<SEC-DOCUMENT>0001062993-17-001612.txt : 20170331
<SEC-HEADER>0001062993-17-001612.hdr.sgml : 20170331
<ACCEPTANCE-DATETIME>20170331153426
ACCESSION NUMBER:		0001062993-17-001612
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170331
DATE AS OF CHANGE:		20170331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EURASIAN MINERALS INC
		CENTRAL INDEX KEY:			0001285786
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35404
		FILM NUMBER:		17730083

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 501-543 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1X8
		BUSINESS PHONE:		604-688-6390

	MAIL ADDRESS:	
		STREET 1:		SUITE 501-543 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1X8
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>form20f.htm
<DESCRIPTION>FORM 20-F
<TEXT>
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   <TITLE>Eurasian Minerals Inc.: Form 20-F - Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>Washington, D.C.
20549</P>
<P align=center><B><FONT size=5>FORM 20-F </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>[&nbsp; &nbsp;] </P></TD>
    <TD align=left width="95%">
      <P align=justify>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)
      OF THE SECURITIES EXCHANGE ACT OF 1934 </P></TD></TR></TABLE>
<P align=center>OR </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>[<B>X</B>] </P></TD>
    <TD align=left width="95%">
      <P align=justify>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934 </P></TD></TR></TABLE>
<P align=center>For the fiscal year ended <B><U>December 31, 2016 </U></B></P>
<P align=center>OR </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>[&nbsp;&nbsp; ] </P></TD>
    <TD align=left width="95%">
      <P align=justify>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934 </P></TD></TR></TABLE>
<P align=center>For the transition period from ____________ to __________</P>
<P align=center>OR </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>[&nbsp;&nbsp; ] </P></TD>
    <TD align=left width="95%">
      <P align=justify>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
      THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell
      company report </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>Commission File Number: <B><U>001-35404
  </U></B></TD></TR></TABLE>
<P align=center><B><U><FONT size=5>EURASIAN MINERALS INC.</FONT></U></B><B>
</B><BR>(Exact name of Registrant as specified in its charter)</P>
<P align=center><B><U>British Columbia, Canada</U></B><B> </B><BR>(Jurisdiction
of incorporation or organization)</P>
<P align=center><U><B>Suite 501, 543 Granville Street, Vancouver, British
Columbia, Canada V6C 1X8 </B></U><BR>(Address of principal executive
offices)</P>
<P align=center><B>Christina Cepeliauskas, Chief Financial Officer
</B><BR><B>Telephone No.: 604-688-6390 </B><BR><B>Facsimile No.: 604-688-1157
</B><BR><B><U>Suite 501, 543 Granville Street, Vancouver, British Columbia,
Canada V6C 1X8</U></B><B> </B><BR>(Name, Telephone, Email and/or Facsimile
number and Address of Company Contact Person)</P>
<P align=justify><U>Securities to be registered pursuant to Section 12(b) of the
Act: </U></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>Title of each class </TD>
    <TD align=center width="50%">Name on each exchange on which registered
  </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><U>Common Shares, without par value </U></B></TD>
    <TD align=center width="50%"><B><U>NYSE MKT LLC
</U></B></TD></TR></TABLE>
<P align=center>Securities to be registered pursuant to Section 12(g) of the
Act: <BR><U>None</U></P>
<P align=center>Securities for which there is a reporting obligation pursuant to
Section 15(d) of the Act: <BR>None </P>
<P align=justify>Indicate the number of outstanding shares of each of the
Company&#146;s classes of capital or common stock as of the close of the period
covered by the annual report: 74,089,710 </P>
<P align=justify>Indicate by check mark if the registrant is a well-known
seasoned Company, as defined in Rule 405 of the Securities Act. Yes
___&nbsp;&nbsp;&nbsp;&nbsp; No <B><U>_X_ </U></B></P>
<P align=justify>If this report is an annual or transition report, indicate by
check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes
___&nbsp;&nbsp;&nbsp;&nbsp; No <B><U>_X_</U></B><B> </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify>Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past ninety days. Yes
<B>_<U>X</U>_&nbsp;&nbsp;&nbsp;&nbsp; </B>No ____ </P>
<P align=justify>Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
Yes <B><U>_X_</U>&nbsp;&nbsp;&nbsp;&nbsp; </B>No ____</P>
<P align=justify>Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer or a non-accelerated filer. See
definition of &#147;accelerated filer and large accelerated filer&#148; in Rule 12b-2 of
the Exchange Act. </P>
<P align=justify>Large accelerated filer ___ Accelerated filer ___
Non-accelerated filer <U>_<B>X</B></U><B><U>_ </U></B></P>
<P align=justify>Indicate by check mark which basis of accounting the registrant
has used to prepare the financial statements included in this filing:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>U.S. GAAP [&nbsp;&nbsp; ] </TD>
    <TD align=center width="33%">
      <P align=justify>International Financial Reporting Standards as issued by
      the International Accounting Standards Board [X] </P></TD>
    <TD align=center width="33%">Other [&nbsp;&nbsp; ] </TD></TR></TABLE>
<P align=justify>If &#147;Other&#148; has been checked in response to the previous
question, indicate by check mark which financial statement item the registrant
has elected to follow: Item 17 ___ Item 18 ___ </P>
<P align=justify>If this is an annual report, indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).<BR>Yes&nbsp;&nbsp;&nbsp;&nbsp; No <B><U>X</U></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_3></A>
<P align=center><B>EURASIAN MINERALS INC.</B> <BR><B>FORM 20-F ANNUAL
REPORT</B></P>
<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center colSpan=3>&nbsp;<B>PART I</B>&nbsp;
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left>&nbsp; <A
      href="#page_Page"></A></TD>
    <TD vAlign=top noWrap align=left width="85%">&nbsp; <A
      href="#page_Page"></A></TD>
    <TD vAlign=top noWrap align=center width="5%">Page </TD></TR>
  <TR>
    <TD vAlign=top>&nbsp; </TD>
    <TD vAlign=top width="85%">&nbsp; </TD>
    <TD vAlign=top width="5%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_15">Item
      1. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_15">Identity
      of Directors, Senior Management and Advisors </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_15">15
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_16">Item
      2. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_16">Offer
      Statistics and Expected Timetable </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_16">16
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_16">Item
      3. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_16">Key
      Information </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_16">16
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_24">Item
      4. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_24">Information
      on the Company </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_24">24
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_57">Item
      5. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_57">Operating,
      Financial Review and Prospects </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_57">57
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_77">Item
      6. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_77">Directors,
      Senior Management and Employees </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_77">77
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_94">Item
      7. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_94">Major
      Shareholders and Related Party Transactions </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_94">94
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_96">Item
      8. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_96">Financial
      Information </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_96">96
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_96">Item
      9. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_96">The
      Offer and Listing </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_96">96
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_98">Item
      10. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_98">Additional
      Information </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_98">98
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_112">Item
      11. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_112">Quantitative
      and Qualitative Disclosures about Market Risk </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_112">112
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_112">Item
      12. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_112">Description
      of Securities Other Than Equity Securities </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_112">112
      </A></TD></TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=top width="85%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=top width="5%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top>&nbsp; </TD>
    <TD vAlign=top width="85%">&nbsp; </TD>
    <TD vAlign=top width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=center bgColor=#eeeeee colSpan=3>&nbsp;<B>PART
      II</B>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top>&nbsp; </TD>
    <TD vAlign=top width="85%">&nbsp; </TD>
    <TD vAlign=top width="5%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_113">Item
      13. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_113">Defaults,
      Dividend Arrearages and Delinquencies </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_113">113
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_113">Item
      14. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_113">Material
      Modifications to the Rights of Security Holders and Use of Proceeds
</A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_113">113
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_113">Item
      15. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_113">Controls
      and Procedures </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_113">113
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_114">Item
      16A. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_114">Audit
      Committee Financial Expert </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_114">114
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_114">Item
      16B. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_114">Code
      of Ethics </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_114">114
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_114">Item
      16C. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_114">Principal
      Accountant Fees and Services </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_114">114
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_115">Item
      16D. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_115">Exemptions
      from the Listing Standards for Audit Committees </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_115">115
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_115">Item
      16E. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_115">Purchases
      of Equity Securities by the Issuer and Affiliated Purchasers </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_115">115
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_115">Item
      16F. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_115">Change
      in Registrant&#146;s Certifying Accountant </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_115">115
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_115">Item
      16G. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_115">Corporate
      Governance </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_115">115
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_115">Item
      16H. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_115">Mine
      Safety Disclosure </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_115">115
      </A></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp; </TD>
    <TD vAlign=top width="85%">&nbsp; </TD>
    <TD vAlign=top width="5%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=top width="85%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=top width="5%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=center colSpan=3>&nbsp;<B>PART III</B>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=top width="85%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=top width="5%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_115">Item
      17. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_115">Financial
      Statements </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_115">115
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee><A
      href="#page_115">Item
      18. </A></TD>
    <TD vAlign=top align=left width="85%" bgColor=#eeeeee><A
      href="#page_115">Financial
      Statements </A></TD>
    <TD vAlign=top align=center width="5%" bgColor=#eeeeee><A
      href="#page_115">115
      </A></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left><A
      href="#page_115">Item
      19. </A></TD>
    <TD vAlign=top align=left width="85%"><A
      href="#page_115">Exhibits
      </A></TD>
    <TD vAlign=top align=center width="5%"><A
      href="#page_115">115
      </A></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B><I>Glossary of Geological and Mining Terms</I></B></P>
<P align=justify>Certain terms used in this Form 20-F are defined as
follows:<I></I></P>
<P align=justify><B>Alunite: </B>a hydrated aluminium potassium, sulfate mineral
[(KAl<SUB>3</SUB>(SO<SUB>4</SUB>)<SUB>2</SUB>(OH)<SUB>6</SUB>]. </P>
<P align=justify><B>Andesite: </B>an extrusive igneous rock of intermediate
composition with a fine grained to porphyritic texture. </P>
<P align=justify><B>Argillic Alteration: </B>hydrothermal alteration of rock
which introduces clay minerals including kaolinite, smectite and illite. </P>
<P align=justify><B>Assay: </B>a quantitative chemical analysis of an ore,
mineral or concentrate to determine the amount of specific elements. </P>
<P align=justify><B>Breccia: </B>a coarse-grained clastic rock composed of
broken rock fragments held together by a mineral cement or in a fine-grained
matrix. </P>
<P align=justify><B>Carbonate: </B>a sedimentary rock made mainly of calcium
carbonate (CaCO<SUB>3</SUB>).</P>
<P align=justify><B>Dacite: </B>an extrusive igneous rock with a fine grained to
porphyritic texture and intermediate in composition between andesite and
rhyolite. </P>
<P align=justify><B>Diorite: </B>a grey to dark-grey intermediate intrusive
igneous rock composed principally of plagioclase feldspar, biotite, hornblende,
and/or pyroxene. </P>
<P align=justify><B>Dike: </B>a tabular igneous intrusion that cuts across the
country rock, generally vertical in nature. </P>
<P align=justify><B>Dor&#233;: </B>a mixture of predominantly gold and silver
produced by a mine, usually in a bar form, before separation and refining into
gold and silver by a refinery.</P>
<P align=justify><B>Epithermal: </B>said of<B></B>a hydrothermal mineral deposit
formed within about 1 kilometer of the Earth&#146;s surface and in the temperature
range of 50<SUP>o</SUP>C to 200<SUP>o</SUP>C. </P>
<P align=justify><B>Feasibility Study: </B>is defined in the CIM Definition
Standards (2014) as referenced by NI 43-101 as a comprehensive technical and
economic study of the selected development option for a mineral project that
includes appropriately detailed assessments of applicable Modifying Factors
together with any other relevant operational factors and detailed financial
analysis that are necessary to demonstrate, at the time of reporting, that
extraction is reasonably justified (economically mineable). The results of the
study may reasonably serve as the basis for a final decision by a proponent or
financial institution to proceed with, or finance, the development of the
project. The confidence level of the study will be higher than that of a
Pre-Feasibility Study. </P>
<P align=justify><B>Foliation: </B>repetitive layering in metamorphic rocks.</P>
<P align=justify><B>Footwall: </B>the underlying side of a fault, ore body, or
mine working; particularly the wall rock beneath an inclined vein or
fault.<B></B></P>
<P align=justify><B>Formation: </B>a persistent body of igneous, sedimentary, or
metamorphic rock, having easily recognizable boundaries that can be traced in
the field without recourse to detailed paleontologic or petrologic analysis, and
large enough to be represented on a geologic map as a practical or convenient
unit for mapping and description. </P>
<P align=justify><B>Gneiss: </B>a type of rock formed by high-grade regional
metamorphic processes from pre-existing formations of igneous or sedimentary
rocks.<B></B></P>
<P align=justify><B>Granodiorite: </B>a group of plutonic rocks intermediate in
composition between quartz diorite and quartz monzonite. </P>
<P align=justify><B>Greenfields: </B>conceptual exploration; relying on the
predictive power of ore genesis models to search for mineralization in
relatively unexplored ground. </P>
<P align=justify><B>Hanging wall: </B>the overlying side of an ore body, fault,
or mine working, especially the wall rock above an inclined vein or fault. </P>
<P align=justify><B>Hornfels: </B>a fine-grained rock composed of a mosaic of
equidimensional grains without preferred orientation and typically formed by
contact metamorphism. </P>
<P align=center>1</P>
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<P align=justify><B>Hydrothermal: </B>of or pertaining to hot water, to the
action of hot water, or to the products of this action, such as a mineral
deposit precipitated from a hot aqueous solution, with or without demonstrable
association with igneous processes. </P>
<P align=justify><B>Igneous rock:</B> rock that is magmatic in origin. </P>
<P align=justify><B>Indicated mineral resource:</B> is defined in the CIM
Definition Standards (2014) as referenced by NI 43-101 as that part of a Mineral
Resource for which quantity, grade or quality, densities, shape and physical
characteristics are estimated with sufficient confidence to allow the
application of Modifying Factors in sufficient detail to support mine planning
and evaluation of the economic viability of the deposit. Geological evidence is
derived from adequately detailed and reliable exploration, sampling and testing
and is sufficient to assume geological and grade or quality continuity between
points of observation. An Indicated Mineral Resource has a lower level of
confidence than that applying to a Measured Mineral Resource and may only be
converted to a Probable Mineral Reserve.</P>
<P align=justify><B>Inferred mineral resource: </B>is defined in the CIM
Definition Standards (2014) as referenced by NI 43-101 as that part of a Mineral
Resource for which quantity and grade or quality are estimated on the basis of
limited geological evidence and sampling. Geological evidence is sufficient to
imply but not verify geological and grade or quality continuity. An Inferred
Mineral Resource has a lower level of confidence than that applying to an
Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is
reasonably expected that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration.</P>
<P align=justify><B>Intercalated:</B> said of layered material that exists or is
introduced between layers of a different character; especially said of
relatively thin strata of one kind of material that alternates with thicker
strata of some other kind, such as beds of shale intercalated in a body of
sandstone. </P>
<P align=justify><B>Jasperoid: </B>a dense chert-like siliceous rock, in which
chalcedony or cryptocrystalline quartz has replaced the carbonate materials of
limestone or dolomite.<B> </B></P>
<P align=justify><B>Kriging:</B> a weighted, moving-average interpolation method
in which the set of weights assigned to samples minimizes the estimation
variance, which is computed as a function of the variogram model and locations
of the samples relative to each other, and to the point or block being
estimated. </P>
<P align=justify><B>Leach:</B> to dissolve minerals or metals out of ore with
chemicals.</P>
<P align=justify><B>Limestone</B>: a sedimentary rock consisting predominantly
of calcium carbonate. </P>
<P align=justify><B>Lithocap: </B>the shallow part of porphyry copper systems
typically above the main Cu-Au/-Mo zone; upper alteration zone. </P>
<P align=justify><B>Measured mineral resource:</B> is defined in the CIM
Definition Standards (2014) as referenced by NI 43-101 as that part of a Mineral
Resource for which quantity, grade or quality, densities, shape, and physical
characteristics are estimated with confidence sufficient to allow the
application of Modifying Factors to support detailed mine planning and final
evaluation of the economic viability of the deposit. Geological evidence is
derived from detailed and reliable exploration, sampling and testing and is
sufficient to confirm geological and grade or quality continuity between points
of observation. A Measured Mineral Resource has a higher level of confidence
than that applying to either an Indicated Mineral Resource or an Inferred
Mineral Resource. It may be converted to a Proven Mineral Reserve or to a
Probable Mineral Reserve.</P>
<P align=justify><B>Meta:</B> a prefix that, when used with the name of a
sedimentary or igneous rock, indicates that the rock has been metamorphosed.
</P>
<P align=justify><B>Metamorphic rock:</B> rock which has been changed from
igneous or sedimentary rock through heat and pressure into a new form of
rock.</P>
<P align=justify><B>Mineral Reserve:</B> is defined in the CIM Definition
Standards (2014) as referenced by NI 43-101 as the economically mineable part of
a Measured and/or Indicated Mineral Resource. It includes diluting materials and
allowances for losses, which may occur when the material is mined or extracted
and is defined by studies at Pre-Feasibility or Feasibility level as appropriate
that include application of Modifying Factors. Such studies demonstrate that, at
the time of reporting, extraction could reasonably be justified. The reference
point at which Mineral Reserves are defined, usually the point where the ore is
delivered to the processing plant, must be stated. It is important that, in all
situations where the reference point is different, such as for a saleable
product, a clarifying statement is included to ensure that the reader is fully
informed as to what is being reported. The public disclosure of a Mineral
Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.
</P>
<P align=justify><B>Mineral </B><B>Resource:</B> is defined in the CIM
Definition Standards (2014) as referenced by NI 43-101 as a concentration or
occurrence of solid material of economic interest in or on the Earth&#146;s crust in
such form, grade or quality and quantity that there are reasonable prospects for eventual economic
extraction. The location, quantity, grade or quality, continuity and other
geological characteristics of a Mineral Resource are known, estimated or
interpreted from specific geological evidence and knowledge, including sampling.</P>
<P align=center>2</P>
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<P align=justify><B>Modifying factors:</B> is defined in the CIM Definition
Standards (2014) as the considerations used to convert Mineral Resources to
Mineral Reserves. These include, but are not restricted to, mining, processing,
metallurgical, infrastructure, economic, marketing, legal, environmental, social
and governmental factors. </P>
<P align=justify><B>Net smelter return royalty or NSR royalty:</B> a type of
  royalty based on a percentage of the proceeds, net of smelting, refining and
  transportation costs and penalties, from the sale of metals extracted from
concentrate and dor&#233; by the smelter or refinery. </P>
<P align=justify><B>NI 43-101: </B>National Instrument 43-101 <I>Standards of
Disclosure for Mineral Projects </I>of the Canadian Securities Administrators.
</P>
<P align=justify><B>Oxide:</B> a compound of ore that has been subjected to
weathering and alteration as a result of exposure to oxygen for a long period of
time. </P>
<P align=justify><B>Pegmatite: </B>a very coarse-grained igneous rock that has a
grain size of 20 millimetres or more.<B> </B></P>
<P align=justify><B>Phyllite: </B>a regional metamorphic rock, intermediate in
grade between slate and schist. Minute crystals of sericite and chlorite impart
a silky sheen to the surfaces exposed by cleavage.<B> </B></P>
<P align=justify><B>Plagioclase: </B>a series of tectosilicate minerals within
the feldspar family.</P>
<P align=justify><B>Plutonic: </B>intrusive igneous rock that is crystallized
from magma slowly cooling below the surface of the Earth.<B> </B></P>
<P align=justify><B>Porphyry: </B>igneous rock consisting of large-grained
crystals dispersed in a fine-grained matrix or groundmass. </P>
<P align=justify><B>Pre-Feasibility Study:</B> is defined in the CIM Definition
Standards (2014) as referenced by NI 43-101 as a comprehensive study of a range
of options for the technical and economic viability of a mineral project that
has advanced to a stage where a preferred mining method, in the case of
underground mining, or the pit configuration, in the case of an open pit, is
established and an effective method of mineral processing is determined. It
includes a financial analysis based on reasonable assumptions on the Modifying
Factors and the evaluation of any other relevant factors which are sufficient
for a Qualified Person, acting reasonably, to determine if all or part of the
Mineral Resource may be converted to a Mineral Reserve at the time of reporting.
A Pre-Feasibility Study is at a lower confidence level than a Feasibility Study.
</P>
<P align=justify><B>Preliminary Economic Assessment:</B> is defined in NI 43-101
and NI 43-101CP as a study, other than a pre-feasibility or feasibility study
that includes an economic analysis of the potential viability of mineral
resources. The term preliminary economic assessment can include a study commonly
referred to as a scoping study. A preliminary economic assessment might be based
on measured, indicated, or inferred mineral resources, or a combination of any
of these. These types of economic analyses include disclosure of forecast mine
production rates that might contain capital costs to develop and sustain the
mining operation, operating costs, and projected cash flows.</P>
<P align=justify><B>Probable mineral reserve:</B> is defined in the CIM
Definition Standards (2014) as referenced by NI 43-101 as the economically
mineable part of an Indicated, and in some circumstances, a Measured Mineral
Resource. The confidence in the Modifying Factors applying to a Probable Mineral
Reserve is lower than that applying to a Proven Mineral Reserve. The Qualified
Person(s) may elect to convert Measured Mineral Resources to Probable Mineral
Reserves if the confidence in the Modifying Factors is lower than that applied
to a Proven Mineral Reserve.</P>
<P align=justify><B>Proven mineral reserve</B>: is defined in the CIM Definition
Standards (2014) as referenced by NI 43-101 as the economically mineable part of
a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of
confidence in the Modifying Factors. Application of the Proven Mineral Reserve
category implies that the Qualified Person has the highest degree of confidence
in the estimate with the consequent expectation in the minds of the readers of
the report. The term should be restricted to that part of the deposit where
production planning is taking place and for which any variation in the estimate
would not significantly affect the potential economic viability of the deposit.
Proven Mineral Reserve estimates must be demonstrated to be economic, at the
time of reporting, by at least a Pre-Feasibility Study. </P>
<P align=justify><B>Pyroclastic: </B>pertaining to clastic rock material formed
by volcanic explosion or aerial expulsion from a volcanic vent; also, pertaining
to rock texture of explosive origin. </P>
<P align=center>3</P>
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<P align=justify><B>Qualified Person: </B>is defined in NI 43-101 as an
individual who (a) is an engineer or geoscientist with a university degree, or
equivalent accreditation, in an area of geoscience, or engineering, relating to
mineral exploration or mining; (b) has at least five years of experience in
mineral exploration, mine development or operation or mineral project
assessment, or any combination of these, that is relevant to his or her
professional degree or area of practice; (c) has experience relevant to the
subject matter of the mineral project and the technical report; (d) is in good
standing with a professional association; and (e) in the case of a professional
association in a foreign jurisdiction, has a membership designation that (i)
requires attainment of a position of responsibility in their profession that
requires the exercise of independent judgment; and (ii) requires A. a favourable
confidential peer evaluation of the individual&#146;s character, professional
judgement, experience, and ethical fitness; or B. a recommendation for
membership by at least two peers, and demonstrated prominence or expertise in
the field of mineral exploration or mining; </P>
<P align=justify><B>Run-of-mine:</B> ore in its natural state as it is removed
from the mine that has not been subjected to additional size reduction. </P>
<P align=justify><B>Schist:</B> a strongly foliated crystalline rock, which
readily splits into sheets or slabs as a result of the planar alignment of the
constituent crystals. The constituent minerals are commonly specified (e.g.
&#147;quartz-muscovite-chlorite schist&#148;). </P>
<P align=justify><B>Shear zone:</B> a tabular zone of rock that has been crushed
and brecciated by parallel fractures due to &#147;shearing&#148; along a fault or zone of
weakness. These can be mineralized with ore-forming solutions. </P>
<P align=justify><B>Silicification: </B>the introduction of, or replacement by,
silica, generally resulting in the formation of fine-grained quartz, chalcedony,
or opal, which may fill pores and replace existing minerals. </P>
<P align=justify><B>Skarn: </B>metamorphic zone developed in the contact area
around igneous rock intrusions when carbonate sedimentary rocks are invaded by
large amounts of silicon, aluminum, iron, and magnesium. </P>
<P align=justify><B>Spectrography:</B> the process of using a spectrograph to
map or photograph a spectrum. </P>
<P align=justify><B>Stockwork: </B>a complex system of structurally controlled
or randomly oriented veins. </P>
<P align=justify><B>Strata:</B> layers of sedimentary rock with internally
consistent characteristics that distinguish them from other layers. </P>
<P align=justify><B>Strike:</B> the direction, or course or bearing of a vein or
rock formation measured on a level surface. </P>
<P align=justify><B>Stratibound: </B>confined to a particular stratigraphic
layer or unit. </P>
<P align=justify><B>Stratiform: </B>occurring as or arranged in strata. </P>
<P align=justify><B>Strip (or stripping) ratio:</B> the tonnage or volume of
waste material that must be removed to allow the mining of one tonne of ore in
an open pit. </P>
<P align=justify><B>Sulfides or sulphides:</B> compounds of sulfur (or sulphur)
with other metallic elements. </P>
<P align=justify><B>Tailing:</B> material rejected from a mill after the
recoverable valuable minerals have been extracted. </P>
<P align=justify><B>Terrane: </B>a rock formation or assemblage of rock
formations that share a common geologic history. </P>
<P align=justify><B>Tuff</B>: a general term for consolidated pyroclastic rocks.
</P>
<P align=justify><B>Vein:</B> sheet-like body of minerals formed by fracture
filling or replacement of host rock. </P>
<P align=justify><B>Vuggy:</B> containing small cavities in a rock or vein,
often with a mineral lining of different composition from that of the
surrounding rock. </P>
<P align=center>4</P>
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<P align=justify><B>Linear Measurements </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>1 inch</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >2.54 centimeters </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 foot</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >0.3048 meter </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 yard</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >0.9144 meter </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 mile</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >1.609 kilometers
</TD></TR></TABLE>
<P align=justify><B>Area Measurements </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>1 acre</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >0.4047 hectare </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 hectare</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >2.471 acres </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 square mile</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >640 acres or 259 hectares or 2.59
      square kilometers </TD></TR></TABLE>
<P align=justify><B>Units of Weight </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>1 short ton</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >2000 pounds or 0.893 long ton
  </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 long ton</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >2240 pounds or 1.12 short tons
  </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 metric tonne</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >2204.62 pounds or 1.1023 short
      tons </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 pound (16 oz.)</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >0.454 kilograms or 14.5833 troy
      ounces </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 troy oz.</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >31.1035 grams </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>1 troy oz. per short ton</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >34.2857 grams per metric tonne
  </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=center><B>Analytical</B> </TD>
    <TD vAlign=top noWrap align=center width="25%"><B>percent</B> </TD>
    <TD vAlign=top noWrap align=center width="25%"><B>grams per metric
      tonne</B> </TD>
    <TD vAlign=top noWrap align=center width="25%"><B>troy oz per short
      ton</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>1% </TD>
    <TD vAlign=top align=center width="25%">1% </TD>
    <TD vAlign=top align=center width="25%">10,000 </TD>
    <TD vAlign=top align=center width="25%">291.667 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>1 gram/tonne </TD>
    <TD vAlign=top align=center width="25%">0.0001% </TD>
    <TD vAlign=top align=center width="25%">1 </TD>
    <TD vAlign=top align=center width="25%">0.029167 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>1 troy oz./short ton </TD>
    <TD vAlign=top align=center width="25%">0.003429% </TD>
    <TD vAlign=top align=center width="25%">34.2857 </TD>
    <TD vAlign=top align=center width="25%">1 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>10 ppb </TD>
    <TD vAlign=top align=center width="25%">nil </TD>
    <TD vAlign=top align=center width="25%">0.01 </TD>
    <TD vAlign=top align=center width="25%">0.00029 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>100 ppm </TD>
    <TD vAlign=top align=center width="25%">0.01 </TD>
    <TD vAlign=top align=center width="25%">100 </TD>
    <TD vAlign=top align=center width="25%">2.917 </TD></TR></TABLE></DIV>
<P align=justify><B>Temperature Conversion Formulas </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Degrees Fahrenheit</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >(&#176;C x 1.8) + 32 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Degrees Celsius</B> </TD>
    <TD align=left width="25%">= </TD>
    <TD align=left width="50%" >(&#176;F - 32) x 0.556
</TD></TR></TABLE><BR>
<P align=center>5</P>
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<P align=justify><B>Frequently Used Abbreviations and Symbols </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>AA</B> </TD>
    <TD align=left width="90%">atomic absorption spectrometry </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Ag</B> </TD>
    <TD align=left width="90%">silver </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>As</B> </TD>
    <TD align=left width="90%">arsenic </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Au</B> </TD>
    <TD align=left width="90%">gold </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#176;C</B> </TD>
    <TD align=left width="90%">degrees Celsius (centigrade) </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>CIM</B> </TD>
    <TD align=left width="90%">Canadian Institute of Mining, Metallurgy and
      Petroleum </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>cm</B> </TD>
    <TD align=left width="90%">centimeter </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>C.P.G.</B> </TD>
    <TD align=left width="90%">Certified Professional Geologist </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>CSAMT</B> </TD>
    <TD align=left width="90%">Controlled source audio-frequency
      magnetotellurics </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Cu</B> </TD>
    <TD align=left width="90%">copper </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>ESIA</B> </TD>
    <TD align=left width="90%">Environmental &amp; Social Impact Assessment
  </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>F</B> </TD>
    <TD align=left width="90%">fluorine </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#176;F</B> </TD>
    <TD align=left width="90%">degrees Fahrenheit </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>g</B> </TD>
    <TD align=left width="90%">gram(s) </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>g/t</B> </TD>
    <TD align=left width="90%">grams per tonne </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Hg</B> </TD>
    <TD align=left width="90%">mercury </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>HSE</B> </TD>
    <TD align=left width="90%">high sulphidation epithermal </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>ICP AES</B> </TD>
    <TD align=left width="90%">inductively coupled plasma atomic emission
      spectroscopy </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>ICP MS</B> </TD>
    <TD align=left width="90%">inductively coupled plasma mass spectroscopy
  </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>ICP MS/AAS</B> </TD>
    <TD align=left width="90%">inductively coupled plasma mass
      spectroscopy/atomic absorption spectroscopy </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>IOCG</B> </TD>
    <TD align=left width="90%">iron-oxide-copper-gold </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>IP</B> </TD>
    <TD align=left width="90%">Induced polarization </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>JORC</B> </TD>
    <TD align=left width="90%">Joint Ore Reserves Committee </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>JV</B> </TD>
    <TD align=left width="90%">joint venture </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>kg</B> </TD>
    <TD align=left width="90%">kilogram </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>km</B> </TD>
    <TD align=left width="90%">kilometer </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>m</B> </TD>
    <TD align=left width="90%">meter(s) </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Ma</B> </TD>
    <TD align=left width="90%">million years ago </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Mn</B> </TD>
    <TD align=left width="90%">manganese </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Mo</B> </TD>
    <TD align=left width="90%">molybdenum </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>n</B> </TD>
    <TD align=left width="90%">number or count </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>oz</B> </TD>
    <TD align=left width="90%">troy ounce </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>opt</B> </TD>
    <TD align=left width="90%">ounce per short ton </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>oz/ton</B> </TD>
    <TD align=left width="90%">ounce per short ton </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>oz/tonne</B> </TD>
    <TD align=left width="90%">ounce per metric tonne </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Pb</B> </TD>
    <TD align=left width="90%">lead </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>PEA</B> </TD>
    <TD align=left width="90%">Preliminary Economic Assessment </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>PGE</B> </TD>
    <TD align=left width="90%">platinum group element </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>ppb</B> </TD>
    <TD align=left width="90%">parts per billion </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>ppm</B> </TD>
    <TD align=left width="90%">parts per million </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>QA</B> </TD>
    <TD align=left width="90%">quality assurance </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>QC</B> </TD>
    <TD align=left width="90%">quality control </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>QP</B> </TD>
    <TD align=left width="90%">Qualified Person </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>sq</B> </TD>
    <TD align=left width="90%">square </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Sb</B> </TD>
    <TD align=left width="90%">antimony </TD></TR></TABLE><BR>
    <P align=center>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>Frequently Used Abbreviations and Symbols </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>VMS</B> </TD>
    <TD align=left width="90%">volcanogenic massive sulfide </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Zn</B> </TD>
    <TD align=left width="90%">zinc </TD></TR></TABLE><BR>
    <P align=center>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_11></A>
<P align=center><B>INTRODUCTION </B></P>
<P align=justify>Eurasian Minerals Inc. (the &#147;Company&#148; or &#147;Eurasian&#148; or &#147;EMX&#148;)
was incorporated under the laws of the Yukon Territory of Canada on August 21,
2001 as 33544 Yukon Inc. and, on October 10, 2001, changed its name to Southern
European Exploration Ltd. On November 24, 2003, the Company completed the
reverse take-over of Marchwell Capital Corp., a TSX Venture Exchange (&#147;TSX-V&#148;)
listed company incorporated in Alberta on May 13, 1996 and which subsequently
changed its name to Eurasian Minerals Inc. On September 21, 2004, EMX continued
into British Columbia from Alberta under the <I>Business Corporations Act. </I> </P>
<P align=justify>EMX&#146;s head office is located at Suite 501 &#150; 543 Granville
Street, Vancouver, British Columbia V6C 1X8, Canada, and its registered and
records office is located at Northwest Law Group, Suite 704 &#150; 595 Howe Street,
Vancouver, British Columbia V6C 2T5, Canada.</P>
<P align=justify>Eurasian is a reporting company under the securities
legislation of British Columbia and Alberta and is listed on the TSX-V, as a
Tier 1 Company, and the NYSE MKT LLC (&#147;NYSE MKT&#148;). Eurasian&#146;s common shares
without par value (&#147;Common Shares&#148;) are traded on the TSX-V and the NYSE MKT
under the symbol &#147;EMX&#148;. </P>
<P align=center><B>BUSINESS OF EURASIAN MINERALS INC. </B></P>
<P align=justify>Eurasian is principally in the business of exploring for, and
generating royalties from, metals and minerals properties, as well as
identifying royalty opportunities for purchase. Eurasian&#146;s business is carried
out as a royalty and prospect generator. Under the royalty and prospect
generation business model, it acquires and advances early-stage mineral
exploration projects and then options the projects to, and thereby forms
relationships with, other parties in consideration of a retained royalty
interest, as well as annual advanced royalty and other cash or share payments
and exploration carried out by the other parties. Through its various
agreements, Eurasian also provides technical and commercial assistance to such
companies as the projects advance. By optioning interests in its projects to
third parties for a royalty interest, Eurasian:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>reduces its exposure to the costs and risks associated
      with mineral exploration and project development,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>maintains the opportunity to participate in early-stage
      exploration upside, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>develops a pipeline for potential production royalty
      payments and associated greenfields discoveries in the
  future.</P></TD></TR></TABLE>
<P align=justify>This approach helps preserve the Company&#146;s treasury, which can
be utilized for further project acquisitions and other business initiatives.
</P>
<P align=justify>The Company&#146;s royalty and exploration portfolio consists of
properties in North America, Turkey, Europe, Haiti, Australia, and New Zealand.
