217;s financial results in Q2 Fiscal 2019 were mainly impacted by i) a decrease of 11%, 4%, 8%, and 18% in the realized selling prices for silver, gold, lead and zinc, respectively compared to Q2 Fiscal 2018, and ii) an increase of 17% and 15% of silver and lead metals sold.</P>

<P style="TEXT-ALIGN: justify">Net income attributable to the shareholders of the Company for the six months ended September 30, 2018 was $19.0 million, or $0.11 per share, an effective increase of $1.2 million or 7% over the same</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 13</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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">prior year period, which was $17.8 million or $0.10 per share after excluding a one-time gain on the sale of a Net Smelter Royalty, which increased the actual net income to shareholders to $22.1 million or $0.13 per share in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>Sales </B>in Q2 Fiscal 2019 were $48.1 million, up 1% compared to $47.5 million in Q2 Fiscal 2018. Silver and gold sales represented $23.4 million and $1.0 million, respectively, while base metals represented $23.6 million of total sales, compared to silver, gold and base metals sales of $22.6 million, $0.9 million, and $24.1 million, respectively, in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, sales were $93.2 million, up 7% from $87.2 million in the same prior year period. Silver and gold sales were $43.3 million and $1.7 million, respectively, while base metals represented $48.2 million of total sales, compared to silver, gold, and base metals sales of $42.8, $1.8 million and $42.6 million, respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Fluctuation in sales revenue is mainly dependent on metal sales and realized metal prices. The net realized selling price is calculated using the Shanghai Metal Exchange (&#8220;SME&#8221;) price, less smelter charges, recovery, and value added tax (&#8220;VAT&#8221;) at a rate of 16% (VAT is not applied to gold sales). The following table is a reconciliation of the Company&#8217;s net realized selling prices in Q2 Fiscal 2019, including a comparison with London Metal Exchange (&#8220;LME&#8221;) prices:</P>

<DIV align=right>

<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="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></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="16%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Silver (in US$/ounce)</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="16%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Gold (in US$/ounce)</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="16%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Lead (in US$/pound)</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="16%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Zinc (in US$/pound)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q2 2019</FONT></B></TD>

   <TD bgColor=#993300 width="10%" colSpan=2 noWrap align=right><B><FONT color=#ffffff>Q2 2018</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" align=right><B><FONT color=#ffffff>Q2 2019</FONT></B></TD>

   <TD bgColor=#993300 width="10%" colSpan=2 noWrap align=right><B><FONT color=#ffffff>Q2 2018</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" align=right><B><FONT color=#ffffff>Q2 2019</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>Q2 2018</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>Q2 2019</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>Q2 2018</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>12.33</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>13.89</TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>1,024</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>1,071</TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>0.97</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>1.05</TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>0.89</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>1.09</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>1.97</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>2.36</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>0.16</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>0.18</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>0.14</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>0.19</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>1.81</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>0.17</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>194</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>219</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>0.14</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>0.06</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>0.41</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>0.40</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>16.11</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>16.42</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>1,218</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>1,290</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>1.27</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>1.29</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>1.45</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>1.68</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>15.03</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>16.84</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>1,213</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>1,278</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>0.95</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>0.85</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>1.15</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>1.34</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 Q2 Fiscal 2019 was $25.4 million compared to $21.9 million in Q2 Fiscal 2018. The cost of sales included $18.2 million (Q2 Fiscal 2018 - $16.2 million) cash production costs, $1.4 million mineral resources tax (Q2 Fiscal 2018 - $1.3 million), and $5.8 million (Q2 Fiscal 2018 - $4.4 million) depreciation and amortization charges. The increase in cash production costs and depreciation and amortization charges was mainly due to more metals sold in the current quarter while the increase in mineral resources tax was due to higher sales achieved in Q2 Fiscal 2019.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, cost of sales was $45.7 million compared to $41.6 million in the same prior year period. The cost of sales included $32.5 million cash production costs, $2.6 million mineral resources taxes and $10.5 million depreciation and amortization charges compared to $30.3 million production costs, $2.4 million mineral resources taxes and $8.9 million depreciation and amortization respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>Gross profit margin </B>in Q2 Fiscal 2019 was 47%, compared to 54% in Q2 Fiscal 2018, with the decrease mainly due to the decrease in metal selling prices. Ying Mining District&#8217;s gross profit margin was 50% compared to 56% in Q2 Fiscal 2018. GC Mine&#8217;s gross profit margin was 29% compared to 40% in Q2 Fiscal 2018.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, gross profit margin was 51% compare to 52% in the same prior year period. Ying Mining District&#8217;s gross profit margin was 54% compared to 56% in the same prior year period. GC Mine&#8217;s profit margin was 35% compared to 34% in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>General and administrative expenses </B>in Q2 Fiscal 2019 and the six months ended September 30, 2018 were $4.6 million and $9.1 million (Q2 Fiscal 2018 - $4.5 million, six months ended September 30, 2017 - $9.0 million), and the increase was mainly due to non-cash share-based compensation expenses. Items included in general and administrative expenses are as follows:</P>

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   <P align=justify><B>Amortization expenses </B>of $0.3 million and $0.6 million (Q2 Fiscal 2018 - $0.3 million, six months ended September 30, 2017 &#8211; $0.8 million);</P></TD></TR>

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   <P align=justify><B></B></P>&nbsp;</TD></TR></TABLE>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 14</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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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   <P align=justify><B>Office and administrative expenses </B>of $1.6 million and $3.1 million (Q2 Fiscal 2018 - $1.9 million, six months ended September 30, 2017 &#8211; $3.0 million);</P></TD></TR>

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   <TD vAlign=top width="4%" noWrap>(iii)&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><B>Salaries and benefits </B>of $2.1 million and $4.2 million (Q2 Fiscal 2018 - $1.9 million, six months ended September 30, 2017 &#8211; $4.1 million);</P></TD></TR>

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   <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>Share-based compensation expense </B>of $0.5 million and $0.9 million (Q2 Fiscal 2018 - $0.3 million, six months ended September 30, 2017 &#8211; $0.7 million); and</P></TD></TR>

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   <TD width="96%">

   <P align=justify><B></B></P>&nbsp;</TD></TR>

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   <TD vAlign=top width="4%" noWrap>(v)&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><B>Professional fees </B>of $0.2 million and $0.3 million (Q2 Fiscal 2018 - $0.2 million, six months ended September 30, 2017 &#8211; $0.6 million).</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><B>Government fees and other taxes </B>in Q2 Fiscal 2019 and the six months ended September 30, 2018 were $0.7 million and $1.6 million (Q2 Fiscal 2018 - $0.7 million, six months ended September 30, 2017 &#8211; $1.5 million). Government fees include environmental protection fee and mineral resources compensation fee. Other taxes were composed of 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: justify"><B>Foreign exchange loss </B>in Q2 Fiscal 2019 was $0.7 million compared to $1.1 million in Q2 Fiscal 2018. For the six months ended September 30, 2018, $0.1 million foreign exchange gain was recorded compared to $2.7 million loss recorded in the same prior year period. The foreign exchange gain or loss is mainly driven by the fluctuation 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 Q2 Fiscal 2019 and six months ended September 30, 2018 were $124 and $134 (Q2 Fiscal 2018 - $6, six months ended September 30, 2017 &#8211; $176). The loss was related to the disposal of obsolete equipment.</P>

<P style="TEXT-ALIGN: justify"><B>Gain on sales of Net Smelter Royalty </B>in Q2 Fiscal 2019 and the six months ended September 30, 2018 was $nil. For the six months ended September 30, 2017, the Company recorded a gain of $4.3 million on the disposal of mineral rights and properties. On April 5, 2017, the Company entered into a royalty purchase and sale agreement (the &#8220;Agreement&#8221;) with Maverix Metals Inc. (&#8220;Maverix&#8221;), a publicly traded (TSX-V: MMX) Canadian precious metals royalty and streaming company, to sell its 2.5% net smelter royalty (&#8220;NSR&#8221;) on the Silvertip Mine for consideration of up to 6,600,000 of Maverix&#8217;s common shares payable as follows:</P>

<UL>

<LI>

<P align=justify>3,800,000 common shares of Maverix on closing of the transaction; and</P>

<LI>

<P align=justify>2,800,000 common shares of Maverix when the Silvertip Mine achieves (i) commercial production, and (ii) a cumulative throughput of 400,000 tonnes of ore through the processing plant.</P></LI></UL>

<P style="TEXT-ALIGN: justify">On April 19, 2018, the transaction was closed and the Company received a total of 3,800,000 Maverix common shares valued at $4,319 (CAD$5.8 million) and recognized a gain of $4,319 on the disposal of the NSR.</P>

<P style="TEXT-ALIGN: justify"><B>Share of loss in an associate </B>in Q2 Fiscal 2019 and six months ended September 30, 2018 were $0.1 million and $0.4 million (Q2 Fiscal 2018 &#8211; $0.1 million, six months ended September 30, 2017 &#8211; $0.4 million), representing the Company&#8217;s equity pickup in NUAG.</P>