Eurasian started receiving royalty income as of August 17, 2012 when it acquired
Bullion Monarch Mining, Inc. (&#147;Bullion Monarch&#148; or &#147;BULM&#148;). This royalty cash
flow serves to provide a foundation to support the Company&#146;s growth over the
long term. </P>
<P align=justify>Strategic investments are an important complement to the
Company&#146;s royalty and prospect generation initiatives. These investments are
made in unrecognized or under-valued exploration companies identified by
Eurasian. EMX helps to develop the value of these assets, with exit strategies
that can include royalty positions or equity sales. </P>
<P align=center><B>FINANCIAL AND OTHER INFORMATION </B></P>
<P align=justify>In this Annual Report, unless otherwise specified, all dollar
amounts are expressed in Canadian Dollars (&#147;CDN$&#148; or &#147;$&#148;). References to &#147;US$&#148;
are to United States dollars. The Government of Canada permits a floating
exchange rate to determine the value of the Canadian dollar against the U.S.
dollar.</P>
<P align=center><B>FORWARD-LOOKING STATEMENTS </B></P>
<P align=justify>The Company is a &#147;foreign private issuer&#148; as defined in Rule
3b-4 under the Exchange Act and Rule 405 under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;). Equity securities of the Company are accordingly
exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act
pursuant to Rule 3a12-3 thereunder. </P>
<P align=center>8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B>
</P>
<P align=justify>This Annual Report, including the documents incorporated by
reference herein, may contain forward-looking statements. These forward-looking
statements may include statements regarding perceived merit of properties,
exploration results and budgets, mineral reserves and resource estimates, work
programs, capital expenditures, operating costs, cash flow estimates, production
estimates and similar statements relating to the economic viability of a
project, timelines, strategic plans, completion of transactions, market prices
for metals or other statements that are not statements of fact. These statements
relate to analyses and other information that are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of
management. Statements concerning mineral resource estimates may also be deemed
to constitute &#147;forward-looking statements&#148; to the extent that they involve
estimates of the mineralization that will be encountered if the property is
developed. </P>
<P align=justify>Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, identified
by words or phrases such as &#147;expects&#148;, &#147;anticipates&#148;, &#147;believes&#148;, &#147;plans&#148;,
&#147;projects&#148;, &#147;estimates&#148;, &#147;assumes&#148;, &#147;intends&#148;, &#147;strategy&#148;, &#147;goals&#148;,
&#147;objectives&#148;, &#147;potential&#148;, &#147;possible&#148; or variations thereof or stating that
certain actions, events, conditions or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;,
&#147;should&#148;, &#147;might&#148; or &#147;will&#148; 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. </P>
<P align=justify>Forward-looking statements are based on a number of material
assumptions, including those listed below, which could prove to be significantly
incorrect:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>the Company&#146;s ability to achieve production at any of its
      mineral properties; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>estimated capital costs, operating costs, production and
      economic returns; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>estimated metal pricing, metallurgy, mineability,
      marketability and operating and capital costs, together with other
      assumptions underlying the Company&#146;s resource and reserve estimates;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>the Company&#146;s expected ability to develop adequate
      infrastructure at a reasonable cost; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>assumptions that all necessary permits and governmental
      approvals will be obtained; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>assumptions made in the interpretation of drill results,
      the geology, grade and continuity of the Company&#146;s mineral deposits;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>the Company&#146;s expectations regarding demand for
      equipment, skilled labor and services needed for exploration and
      development of mineral properties; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>the Company&#146;s activities will not be adversely disrupted
      or impeded by development, operating or regulatory risks.
  </P></TD></TR></TABLE>
<P 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:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty of whether there will ever be production at
      the Company&#146;s mineral exploration and development properties; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty of estimates of capital costs, operating
      costs, production and economic returns; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainties relating to the assumptions underlying the
      Company&#146;s resource and reserve estimates, such as metal pricing,
      metallurgy, mineability, marketability and operating and capital costs;
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to the Company&#146;s ability to commence
      production and generate material revenues or obtain adequate financing for
      its planned exploration and development activities; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to the Company&#146;s ability to finance the
      development of its mineral properties through external financing, joint
      ventures or other strategic alliances, the sale of property interests or
      otherwise; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to the third parties on which the Company
      depends for its exploration and development activities; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>dependence on cooperation of joint venture partners in
      exploration and development of properties; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>credit, liquidity, interest rate and currency risks;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to market events and general economic
      conditions; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty related to inferred mineral resources;
  </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>risks and uncertainties relating to the interpretation of
      drill results, the geology, grade and continuity of the Company&#146;s mineral
      deposits; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to lack of adequate infrastructure;
  </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>mining and development risks, including risks related to
      infrastructure, accidents, equipment breakdowns, labor disputes or other
      unanticipated difficulties with or interruptions in development,
      construction or production; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>the risk that permits and governmental approvals
      necessary to develop and operate mines on the Company&#146;s properties will
      not be available on a timely basis or at all; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>commodity price fluctuations; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to governmental regulation and permits,
      including environmental regulation; </P></TD></TR></TABLE><BR>
      <P align=center>9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to the need for reclamation activities on
      the Company&#146;s properties and uncertainty of cost estimates related
      thereto; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty related to title to the Company&#146;s mineral
      properties; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;&nbsp;</P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty as to the outcome of potential litigation;
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to increases in demand for equipment,
      skilled labor and services needed for exploration and development of
      mineral properties, and related cost increases; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>increased competition in the mining industry; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>the Company&#146;s need to attract and retain qualified
      management and technical personnel; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to hedging arrangements or the lack
      thereof; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;&nbsp;</P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty as to the Company&#146;s ability to acquire
      additional commercially mineable mineral rights; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to the integration of potential new
      acquisitions into the Company&#146;s existing operations; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to unknown liabilities in connection with
      acquisitions; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to conflicts of interest of some of the
      directors of the Company; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to global climate change; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to adverse publicity from non-governmental
      organizations; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to political uncertainty or instability in
      countries where the Company&#146;s mineral properties are located; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty as to the Company&#146;s passive foreign
      investment company (&#147;PFIC&#148;) status; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty as to the Company&#146;s status as a &#147;foreign
      private issuer&#148; and &#147;emerging growth company&#148; in future years; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty as to the Company&#146;s ability to maintain the
      adequacy of internal control over financial reporting; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>risks related to regulatory and legal compliance and
      increased costs relating thereto. </P></TD></TR></TABLE>
<P align=justify>This list is not exhaustive of the factors that may affect any
of the Company&#146;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 under the heading &#147;Key Information&#148; (as defined
below), which is incorporated by reference herein.</P>
<P align=justify>The Company&#146;s forward-looking statements are based on the
beliefs, expectations and opinions of management on the date of this Annual
Report, and the Company does not assume any obligation to update forward-looking
statements if circumstances or management&#146;s beliefs, expectations or opinions
should change, except as required by law. For the reasons set forth above,
investors should not place undue reliance on forward-looking statements.</P>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING RESERVE
AND RESOURCE INFORMATION </B></P>
<P align=justify>Unless otherwise indicated, all resource estimates, and any
future reserve estimates, included or incorporated by reference in this annual
report on Form 10-K have been, and will be, prepared in accordance with Canadian
National Instrument 43-101 <I>Standards of Disclosure for Mineral Projects</I>
(&#147;NI 43-101&#148;) and the Canadian Institute of Mining, Metallurgy and Petroleum
Definition Standards for Mineral Resources and Mineral Reserves (&#147;CIM Definition
Standards&#148;). NI 43-101 is a rule developed by the Canadian Securities
Administrators which establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects.</P>
<P align=justify>Canadian standards, including NI 43-101, differ significantly
from the requirements of the SEC, and reserve and resource information contained
or incorporated by reference into this annual report on Form 20-F may not be
comparable to similar information disclosed by U.S. companies. In particular,
and without limiting the generality of the foregoing, the term &#147;resource&#148; does
not equate to the term &#147;reserves&#148;. Under SEC Industry Guide 7, mineralization
may not be classified as a &#147;reserve&#148; unless the determination has been made that
the mineralization could be economically and legally produced or extracted at
the time the reserve determination is made. SEC Industry Guide 7 does not define
and the SEC&#146;s disclosure standards normally do not permit the inclusion of
information concerning &#147;measured mineral resources&#148;, &#147;indicated mineral
resources&#148; or &#147;inferred mineral resources&#148; or other descriptions of the amount
of mineralization in mineral deposits that do not constitute &#147;reserves&#148; by U.S.
standards in documents filed with the SEC. U.S. investors should also understand
that &#147;inferred mineral resources&#148; have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal feasibility. It
cannot be assumed that all or any part of an &#147;inferred mineral resource&#148; will
ever be upgraded to a higher category. Under Canadian rules, estimated &#147;inferred
mineral resources&#148; may not form the basis of feasibility or pre-feasibility
studies except in rare cases. Investors are cautioned not to assume that all or
any part of an &#147;inferred mineral resource&#148; exists or is economically or legally
mineable. Disclosure of &#147;contained ounces&#148; in a resource is permitted disclosure
under Canadian regulations; however, the SEC normally only permits issuers to
report mineralization that does not constitute &#147;reserves&#148; by SEC standards as
in-place tonnage and grade without reference to unit measures. The requirements
of NI 43-101 for identification of &#147;reserves&#148; are also not the same as those of
the SEC, and any reserves reported by us in the future in compliance with NI
43-101 may not qualify as &#147;reserves&#148; under SEC standards. Accordingly,
information concerning mineral deposits set forth herein may not be comparable
to information made public by companies that report in accordance with United
States standards.</P>
<P align=center>11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>PART I</B> </P>
<P align=justify><B><U>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND
ADVISERS</U></B><B> </B></P>
<P align=justify><B><U>1.A.1. Directors</U></B> </P>
<P align=justify>Table No. 1 lists as of March 27, 2017 the names of the
Directors of the Company. </P>
<P align=center>Table No. 1 <BR>Directors</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Name </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="33%">Age </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="33%">Date First Elected or Appointed </TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD noWrap width="33%">&nbsp; </TD>
    <TD noWrap width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Brian E. Bayley (1)(2)(3)(4) </TD>
    <TD align=center width="33%">64 </TD>
    <TD align=right width="33%">May 13, 1996 </TD></TR>
  <TR vAlign=top>
    <TD align=left>David M. Cole (5) </TD>
    <TD align=center width="33%">55 </TD>
    <TD align=right width="33%">November 24, 2003 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Brian K. Levet (1)(2)(4) </TD>
    <TD align=center width="33%">64 </TD>
    <TD align=right width="33%">March 18, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Larry M. Okada (1)(2)(3)(6) </TD>
    <TD align=center width="33%">68 </TD>
    <TD align=right width="33%">June 11, 2013 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Michael D. Winn
      (3)(7) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="33%">55
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="33%">November 24, 2003 </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Member of Audit Committee</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Member of the Compensation Committee</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Member of Corporate Governance Committee</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Suite 1703 &#150; 595 Burrard Street, Vancouver, BC V7X
    1S8</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>10001 W. Titan Road, Littleton, Colorado 80125</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Suite 520 &#150; 800 West Pender Street, Vancouver, BC V6C
      2V6</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Suite C &#150; 381 Forest Avenue, Laguna Beach, California
      92651</P></TD></TR></TABLE>
<P align=justify><B><U>1.A.2. Senior Management</U></B> </P>
<P align=justify>Table No. 2 lists, as of March 27, 2017, the names of the
Senior Management of the Company.</P>
<P align=center>Table No. 2 <BR>Senior Management</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Name and Position </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="33%">Age </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="33%">Date of First Appointment </TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD noWrap align=center width="33%">&nbsp; </TD>
    <TD noWrap width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>David M. Cole (1) </TD>
    <TD align=center width="33%">55 </TD>
    <TD align=right width="33%">November 24, 2003 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Christina Cepeliauskas (2) </TD>
    <TD align=center width="33%">53 </TD>
    <TD align=right width="33%">September 18, 2008 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Kim Casswell (2)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="33%">60
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="33%">November 13, 2015 </TD></TR></TABLE><BR>
      <P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>10001 W. Titan Road, Littleton, Colorado 80125</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Suite 501 &#150; 543 Granville Street, Vancouver, BC V6C
      1X8</P></TD></TR></TABLE>
<P align=justify>Mr. Cole&#146;s business functions, as President of the Company and
Chief Executive Officer, include strategic planning, business development,
operations, liaison with lawyers-regulatory authorities-financial
community/shareholders, and reporting to the Board of Directors of the Company
(the &#147;Board&#148;).</P>
<P align=justify>Ms. Cepeliauskas&#146; business functions, as Chief Financial
Officer, include responsibility for overseeing all of the Company&#146;s financial
administration, accounting, liaison with auditors-accountants and
preparation/payment/organization of the expenses/taxes/activities of the
Company, and reporting to the Board. Ms. Cepeliauskas may delegate all or part
of her duties as Chief Financial Officer to a nominee from time to time. </P>
<P align=justify>Ms. Casswell&#146;s business functions, as Corporate Secretary,
include attending and being the secretary of all meetings of the Board,
shareholders and committees of the Board and entering or causing to be entered
in records kept for that purpose minutes of all proceedings thereat; giving or
causing to be given, as and when instructed, all notices to shareholders,
Directors, officers, auditors and members of committees of the Board; being the
custodian of the stamp or mechanical device generally used for affixing the
corporate seal of the Company and of all books, records and instruments
belonging to the Company, except when some other officer or agent has been
appointed for that purpose; and in the future can have such other powers and
duties as the Board of the chief executive officer may specify. Ms. Casswell may
delegate all or part of her duties as Corporate Secretary to a nominee from time
to time. </P>
<P align=justify><B><U>1.B. Advisers</U></B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >The Company&#146;s Canadian legal counsel: </TD>
    <TD align=left width="60%">Northwest Law Group </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Contact: Michael Provenzano </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">595 Howe Street, Suite 701 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Vancouver, British Columbia V6C 2T5 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Telephone: 604-687-5792 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Facsimile: 604-687-6650 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >The Company&#146;s bank is: </TD>
    <TD align=left width="60%">Bank of Montreal </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">First Bank Tower, Bentall 3 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">595 Burrard Street </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Vancouver, British Columbia V7X 1L7 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Contact: Sheila Condratow </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Telephone: 604-665-7374 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Facsimile: 604-668-1450 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B><U>1.C Auditors</U></B> </TD>
    <TD align=left width="60%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >The Company&#146;s auditor is: </TD>
    <TD align=left width="60%">Davidson and Company LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">609 Granville Street, Suite 1200 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Vancouver, B.C. CANADA V7Y 1G6 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Telephone: 604-687-0947 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="60%">Facsimile: 604-687-6737 </TD></TR></TABLE>
<P align=justify><B><U>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</U></B>
</P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=justify><B><U>ITEM 3. KEY INFORMATION</U></B> </P>
<P align=justify><B><U>3.A.1. and 3.A.2 Selected Financial Data</U></B><B>
</B></P>
<P align=justify>The selected financial data of the Company for the fiscal years
ending December 31, 2016, 2015, 2014, 2013, and 2012 was derived from the
financial statements of the Company that have been audited by Davidson and
Company LLP, Independent Registered Public Accountants, as indicated in their
audit report, which are included elsewhere in this Annual Report. </P>
<P align=justify>The Company has not declared any dividends since incorporation
and does not anticipate that it will do so in the foreseeable future. The
present policy of the Company is to retain all available funds for use in its
operations and the expansion of its business. </P>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>Table No. 3 is derived from the financial statements of the
Company, which have been prepared in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board.
</P>
<P align=center>Table No. 3 <BR>Selected Financial Data <BR>(CDN$)</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="8%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="8%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="8%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="8%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="8%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>December 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>December 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>IFRS</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Royalty income </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;2,227,322 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,609,553 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;2,247,334 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;3,102,888 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,750,975 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Exploration expenditures
      (net) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,999,959 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,364,675 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,022,658 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,839,703 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>8,330,201 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net loss </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(2,683,482</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(6,875,857</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(17,448,041</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(13,982,612</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(20,916,730</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net loss per share - basic
      and diluted </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.04</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.09</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.24</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.19</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.35</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Wtd. Avg. Shares </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">73,874,415 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">73,480,833 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">73,154,139 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">72,509,793 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">59,990,386 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Period-end Shares </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>74,089,710 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>73,534,710 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>73,371,710 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>72,980,209 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>72,051,872 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Working capital </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,002,318 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,787,109 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,096,916 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>14,217,999 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>22,702,855 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Exploration and evaluation assets (net) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,145,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,381,540 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,379,886 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,031,368 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,940,941 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Royalty interest </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>25,831,152 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>28,798,980 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>29,327,960 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>35,063,725 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>38,738,592 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">47,843,555 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">50,624,129 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">54,292,093 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">70,073,220 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">82,475,787 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Share capital </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>117,504,585 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>117,000,052 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>116,766,102 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>116,151,675 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>114,414,001 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(96,989,360</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(94,305,878</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(87,430,021</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(69,981,980</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(55,999,368</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR></TABLE></DIV>
<P align=justify><B><U>3.A.3. Exchange Rates</U></B> </P>
<P align=justify>In this Annual Report, unless otherwise specified, all dollar
amounts are expressed in Canadian Dollars (&#147;CDN$&#148;). The Government of Canada
permits a floating exchange rate to determine the value of the Canadian Dollar
against the U.S. Dollar (&#147;US$&#148;). </P>
<P align=justify>Table No. 4 sets forth the exchange rates for the Canadian
Dollar at the end of five most recent fiscal years ended December 31, the
average rates for the period, and the range of high and low rates for the
period. The data for each month during the most recent six months is also
provided.</P>
<P align=justify>For purposes of this table, the exchange rate means the Bank of
Canada noon rate. The table sets forth the number of Canadian Dollars required
to buy one U.S. dollar. The average exchange rate means the average of the
exchange rates on the last day of each month during the period.</P>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=center>Table No. 4 <BR>U.S. Dollar/Canadian Dollar</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=top noWrap
      align=left><B>Last 6 months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=right width="10%">Average </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=right width="10%">High </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=right width="10%">Low </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=right width="10%">Close </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="10%">&nbsp;</TD>
    <TD vAlign=top noWrap width="2%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="10%">&nbsp;</TD>
    <TD vAlign=top noWrap width="2%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="10%">&nbsp;</TD>
    <TD vAlign=top noWrap width="2%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="10%">&nbsp;</TD>
    <TD vAlign=top noWrap width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left bgColor=#e6efff>March 1 to 27, 2017 </TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="10%" bgColor=#e6efff>1.3389 </TD>
    <TD vAlign=top noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="10%" bgColor=#e6efff>1.3503 </TD>
    <TD vAlign=top noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="10%" bgColor=#e6efff>1.3308 </TD>
    <TD vAlign=top noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="10%" bgColor=#e6efff>1.3349 </TD>
    <TD vAlign=top noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>February 2017 </TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3092 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3203 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3014 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3203 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#e6efff>January 2017 </TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3218 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3437 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3078 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3078 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>December 2016 </TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3349 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3570 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3124 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3437 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#e6efff>November 2016 </TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3456 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3556 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3362 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3422 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>October 2016 </TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3244 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3403 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3097 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3403 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#e6efff>September 2016 </TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3093 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3216 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.2860 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3141 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#e6efff><B>Last Quarter &amp; Last 5
      Years</B> </TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>Fiscal Year Ended December 31, 2016 </TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3251 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.4602 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.2533 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.3437 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#e6efff>Fiscal Year Ended December 31,
      2015 </TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.2783 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3955 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.1613 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.3869 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>Fiscal Year Ended December 31, 2014 </TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.1041 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.1643 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.0627 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=right width="10%">1.1627 </TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#e6efff>Fiscal Year Ended December 31,
      2013 </TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.0298 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.0703 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>0.9835 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=top align=right width="10%" bgColor=#e6efff>1.0694 </TD>
    <TD vAlign=top align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=left>Fiscal
      Year Ended December 31, 2012 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=right
    width="10%">0.9996 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=right
    width="10%">1.0413 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=right
    width="10%">0.9675 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=right
    width="10%">0.9966 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>On March 27, 2017, the exchange rate was CDN$1.3349 to US$1.
</P>
<P align=justify><B><U>3.B. Capitalization and Indebtedness</U></B><B> </B></P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=justify><B><U>3.C. Reasons For The Offer And Use Of Proceeds</U></B>
</P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=justify><B><U>3.D. Risk Factors</U></B><B> </B></P>
<P align=justify>Investment in the Common Shares involves a significant degree
of risk and should be considered speculative due to the nature of Eurasian&#146;s
business and the present stage of its development. Prospective investors should
carefully review the following factors together with other information contained
in this Annual Report before making an investment decision. </P>
<P align=justify><B>Mineral Property Exploration Risks </B></P>
<P align=justify>The business of mineral exploration and extraction involves a
high degree of risk. Few properties that are explored ultimately become
producing mines. At present, none of the Company&#146;s properties has a known
commercial ore deposit. The main operating risks include ensuring ownership of
and access to mineral properties by confirmation that option agreements, claims
and leases are in good standing and obtaining permits for drilling and other
exploration activities.</P>
<P align=justify>When Eurasian earns interests in properties through option
agreements, the acquisition of title to the properties is only completed when
the option conditions have been met. These conditions generally include making
property payments, incurring exploration expenditures on the properties and can
include the satisfactory completion of pre-feasibility studies. If the Company
does not satisfactorily complete these option conditions in the time frame laid
out in the option agreements, the Company&#146;s title to the related property will
not vest and the Company will have to write-off any previously capitalized costs
related to that property. </P>
<P align=justify>The market prices for precious and base metals can be volatile
and there is no assurance that a profitable market will exist for a production
decision to be made or for the ultimate sale of the metals even if commercial
quantities of precious and other metals are discovered. </P>
<P align=justify><B>Revenue and Royalty Risks </B></P>
<P align=justify>Eurasian cannot predict future revenues or operating results of
the area of mining activity. Management expects future revenues from the Carlin
Trend Royalty Claim Block, including the Leeville royalty property in Nevada, to
fluctuate depending on the level of future production and the price of gold.
Specifically, there is a risk that the operator of the property, Newmont Mining
Corporation (&#147;Newmont&#148;), will cease to operate in the Company&#146;s area of
interest, therefore there can be no assurance that ongoing royalty payments will
materialize or be received by Eurasian. </P>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=justify><B>Financing and Share Price Fluctuation Risks </B></P>
<P align=justify>Eurasian has limited financial resources and has no assurance
that additional funding will be available for further exploration and
development of its projects. Further exploration and development of one or more
of the Company&#146;s projects may be dependent upon the Company&#146;s ability to obtain
financing through equity or debt financing or other means. Failure to obtain
this financing could result in delay or indefinite postponement of further
exploration and development of its projects which could result in the loss of
one or more of its properties. </P>
<P align=justify>The securities markets can experience a high degree of price
and volume volatility, and the market price of securities of many companies,
particularly those considered to be development stage companies, such as
Eurasian, may experience wide fluctuations in share prices which may not
necessarily be related to their operating performance, underlying asset values
or prospects. There can be no assurance that share price fluctuations will not
occur in the future, and if they do occur, the severity of the impact on
Eurasian&#146;s ability to raise additional funds through equity issues. </P>
<P align=justify><B>Foreign Countries and Political Risks </B></P>
<P align=justify>The Company operates in countries with varied political and
economic environments. As such, it is subject to certain risks, including
currency fluctuations and possible political or economic instability which may
result in the impairment or loss of mineral concessions or other mineral rights,
opposition from environmental or other non-governmental organizations, and
mineral exploration and mining activities may be affected in varying degrees by
political stability and government regulations relating to the mineral
exploration and mining industry. Any changes in regulations or shifts in
political attitudes are beyond the control of the Company and may adversely
affect its business. Exploration and development may be affected in varying
degrees by government regulations with respect to restrictions on future
exploitation and production, price controls, export controls, foreign exchange
controls, income taxes, expropriation of property, environmental legislation and
mine and site safety. </P>
<P align=justify>Notwithstanding any progress in restructuring political
institutions or economic conditions, the present administration, or successor
governments, of some countries in which Eurasian operates may not be able to
sustain any progress. If any negative changes occur in the political or economic
environment of these countries, it may have an adverse effect on the Company&#146;s
operations in those countries. The Company does not carry political risk
insurance. </P>
<P align=justify><B>Competition </B></P>
<P align=justify>The Company competes with many companies that have
substantially greater financial and technical resources than it in the
acquisition and development of its projects as well as for the recruitment and
retention of qualified employees. </P>
<P align=justify><B>We do not intend to pay any cash dividends in the
foreseeable future. </B></P>
<P align=justify>The Company has not declared or paid any dividends on our
Common Shares. Our current business plan requires that for the foreseeable
future, any future earnings be reinvested to finance the growth and development
of our business. We do not intend to pay cash dividends on the Common Shares in
the foreseeable future. We will not declare or pay any dividends until such time
as our cash flow exceeds our capital requirements and will depend upon, among
other things, conditions then existing including earnings, financial condition,
restrictions in financing arrangements, business opportunities and conditions
and other factors, or our Board determines that our shareholders could make
better use of the cash.<B> </B></P>
<P align=justify><B>No Assurance of Titles or Borders</B></P>
<P align=justify>The acquisition of the right to exploit mineral properties is a
very detailed and time consuming process. There can be no guarantee that the
Company has acquired title to any such surface or mineral rights or that such
rights will be obtained in the future. To the extent they are obtained, titles
to the Company&#146;s surface or mineral properties may be challenged or impugned and
title insurance is generally not available. The Company&#146;s surface or mineral
properties may be subject to prior unregistered agreements, transfers or claims
and title may be affected by, among other things, undetected defects. Such third
party claims could have a material adverse impact on the Company&#146;s operations.
</P>
<P align=center>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=justify><B>Unknown Defects or Impairments in Our Royalty or Streaming
Interests </B></P>
<P align=justify>Unknown defects in or disputes relating to the royalty and
stream interests we hold or acquire may prevent us from realizing the
anticipated benefits from our royalty and stream interests, and could have a
material adverse effect on our business, results of operations, cash flows and
financial condition. It is also possible that material changes could occur that
may adversely affect management&#146;s estimate of the carrying value of our royalty
and stream interests and could result in impairment charges. While we seek to
confirm the existence, validity, enforceability, terms and geographic extent of
the royalty and stream interests we acquire, there can be no assurance that
disputes over these and other matters will not arise. Confirming these matters,
as well as the title to mining property on which we hold or seek to acquire a
royalty or stream interest, is a complex matter, and is subject to the
application of the laws of each jurisdiction to the particular circumstances of
each parcel of mining property and to the documents reflecting the royalty or
stream interest. Similarly, royalty and stream interests in many jurisdictions
are contractual in nature, rather than interests in land, and therefore may be
subject to change of control, bankruptcy or the insolvency of operators. We
often do not have the protection of security interests over property that we
could liquidate to recover all or part of our investment in a royalty or stream
interest. Even if we retain our royalty and stream interests in a mining project
after any change of control, bankruptcy or insolvency of the operator, the
project may end up under the control of a new operator, who may or may not
operate the project in a similar manner to the current operator, which may
negatively impact us. </P>
<P align=justify><B>Operators&#146; Interpretation of Our Royalty and Stream
Interests; Unfulfilled Contractual Obligations</B> </P>
<P align=justify>Our royalty and stream interests generally are subject to
uncertainties and complexities arising from the application of contract and
property laws in the jurisdictions where the mining projects are located.
Operators and other parties to the agreements governing our royalty and stream
interests may interpret our interests in a manner adverse to us or otherwise may
not abide by their contractual obligations, and we could be forced to take legal
action to enforce our contractual rights. We may or may not be successful in
enforcing our contractual rights, and our revenues relating to any challenged
royalty or stream interests may be delayed, curtailed or eliminated during the
pendency of any such dispute or in the event our position is not upheld, which
could have a material adverse effect on our business, results of operations,
cash flows and financial condition. Disputes could arise challenging, among
other things: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>the existence or geographic extent of the royalty or
      stream interest; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>methods for calculating the royalty or stream interest,
      including whether certain operator costs may properly be deducted from
      gross proceeds when calculating royalties determined on a net basis;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>third party claims to the same royalty interest or to the
      property on which we have a royalty or stream interest; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>various rights of the operator or third parties in or to
      the royalty or stream interest; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>production and other thresholds and caps applicable to
      payments of royalty or stream interests; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>the obligation of an operator to make payments on royalty
      and stream interests; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>various defects or ambiguities in the agreement governing
      a royalty and stream interest. </P></TD></TR></TABLE>
<P align=justify><B>Currency Risks </B></P>
<P align=justify>The Company&#146;s equity financings are sourced in Canadian dollars
but much of its expenditures are in local currencies or U.S. dollars. At this
time, there are no currency hedges in place. Therefore, a weakening of the
Canadian dollar against the U.S. dollar or local currencies could have an
adverse impact on the amount of exploration funds available and work
conducted.<B> </B></P>
<P align=justify><B>Joint Venture and Exploration Funding Risk </B></P>
<P align=justify>Eurasian&#146;s strategy is to seek exploration and joint venture
partners through options and joint ventures to fund exploration and project
development. The main risk of this strategy is that the funding parties may not
be able to raise sufficient capital in order to satisfy exploration and other
expenditure terms in a particular joint venture agreement. As a result,
exploration and development of one or more of the Company&#146;s property interests
may be delayed depending on whether Eurasian can find another party or has
enough capital resources to fund the exploration and development on its own.
</P>
<P align=justify><B>Insured and Uninsured Risks </B></P>
<P align=justify>In the course of exploration, development and production of
mineral properties, the Company is subject to a number of risks and hazards in
general, including adverse environmental conditions, operational accidents,
labor disputes, unusual or unexpected geological conditions, changes in the
regulatory environment and natural phenomena such as inclement weather
conditions, floods, and earthquakes. Such occurrences could result in the damage
to the Company&#146;s property or facilities and equipment, personal injury or death,
environmental damage to properties of the Company or others, delays, monetary
losses and possible legal liability. </P>
<P align=center>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>Although the Company may maintain insurance to protect against
certain risks in such amounts as it considers reasonable, its insurance may not
cover all the potential risks associated with its operations. The Company may
also be unable to maintain insurance to cover these risks at economically
feasible premiums or for other reasons. Should such liabilities arise, they
could reduce or eliminate future profitability and result in increased costs,
have a material adverse effect on the Company&#146;s results and a decline in the
value of the securities of the Company. </P>
<P align=justify>Some work is carried out through independent consultants and
the Company requires all consultants to carry their own insurance to cover any
potential liabilities as a result of their work on a project. </P>
<P align=justify><B>Environmental Risks and Hazards </B></P>
<P align=justify>The activities of the Company are subject to environmental
regulations issued and enforced by government agencies. Environmental
legislation is evolving in a manner that will require stricter standards and
enforcement and involve increased fines and penalties for non-compliance, more
stringent environmental assessments of proposed projects, and a heightened
degree of responsibility for companies and their officers, directors and
employees. There can be no assurance that future changes in environmental
regulation, if any, will not adversely affect Eurasian&#146;s operations.
Environmental hazards may exist on properties in which the Company holds
interests which are unknown to the Company at present.</P>
<P align=justify>We or the mining properties in which we have an interest are
subject to substantial government regulation in the United States and in the
other jurisdictions in which we operate. Changes to regulation or more stringent
implementation could have a material adverse effect on our results of operations
and financial condition. </P>
<P align=justify>Mining and exploration activities are subject to various laws
and regulations relating to the protection of the environment, such as the
federal Clean Water Act and the Nevada Water Pollution Control Law. Although we
currently believe that we are in compliance with existing environmental and
mining laws and regulations and that our proposed exploration programs will also
meet those standards, no assurance can be given that we will remain in
compliance with applicable regulations or that new rules and regulations will
not be enacted or that existing rules and regulations will not be applied in a
manner that could limit or curtail production or development of our
properties.</P>
<P align=justify><B>Reform of the General Mining Law could adversely impact our
results of operations.</B> </P>
<P align=justify>A majority of our mining properties in the United States
consist of unpatented mining claims on federal lands. Legislation has been
introduced regularly in the U.S. Congress over the last decade to change the
General Mining Law of 1872, as amended (the "Mining Law"), under which we hold
these unpatented mining claims. It is possible that the Mining Law may be
amended or replaced by less favorable legislation in the future. Previously
proposed legislation contained a production royalty obligation, new
environmental standards and conditions, additional reclamation requirements and
extensive new procedural steps which would likely result in delays in
permitting. The ultimate content of future proposed legislation, if enacted, is
uncertain. At present, there is no royalty payable to the United States on
production from unpatented mining claims, although legislative attempts to
impose a royalty have occurred in recent years. Amendments to current laws and
regulations governing our operations and activities of exploration, development
mining and milling or more stringent implementation thereof could have a
material adverse effect on our business, financial condition and results of
operations and cause increases in exploration expenses, capital expenditures or
production costs or reduction in levels of production or require delays or
abandonment in the development of new mining properties. If a royalty on
unpatented mining claims were imposed, the profitability of our U.S. unpatented
mining claims could be materially adversely affected.</P>
<P align=justify>Any such reform of the Mining Law could increase the costs of
mining activities on unpatented mining claims, or could materially impair our
ability to develop or continue operations which derive ore from federal lands,
and as a result, could have an adverse effect on us and our results of
operations.</P>
<P align=justify><B>Mineral reserves are only estimates which may be
unreliable.</B></P>
<P align=justify>Although mineralization may not be classified as a &#147;reserve&#148;
unless the mineralization can be economically and legally extracted or produced
at the time the &#147;reserve&#148; determination is made, &#147;mineral reserves&#148; are
estimates only, and no assurance can be given that the anticipated tonnages and
grades will be achieved, that the indicated level of recovery will be realized
or that mineral reserves can be mined or processed profitably. Mineral reserve
and mineral resource estimates may be materially affected by environmental,
permitting, legal, title, taxation, socio-political, marketing and other
relevant issues. There are numerous uncertainties inherent in estimating mineral
reserves and mineral resources, including many factors beyond our control. Such
estimation is a subjective process, and the accuracy of any mineral reserve or
mineral resource estimate is a function of the quantity and quality of available
data, the nature of the ore body and of the assumptions made and judgments used
in engineering and geological interpretation. These estimates may require
adjustments or downward revisions based upon further exploration or development
work or actual production experience.</P>
<P align=center>18 </P>
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<P align=justify>Fluctuations in gold or silver prices, results of drilling,
metallurgical testing and production, the evaluation of mine plans after the
date of any estimate, permitting requirements or unforeseen technical or
operational difficulties may require revision of mineral reserve estimates.
Prolonged declines in the market price of gold or silver may render mineral
reserves containing relatively lower grades of mineralization uneconomical to
recover and could materially reduce our mineral reserves. Should reductions in
mineral reserves occur, we may be required to take a material write-down of our
investment in mining properties, reduce the carrying value of one or more of our
assets or delay or discontinue production or the development of new projects,
resulting in increased net losses and reduced cash flow. Mineral reserves should
not be interpreted as assurances of mine life or of the profitability of current
or future operations. There is a degree of uncertainty attributable to the
calculation and estimation of mineral reserves and corresponding grades being
mined and, as a result, the volume and grade of mineral reserves mined and
processed and recovery rates may not be the same as currently anticipated. Any
material reductions in estimates of mineral reserves, or of our ability to
extract these mineral reserves, could have a material adverse effect on our
results of operations and financial condition.</P>
<P align=justify><B>Fluctuating Metal Prices </B></P>
<P align=justify>Factors beyond the control of the Company have a direct effect
on global metal prices, which have fluctuated widely, particularly in recent
years, and there is no assurance that a profitable market will exist for a
production decision to be made or for the ultimate sale of the metals even if
commercial quantities of precious and other metals are discovered on any of
Eurasian&#146;s properties. Consequently, the economic viability of any of the
Company&#146;s exploration projects and its ability to finance the development of its
projects cannot be accurately predicted and may be adversely affected by
fluctuations in metal prices. </P>
<P align=justify><B>Extensive Governmental Regulation and Permitting
Requirements Risks </B></P>
<P align=justify>Exploration, development and mining of minerals are subject to
extensive laws and regulations at various governmental levels governing the
acquisition of the mining interests, prospecting, development, mining,
production, exports, taxes, labor standards, occupational health, waste
disposal, toxic substances, land use, environmental protection, mine safety and
other matters. In addition, the current and future operations of Eurasian, from
exploration through development activities and production, require permits,
licenses and approvals from some of these governmental authorities. Eurasian has
obtained all government licenses, permits and approvals necessary for the
operation of its business to date. However, additional licenses, permits and
approvals may be required. The failure to obtain any licenses, permits or
approvals that may be required or the revocation of existing ones would have a
material and adverse effect on Eurasian, its business and results of operations.
</P>
<P align=justify>Failure to comply with applicable laws, regulations and permits
may result in enforcement actions thereunder, including orders issued by
regulatory or judicial authorities requiring Eurasian&#146;s operations to cease or
be curtailed, and may include corrective measures requiring capital
expenditures, installation of additional equipment or remedial actions. Eurasian
may be required to compensate those suffering loss or damage by reason of its
mineral exploration activities and may have civil or criminal fines or penalties
imposed for violations of such laws, regulations and permits. Any such events
could have a material and adverse effect on Eurasian and its business and could
result in Eurasian not meeting its business objectives.</P>
<P align=justify>In addition, we are required to expend significant resources to
comply with numerous corporate governance and disclosure regulations and
requirements adopted by U.S. federal and state and Canadian federal and
provincial governments, as well as the TSX and NYSE MKT. These additional
compliance costs and related diversion of the attention of management and key
personnel could have a material adverse effect on our business, financial
condition and results of operations. </P>
<P align=justify><B>Key Personnel Risk </B></P>
<P align=justify>Eurasian&#146;s success is dependent upon the performance of key
personnel working in management and administrative capacities or as consultants.
The loss of the services of senior management or key personnel could have a
material and adverse effect on the Company, its business and results of
operations. The Company does not carry &#147;key personnel&#148; insurance.</P>
<P align=center>19 </P>
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<P align=justify><B>Conflicts of Interest </B></P>
<P align=justify>In accordance with the laws of British Columbia and the United
States, the directors and officers of a Company are required to act honestly, in
good faith and in the best interests of the Company. Eurasian&#146;s directors and
officers may serve as directors or officers of other companies or have
significant shareholdings in other resource companies and, to the extent that
such other companies may participate in ventures in which the Company may
participate, such directors and officers may have a conflict of interest in
negotiating and concluding terms respecting the extent of such participation. If
such a conflict of interest arises at a meeting of the Company&#146;s directors, a
director with such a conflict will abstain from voting for or against the
approval of such participation or such terms. </P>
<P align=justify><B>Passive Foreign Investment Company </B></P>
<P align=justify>U.S. investors in common shares should be aware that based on
current business plans and financial expectations, Eurasian currently expects
that it will be classified as a passive foreign investment company (&#147;PFIC&#148;) for
the tax year ending December 31, 2016 and expects to be a PFIC in future tax
years. If Eurasian is a PFIC for any tax year during a U.S. shareholder&#146;s
holding period, then such U.S. shareholder generally will be required to treat
any gain realized upon a disposition of common shares, or any so-called &#147;excess
distribution&#148; received on its common shares, as ordinary income, and to pay an
interest charge on a portion of such gain or distributions, unless the U.S.
shareholder makes a timely and effective &#147;qualified electing fund&#148; election
(&#147;QEF Election&#148;) or a &#147;mark-to-market&#148; election with respect to the common
shares. A U.S. shareholder who makes a QEF Election generally must report on a
current basis its share of Eurasian&#146;s net capital gain and ordinary earnings for
any year in which Eurasian is a PFIC, whether or not Eurasian distributes any
amounts to its shareholders. For each tax year that Eurasian qualifies as a
PFIC, Eurasian intends to: (a) make available to U.S. shareholders, upon their
written request, a &#147;PFIC Annual Information Statement&#148; as described in Treasury
Regulation Section 1.1295 -1(g) (or any successor Treasury Regulation) and (b)
upon written request, use commercially reasonable efforts to provide all
additional information that such U.S. shareholder is required to obtain in
connection with maintaining such QEF Election with regard to Eurasian. Eurasian
may elect to provide such information on its website www.EurasianMinerals.com.
This paragraph is qualified in its entirety by the discussion below the heading
&#147;Taxation &#150; Certain United States Federal Income Tax Considerations.&#148; Each U.S.
investor should consult its own tax advisor regarding the PFIC rules and the
U.S. federal income tax consequences of the acquisition, ownership and
disposition of common shares. </P>
<P align=justify><B>Corporate Governance and Public Disclosure Regulations
</B></P>
<P align=justify>The Company is subject to changing rules and regulations
promulgated by a number of United States and Canadian governmental and
self-regulated organizations, including the United States Securities and
Exchange Commission (&#147;SEC&#148;), the British Columbia and Alberta Securities
Commissions, the NYSE MKT and the TSX-V. These rules and regulations continue to
evolve in scope and complexity and many new requirements have been created,
making compliance more difficult and uncertain. The Company&#146;s efforts to comply
with the new rules and regulations have resulted in, and are likely to continue
to result in, increased general and administrative expenses and a diversion of
management time and attention from revenue-generating activities to compliance
activities. </P>
<P align=justify><B>Internal Controls over Financial Reporting</B></P>
<P align=justify>Applicable securities laws require an annual assessment by
management of the effectiveness of the Company&#146;s internal control over financial
reporting. The Company may, in the future, fail to achieve and maintain the
adequacy of its internal control over financial reporting, as such standards are
modified, supplemented or amended from time to time, and the Company may not be
able to ensure that it can conclude on an ongoing basis that it has effective
internal control over financial reporting. Future acquisitions may provide the
Company with challenges in implementing the required processes, procedures and
controls in its acquired operations. Acquired Corporations may not have
disclosure controls and procedures or internal control over financial reporting
that are as thorough or effective as those required by securities laws currently
applicable to the Company. </P>
<P align=justify>No evaluation can provide complete assurance that the Company&#146;s
internal control over financial reporting will detect or uncover all failures of
persons within the Company to disclose material information otherwise required
to be reported. The effectiveness of the Company&#146;s controls and procedures could
also be limited by simple errors or faulty judgments. In addition, should the
Company expand in the future, the challenges involved in implementing
appropriate internal control over financial reporting will increase and will
require that the Company continue to improve its internal control over financial
reporting. <B></B></P>
<P align=center>20 </P>
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<P align=justify><B><U>ITEM 4. INFORMATION ON THE COMPANY</U></B><B> </B></P>
<P align=justify><B><U>4.A. History and Development of the Company</U></B><B>
</B></P>
<P align=justify><U>Introduction</U> </P>
<P align=justify>The Company&#146;s corporate office is located at: </P>
<P style="MARGIN-LEFT: 5%" align=justify>Suite 501, 543 Granville Street
<BR>Vancouver, British Columbia, Canada V6C 1X8 <BR>Telephone: (604) 688-6390
<BR>Facsimile: (604) 688-1157 <BR>Website: <u>www.EurasianMinerals.com</u><BR>Email: <u>kcasswell@seabordservices.com</u></P>
<P style="MARGIN-LEFT: 0%" align=justify>The contact person is: Kim Casswell,
Corporate Secretary. </P>
<P align=justify>The Company&#146;s registered and records office is located at Suite
704, 595 Howe Street, Vancouver, British Columbia, V6C 2T5. </P>
<P align=justify>The Company&#146;s technical office is located at: </P>
<P style="MARGIN-LEFT: 5%" align=justify>10001 W. Titan Road <BR>Littleton,
Colorado <BR>United States of America, 80125 <BR>Telephone: 303-973-8585
<BR>Facsimile: 303-973-0715</P>
<P style="MARGIN-LEFT: 0%" align=justify>The Company's fiscal year ends December
31. </P>
<P align=justify>The Company's Common Shares trade on the TSX-V and on the NYSE
MKT under the symbol &#147;EMX&#148;.</P>
<P align=justify>At December 31, 2016, the end of the Company's most recent
fiscal year, there were 74,089,710 Common Shares issued and outstanding. </P>
<P align=justify><U>Incorporation and Name Changes</U><B> </B></P>
<P align=justify>Eurasian Minerals Inc. was incorporated under the laws of the
Yukon Territory of Canada on August 21, 2001 as 33544 Yukon Inc. and, on October
10, 2001, changed its name to Southern European Exploration Ltd. On November 24,
2003, the Company completed the reverse take-over of Marchwell Capital Corp., a
TSX-V-listed company incorporated in Alberta on May 13, 1996 and which
subsequently changed its name to Eurasian Minerals Inc. On September 21, 2004,
Eurasian continued into British Columbia from Alberta under the <I>Business
Corporations Act. </I></P>
<P align=justify>Eurasian&#146;s head office is located at Suite 501 &#150; 543 Granville
Street, Vancouver, British Columbia V6C 1X8, Canada, and its registered and
records office is located at Northwest Law Group, Suite 704 &#150; 595 Howe Street,
Vancouver, British Columbia V6C 2T5, Canada.</P>
<P align=justify>Eurasian is a reporting issuer under the securities legislation
of British Columbia and Alberta and is listed on the TSX-V, as a Tier 1 issuer,
and the NYSE MKT.</P>
<P align=justify><I>Fiscal Year ended December 31, 2014 </I></P>
<P align=justify>On January 7, 2014, the Company announced the signing of an
Exploration and Option Agreement (the &#147;Alankoy Agreement&#148;) with Ferrite
Resources Ltd. (&#147;Ferrite&#148;), a privately-held Australian company, for the
disposition, by option, of the Alankoy copper-gold property in northwestern
Turkey. Ferrite has the option to earn a 100% interest in the project through
work commitments, payments, and annual advance royalties. EMX will retain an
uncapped 3% production royalty that cannot be purchased in advance or otherwise
reduced. Under the Alankoy Agreement, Ferrite paid US$35,000 upon signing the
Alankoy Agreement and must expend at least US$200,000 on exploration activities
on the project each year for the three years. In addition, Ferrite is required
to make annual deliveries of gold bullion to EMX as advance royalties. These
will consist of 75 troy ounces of gold (or cash equivalent thereof) delivered on
each of the first three anniversaries and annual advance royalties of 100 troy
ounces of gold (or cash equivalent) on all subsequent anniversaries until
commencement of commercial production. See &#147;Mineral Properties &#150; Turkey&#148;. </P>
<P align=center>21 </P>
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<P align=justify>On February 19, 2014, EMX signed an Exploration and Option
Agreement (the &#147;NQM Agreement&#148;) with North Queensland Mining Pty Ltd. (&#147;NQM&#148;), a
privately-held Australian company, respecting EMX&#146;s Koonenberry exploration
licenses in New South Wales, Australia. Under the NQM Agreement, Eurasian
granted NQM the option, exercisable until February 19, 2017, to acquire the EMX
subsidiary (EMX Exploration Pty Ltd.) that holds the Company&#146;s remaining
exploration licenses in the project area, with EMX retaining a 3% production
royalty. On or before the second anniversary of the NQM Agreement date, NQM can
reduce such 3% production royalty to 2.5%, by agreeing to pay annual advance
royalties in the following amounts:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>75 troy ounces of gold (or cash equivalent thereof) on
      the first anniversary of NQM&#146;s election to reduce the amount of the
      production royalty, </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>100 troy ounces of gold (or cash equivalent) on the
      earlier of the third anniversary of the NQM Agreement date or the exercise
      of the election, and </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>100 troy ounces of gold (or cash equivalent) on all
      subsequent anniversaries of the NQM Agreement date until commencement of
      commercial production. </P></TD></TR></TABLE>
<P align=justify>In February 2014, the Board of Directors adopted an Advance
Notice Policy in respect of the election of directors. The purpose of the Policy
is to provide shareholders, directors and management of the Company with a clear
framework for nominating persons for election as directors of the Company. No
person will be eligible for election unless nominated in accordance with the
Policy. The Policy was ratified by the Company&#146;s shareholders at its annual
general meeting on May 13, 2014 and subsequently incorporated into the Company&#146;s
articles.</P>
<P align=justify>On April 25, 2014, incentive stock options, exercisable to
purchase an aggregate of 1,531,000 Common Shares at a price of $1.20 per share
for a period of five years, were granted to officers, directors and employees
of, and consultants to, the Company.</P>
<P align=justify>On April 25, 2014, the Company announced that it intended to
issue an aggregate of 300,000 Common Shares in lieu of cash remuneration to two
non-executive employees and a consultant. An aggregate of 300,000 Common Shares
would be issued over a period of two years, with the initial tranche of 100,000
Common Shares being issued upon receipt of TSX-V and NYSE MKT approval, and a
further 100,000 Common Shares on each of the first and second anniversaries. The
first tranche was issued on May 30, 2014. </P>
<P align=justify>On May 15, 2014, EMX announced the signing of an Exploration
and Option Agreement (the &#147;Lomitas Agreement&#148;), through its wholly-owned
subsidiary Bronco Creek Exploration, Inc. (&#147;Bronco Creek&#148;), respecting the
Lomitas Negras porphyry copper project with Kennecott Exploration Company
(&#147;Kennecott&#148;), part of the Rio Tinto Group. Pursuant to the Lomitas Agreement,
Kennecott can earn a 100% interest in the project by completing US$4,500,000 in
exploration expenditures and paying escalating option payments totaling
US$900,000 within five years after the date of the Lomitas Agreement, after
which EMX will retain a 2% NSR royalty. </P>
<P align=justify>In June 2014, Dr. Rael Lipson was appointed to the Company&#146;s
advisory board. </P>
<P align=justify>On July 4, 2014, EMX announced the signing of an Exploration
and Option Agreement (the &#147;Cathedral Well Agreement&#148;) by its wholly-owned
subsidiary Bronco Creek with Ely Gold and Minerals Inc. (&#147;Ely Gold&#148;), a
Vancouver-based mineral exploration company listed on the TSX-V, respecting
EMX&#146;s Cathedral Well gold project. Pursuant to the Cathedral Well Agreement, Ely
Gold can earn a 100% interest in the project by paying EMX a total of US$100,000
as follows: US$25,000 upon execution of the Cathedral Well Agreement and
US$75,000 over the next three years, after which EMX will retain a 2.5% NSR
royalty, inclusive of an underlying 0.5% NSR royalty. </P>
<P align=justify>On November 13, 2014, the Company announced the execution of an
agreement with Land &amp; Mineral Limited (&#147;L&amp;M&#148;), a privately-held
Australian company, giving L&amp;M the right to acquire Hauraki Gold Ltd.
(&#147;Hauraki&#148;), the wholly-owned EMX subsidiary that controls the Neavesville
Property located in the Hauraki goldfield of New Zealand&#146;s North Island. The
purchase and sale agreement included an execution payment of $100,000 ($50,000
received in January 2015) and a series of anniversary and milestone payments
equal to a certain amount of troy ounces of gold. </P>
<P align=center>22 </P>
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<P align=justify><I>Fiscal Year ended December 31, 2015 </I></P>
<P align=justify>In February 2015, Mr. Paul H. Stephens was appointed to the
Company&#146;s advisory board.</P>
<P align=justify>In March 2015, Dr. Enders resigned from the position of Chief
Operating Officer and as a Director of the Board. Dr. Enders continued as a
consultant and was appointed to the Company&#146;s advisory board.<B> </B></P>
<P align=justify>On May 4, 2015 the Company announced the signing of an
Exploration and Option to Purchase Agreement, through its wholly owned
subsidiary Bronco Creek, for the Superior West porphyry copper project with
Kennecott (&#147;Superior West Agreement&#148;). The project is located adjacent to the
Resolution porphyry copper project within the Superior Mining District,
approximately 100 kilometers east of Phoenix, Arizona.</P>
<P align=justify><B>Commercial Terms Overview. </B>Pursuant to the Superior West
Agreement, Kennecott can earn a 100% interest in the project by making a cash
payment upon execution of the Superior West Agreement of US$149,187, and
thereafter completing US$5,500,000 in exploration expenditures and paying annual
option payments totaling US$1,000,000 before the fifth anniversary of the
Superior West Agreement. </P>
<P align=justify>Upon exercise of the option the Company will retain a 2% NSR
royalty on the properties. Kennecott has the right to buy down 1% of the NSR
royalty covering 14 claims which are optioned (the &#147;Optioned Claims&#148;) from
underlying claim holders by payment of US$4,000,000 to EMX. Except with respect
to the Optioned Claims, the royalty is not capped and not subject to buy-down.
</P>
<P align=justify>After exercise of the option, annual advanced minimum royalty
(&#147;AMR&#148;) payments are due starting at US$125,000 and commencing on the first
anniversary of the exercise of the option. The AMR payments will increase to
US$200,000 upon completion of an Order of Magnitude Study ("OMS") or Preliminary
Economic Assessment ("PEA"). Kennecott may make a one-time payment of
US$4,000,000 to extinguish the obligation to make AMR payments. In addition, if
not previously extinguished, total AMR payments after the OMS or PEA milestone
payment are capped at US$4,000,000, and all AMR payments cease upon production
from the properties. </P>
<P align=justify>In addition, Kennecott will make milestone payments consisting
of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">US$500,000 upon completion of an OMS or PEA;
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">US$1,000,000 upon completion of a
      Prefeasibility Study; and </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>US$2,500,000 upon completion of a Feasibility Study. The
      Feasibility Study payment will be credited against future royalty
      payments. </P></TD></TR></TABLE>
<P align=justify>On May 26, 2015 the Company reported the initial NI 43-101
resource estimate and Russian Federation project approvals for the Malmyzh
copper-gold porphyry project. The Malmyzh exploration and mining licenses,
located in the Russian Far East, are held by a Joint Venture between IG Copper
LLC (&#147;IGC&#148;) (51%) and Freeport-McMoRan Exploration Corporation (&#147;Freeport&#148;)
(49%), with IGC operating and managing the project. The Company is IGC&#146;s largest
shareholder with 42.2% of the issued and outstanding shares (37% on a fully
diluted basis) resulting from investments totaling US $7.8 million. The
Company&#146;s investment in IGC is in recognition of the significant potential of
the district-scale discovery at Malmyzh, as well as IGC&#146;s success in acquiring
additional exploration properties in a prospective region under-explored for its
porphyry copper-gold potential. </P>
<P align=justify>On June 11, 2015 the Company announced that pursuant to the
Company&#146;s Stock Option Plan, an aggregate of 1,341,500 incentive stock options,
exercisable at a price of $0.66 per share for a period of five years, has been
granted to officers, directors, employees and consultants of the Company.</P>
<P align=justify>On July 13, 2015 the Company announced that the National
Instrument 43-101 <I>Standards of Disclosure for Mineral Projects</I> technical
report titled "NI 43-101 Technical Report on the Initial Mineral Resource
Estimate for the Malmyzh Copper-Gold Project, Khabarovsk Krai, Russian
Federation" (the "Report") dated July 10, 2015 has been filed on SEDAR at
<U>www.sedar.com and </U>on the SEC&#146;s website at <U>www.sec.gov</U>.</P>
<P align=justify>On August 4, 2015<B> </B>the Company announced the signing of
an Exploration and Option to Purchase Agreement, through its wholly owned
subsidiary Bronco Creek, for the Aguila de Cobre porphyry copper project (the
"Aguila de Cobre Project") with Kennecott (&#147;Aguila de Cobre Agreement&#148;). The
Aguila de Cobre Project is located approximately 120 kilometers west of Phoenix,
Arizona in a relatively un-explored region of the Arizona porphyry copper
belt.</P>
<P align=justify><B>Commercial Terms Overview. </B>Pursuant to the Aguila de
Cobre Agreement, Kennecott can earn a 100% interest in the Aguila de Cobre
Project by making cash payments and performing exploration as follows (all
amounts are US$): </P>
<P align=center>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><I>Cash Payments:</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">$25,000 upon execution of the Aguila de Cobre
      Agreement (firm commitment); </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">$25,000 on the first and second anniversaries
      of the Agreement; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">$50,000 on the third anniversary of the Aguila
      de Cobre Agreement; and </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">$100,000 upon exercise of the Option.
  </TD></TR></TABLE>
<P align=justify><I>Exploration:</I> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Completing $250,000 of exploration expenditures (or
      paying the Company that amount) by the first anniversary of the Aguila de
      Cobre Agreement (firm commitment); and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Completing an additional $3,750,000 of exploration
      expenditures (or paying the Company that amount) by the third anniversary
      of the Aguila de Cobre Agreement. </P></TD></TR></TABLE>
<P align=justify>Upon exercise of the option, the Company will retain a 2% NSR
royalty on the property. The royalty is not capped and not subject to buy-down.
The Aguila de Cobre Agreement contains a one-mile area of interest provision.
</P>
<P align=justify>After exercise of the option, AMR payments are due starting at
$50,000 and commencing on the first anniversary of the exercise of the option.
The AMR payments will increase to $100,000 upon completion of an OMS or PEA,
after which Kennecott may make a one-time payment of $2,500,000 to extinguish
the obligation to make future AMR payments. In addition, if not previously
extinguished, total AMR payments after the OMS or PEA milestone payment are
capped at $2,500,000, and all AMR payments cease upon production from the
properties. </P>
<P align=justify>In addition, Kennecott will make milestone payments consisting
of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>$500,000 upon completion of an OMS or PEA; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>$500,000 upon completion of a Pre-Feasibility Study; and
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>$1,000,000 upon completion of a Feasibility Study - this
      payment will be credited against future royalty payments.
  </P></TD></TR></TABLE>
<P align=justify>On October 30, 2015<B> </B>the Company announced that it has
regained 100% control of the Akarca gold-silver project in Turkey (the
&#147;Property&#148;). The Company had an agreement with &#199;olakoglu Ticari Yatirim A.S.
("&#199;olakoglu"), a privately owned Turkish company, for an option to acquire AES
Turkey, a Turkish corporation that controls the property. &#199;olakoglu has advised
the Company that it decided to forego exercising the option. &#199;olakoglu has made
cash payments of US $350,000 to the Company while advancing the property through
substantial exploration and drilling programs, as well as metallurgical and
environmental studies. </P>
<P align=justify>The Akarca project is a grassroots discovery highlighted by six
separate gold-silver mineralized centers occurring within a district-scale area.
Exploration completed to date includes 245 core and reverse circulation holes
totaling about 26,400 meters of drilling and property-wide geologic mapping,
geochemical sampling, and geophysical surveys. This work has been conducted
primarily through partner-funded programs totaling over US $13 million that
considerably advanced the project. </P>
<P align=justify>On November 2, 2015 the Company announced the sale of its
interests in Haiti to joint venture partner Newmont Ventures Limited (&#147;Newmont&#148;
or "NVL"), a wholly owned subsidiary of Newmont Mining Corporation, for a US $4
million (CDN $5.3 million) cash payment and a retained 0.5% NSR royalty
interest. </P>
<P align=justify>The now terminated Eurasian-Newmont joint ventures (the &#147;Joint
Ventures&#148;) covered six designated exploration areas along a 130 kilometer trend
of northern Haiti's Massif du Nord mineral belt. Since 2013, activities in the
designated exploration areas have been limited to care and maintenance only.</P>
<P align=justify>Pursuant to the transaction, Newmont acquired all of the
Company's interest in the Research Permit applications on the following terms:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Newmont paid US $4 million (CDN $5.3 million) in cash to
      the Company at closing; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>The Joint Ventures were terminated; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Company retains a 0.5% NSR royalty on the 49 Research
      Permit applications covering the designated exploration areas; and
  </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>The Company retains the right to acquire any properties
      proposed to be abandoned or surrendered by Newmont.
</P></TD></TR></TABLE>
<P align=justify>On November 16, 2015, the Company announced the resignation of
Valerie Barlow as Corporate Secretary and the appointment of Kim Casswell in her
place. </P>
<P align=justify>On November 23, 2015, the Company announced the signing of an
Exploration and Option Agreement with Black Sea Copper &amp; Gold Corp. (&#147;Black
Sea&#148;), a privately-held British Columbia corporation (the &#147;Black Sea
Agreement&#148;), for the Alankoy copper-gold property in northwestern Turkey. Black Sea
has the option to earn a 100% interest in the subsidiary companies that control
the property through work commitments, payments, and annual advance royalties
(&#147;AARs&#148;). The Company will retain an uncapped production royalty for all
minerals produced from the project. The royalty cannot be purchased in advance
or otherwise reduced.</P><P align=center>24 </P>
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<P align=justify><B>Commercial Terms. </B>Pursuant to the Black Sea Agreement,
Black Sea has the option to acquire the Company&#146;s subsidiaries that hold the
Alankoy project, with the Company retaining a production royalty of 3% for gold,
silver, and other precious metals and 2% for all other minerals produced from
the project. To do so, Black Sea is to make payments to the Company and conduct
exploration as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Pay US $25,000 upon signing the Black Sea Agreement;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Expend at least US $75,000 on exploration activities on
      or before the later of June 1, 2016 and the date on which drilling permits
      have been issued (the &#147;Commencement Date&#148;); </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Conduct at least 1,500 meters of exploration drilling by
      the first anniversary of the Commencement Date; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Expend at least an additional US $200,000 on exploration
      activities by the second anniversary of the Commencement Date; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Expend at least an aggregate of US $3,000,000 on
      exploration activities on or before the sixth anniversary of the date of
      the Black Sea Agreement; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Pay 500 troy ounces of gold (or cash equivalent thereof)
      upon a decision to develop a mine on the project. </P></TD></TR></TABLE>
<P align=justify>In addition, Black Sea is to make annual deliveries of gold
bullion (or cash equivalent thereof) to the Company as AARs, as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>37.5 troy ounces of gold delivered on the first
      anniversary of the date of the Black Sea Agreement (this payment may be
      made in shares of Black Sea if at that time Black Sea is publicly traded
      on the TSX-V); </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>75 troy ounces of gold delivered on the second and third
      anniversaries of the date of the Black Sea Agreement; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>100 troy ounces of gold delivered on all subsequent
      anniversaries until commencement of commercial production.
  </P></TD></TR></TABLE>
<P align=justify>On November 24, 2015 the Company announced the signing of an
Exploration and Option Agreement (the &#147;Hardshell Agreement&#148;), through its wholly
owned subsidiary Bronco Creek, for the Hardshell Skarn project (the "Hardshell
Project") with Arizona Minerals Inc. (&#147;AZ Minerals&#148;). The Hardshell Project is
located approximately 75 kilometers southeast of Tucson, Arizona within the
Patagonia Mountains and adjacent to AZ Minerals' advancing Hermosa project.</P>
<P align=justify><B>Commercial Terms Overview.</B> Pursuant to the Hardshell
Agreement, AZ Minerals can earn a 100% interest in the Hardshell Project by
making cash payments totaling $85,000 (all amounts are US$). Upon exercise of
the option the Company will retain a 2% NSR royalty on the Hardshell Project and
receive AAR payments of $5,000 commencing on the first anniversary of the
exercise of the option. The royalty is not capped and not subject to
buy-down.</P>
<P align=justify>On December 10, 2015 the Company announced that IGC advises
that an additional license has been granted for the Malmyzh copper-gold porphyry
project in Far East Russia. The Malmyzh licenses are held by IGC (51%) and
Freeport (49%), with IGC operating and managing the project. The new "Malmzyh
Flanks" exploration license expands the Joint Venture's land position covering
the Malmyzh district for a total of 226.9 square kilometers, and includes
additional areas for potential infrastructure development as well as extensions
to known exploration targets.</P>
<P align=justify>On December 23, 2015<B> </B>the Company announced it has been
advised of the initial shipment of material for processing from the Balya
lead-zinc-silver royalty property by owner and operator Dedeman Balya Kursun
Cinko Isletmeleri A.S. The Company retains an uncapped 4% net smelter return
royalty on the Balya property, which is located in the historic Balya mining
district of northwestern Turkey. The Dedeman group (collectively "Dedeman")
includes privately-held Turkish mining companies with active operations that
produce lead, zinc, silver, and chromite. </P>
<P align=justify><I>Fiscal Year ended December 31, 2016 </I></P>
<P align=justify>On February 23, 2016 the Company announced the execution of a
purchase agreement (the &#147;Golden Predator Agreement&#148;)for net smelter return
royalty interests on the Maggie Creek and Afgan gold properties from Golden
Predator US Holding Corp. (&#147;Golden Predator&#148;), a wholly-owned subsidiary of Till
Capital Ltd. ("TCL"). Golden Predator owns a 2% NSR royalty on all precious
metals and a 1% NSR royalty on all other minerals for the Maggie Creek property,
which is located north-northeast of Newmont Mining Corporation's ("Newmont")
Gold Quarry open pit operations on the Carlin Trend, and a 1% NSR royalty on all
minerals for the Afgan property, which occurs on the Battle Mountain-Eureka
Trend. The addition of these two royalty assets will strengthen the Company's
growing Nevada gold portfolio that includes the Leeville royalty property on the
Northern Carlin Trend, as well as the Maggie Creek South royalty property
located south-southeast of Gold Quarry. </P>
<P align=center>25 </P>
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<P align=justify><B>Commercial Terms Overview. </B>A summary of the Golden
Predator Agreement's commercial terms includes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Purchase by the Company of Golden Predator&#146;s NSR
      royalties covering the Maggie Creek (2% NSR on precious metals and 1% NSR
      royalty on all other minerals) and Afgan (1% NSR royalty) properties;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Issuance by the Company of 250,000 EMX shares to TCL as
      consideration for the purchase; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Approval by the TSX-V and NYSE MKT as a condition
      precedent to closing the transaction. </P></TD></TR></TABLE>
<P align=justify>On March 7, 2016 the Company announced that the purchase of net
smelter return royalty interests has been completed for the Maggie Creek and
Afgan gold properties from Golden Predator after receiving approvals from the
TSX-V and NYSE MKT. </P>
<P align=justify>In Q1 2016, EMX sold its 100% controlled Grand Bois project in
Haiti, which was outside the Joint Venture with Newmont, to a privately held
Nevada corporation. EMX retained a 0.5% NSR royalty interest in the Grand Bois
project and the right to acquire any properties proposed to be abandoned or
surrendered from the Grand Bois project in the future. </P>
<P align=justify>On July 25, 2016 the Company reported that IG Copper LLC
("IGC") advises that approval to advance the Malmyzh copper-gold project has
been received from the Government Commission on Monitoring Foreign Investment
(the "Commission") chaired by Prime Minister Dmitry Medvedev. The Malmyzh
exploration and mining licenses are held by IGC (51%) and Freeport-McMoRan
Exploration Corporation (49%) (the "Joint Venture"), with IGC operating and
managing the project. EMX is IGC&#146;s largest shareholder with 39% of the issued
and outstanding shares. The Commission's approval marks a pivotal milestone in
the development of the Malmzyh project.<B> </B></P>
<P align=justify>IGC has advised that the Commission's approval represents the
successful completion of the review process required for &#147;strategically
significant&#148; deposits according to Russian law (i.e., the Law on Foreign
Investments in Strategic Industries, also termed the Strategic Industries Law or
"SIL"). The SIL approval process commenced after the Joint Venture, through its
Russian subsidiary Amur Minerals LLC, received certified &#147;on balance C1+C2
reserves&#148; from the GKZ (State Reserves Committee) that exceeded thresholds for
both copper and gold defining Malmyzh as a "strategically significant" mineral
deposit. EMX emphasizes that the Malmyzh &#147;C1+C2 reserves&#148; were estimated
according to the rules and regulations of the Russian Federation, and are not
the same as reserves under NI 43-101. According to IGC, highlights of the
Commission's approval include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=center  >
      <P align=justify>&#149;</P></TD>
    <TD align=center width="90%">
      <P align=justify>The Joint Venture, as a majority foreign owned business
      entity, has been approved to retain control of the Malmyzh project
      exploration and mining licenses.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  ></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center  >
      <P align=justify>&#149;</P></TD>
    <TD align=center width="90%">
      <P align=justify>The Joint Venture, therefore, maintains mining and
      production rights for the Malmyzh and Malmyzh North exploration and mining
      licenses. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  ></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center  >
      <P align=justify>&#149;</P></TD>
    <TD align=center width="90%">
      <P align=justify>The Joint Venture holds 100% of the rights for the
      Malmyzh and Malmyzh North exploration and mining licenses, and is entitled
      to recover all minerals of economic value including copper, gold and
      by-product minerals. </P></TD></TR></TABLE>
<P align=justify>The conclusion of the SIL process initiates a new, multi-year
phase in the project's development. The Malmyzh team is preparing a &#147;Project&#148;
(Proekt) document that outlines advanced plans and programs that include
additional technical work (i.e., drilling, exploration, metallurgy, engineering,
and hydrology), as well as environmental, social, and economic assessments. The
detailed Project plan will be submitted to the appropriate agencies for
approval. Once accepted, IGC advises that the Joint Venture will commence
executing the approved Project plan. This next phase of work will ultimately
conclude as a detailed "TEO<SUP>1</SUP> of Permanent Conditions" report, which
is considered to be a precursor to commencement of exploitation and mining. </P>
<P align=justify><B><I><SUP>1 </SUP></I></B><I>Technico-Economicheskiye
Obosnovaniye (Technical-Economic Basis)</I> </P>
<P align=justify>On August 3, 2016, the Company announced the sale of EBX
Madencilik A.S., the wholly-owned EMX subsidiary that controls the Sisorta gold
property (the &#147;Sisorta Property&#148;) in Turkey, to Bahar Madencilik Sinayi ve
Ticaret Ltd Sti ("Bahar"), a privately owned Turkish company, pursuant to a
Share Purchase Agreement (the &#147;Sisorta Agreement&#148;) with Bahar. Please see
<U>www.eurasianminerals.com</U> for more information. </P>
<P align=justify><B>Commercial Terms. </B>The Sisorta Agreement provides for
Bahar's staged payments to EMX as summarized below (all amounts in United States
dollars):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">US$250,000 cash payment to EMX upon closing of
      the sale (completed). </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Annual cash payments of US$125,000 (&#147;Advance Cash
      Payments&#148;) payable on each anniversary of the closing date until
      commencement of commercial production from the Sisorta Property.
  </P></TD></TR></TABLE><BR>
  <P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>3.5% of production returns after certain deductions (&#147;NSR
      Payment") for ore mined from the Sisorta Property that is processed
      on-site (increased to 5% if the ore is processed off-site). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Advance Cash Payments will be credited at a rate of
      80% against the NSR Payment payable after commercial production commences.