<P style="TEXT-ALIGN: justify"><B>Finance income </B>in Q2 Fiscal 2019 and the six months ended September 30, 2018 were $0.8 million and $1.6 million (Q2 Fiscal 2018 - $0.7 million, six months ended September 30, 2017 &#8211; $1.2 million). 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 Q2 Fiscal 2019 and the six months ended September 30, 2018 were $0.2 million and $0.3 million (Q2 Fiscal 2018 - $0.1 million, six months ended September 30, 2017 &#8211; $0.2 million). The finance costs in the current period were related to the unwinding of the discount of the environmental rehabilitation provisions and the bank loan, the Company&#8217;s 77.5% owned subsidiary Henan Found</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 15</B></TD></TR></TABLE>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Six Months Ended September 30, 2018</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">borrowed from Bank of China in June 2018. The loan bears the prevailing Chinese loan prime rate (currently at 4.35%) and matures on June 14, 2019.</P>

<P style="TEXT-ALIGN: justify"><B>Income tax expenses </B>in Q2 Fiscal 2019 were $5.8 million compared to $5.3 million in Q2 Fiscal 2018. The income tax expense recorded in Q2 Fiscal 2019 included current income tax expense of $5.1 million (Q2 Fiscal 2018 &#8211; $4.5 million) and deferred income tax expense of $0.7 million (Q2 Fiscal 2018 &#8211;$1.0 million). The current income tax expenses include $1.1 million withholding tax (Q2 Fiscal 2018 &#8211;$nil), which is 10% of the dividends distributed out of China to the Company by the Company&#8217;s Chinese subsidiaries.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, income tax expenses were $12.3 million (same prior year period &#8211; $9.3 million), which included current income tax expense of $11.0 million (same prior year period &#8211; $7.7 million) and deferred income tax expenses of $1.3 million (same prior year period &#8211; $1.5 million). The current income tax expenses include $2.3 million withholding tax (six months ended September 30, 2017 - $nil) paid on dividends distributed out of China to the Company by the Company&#8217;s Chinese subsidiaries.</P>

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   <TD noWrap align=left><B>6.</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 September 30, 2018 were $123.9 million, an increase of $9.1 million or 8%, compared to $114.8 million cash and cash equivalents and short-term investment as at June 30, 2018.</P>

<P style="TEXT-ALIGN: justify"><B>Working capital </B>as at September 30, 2018 was $98.7 million, an increase of $4.5 million or 5%, compared to $94.2 million working capital as at June 30, 2018.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows provided by operating activities </B>in Q2 Fiscal 2019 were $21.0 million, compared to $20.7 million in Q2 Fiscal 2018. Before changes in non-cash operating working capital, cash flows provided by operating activities in Q2 Fiscal 2019 were $18.2 million, a decrease of $3.5 million or 16%, compared to $21.7 million in the prior year quarter. The decrease was mainly due to less operating income arising from lower metal prices.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, cash flows provided by operating activities were $42.2 million, compared to $37.6 million in the same prior year period. Before changes in non-cash operating working capital, cash flows provided by operating activities for the six months ended September 30, 2018 were $41.8 million, an increase of $5.4 million or 15%, compared to $36.4 million in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows used in investing activities </B>in Q2 Fiscal 2019 were $37.0 million (Q2 Fiscal 2018 - $54.6 million), comprising mainly of payment of $6.1 million for capitalized mineral exploration and development expenditures (Q2 Fiscal 2018 - $5.0 million), $0.4 million for acquisition of plant and equipment (Q2 Fiscal 2018 - $1.5 million), $30.5 million for net purchases of short-term investments (Q2 Fiscal 2018 - $28.1 million) to earn higher interest income, and $nil million for the investment in NUAG (Q2 Fiscal 2018 - $20.0 million).</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2018, cash flows used in investing activities were $30.6 million, comprising mainly of cash used in capitalized mineral exploration and development expenditures of $11.8 million, acquisition of plant and equipment of $1.6 million, and net purchase of short term investments of $17.2 million. For the six months ended September 30, 2017, cash flows used in investing activities were $65.4 million comprising mainly of cash used in capitalized mineral exploration and development expenditures of $10.9 million, acquisition of plant and equipment of $2.7 million, investment in NUAG of $20.0 million, and net purchase of short-term investments of $31.8 million.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flows used in financing activities </B>in Q2 Fiscal 2019 were $2.8 million, comprising mainly of a $3.3 million distribution to non-controlling interest shareholders offset by $0.5 million cash from the issuance of common shares of the Company arising from exercised stock options. In Q2 Fiscal 2018, $0.2 million was from financing activities arising from the issuance of common shares of the Company</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 16</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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">from stock options exercised.</P>

<P style="TEXT-ALIGN: justify">For six months ended September 30, 2018, cash flows used in financing activities were $3.2 million, comprising mainly of $6.6 million distributions to non-controlling interest shareholders, $2.1 million cash dividend to the equity shareholders of the Company offset by $4.5 million proceeds from the bank loan and $1.0 million from the issuance of common shares of the Company arising from exercised stock options. In the same prior year period, cash used in financing activities was $6.4 million, comprising mainly of $4.9 million cash distributed to non-controlling interest shareholders and $1.7 million cash dividends to the 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.</P>

<P style="TEXT-ALIGN: justify"><B>Contractual commitments and contingencies </B>not disclosed elsewhere in this Management&#8217;s Discussion and Analysis are as follows:</P>

<DIV align=left>

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<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 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>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Operating leases</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,842</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>547</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,295</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></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="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;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As of September 30, 2018, the Company has two office rental agreements totaling $2,842 for the next five years and commitments of $6,418 related to the GC property. During the three and six months ended September 30, 2018, the Company incurred rental expenses of $189 and $385, respectively (three and six months ended September 30, 2017 - $167 and $325, respectively), which were included in office and administrative expenses on the condensed consolidated interim statement of income 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 arising 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>During the year ended March 31, 2016, an action was initiated by Luoyang Mining Group Co., Ltd. (&#8220;Luoyang Mining&#8221;) at the Luoyang Luolong District People&#8217;s Court (the &#8220;District Court&#8217;) 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 Project.<BR>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 Intermediate People&#8217;s Court (the &#8220;Intermediate Court&#8221;) 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 the XHP Project. A trial was heard in March 2017 by the Intermediate Court. In July 2018, the Intermediate Court decided to combine Luoyang Mining&#8217;s claim and Henan Found&#8217;s counter claim as one case. In September 2018, the Company reached a mutual settlement agreement with Luoyang Mining and paid the $1.6 million (RMB10.0 million) to Luoyang Mining and the case was closed. The settlement has no material impact on the Company&#8217;s financial results as the $1.6 million was accrued and included into the accounts payable and accrued liabilities on the consolidated statements of financial position of the Company in prior years.</P></LI></UL>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 17</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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>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 width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>7.</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>

<P style="TEXT-ALIGN: justify">(a) <I>Fair value</I></P>

<P style="TEXT-ALIGN: justify">The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13, Fair Value Measurement (&#8220;IFRS 13&#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: 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 September 30, 2018 and March 31, 2018 that are not otherwise disclosed. As required by IFRS 13, 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 style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=7 noWrap align=center><B>Fair value as at September 30, 2018</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Recurring measurements</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 1</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" 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="4%" noWrap align=right>&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="4%" 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 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="BACKGROUND-COLOR: #e6efff" width="4%" 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="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>53,522</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><STRONG>$</STRONG></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>53,522</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in publicly traded companies</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>7,790</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="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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>7,790</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 38%" colSpan=5 noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>&nbsp;&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, 2018</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="4%" 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="4%" noWrap align=right>&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="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" 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="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>49,199</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>49,199</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in publicly traded companies</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>6,132</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="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>6,132</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="92%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 18</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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">Fair value of the other financial instruments excluded from the table above approximates their carrying amount as of September 30, 2018 and March 31, 2018, respectively, due to the short-term nature of these instruments.</P>

<P style="TEXT-ALIGN: justify">There were no transfers into or out of level 3 during the three and six months ended September 30, 2018 and 2017.</P>

<P style="TEXT-ALIGN: justify"><I>(a)Liquidity risk</I></P>

<P style="TEXT-ALIGN: justify">Liquidity risk is the risk that the Company will not be able to meet its short-term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#8217;s normal operating requirements on an ongoing basis and its expansion plans.</P>

<P style="TEXT-ALIGN: justify">In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company&#8217;s financial liabilities.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 30%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></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="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=7 noWrap align=center><B>September 30, 2018</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, 2018</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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=right>&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="4%" 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="4%" 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="4%" 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="4%" 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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Bank loan</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>4,371</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>-</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>-</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>4,371</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>Accounts payable and accrued liabilities</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>29,144</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>-</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>-</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>29,144</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>25,198</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I>(b) 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 that may 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: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>September 30, 2018</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, 2018</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>Financial assets denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>45,143</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>27,256</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at September 30, 2018, with other variables unchanged, a 10% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $4.5 million.</P>