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">
      <P align=justify>&nbsp;</P></TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>The NSR Payment is uncapped and cannot be bought out or
      reduced. </P></TD></TR></TABLE>
<P align=justify>Bahar intends to immediately commence advanced exploration and
development work on the Sisorta project.</P>
<P align=justify>On August 8, 2016 the Company announced the sale of AES
Madencilik A.S., the wholly-owned EMX subsidiary that controls the Akarca
gold-silver project (the &#147;Akarca Property&#148;) in western Turkey, to &#199;iftay <FONT
face=TimesNewRoman size=2><FONT face=TimesNewRoman size=2>&#304;</FONT></FONT>n<FONT
face=TimesNewRoman size=2><FONT face=TimesNewRoman size=2>&#351;</FONT></FONT>aat
Taahh&#252;t ve Ticaret A.<FONT face=TimesNewRoman size=2><FONT face=TimesNewRoman
size=2>&#350;</FONT></FONT>. ("&#199;iftay"), a privately owned Turkish company. The
Akarca Property is an EMX grassroots discovery highlighted by six separate
gold-silver mineralized centers occurring within a district-scale area. See
<U>www.eurasianminerals.com</U> for more information. </P>
<P align=justify><B>Commercial Terms. </B>The terms of the sale provide payments
to EMX as summarized below (all dollar amounts in United States dollars and all
gold payments can be as gold bullion or the cash equivalent):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>US$2,000,000 cash payment to EMX upon closing of the sale
      (completed). </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;&nbsp;</P></TD>
    <TD align=left width="95%">
      <P align=justify>500 ounces of gold every six months commencing February
      1, 2017 up to a cumulative total of 7,000 ounces of gold. (received
      US$601,825, the cash equivalent of 500 troy ounces subsequent to December
      31, 2016). </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;&nbsp;</P></TD>
    <TD align=left width="95%">
      <P align=justify>7,000 ounces of gold within 30 days after the
      commencement of commercial production from the Akarca Property provided
      that prior gold payments will be credited against this payment. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;&nbsp;</P></TD>
    <TD align=left width="95%">
      <P align=justify>250 ounces of gold upon production of 100,000 ounces of
      gold from the Akarca Property. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;&nbsp;</P></TD>
    <TD align=left width="95%">
      <P align=justify>250 ounces of gold upon production of an aggregate of
      500,000 ounces of gold from the Akarca Property. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;&nbsp;</P></TD>
    <TD align=left width="95%">
      <P align=justify>A sliding-scale royalty in the amount of the following
      percentages of production returns after certain deductions (&#147;Akarca
      Royalty&#148;) for ore mined from the Akarca Property:
</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left>
      <P align=justify>&#8722; </P></TD>
    <TD align=left width="90%">
      <P align=justify>For gold production: 1.0% on the first 100,000 ounces of
      gold; 2.0% on the next 400,000 ounces of gold; 3.0% on all gold production
      in excess of 500,000 ounces produced from the Akarca Property. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#8722; </TD>
    <TD align=left width="90%">For all production other than gold production:
      3.0%. </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">The Akarca Royalty is uncapped and cannot be
      bought out or reduced. </TD></TR></TABLE>
<P align=justify>In addition, &#199;iftay must conduct a drilling program of at least
3,000 meters on the Akarca Property during each 12-month period commencing on
August 5, 2016 until commencement of commercial production.</P>
<P align=justify>On September 8, 2016 the Company provided an update on
exploration results from the Company's spring and summer programs in Norway and
Sweden. EMX has built a portfolio of exploration projects in Scandinavia, and
has been compiling geologic information and generating drill targets on those
properties. Reconnaissance drilling at the Gumsberg Volcanogenic Massive Sulfide
(&#147;VMS&#148;) project, located in the prolific Bergslagen district of Sweden, has
yielded several shallow high grade intercepts of polymetallic mineralization
along a &gt; 2 kilometer trend of mineralization. Gumsberg is located less than
30 kilometers from Boliden AB&#146;s Garpenberg mine, which has similar styles of
mineralization and is one of the major zinc, lead and silver producers in the
region. </P>
<P align=justify>On October 17, 2016 the Company announced the sale of five
patented mining claims comprising its Ophir property in Utah (the &#147;Utah
Property&#148;), through its wholly owned subsidiary Bullion Monarch Mining Inc., to
Kennecott. The terms of the sale include a cash payment to EMX at closing, with
the Company retaining a 2% NSR royalty on the Utah Property. </P>
<P align=justify>Kennecott is actively conducting copper porphyry exploration in
the Ophir mining district, and is a quality partner for what is now an EMX
royalty property. EMX and Kennecott are also exploring the Company's Superior
West porphyry copper project in Arizona under an exploration and option to
purchase agreement. </P>
<P align=justify><B>Commercial Terms. </B>Upon closing of the sale of the Utah
Property: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Kennecott has paid EMX US$75,000, </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">EMX has retained a 2% NSR royalty, and </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">EMX retains the rights to exploration data
      generated from the Property. </TD></TR></TABLE>
<P align=justify>As a result of the sale, the Ophir property has been added to
EMX's royalty portfolio.</P>
<P align=center>27 </P>
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<P align=justify>On October 19, 2016 the Company announced the execution of an
Exploration and Option to Purchase Agreement (the "Copper King Agreement"),
through its wholly owned subsidiary Bronco Creek, for the Copper King porphyry
copper project (the &#147;Copper King Project&#148;) to Kennecott. The Copper King Project
is located approximately 100 kilometers east of Phoenix, Arizona within the
Superior Mining District, and approximately four kilometers northwest of the
Resolution porphyry copper deposit. </P>
<P align=justify>Pursuant to the Copper King Agreement, Kennecott can earn a
100% interest in the Project by (a) reimbursing the 2016 holding costs and
making option payments, together totaling US$504,314 (US $29,314 related to
holding costs received), and (b) completing US$4,000,000 in exploration
expenditures before the fifth anniversary of the Copper King Agreement. Upon
exercise of the option EMX will retain a 2% NSR royalty on the Project which is
not capped or purchasable.</P>
<P align=justify>After exercise of the option, annual advance minimum royalty
(&#147;AMR&#148;) payments are due starting at US$100,000 and commencing on the first
anniversary of the exercise of the option. The AMR payments will increase to
US$150,000 upon completion of an Order of Magnitude Study ("OMS") or Preliminary
Economic Assessment ("PEA"). Kennecott may make a one-time payment of
US$3,500,000 to extinguish the obligation to make AMR payments. In addition, if
not previously extinguished, total AMR payments after the OMS or PEA milestone
payment are capped at US$3,500,000, and all AMR payments cease upon commencement
of production from the Project. </P>
<P align=justify>In addition, Kennecott will make milestone payments consisting
of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>US$500,000 upon completion of an OMS or PEA; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>US$1,000,000 upon completion of a Prefeasibility Study;
      and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>US$2,000,000 upon completion of a Feasibility Study. The
      Feasibility Study payment will be credited against future royalty
      payments. </P></TD></TR></TABLE>
<P align=justify>On October 27, 2016 the Company announced that it has entered
into an exploration and option agreement (the &#147;Coeur Agreement&#148;), through its
wholly-owned subsidiary Bronco Creek Exploration, Inc., with Coeur Explorations,
Inc., a subsidiary of Coeur Mining, Inc. (&#147;Coeur&#148;) for the Mineral Hill
gold-copper property (&#147;Mineral Hill Property&#148;) in Wyoming. EMX&#146;s Mineral Hill
project is held under a pooling agreement with a private group, Mineral Hill
L.P. (&#147;MHL&#148;), with all proceeds split 50:50, except for the sale of surface
rights associated with several patented mining claims. </P>
<P align=justify>Pursuant to the Coeur Agreement, Coeur may acquire a 100%
interest in the Mineral Hill Property by a) making yearly option payments,
beginning upon execution of the Coeur Agreement, totaling US$435,000 (US$10,000
received upon execution), b) making exploration expenditures totaling
US$1,550,000 on or before the fifth anniversary of the agreement, and c) paying
US$250,000 upon exercise of the option. </P>
<P align=justify>Upon exercise of the option, EMX and MHL will retain a 4% NSR
royalty, of which Coeur may purchase up to 1.5% of the NSR royalty if, within
sixty days after the completion of a preliminary economic assessment (&#147;PEA&#148;),
Coeur purchases the first 0.5% for US$1,000,000. Coeur may purchase an
additional 0.5% or 1% of the NSR royalty at any time thereafter for US$2,000,000
per 0.5% interest (maximum total buy down of 1.5%), with EMX and MHL retaining a
2.5% interest. </P>
<P align=justify>After the option exercise, EMX and MHL will receive annual
advance minimum royalties of US$150,000 and, upon completion of a feasibility
study, a milestone payment of US$1,000,000. </P>
<P align=justify>On November 22, 2016 the Company announced the execution of a
definitive agreement with Boreal Metals Corp. (&#147;BMC&#148;), a British Columbia
corporation, pursuant to which BMC will acquire two wholly-owned subsidiaries of
the Company that control the Gumsberg and Adak exploration assets in Sweden and
the Tynset and Burfjord assets in Norway (the &#147;Scandinavian Properties&#148;).
Closing occurred in Q1 2017. The sale of the Scandinavian portfolio is another
example of Eurasian&#146;s execution of its royalty generation business model,
resulting in additional organic royalty property growth for Eurasian, as well as
establishing a substantial equity position in a new Scandinavian-focused
resource company.</P>
<P align=justify><B>Commercial Terms Overview</B>: : </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top align=right  >
      <P align=justify>&#149; </P></TD>
    <TD vAlign=top align=right width="90%">
      <P align=justify>At closing, Eurasian will transfer to BMC its entire
      interest in its wholly-owned subsidiary Iekelvare AB, which owns or will
      own that portion of the Scandinavian Properties located in Sweden, and its
      entire interest in its wholly- owned subsidiary EMX Exploration
      Scandinavia AB, which owns that portion of the Scandinavian Properties
      located in Norway. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top  >
      <P align=justify>&#149; </P></TD>
    <TD vAlign=top width="90%">
      <P align=justify>At closing, BMC will issue to Eurasian that number of
      common shares of BMC that represents a 19.9% equity ownership in BMC; BMC
      will have the continuing obligation to issue additional shares of BMC to
      Eurasian to maintain its 19.9% interest in BMC, at no additional cost to
      Eurasian, until BMC has raised CDN$5,000,000 in
equity; thereafter Eurasian will have the right to participate
pro-rata in future financings at its own cost to maintain its 19.9% interest in
BMC. </P></TD></TR></TABLE><BR>
<P align=center>28 </P>
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<br>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Eurasian will receive an uncapped 3% net smelter return
      (&#147;NSR&#148;) royalty on each of the Scandinavian Properties. Within five years
      of the closing date, BMC has the right to buy down up to 1% of the royalty
      owed to Eurasian on any given project (leaving Eurasian with a 2% NSR) by
      paying Eurasian US$2,500,000 in cash and shares of BMC. Such buy down is
      project specific. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Eurasian will receive annual advance royalty (&#147;AAR&#148;)
      payments of US$20,000 for each of the Properties commencing on the second
      anniversary of the closing, with each AAR payment increasing by US$5,000
      per year until reaching US$60,000 per year, except that BMC may forgo AAR
      payments on two of the four Scandinavian Properties in years two and
      three. Once reaching US$60,000, AAR payments will be adjusted each year
      according to the Consumer Price Index (as published by the U.S. Department
      of Labor, Bureau of Labor Statistics). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Eurasian will receive a 0.5% NSR royalty on any new
      mineral exploration projects generated by BMC in Sweden or Norway,
      excluding projects acquired from a third party containing a mineral
      resource or reserve or an existing mining operation. These royalties are
      not capped and not subject to a buy down. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Eurasian will have the right to nominate one seat on the
      Board of Directors of BMC. </P></TD></TR></TABLE>
<P align=justify>On December 16, 2016 the Company announced that it will change
the ticker symbol of its common shares listed on the NYSE MKT from <B>EMXX
</B>to <B>EMX</B> effective Monday, December 26, 2016. Eurasian Minerals Inc.
now trades on both the TSX Venture and NYSE MKT exchanges as EMX. </P>
<P align=justify><I>Subsequent to Year Ended 2016</I></P>
<P align=justify>On January 24, 2017 the Company announced initial results from
the fall-winter drill program at the Malmyzh copper-gold porphyry project,
including the longest mineralized intercept drilled to date on the property.
Drill hole AMM-213 intersected 747.4 meters (108.7 -856.1 m) averaging 0.49%
copper equivalent (0.41% copper and 0.17 g/t gold) principally hosted in
phreatomagmatic breccias and diorite porphyries at the Freedom Northwest
prospect. The hole doubled the drilled vertical extent of the Freedom Northwest
system, while bottoming in mineralization. In addition, reconnaissance drilling
at the Sleeper West prospect intersected a shallow zone of 109 meters averaging
0.58% copper equivalent (0.53% copper and 0.09 g/t gold) starting at 13.5 meters
in hole AMM-210. Freedom Northwest and Sleeper West are not included in the
current Malmyzh resource estimate, which underscores the project's additional
exploration upside. The Malmyzh exploration and mining licenses are held by IG
Copper LLC ("IGC") (51%) and Freeport-McMoRan Exploration Corporation (49%) (the
"Joint Venture"), with IGC operating and managing the project. EMX is IGC&#146;s
largest shareholder with 39% of the issued and outstanding shares. </P>
<P align=justify>On January 25, 2017 the Company provided an update on the
Company's Leeville royalty property that covers portions of Newmont Mining
Corporation's ("Newmont") underground mining operations in the Northern Carlin
Trend. EMX has noted an increase in Leeville royalty revenue and equity gold
ounces starting in mid-2016. In addition to royalty income from gold production,
the Leeville property also provides the Company with upside exposure to
Newmont's ongoing exploration advancements at the Rita K and Full House gold
deposits. Newmont expects initial resources for Rita K in 2018, and has already
outlined resources at Full House.</P>
<P align=center>29 </P>
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<P align=justify><B><U>4.B. BUSINESS OVERVIEW</U></B><B> </B></P>
<P align=justify>Eurasian is principally in the business of exploring for, and
generating royalties from, metals and minerals properties, as well as
identifying royalty opportunities for purchase. Eurasian&#146;s business is carried
out as a royalty and prospect generator. Under the royalty and prospect
generation business model, it acquires and advances early-stage mineral
exploration projects and then options the projects to, and thereby forms
relationships with, other parties in consideration of a retained royalty
interest, as well as annual advanced royalty and other cash or share payments
and exploration carried out by the other parties. Through its various
agreements, Eurasian also provides technical and commercial assistance to such
companies as the projects advance. By optioning interests in its projects to
third parties for a royalty interest, Eurasian: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>reduces its exposure to the costs and risks associated
      with mineral exploration and project development,</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>maintains the opportunity to participate in early-stage
      exploration upside, and</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>develops a pipeline for potential production royalty
      payments and associated greenfields discoveries in the
  future.</P></TD></TR></TABLE>
<P align=justify>This approach helps preserve the Company&#146;s treasury, which can
be utilized for further project acquisitions and other business initiatives.
</P>
<P align=justify>The Company&#146;s royalty and exploration portfolio consists of
properties in North America, Turkey, Europe, Haiti, Australia, and New Zealand.
Eurasian started receiving royalty income as of August 17, 2012 when it acquired
Bullion Monarch. This royalty cash flow serves to provide a foundation to
support the Company&#146;s growth over the long term. </P>
<P align=justify>Strategic investments are an important complement to the
Company&#146;s royalty and prospect generation initiatives. These investments are
made in unrecognized or under-valued exploration companies identified by
Eurasian. EMX helps to develop the value of these assets, with exit strategies
that can include royalty positions or equity sales. </P>
<P align=justify><B>Government Regulation and Environmental Protection </B></P>
<P align=justify>Eurasian's current exploration activities are conducted in
North America, Turkey, Europe, Australia and New Zealand. Such activities are
affected in varying degrees by political stability and government regulations
relating to foreign investment and the mining industry. Changes in these
regulations or shifts in political attitudes are beyond Eurasian's control and
may adversely affect Eurasian's business. Operations may be affected in varying
degrees by government regulations with respect to restrictions on production,
income taxes, expropriation of property, repatriation of funds, environmental
legislation and mine safety.</P>
<P align=justify>The mining industry is also subject to extensive and varying
environmental regulations in each of the jurisdictions in which Eurasian
operates. Environmental regulations establish standards respecting health,
safety and environmental matters and place restrictions on toxins resulting from
mining activities. These regulations can have an impact on the selection of
mining projects and facilities, potentially resulting in increased capital
expenditures by Eurasian or its joint venture partners. In addition,
environmental legislation may require certain projects to be abandoned and sites
reclaimed to the satisfaction of local authorities. Eurasian is committed to
complying with environmental and operation legislation wherever it operates.
</P>
<P align=justify>Eurasian&#146;s current or future operations, including exploration
and development activities on its properties, require permits from various
governmental authorities, and such operations are, and will be, governed by laws
and regulations governing exploration, development, taxes, occupational health,
waste disposal, toxic substances, land use, environmental protection and other
matters. Compliance with these requirements may prove to be difficult and
expensive. While Eurasian has properties in numerous jurisdictions, its most
advanced projects are located in Turkey and the United States. </P>
<P align=justify><I>Governmental Regulation in Turkey</I> </P>
<P align=justify><U>Mining Regulation</U> </P>
<P align=justify>The legal mining regime in Turkey is principally governed by
the Turkish Mining Law No. 3213, as amended most recently on February 4,
2015<SUP>1</SUP> for the purpose of, among other things, avoiding labour
accidents, and restating the mining license fees, governmental royalties, and
sanctions in order to make it more compliant with the most recent global
conditions. The Turkish Mining Activities Implementation Communiqu&#233; was adopted
and amended during the amendment of Turkish Mining Law on June 10, 2010;
however, this Implementation Communiqu&#233; has not been amended yet in accordance
with the latest amendments of Turkish Mining Law dated February 4, 2015. Turkey
is still awaiting the adoption of the amendment of Implementation Communiqu&#233; to
comply with latest amended Turkish Mining Law. The mining sector is regulated
under the umbrella of the General Directorate of Mining Affairs of the Republic
of Turkey, a unit of the Ministry of Energy and Natural Resources of the
Republic of Turkey. Mining rights and minerals are exclusively owned by the
Turkish state, and the ownership of minerals in Turkey is not subject to the
ownership of the relevant land. The state, under the Turkish Mining Law and
secondary mining legislation, delegates its rights to explore and operate to
Turkish individuals or legal entities established under Turkish law by issuing
licenses for a determined period of time in return for the payment of a royalty.
There is no distinction between the mining rights that may be acquired by local
investors and those that may be acquired by foreign investors so long as foreign
investors establish a company in Turkey under Turkish law. </P>
<P align=justify><SUP>_______________________________<br>
1</SUP> Turkish Mining Law No.3213 was first adopted on
June 4, 1985 with several amendments on December 24, 1986, July 30, 1999, June
15, 2001, May 26 2004, June 3, 2007, June 10, 2010 and with the latest amendment
on February 4, 2015. </P>
<P align=center>30 </P>
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<P align=justify>The General Directorate of Mining Affairs, is the authorized
body to regulate mining activities and to issue mining licenses in Turkey. In
addition, local administrative bodies of Turkey also have a certain level of
authority relating to licenses and the regulation of mining facilities.
Transferring the mining license is subject to the prior approval of the Ministry
of Energy and Natural Resources of the Republic of Turkey. </P>
<P align=justify>The Turkish Mining Law classifies underground resources into
  six different groups, and the licensing procedure for each group differs
  slightly. Briefly, the groups are as follows: (I) sand and gravel, (II) marble
  and other similar decorative stones, (III) mineral salts from seas, lakes and
  fresh waters, (IV) energy, metal and industrial minerals, including gold,
  silver, platinum, copper, lead, zinc, aluminum, uranium, thorium and radioactive
  minerals, (V) precious minerals such as gemstones, and (VI) a group of minerals
  which is not stated amongst these groups shall be identified by the Ministry of
  Energy and Natural Resources of Republic of Turkey under secondary legislation
of Turkey. </P>
<P align=justify>There are two types of licenses granted for the exploration and
operation of mines and one type of operation permit under the Turkish Mining
Law, as follows: Group II (b), Group III, Group IV minerals at the first stage
require general exploration licenses. Group V minerals require exploration
certificates. Group I and Group II (a) and (c) are directly granted with
operation licences.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Exploration License. Enables its holder to carry out
      general exploration activities (i.e., all mining activities other than
      those carried out for production) in a specific area issued for a period
      of two years for Group IV minerals including gold mining and one year for
      the other groups. If the license holder owning a group of minerals
      satisfies its obligations, the license holder owning Group IV minerals
      will have a right to an additional four years of detailed exploration; for
      Group II (b), Group III and Group V mines, the relevant license holder is
      obliged to meet the operation license&#146;s requirements until the end of its
      general exploration period. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Operation License. Enables its holder to carry out
      operational activities within the same area as stated in the exploration
      license for the proved, potential and feasible mine reserve area. The term
      of the operation license for Group I (a) minerals are five years. The
      other groups of minerals are at least ten years depending on the specific
      project. The terms of the operation licenses may generally be extended
      upon the application of the license holder with a new operation project
      provided that such extension request is accepted by the General
      Directorate of Mining Affairs of Turkey. The term of the operation license
      for Group I (a) minerals cannot exceed thirty years, for Group II minerals
      cannot exceed forty years, and for other groups of minerals cannot exceed
      fifty years. Extension requests for more than thirty years for Group I (a)
      minerals and forty years for Group II minerals are made directly to the
      Ministry of Energy and Natural Resources of the Republic of Turkey and for
      more than fifty years for other groups of minerals are made directly to
      Ministry of Council of Republic of Turkey. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Operation Permit. EnablES its holder to operate a
      specific mine as specified in the operation license and granted only for
      the proved mine reserves area that is determined during the prospecting
      period. The license holder, within three years following the issuance of
      the operation license shall obtain the required approvals, permits such as
      environmental impact assessment decision, ownership decision, land usage
      decision, workplace opening and operation permit and other permits stated
      under clause 7 of the Mining Law and then, accordingly, the license holder
      is granted the operation permit by the General Directorate of Mining
      Affairs of Turkey. The operation permit is required to be obtained until
      the end of the term of the operation license. </P></TD></TR></TABLE>
<P align=justify>The Turkish Mining Law provides for different royalty
percentages for different groups of mines. The royalty percentages for Group IV
minerals, including gold, silver, platinum, lead copper, zinc, aluminum and
uranium oxide minerals are in the below chart.</P>
<P align=center>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>The Royalty Percentages For Group IV Minerals under Turkish
Mining Law<B> </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=center><B>Royalty(%)</B> </TD>
    <TD vAlign=top noWrap align=center width="10%"><B>Gold</B> <B>$/oz</B> </TD>
    <TD vAlign=top noWrap align=center width="10%"><B>Silver</B> <B>$/oz</B>
    </TD>
    <TD vAlign=top noWrap align=center width="10%"><B>Platinum</B> <B>$/oz</B>
    </TD>
    <TD vAlign=top noWrap align=center width="10%"><B>Coppe</B> <B>r</B>
      <B>$/oz</B> </TD>
    <TD vAlign=top noWrap align=center width="10%"><B>Lead</B> <B>$/oz</B> </TD>
    <TD vAlign=top noWrap align=center width="10%"><B>Zinc</B> <B>$/oz</B> </TD>
    <TD vAlign=top noWrap align=center width="10%"><B>Chrome</B> <B>$/T</B>
</TD>
    <TD vAlign=top noWrap align=center width="10%"><B>Aluminum</B> <B>$/T</B>
    </TD>
    <TD vAlign=top noWrap align=center width="10%"><B>Uranium</B> <B>Oxide</B>
      <B>$/lb</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=center>2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&lt;800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&lt;10 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&lt;500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&lt;5000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&lt;1000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&lt;1000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&lt;100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&lt;1000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&lt;20 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>4 </TD>
    <TD vAlign=top align=left width="10%">801-1250 </TD>
    <TD vAlign=top align=left width="10%">11-20 </TD>
    <TD vAlign=top align=left width="10%">501-1000 </TD>
    <TD vAlign=top align=left width="10%">5001- 7500 </TD>
    <TD vAlign=top align=left width="10%">1001- 2000 </TD>
    <TD vAlign=top align=left width="10%">1001- 2500 </TD>
    <TD vAlign=top align=left width="10%">101-300 </TD>
    <TD vAlign=top align=left width="10%">1001-2000 </TD>
    <TD vAlign=top align=left width="10%">20-40 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>6 </TD>
    <TD vAlign=top align=left width="10%">1251-1500 </TD>
    <TD vAlign=top align=left width="10%">21-25 </TD>
    <TD vAlign=top align=left width="10%">1001- 1250 </TD>
    <TD vAlign=top align=left width="10%">7501- 8000 </TD>
    <TD vAlign=top align=left width="10%">2001- 2250 </TD>
    <TD vAlign=top align=left width="10%">2501- 3000 </TD>
    <TD vAlign=top align=left width="10%">301-500 </TD>
    <TD vAlign=top align=left width="10%">2001-2350 </TD>
    <TD vAlign=top align=left width="10%">41-80 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>8 </TD>
    <TD vAlign=top align=left width="10%">1501-1750 </TD>
    <TD vAlign=top align=left width="10%">25-30 </TD>
    <TD vAlign=top align=left width="10%">1251- 1500 </TD>
    <TD vAlign=top align=left width="10%">8001- 8500 </TD>
    <TD vAlign=top align=left width="10%">2251- 2500 </TD>
    <TD vAlign=top align=left width="10%">3001- 3500 </TD>
    <TD vAlign=top align=left width="10%">501-700 </TD>
    <TD vAlign=top align=left width="10%">2351-2600 </TD>
    <TD vAlign=top align=left width="10%">81-110 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>10 </TD>
    <TD vAlign=top align=left width="10%">1751-2000 </TD>
    <TD vAlign=top align=left width="10%">31-35 </TD>
    <TD vAlign=top align=left width="10%">1501- 1750 </TD>
    <TD vAlign=top align=left width="10%">8501- 9000 </TD>
    <TD vAlign=top align=left width="10%">2501- 3000 </TD>
    <TD vAlign=top align=left width="10%">3501- 4000 </TD>
    <TD vAlign=top align=left width="10%">701-900 </TD>
    <TD vAlign=top align=left width="10%">2601-2850 </TD>
    <TD vAlign=top align=left width="10%">111-140 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=center>14 </TD>
    <TD vAlign=top align=left width="10%">2001-2250 </TD>
    <TD vAlign=top align=left width="10%">36-40 </TD>
    <TD vAlign=top align=left width="10%">1751- 2000 </TD>
    <TD vAlign=top align=left width="10%">9001- 9500 </TD>
    <TD vAlign=top align=left width="10%">3001- 3500 </TD>
    <TD vAlign=top align=left width="10%">4001- 4500 </TD>
    <TD vAlign=top align=left width="10%">901-1100 </TD>
    <TD vAlign=top align=left width="10%">2851-3100 </TD>
    <TD vAlign=top align=left width="10%">141-170 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=center>16
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&gt;2251 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&gt;41 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&gt;2001 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&gt;9501 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&gt;3501 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&gt;4501 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&gt;1101 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&gt;3101 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="10%">&gt;171 </TD></TR></TABLE></DIV>
<P align=justify><U>Environmental Regulation</U> </P>
<P align=justify>In Turkey, where Eurasian&#146;s most advanced projects are located,
both the level of environmental regulation and its enforcement have become more
stringent in recent years. Mining operations are subject to environmental laws
and regulations promulgated by the Turkish Ministry of Environment and Urban
Planning, the Ministry of Forestry and Water Works and regional and local
authorities. The Turkish Mining Law amended in 2015 has brought more detailed
provisions to the mining activities for the compliance of environmental rules.
The Regulation on Environmental Impact Assessments, for example, requires any
entity that is involved in activities that could have an environmental impact to
prepare a Report of Environmental Impact Assessment or a Project Information
File. No approvals, permits, incentives, or construction and occupancy licenses
may be granted, nor any investments made, nor any tenders awarded for these
projects unless and until the Turkish Ministry of Environment and Urban Planning
issues a positive assessment of the environmental impact of the subject
activities. The Turkish environmental laws and regulations also require certain
businesses to comply with ongoing requirements to reduce the environmental
impact of certain operations and activities, which also include mining
activities. In addition, in Turkey, the issue of allocation of environmentally
sensitive areas such as forest areas, hunting areas, special protection areas,
national parks and agriculture areas for the granting of licenses for activities
to be carried out in such areas is also regulated and is under the supervision
of the Turkish Ministry of Forestry and Water Works. </P>
<P align=justify>Under current Turkish environmental laws and regulations,
regulatory authorities may suspend or terminate non-compliant operations, levy
monetary penalties and require non-compliant entities to bear the cost of
related remediation programs. For example, under Turkish environmental and
criminal laws, non-compliant operations may be subject to private action and
liable for damages arising from their activities, as well as subject to criminal
penalties (such as imprisonment and monetary fines) for deliberately providing
regulatory authorities with false or misleading information regarding regulated
activities or otherwise failing to comply with certain regulations. In addition,
a property owner may be held liable for the cost of the removal or remediation
of hazardous or toxic wastes discovered on its property, the cost of which could
be substantial, where generally such liability attaches regardless of whether
the owner knew of, or was responsible for, the presence of such hazardous or
toxic substances. </P>
<P align=justify>Environmental laws, as they may be amended over time, can
impose restrictions on the manner of use of properties, and compliance with
these restrictions may require substantial expenditures. Environmental laws and
regulations impose sanctions for non-compliance and may be enforced by
governmental agencies. Third parties also may seek recovery from companies for
personal injury or property damage associated with exposure to the release of
hazardous substances. </P>
<P align=justify><U>Commercial Regulation</U></P>
<P align=justify>The Turkish Commercial Code numbered 6762, which was in effect
as of 1957, has been amended substantially with the new Turkish Commercial Code
numbered 6102 (the &#147;New Turkish Commercial Code&#148;). The New Turkish Commercial
Code came into force on July 1, 2012. The New Turkish Commercial Code is
intended to provide for institutionalisation, increased competitive power and
the establishment of increased public confidence, corporate governance and
transparency, The code permits joint stock companies and limited liability
companies to be established with only one shareholder and with one board member.
</P>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>Some of the key features of the New Turkish Code include the
following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">Companies are generally obliged to have a
      website online and to allocate a part of this website to publish certain
      issues, documents, financial statements and resolutions whether publicly
      traded or not. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">For joint stock companies, it is sufficient for
      the board of directors to consist of solely one member. A legal entity can
      also be a board member; however in this case, a natural person must be
      designated to represent the legal entity. There is no restriction and
      mandatory requirement for the board members to reside in Turkey and to be
      a Turkish citizen. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">Board members of a joint stock company are no
      longer required to shareholders in the company. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The financial tables of a joint stock company are to be
      prepared in accordance with the financial reporting standards determined
      by the Turkish Accounting Standards Board. These standards are expected to
      be amended to comply with the International Financial Reporting Standards
      (&#147;IFRS&#148;). The New Turkish Commercial Code enables the board members to
      attend and to vote in meetings via transfer of image and voice according
      to the provisions of the articles of association of the company. The
      provisions regarding the meeting and decision quorum of the board of
      directors shall also be applicable if the meetings of the board of
      directors are held in an electronic environment. The New Turkish
      Commercial Code stipulates the rights of shareholders to attend, give
      proposals, declare opinions and vote at the general assembly of joint
      stock company via electronic means. The management and representation of a
      limited company may be performed by one or more managers. For a limited
      liability company, it is sufficient to have at least one manager. If there
      is more than one manager then there is a board of managers. In this
      situation, one of the managers is appointed by general assembly as a
      chairman of the board of managers. The President of board of managers has
      an authority to make all statements and declarations on behalf of the
      company. In any case, at least one shareholder must be appointed as a
      manager who has a right to manage and represent the limited liability
      company. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">The limited liability company must keep a share
      ledger. The share ledger shall reflect the following; names/titles and
      addresses of the shareholders, number of shares held by each shareholder,
      share transfer details, nominal value of shares, class of shares,
      encumbrances over the shares and the names/titles and addresses of
      beneficiaries of such encumbrances created over the shares. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">The limited liability company is obliged to
      keep the commercial books indicating the commercial transactions and asset
      structure of the company. The LLC shall observe and apply Turkish
      Accounting Standards as announced by the Turkish Accounting Standards
      Board, including the conceptual framework of accounting principles and
      interpretations while keeping its commercial books. An important change
      however, is that the compulsory accounting standards will adopt IFRS. The
      opening and closing of the books must be certified by a notary public.
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">The manager(s) of a limited liability company
      must prepare and submit to the attention of the general assembly the
      financial charts, appendices and the activity report of the company for
      the preceding accounting period. This must be done in accordance with the
      Turkish Accounting Standards and within the first three months of the
      relevant accounting period (fiscal year) following the balance sheet date.
      The relevant Turkish Accounting Standards have been applicable from
      January 1, 2013. </TD></TR></TABLE>
<P align=justify>Eurasian cannot predict the outcome of each effect of the New
Turkish Code, and compliance with these requirements may prove to be difficult
and expensive. </P>
<P align=justify><U>Repatriation of Earnings</U> </P>
<P align=justify>Currently, there are no restrictions on the repatriation of
earnings or capital to foreign entities from Turkey, where Eurasian&#146;s most
advanced projects are located. However, there can be no assurance that any such
restrictions on repatriation of earnings or capital from Turkey or any other
country where we may invest will not be imposed in the future. </P>
<P align=center>33 </P>
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<P align=justify><I>Governmental Regulation in the United States</I> </P>
<P align=justify><U>Mining Regulation</U> </P>
<P align=justify>Mining activities in the United States are subject to numerous
federal, state and local laws and regulations. At the federal level, mines are
subject to inspection and regulation by the United States Mine Safety and Health
Administration (&#147;MSHA&#148;) under provisions of the Federal Mine Safety and Health
Act of 1977. The Occupation Safety and Health Administration also has
jurisdiction over certain safety and health standards not covered by MSHA.
Mining operations and all proposed exploration and development require a variety
of permits. In addition, any mining operations occurring on federal property are
subject to regulation and inspection by the United States Bureau of Land
Management (&#147;BLM&#148;). Eurasian's current projects are also subject to state and
local laws and regulations in Arizona, Nevada, Utah and Wyoming. </P>
<P align=justify><U>Environmental Regulation</U> </P>
<P align=justify>Eurasian&#146;s exploration, mining and processing operations are
subject to various federal, state and local laws and regulations governing
prospecting, exploration, development, production, labor standards, occupational
health, mine safety, control of toxic substances, and other matters involving
environmental protection and employment. United States environmental protection
laws address the maintenance of air and water quality standards, the
preservation of threatened and endangered species of wildlife and vegetation,
the preservation of certain archaeological sites, reclamation, and limitations
on the generation, transportation, storage and disposal of solid and hazardous
wastes, among other things. </P>
<P align=justify>Legislation and implementation of regulations adopted or
proposed by the United States Environmental Protection Agency, the BLM and by
comparable agencies in various states directly and indirectly affect the mining
industry in the United States. These laws and regulations address the
environmental impact of mining and mineral processing, including potential
contamination of soil and water from tailings, discharges and other wastes
generated by mining process. In particular, legislation such as the Clean Water
Act, the Clean Air Act, the Federal Resource Conservation and Recovery Act and
the National Environmental Policy Act require analysis and/or impose effluent
standards, new source performance standards, air quality standards and other
design or operational requirements for various components of mining and mineral
processing. Mining projects also are subject to regulations under the
Comprehensive Environmental Response, Compensation and Liability Act of 1980,
which regulates and establishes liability for the release of hazardous
substances. In addition, statutes may impose liability on mine developers for
remediation of waste they have created. </P>
<P align=justify>Our operations are also subject to laws and regulations
governing protection of endangered and other specified species. In May 2015, the
U.S. Department of the Interior released a plan to protect the greater sage
grouse, a species whose natural habitat is found across much of the western
United States, including Nevada. The U.S. Department of the Interior&#146;s plan is
intended to guide conservation efforts on approximately 70 million acres of
national public lands. No assurances can be made that restrictions relating to
conservation will not have an adverse impact on our operations in impacted
areas. </P>
<P align=justify><I>Specialized Skill and Knowledge</I></P>
<P align=justify>All aspects of Eurasian&#146;s business require specialized skills
and knowledge. Such skills and knowledge include the areas of geology, finance,
accounting and law.</P>
<P align=justify><I>Competitive Conditions </I></P>
<P align=justify>Competition in the mineral exploration industry is intense.