<P style="TEXT-ALIGN: justify"><I>(c) 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, and bank loan payable. As at September 30, 2018, 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">The outstanding bank loan is subject to the Chinese prevailing loan prime interest rate plus four basis points. If the prime interest rate was increased (decreased) by 1%, interest expenses would be increased (decreased) by approximately $0.5 million per annum. However, the Company does not believe there is significant interest rate risk as the Chinese central bank has maintained stable interest rates to ensure economic stability, with less than 1% fluctuation in the base interest rate in the last three years.</P>

<P style="TEXT-ALIGN: justify"><I>(d) 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</P>

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   <TD width="92%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 19</B></TD></TR></TABLE>

<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 Six Months Ended September 30, 2018</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">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, requests deposits from customers prior to delivery, and has monitoring processes intended to mitigate credit risks. The Company has no trade receivables from customers as at September 30, 2018. There were no amounts in other receivables which were past due at September 30, 2018 (at March 31, 2018 - $nil) for which no provision is recognized.</P>

<P style="TEXT-ALIGN: justify"><I>(e) 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 Canadian financial markets. As the Company&#8217;s marketable securities holdings are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company&#8217;s portfolio at September 30, 2018, 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 $610.</P>

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   <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>Off-Balance Sheet Arrangements</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company does not have any off-balance sheet arrangements.</P>

<DIV align=left>

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   <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>Transactions with Related Parties</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Related party transactions are made on terms agreed upon with the related parties. The balances with related parties are unsecured, non-interest bearing, and due on demand. Related party transactions not disclosed elsewhere in this report are as follows:</P>

<P style="TEXT-ALIGN: justify"><I>(a) Transactions with NUAG</I></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="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Due from a related party</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>September 30, 2018</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, 2018</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>NUAG (a)</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>32</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>11</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">According to a services and administrative costs reallocation agreement between the Company and NUAG, the Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG. During the three and six months ended September 30, 2018, the Company recovered $50 and $99, respectively (three and six months ended September 30, 2017 - $140 and $250, respectively) from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the condensed consolidated interim statements of income.</P>

<P style="TEXT-ALIGN: justify"><I>(b) Transactions with key management personnel</I></P>

<P style="TEXT-ALIGN: justify">The Company has identified its directors and senior officers as its key management personnel as they have authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly. The compensation costs for key management personnel, including the grant date fair value for options granted to key management personnel and fees paid or payable to company controlled by key management personnel, were as follows:</P>

<DIV align=left>

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<TR>

   <TD style="WIDTH: 44%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 align=right><B>Three month ended September 30,</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>Six month ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2018</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>2017</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>2018</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>2017</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>Salaries and bonuses</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>340</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,128</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>759</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,532</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>Share-based compensation</TD>

   <TD style="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>440</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>-</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>440</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>-</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>780</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>1,128</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>1,199</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>1,532</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="92%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 20</B></TD></TR></TABLE>

<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 Six Months Ended September 30, 2018</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>

   <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>Alternative Performance (Non-IFRS) Measures</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following alternative performance measures are used by the Company to manage and evaluate operating performance of the Company&#8217;s mines and are widely reported in the silver mining industry as benchmarks for performance, but do not have standardized meaning. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. To facilitate a better understanding of these measures, the following tables provides the reconciliation of these measures to the financial statements for the three and six months ended September 30, 2018 and 2017: (a) Cash and Total Costs per Ounce Cash and total costs per ounce of silver are used by the Company to manage and evaluate operating performance at each of the Company&#8217;s operating mining units, and are widely reported in the mining industry as benchmarks for performance. 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. Cash and total costs on a by-product basis are calculated by deducting revenue from the sales of by-product metals from the Company&#8217;s cash and total cost of sales.</P>

<P style="TEXT-ALIGN: justify">The following table provides a reconciliation of cash and total costs per ounce of silver, net of byproduct credits.</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 September 30, 2018</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=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="10%" 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="44%" 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>20,878</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>4,513</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>25,391</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Less: mineral resources tax</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>(1,202</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>(190</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>(1,392</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 production costs expensed into 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>19,676</B></TD>

   <TD 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>4,323</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>23,999</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>

   <P style="MARGIN-LEFT: 4%"><B>Less: Amortization and depletion</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>(5,013</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>(747</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>(5,760</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 cash production cost expensed into cost of sales</B></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>14,663</B></TD>

   <TD 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>3,576</B></TD>

   <TD 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>18,239</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>(1,024</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>(1,024</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>(16,822</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(1,967</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>(18,789</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>(1,464</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>(2,897</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>(4,361</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>(296</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>(182</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(478</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>(19,606</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>(5,046</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>(24,652</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>1,765</B></TD>

   <TD 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>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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,901</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>0.04</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(5.32</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>(0.34</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>(2.80</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>(10.81</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>(3.37</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=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left><B>Total production cost per ounce of silver, before by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><B><FONT color=#c00000>A/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>11.15</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>31.79</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>12.62</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, before by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><B><FONT color=#c00000>B/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>8.31</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=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>26.29</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>9.59</B></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>&nbsp;</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><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>(0.58</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>(0.54</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>(9.53</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>(14.46</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>(9.88</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>(0.83</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>(21.30</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>(2.29</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>(0.17</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>(1.34</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>(0.25</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>(11.11</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>(37.10</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>(12.96</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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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 21</B></TD></TR></TABLE>

<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 Six Months Ended September 30, 2018</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 style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="100%" colSpan=11 align=center><FONT color=#ffffff>Three months ended September 30, 2017</FONT></TD></TR>

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   <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=right><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=right><FONT color=#ffffff>Total</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" 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>17,716</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>4,219</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>21,935</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>

   <P style="MARGIN-LEFT: 4%">Less: mineral resources tax</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>(1,107</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>(210</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>(1,317</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 production costs expensed into 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>16,609</TD>

   <TD 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>4,009</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>20,618</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>

   <P style="MARGIN-LEFT: 4%">Amortization and depletion</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>(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>(774</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>(4,441</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 cash production cost expensed into cost of sales</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>12,942</TD>

   <TD 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>3,235</TD>

   <TD 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>16,177</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>(857</TD>

   <TD width="2%" noWrap align=left>)</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>(857</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>(16,036</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,769</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(17,805</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>(2,528</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3,558</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(6,086</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>187</TD>

   <TD 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>(10</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>177</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>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>(19,234</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>(5,337</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>(24,571</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>1,472</TD>

   <TD 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>155</TD>

   <TD 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>1,627</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>(1.78</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>(8.57</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>(2.43</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</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>(4.27</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>(13.56</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>(5.16</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</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=center><FONT color=#c00000>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>Total production cost per ounce of silver, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><FONT color=#c00000>A/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>11.28</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>25.86</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>12.67</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, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><FONT color=#c00000>B/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>8.79</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>20.87</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>9.94</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>(0.58</TD>

   <TD width="2%" noWrap align=left>)</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>(0.53</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>(10.89</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(11.41</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(10.94</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>(1.72</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(22.95</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3.74</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>0.13</TD>

   <TD 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>(0.06</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>0.11</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 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>(13.06</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>(34.42</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>(15.10</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>Six month ended September 30, 2018</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=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="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=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="10%" 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="10%" 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="44%" 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>36,214</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>9,451</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>45,665</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Less: mineral resources tax</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>(2,206</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>(435</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>(2,641</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 production costs expensed into 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>34,008</B></TD>

   <TD 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>9,016</B></TD>

   <TD 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>43,024</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>

   <P style="MARGIN-LEFT: 4%"><B>Less: Amortization and depletion</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>(8,931</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>(1,578</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(10,509</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 cash production cost expensed into cost of sales</B></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>25,077</B></TD>

   <TD 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>7,438</B></TD>

   <TD 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>32,515</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>(1,716</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>(1,716</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>(32,097</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>(3,743</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>(35,840</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>(3,980</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(7,793</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>(11,773</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>(430</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>(195</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>(625</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>(38,223</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>(11,731</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>(49,954</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>3,078</B></TD>

   <TD 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>286</B></TD>

   <TD 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>3,364</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>(1.37</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>(9.49</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>(2.06</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>(4.27</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>(15.01</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>(5.18</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left><B>Total production cost per ounce of silver, before by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><B><FONT color=#c00000>A/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>11.05</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>31.52</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>12.79</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, before by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><B><FONT color=#c00000>B/D</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>8.15</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>26.01</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>9.67</B></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>(0.56</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>(0.51</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>(10.43</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(13.09</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>(10.65</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>(1.29</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>(27.25</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>(3.50</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>(0.14</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>(0.68</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>(0.19</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>(12.42</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>(41.02</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>(14.85</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 vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 22</B></TD></TR></TABLE>

<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_24"></A><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 Six Months Ended September 30, 2018</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>Six months ended September 30, 2017</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=right><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=right><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=right><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=right><FONT color=#ffffff>Total</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" 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>31,838</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>9,789</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>41,627</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>

   <P style="MARGIN-LEFT: 4%">Less: mineral resources tax</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>(1,980</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>(448</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(2,428</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 production costs expensed into 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>29,858</TD>

   <TD 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>9,341</TD>

   <TD 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>39,199</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>

   <P style="MARGIN-LEFT: 4%">Amortization and depletion</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>(7,295</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>(1,618</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(8,913</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 cash production cost expensed into cost of sales</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>22,563</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>7,723</TD>

   <TD 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>30,286</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>(1,816</TD>

   <TD width="2%" noWrap align=left>)</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>(1,816</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>(27,683</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3,570</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(31,253</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>(3,267</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(7,500</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(10,767</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>(395</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>(228</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>(623</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>(33,161</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>(11,298</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>(44,459</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>2,796</TD>

   <TD 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>344</TD>

   <TD 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>3,140</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>(1.18</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>(5.69</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>(1.68</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</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>(3.79</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>(10.39</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>(4.51</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</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=center><FONT color=#c00000>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="44%" noWrap align=left>Total production cost per ounce of silver, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><FONT color=#c00000>A/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>10.68</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>27.15</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>12.48</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, before by-product credits</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=center><FONT color=#c00000>B/D</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>8.07</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>22.45</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>9.65</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>(0.65</TD>

   <TD width="2%" noWrap align=left>)</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>(0.58</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>(9.90</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(10.38</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(9.95</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>(1.17</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(21.80</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3.43</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>(0.14</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>(0.66</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>(0.20</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>(11.86</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>(32.84</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>(14.16</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(b) All-in &amp; All-in Sustaining Costs per Ounce of Silver</P>

<P style="TEXT-ALIGN: justify">All-in sustaining costs (&#8220;AISC&#8221;) per ounce and all-in costs (&#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 costs&#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 includes corporate general and administrative expenses, government fees and other taxes, reclamation cost accretion, and sustaining capital expenditures. The Company believes that this measure represents the total sustainable costs of producing silver from current operations.</P>

<P style="TEXT-ALIGN: justify">AIC further extends the AISC metric by including non-sustaining expenditures, mainly investment capital expenditures, which are deemed expansionary in nature that result in an increase in asset life, expanded mineral resources and reserves, or higher capacity and productivity.</P>

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<TR>

   <TD width="4%"></TD>

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   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 23</B></TD></TR></TABLE>

<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 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 Six Months Ended September 30, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following tables provide a detailed reconciliation of these measures for the periods presented:</P>

<P style="TEXT-ALIGN: justify"><B>Ying Mining Developing</B></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=#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%" noWrap 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 September 30, 2018</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><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>20,878</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>4,513</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>25,391</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>(5,013</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>(748</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>(5,761</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>(19,606</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>(5,046</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>(24,652</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>(3,741</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>(1,281</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>(5,022</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>1,642</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>174</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>493</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>140</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>2,156</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>4,605</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Amortization included in 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>(96</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>(76</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>(76</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>(39</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>(287</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>545</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</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>205</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="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>14</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>767</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>98</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>10</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>8</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>118</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>4,234</B></TD>

   <TD 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="2%" noWrap align=left>&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>375</B></TD>

   <TD 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>45</B></TD>

   <TD 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>4,654</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>2,682</B></TD>

   <TD style="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>111</B></TD>

   <TD style="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>(276</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>142</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>2,176</B></TD>

   <TD style="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>4,835</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>1,414</B></TD>

   <TD 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="2%" noWrap align=left>&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>344</B></TD>

   <TD 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="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>1,834</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>4,096</B></TD>

   <TD style="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>111</B></TD>

   <TD style="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>68</B></TD>

   <TD style="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>218</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>2,176</B></TD>

   <TD style="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>6,669</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>1,765</B></TD>

   <TD 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="2%" noWrap align=left>&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>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=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>1,901</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>1.52</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>(2.03</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>2.54</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>2.32</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="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>0.50</B></TD>

   <TD style="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="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>3.51</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="4%" noWrap align=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 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=#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%" noWrap 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 September 30, 2017</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>17,716</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>4,219</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>21,935</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>(3,667</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>(774</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>(4,441</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>(19,608</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="2%" noWrap align=left>&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>(5,337</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>(24,945</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>(5,559</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>(1,892</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>(7,451</TD>

   <TD width="2%" noWrap align=left>)</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>1,293</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>364</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>467</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>220</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>2,129</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>4,473</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Amortization included in 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>(100</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(80</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(63</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>(57</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(300</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>588</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>94</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>1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>690</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>92</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>8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>4</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>112</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>5,280</TD>

   <TD 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</TD>

   <TD 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>801</TD>

   <TD 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>72</TD>

   <TD 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>6,154</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>1,593</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>298</TD>

   <TD style="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>(584</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="8%" noWrap align=right>226</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>2,145</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>3,678</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>339</TD>

   <TD 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>-</TD>

   <TD 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>49</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>388</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>1,932</TD>

   <TD style="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>298</TD>

   <TD style="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>(584</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="8%" noWrap align=right>275</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>2,145</TD>

   <TD style="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>4,066</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1,472</TD>

   <TD 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>155</TD>

   <TD 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>-</TD>

   <TD 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>1,627</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>1.08</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>(3.77</TD>

   <TD width="2%" noWrap align=left>)</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>2.26</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>1.31</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="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(3.77</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="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>2.50</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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 bgColor=#993300 width="20%" noWrap align=left>&nbsp;&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=#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%" noWrap 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>Six months ended September 30, 2018</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><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>36,214</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>9,451</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>45,665</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>(8,931</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>(1,578</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>(10,509</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>(38,223</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>(11,731</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>(49,954</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>(10,940</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>(3,858</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>(14,798</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>2,918</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>370</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>1,015</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>277</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>4,497</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>9,077</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B>Amortization included in 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>(198</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>(157</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>(157</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>(80</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>(592</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>1,160</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>13</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>362</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="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B>34</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>1,569</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>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>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>16</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</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>242</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>9,166</B></TD>

   <TD 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="2%" noWrap align=left>&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>642</B></TD>

   <TD 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>123</B></TD>

   <TD 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>9,931</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>2,308</B></TD>

   <TD style="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>245</B></TD>

   <TD style="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>(1,980</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>282</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>4,574</B></TD>

   <TD style="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>5,429</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>2,845</B></TD>

   <TD 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</B></TD>

   <TD 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>344</B></TD>

   <TD 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>258</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>3,505</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>5,153</B></TD>

   <TD style="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>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="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>(1,636</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>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="8%" noWrap align=right><B>4,574</B></TD>

   <TD style="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>8,934</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B>3,078</B></TD>

   <TD 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="2%" noWrap align=left>&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>286</B></TD>

   <TD 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>-</B></TD>

   <TD 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>3,364</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>0.75</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>(6.92</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>1.61</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>1.67</B></TD>

   <TD style="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>(5.72</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>2.66</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 24</B></TD></TR></TABLE>
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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 Six Months Ended September 30, 2018</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 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>Six months ended September 30, 2017</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>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>31,838</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>9,789</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=left>$</TD>

   <TD width="8%" noWrap align=right>41,627</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>(7,295</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>(1,618</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>(8,913</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>(33,161</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>(11,298</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>(44,459</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>(8,618</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>(3,127</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>(11,745</TD>

   <TD width="2%" noWrap align=left>)</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>2,625</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>527</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>996</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>288</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>4,607</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>9,043</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>Amortization included in 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>(197</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(163</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(115</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>(105</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>(580</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>1,283</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>226</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>15</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>1,531</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>181</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>16</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>15</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>5</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>217</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>11,170</TD>

   <TD 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>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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>952</TD>

   <TD 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>164</TD>

   <TD 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>12,324</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>6,444</TD>

   <TD style="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>423</TD>

   <TD style="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>(1,053</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="8%" noWrap align=right>295</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>4,681</TD>

   <TD style="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>10,790</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>725</TD>

   <TD 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>566</TD>

   <TD 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>49.00</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>1,340</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>7,169</TD>

   <TD style="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>423</TD>

   <TD style="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>(487</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="8%" noWrap align=right>344</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>4,681</TD>

   <TD style="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>12,130</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,796</TD>

   <TD 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>344</TD>

   <TD 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>-</TD>

   <TD 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>3,140</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>2.30</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>(3.06</TD>

   <TD width="2%" noWrap align=left>)</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>3.44</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>2.56</TD>

   <TD style="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>(1.42</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="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>3.86</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(c) Average Production Costs</P>