Eurasian competes with other companies, many of which have greater financial
resources and technical facilities, for the acquisition and exploration of
mineral interests, as well as for the recruitment and retention of qualified
employees and consultants. </P>
<P align=justify><I>Raw Materials (Components) </I></P>
<P align=justify>Other than water and electrical or mechanical power &#150; all of
which are readily available on or near its properties &#150; Eurasian does not
require any raw materials with which to carry out its business. </P>
<P align=justify><I>Intangible Property </I></P>
<P align=justify>Eurasian does not have any need for nor does it use any brand
names, circulation lists, patents, copyrights, trademarks, franchises, licenses,
software (other than commercially available software), subscription lists or
other intellectual property in its business. </P>
<P align=center>34 </P>
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<P align=justify><I>Business Cycle &amp; Seasonality </I></P>
<P align=justify>Eurasian&#146;s royalty and prospect generator business model is
cyclical and is impacted by commodity prices and cycles; however, its business
is not seasonal.</P>
<P align=justify><I>Economic Dependence</I></P>
<P align=justify>Other than the contracts disclosed in this Form 20-F,
Eurasian&#146;s business is not substantially dependent on any contract such as a
contract to sell the major part of its products or services or to purchase the
major part of its requirements for goods, services or raw materials, or on any
franchise or license or other agreement to use a patent, formula, trade secret,
process or trade name upon which its business depends.</P>
<P align=justify><I>Renegotiation or Termination of Contracts </I></P>
<P align=justify>It is not expected that Eurasian&#146;s business will be affected in
the current financial year by the renegotiation or termination of contracts or
sub-contracts. </P>
<P align=justify><I>Environmental Protection </I></P>
<P align=justify>All phases of Eurasian&#146;s exploration are subject to
environmental regulation in the various jurisdictions in which it operates.</P>
<P align=justify>Environmental legislation is evolving in a manner which
requires stricter standards and enforcement, increased fines and penalties for
non-compliance, more stringent environmental assessments of proposed projects
and a heightened degree of responsibility for companies and their officers,
directors and employees. While manageable, Eurasian expects this evolution
(which affects most mineral exploration companies) might result in increased
costs.</P>
<P align=justify><I>Employees </I></P>
<P align=justify>At December 31, 2016, Eurasian had 39 employees and consultants
working at various locations throughout the world.</P>
<P align=justify><I>Foreign Operations </I></P>
<P align=justify>Many of Eurasian&#146;s properties are located outside of North
America and many are located in areas traditionally considered to be risky from
a political or economic perspective.</P>
<P align=justify><I>Bankruptcy Reorganizations </I></P>
<P align=justify>There have not been any voluntary or involuntary bankruptcy,
receivership or similar proceedings against Eurasian within the three most
recently completed financial years or the current financial year.</P>
<P align=justify><I>Material Reorganizations </I></P>
<P align=justify>There has not been any material reorganization of Eurasian or
its subsidiaries within the three most recently completed financial years or the
current financial year. </P>
<P align=justify><I>Social or Environmental Policies</I></P>
<P align=justify>Eurasian has implemented various social policies that are
fundamental to its operations, such as policies regarding its relationship with
the communities where the Company operates.</P>
<P align=center>35</P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Environmental Policy</P></TD></TR></TABLE>
<P align=justify>The Company believes that good environmental management at
every project it manages, whether in the exploration phase, feasibility stage,
project construction or mine site operation, requires proactive health and
safety procedures, transparent interaction with local communities and
implementation of prudent expenditures and business performance standards that
constitutes the foundation for successful exploration and subsequent development
if the results warrant it. </P>
<P align=justify>Eurasian will develop and implement appropriate standard
operating procedures for different stages of its ground technical surveys,
prospecting and evaluation and development work which procedures will be
designed to meet all applicable environmental requirements and best
environmental practices in the mineral exploration industry. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Community Relations, Communication and Notification
      Policy</P></TD></TR></TABLE>
<P align=justify>Proactive interaction with the stakeholders on whom the
Company&#146;s exploration and development programs may impact is considered an
important part of the long-term investment that the Company is planning in its
exploration programs in North America, Turkey, Europe, Australia, and the
Asia-Pacific region. </P>
<P align=justify>Eurasian recognizes that from the inception of exploration
activities or a new field work program, and as the exploration project
progresses towards development, it will be important to:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&#9830; </P></TD>
    <TD align=left width="95%">
      <P align=justify>communicate and proactively engage with all local
      communities and other stakeholders that may be affected by its exploration
      programs; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&#9830; </P></TD>
    <TD align=left width="95%">
      <P align=justify>inform and obtain a consensus with the full range of
      stakeholders that may be impacted upon by exploration, evaluation and
      development; and </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&#9830; </P></TD>
    <TD align=left width="95%">
      <P align=justify>identify any vulnerable or marginalized groups within the
      affected communities (e.g. women, elders or handicapped) and ensure they
      are also reached by above information disclosure and consultation
      activities. </P></TD></TR></TABLE>
<P align=justify>In these respects, Eurasian will work actively and
transparently with governmental authorities, other elected parties,
nongovernmental organizations, and the communities themselves to ensure that the
communities are aware of the activities of the Company, and that the impact and
benefits of such activities are a benefit to the communities. </P>
<P align=justify>When detailed or advanced exploration activities, including
drilling, evaluation and other such programs, are implemented, the Company will
endeavor to identify how the impacts of such work on communities can best be
managed, and how benefits can best be provided to communities through its
activities. This will be undertaken in consultation with the affected
communities.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Labour, Health and Safety Policy</P></TD></TR></TABLE>
<P align=justify>The health and safety of its employees, contractors, affected
communities and any other role players that may participate and be affected by
the activities of EMX are crucial to the long term success of the Company.</P>
<P align=justify>The Company will establish and maintain a constructive
work-management relationship, promote the fair treatment, non-discrimination,
and equal opportunity of workers. </P>
<P align=justify>Every effort will be made through training, regular reviews and
briefings, and other procedures to ensure that best practice labor, health and
safety and good international industry practices are implemented and maintained
by Eurasian, including prompt and in-depth accident and incident investigation
and the implementation of the conclusions thereof. The Company will take
measures to prevent any child labor or forced labor.</P>
<P align=justify>The Company&#146;s aim is at all times to achieve zero lost-time
injuries and fatalities. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Development Stage Environmental and Social Management
      Policy</P></TD></TR></TABLE>
<P align=justify>Eurasian will communicate and consult with local communities
and stakeholders with a view to fostering mutual understanding and shared
benefits through the promotion and maintenance of open and constructive dialogue
and working relationships.</P>
<P align=center>36 </P>
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<P align=justify><U>United States vs. Foreign Sales/Assets</U> </P>
<P align=justify>At December 31, 2016, 2015 and 2014, the Company&#146;s assets were
located in North America, Turkey, Europe, Haiti, Australia and New Zealand.<B>
</B></P>
<P align=justify><B><U>4.C. Organization Structure</U></B><B> </B></P>
<P align=justify>The corporate structure of Eurasian, its material subsidiaries
(holding at least 10% of EMX&#146;s assets), the percentage ownership that Eurasian
holds or has contractual rights to acquire in such subsidiaries (if not
wholly-owned) and the jurisdiction of incorporation of such corporations is set
out in the chart below: </P>
<P align=center><IMG src="form20fx40x1.jpg" border=0 width="263" height="276"> </P>
<P align=justify><B><U>4.D. Property, Plant and Equipment</U></B> </P>
<P align=justify>The Company&#146;s executive offices are located in rented premises
of approximately 4,200 sq. ft., shared by seven other companies at 543 Granville
Street, Suite 501, Vancouver, British Columbia Canada V6C 1X8. The Company began
occupying these facilities on May 1, 2011.</P>
<P align=justify>The Company owns a house in Littleton, Colorado which serves as
the Company&#146;s office. </P>
<P align=justify>The Company&#146;s royalty, exploration, and strategic investment
portfolio mainly consists of properties in North America, Turkey, Europe, Haiti,
Australia, New Zealand, the Russian Federation, and Chile.</P>
<P align=justify>It is important to note that even if the Company completes its
exploration programs on its properties and is successful in identifying mineral
deposits, a substantial amount of capital will still have to be spent on each
deposit for further drilling and engineering studies before management will know
that the Company has a commercially viable mineral deposit (a reserve) on the
property. </P>
<P align=justify>The terms &#147;measured resource&#148;, &#147;indicated resource&#148; and
&#147;inferred resource&#148; used in this report are Canadian geological and mining terms
as defined in accordance with National Instrument 43-101, Standards of
Disclosure for Mineral Projects of the Canadian Securities Administrators using
the guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum (the &#147;CIM&#148;) Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council as may be amended from time to time by the CIM. We
advise U.S. investors that while such terms are recognized and permitted under
Canadian regulations, the SEC does not recognize them. U.S. investors are
cautioned not to assume that any part or all of the mineral deposits in the
measured and indicated categories will ever be converted into reserves. </P>
<P align=justify>&#147;Inferred resources&#148; have a greater amount of uncertainty as to
their existence, and greater uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian rules
estimates of inferred mineral resources may not form the basis of feasibility or
other economic studies. U.S. investors are cautioned not to assume that any part
or all of an inferred resource exists, or is economically or legally mineable.
</P>
<P align=center>37 </P>
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<P align=justify>Disclosure of gold and silver resources expressed in ounces in
the mineral resource categories in this document are in compliance with Canadian
National Instrument 43-101, but does not meet the requirements of Industry Guide
7, Description of Property by Corporations Engaged or to be Engaged in
Significant Mining Operations, of the SEC, which will accept only the disclosure
of tonnage and grade estimates for non-reserve mineralization. See &#147;Cautionary
Note To United States Investors Regarding Reserve And Resource Information&#148; </P>
<P align=justify>Eurasian has been generating exploration projects for over
thirteen years, and is now focused on entering into agreements to convert those
assets into royalty interests, as well as directly acquiring new royalty
properties. In this time, EMX has built a portfolio of precious metal, base
metal, and polymetallic property and royalty interests that spans five
continents and covers approximately 1.4 million acres. These assets provide
revenue streams from royalty, advance royalty and success-based bonus payments,
while maintaining continual exposure to exploration upside as projects advance.
Eurasian supplements mineral property revenue streams and value creation by
leveraging its technical expertise to make strategic investments in other
companies or projects that provide shareholders with additional investment
upside potential.</P>
<P align=justify>Eurasian's two material properties are the Leeville royalty
property located in Nevada's Northern Carlin Trend, and the Malmyzh copper-gold
project which is a strategic investment located in the Russian Far East.
Additional property descriptions are included in this report, but the Company
does not consider that individually these properties are material at this time.
</P>
<P align=center>
<IMG
src="form20fx41x1.jpg"
border=0 width="678" height="379"></P>
<P align=justify><B><I><U>Leeville and Royalty Property
Overview</U></I></B><B><I> </I></B></P>
<P align=justify>A material EMX asset is the Leeville royalty property acquired
in the 2012 Bullion Monarch merger that covers portions of Newmont Mining
Corporation&#146;s Leeville, Turf, and other underground gold mining operations and
deposits in the Northern Carlin Trend. The Leeville 1% gross smelter return
("GSR") royalty paid approximately US$1.7 million during the 12 months ending
December 31, 2016. The royalty totaled 1,361 troy ounces of gold that were
principally sourced from the Leeville (70%) and Turf underground operations
(30%), with negligible contributions from other Newmont operations. The average
realized gold price was US$1,250 per troy ounce. The 2016 Leeville royalty
performance represents a 33% increase in GSR revenue from 2015, corresponding to
increases of 24% in attributable gold ounce production and 8% in average
realized gold price. Newmont has stated that its Turf Vent Shaft Project, which
was commissioned in November 2015, will provide the ventilation required to
&#147;increase production&#148; and &#147;unlock&#148; additional resources at &#147;greater Leeville&#148; As
understood by the Company, "greater Leeville" includes portions of EMX&#146;s royalty
property, and the Turf Vent Shaft Project as described by Newmont may
potentially have a positive impact on the Leeville royalty. However, the Company
does not have access to the information from Newmont in order to confidently
assess what, if any, that impact has been or will be. Newmont has also
delineated a trend of sediment-hosted gold mineralization that extends southeast
from the Leeville mining complex and across EMX's Leeville royalty property that
covers portions of the Rita K and Full House exploration projects. These Newmont
exploration successes underscore the prospectivity of the Leeville royalty
property.</P>
<P align=center>38 </P>
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<P align=justify>Further Carlin Trend exploration upside is provided by EMX&#146;s
Maggie Creek South 3% NSR and Maggie Creek 2% NSR royalty properties. The Maggie
Creek South royalty property was acquired in the 2012 merger with Bullion
Monarch. The Maggie Creek royalty property is one of two royalties acquired from
Golden Predator in the first quarter of 2016. The Maggie Creek South and Maggie
Creek royalty properties collectively cover approximately 12.4 square kilometers
of prospective ground within about 1.6 kilometers of Newmont&#146;s Gold Quarry open
pit mining operation.</P>
<P align=justify>In addition to EMX&#146;s Carlin Trend royalty properties, the
Company has royalty property interests elsewhere in the western U.S., as well as
in Turkey, Serbia, Haiti, Norway and Sweden including: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Afgan 1% NSR royalty which was the second Nevada gold
      royalty property purchased from Golden Predator and added to the portfolio
      in 2016. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Balya lead-zinc-silver royalty property in Turkey,
      which continued to undergo small scale underground development and
      stockpiling in 2016. Also in Turkey, Eurasian converted the Akarca and
      Sisorta exploration projects to royalty properties. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>EMX&#146;s portfolio in Serbia represents a combination of
      organically generated royalties complemented by a key royalty purchase
      that covers the Cukaru Peki copper-gold project. Cukaru Peki's high grade
      massive sulfide Upper Zone, which is being advanced by Nevsun Resources
      Ltd., had a positive PEA and updated resource announced in 2016. Nevsun
      states that it is "targeting" completion of a prefeasibility study and
      commencement of an exploration decline later in 2017. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>All of EMX's interests in Haiti have been converted into
      NSR royalties, with the sale of joint venture interests to Newmont in 2015
      for a US$4 million cash payment as well as a 0.5% NSR royalty, and the
      2016 sale of the Grand Bois property to a privately held Nevada
      corporation in Q1 2016 for a retained a 0.5% NSR royalty interest.
  </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>In Scandinavia, Eurasian sold four exploration properties
      in Norway and Sweden to a privately held British Columbia corporation for
      a 3% NSR royalty, an equity interest, and other considerations. Also in
      Sweden, the Viscaria iron-copper royalty, acquired from the purchase of
      the Phelps Dodge Exploration Sweden AB assets in 2010, was advanced by
      Avalon Minerals Ltd. (&#147;Avalon&#148;) (ASX:AVI) with ongoing Environmental
      Impact Statement Assessment (&#147;EISA&#148;) studies and other work.
  </P></TD></TR></TABLE>
<P align=justify>In addition to the current royalty property portfolio, all of
EMX&#146;s exploration properties optioned to, or joint ventured with, third parties
include a royalty option. Many of these properties also provide advance minimum
royalty or advance annual royalty payments that generate an early revenue stream
to EMX&#146;s benefit during earn-in. Additional details on Eurasian&#146;s property
portfolio are included in the following sections. </P>
<P align=justify><B><I><U>North America</U></I></B><B><I> </I></B></P>
<P align=justify>Eurasian&#146;s portfolio in North America totals 34 exploration and
royalty properties covering more than 32,000 hectares. The exploration
properties are advanced through wholly-owned subsidiary Bronco Creek Exploration
Inc. ("BCE"), and include porphyry copper-molybdenum, porphyry copper-gold,
Carlin-type gold, and high-grade gold-silver vein projects. The portfolio is
comprised of eight royalty properties, including the producing Leeville royalty
(see above section), that are being advanced by partner companies and 26
exploration properties in Arizona, Nevada, Utah, and Wyoming. Six of the
exploration properties are partnered and advancing through various option
agreements. </P>
<P align=justify>The Company&#146;s 2016 work focused on advancing partner funded
projects, executing new agreements for available projects, generative
exploration, identifying royalty assets for purchase, business development, and
balancing the portfolio by acquiring new properties on open ground while
dropping low priority projects. Eurasian is in discussions with potential
partners for the available North American properties, as well as for regional
exploration alliances. </P>
<P align=center>39 </P>
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<P align=center><IMG src="form20fx43x1.jpg" border=0 width="560" height="386"> </P>
<P align=justify><B>Maggie Creek and Maggie Creek South Royalty Properties
</B></P>
<P align=justify>The Maggie Creek gold property is located approximately two
kilometers north-northeast of Newmont's Gold Quarry mining operations on the
Carlin Trend. EMX purchased the Maggie Creek 2% NSR royalty on all precious
metals and a 1% NSR royalty on all other minerals from Golden Predator in March
2016. The Maggie Creek royalty property covers over approximately 7.2 square
kilometers and is controlled by Renaissance Gold Inc. Maggie Creek occurs along
the northeast projection of the Gold Quarry fault zone, which is an important
mineralizing control at the Gold Quarry mine. Exploration has been conducted by
companies that include Newmont, Barrick, Western States, Teck, Cordex, and
Freeport. Most of the historic drilling consisted of shallow, vertical holes
that did not thoroughly test Carlin-type targets in the "upper plate" or "lower
plate" rocks of the Roberts Mountain Allocthon. </P>
<P align=justify>The acquisition of the Maggie Creek royalty complements EMX's
Maggie Creek South 3% NSR royalty previously acquired in 2012. Maggie Creek
South occurs approximately 1.5 kilometers south-southeast of Gold Quarry, and
covers about 5.2 square kilometers. Maggie Creek South occurs on the southeast
projection of the Good Hope fault trend, which has an alignment of deposits
along its length including Mike, Tusc, Mac, and Gold Quarry, as well as the
down-dip projection of favorable host rocks.</P>
<P align=justify><B>Afgan Royalty Property </B></P>
<P align=justify>The Afgan gold property is located about 40 kilometers
northwest of Eureka, Nevada on the Battle Mountain-Eureka Trend.</P>
<P align=justify>EMX purchased the Afgan 1% NSR royalty as part of the March
2016 Golden Predator transaction that also included the Maggie Creek royalty
(see above section). The Afgan unpatented lode mining claim block is controlled
by McEwen Mining Inc.. The property hosts a semi-continuous, 1,050 by 450 meter,
north-northwest oriented zone of oxide gold mineralization delineated by
historic drilling programs and hosting a historic resource. The mineralization
occurs along the contact of thinly bedded siltstones of the Webb Formation with
the underlying Devils Gate Limestone, which is a well documented geologic
environment that can host Carlin-type deposits.</P>
<P align=center>40 </P>
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<P align="justify">
<B>Copper King Property</B> </P>
<P align="justify">
The Copper King porphyry copper-molybdenum project is located approximately four kilometers northwest of the Resolution porphyry copper deposit in the Superior (Pioneer) mining district of Arizona.</P>
<P align="justify">
EMX executed an Option Purchase Agreement in 2013 with Desert Star Resources Ltd. ("Desert Star") whereby Desert Star could acquire a 100% interest in the project for cash, shares, and work commitments, after which EMX would retain a 2.5% NSR
royalty. In the first quarter of 2016, Desert Star completed 760.17 meters of drilling in two holes spaced 450 meters apart. Neither of the holes were drilled to their target depths, and after review of the alteration zoning in the drill core, EMX
believes the original target concept remains valid and untested. The holes were reclaimed in a manner that will permit future re-entry to test the porphyry targets previously identified by EMX. The project returned to 100% Eurasian control after
Desert Star elected to terminate its option for the property late in Q1. </P>
<P align="justify">
Subsequently in the fourth quarter of 2016, Eurasian executed an Exploration and Option to Purchase Agreement with Kennecott Exploration Company for Copper King. Pursuant to the agreement, Kennecott can earn a 100% interest in the project by a)
reimbursing the 2016 holding costs and making option payments, together totaling US&#36;504,314, and b) completing US&#36;4,000,000 in exploration expenditures before the fifth anniversary of the agreement. Upon exercise of the option EMX will
retain a 2% NSR royalty on the project which is not capped or purchasable. After exercise of the option, annual advance minimum royalty and milestone payments will be payable to Eurasian. </P>
<P align="justify">
<B>Mineral Hill Property </B></P>
<P align="justify">
The Mineral Hill gold-copper project is located in the Black Hills of Wyoming, approximately 20 kilometers west of the Wharf mine in South Dakota. The project is centered on an Eocene age alkaline intrusive complex consisting of an outer ring
complex, interior intrusive complex, and interior breccia zone. Historic small scale production in the project vicinity occurred between the 1870&rsquo;s and 1930&rsquo;s, and principally came from alluvial gold in drainages, gold and silver
mineralization at the Treadwell Mine, and gold and copper mineralization near the Interocean Mine.</P>
<P align="justify">
Eurasian entered into an Exploration and Option Agreement with Coeur Explorations, Inc., a subsidiary of Coeur Inc. (&ldquo;Coeur&rdquo;) for Mineral Hill in Q4. The project is held under a pooling agreement with Mineral Hill L.P.
(&ldquo;MHL&rdquo;), with all proceeds split 50:50, except the sale of surface rights associated with patented mining claims held by MHL. Coeur may earn a 100% interest in the project by a) making option payments totaling US&#36;435,000
(US&#36;10,000 received upon execution), b) making exploration expenditures totaling US&#36;1,550,000 and c) paying US&#36;250,000 upon exercise of the option, with EMX and MHL retaining a 4% NSR royalty and receiving annual advance minimum royalty
payments and a milestone payment upon completion of a feasibility study. Coeur may purchase up to 1.5% of the NSR royalty for US&#36;5,000,000 if the first increment is purchased within 60 days of the completion of a preliminary economic assessment
(&ldquo;PEA&rdquo;). </P>
<P align="justify">
<B>Ophir Property </B></P>
<P align="justify">
The Ophir property is located in the northern portion of Utah's Ophir mining district, approximately 15 kilometers southwest of Rio Tinto&rsquo;s Bingham Canyon mine. The Ophir district is characterized by silver-lead-zinc-copper replacement
deposits and fissure veins hosted within carbonate sedimentary rocks and associated with monzonitic stocks and dikes. The property contains several small-scale historic mines with dump material characterized by mineralization similar to other
historic mines in the district. The district's silver and base metals mineralization may be a distal expression of associated porphyry copper mineralization at depth. </P>
<P align="justify">
In the fourth quarter of 2016, Eurasian sold the five patented mining claims comprising the Ophir property, through its wholly owned subsidiary Bullion Monarch Mining Inc., to Kennecott Exploration Company (&ldquo;Kennecott&rdquo;), part of the Rio
Tinto Group. EMX received US&#36;75,000 in cash upon closing and retained a 2% NSR royalty interest from the sale. </P>
<P align="justify">
<B>Copper Springs </B></P>
<P align="justify">
The Copper Springs project is located in the southern part of Arizona's Globe-Miami mining district. EMX's work and new geologic interpretations led to the recognition that the property covers a previously unrecognized porphyry trend that crosses
largely untested, structurally down-dropped blocks concealed beneath younger basin fill. </P>
<P align="justify">
As a subsequent event, in February 2017, Eurasian executed an Option Agreement for Copper Springs with Anglo American Exploration (USA), Inc. (&ldquo;Anglo American&rdquo;). Anglo American can earn a 100% interest in the project by a) reimbursing
2016 holding and permitting costs and making annual option payments, together totaling US&#36;447,000, and b) completing US&#36;5,000,000 in exploration expenditures before the fifth anniversary of the agreement. Upon exercise of the option, Anglo
American will pay EMX an additional US&#36;110,000 and EMX will retain a 2% NSR royalty on the project. The royalty is not capped or purchasable, except over two parcels of Arizona State Land where Anglo American can buy a 0.5% NSR royalty from EMX
for US&#36;2,000,000. After exercise of the option, annual advance minimum payments and milestone payments will be payable to EMX. </P>
<P align=center>41 </P>

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<P align=justify><B>Superior West Property </B></P>
<P align=justify>The Superior West project is located west of the historic
mining town of Superior, Arizona, and adjacent to Resolution Copper&#146;s property.
The project covers several porphyry copper targets, as well as the interpreted
western extension of the historic Magma Vein.</P>
<P align=justify>EMX executed an Exploration and Option to Purchase Agreement
with Kennecott for the Superior West project in 2015. Kennecott may earn a 100%
interest in the project by completing US$5.5 million in exploration expenditures
and making cash payments totaling US$1,149,187, after which EMX will retain a 2%
NSR in addition to annual AMR and certain project milestone payments.</P>
<P align=justify>During 2016, EMX further consolidated the project's land
position, and compiled the results from partner funded geologic mapping,
geochemical sampling, and geophysical survey programs. The resulting
interpretations substantiated EMX's original exploration concepts, and refined
the definition of priority targets. As well, work continued on permitting for a
follow-up drill program.</P>
<P align=justify><B>Hardshell Skarn Property </B></P>
<P align=justify>The Hardshell Skarn property is located approximately 75
kilometers southeast of Tucson, Arizona within the Patagonia Mountains. The
property lies between the Sunnyside porphyry copper system to the west, the
Hermosa project (Arizona Minerals Inc.) to the east, and the historic Trench
mine to the north. EMX has targeted base and precious metals mineralization
hosted in skarn and replacement bodies within a series of Paleozoic
limestones.</P>
<P align=justify>An Exploration and Option Agreement was executed in 2015 for
the Hardshell Skarn project with Arizona Minerals Inc. Arizona Minerals can earn
a 100% interest in the project by making cash payments totaling US$85,000, and
upon exercise of the option EMX will retain a 2% NSR royalty and receive annual
advanced royalty payments. The EMX royalty is not capped and not subject to
buy-down. </P>
<P align=justify>During 2016, Arizona Minerals conducted drill programs and
announced updated resource estimates for the Hermosa project's Taylor deposit,
which borders the Hardshell skarn claim block.</P>
<P align=justify><B>Yerington West Property </B></P>
<P align=justify>The Yerington West joint venture property, located in the
Yerington mining district of west-central Nevada, is partnered with Entr&#233;e Gold
Inc. (&#147;Entr&#233;e&#148;). The project comprises a porphyry copper-molybdenum target and a
copper-iron skarn target beneath cover rocks. Entr&#233;e has made all required
payments and both the property and agreement are in good standing. EMX has a
100% interest in the Yerington West project until Entr&#233;e completes its initial
earn-in requirements. </P>
<P align=justify><B>Cathedral Well Property</B></P>
<P align=justify>The Cathedral Well project is located at the southern end of
the Battle Mountain-Eureka gold trend and surrounds most of the historic Green
Springs mine. Eurasian announced the execution of an Option Agreement with Ely
Gold for the Cathedral Well property in 2014 for staged option payments and a
2.5% NSR royalty interest, inclusive of an underlying 0.5% NSR. Ely Gold
completed their earn-in of the property in November of 2016 through a trade with
Eurasian whereby a subsidiary of Ely Gold executed a quit claim deed for 36
mining claims adjacent to Eurasian&#146;s Spring Canyon property in Nevada in lieu of
its last US$25,000 option payment. In December 2016, Ely Gold announced it had
optioned the the property to Colorado Resources Ltd. Both the property and
agreement remain in good standing. </P>
<P align=justify><B>Aguila de Cobre Property </B></P>
<P align=justify>Aguila de Cobre is located approximately 120 kilometers west of
Phoenix, Arizona in a relatively un-explored region of the Arizona porphyry
copper belt. The property covers an area of shallow post-mineral cover ringed to
the west by outcrops that exhibit alteration and mineralization characteristic
of the margins of porphyry copper systems and developed over a broad area of
&gt;20 square kilometers. The alteration patterns vector towards the project's
covered area, and highlight two distinct porphyry copper targets. </P>
<P align=justify>EMX executed an Exploration and Option to Purchase Agreement
with Kennecott for Aguila de Cobre in 2015. During Q1 2016 Kennecott completed
IP and ground magnetics geophysical surveys over the property. In April of 2016,
EMX received notice that Kennecott had elected to terminate its option on the
property, returning it to 100% Eurasian control. The Aguila de Cobre project is
now available for partnership. </P>
<P align=center>42 </P>
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<P align=justify><B>Red Top Property</B> </P>
<P align=justify>The Red Top property is a porphyry copper-molybdenum project
located in the Globe-Miami mining district of Arizona.</P>
<P align=justify>EMX executed an Option Purchase Agreement in 2013 with Desert
Star whereby Desert Star could acquire a 100% interest in the project for cash,
shares, and work commitments, after which EMX would retain a 2.5% NSR royalty.
Desert Star advanced the project with geologic and alteration mapping,
geophysical studies, and drill permitting. As a subsequent event, the project
returned to 100% Eurasian control after Desert Star elected to terminate its
option for the property in January of 2017. The Red Top property is currently
available for partnership. </P>
<P align=justify><B>Other Work Conducted by Eurasian in the U.S. </B></P>
<P align=justify>EMX continued evaluation of property and royalty acquisition
opportunities in North America, with generative work focused on gold
opportunities in the Great Basin and porphyry copper targets in Arizona and
Utah. EMX acquired the following properties by staking on open ground: 1) the
Spring Canyon, Mud Spring, and Trench gold projects in Nevada, 2) the Diablo
Porphyry and Greenwood Springs copper projects in Arizona, and the 3) Dugway
copper project in Utah.</P>
<P align=justify><B>Qualified Person</B> </P>
<P align=justify>Dean D. Turner, CPG, a Qualified Person as defined by NI 43-101
and consultant to the Company, has reviewed, verified and approved the above
technical disclosure on North America. </P>
<P align=justify><B><I><U>Turkey</U></I></B><B><I> </I></B></P>
<P align=justify>Eurasian holds mineral property interests in Turkey&#146;s Western
Anatolia and Eastern Pontides mineral belts. These properties include bulk
tonnage gold, gold-silver vein, polymetallic carbonate replacement, and porphyry
gold-copper targets. Eurasian announced the sale and conversion of two
exploration projects in Q3 to royalty properties (Akarca and Sisorta). The cash
payments received from those agreements and pending cash flow streams in future
years will provide operating capital for Eurasian on an ongoing basis. Six of
the seven EMX projects in Turkey are now being advanced by partner companies.
Despite the political challenges faced in Turkey, EMX&#146;s partner companies have
carried out work and advanced multiple projects during the year. </P>
<P align=justify>EMX has retained Dama Muhendislik Proje ve Maden San.Tic. A.S
(&#147;Dama&#148;), an internationally recognized Turkish engineering company based in
Ankara, to manage Eurasian's interests in Turkey. </P>
<P align=center><IMG src="form20fx46x1.jpg" border=0 width="633" height="329"> </P>
<P align=center>43 </P>
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<P align=justify><B>Akarca Property </B></P>
<P align=justify>The Akarca royalty property covers an epithermal gold-silver
district located in the Western Anatolia mineral belt that was discovered by EMX
in 2006. The project has six drill defined zones of gold-silver mineralization,
and exploration programs at Akarca, principally funded by partners, have
included 300 core and reverse circulation holes totaling ~32,800 meters, as well
as property-wide geologic mapping, geochemical sampling, and geophysical
surveys.</P>
<P align=justify>In Q3, EMX sold AES Madencilik A.S., the wholly-owned EMX
subsidiary that controls the Akarca project, to &#199;iftay &#206;nsaat Taahh&#252;t ve Ticaret
A.S. ("&#199;iftay"), a privately owned Turkish company (see EMX news release dated
August 8, 2016). Commercial terms of the sale provide payments to EMX as
summarized below (gold payments can be as gold bullion or the cash
equivalent):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>US$2,000,000 cash payment to EMX upon closing of the sale
      (completed). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>500 ounces of gold every six months commencing February
      1, 2017 up to a cumulative total of 7,000 ounces of gold. As a subsequent
      event, the first 500 ounce cash equivalent payment of US$601,825 was made
      to EMX in February 2017. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>7,000 ounces of gold within 30 days after the
      commencement of commercial production from the property provided that
      prior gold payments will be credited against this payment. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>250 ounces of gold upon production of 100,000 ounces of
      gold. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>250 ounces of gold upon production of an aggregate of
      500,000 ounces of gold. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>A sliding-scale royalty in the amount of the following
      percentages of production returns after certain deductions (&#147;Royalty&#148;):
      </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  ></TD>
    <TD align=left >
      <P align=justify>&#8722; </P></TD>
    <TD align=left width="85%">
      <P align=justify>For gold production: 1.0% on the first 100,000 ounces of
      gold; 2.0% on the next 400,000 ounces of gold; 3.0% on all gold production
      in excess of 500,000 ounces. </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&#8722; </TD>
    <TD align=left width="85%">For all production other than gold production:
      3.0%. </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">The Royalty is uncapped and cannot be bought
      out or reduced. </TD></TR></TABLE>
<P align=justify>In addition, &#199;iftay must conduct a drilling program of at least
3,000 meters on the property during each 12-month period commencing on August 5,
2016. &#199;iftay informed EMX in Q4 that it completed an initial 49 hole diamond
drill program comprising 6,032 meters. &#199;iftay also advised it is undertaking
various metallurgical and engineering studies on the property. </P>
<P align=justify><B>Sisorta Property </B></P>
<P align=justify>The Sisorta project, located in the Eastern Pontides mineral
belt, is a near-surface, volcanic-hosted, high sulfidation epithermal gold
deposit. Exploration programs at Sisorta, principally funded by partners, have
included 123 diamond drill holes totaling over 17,700 meters, geologic and
alteration mapping, geochemical sampling, and geophysical surveys. This work has
outlined a 1000 by 600 meter zone of shallow oxide gold mineralization with
underlying copper and gold porphyry potential at depth. </P>
<P align=justify>In the third quarter of 2016, EMX sold EBX Madencilik A.S., the
wholly-owned EMX subsidiary that controls the Sisorta property, to Bahar
Madencilik Sinayi ve Ticaret Ltd Sti ("Bahar"), a privately owned Turkish
company (see EMX news release dated August 3, 2016). The terms of the sale
provide for Bahar's staged payments to EMX as summarized below:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>US$250,000 cash payment to EMX upon closing of the sale
      (completed). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Annual cash payments of US$125,000 (&#147;Advance Cash
      Payments&#148;) payable on each anniversary of the closing date until
      commencement of commercial production. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>3.5% of production returns after certain deductions (&#147;NSR
      Payment") for ore mined from the property that is processed on-site
      (increased to 5% if the ore is processed off-site). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Advance Cash Payments will be credited at a rate of
      80% against the NSR Payment payable after commercial production commences.
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>The NSR Payment is uncapped and cannot be bought out or
      reduced. </P></TD></TR></TABLE>
<P align=justify>Bahar advised EMX that it concluded an initial 20 hole diamond
drill program comprising 1,748 meters at Sisorta in Q4 2016. </P>
<P align=center>44 </P>
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<P align=justify><B>Balya Property </B></P>
<P align=justify>The Balya royalty property is located in the historic Balya
lead-zinc-silver mining district in northwestern Turkey. EMX holds an uncapped
4% NSR royalty that it retained from the sale of the property to Dedeman
Madencilik San ve Tic. A.S. ("Dedeman"), a privately owned Turkish company, in
2006.</P>
<P align=justify>EMX understands that since acquiring the property, Dedeman has
completed over 36,000 meters of diamond drilling in addition to re-initiating
small scale underground development at the Hastanetepe deposit in 2015.