<P style="TEXT-ALIGN: justify">The Company assesses average production costs as the total production costs 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 costs for the periods presented:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="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 September 30, 2018</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 width="44%" noWrap align=left><B>Cost of slaes</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>20,878</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>4,513</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>25,391</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Less: mineral resources tax</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>(1,202</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>(190</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>(1,392</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>Production costs expensed in 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>19,676</B></TD>

   <TD 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>4,323</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>23,999</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>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="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>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>22,140</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>1,299</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>23,439</B></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=center><B><FONT color=#c00000>C</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,024</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>1,024</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</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>16,822</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>1,967</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>18,789</B></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>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>1,464</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>2,897</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>4,361</B></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>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>296</B></TD>

   <TD 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>182</B></TD>

   <TD 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>478</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="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>41,746</B></TD>

   <TD 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>6,345</B></TD>

   <TD 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>48,091</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>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="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>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>1,765</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>136</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,901</B></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 (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>1.0</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>1.0</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (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>17,359</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>2,063</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>19,422</B></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>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>1,648</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>3,240</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>4,888</B></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>

   <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>299</B></TD>

   <TD 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>1,582</B></TD>

   <TD 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>1,881</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>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="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>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>5.91</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>6.51</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>6.15</B></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=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>483</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>511</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</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>0.46</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>0.65</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>0.48</B></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>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>0.42</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>0.61</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>0.45</B></TD>

   <TD 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%"><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>0.47</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.08</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.13</B></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" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 25</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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>

   <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="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="100%" colSpan=10 align=center><FONT color=#ffffff>Three months ended September 30, 2017</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="12%" colSpan=2 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="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="12%" colSpan=2 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="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 width="44%" noWrap align=left>Cost of slaes</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>17,716</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>4,219</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>21,935</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>

   <P style="MARGIN-LEFT: 4%">Less: mineral resources tax</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>(1,107</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>(210</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>(1,317</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>Production costs expensed in 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>16,609</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>4,009</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>20,618</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>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="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%">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>20,928</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,668</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>22,596</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=center><FONT color=#c00000>C</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>857</TD>

   <TD width="4%" 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>857</TD>

   <TD width="2%" noWrap align=left>&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>16,036</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,769</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>17,805</TD>

   <TD width="2%" noWrap align=left>&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>2,528</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,558</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>6,086</TD>

   <TD width="2%" noWrap align=left>&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>187</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>10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>197</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="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>40,536</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>7,005</TD>

   <TD 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>47,541</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>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="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%">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>1,472</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>155</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,627</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 (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>0.8</TD>

   <TD width="4%" 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>0.8</TD>

   <TD width="2%" noWrap align=left>&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>15,279</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,656</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16,935</TD>

   <TD width="2%" noWrap align=left>&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>2,269</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,311</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>5,580</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>

   <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>176</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>4,234</TD>

   <TD 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>4,410</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>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="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%">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>5.83</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>6.16</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>6.02</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=center><FONT color=#c00000>C/G*A/I</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>438.93</TD>

   <TD width="4%" 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>464.59</TD>

   <TD width="2%" noWrap align=left>&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>0.43</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.61</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.46</TD>

   <TD width="2%" noWrap align=left>&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>0.46</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.61</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.47</TD>

   <TD 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%">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>0.44</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>-</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></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=center><FONT color=#c00000>&nbsp;</FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=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=10 align=center><B><FONT color=#ffffff>Six months ended September 30, 2018</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=right><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="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=right><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=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="10%" 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="44%" noWrap align=left><B>Cost of slaes</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>36,214</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>9,451</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>45,665</B></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>

   <P style="MARGIN-LEFT: 4%"><B>Less: mineral resources tax</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>(2,206</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(435</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>(2,641</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>Production costs expensed in 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>34,008</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>9,016</B></TD>

   <TD 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>43,024</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>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="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>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>40,490</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2,772</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>43,262</B></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=center><B><FONT color=#c00000>C</FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,716</B></TD>

   <TD width="4%" 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>1,716</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</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>32,097</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,743</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>35,840</B></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>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>3,980</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>7,793</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>11,773</B></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>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>430</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>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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>625</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="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>78,713</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>14,503</B></TD>

   <TD 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>93,216</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>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="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>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>3,078</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>286</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>3,364</B></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 (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>1.7</B></TD>

   <TD width="4%" 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>1.7</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (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>30,672</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,646</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>34,318</B></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>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>3,781</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>7,484</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>11,265</B></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>

   <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>407</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>5,376</B></TD>

   <TD 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>5,783</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>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="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>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>5.68</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>6.03</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>5.94</B></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=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>436</B></TD>

   <TD width="4%" 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>466</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</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>0.45</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.64</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>0.48</B></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>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>0.45</B></TD>

   <TD width="4%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.65</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>0.48</B></TD>

   <TD 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%"><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>0.46</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=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>0.05</B></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" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 26</B></TD></TR></TABLE>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Six Months Ended September 30, 2018</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 style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="100%" colSpan=11 align=center><B><FONT color=#ffffff>Six months ended September 30, 2017</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 width="44%" noWrap align=left>Cost of slaes</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>31,838</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>9,789</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>41,627</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>

   <P style="MARGIN-LEFT: 4%">Less: mineral resources tax</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>(1,980</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>(448</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(2,428</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>Production costs expensed in 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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>29,858</TD>

   <TD 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>9,341</TD>

   <TD 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>39,199</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>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="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%">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>39,132</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,647</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>42,779</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=center><FONT color=#c00000>C</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,816</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>1,816</TD>

   <TD width="2%" noWrap align=left>&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>27,683</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,570</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>31,253</TD>

   <TD width="2%" noWrap align=left>&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>3,267</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,500</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10,767</TD>

   <TD width="2%" noWrap align=left>&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>395</TD>

   <TD 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>228</TD>

   <TD 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>623</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="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>72,293</TD>

   <TD 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>14,945</TD>

   <TD 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>87,238</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>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="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%">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>2,796</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>344</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,140</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 (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>1.7</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>1.7</TD>

   <TD width="2%" noWrap align=left>&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>29,044</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,803</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>32,847</TD>

   <TD width="2%" noWrap align=left>&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>3,024</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,555</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10,579</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>

   <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>430</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>12,136</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>12,566</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>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="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%">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>5.78</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>6.63</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>6.12</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=center><FONT color=#c00000>C/G*A/I</FONT></TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>441</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>480</TD>

   <TD width="2%" noWrap align=left>&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>0.39</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.59</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.43</TD>

   <TD width="2%" noWrap align=left>&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>0.45</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.62</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.46</TD>

   <TD 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%">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>0.38</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=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=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></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(d) Production Costs per Tonne</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="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 September 30, 2018</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" 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=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-RIGHT: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" 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=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>20,878</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>4,513</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>25,391</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>Less: mineral resources tax</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>(1,202</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>(190</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(1,392</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Less: stockpile and concentrate inventory - Beginning</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>(7,761</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>(619</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>(846</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>(9,226</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Add: stockpile and concentrate inventory - Ending</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>5,748</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>600</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>815</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>7,163</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>Adjustment for foreign exchange movement</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>(390</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>(138</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>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><B>(497</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="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>17,273</B></TD>

   <TD style="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>4,166</B></TD>

   <TD style="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>21,439</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4,128</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>545</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>4,673</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>333</B></TD>

   <TD 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>204</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>537</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>4,461</B></TD>

   <TD style="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>749</B></TD>

   <TD style="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>5,210</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>10,595</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>2,795</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>13,390</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>746</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=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>746</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,471</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>773</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&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>2,244</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>12,812</B></TD>

   <TD style="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>3,568</B></TD>

   <TD style="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>16,380</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>180.662</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>67.757</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>248.419</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>175.167</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>67.757</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>242.924</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>172.200</B></TD>

   <TD 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>67.528</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD 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>239.728</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>22.85</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>8.04</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>18.81</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1.93</B></TD>

   <TD 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>3.02</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>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>24.78</B></TD>

   <TD style="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>11.06</B></TD>

   <TD style="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>21.05</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>58.65</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>41.25</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>53.90</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4.26</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=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3.07</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>8.54</B></TD>

   <TD 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>11.45</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>9.36</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>71.45</B></TD>

   <TD style="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>52.70</B></TD>

   <TD style="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>66.33</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>96.23</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>63.76</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>-</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>87.38</B></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" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 27</B></TD></TR></TABLE>

<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 Six Months Ended September 30, 2018</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="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>

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   <TD bgColor=#993300 width="30%" noWrap align=left><FONT color=#ffffff>Three months ended September 30, 2017</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" 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=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-RIGHT: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" 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=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>17,716</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>4,219</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>21,935</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Less: mineral resources tax</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,107</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(210</TD>

   <TD width="2%" noWrap align=left>)</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>(1,317</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Less: stockpile and concentrate inventory - Beginning</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(4,943</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(91</TD>

   <TD width="2%" noWrap align=left>)</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>(5,034</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Add: stockpile and concentrate inventory - Ending</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,971</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>235</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>5,206</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%">Adjustment for foreign exchange movement</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>(78</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>(209</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>-</TD>