Hastanetepe is a moderately dipping, 750 by 450 meter zone that extends from
depths of 10-20 meters to 200-300 meters as multiple stacked horizons of
lead-zinc-silver mineralization primarily developed along contacts between
limestones and dacitic intrusions. Dedeman's development work has concentrated
on an area of shallow, high grade mineralization on the northeast margin of
Hastanetepe with a production shaft and two working levels at 45 and 75 meters
below the surface. Dedeman advises that it produced and stockpiled approximately
16,000 tonnes of run-of-mine material averaging 6.9% Pb and 3.5% Zn during
2016.</P>
<P align=justify><B>Golcuk Property </B></P>
<P align=justify>The Golcuk royalty property is located in the Eastern Pontides
metallogenic belt of northeast Turkey. The mineralization at Golcuk primarily
occurs as stacked, stratabound horizons with disseminated copper and silver
hosted in volcanic units, as well as in localized cross-cutting fault-controlled
veins and stockworks of bornite, chalcopyrite and chalcocite.</P>
<P align=justify>Pasinex Resources Ltd. (&#147;Pasinex&#148;) (CSE:PSE) signed an
agreement in 2012 granting it an option to acquire a 100% interest in the Golcuk
property for shares and work commitments over a four year period. EMX retains a
2.9% NSR royalty, which Pasinex has the option of buying down to 0.9% within six
years of the agreement date for US$1 million. In the fourth quarter of 2016,
Eurasian received an additional 664,483 shares of Pasinex as equivalent value
for the 2016 advance royalty payment. </P>
<P align=justify>Pasinex&#146;s 2016 exploration programs identified additional
mineralized targets on the property, and their work included permitting, as well
as road and drill pad development, in preparation for a follow-up drill program
in 2017. </P>
<P align=justify><B>Trab-23 Property </B></P>
<P align=justify>The Trab-23 property is located in northeast Turkey. The
project hosts both porphyry gold (copper-molybdenum) mineralization and
epithermal quartz-barite-gold veins.</P>
<P align=justify>Tumad Madencilik Sanayi ve Ticaret A.S. (&#147;Tumad&#148;), a privately
owned Turkish company, executed an option agreement in February 2013 granting it
an option to acquire Trab-23 from EMX. The Trab-23 agreement provided for
in-ground spending requirements, a revenue stream of annual earn-in and
pre-production payments, and a revenue stream based upon production. Tumad's
payment and drill requirements have not been met. EMX and Tumad are currently
negotiating a revision to the agreement that will include a shift of required
payments and drill commitments to 2017 and 2018. </P>
<P align=justify><B>Alankoy Property </B></P>
<P align=justify>The Alankoy gold-copper property, located in the Biga Peninsula
of northwestern Turkey, occurs in an area noted for recent discoveries
characterized by alunite-rich epithermal alteration and the development of vuggy
silica lithocaps. EMX's work outlined a six square kilometer area of lithocaps
and quartz&#150;alunite and argillic alteration with gold-copper mineralization as
well as skam and replacement style mineralization based upon geologic mapping,
rock and soil sampling, spectral analyses, ground magnetics, and historic
reconnaissance drill results.</P>
<P align=justify>Eurasian executed an Exploration and Option Agreement for
Alankoy with Black Sea Copper &amp; Gold Corp. (&#147;Black Sea&#148;), a privately-held
British Columbia corporation, in November 2015. In 2016, Black Sea conducted
surface exploration programs, and met statutory requirements to keep the
property in good standing. As a subsequent event in Q1 2017, Black Sea
terminated the agreement, and EMX regained 100% control of the project. Alankoy
is currently available for partnership.</P>
<P align=justify><B>Other Property Interests </B></P>
<P align=justify>EMX has a royalty interest in the Aktutan polymetallic project
sold to Dedeman in 2007 for considerations that include a 4% uncapped NSR. No
progress on the project was reported by Dedeman for 2016. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101
and employee of the Company, has reviewed, verified and approved the above
technical disclosure on Turkey. </P>
<P align=center>45 </P>
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<P align=justify><B><I><U>Australia and New Zealand</U></I></B><B><I>
</I></B></P>
<P align=justify>The Company's programs in the Australia and New Zealand region
continued to operate at a reduced expenditure rate, while taking advantage of
generative exploration opportunities with the acquisition of new projects. The
Koonenberry gold project in New South Wales, Australia is being advanced by
partner companies under earn-in and royalty agreements with EMX. In New Zealand,
the Neavesville gold-silver project is being advanced under an agreement with
Land &amp; Minerals Ltd. ("L&amp;M"), and the Ohakuri and Muirs Reef properties
were added to the Company's exploration portfolio in 2016. </P>
<P align=center><IMG src="form20fx49x1.jpg" border=0 width="624" height="394"> </P>
<P align=justify><B>Koonenberry Property </B></P>
<P align=justify>The Koonenberry property hosts gold occurrences and gold
geochemical anomalies coincident with prominent structural features related to
the regional scale Koonenberry fault. The majority of the project is under an
Exploration and Option Agreement with North Queensland Mining Pty Ltd ("NQM"), a
privately held Australian company, whereby NQM can earn a 100% interest in the
subsidiary that holds the EMX licenses, with EMX retaining a 3% production
royalty upon earn-in. During 2016, NQM reduced the tenement position to a core
of the most prospective ground, while fulfilling statutory and filing
requirements to keep the property in good standing.<B> </B></P>
<P align=justify><B>Neavesville Property </B></P>
<P align=justify>The Neavesville property consists of a single exploration
permit in the Hauraki Goldfield of New Zealand's North Island. EMX acquired
Neavesville, which covers a historic JORC gold-silver resource, on open ground
with minimal cost. The property hosts epithermal gold-silver mineralization that
has geologic features similar to other deposits of the Hauraki Goldfield. </P>
<P align=justify>The project is under a definitive agreement with L&amp;M, a
wholly owned subsidiary of E2 Metals Ltd. (&#147;E2&#148;), giving L&amp;M the right to
acquire the wholly owned EMX subsidiary that controls the Neavesville property.
The agreement with L&amp;M provides for work obligations, staged payments,
milestone payments based upon JORC reserves, and commercial production payments,
all to the benefit of Eurasian. During 2016, L&amp;M focused on fulfilling
statutory and filing requirements to keep the license in good standing. In Q1
2017 E2 Metals filed a prospectus with the ASX exchange announcing an offering
to raise a minimum of $6,000,000 AUD and their intention to list E2 Metals on
the ASX Exchange. Proceeds will be used in part to fund a drilling program at
Neavesville, which is slated to commence in April, 2017.<B> </B></P>
<P align=center>46 </P>
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<P align=justify><B>Ohakuri Property </B></P>
<P align=justify>The Ohakuri property, located in the Taupo Volcanic Zone of New
Zealand's North Island, is covered by a five year exploration license that was
granted in Q1 2016. The project covers an area of historic drilling that
intersected broad zones of epithermal-style gold (silver) mineralization hosted
in ignimbrites and associated with quartz adularia alteration systems and weakly
developed vein arrays concealed beneath a veneer of volcanic cover rocks. EMX
believes that only a small portion of the prospective area has been tested, with
several undrilled geophysical and geochemical anomalies providing potential for
additional discoveries. The Ohakuri project is available for partnership. </P>
<P align=justify><B>Muirs Reef Property </B></P>
<P align=justify>The Muirs Reef property, located along the western margin of
the Taupo Volcanic Zone of New Zealand's North Island, is covered by a five year
exploration license that was granted in Q4 2016. The project area encompasses
the Hauraki Goldfield's Muirs Reef low sulfidation vein system. Historic, small
scale underground mining was carried out on a gold (silver) vein at the southern
end of Muirs Reef over a strike length of ~275 meters and to ~100 meters below
surface. The Muirs Reef project is available for partnership. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101
and employee of the Company, has reviewed, verified and approved the above
technical disclosure on Australia and New Zealand.</P>
<P align=justify><B><I><U>Europe</U></I></B><B><I> </I></B></P>
<P align=justify>Eurasian has been actively exploring in Europe since 2003, and
has assembled a portfolio of copper and polymetallic royalty and exploration
properties in Scandinavia, as well as a portfolio of copper and gold royalty
properties in Serbia. In Scandinavia, the Company continued to operate at a
reduced expenditure rate, while pursuing strategic partnerships for properties
in the portfolio and adding value through low cost generative exploration. These
efforts resulted in the conversion of four exploration properties to royalty and
equity interests, as well as the addition of one new 100% controlled property to
the exploration portfolio. EMX also has a portfolio of royalty interests in
Serbia that includes the Cukaru Peki copper-gold project located in the prolific
Timok Magmatic Complex.</P>
<P align=justify><B>Scandinavia </B></P>
<P align=justify>Scandinavia is a favorable jurisdiction for mineral exploration
and development, and Eurasian has been focused on core property holdings that
include the Gumsberg and Adak properties in Sweden, and the Tynset and Burfjord
properties in Norway. These properties were acquired between 2013 and 2015 by
license application on open ground. Each of the properties has undergone
historic mining production, but with only limited or no modern exploration
conducted. All of the properties have polymetallic styles of mineralization, and
each shows enrichments in multiple metals. Gumsberg, Adak, and Tynset host
Volcanogenic Massive Sulfide (&#147;VMS&#148;) styles of mineralization, and Burfjord is
characterized by Iron-Oxide-Copper-Gold (&#147;IOCG&#148;) styles of mineralization.
Eurasian's new geologic interpretations identified multiple exploration targets
on these properties based upon combinations of historic data compilations,
geologic mapping, geochemical sampling, geophysical surveys, and a
reconnaissance drilling program. </P>
<P align=center>47 </P>
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<P align=center><IMG src="form20fx51x1.jpg" border=0 width="397" height="423"> </P>
<P align=justify>In the fourth quarter of 2016, EMX executed a definitive
agreement to sell the Gumsberg, Adak, Tynset and Burfjord properties to Boreal
Metals Corp. (&#147;BMC&#148;), a British Columbia corporation. Commercial terms of the
agreement with BMC, which closed on February 14, 2017 are summarized below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>At closing, Eurasian transferred to BMC its entire
      interest in its wholly-owned subsidiaries that owned the properties.
    </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>At closing, BMC issued to Eurasian that number of common
      shares of BMC that represents a 19.9% equity ownership in BMC. BMC has the
      continuing obligation to issue additional shares of BMC to Eurasian to
      maintain its 19.9% interest in BMC, at no additional cost to Eurasian,
      until BMC has raised CDN $5,000,000 in equity. Thereafter Eurasian will
      have the right to participate pro-rata in future financings at its own
      cost to maintain its 19.9% interest in BMC. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Eurasian will receive an uncapped 3% net smelter return
      (&#147;NSR&#148;) royalty on each of the properties. Within five years of the
      closing date, BMC has the right to buy down up to 1% of the royalty on any
      given project by paying Eurasian US$2,500,000 in cash and shares of BMC.
      Such buy down is project specific. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Eurasian will receive annual advance royalty (&#147;AAR&#148;)
      payments of US$20,000 for each of the properties commencing on the second
      anniversary of the closing, with each AAR payment increasing by US$5,000
      per year until reaching US$60,000 per year, except that BMC may forgo AAR
      payments on two of the four Properties in years two and three. Once
      reaching $60,000, AAR payments will be adjusted each year according to the
      Consumer Price Index (as published by the U.S. Department of Labor, Bureau
      of Labor Statistics). </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Eurasian will receive a 0.5% NSR royalty on any new
      mineral exploration projects generated by BMC in Sweden or Norway,
      excluding projects acquired from a third party containing a mineral
      resource or reserve or an existing mining operation. These royalties are
      not capped and not subject to a buy down. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Eurasian has the right to nominate one seat on the Board
      of Directors of BMC. </P></TD></TR></TABLE>
<P align=justify>The conversion of the four properties in Sweden and Norway to
royalty and equity interests marks the achievement of a major Company objective.
These properties will provide near-term AAR payments, with upside provided by
potential royalty revenue in the future. In addition, EMX's equity holding in a
Scandinavian-focused resource company provides further upside potential for
Eurasian. </P>
<P align=center>48 </P>
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<P align=justify>Subsequent to the agreement with BMC, Eurasian was granted the
Rydarhyttan exploration license in the Bergslagen district of southern Sweden in
the fourth quarter of 2016. Riddarhyttan is known for its historic iron
production, with historic operations active from medieval times through the late
1970&#146;s. The property also contains a variety of styles of mineralization
including base metal rich VMS deposits, copper and gold-rich IOCG-type deposits,
and REE mineralization as identified from historic geochemical sampling,
geophysical surveys, and drill programs. Rydarhyttan is 100% controlled by
Eurasian and available for partnership. </P>
<P align=justify>EMX also holds an effective 0.5% NSR royalty interest in
Avalon&#146;s Viscaria copper project located in the Kiruna mining district of
northern Sweden. Upon receipt of US$12 million in royalty revenues, the royalty
rate increases to a 1.0% NSR. Avalon completed a mineral resource estimate and
"scoping study" based upon a combination open pit and underground scenario in
2015. During 2016, Avalon advanced the Environmental and Social Impact
Assessment (ESIA) and permitting process for the project, while making plans for
additional drilling to update the resource estimate and scoping study.</P>
<P align=justify><B>Serbia </B></P>
<P align=justify>EMX's royalty portfolio in Serbia initially resulted from
prospect generation and organic royalty growth via the 2006 sale of its
properties, including Brestovac West, to Reservoir Capital Corp., for uncapped
NSR royalties of 2% for gold and silver and 1% for all other metals. Reservoir
Capital Corp. later transferred those interests to Reservoir Minerals Inc.
(&#147;Reservoir&#148;). Subsequently, Eurasian acquired 0.5% NSR royalty interests (note:
the royalty percentage is subject to reduction on conditions specified in the
royalty agreement) covering the Brestovac and Jasikovo-Durlan Potok properties
(see EMX news release dated February 4, 2014), which along with Brestovac West,
were included in the Timok Project Joint Venture with Freeport. EMX notes that
a) the original Brestovac and Brestovac permits are now covered by the Brestovac
Metonivca and Brestovac Zapad permits, and b) portions of a reconfigured
Jasikovo-Durlan Potok permit (i.e., expanded in some areas and reduced in other
areas) are not covered by the EMX royalty. Brestovac (Brestovac Metonivca) hosts
epithermal and porphyry copper-gold mineralization at the Cukaru Peki project.
</P>
<P align=center><IMG src="form20fx52x1.jpg" border=0 width="402" height="292"> </P>
<P align=justify>On April 19, 2016, Reservoir announced an updated resource
estimate and positive PEA results for Cukaru Peki. As reported by Reservoir, the
updated resource estimate for the "Upper Zone" high grade massive sulphide and
semi-massive sulphide mineralization at a 0.75% copper cut-off includes
indicated resources of 1.7 million tonnes averaging 13.5% copper and 10.4 g/t
gold, and inferred resources of 35.0 million tonnes averaging 2.9% copper and
1.7 g/t gold. The PEA base case considered a Phase 1 starter mine commencing in
2019, with access via a twin decline to higher grade direct shipping ore ("DSO")
material, followed in 2022 by Phase 2 mining of the main Upper Zone
mineralization down to the 800 meter level until 2030. An extended mining phase
was also considered consisting primarily of deeper portions of the deposit, with
production continuing to 2037. SRK<I> </I>Consulting (UK) Limited's Mr. Martin
Pittuck, a Qualified Person under NI 43-101 Standards of Disclosure for Mineral
Projects, approved and verified the technical disclosure in Reservoir's April
19, 2016 news release. </P>
<P align=justify>As another development, on April 24, 2016, Reservoir announced
a definitive agreement with Nevsun Resources Ltd. ("Nevsun") to combine their
respective companies. Completion of the arrangement was conditional on the
exercise by Reservoir of its right of first offer ("ROFO") in respect of the
original Timok Joint Venture agreement with Freeport. On May 2, 2016 Reservoir
and Nevsun reported that the ROFO was successfully exercised, with Reservoir
acquiring Freeport's interest in the Upper Zone of Cukaru Peki, and increasing its
interest in the Lower Zone. Nevsun subsequently closed the acquisition of
Reservoir as announced June 23, 2016. </P>
<P align=center>49 </P>
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<P align=justify>On September 29, 2016, Nevsun reported that it had commenced
drilling programs on the Upper Zone resource deposit and Lower Zone porphyry
target. According to Nevsun, it is targeting completion of a prefeasibility
study in September 2017, as well as the commencement of an exploration decline
in Q4 2017. Nevsun has budgeted US $35-40 million for Upper Zone work through
2017, and estimated expenditures of US $20 million for the Lower Zone program.
Nevsun reported encouraging drill results from both the Upper Zone and Lower
Zone on October 17, November 22, and December 7, 2016. </P>
<P align=justify>EMX's Timok royalty properties add significant upside potential
for Eurasian in one of Europe's richest copper-gold mineral belts.</P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101
and employee of the Company, has reviewed, verified and approved the above
technical disclosure on Europe. </P>
<P align=justify><B><I><U>Haiti</U></I></B><B><I> </I></B></P>
<P align=justify>Eurasian and Newmont Ventures Limited (collectively, the &#147;JV&#148;
or "Joint Venture"), had been exploring a land position along a 130 kilometer
trend of Haiti&#146;s Massif du Nord mineral belt since 2008, with Newmont funding
and managing the Joint Venture. EMX&#146;s 100% controlled Grand Bois gold-copper
project was not subject to the JV with Newmont. In 2013 the Haitian government
suspended its Mining Convention process while it began working on a new mining
law, which as Eurasian understands was an ongoing process during 2016. </P>
<P align=center>
<IMG
src="form20fx53x1.jpg"
border=0 width="563" height="286"></P>
<P align=justify>EMX sold its Haiti Joint Venture interests in 2015 to Newmont.
The now terminated EMX-Newmont Joint Ventures covered six designated exploration
areas in Haiti. Pursuant to the transaction, Newmont acquired all of EMX's
interest in the designated exploration areas on the following terms: a) Newmont
paid US$4 million in cash to EMX at closing, b) the Joint Ventures were
terminated, c) EMX retained a 0.5% NSR royalty on the 49 Research Permit
applications covering the designated exploration areas, and d) EMX retains the
right to acquire any properties proposed to be abandoned or surrendered by
Newmont.</P>
<P align=justify>In the first quarter of 2016, EMX sold its 100% controlled
Grand Bois project, which was outside the Joint Venture with Newmont, to a
privately held Nevada corporation. EMX retained a 0.5% NSR royalty interest in
the Grand Bois project and the right to acquire any properties proposed to be
abandoned or surrendered from the Grand Bois project in the future.</P>
<P align=justify>As a result of the above two transactions, all of EMX's
interests in Haiti have now been converted into NSR royalties. </P>
<P align=center>50 </P>
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<P align=justify><B>Qualified Person </B></P>
<P align=justify>Dean D. Turner, CPG, a Qualified Person as defined by NI 43-101
and consultant to the Company, has reviewed, verified and approved the above
technical disclosure on Haiti. </P>
<P align=justify><U>Strategic Investments</U> </P>
<P align=justify><B>IG Copper LLC</B> </P>
<P align=justify>EMX is a strategic investor in IGC, a privately held company
that is in a joint venture with Freeport on the Malmyzh copper-gold porphyry
project in Far East Russia. IGC has a 51% ownership interest in the Malmyzh
joint venture, with Freeport retaining a 49% interest. IGC is operating and
managing the project. The Shelekhovo and Salasinskaya properties, located ~150
kilometers northeast of Malmyzh, are 100% controlled by IGC and not subject to
the joint venture with Freeport. Eurasian was an early investor in IGC, and is
its largest shareholder, with approximately 39% of the issued and outstanding
shares (36% equity position on a fully-diluted basis) from investments totaling
US$9 million. EMX's investment in IGC and the Malmyzh project is material to the
Company. </P>
<P align=center><IMG src="form20fx54x1.jpg" border=0 width="633" height="352"> </P>
<P align=justify><I>Malmyzh Project </I></P>
<P align=justify>Malmyzh is a grassroots, district-scale discovery with over 14
porphyry copper-gold centers identified within a 16 by 5 kilometer intrusive
corridor. The project, which occurs 220 kilometers northeast of the Russia-China
border at Khabarovsk, has excellent logistical characteristics and available
infrastructure, including high voltage power lines, a natural gas pipeline, a
paved national highway, the Amur River, and a rail line that are all nearby to
the property. </P>
<P align=justify>The property&#146;s 152.8 square kilometers (15,280 hectares) of
exploration and mining licenses consist of: 1) HAB 02018 granted 9/18/2006 and
expiring 12/31/2026, and 2) HAB 02334 granted 7/23/2010 and expiring 12/31/2030.
The more recent "Malmyzh Flanks" exploration license (HAB 02746 BP) was granted
10/26/2015, expires 12/31/2022, and covers 74.1 square kilometers (7,410
hectares). The total Malmyzh land position totals 226.9 square kilometers
(22,690 hectares), and includes additional areas for potential project
development as well as extensions to known exploration targets. IGC advises that
the terms for the licenses can be granted extensions. </P>
<P align=justify>Copper-gold mineralization occurs in diorite porphyry
intrusives, as well as in hornfels-altered and stockworked sedimentary wall
rocks, and consists of near-surface zones (i.e., within 1 to 50 meters of the
surface) of variable chalcocite enrichment grading into chalcopyrite-rich and
chalcopyrite-bornite-magnetite mineralization to depth. The extent of the
porphyry copper-gold mineralized systems has not been fully determined within
the Malmyzh district. Much of the property has more than 15 meters of cover and
is undrilled, thereby providing exploration potential for additional
discoveries.<I> </I></P>
<P align=center>51</P>
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<P align=justify>In 2015, a statement of inferred resources for Malmyzh's
Valley, Central, Freedom (Southeast), and Flats deposits under NI 43-101 and CIM
definition standards was provided by Phil Newall, PhD, BSc, CEng, FIMMM, a
Qualified Person under NI 43-101 and managing director of Wardell Armstrong
International ("WAI"), an independent UK based consulting company. The open pit
constrained inferred resources at a 0.30% copper equivalent cut-off are 1,661
million tonnes at average grades of 0.34% copper and 0.17 g/t gold, or 0.42%
copper-equivalent, containing 5.65 million tonnes (12.45 billion pounds) copper
and 9.11 million ounces gold, or 7.06 million tonnes (15.56 billion pounds)
copper-equivalent. Copper equivalent (CuEq) was calculated as Cu% + (Au g/t *
0.5) based on assumed prices of $3.25/lb Cu and $1400/oz Au, with recoveries of
90% for Cu and 70% for Au. At the time of WAI's 2015 resource estimate, project
drilling totaled about 70,500 meters in over 211 core holes, with the majority
of the drilling (~55,000 m) concentrated on defining the four resource deposits
at nominal 200 by 200 meter centers, and generally to less than 500 meters
depth. See EMX's May 26, 2015 news release and SEDAR filed technical report
titled "NI 43-101 Technical Report on the Initial Mineral Resource Estimate for
the Malmyzh Copper-Gold Project, Khabarovsk Krai, Russian Federation" with an
effective date of May 1, 2015 and dated July 10, 2015 for more information on
the exploration results, QA/QC procedures, and methodology used to estimate the
Malmyzh inferred resources.</P>
<P align=justify>The copper-gold mineralization in the Valley, Central, Freedom
(Southeast), and Flats resource deposits have favorable open-pit geometries with
potentially low stripping ratios. All four resource deposits are open at depth
(&gt; 350-600 m), and importantly, there are zones of shallow, higher grade
copper-gold mineralization at the Valley and Freedom (SE) deposits, and high
grade below the resource pit at Central. Furthermore, there is higher grade
copper-gold mineralization at the Freedom Northwest prospect not currently
included in the Malmyzh inferred resource estimate due to the need for in-fill
drilling. </P>
<P align=justify>IGC advised that the Malmyzh joint venture had also advanced
Malmyzh in 2015 by receiving approval of the &#147;official on balance C1+C2
reserves&#148; from the GKZ (State Reserves Committee), the government agency
authorized to approve resources and reserves in the Russian Federation. The
Malmyzh &#147;official government approved reserves&#148; were estimated according to the
rules and regulations of the Russian Federation, and are not the same as
reserves under NI 43-101. The GKZ &#147;official reserves&#148; have been listed and added
to the &#147;State Balance of Reserves&#148;. In addition, IGC advised that the
&#147;prospecting phase&#148; of the Malmyzh exploration and mining licenses were
successfully completed. The joint venture subsequently filed documents to
continue to the advanced exploration and mining phase of the project's
development as required for &#147;strategically significant&#148; deposits according to
Russian law (i.e., the Law on Foreign Investments in Strategic Industries, also
termed the Strategic Industries Law or "SIL"). </P>
<P align=justify>In Q3 2016 IGC advised that SIL approval to advance the Malmyzh
project had been received from the Government Commission on Monitoring Foreign
Investment (the "Commission"). According to IGC, highlights of the Commission's
approval include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=center  >
      <P align=justify>&#149; </P></TD>
    <TD align=center width="90%">
      <P align=justify>The Joint Venture, as a majority foreign owned business
      entity, has been approved to retain control of the Malmyzh project
      exploration and mining licenses. </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=center  >
      <P align=justify>&#149; </P></TD>
    <TD align=center width="90%">
      <P align=justify>The Joint Venture, therefore, maintains mining and
      production rights for the Malmyzh and Malmyzh North exploration and mining
      licenses. </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=center  >
      <P align=justify>&#149; </P></TD>
    <TD align=center width="90%">
      <P align=justify>The Joint Venture holds 100% of the rights for the
      Malmyzh and Malmyzh North exploration and mining licenses, and is entitled
      to recover all minerals of economic value including copper, gold and
      by-product minerals. </P></TD></TR></TABLE>
<P align=justify>The conclusion of the SIL process initiated a new, multi-year
phase in the project's development. The Malmyzh team prepared a &#147;Project Plan&#148;
document that outlined advanced plans and programs that include additional
technical work (i.e., drilling, exploration, metallurgy, engineering, and
hydrology), as well as environmental, social, and economic assessments. This
next phase of work will ultimately conclude as a detailed "TEO of Permanent
Conditions" report, which is considered to be a precursor to commencement of
exploitation and mining (<I>TEO is the acronym for "Technico-Economicheskiye
Obosnovaniye" which translates as Technical-Economic Basis).</I></P>
<P align=justify>Subsequently in Q4, IGC commenced a reconnaissance diamond
drilling program at the Freedom Northwest, North, Sleeper West, and Sleeper
prospects totaling ten holes for 3,474.8 meters. As a subsequent event, final
assays were received from IGC in January 2017, and Eurasian announced the
results in a January 24th news release. The last hole of the program (AMM-213)
drilled at Freedom Northwest provided particularly notable results, intersecting
747.4 meters (108.7 -856.1 m) averaging 0.49% copper equivalent (0.41% copper
and 0.17 g/t gold) (true width unknown). AMM-213 was a vertical in-fill hole
designed to bring the 200 by 400 meter grid pattern at Freedom Northwest, which
is not currently included as a Malmyzh resource deposit, to the 200 by 200 meter
pattern used to delineate inferred resources. The 747.4 meter intercept is the
longest mineralized interval drilled at Malmyzh to date. Further, the hole was
terminated due to equipment limitations, and bottomed in mineralization (1.4 m
interval from 854.7 -856.1 m of 0.46% copper equivalent from 0.32% copper and
0.29 g/t gold). The drilling at Sleeper West and North prospects also returned
encouraging results. </P>
<P align=center>52 </P>
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<P align=justify>Eurasian is an investor in IGC, and as a result there are no
direct holding costs to the Company, and no underlying agreements or royalties.
Notwithstanding, IGC advises that the required payments to keep the Malmyzh
property in good standing are nominal, consisting of "subsoil usage license
fees" that total approximately US$30,000 to US$50,000 per year. Regarding the
joint venture agreement, IGC and FMEC fund at their respective level of
ownership interest, or dilute. Should either company dilute to less than a 10%
interest, remaining ownership is converted to a US$0.005 (one-half cent) per
pound copper equivalent reserve payment, which remains in effect through the
life of mine. Freeport retains no claw-back or NSR provisions. </P>
<P align=justify><I>Shelekhovo and Salasinskaya Projects </I></P>
<P align=justify>IGC also has 100% control of the 390 square kilometer
Shelekhovo property (also known as Shelekhovskaya), and the nearby 260 square
kilometer Salasinskaya property. At Shelekhovo, historic government exploration
surveys identified multiple occurrences of gold, silver, and copper associated
with quartz veining and alunite. Salasinskaya is considered to be the northern
extension of the Shelekhovo anomaly cluster, and is marked by the widespread
occurrence of quartz-alunite alteration. Both properties occur approximately 150
kilometers along trend to the northeast of Malmyzh. IGC advised that it
conducted reconnaissance field mapping and geochemical sampling at Shelekhovo
and Salasinskaya during 2016.</P>
<P align=justify>Further discussion of IGC&#146;s exploration results and EMX&#146;s due
diligence data verification and QA and QC procedures can be found in the
Company&#146;s May 26, 2015 and January 24, 2017 news releases, as well as in the
SEDAR filed Malmyzh Technical Report with an effective date of May 1, 2015. </P>
<P align=justify><B>Revelo Resources Corp. </B></P>
<P align=justify>EMX has a strategic investment in Revelo Resources Corp.
("Revelo") (TSX-V:RVL), a company focused on the acquisition and exploration of
mineral properties in the prolific metallogenic belts of northern Chile. Revelo
has a portfolio of 22 projects prospective for copper, gold and silver. Revelo
also retains a 2% royalty interest in the Victoria Project, an important
copper-gold-silver exploration project in northern Chile. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Dean D. Turner, CPG, a Qualified Person as defined by NI 43-101
and consultant to the Company, has reviewed, verified and approved the above
technical disclosure on Strategic Investments.</P>
<P align=justify><U>Geothermal Royalties</U> </P>
<P align=justify>EMX initiated a geothermal energy program in 2010, and acquired
assets in Slovakia and Peru. Eurasian subsequently sold its geothermal assets in
2013 to Starlight Geothermal Ltd. ("SGL") for cash payments, an equity position
in SGL, and gross royalties of 1.0% in Slovakia and 0.5% in Peru from future
geothermal energy production. The Company is not aware of any changes to its
Slovakia and Peru geothermal royalty property holdings in 2016.</P>
<P align=center>53</P>
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<P align=justify><B><U>ITEM 5. OPERATING AND FINANCIAL REVIEW AND
PROSPECTS</U></B> </P>
<P align=justify> <B><U>Years Ended December 31, 2016, 2015 and 2014</U></B><B> </B></P>
<P align=justify><B>
GENERAL </B></P>
<P align=justify>This discussion and analysis of financial position and results
of operations is prepared as at March 27, 2017 and should be read in conjunction
with the audited annual consolidated financial statements of the Company for the
years ended December 31, 2016, 2015 and 2014 and the related notes thereto. </P>
<P align=justify>Those consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as issued
by the International Accounting Standards Board (&#147;IASB&#148;) and interpretations of
the International Financial Reporting Interpretations Committee (&#147;IFRIC&#148;).</P>
<P align=justify>Eurasian Minerals Inc. and its subsidiaries operate as a
royalty and prospect generator engaged in exploring for, and generating
royalties from, metals and minerals properties. The Company&#146;s royalty and
exploration portfolio mainly consists of properties in North America, Turkey,
Europe, Australia, and New Zealand. The Company&#146;s common shares are listed on
the TSX Venture Exchange (&#147;TSX-V&#148;) and the NYSE MKT under the symbol &#147;EMX&#148;. The
Company&#146;s head office is located at 501 - 543 Granville Street, Vancouver,
British Columbia, Canada V6C 1X8.</P>
<P align=justify>These consolidated financial statements have been prepared
using IFRS applicable to a going concern, which assumes that the Company will be
able to realize its assets, discharge its liabilities and continue in operation
for the following twelve months.</P>
<P align=justify>The Company&#146;s working capital position at December 31, 2016 was
$6,002,318. Management estimates it has sufficient funding for operations for
the ensuing year as of the date of this Form 20-F, which results in the going
concern assumption being an appropriate underlying concept for the preparation
of these consolidated financial statements. </P>
<P align=justify>Some of the Company&#146;s activities for exploration and evaluation
assets are located in emerging nations and, consequently, may be subject to a
higher level of risk compared to other developed countries. Operations, the
status of mineral property rights and the recoverability of investments in
emerging nations can be affected by changing economic, legal, regulatory and
political situations. </P>
<P align=justify>At the date of these consolidated financial statements, the
Company has not identified a known body of commercial grade mineral on any of
its exploration and evaluation assets. The ability of the Company to realize the
costs it has incurred to date on these exploration and evaluation assets is
dependent upon the Company identifying a commercial mineral body, to finance its
development costs and to resolve any environmental, regulatory or other
constraints which may hinder the successful development of the exploration and
evaluation assets.</P>
<P align=justify>These consolidated financial statements of the Company are
presented in Canadian dollars unless otherwise noted, which is the functional
currency of the parent company and its subsidiaries except as to Bullion
Monarch, the holder of a royalty income stream whose functional currency is the
United States dollar. </P>
<P align=justify><B>DESCRIPTION OF BUSINESS </B></P>
<P align=justify>Eurasian is a Tier 1 company that trades on the TSX Venture and
the NYSE MKT exchanges. It is principally in the business of exploring for, and
generating royalties from, metals and minerals properties. The Company&#146;s royalty
and exploration portfolio mainly consists of properties in North America,
Turkey, Europe, Haiti, Australia, and New Zealand. The Company started receiving
royalty income as of August 17, 2012 when it acquired Bullion Monarch Mining,
Inc. (&#147;Bullion&#148; or &#147;BULM&#148;). This royalty cash flow helps to provide a foundation
for supporting the Company&#146;s growth over the long term. </P>
<P align=justify>Eurasian operates as a royalty and prospect generator. Under
the royalty and prospect generation business model, EMX acquires and advances
early-stage mineral exploration projects and then forms partnerships with other
parties for a retained royalty interest, as well as annual advanced royalty and
other cash or share payments. Through its various agreements, Eurasian also
provides technical and commercial assistance to partner companies as the
projects are advanced. By optioning interests in its projects to third parties
for a royalty interest, Eurasian a) reduces its exposure to the costs and risks
associated with mineral exploration and project development, while b)
maintaining the opportunity to participate in early-stage exploration upside,
and c) developing a pipeline for potential production royalty payments and
associated "brownfields" discoveries in the future. This approach helps preserve
the Company&#146;s treasury, which can be utilized for project acquisitions and other
business objectives. </P>
<P align=center>54 </P>
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<P align=justify>Strategic investments are an important complement to the
Company&#146;s royalty and prospect generation initiatives. These investments are
made in under-valued exploration companies identified by Eurasian. EMX helps to
develop the value of these assets, with exit strategies that can include royalty
positions or equity sales. </P>
<P align=justify><B>EXPLORATION REVIEW </B></P>
<P align=justify><B>PROPERTY OVERVIEW </B></P>
<P align=justify><B><I>LEEVILLE &amp; OTHER CARLIN TREND ROYALTY PROPERTIES
</I></B></P>
<P align=justify>A material EMX asset is the Leeville royalty property acquired
in the 2012 Bullion Monarch merger that covers portions of Newmont Mining
Corporation&#146;s Leeville, Turf, and other gold mining operations and deposits in
the Northern Carlin Trend. The Leeville 1% gross smelter return royalty paid
approximately US$1.7 million during the 12 months ending December 31, 2016. The
royalty totaled 1,361 troy ounces of gold that were principally sourced from the
Leeville (70%) and Turf mines (30%), with negligible contributions from other
Newmont operations. The average realized gold price was US$1,250 per troy ounce.
The 2016 Leeville royalty performance represents a 33% increase in GSR revenue
from 2015, corresponding to increases of 24% in attributable gold ounce
production and 8% in average gold price. Newmont has stated that its Turf Vent
Shaft Project, which was commissioned in November 2015, will provide the
ventilation required to &#147;increase production&#148; and &#147;unlock&#148; additional resources
at &#147;greater Leeville&#148; (see Newmont Mining Corp&#146;s 10-K and 10-Q filings for 2014
and 2015). As understood by the Company, "greater Leeville" includes portions of
EMX&#146;s royalty property, and the Turf Vent Shaft Project as described by Newmont
may potentially have a positive impact on the Leeville royalty. However, the
Company does not have access to the information from Newmont in order to
confidently assess what, if any, that impact has been, or will be. Newmont has
also delineated a trend of sediment-hosted gold mineralization that extends
southeast from the Leeville mining complex and across EMX's Leeville royalty
property that covers portions of the Rita K and Full House exploration projects.
These Newmont exploration successes underscore the prospectivity of the Leeville
royalty property.</P>
<P align=justify>Further Carlin Trend exploration upside is provided by EMX&#146;s
Maggie Creek South 3% NSR and Maggie Creek 2% NSR royalty properties. The Maggie
Creek South royalty property was acquired in the 2012 merger with Bullion
Monarch. The Maggie Creek royalty property is one of two royalties acquired from
Golden Predator in Q1 2016. The Maggie Creek South and Maggie Creek royalty
properties collectively cover approximately 12.4 square kilometers of
prospective ground within about 1.6 kilometers of Newmont&#146;s Gold Quarry open pit
mining operation. </P>
<P align=justify><B><I>NORTH AMERICA</I></B><I> </I></P>
<P align=justify>Eurasian&#146;s portfolio in North America totals 34 exploration and
royalty properties covering more than 32,000 hectares. The properties are
advanced through wholly-owned subsidiary Bronco Creek Exploration Inc., and
include porphyry copper-molybdenum, porphyry copper-gold, Carlin-type gold, and
high-grade gold-silver vein projects. The exploration portfolio is comprised of
26 properties in Arizona, Nevada, Utah, and Wyoming. EMX currently has six
exploration projects partnered through BCE, with the remaining 20 exploration
properties available for partnership. In addition, there are eight royalty
properties, including the producing Leeville royalty (see above section), that
are being advanced by partner companies. </P>
<P align=justify>The Company&#146;s 2016 work focused on a) advancing partner funded
projects at Superior West, Copper King, and Aguila de Cobre, b) executing new
agreements for available projects, c) generative exploration, d) identifying
royalty assets for purchase, and e) balancing the portfolio by acquiring new
properties on open ground while dropping low priority projects. Eurasian is in
discussions with potential partners for the available North American properties,
as well as for regional exploration alliances. A summary of 2016 activities is
given below. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>The Company executed a purchase agreement for NSR royalty
      interests on the Maggie Creek (2% NSR on precious metals and 1% NSR
      royalty on all other minerals) and Afgan (1% NSR royalty) gold properties
      from Golden Predator. Eurasian acquired the royalties by issuing 250,000
      EMX shares to Golden Predator as consideration for the purchase. The
      Maggie Creek property is located north-northeast of Newmont's Gold Quarry
      open pit operations on the Carlin Trend, and the Afgan property occurs on
      the Battle Mountain-Eureka Trend. The addition of these two royalty assets
      strengthens EMX's growing Nevada gold portfolio. </P></TD></TR>
  <TR>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>EMX executed an Exploration and Option to Purchase
      Agreement with Kennecott for the Copper King project in Arizona. Pursuant
      to the agreement, Kennecott can earn a 100% interest in the project by a)
      reimbursing the 2016 holding costs and making option payments, together
      totaling US$504,314, and b) completing US$4,000,000 in exploration
      expenditures before the fifth anniversary of the Agreement. Upon exercise
      of the option EMX will retain a 2% NSR royalty on the project which is not
      capped or purchasable. After exercise of the option, annual advance
      minimum royalty and milestone payments will be payable to Eurasian.
  </P></TD></TR></TABLE><BR>
  <P align=center>55 </P>
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<TABLE
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  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>Eurasian entered into an Exploration and Option Agreement
      with Coeur for the Mineral Hill gold-copper property in the Black Hills of
      Wyoming. The project is held under a pooling agreement with Mineral Hill
      L.P. (&#147;MHL&#148;), with all proceeds split 50:50, except the sale of surface
      rights associated with patented mining claims held by MHL. Coeur may earn
      a 100% interest in the project by making option payments totaling
      US$435,000, making exploration expenditures totaling US$1,550,000, and
      paying US$250,000 upon exercise of the option, with EMX and MHL retaining
      a 4% NSR royalty, and annual advance minimum royalty payments of
      US$150,000 and a US$1,000,000 milestone payment upon completion of a
      feasibility study. Coeur may purchase up to 1.5% of the NSR royalty for
      US$5,000,000 if the first increment is purchased within 60 days of the
      completion of a preliminary economic assessment (&#147;PEA&#148;). </P></TD></TR>
  <TR>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>Eurasian sold the five patented mining claims comprising
      the Ophir property in Utah, through its wholly owned subsidiary Bullion
      Monarch Mining Inc., to Kennecott. EMX received US$75,000 in cash upon
      closing and a retained 2% NSR royalty from the sale. </P></TD></TR>
  <TR>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>As a subsequent event in February 2017, Eurasian executed
      an Option Agreement for the Copper Springs porphyry copper project in
      Arizona with Anglo American, whereby Anglo American can earn a 100%
      interest in the project by a) reimbursing the 2016 holding and permitting
      costs and making annual option payments, together totaling US$447,000, and
      b) completing US$5,000,000 in exploration expenditures before the fifth
      anniversary of the agreement. Upon exercise of the option, Anglo American
      will pay EMX an additional US$110,000 and EMX will retain a 2% NSR royalty
      on the project. After exercise of the option, annual advance minimum
      payments and milestone payments will be due to EMX. </P></TD></TR>
  <TR>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>The Superior West copper-molybdenum project near
      Superior, Arizona is under an Exploration and Option to Purchase Agreement
      with Kennecott whereby Kennecott may earn a 100% interest in the project
      by completing US$5.5 million in exploration expenditures and making cash
      payments totaling US$1,149,187, after which EMX will retain a 2% NSR in
      addition to receiving AMR and certain project milestone payments. During
      2016, EMX further consolidated the project's land position, and compiled
      the results from partner funded geologic mapping, geochemical sampling,
      and geophysical survey programs. The resulting interpretations refined the
      definition of priority targets for drill testing. </P></TD></TR>
  <TR>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>The Hardshell Skarn property in southern Arizona is
      covered by an Exploration and Option Agreement with Arizona Minerals
      whereby Arizona Minerals can earn a 100% interest in the project by making
      cash payments totaling US$85,000, and upon exercise of the option EMX will
      retain a 2% NSR royalty and receive annual advanced royalty payments. The
      EMX royalty is not capped and not subject to buy-down. During 2016,
      Arizona Minerals conducted drill programs and announced updated resource
      estimates for the Hermosa project's Taylor deposit, which borders the
      Hardshell skarn claim block. </P></TD></TR>
  <TR>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>The Yerington West joint venture property, located in the
      Yerington mining district of west-central Nevada, is partnered with Entr&#233;e
      Gold Inc. The project hosts porphyry copper-molybdenum and copper-iron
      skarn targets beneath cover rocks. Entree continues to hold the property
      and make annual payments to EMX while advancing its Ann Mason project. EMX
      has a 100% interest in the Yerington West project until Entr&#233;e completes
      its initial earn-in requirements. </P></TD></TR>
  <TR>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>Ely Gold completed their earn-in at the Cathedral Well
      property in November of 2016 through a trade with Eurasian whereby a
      subsidiary of Ely Gold executed a quit claim deed for 36 mining claims
      adjacent to Eurasian&#146;s Spring Canyon property in Nevada in lieu of its
      last $25,000 option payment. EMX retains a 2.5% NSR royalty interest on
      Cathedral Well, inclusive of an underlying 0.5% NSR, and Ely Gold will
      retain a 0.5% NSR on the traded property. In December 2016, Ely Gold
      announced that it had optioned the project to Colorado Resources Ltd. Both
      the property and agreement remain in good standing. </P></TD></TR>
  <TR>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>Kennecott elected to terminate the option agreement for
      the Aguila de Cobre copper project in Arizona in Q1. Kennecott advanced
      the project by funding geophysical surveys and expanding the property
      package through the staking of additional claims. Aguila de Cobre is
      available for partnership. </P></TD></TR>
  <TR>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>Desert Star elected to terminate the option agreement for
      the Red Top copper-molybdenum project in Arizona in Q1. Desert Star
      advanced the project by conducting geologic and alteration mapping,
      geophysical studies, and drill permitting. Red Top is available for
      partnership. </P></TD></TR>
  <TR>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="95%">
      <P align=justify>EMX continued evaluation of property and royalty
      acquisition opportunities in North America, with generative work focused
      on gold opportunities in the Great Basin and porphyry copper targets in
      Arizona and Utah. EMX acquired the following properties by staking on open
      ground: 1) the Spring Canyon, Mud Spring, and Trench gold projects in
      Nevada, 2) the Diablo Porphyry and Greenwood Springs copper projects in
      Arizona, and the 3) Dugway copper project in Utah.
</P></TD></TR></TABLE>
<P align=justify>EMX is encouraged by the new agreements executed with major
mining companies on its copper portfolio as well as the funding committed to
advance all of its partnered projects. The Company continues to receive interest
from third parties in the available copper and gold properties, as well as in
the new opportunities identified by generative exploration initiatives. </P>
<P align=center>56 </P>
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<P align="justify">
<B>Qualified Person</B> </P>
<P align="justify">
Dean D. Turner, CPG, a Qualified Person as defined by NI 43-101 and consultant to the Company, has reviewed, verified and approved the above technical disclosure on North America.<B> </B></P>
<P align="justify">
<B><I>TURKEY </I></B></P>
<P align="justify">
Eurasian holds mineral property interests in Turkey&rsquo;s Western Anatolia and Eastern Pontides mineral belts. These properties include bulk tonnage gold, gold-silver vein, polymetallic carbonate replacement, and porphyry gold-copper targets. Six
of the seven EMX projects in Turkey are being advanced by partner companies. The remaining property, Alankoy, is 100% controlled by Eurasian and currently available for sale or partnership. </P>
<P align="justify">
<B>Akarca Property </B></P>
<P align="justify">
The Akarca Property is a 2006 Eurasian grassroots exploration discovery in Turkey&rsquo;s Western Anatolia region. The project area has six drill defined zones of epithermal gold-silver oxide mineralization. Further, there are several additional
mineralized zones identified from reconnaissance level drilling and surface sampling.</P>
<P align="justify">
In Q3 2016, EMX sold AES Madencilik A.S., the wholly-owned EMX subsidiary that controls the Akarca project, to &Ccedil;iftay &Icirc;nsaat Taahh&uuml;t ve Ticaret A.S., a privately owned Turkish company (see EMX news release dated August 8, 2016).
EMX received a US&#36;2 million cash payment from &Ccedil;iftay on closing. As part of the sale, EMX is to receive payments of 500 ounces of gold (or cash equivalent) every six months commencing on February 1, 2017, and continuing until receipt of a
total of 7,000 ounces. As a subsequent event, the first 500 ounce cash equivalent payment of US&#36;601,825 was made to EMX in February 2017. Receipt of the initial 500 ounce payment leaves a total of 6,500 ounces of gold to be paid to EMX.
&Ccedil;iftay will pay any remaining amount due within 30 days after the commencement of commercial production from the property, if the total 7,000 ounces has not yet been paid at that time. </P>
<P align="justify">
Additional terms of the sale include a sliding scale royalty for gold production (subject to certain deductions): a) 1.0% on the first 100,000 ounces of gold, b) 2.0% on the next 400,000 ounces of gold, and c) 3.0% on all gold production in excess
of 500,000 ounces. For all other mineral production other than gold, the royalty rate is 3.0% . Certain bonuses will also be paid upon achievement of production milestones. </P>
<P align="justify">
&Ccedil;iftay informed EMX that it completed an initial 49 hole diamond drill program comprising 6,032 meters on the property in Q4 2016. </P>
<P align="justify">
<B>Sisorta Property </B></P>
<P align="justify">
The Sisorta project, located in the Eastern Pontides mineral belt, is a near-surface, volcanic-hosted, high sulfidation epithermal gold deposit. </P>
<P align="justify">
In Q3 2016, EMX sold EBX Madencilik A.S., the wholly-owned EMX subsidiary that controls the Sisorta Property, to Bahar Madencilik Sinayi ve Ticaret Ltd Sti, a privately owned Turkish company (see EMX news release dated August 3, 2016). The terms of
the sale included a) a US&#36;250,000 cash payment at closing, b) annual cash payments of US&#36;125,000 per year until commencement of production (credited at a rate of 80% against NSR royalty payments upon production), and c) a 3.5% NSR royalty
payment from ore processed on-site and a 5.0% NSR royalty payment from ore processed off-site. The NSR royalty payments are uncapped and cannot be bought out or reduced.</P>
<P align="justify">
Bahar advised EMX that it concluded an initial 20 hole diamond drill program comprising 1,748 meters at Sisorta in Q4 2016. </P>
<P align="justify">
<B>Balya Property </B></P>
<P align="justify">
The Balya royalty property is located in the historic Balya lead-zinc-silver mining district in northwestern Turkey. EMX holds an uncapped 4% NSR royalty that it retained from the sale of the property to private Turkish mining company Dedeman
Madencilik San ve Tic. A.S. in 2006. EMX understands that since acquiring the property, Dedeman has completed over 36,000 meters of diamond drilling in addition to re-initiating underground development at the Hastanetepe deposit in Q1 2015. Dedeman
advises that it produced and stockpiled approximately16,000 tonnes of run-of-mine material averaging 6.9% Pb and 3.5% Zn during 2016.</P>
<P align=center>57 </P>
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<P align=justify><B>Other Property Interests </B></P>
<P align=justify>Eurasian's other property interests in Turkey include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Golcuk copper-silver property is located in northeast
      Turkey. Pasinex Resources Ltd. signed an agreement in 2012 granting it an
      option to acquire a 100% interest in the Golcuk property for shares and
      work commitments, with EMX retaining a 2.9% NSR royalty interest.
      Pasinex&#146;s exploration programs have identified a number of additional
      mineralized targets on the property, and their work in 2016 included
      permitting and preparations for follow-up drilling scheduled for 2017.
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Trab-23 property hosts both porphyry gold
      (copper-molybdenum) mineralization and epithermal quartz-barite- gold
      veins. Tumad Madencilik Sanayi ve Ticaret A.S., a privately owned Turkish
      company, executed an option agreement in 2013 granting it an option to
      acquire Trab-23 for in-ground spending requirements, annual earn-in and
      pre-production payments, and payments based upon production. Tumad's
      payment and drill requirements have not been met. EMX and Tumad are
      currently negotiating a revision to the agreement that will include a
      shift of required payments and drill commitments to 2017 and 2018.
  </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Alankoy gold-copper property is located in the Biga
      Peninsula of northwestern Turkey. EMX executed an Exploration and Option
      Agreement for Alankoy with Black Sea in November 2015. In 2016, Black Sea
      conducted surface exploration programs, and met statutory requirements to
      keep the property in good standing. As a subsequent event in Q1 2017,
      Black Sea terminated the Agreement, and EMX regained 100% control of the
      project. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>EMX owns a 4% uncapped NSR royalty interest in the
      Aktutan polymetallic project that it sold to Dedeman in 2007. No work was
      reported by Dedeman for 2016. </P></TD></TR></TABLE>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101
and employee of the Company, has reviewed, verified and approved the above
technical disclosure on Turkey. </P>
<P align=justify><B><I>AUSTRALIA AND NEW ZEALAND</I></B><B> </B></P>
<P align=justify>The Company's programs in the Australia and New Zealand region
continued to operate at a reduced expenditure rate, while taking advantage of
generative exploration opportunities with the acquisition of new projects. The
Koonenberry gold project in New South Wales, Australia is being advanced by
partner companies under earn-in and royalty agreements with EMX. In New Zealand,
the Neavesville gold-silver project is being advanced under an agreement with
Land &amp; Minerals Ltd. (&#147;L&amp;M&#148;), and the Ohakuri and Muirs Reef properties
were added to the Company's exploration portfolio. </P>
<P align=justify><B>Koonenberry Property </B></P>
<P align=justify>The Koonenberry property hosts gold occurrences and gold
geochemical anomalies coincident with prominent structural features related to
the regional scale Koonenberry fault. The majority of the project is under an
Exploration and Option Agreement with North Queensland Mining Pty Ltd ("NQM"), a
privately held Australian company, whereby NQM can earn a 100% interest in the
subsidiary that holds the EMX licenses, with EMX retaining a 3% production
royalty upon earn-in. During 2016, NQM reduced the tenement position to a core
of the most prospective ground, while fulfilling statutory and filing
requirements to keep the property in good standing.<B> </B></P>
<P align=justify><B>Neavesville Property </B></P>
<P align=justify>The Neavesville project consists of a single exploration permit
in the Hauraki Goldfield of New Zealand's North Island. EMX acquired
Neavesville, which covers a historic JORC gold-silver resource, on open ground
with minimal cost. The property hosts epithermal gold-silver mineralization that
has geologic features similar to other deposits of the Hauraki Goldfield. </P>
<P align=justify>The project is under a definitive agreement with L&amp;M, a
wholly owned subsidiary of E2 Metals Ltd., giving L&amp;M the right to acquire
the wholly owned EMX subsidiary that controls the Neavesville property. The
agreement with L&amp;M provides for work obligations, staged payments, milestone
payments based upon JORC reserves, and commercial production payments, all to
the benefit of Eurasian. During 2016, L&amp;M focused on fulfilling statutory
and filing requirements to keep the license in good standing. In Q1 2017 E2
Metals filed a prospectus with the ASX exchange announcing an offering to raise
a minimum of $6,000,000 AUD and their intention to list E2 Metals on the ASX
Exchange. Proceeds will be used in part to fund a drilling program at
Neavesville, which is slated to commence in April, 2017.<B> </B></P>
<P align=center>58 </P>
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<P align=justify><B>Ohakuri and Muirs Reef Properties </B></P>
<P align=justify>Eurasian's generative exploration program resulted in the
acquisition of the Ohakuri and Muirs Reef properties in 2016 by tenement
applications on open ground. Both properties are covered by five year
exploration licenses. Ohakuri covers an area of historic drilling that
intersected broad zones of epithermal-style gold (silver) mineralization hosted
in ignimbrites and associated with quartz adularia alteration systems and weakly
developed vein arrays concealed beneath a veneer of volcanic cover rocks. The
Muirs Reef project contains a low sulfidation gold (silver) vein system that has
undergone historic, small scale underground mining. The Ohakuri and Muirs Reef
projects are available for partnership. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101
and employee of the Company, has reviewed, verified and approved the above
technical disclosure on Australia and New Zealand. </P>
<P align=justify><B><I>EUROPE </I></B></P>
<P align=justify>Eurasian has been actively exploring in Europe since 2003, and
has assembled a portfolio of copper and polymetallic royalty and exploration
properties in Scandinavia, as well as a portfolio of copper-gold royalty
properties in Serbia. In Sweden and Norway, the Company continued to operate at
a reduced expenditure rate, while pursuing strategic partnerships for properties
in the portfolio and adding value through low cost generative exploration. These
efforts resulted in the conversion of four exploration properties to royalty and
equity interests, as well as the addition of one new 100% controlled property to
the portfolio. EMX also has royalty interests in Serbia that includes the Cukaru
Peki copper-gold project.</P>
<P align=justify><B>Scandinavia </B></P>
<P align=justify>Eurasian has been focused on its core property holdings in
Scandinavia that include the Gumsberg and Adak properties in Sweden and the
Tynset and Burfjord properties in Norway. These properties were acquired between
2013 and 2015 by license application on open ground. Each of the properties has
undergone historic small scale mining production, but with only limited or no
modern exploration conducted. All of the properties have polymetallic styles of
mineralization, and each shows enrichments in multiple metals. Gumsberg, Adak,
and Tynset host Volcanogenic Massive Sulfide (&#147;VMS&#148;) styles of mineralization,
and Burfjord is characterized by Iron-Oxide-Copper-Gold (&#147;IOCG&#148;) styles of
mineralization. Eurasian's exploration programs and new geologic interpretations
identified exploration upside at multiple targets on these properties (see EMX
news release dated September 8, 2016). </P>
<P align=justify>In Q4 2016 EMX executed a definitive agreement to sell the
Gumsberg, Adak, Tynset and Burfjord properties to Boreal Metals Corp., a British
Columbia corporation (&#147;BMC&#148;) (see EMX news release dated November 22, 2016 ).
Commercial terms of the agreement with BMC, which closed in February 2017 as a
subsequent event, are summarized as: a) At closing, Eurasian transferred to BMC
its interest in its wholly-owned subsidiaries that owned the properties, and BMC
issued to Eurasian that number of common shares of BMC that represents a 19.9%
equity ownership in BMC. BMC has the continuing obligation to issue additional
shares of BMC to Eurasian to maintain its 19.9% interest in BMC, at no
additional cost to Eurasian, until BMC has raised CDN $5,000,000 in equity.
Thereafter Eurasian will have the right to participate pro-rata in future
financings at its own cost to maintain its 19.9% interest in BMC; b) Eurasian
will receive an uncapped 3% net smelter return (&#147;NSR&#148;) royalty on each of the
properties. Within five years of the closing date, BMC has the right to buy down
up to 1% of the royalty on any given project by paying Eurasian US$2,500,000 in
cash and shares of BMC. Such buy down is project specific. c) Eurasian will
receive annual advance royalty (&#147;AAR&#148;) payments of US$20,000 for each of the
properties commencing on the second anniversary of the closing, with each AAR
payment increasing by US$5,000 per year until reaching US$60,000 per year,
except that BMC may forgo AAR payments on two of the four properties in years
two and three. Once reaching US$60,000, AAR payments will be adjusted each year
according to the Consumer Price Index (as published by the U.S. Department of
Labor, Bureau of Labor Statistics); d) Eurasian will receive a 0.5% NSR royalty
on any new mineral exploration projects generated by BMC in Sweden or Norway,
excluding projects acquired from a third party containing a mineral resource or
reserve or an existing mining operation. These royalties are not capped and not
subject to a buy down.; and e) Eurasian has have the right to nominate one seat
on the Board of Directors of BMC. </P>
<P align=justify>The conversion of the four properties in Sweden and Norway to
royalty and equity interests marks the achievement of a major Company
objective.</P>
<P align=justify>Subsequent to the agreement with BMC, Eurasian was granted the
Rydarhyttan exploration license in the Bergslagen district of southern Sweden.
Rydarhyttan is 100% controlled by Eurasian and is available for partnership.
</P>
<P align=center>59 </P>
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<P align=justify>EMX also holds an effective 0.5% NSR royalty interest in
Avalon&#146;s Viscaria copper project located in the Kiruna mining district of
northern Sweden. Upon receipt of US$12 million in royalty revenues, the royalty
rate increases to a 1.0% NSR. Avalon completed an updated mineral resource
estimate and "scoping study" based upon a combination open pit and underground
scenario in 2015. During 2016, Avalon advanced the Environmental and Social
Impact Assessment (ESIA) and permitting process for the project, while making
plans for additional drilling to update the resource estimate and scoping </P>
<P align=justify><B>Serbia </B></P>
<P align=justify>EMX's royalty portfolio in Serbia initially resulted from
prospect generation and organic royalty growth via the 2006 sale of its
properties, including Brestovac West, to Reservoir Capital Corp., for uncapped
NSR royalties of 2% for gold and silver and 1% for all other metals. Reservoir
Capital Corp. later transferred those interests to Reservoir Minerals Inc.
(&#147;Reservoir&#148;). Subsequently, Eurasian acquired 0.5% NSR royalty interests (note:
the royalty percentage is subject to reduction on conditions specified in the
royalty agreement) covering the Brestovac and Jasikovo-Durlan Potok properties
(see EMX news release dated February 4, 2014), which along with Brestovac West,
were included in the Timok Project Joint Venture with Freeport. EMX notes that
a) the original Brestovac and Brestovac permits are now covered by the Brestovac
Metonivca and Brestovac Zapad permits, and b) portions of a reconfigured
Jasikovo-Durlan Potok permit (i.e., expanded in some areas and reduced in other
areas) are not covered by the EMX royalty. Brestovac (Brestovac Metonivca) hosts
epithermal and porphyry copper-gold mineralization at the Cukaru Peki project.
</P>
<P align=justify>During Q2, Reservoir announced an updated resource estimate and
positive PEA results for Cukaru Peki (see Reservoir news release dated April 19,
2016 and SEDAR filed technical report titled "NI43-101 Preliminary Economic
Assessment of the Cukaru Peki Upper Zone Deposit, Serbia" with an effective date
of March 31, 2016). As another development in Q2, Reservoir announced a
definitive agreement with Nevsun Resources Ltd. to combine their respective
companies (see Reservoir news release dated April 24, 2016). Nevsun subsequently
closed the acquisition of Reservoir as announced in a June 23, 2016 news
release. In Q3 Nevsun reported that it had commenced drilling programs on the
Upper Zone resource deposit and Lower Zone porphyry target (see Nevsun news
release dated September 29, 2016). According to Nevsun, it is targeting
completion of a prefeasibility study in September, 2017, as well as the
commencement of an exploration decline in Q4 2017. Nevsun has budgeted US $35-40
million for Upper Zone work through 2017, and estimated expenditures of US $20
million for the Lower Zone program. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101
and employee of the Company, has reviewed, verified and approved the above
technical disclosure on Europe. </P>
<P align=justify><B><I>HAITI </I></B></P>
<P align=justify>Eurasian and Newmont Ventures Limited (collectively, the &#147;JV&#148;
or "Joint Venture"), had been exploring a land position along a 130 kilometer
trend of Haiti&#146;s Massif du Nord mineral belt since 2008, with Newmont funding
and managing the Joint Venture. EMX&#146;s 100% controlled Grand Bois gold-copper
project was not subject to the JV with Newmont. In 2013 the Haitian government
suspended its Mining Convention process while it began working on a new mining
law, which as Eurasian understands was an ongoing process during 2016. </P>
<P align=justify>EMX sold its Haiti Joint Venture interests in 2015 to Newmont.
The now terminated EMX-Newmont Joint Ventures covered six designated exploration
areas in Haiti. Pursuant to the transaction, Newmont acquired all of EMX's
interest in the designated exploration areas on the following terms: a) Newmont
paid US$4 million in cash to EMX at closing, b) the Joint Ventures were
terminated, c) EMX retained a 0.5% NSR royalty on the 49 Research Permit
applications covering the designated exploration areas, and d) EMX retains the
right to acquire any properties proposed to be abandoned or surrendered by
Newmont.</P>
<P align=justify>In Q1 2016, EMX sold its 100% controlled Grand Bois project,
which was outside the Joint Venture with Newmont, to a privately held Nevada
corporation. EMX retained a 0.5% NSR royalty interest in the Grand Bois project
and the right to acquire any properties proposed to be abandoned or surrendered
from the Grand Bois project in the future.</P>
<P align=justify>As a result of the above two transactions, all of EMX's
interests in Haiti have now been converted into NSR royalties. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Dean D. Turner, CPG, a Qualified Person as defined by NI 43-101
and consultant to the Company, has reviewed, verified and approved the above
technical disclosure on Haiti. </P>
<P align=center>60 </P>
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<P align=justify><B><I>STRATEGIC INVESTMENTS </I></B></P>
<P align=justify><B>IG Copper LLC</B></P>
<P align=justify>EMX is a strategic investor in IG Copper LLC, a privately held
company that is in a joint venture with Freeport on the Malmyzh copper-gold
porphyry project in Far East Russia. IGC has a 51% ownership interest in the
Malmyzh joint venture, with Freeport retaining a 49% interest. IGC is operating
and managing the project. The Shelekhovo and Salasinskaya properties, located
~150 kilometers northeast of Malmyzh, are 100% controlled by IGC and not subject
to the joint venture with Freeport. Eurasian was an early investor in IGC, and
is its largest shareholder, with approximately 39% of the issued and outstanding
shares (36% equity position on a fully-diluted basis) from investments totaling
US$9 million. EMX's investment in IGC and the Malmyzh project is material to the
Company.</P>
<P align=justify>Malmyzh is a grassroots, district-scale discovery with over 14
porphyry copper-gold centers currently identified within a 16 by 5 kilometer
intrusive corridor. A statement of inferred resources for Malmyzh's Valley,
Central, Freedom (Southeast), and Flats deposits under NI 43-101 and CIM
definition standards was provided in 2015 by Phil Newall, PhD, BSc, CEng, FIMMM,
a Qualified Person and managing director of Wardell Armstrong International. The
open pit constrained inferred resources at a 0.30% copper equivalent cut-off are
1,661 million tonnes at average grades of 0.34% copper and 0.17 g/t gold, or
0.42% copper-equivalent, containing 5.65 million tonnes (12.45 billion pounds)
copper and 9.11 million ounces gold, or 7.06 million tonnes (15.56 billion
pounds) copper-equivalent*.The project has excellent logistical characteristics
and available infrastructure, and is located 220 kilometers northeast of the
Russia-China border at Khabarovsk. </P>
<P align=justify>Important advancements for the Malmyzh project during 2016
included: </P>
<TABLE
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  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>In Q3, IGC advised that the joint venture had received
      approval to proceed with advancing the project from the Government
      Commission on Monitoring Foreign Investment (the "Commission") as required
      for &#147;strategically significant&#148; deposits according to Russian law (i.e.,
      the Law on Foreign Investments in Strategic Industries, also termed the
      Strategic Industries Law or "SIL"). According to IGC, highlights of the
      Commission's approval include: </P></TD></TR></TABLE><BR>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%" ></TD>
    <TD align=left>
      <P align=justify>- </P></TD>
    <TD align=left width="85%">
      <P align=justify>The Joint Venture, as a majority foreign owned business
      entity, has been approved to retain control of the Malmyzh project
      exploration and mining licenses. </P></TD></TR>
  <TR>
    <TD width="10%">
      <P align=justify>&nbsp;</P></TD>
    <TD>
      <P align=justify></P></TD>
    <TD width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>
      <P align=justify>- </P></TD>
    <TD align=left width="85%">
      <P align=justify>The Joint Venture, therefore, maintains mining and
      production rights for the Malmyzh and Malmyzh North exploration and mining
      licenses. </P></TD></TR>
  <TR>
    <TD width="10%">
      <P align=justify>&nbsp;</P></TD>
    <TD>
      <P align=justify></P></TD>
    <TD width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>
      <P align=justify>- </P></TD>
    <TD align=left width="85%">
      <P align=justify>The Joint Venture holds 100% of the rights for the
      Malmyzh and Malmyzh North exploration and mining licenses, and is entitled
      to recover all minerals of economic value including copper, gold and by-
      product minerals. </P></TD></TR></TABLE><BR>
<TABLE
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  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>The conclusion of the SIL process initiated a new,
      multi-year phase in the project's development. The Malmyzh team prepared a
      &#147;Project Plan&#148; document that outlined advanced plans and programs that
      include additional technical work (i.e., drilling, exploration,
      metallurgy, engineering, and hydrology), as well as environmental, social,
      and economic assessments. This next phase of work will ultimately conclude
      as a detailed "TEO of Permanent Conditions" report, which is considered to
      be a precursor to commencement of exploitation and mining (<I>TEO is
      the</I> <I>acronym for "Technico-Economicheskiye Obosnovaniye" which
      translates as Technical-Economic Basis).</I> </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>In Q4, IGC commenced a reconnaissance diamond drilling
      program at the Freedom (Northwest), North, Sleeper West, and Sleeper
      prospects totaling ten holes for 3,474.8 meters. The last hole of the
      program (AMM-213) drilled at Freedom Northwest, provided particularly
      notable results, intersecting the longest copper-gold mineralized interval
      drilled at Malmyzh to date. The drilling at the Sleeper West and North
      prospects also returned encouraging results. </P></TD></TR></TABLE>
<P align=justify>Overall, the Russian government strongly supports mining
investment and development in their Far East Krais (administrative regions). IGC
is encouraged by, and appreciative of, the strong measures of support for
advancing a project recognized as an exceptional exploration asset with
world-class potential. </P>
<P align=justify><I>* Copper equivalent calculated as CuEq = Cu% + (Au g/t *
0.5), based on assumed prices of $3.25/lb Cu and $1400/oz Au, with recoveries of
90% for Cu and 70% for Au.</I><B> </B></P>
<P align=center>61 </P>
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<P align=justify><B>Revelo Resources Corp.</B></P>
<P align=justify>EMX has a strategic investment in Revelo Resources Corp., a
company focused on the acquisition and exploration of mineral properties in the
prolific metallogenic belts of northern Chile. Revelo has a portfolio of 22
projects prospective for copper, gold and silver. Revelo also retains a 2%
royalty interest in the Victoria Project, an important copper-gold-silver
exploration project in northern Chile. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Dean D. Turner, CPG, a Qualified Person as defined by NI 43-101
and consultant to the Company, has reviewed, verified and approved the above
technical disclosure on Strategic Investments. <B><I></I></B></P>
<P align=justify><I>GEOTHERMAL ROYALTIES </I></P>
<P align=justify>EMX initiated a geothermal energy program in 2010, and acquired
assets in Slovakia and Peru. Eurasian subsequently sold its geothermal assets in
2013 to Starlight Geothermal Ltd. for cash payments, an equity position in SGL,
and gross royalties of 1.0% in Slovakia and 0.5% in Peru from future geothermal
energy production. The Company is not aware of any changes to its Slovakia and
Peru geothermal royalty property holdings in 2016.</P>
<P align=justify><B><U>OPERATING RESULTS</U></B><B> </B></P>
<P align=justify>Year ended December 31, 2016 </P>
<P align=justify>The net loss for the year ended December 31, 2016 (&#147;FY16&#148;) was
$2,683,482 compared to $6,875,857 for the prior year (&#147;FY15&#148;). The loss for FY16
was made up of a net royalty loss of $47,265 (2015 - $187,773) after depletion
and related tax, net exploration expenditures of $4,999,959 (2015 - $4,364,675),
general and administrative expenditures of $3,220,339 (2015 - $3,535,534) and
other gains/(losses) totaling $4,144,749 (2015 - $(2,219,105)) offset by a
deferred income tax recovery of $1,439,332 (2015 - $3,431,230). Included in
other gains/(losses) was $Nil (2015 - $(3,973,699)) in impairment charges
related to the Carlin Trend Royalty Claim Block and related assets, a gain on
the sale of exploration and evaluation assets of $6,834,999 (2015- $5,393,305),
a dilution gain on associated companies of $982,634 (2015 - $Nil), an equity
loss in associated companies of $1,295,568 (2015 - $1,062,146), and a writedown
of goodwill of $1,518,328 (2015 - $3,047,605). Some items to note are: </P>
<P align=justify><B><I>Revenues </I></B></P>
<P align=justify>In FY16, royalty income was earned for 1,361 (2015 &#150; 1,096)
ounces of gold totaling $2,227,322 (2015 - $1,609,553) offset by gold tax and
depletion of $2,274,587 (2015 - $1,797,326) for net royalty loss of $47,265
(2015 &#150; loss $187,773). The increase in royalty income was mainly due to an
increase in ounces produced and a higher realized gold price per ounce in the
current period. In FY16 the average realized gold price was US$1,250 per ounce
compared to US$1,160 for 2015. </P>
<P align=justify><B><I>Exploration Expenditures </I></B></P>
<P align=justify>Exploration expenditures (gross) decreased by $466,731 in FY16
compared to FY15. Recoveries decreased by $168,553 in FY16 compared to FY15. for
a net increase in exploration expenditures of $635,284 in FY16 compared to FY15.
Some of the differences between 2016 and 2015 are as follows: </P>
<TABLE
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  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>In Scandinavia, net expenditures were consistent,
      increasing by $81,027 compared to the prior period. In 2016, the Company
      continued to actively market its project interests in Scandinavia with the
      result that four exploration projects were sold to Boreal Metals in late
      2016. Eurasian&#146;s staff in Scandinavia is retained on a consulting basis
      only, in order to keep costs low during times of inactivity. </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>In the USA, gross expenditures increased from $2,713,477
      to $3,342,206 and recoveries decreased from $901,385 to $886,872. The
      increase in expenditures was the result of generative exploration work
      that lead to the acquisition of two new projects and the decrease in
      recoveries relates to land fees paid and recovered in the comparable
      period by project partners. The Americas continue to represent a
      potentially high value, low cost exploration venue coupled with a large
      list of prospective partners to conduct EMX&#146;s business model. Despite
      tough market conditions, base- metal projects still appear to be sought
      after and BCE is in discussions with several groups regarding its
      properties. A major focus of BCE for the year will remain to partner
      available assets, reduce holding costs, and recover a portion of its burn.
      </P></TD></TR></TABLE><BR>
      <P align=center>62</P>
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  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=right  >
      <P align=justify>&#149; </P></TD>
    <TD align=right width="90%">
      <P align=justify>In Turkey, gross expenditures decreased by $37,641, while
      net expenditures increased by $263,346 as a result of fewer recoveries. In
      2016, the Turkish Business Unit continued to be a key value driver for
      Eurasian. Partner funded programs continued to advance projects in the
      Eurasian portfolio, with 6 of the 7 projects in Turkey operating under
      partnerships. In 2015 the Company regained 100% control of the Sisorta and
      Akarca properties, and closed its exploration office in Ankara. In 2016,
      under separate share purchase agreements EMX sold EBX Madencilik A.S., the
      wholly-owned EMX subsidiary that controls the Sisorta gold property in
      Turkey, to Bahar Madencilik Sinayi ve Ticaret Ltd Sti, for cash payments
      and retained NSR payments upon production, and sold AES Madencilik A.S.,
      the wholly-owned EMX subsidiary that controls the Akarca gold-silver
      project in Turkey, to &#199;iftay &#206;nsaat Taahh&#252;t ve Ticaret A.S., for a US
      $2million cash payment ($2,630,760) at closing, staged gold bullion
      payments (or the cash equivalent), work commitments, and a sliding scale
      retained royalty interest. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=right  >
      <P align=justify>&#149; </P></TD>
    <TD align=right width="90%">
      <P align=justify>Pacific region, net expenditures for 2016 totaled $10,572
      compared to net expenditures of $294,051 in 2015 as the Company operated
      under a reduced expenditure rate, with expenditures being recovered from
      active partnership agreements. In 2015 the Koonenberry project was reduced
      in scope with Arastra relinquishing their holdings and North Queensland
      relinquishing a portion of their holdings in the project. The Company
      elected not to acquire this ground thus saving on land fees. North
      Queensland continues to advance the Koonenberry project under the active
      exploration and option agreement. The Neavesville project is under a
      definitive agreement with L&amp;M giving L&amp;M the right to acquire the
      wholly-owned EMX subsidiary that controls the Neavesville property.