   <TD 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>(287</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="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>16,559</TD>

   <TD style="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>3,944</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=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>20,503</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,731</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>528</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>4,259</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>339</TD>

   <TD 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>208</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>547</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>4,070</TD>

   <TD style="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>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="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>4,806</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10,341</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,277</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>12,618</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>669</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=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>669</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,478</TD>

   <TD 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>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="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>2,409</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>12,488</TD>

   <TD style="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>3,208</TD>

   <TD style="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>15,696</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>173.294</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>65.812</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>239.105</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>181.661</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>65.812</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>247.472</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>173.946</TD>

   <TD 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>63.648</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>237.594</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>21.53</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8.02</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>17.81</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1.95</TD>

   <TD 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>3.27</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2.30</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>23.48</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>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>11.29</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>-</TD>

   <TD style="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>20.11</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>59.67</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>34.60</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>52.77</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.68</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=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2.70</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>8.50</TD>

   <TD 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>14.63</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>10.14</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>71.85</TD>

   <TD style="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>49.23</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>$</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>65.61</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>95.33</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>60.52</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>-</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>85.72</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=center><FONT color=#ff0000>&nbsp;</FONT></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Six months ended September 30, 2018</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" 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=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-RIGHT: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" 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=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>36,214</B></TD>

   <TD width="4%" colSpan=2 noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>9,451</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>45,665</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>Less: mineral resources tax</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>(2,206</B></TD>

   <TD width="2%" noWrap align=left><STRONG>)</STRONG></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(435</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>(2,641</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Less: stockpile and concentrate inventory - Beginning</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>(5,353</B></TD>

   <TD width="2%" noWrap align=left><STRONG>)</STRONG></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(340</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>(891</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>(6,584</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Add: stockpile and concentrate inventory - Ending</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>5,748</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>600</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>815</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>7,163</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>Adjustment for foreign exchange movement</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>(34</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><STRONG>)</STRONG></TD>

   <TD style="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>(140</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>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="10%" noWrap align=right><B>(98</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="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>34,369</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" colSpan=2 noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>9,136</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><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>43,505</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>8,215</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>1,172</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>9,387</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>423</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,114</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>8,906</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" colSpan=2 noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,595</B></TD>

   <TD style="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>10,501</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>20,968</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>5,736</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>26,704</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=left>&nbsp;</TD>

   <TD width="10%" 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="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>1,417</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>3,076</B></TD>

   <TD 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>1,956</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>5,032</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>25,461</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" colSpan=2 noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>7,692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=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>33,153</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>337.393</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>147.724</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>485.117</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>330.698</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>147.724</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>478.422</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>328.129</B></TD>

   <TD 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>149.339</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>477.468</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>24.35</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>7.93</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>19.35</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2.11</B></TD>

   <TD 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>2.83</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2.33</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>26.46</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" colSpan=2 noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>10.76</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><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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>62.15</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>38.83</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>55.05</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>4.28</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=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>2.96</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>9.37</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>13.10</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=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>10.54</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>75.80</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" colSpan=2 noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>51.93</B></TD>

   <TD style="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>68.55</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>102.26</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" colSpan=2 noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>62.69</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>90.23</B></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" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 28</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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="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>

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   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Six months ended September 30, 2017</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" 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=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-RIGHT: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" 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=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>31,838</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>9,789</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>41,627</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Less: mineral resources tax</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,980</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(448</TD>

   <TD width="2%" noWrap align=left>)</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>(2,428</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Less: stockpile and concentrate inventory - Beginning</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3,514</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,358</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(4,872</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Add: stockpile and concentrate inventory - Ending</P></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,971</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>235</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=right>5,206</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%">Adjustment for foreign exchange movement</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>(164</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>(14</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>-</TD>

   <TD 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>(178</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="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>31,151</TD>

   <TD style="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>8,204</TD>

   <TD style="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=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>39,355</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7,244</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,033</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>8,277</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>674</TD>

   <TD 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>413</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,087</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>7,918</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,446</TD>

   <TD style="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=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>9,364</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>19,128</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,820</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>23,948</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,296</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=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,296</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2,809</TD>

   <TD 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>1,938</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>4,747</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>23,233</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>6,758</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>-</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>29,991</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>333.701</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>130.677</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>464.378</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>335.479</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>130.677</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>466.156</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>338.904</TD>

   <TD 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>129.592</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>468.496</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>21.71</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>7.90</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>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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1.99</TD>

   <TD 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>3.19</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2.32</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>23.70</TD>

   <TD style="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>11.09</TD>

   <TD style="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=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>20.14</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>57.32</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>36.88</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>51.57</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=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3.86</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=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2.78</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>8.29</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=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>14.95</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>10.13</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>69.47</TD>

   <TD style="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>51.83</TD>

   <TD style="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=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>64.48</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>93.17</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>62.92</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>84.62</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>11. Critical Accounting Policies and Estimates</B></P>

<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 consolidated 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, 2018, as well as the audited consolidated financial statements for the year ended March 31, 2018.</P>

<P style="TEXT-ALIGN: justify">(i) Ore reserve and mineral resource estimates</P>

<P style="TEXT-ALIGN: justify">Ore reserves are estimates of the amount of ore that can be economically and legally extracted from the Company&#8217;s mining properties. The Company estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates. Such an analysis requires complex engineering and geological judgements to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with engineering and geological assumptions and judgements made in estimating the size and grade of the ore body.</P>

<P style="TEXT-ALIGN: justify">The Company estimates ore reserves in accordance with National Instrument 43-101, &#8220;Standards of Disclosure for Mineral Projects&#8221;, issued by the Canadian Securities Administrators. There are numerous assumptions including:</P>

<UL>

<LI>

<P align=justify>Future production estimates &#8211; which include proven 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 expenditures and rehabilitation obligations.</P></LI></UL>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 29</B></TD></TR></TABLE>

<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 Six Months Ended September 30, 2018</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">As the economic assumptions 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>

<P style="TEXT-ALIGN: justify">(ii) Impairment of assets</P>

<P style="TEXT-ALIGN: justify">Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is determined as 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 CGUs. 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 costs 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>

<DIV align=left>

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   <TD noWrap align=left><B>12.</B></TD>

   <TD noWrap align=left><B>New Accounting Standards</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>(a) Adoption of new accounting standards</B></P>

<P style="TEXT-ALIGN: justify"><B><I><U>IFRS 9 (2014) &#8211; Financial Instruments (amended 2014)</U></I></B></P>

<P style="TEXT-ALIGN: justify">On April 1, 2018, the Company adopted, retrospectively without restatement, IFRS 9 &#8211; Financial Instruments, the final version issued in 2014 by IASB (&#8220;IFRS 9 2014&#8221;). As the Company has applied IFRS 9 (2010) effective April 1, 2011, the adoption of IFRS 9 (2014) has no impact on the classification or the carrying value of the Company&#8217;s financial instruments. IFRS 9 (2014) introduced a single expected credit loss impairment model for the financial assets measured at amortized cost and for debt instrument at fair value through other comprehensive income, which is based on changes in credit quality since initial recognition. The adoption of the expected credit loss impairment model did not have a significant impact on the Company&#8217;s financial statements. IFRS 9 (2014) change the requirements for hedge effectiveness and consequently for the application of hedge accounting. As the Company does not apply hedge accounting, the adoption of IFRS 9 (2014) with regards to hedge accounting did not impact the Company or its accounting policies.</P>

<P style="TEXT-ALIGN: justify"><B><I><U>IFRS 15 &#8211; Revenue from contracts with customers</U></I></B></P>

<P style="TEXT-ALIGN: justify">The Company adopted IFRS 15 &#8211; Revenue from contracts with customers (IFRS 15), using the modified retrospective approach, on April 1, 2018, and the adoption of IFRS 15 has no cumulative impact on its opening retained earnings as at April 1, 2018. IFRS 15 introduces a revenue recognition model under which an entity recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 30</B></TD></TR></TABLE>

<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 Six Months Ended September 30, 2018</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">those goods or services. IFRS 15 also introduces the concept of performance obligations that are defined as &#8220;distinct&#8221; promised goods or services, and requires entities to apportion revenue earned to the distinct performance obligation on a relative standalone selling price basis. The company reviewed its revenue streams and underly contracts with customers and determined that the adoption of IFRS 15 has no impact on the Company&#8217;s financial statements.</P>

<P style="TEXT-ALIGN: justify"><B><I><U>Other narrow scope amendments</U></I></B></P>

<P style="TEXT-ALIGN: justify">The Company has adopted IFRIC interpretation 22 &#8211; Foreign currency transaction and advanced consideration, and narrow scope amendments to IFRS 2 &#8211; Share-based payment, which did not have a material impact on the Company&#8217;s financial statements.</P>

<P style="TEXT-ALIGN: justify"><B>(b) Accounting standards not yet effective </B><B><U>IFRS 16 &#8211; Lease</U></B></P>

<P style="TEXT-ALIGN: justify">IFRS 16 &#8211; <I>Leases </I>(&#8220;IFRS 16&#8221;) was issued by the IASB and will replace <I>Leases </I>(&#8220;IAS 17&#8221;) and <I>Determining whether an arrangement contains a lease </I>(&#8220;IFRIC 4&#8221;). IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a non-lease component on the basis of whether the customer controls the specific asset. For those contracts that are or contain a lease, IFRS 16 introduces significant changes to the accounting for contracts that are or contain a lease, introducing a single, on-balance sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. The Company anticipates that the application of IFRS 16 will result in an increase in the recognition of right of use assets and lease liabilities related to leases with terms greater than 12 months on the Consolidated Statements of Financial Position on April 1, 2019. IFRS 16 will further result in increased depreciation and amortization on these rights of use assets and increased interest on these additional lease liabilities. These lease payments will be recorded as financing outflows on the Consolidated Statements of Cash Flows. The Company expects to identify and collect data relating to existing lease agreements during Fiscal 2019.</P>

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   <TD noWrap align=left><B>13.</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>

<P style="TEXT-ALIGN: justify">(a) may be found on SEDAR at www.sedar.com;</P>

<P style="TEXT-ALIGN: justify">(b) may be found at the Company&#8217;s web-site www.silvercorpmetals.com; </P>

<P style="TEXT-ALIGN: justify">(c) may be found in the Company&#8217;s Annual Information Form; and,</P>

<P style="TEXT-ALIGN: justify">(d) is also provided in the Company&#8217;s annual audited consolidated financial statements as of March 31, 2018.</P>

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   <TD noWrap align=left><B>14.</B></TD>

   <TD noWrap align=left><B>Outstanding Share Data</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at the date of this MD&amp;A, the following securities were outstanding: </P>

<P style="TEXT-ALIGN: justify">(a) Share Capital </P>

<P style="TEXT-ALIGN: justify">Authorized - unlimited number of common shares without par value</P>

<P style="TEXT-ALIGN: justify">Issued and outstanding &#8211; <B>168,739,936 </B>common shares with a recorded value of <B>$230.4 million </B></P>

<P style="TEXT-ALIGN: justify">Shares subject to escrow or pooling agreements - $nil.</P>

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   <TD width="4%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 31</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">(b) Options</P>

<P style="TEXT-ALIGN: justify">As at the date of this report, the outstanding options comprise the following:</P>

<DIV align=left>

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   <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>30,000</TD>

   <TD width="33%" noWrap align=right>5.58</TD>

   <TD width="33%" noWrap align=right>2020-02-24</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>2019-09-18</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>840,000</TD>

   <TD width="33%" noWrap align=right>3.63</TD>

   <TD width="33%" noWrap align=right>2020-01-18</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>1,130,000</TD>

   <TD width="33%" noWrap align=right>3.40</TD>

   <TD width="33%" noWrap align=right>2021-08-24</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>1,010,000</TD>

   <TD width="33%" noWrap align=right>3.36</TD>

   <TD width="33%" noWrap align=right>2020-10-02</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>1,032,500</TD>

   <TD width="33%" noWrap align=right>3.23</TD>

   <TD width="33%" noWrap align=right>2021-03-12</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>118,500</TD>

   <TD width="33%" noWrap align=right>2.98</TD>

   <TD width="33%" noWrap align=right>2019-01-21</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>221,168</TD>

   <TD width="33%" noWrap align=right>1.75</TD>

   <TD width="33%" noWrap align=right>2019-05-29</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>340,000</TD>

   <TD width="33%" noWrap align=right>1.76</TD>

   <TD width="33%" noWrap align=right>2019-10-14</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>1,259,260</TD>

   <TD width="33%" noWrap align=right>1.43</TD>

   <TD width="33%" noWrap align=right>2020-06-02</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=right>942,104</TD>

   <TD width="33%" noWrap align=right>0.66</TD>

   <TD width="33%" noWrap align=right>2018-12-31</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=right><B>7,066,532</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 noWrap align=left><B>15.</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 risks.</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, 2018. 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>

<UL>

<LI>

<P align=justify>Metal Price Risk</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company&#8217;s sales prices for lead and zinc pounds are fixed against the Shanghai Metals Exchange as quoted at www.shmet.com; gold ounces are fixed against the Shanghai Gold Exchange as quoted at www.sge.com.cn and silver ounces are fixed against the Shanghai White Platinum &amp; Silver Exchange as quoted at www.ex-silver.com.</P>

<P style="TEXT-ALIGN: justify">The Company&#8217;s revenues, if any, 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 have 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 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 its projects. The effect of these</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 32</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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">factors on the price of base and precious metals, and therefore the viability of the Company&#8217;s exploration projects and mining operations, 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 its projects, or fulfil obligations under agreements with the Company&#8217;s joint venture partners or under its permits or licenses.</P>

<UL>

<LI>

<P align=justify>Permits and licenses</P></LI></UL>

<P style="TEXT-ALIGN: justify">All mineral resources and mineral reserves of the Company&#8217;s subsidiaries are owned by their respective governments, and mineral exploration and mining activities may only be conducted by entities that have obtained or renewed exploration or mining permits and licenses in accordance with the relevant mining laws and regulations. No guarantee can be given that the necessary exploration and mining permits and licenses will be issued to the Company or, if they are issued, that they will be renewed, or if renewed under reasonable operational and/or financial terms, or in a timely manner, or that the Company will be in a position to comply with all conditions that are imposed.</P>

<P style="TEXT-ALIGN: justify">Nearly all mining projects require government approval. There can be no certainty that approvals necessary to develop and operate mines on the Company&#8217;s properties will be granted or renewed in a timely and/or economical manner, or at all.</P>

<UL>

<LI>

<P align=justify>Title to properties</P></LI></UL>

<P style="TEXT-ALIGN: justify">With respect to the Company&#8217;s Chinese properties, while the Company has investigated title to all of its mineral claims and to the best of its knowledge, title to all of its properties is in good standing, the properties may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects. There may be valid challenges to the title of the Company&#8217;s properties which, if successful, could impair development and/or operations. The Company cannot give any assurance that title to its properties will not be challenged. Title insurance is generally not available for mineral properties and the Company&#8217;s ability to ensure that it has obtained secure claims to individual mineral properties or mining concessions may be severely constrained. The Company&#8217;s mineral properties in China have not been surveyed, and the precise location and extent thereof may be in doubt.</P>

<UL>

<LI>

<P align=justify>Operations and political conditions</P></LI></UL>

<P style="TEXT-ALIGN: justify">All the properties in which the Company has an interest are located in China, which has different regulatory and legal standards than those in North America. Even when the Company&#8217;s mineral properties are proven to host economic reserves of metals, factors such as political instability, terrorism, opposition and harassment from local miners, or governmental expropriation or regulation may prevent or restrict mining of any such deposits or repatriation of profits.</P>

<P style="TEXT-ALIGN: justify">All the Company&#8217;s operations are located in China. These operations are subject to the risks normally associated with conducting business in China. Some of these risks are more prevalent in countries which are less developed or have emerging economies, including uncertain political and economic environments, as well as risks of war and civil disturbances or other risks which may limit or disrupt a project, restrict the movement of funds or result in the deprivation of contractual rights or the taking of property by nationalization or expropriation without fair compensation, risk of adverse changes in laws or policies, increases in foreign taxation or royalty obligations, license fees, permit fees, delays in obtaining or the inability to obtain necessary governmental permits, limitations on ownership and repatriation of earnings, and foreign exchange controls and currency devaluations.</P>

<P style="TEXT-ALIGN: justify">In addition, the Company may face import and export regulations, including export restrictions, disadvantages of competing against companies from countries that are not subject to similar laws, restrictions on the ability to pay dividends offshore, and risk of loss due to disease and other potential endemic health issues. Although the Company is not currently experiencing any significant or extraordinary problems in China arising from such risks, there can be no assurance that such problems</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 33</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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">will not arise in the future. The Company currently does not carry political risk insurance coverage.</P>

<P style="TEXT-ALIGN: justify">The Company&#8217;s interests in its mineral properties are held through joint venture companies established under and governed by the laws of China. The Company&#8217;s joint venture partners in China include state-sector entities and, like other state-sector entities, their actions and priorities may be dictated by government policies instead of purely commercial considerations. Additionally, companies with a foreign ownership component operating in China may be required to work within a framework which is different from that imposed on domestic Chinese companies. The Chinese government currently allows foreign investment in certain mining projects under central government guidelines. There can be no assurance that these guidelines will not change in the future.</P>

<UL>

<LI>

<P align=justify>Regulatory environment in China</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company conducts its operations in China. The laws of China differ significantly from those of Canada and all such laws are subject to change. Mining is subject to potential risks and liabilities associated with pollution of the environment and disposal of waste products occurring as a result of mineral exploration and production.</P>

<P style="TEXT-ALIGN: justify">Failure to comply with applicable laws and regulations may result in enforcement actions and may also include corrective measures requiring capital expenditures, installation of additional equipment or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws and regulations.</P>

<P style="TEXT-ALIGN: justify">New laws and regulations, amendments to existing laws and regulations, administrative interpretation of existing laws and regulations, or more stringent enforcement of existing laws and regulations could have a material adverse impact on future cash flow, results of operations and the financial condition of the Company.</P>

<UL>

<LI>

<P align=justify>Environmental risks</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company&#8217;s activities are subject to extensive laws and regulations governing environmental protection and employee health and safety, including environmental laws and regulations in China. These laws address emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species, and reclamation of lands disturbed by mining operations.</P>

<P style="TEXT-ALIGN: justify">There are also laws and regulations prescribing reclamation activities on some mining properties. Environmental legislation in many countries, including China is evolving and the trend has been toward stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and increasing responsibility for companies and their officers, directors and employees. Compliance with environmental laws and regulations may require significant capital outlays on behalf of the Company and may cause material changes or delays in the Company&#8217;s intended activities. There can be no assurance that the Company has been or will be at all times in complete compliance with current and future environmental and health and safety laws and permits will not materially adversely affect the Company&#8217;s business, results of operations or financial condition. It is possible that future changes in these laws or regulations could have a significant adverse impact on some portion of the Company&#8217;s business, causing the Company to re-evaluate those activities at that time. The Company&#8217;s compliance with environmental laws and regulations entail uncertain costs.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 34</B></TD></TR></TABLE>

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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 Six Months Ended September 30, 2018</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>Risks and hazards of mining operations</P></LI></UL>

<P style="TEXT-ALIGN: justify">Mining is inherently dangerous and the Company&#8217;s operations are subject to a number of risks and hazards including, without limitation:</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(i) environmental hazards;</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(ii) discharge of pollutants or hazardous chemicals; </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(iii) industrial accidents; </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(iv) failure of processing and mining equipment; </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(v) labour disputes; </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(vi) supply problems and delays;</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(vii) encountering unusual or unexpected geologic formations or other geological or grade problems; </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(viii) encountering unanticipated ground or water conditions; </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(ix) cave-ins, pit wall failures, flooding, rock bursts and fire; </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(x) periodic interruptions due to inclement or hazardous weather conditions; </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(xi) equipment breakdown; </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(xii) other unanticipated difficulties or interruptions in development, construction or production; and </P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(xiii) other acts of God or unfavourable operating conditions.</P>

<P style="TEXT-ALIGN: justify">Such risks could result in damage to, or destruction of, mineral properties or processing facilities, personal injury or death, loss of key employees, environmental damage, delays in mining, monetary losses and possible legal liability. Satisfying such liabilities may be very costly and could have a material adverse effect on the Company&#8217;s future cash flow, results of operations and financial condition.</P>

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   <TD noWrap align=left><B>16.</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 September 30, 2018, 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>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>17.</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>

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   <TD width="4%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 35</B></TD></TR></TABLE>

<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 Six Months Ended September 30, 2018</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><B>18.</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>

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   <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><B>&nbsp;</B></TD>

   <TD width="50%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Dr. Rui Feng, Director, Chairman</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Rui Feng, Chief Executive Officer</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%" noWrap align=left>&nbsp;</TD>

   <TD style="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 style="WIDTH: 50%" noWrap align=left>&nbsp;</TD>

   <TD style="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>Yong-Jae Kim, Corporate Secretary &amp; General Counsel</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 50%" noWrap align=left>&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>Lon Shaver, Vice President</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Marina A. Katusa, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources 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>

<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 </I><I><U>uncertain, and actual achievements of the Company or other future events or conditions may differ materially fro</U></I><I>m</I></P>

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   <TD width="4%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 36</B></TD></TR></TABLE>

<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 Six Months Ended September 30, 2018</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>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 style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 37</B></TD></TR></TABLE>

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<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>CFO CERTIFICATE
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<div align="right"><B>Exhibit 99.4</B></div>
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<P style="TEXT-ALIGN: center"><B>Form 52-109F2<BR></B><B>Certification of interim filings - full certificate</B></P>

<P style="TEXT-ALIGN: justify">I, <B>Derek Liu, Chief Financial Officer of Silvercorp Metals Inc. </B>certify the following:</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>1.&nbsp; &nbsp; &nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <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>September 30, 2018</B>.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>No misrepresentations: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <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&nbsp; (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of </I><I>Disclosure</I> <I>in Issuers&#8217; Annual and Interim Filings, </I>for the issuer.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#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 width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance&nbsp; that</P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD vAlign=top width="4%"></TD>

   <TD vAlign=top width="4%">(i)&nbsp; &nbsp; &nbsp; </TD>

   <TD vAlign=top 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 width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%"></TD>

   <TD vAlign=top width="88%">

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(ii)&nbsp; &nbsp; &nbsp; </TD>

   <TD vAlign=top 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 width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%"></TD>

   <TD vAlign=top width="88%">

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <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 </I></B><B><I>&#8211; </I></B><B><I>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 vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>ICFR </I></B><B><I>&#8211; </I></B><B><I>material weakness relating to design: </I></B>The issuer has disclosed in its interim MD&amp;A for each&nbsp; material weakness relating to design existing at the end of the interim period</P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify>a description of the material weakness;</P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</P></TD></TR></TABLE></DIV><BR>

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   <TD width="4%"></TD>

   <TD width="92%"></TD></TR>

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   <TD vAlign=top width="4%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap align=left>(c)</TD>

   <TD vAlign=top width="92%" noWrap align=left>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" noWrap align=left></TD>

   <TD vAlign=top width="96%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" noWrap align=left>5.3</TD>

   <TD vAlign=top width="96%" colSpan=2 noWrap align=left>N/A</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" noWrap align=left></TD>

   <TD vAlign=top width="96%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" noWrap align=left>6.</TD>

   <TD vAlign=top width="96%" colSpan=2 align=left><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 July 1, 2018 and ended on September 30, 2018 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD width="100%"></TD></TR>

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   <TD noWrap align=left>Date: <B>November 7, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>&nbsp;</I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>&#8220;</I><I>Derek Liu</I><I>&#8221;</I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>________</I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Derek Liu</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Chief Financial Officer</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>CEO CERTIFICATE
<TEXT>
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   <TITLE>Exhibit 99.5</TITLE>
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<div align="right"><B>Exhibit 99.5</B></div>
<!--$$/page=--><A name="page_1"></A><BR>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: center"><B>Form 52-109F2<BR></B><B>Certification of interim filings - full certificate</B></P>

<P style="TEXT-ALIGN: justify">I, <B>Rui Feng, Chief Executive Officer of Silvercorp Metals Inc. </B>certify the following:</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>1.&nbsp; &nbsp; &nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <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>September 30, 2018</B>.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>No misrepresentations: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <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&nbsp; (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of </I><I>Disclosure</I> <I>in Issuers&#8217; Annual and Interim Filings, </I>for the issuer.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#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 width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance&nbsp; that</P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD vAlign=top width="4%"></TD>

   <TD vAlign=top width="4%">(i)&nbsp; &nbsp; &nbsp; </TD>

   <TD vAlign=top 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 width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%"></TD>

   <TD vAlign=top width="88%">

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(ii)&nbsp; &nbsp; &nbsp; </TD>

   <TD vAlign=top 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 width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%"></TD>

   <TD vAlign=top width="88%">

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <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 </I></B><B><I>&#8211; </I></B><B><I>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 vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="96%" colSpan=3>

   <P align=justify><B><I>ICFR </I></B><B><I>&#8211; </I></B><B><I>material weakness relating to design: </I></B>The issuer has disclosed in its interim MD&amp;A for each&nbsp; material weakness relating to design existing at the end of the interim period</P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify>a description of the material weakness;</P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD vAlign=top width="4%">&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="4%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD vAlign=top width="92%" colSpan=2>

   <P align=justify>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</P></TD></TR></TABLE></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%">

<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="4%"></TD>

   <TD width="92%"></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap align=left>(c)</TD>

   <TD vAlign=top width="92%" noWrap align=left>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" noWrap align=left></TD>

   <TD vAlign=top width="96%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" noWrap align=left>5.3</TD>

   <TD vAlign=top width="96%" colSpan=2 noWrap align=left>N/A</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" noWrap align=left></TD>

   <TD vAlign=top width="96%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="4%" noWrap align=left>6.</TD>

   <TD vAlign=top width="96%" colSpan=2 align=left><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 July 1, 2018 and ended on September 30, 2018 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</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>Date: <B>November 7, 2018</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>&nbsp;</I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>&#8220;</I><I>Rui Feng</I><I>&#8221;</I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>________</I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Rui Feng</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Chief Executive Officer</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

<HR align=center SIZE=3 width="100%" noShade>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