  </P></TD></TR></TABLE>
<P align=justify><B><I>General and Administrative </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>General and administrative expenses
(&#147;G&amp;A&#148;) of $3,220,339 were incurred compared to $3,535,534 in FY15. G&amp;A
costs (before share-based payments) have decreased each year since 2012 as the
Company found ways to streamline and reduce the G&amp;A expenses of our
business. Significant changes in the current year compared to the previous years
include: </P>
<TABLE
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  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">&#149; Investor relations increased from by $56,235
      in FY16 compared to FY15. The Company attends select industry trade shows
      and supports lines of communication to current and potential investors.
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">&#149; Travel expenditures decreased by $115,813 in
      FY16 compared to FY15 as the Company made changes to budgets, and
      implemented cost saving measures. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">Administrative and office expenses decreased by
      $178,808 to $721,645 in the current year compared to the prior year of
      $900,453. The Company has a corporate office in Vancouver which manages
      the finance, regulatory and administrative functions. It also has a
      regional office in Littleton, Colorado which supports the exploration,
      technical, investor relations and deal flow aspects of the business.
</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">Salaries and consultants are one of the largest
      expense in G&amp;A. It should be noted that many of our personnel
      expenditures companywide are denominated in United States dollars (&#147;USD&#148;)
      and the increase in the value of the USD compared to the Canadian dollar,
      which is our reporting currency, will increase expenditures. Salaries and
      consultants decreased by $66,942 in FY16 compared to FY15.
</TD></TR></TABLE>
<P align=justify><B><I>Other </I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=right  >
      <P align=justify>&#149;
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P></P></TD>
    <TD align=right width="90%">
      <P align=justify>The Company recognized a net gain on the sale of certain
      exploration and evaluation assets during the year of $6,834,999 compared
      to $5,393,305 in the prior year. In FY16 the gain resulted from the sale
      of two significant assets in Turkey including $6,683,560 related to the
      sale of AES to &#199;iftay. The net proceeds on the sale included a US
      $2,000,000 payment ($2,630,760) on signing and future payments estimated
      at $4,145,898 included in accounts receivables. The significant gain in
      FY15 resulted from the sale of certain Haitian interests to Newmont for a
      $5,277,542 (US $4,000,000) cash payment and a retained 0.5% NSR royalty
      interest. </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  ></TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=right  >
      <P align=justify>&#149;
      <P align=justify></P>
      <P align=justify></P>
      <P></P></TD>
    <TD align=right width="90%">
      <P align=justify>In FY16 the Company realized both an increase in royalty
      ounce production and average gold prices received when compared to FY15.
      As a result, no impairment was recorded on the Leevile royalty interest.
      In FY15, as a result of the decline in the production of gold from the
      Carlin Trend Royalty Claim Block, and decrease in the realized gold
      prices, the Company revised its estimated annual gold production over the
      expected mine life and decreased its long term gold price forecast from
      US$1300 to US$1200 per ounce. As a result, the Company recorded $Nil (FY15
      - $3,973,699) in impairment charges related to the Carlin Trend Royalty
      Claim Block and related assets that make up the same cash-generating unit
      (&#147;CGU&#148;). </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  ></TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=right  >
      <P align=justify>&#149; </P></TD>
    <TD align=right width="90%">
      <P align=justify>The Company applies a one-step approach to determine if
      the Carlin Trend Royalty Claim Block and the related assets within the
      same CGU are impaired. The impairment loss is the amount by which the
      CGU&#146;s carrying amount exceeds its recoverable amount. The loss is first
      applied to reduce the asset component if such indicators for
  impairment exist, and any excess to goodwill within the CGU. As
result, the Company has written down the goodwill by $1,518,328 (2015 -
$3,047,605). </P></TD></TR></TABLE><BR><P align=center>63 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<br>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Company recorded a deferred income tax recovery of
      $1,439,332 compared to $3,431,230 in 2015, and a net decrease in deferred
      tax liabilities of $ 1,748,562 (2015 - $1,715,656). A significant
      component of the deferred tax recovery and decrease in the related
      liability is the result of any impairment of the royalty interest
      partially offset by a cumulative translation loss as a result of the
      strengthening $USD compared to $CAD. The decrease in the income tax
      recovery in FY16 compared to FY15 is a result of no impairment on the
      related royalty asset. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Company&#146;s share of the net loss related to its 39%
      (2015 &#150; 42%) equity investment in IGC for the year ended December 31, 2016
      was $1,295,568 (2015 - $1,062,146). In 2016, the Company also recorded a
      dilution gain of $982,634 (2015 - $Nil) related to the Company&#146;s change in
      ownership interest in IGC. </P></TD></TR></TABLE>
<P align=justify><B>SIGNIFICANT INVESTMENTS ACCOUNTED FOR BY THE EQUITY
METHOD</B> </P>
<P align=justify>The Company has a 39% (2015 &#150; 42%; 2014 &#150; 42%) equity
investment in IGC. At December 31, 2016, the Company, including conversion of a
note receivable (Note 7), has invested an aggregate of US$8,967,010 towards its
investment (December 31, 2015 - US$7,782,500; 2014 &#150; US$7,782,500). At December
31, 2016, the Company&#146;s investment including dilution gain less its share of
accumulated equity losses was $4,992,823 (2015 - $3,333,491; 2014 &#150; 4,072,737).
The Company&#146;s share of the net loss for the year ended December 31, 2016 was
$1,295,568 (2015 - $1,062,146; 2014 - $1,086,649).</P>
<P align=justify>The Company has a minority position on the Board of IGC, and
does not control operational decisions. The Company&#146;s judgment is that it has
significant influence, but not control and accordingly equity accounting is
appropriate. </P>
<P align=justify>At December 31, 2014, the Company had a 49% equity investment
in a private Turkish company (&#147;Turkish Co&#148;) with Chesser Resources Ltd., an
Australian Stock Exchange listed Exploration Company. During the year ended
December 31, 2015, the Company purchased the remaining 51% interest in the
Turkish company (Note 9). As such, the books and records of the Turkish company
are consolidated as a 100% owned subsidiary of the Company. The carrying value
of the investment prior to the purchase and as at December 31, 2014 was $Nil and
the Company&#146;s share of the net loss of the former joint venture for the year
ended December 31, 2016 was $Nil (2015 - $Nil; 2014 - $Nil). </P>
<P align=justify>As at December 31, 2016, associated companies&#146; aggregate
assets, aggregate liabilities and net loss for the year are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,884,378 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Aggregate liabilities </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(1,471,260</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss for the year </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,216,120 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>The Company's ownership % </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">39% </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>The Company's share of loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(1,295,568</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>During the year ended December 31, 2016, the Company recognized
a dilution gain of $982,634 related to the Company&#146;s change in ownership
percentage as a result of IGC&#146;s share issuance for cash proceeds and loan
conversions. </P>
<P align=center>64 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>As at December 31, 2015, associated companies&#146; aggregate
assets, aggregate liabilities and net loss for the year are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,980,045 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Aggregate liabilities </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(2,917,038</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss for the year </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,515,741</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>The Company's ownership % </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">42% </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>The Company's share of loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(1,062,146</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>As at December 31, 2014, associated companies&#146; aggregate
assets, aggregate liabilities and net loss for the year are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>Turkish Co</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap>&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;101,315
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;4,841,462
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Aggregate liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(271,424.00</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(809,260</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Loss for the year </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(154,215.00</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(2,606,384</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>The Company's ownership % </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">49% </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">42% </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>The Company's share of loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(1,086,649</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify><B>SELECTED ANNUAL INFORMATION</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>As at</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2013</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap>&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=right bgColor=#e6efff>
      <P align=justify><B>Financial positions</B> </P></TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Working capital </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;6,002,318 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;5,787,109 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;7,096,916 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;14,217,999 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Exploration and
      evaluation assets (net) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,145,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,381,540 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,379,886 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,031,368 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Royalty interest </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">25,831,152 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">28,798,980 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">29,327,960 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">35,063,725 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Total assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>47,843,555 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>50,624,129 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>54,292,093 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>70,073,220 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Share capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">117,504,585 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">117,000,052 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">116,766,102 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">116,151,675 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(96,989,360</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(94,305,878</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(87,430,021</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(69,981,980</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Year ended</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Year ended</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Year ended</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Year ended</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Financial results</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Royalty income </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;2,227,322 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;1,609,553 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;2,247,334 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;3,102,888 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Exploration
      expenditures (net) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,999,959 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,364,675 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>5,022,658 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,839,703 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Net loss </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,683,482</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(6,875,857</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(17,448,041</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(13,982,612</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Net loss per share - basic and diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(0.09</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(0.24</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(0.19</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE></DIV>
<P align=justify>The year ended December 31, 2016 saw an impairment charge of
$Nil (2015 - $3,973,699; 2014 - $7,371,765) on the royalty interests, a related
write-down of goodwill of $1,518,328 (2015 - $3,047,605; 2014 - $2,248,057), and
a recovery of $1,439,332 (2015 - $3,431,230; 2014 - $3,356,471 of deferred
income taxes, offset by a gain of $6,834,999 (2015 - $5,393,305; 2014 &#150; loss
$154,533) on the acquisition and sale of exploration and evaluation assets, and
a dilution gain on associated companies of $982,634 (2015 - $Nil) which have a
significant impact on the net losses for the respective fiscal years.<B>
</B></P>
<P align=justify><B>OUTSTANDING SHARE DATA </B></P>
<P align=justify>At March 27, 2017, the Company had 74,164,710 common shares
issued and outstanding. There were also 4,736,500 stock options outstanding with
expiry dates ranging from July 5, 2017 to October 18, 2021. </P>
<P align=center>65 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B><I><U>Critical Accounting Policies and
Estimates</U></I></B><B><I> </I></B></P>
<P align=justify>STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</P>
<P align=justify><B>Statement of Compliance </B></P>
<P align=justify>These consolidated financial statements have been prepared in
accordance with IFRS as issued by the International Accounting Standards Board
(&#147;IASB&#148;) and interpretations of the International Financial Reporting
Interpretations Committee (&#147;IFRIC&#148;).</P>
<P align=justify>These consolidated financial statements have been prepared on a
historical cost basis, except for financial instruments classified as fair value
through profit or loss or available for sale, which are stated at their fair
value. In addition, these consolidated financial statements have been prepared
using the accrual basis of accounting except for cash flow information. </P>
<P align=justify><B>Summary of Significant Accounting Policies </B></P>
<P align=justify><B>Basis of Consolidation </B></P>
<P align=justify>The consolidated financial statements comprise the accounts of
Eurasian, the parent company, and its controlled subsidiaries, after the
elimination of all significant intercompany balances and transactions. </P>
<P align=justify><I>Subsidiaries </I></P>
<P align=justify>Subsidiaries are all entities over which the Company has
exposure to variable returns from its involvement and has the ability to use
power over the investee to affect its returns. The existence and effect of
potential voting rights that are currently exercisable or convertible are
considered when assessing whether the Company controls another entity.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Company until the date on which control ceases.</P>
<P align=justify>The accounts of subsidiaries are prepared for the same
reporting period as the parent company, using consistent accounting policies.
Inter-company transactions, balances and unrealized gains or losses on
transactions are eliminated. The Company&#146;s principal operating subsidiaries are
as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left ><B>Name</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="25%"><B>Place of Incorporation</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="25%"><B>Ownership Percentage</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bullion Monarch Mining, Inc </TD>
    <TD align=left width="25%">Utah, USA </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >EMX (USA) Services Corp. </TD>
    <TD align=left width="25%">Nevada, USA </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bronco Creek Exploration Inc. </TD>
    <TD align=left width="25%">Arizona, USA </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eurasia Madencilik Ltd. Sirketi </TD>
    <TD align=left width="25%">Turkey </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Azur Madencilik Ltd. Sirketi </TD>
    <TD align=left width="25%">Turkey </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eurasian Minerals Cooperatief U.A. </TD>
    <TD align=left width="25%">Netherlands </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eurasian Minerals Sweden AB </TD>
    <TD align=left width="25%">Sweden </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >EMX Exploration Scandinavia AB </TD>
    <TD align=left width="25%">Sweden </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Viad Royalties AB </TD>
    <TD align=left width="25%">Sweden </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Iekevare Minerals AB </TD>
    <TD align=left width="25%">Sweden </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Waikato Gold Limited </TD>
    <TD align=left width="25%">New Zealand </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >EMX
      Australia Pty Ltd. </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="25%">Australia </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="25%">100%
    </TD></TR></TABLE>
<P align=justify><B>Functional and Reporting Currency </B></P>
<P align=justify>The functional currency is the currency of the primary economic
environment in which the entity operates. The functional currency for the
Company and its subsidiaries is the Canadian dollar except the functional
currency of the operations of Bullion Monarch which is the US dollar. The
functional currency determinations were conducted through an analysis of the
consideration factors identified in IAS 21, The Effects of Changes in Foreign
Exchange Rates.</P>
<P align=center>66 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><I>Translation of transactions and balances </I></P>
<P align=justify>Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing at the dates of the
transactions or valuation where items are re-measured. Monetary assets and
liabilities denominated in foreign currencies are re-measured at the rate of
exchange at each financial position date. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at
period end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognized in profit or loss. </P>
<P align=justify>On translation of the entities whose functional currency is
other than the Canadian dollar, revenues and expenses are translated at the
exchange rates approximating those in effect on the date of the transactions.
Assets and liabilities are translated at the rate of exchange at the reporting
date. Exchange gains and losses, including results of re-translation, are
recorded in the foreign currency translation reserve. </P>
<P align=justify><B>Financial Instruments </B></P>
<P align=justify>All financial instruments are classified into one of the
following four categories: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Financial assets and financial liabilities at fair value
      through profit or loss (&#147;FVTPL&#148;)</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Financial assets and financial liabilities classified as
      FVTPL are acquired or incurred principally for the purpose of selling or
      repurchasing them in the near term. They are recognized at fair value
      based on market prices, with any resulting gains and losses reflected in
      profit or loss for the period in which they arise.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Held-to-maturity financial assets</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Held-to-maturity financial assets are non-derivative
      financial assets with fixed or determinable payments and fixed maturity
      that an entity has the positive intention and ability to hold to maturity.
      They are measured at amortized cost using the effective interest rate
      method less any impairment loss. A gain or loss is recognized in profit or
      loss when the financial asset is derecognized or impaired, and through the
      amortization process.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Available for sale financial assets</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Available for sale (&#147;AFS&#148;) financial assets are
      non-derivative financial assets that are designated as available for sale,
      or that are not classified as loans and receivables, held-to-maturity
      investments, or FVTPL. They are measured at fair value. Fair value is
      determined based on market prices. Equity instruments that do not have a
      quoted market price in an active market are measured at cost. Gains and
      losses are recognized directly in other comprehensive income (loss) until
      the financial asset is derecognized, at which time the cumulative gain or
      loss previously recognized in accumulated other comprehensive income
      (loss) is recognized in profit or loss for the period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Loans and receivables and other financial
    liabilities</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Loans and receivables and other financial liabilities are
      measured at amortized cost, using the effective interest rate method less
      any impairment loss.</P></TD></TR></TABLE>
<P align=justify>The Company&#146;s financial instruments consist of cash and cash
equivalents, investments, receivables, restricted cash, reclamation bonds,
convertible notes receivable, accounts payable and accrued liabilities, and
advances from joint venture partners. Unless otherwise noted the fair value of
these financial instruments approximates their carrying values. </P>
<P align=justify>Cash and cash equivalents are classified as loans and
receivables. Cash equivalents are held for the purpose of meeting short-term
cash commitments rather than for investment or other purposes. </P>
<P align=justify>Warrants held through investments are classified as derivative
financial assets at FVTPL and are accounted for at fair value. For warrants that
are not traded on an exchange, no market value is readily available. When there
are sufficient and reliable observable market inputs, a valuation technique is
used; if no such market inputs are available, the warrants are valued at
intrinsic value, which is equal to the higher of the market value of the
underlying security less the exercise price of the warrant, or zero. </P>
<P align=justify>Investments (Marketable securities) are classified FVTPL and
are measured at fair market value. Marketable securities transferred to the
Company as part of an acquisition are classified as AFS and are carried at fair
market value. Changes in fair value of FVTPL assets are reflected in profit or
loss in the period in which they occur. Changes in fair value of AFS assets are reflected in accumulated other comprehensive income
on the statement of financial position until sold or if there is an other than
temporary impairment in value.</P>
<P align=center>67 </P>
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<P align=justify>Reclamation bonds are classified as financial assets
held-to-maturity. </P>
<P align=justify>Restricted cash is classified as financial assets at FVTPL.
</P>
<P align=justify>The Company classifies its receivables as loans and receivables
and its accounts payable and accrued liabilities and advances from joint venture
partners as other financial liabilities. </P>
<P align=justify>Certain receivables related to the sale of Akarca are
considered to be derivative financial assets as they are subject to variations
in gold price per ounce on record date and final price received and are
accordingly classified as FVTPL. The derivative receivable is recorded at fair
value each period until final settlement occurs, with changes in fair value
reflected in profit or loss for the period in which they arise. </P>
<P align=justify><B>Impairment of Financial Assets </B></P>
<P align=justify>Financial assets are assessed for indicators of impairment at
the end of each reporting period. Financial assets are impaired when there is
objective evidence that, as a result of one or more events that occurred after
the initial recognition of the financial assets, the estimated future cash flows
of the financial assets have been impacted. </P>
<P align=justify>For all financial assets, objective evidence of impairment
could include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Significant financial difficulty of the issuer
      or counterparty; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Default or delinquency in interest or principal
      payments; or, </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">It becoming probable that the borrower will
      enter bankruptcy or financial re-organization. </TD></TR></TABLE>
<P align=justify>For certain categories of financial assets, that are assessed
not to be impaired individually, are subsequently assessed for impairment on a
collective basis. The carrying amount of financial assets is reduced by the
impairment loss directly for all financial assets with the exception of
receivables, where the carrying amount is reduced through the use of an
allowance account. When a receivable is considered uncollectible, it is written
off against the allowance account. Subsequent recoveries of amounts previously
written off are credited against the allowance account. Changes in the carrying
amount of the allowance account are recognized in profit or loss. </P>
<P align=justify>With the exception of FVTPL marketable securities, if in a
subsequent period, the amount of the impairment loss decreases and the decrease
can be related objectively to an event occurring after the impairment was
recognized, the previously recognized impairment loss is reversed through profit
or loss to the extent that the carrying amount of the investment at the date the
impairment is reversed does not exceed what the amortized cost would have been
had the impairment not been recognized. In respect of AFS marketable securities,
impairment losses previously recognized through profit or loss are not reversed
through profit or loss. Any increase in fair value subsequent to an impairment
loss is recognized directly in equity.</P>
<P align=justify><B>Convertible Notes Receivable </B></P>
<P align=justify>The notes receivable are hybrid financial assets that consist
of a note receivable component and a separate equity conversion component. The
notes receivable are measured at fair value on initial recognition by
discounting the stream of future interest and principal payments at the rate of
interest prevailing at the date of the issue for instruments of similar term and
risk. Interest income based on the rate of the note and the accretion of the
additional interest to the amount that will be receivable on maturity are
recognized through profit and loss as interest income. The equity conversion
option is an embedded derivative that has been separated from the notes
receivable and is valued based on residual value. The embedded derivative is not
revalued subsequent to initial measurement unless terms of the original loan are
changed. </P>
<P align=justify><B>Investments in Associated Companies </B></P>
<P align=justify>The Company accounts for its long-term investments in
affiliated companies over which it has significant influence on the equity basis
of accounting, whereby the investment is initially recorded at cost, adjusted to
recognize the Company&#146;s share of earnings or losses and reduced by dividends
received. </P>
<P align=justify>The Company assesses its equity investments for impairment if
there is objective evidence of impairment as a result of one or more events that
occurred after the initial recognition of the equity investment and that the
event or events has an impact on the estimated future cash flow of the
investment that can be reliably estimated. Objective evidence of impairment of
equity investments includes: </P><P align=center>68 </P>

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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Significant financial difficulty of the
      associated companies; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Becoming probable that the associated companies
      will enter bankruptcy or other financial reorganization; or, </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">National or local economic conditions that
      correlate with defaults of the associated companies. </TD></TR></TABLE>
<P align=justify><B>Exploration and evaluation assets and exploration
expenditures </B></P>
<P align=justify>Acquisition costs for exploration and evaluation assets, net of
recoveries, are capitalized on a property-by-property basis. Acquisition costs
include cash consideration and the value of common shares, based on recent issue
prices, issued for exploration and evaluation assets pursuant to the terms of
the agreement. Exploration expenditures, net of recoveries, are charged to
operations as incurred. After a property is determined by management to be
commercially feasible, subsequent development expenditures on the property will
be capitalized.</P>
<P align=justify>When there is little prospect of further work on a property
being carried out by the Company or its partners, when a property is abandoned,
or when the capitalized costs are no longer considered recoverable, the related
property costs are written down to management&#146;s estimate of their net
recoverable amount. The costs related to a property from which there is
production, together with the costs of production equipment, will be depleted
and amortized using the unit-of-production method. </P>
<P align=justify>An exploration and evaluation asset acquired under an option
agreement, where payments are made at the sole discretion of the Company, is
capitalized at the time of payment. Option payments received are treated as a
reduction of the carrying value of the related acquisition cost for the mineral
property until the payments are in excess of acquisition costs, at which time
they are then credited to profit or loss. Option payments are at the discretion
of the optionee and, accordingly, are accounted for when receipt is reasonably
assured. </P>
<P align=justify><B>Revenue recognition </B></P>
<P align=justify>The Company recognizes revenue in accordance with <I>IAS 18
Revenue</I> and based upon amounts contractually due pursuant to the underlying
royalty agreements. Specifically, royalty revenue is recognized in accordance
with the terms of the underlying royalty agreements subject to (i) when
persuasive evidence of an arrangement exists; (ii) the risks and rewards having
been transferred; (iii) the royalty or stream being fixed or determinable; and
(iv) the collectability of the royalty being reasonably assured. In some
instances, the Company will not have access to sufficient information to make a
reasonable estimate of revenue and, accordingly, revenue recognition is deferred
until management can make a reasonable estimate. Royalty revenue may be subject
to adjustment upon final settlement of estimated metal prices, weights, and
assays. Adjustments to revenue from metal prices are recorded monthly and other
adjustments are recorded on final settlement and are offset against revenue when
incurred.</P>
<P align=justify><B>Royalty interests </B></P>
<P align=justify>Royalty interests in mineral properties include acquired
royalty interests in production stage and exploration stage properties. In
accordance with <I>IAS 38 Intangible Assets</I>, the cost of acquired royalty
interests in mineral properties is capitalized as intangible assets. </P>
<P align=justify>Acquisition costs of production stage royalty interests are
depleted using the units of production method over the life of the related
mineral property, which is calculated using estimated reserves. Acquisition
costs of royalty interests on exploration stage mineral properties, where there
are no estimated reserves, are not amortized. At such time as the associated
exploration stage mineral interests are converted to estimated reserves, the
cost basis is amortized over the remaining life of the mineral property, using
the estimated reserves. The carrying values of exploration stage mineral
interests are evaluated for impairment at such time as information becomes
available indicating that the production will not occur in the future.</P>
<P align=justify><B>Goodwill </B></P>
<P align=justify>Goodwill represents the excess of the price paid for the
acquisition of a consolidated entity over the fair value of the net identifiable
tangible and intangible assets and liabilities acquired in a business
combination. Goodwill is allocated to the cash generating unit to which it
relates.</P>
<P align=justify>Goodwill is evaluated for impairment annually or more often if
events or circumstances indicate there may be impairment. Impairment is
determined by assessing if the carrying value of a cash generating unit,
including the allocated goodwill, exceeds its recoverable amount.</P>
<P align=center>69 </P>
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<P align=justify><B>Property and equipment </B></P>
<P align=justify>Property and equipment is recorded at cost. Building is
depreciated using a 5 year straightline method. Equipment is depreciated over
its estimated useful life using the declining balance method at a rate of 20%
per annum. Depreciation on equipment used directly on exploration projects is
included in exploration expenditures for that mineral property. </P>
<P align=justify><B>Decommissioning liabilities</B></P>
<P align=justify>Decommissioning liabilities are recognized for the expected
obligations related to the retirement of long-lived tangible assets that arise
from the acquisition, construction, development or normal operation of such
assets. A decommissioning liability is recognized in the period in which it is
incurred and when a reasonable estimate of the fair value of the liability can
be made with a corresponding decommissioning cost recognized by increasing the
carrying amount of the related long-lived asset. The decommissioning cost is
subsequently allocated in a rational and systematic method over the underlying
asset&#146;s useful life. The initial fair value of the liability is accreted, by
charges to profit or loss, to its estimated future value.</P>
<P align=justify><B>Environmental disturbance restoration </B></P>
<P align=justify>During the operating life of an asset, events such as
infractions of environmental laws or regulations may occur. These events are not
related to the normal operation of the asset and are referred to as
environmental disturbance restoration provisions. The costs associated with
these provisions are accrued and charged to profit or loss in the period in
which the event giving rise to the liability occurs. Any subsequent adjustments
to these provisions due to changes in estimates are also charged to profit or
loss in the period of adjustment. These costs are not capitalized as part of the
long-lived assets&#146; carrying value. </P>
<P align=justify><B>Impairment of assets </B></P>
<P align=justify>Events or changes in circumstances can give rise to significant
impairment charges or reversals of impairment in a particular year. The Company
assesses its cash generating units annually to determine whether any indication
of impairment exists. Where an indicator of impairment exists, an estimate of
the recoverable amount is made, which is the higher of the fair value less costs
to sell and value in use. The determination of the recoverable amount for value
in use requires the use of estimates and assumptions such as long-term commodity
prices, discount rates, future capital requirements, exploration potential and
future operating performance. Fair value is determined as the amount that would
be obtained from the sale of the asset in an arm&#146;s length transaction between
knowledgeable and willing parties.</P>
<P align=justify><B>Cash and cash equivalents </B></P>
<P align=justify>Cash and cash equivalents include cash on hand, bank deposits
and short-term, highly liquid investments that are readily convertible to known
amounts of cash. </P>
<P align=justify><B>Share-based payments </B></P>
<P align=justify>Share-based payments include option and stock grants granted to
directors, employees and non-employees. The Company accounts for share-based
compensation using a fair value based method with respect to all share-based
payments measured and recognized, to directors, employees and non-employees. For
directors and employees, the fair value of the options and stock grants is
measured at the date of grant. For non-employees, the fair value of the options
and stock grants is measured on the earlier of the date at which the
counterparty performance is complete, or the date the performance commitment is
reached, or the date at which the equity instruments are granted if they are
fully vested and non-forfeitable. For directors, employees and non-employees,
the fair value of the options and stock grants is accrued and charged to
operations, with the offsetting credit to share based payment reserve for
options, and commitment to issue shares for stock grants over the vesting
period. If and when the stock options are exercised, the applicable amounts are
transferred from share-based payment reserve to share capital. When the stock
grants are issued, the applicable fair value is transferred from commitment to
issue shares to share capital. Option based compensation awards are calculated
using the Black-Scholes option pricing model while stock grants are valued at
the fair value on the date of grant. </P>
<P align=justify><B>Income taxes</B> </P>
<P align=justify>Income tax expense consists of current and deferred tax. Income
tax expense is recognized in profit or loss except to the extent that it relates
to items recognized directly in equity. Current tax is the expected tax payable
on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of
previous years. Deferred tax is calculated providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. </P>
<P align=center>70</P>
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<P align=justify>Deferred tax is not recognized on the initial recognition of
assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable income nor loss. In addition,
deferred tax is not recognized for taxable temporary differences arising on the
initial recognition of goodwill. Deferred tax is measured at the tax rates that
are expected to be applied to temporary differences when they reverse, based on
the laws that have been enacted or substantively enacted at the reporting date.
</P>
<P align=justify>Deferred tax assets and liabilities are offset if there is a
legally enforceable right to offset, and they relate to income taxes levied by
the same tax authority on the same taxable entity, or on different tax entities,
but they intend to settle current tax liabilities and assets on a net basis or
their tax assets and liabilities will be realized simultaneously. </P>
<P align=justify>A deferred tax asset is recognized to the extent that it is
probable that future taxable income will be available against which the
temporary difference can be utilized. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that
the related tax benefit will be realized. </P>
<P align=justify><B>Income (loss) per share </B></P>
<P align=justify>Basic income or loss per share is calculated by dividing the
net income or loss for the year by the weighted average number of shares
outstanding during the year. Diluted income or loss per share is calculated
whereby the weighted average number of shares outstanding used in the
calculation of diluted income or loss per share assumes that the deemed proceeds
received from the exercise of stock options, share purchase warrants and their
equivalents would be used to repurchase common shares of the Company at the
average market price during the year, if they are determined to have a dilutive
effect. </P>
<P align=justify>Existing stock options and share purchase warrants have not
been included in the current year computation of diluted loss per share as to do
so would be anti-dilutive. For the years presented the basic and diluted losses
per share are the same. </P>
<P align=justify><B>Valuation of equity units issued in private placements
</B></P>
<P align=justify>The Company has adopted a residual value method with respect to
the measurement of shares and warrants issued as private placement units. The
residual value method first allocates value to the more easily measurable
component based on fair value and then the residual value, if any, to the less
easily measurable component. </P>
<P align=justify>The fair value of the common shares issued in the private
placements was determined to be the more easily measurable component and were
valued at their fair value, as determined by the closing quoted bid price on the
day prior to the issuance date. The balance, if any, was allocated to the
attached warrants. Any fair value attributed to the warrants is recorded in
reserves. </P>
<P align=justify><B>Segment reporting </B></P>
<P align=justify>Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker. The chief
operating decision-maker, who is responsible for allocating resources and
assessing performance of the operating segment, has been identified as the Chief
Executive Officer. </P>
<P align=justify><B>Classification of investments as subsidiaries, joint
ventures, associated company and portfolio investments</B></P>
<P align=justify>Classification of investments requires judgement as to whether
the Company controls, has joint control of or significant influence over the
strategic financial and operating decisions relating to the activity of the
investee. In assessing the level of control or influence that the Company has
over an investment, management considers ownership percentages, board
representation as well as other relevant provisions in shareholder agreements.
If an investor holds 20% or more of the voting power of the investee, it is
presumed that the investor has significant influence, unless it can be clearly
demonstrated that this is not the case. Conversely, if the investor holds less
than 20% of the voting power of the investee, it is presumed that the investor
does not have significant influence, unless such influence can be clearly
demonstrated.</P>
<P align=center>71 </P>
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<P align=justify><B>Accounting pronouncements not yet effective</B> </P>
<P align=justify>The following standards and pronouncements have been issued by
the IASB and have not yet been adopted by the Company. The Company is currently
evaluating the impact the new and amended standards are expected to have on its
consolidated financial statements. </P>
<P align=justify>IFRS 9 requires financial assets to be classified into three
measurement categories on initial recognition: those measured at fair value
through profit and loss, those measured at fair value through other
comprehensive income and those measured at amortized cost. Measurement and
classification of financial assets is dependent on the entity&#146;s business model
for managing the financial assets and the contractual cash flow characteristics
of the financial asset. For financial liabilities, the standard retains most of
the IAS 39 requirements. </P>
<P align=justify>In May 2014, the IASB issued IFRS 15 Revenue from Contracts
with Customers ("IFRS 15"), which supersedes IAS 11 Construction Contracts, IAS
18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the
Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers, and
SIC 31 Revenue - Barter Transactions involving Advertising Services. IFRS 15
establishes a single five-step model framework for 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, with early adoption permitted.</P>
<P align=justify>IFRS 16 Leases was issued in January 2016 (effective January 1,
2019) and provides a single lessee accounting model, requiring lessees to
recognize assets and liabilities for all leases unless the lease term is 12
months or less or the underlying asset has a low value.</P>
<P align=justify><B>Critical Accounting Judgments and Significant Estimates and
Uncertainties </B></P>
<P align=justify>The preparation of the consolidated financial statements
requires management to make judgments and estimates and form assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements, and the reported revenue and expenses during the periods
presented therein. On an ongoing basis, management evaluates its judgments and
estimates in relation to assets, liabilities, royalty revenues and expenses.
Management bases its judgments and estimates on historical experience and on
other various factors it believes to be reasonable under the circumstances.
Actual results may differ from these estimates under different assumptions and
conditions.</P>
<P align=justify>The Company has identified the following critical accounting
policies in which significant judgments, estimates and assumptions are made and
where actual results may differ from these estimates under different assumptions
and conditions and may materially affect financial results or the financial
position reported in future periods. Further details of the nature of these
assumptions and conditions may be found in the relevant notes to the
consolidated financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>a)</I> </TD>
    <TD>
      <P align=justify><I>Royalty interest and related
  depletion</I></P></TD></TR></TABLE>
<P align=justify>In accordance with the Company&#146;s accounting policy, royalty
interests are evaluated on a periodic basis to determine whether there are any
indications of impairment. If any such indication exists, a formal estimate of
recoverable amount is performed and an impairment loss recognized to the extent
that carrying amount exceeds recoverable amount. The recoverable amount of a
royalty asset is measured at the higher of fair value less costs to sell and
value in use. The determination of fair value and value in use requires
management to make estimates and assumptions about expected production and sales
volumes, the proportion of areas subject to royalty rights, commodity prices
(considering current and historical prices, price trends and related factors),
and reserves. These estimates and assumptions are subject to risk and
uncertainty; hence there is a possibility that changes in circumstances will
alter these projections, which may impact the recoverable amount of the assets.
In such circumstances, some or all of the carrying value of the assets may be
further impaired or the impairment charge reduced with the impact recorded in
profit or loss. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>b)</I> </TD>
    <TD>
      <P align=justify><I>Goodwill</I></P></TD></TR></TABLE>
<P align=justify>Goodwill is evaluated for impairment annually or more often if
events or circumstances indicate there may be impairment. Impairment is
determined by assessing if the carrying value of a cash generating unit,
including the allocated goodwill, exceeds its recoverable amount. The assessment
of the recoverable amount used in the goodwill impairment analysis is subject to
similar judgments and estimates as described above for property and equipment
and royalty interests. </P>
<P align=center>72 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>c)</I> </TD>
    <TD>
      <P align=justify><I>Exploration and Evaluation
Assets</I></P></TD></TR></TABLE>
<P align=justify>Recorded costs of exploration and evaluation assets are not
intended to reflect present or future values of exploration and evaluation
assets. The recorded costs are subject to measurement uncertainty and it is
reasonably possible, based on existing knowledge, that a change in future
conditions could require a material change in the recognized amount. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>d)</I> </TD>
    <TD>
      <P align=justify><I>Taxation</I></P></TD></TR></TABLE>
<P align=justify>The Company&#146;s accounting policy for taxation requires
management&#146;s judgment as to the types of arrangements considered to be a tax on
income in contrast to an operating cost. Judgment is also required in assessing
whether deferred tax assets and certain deferred tax liabilities are recognized
on the statement of financial position.</P>
<P align=justify>Deferred tax assets, including those arising from unused tax
losses, capital losses and temporary differences, are recognized only where it
is considered probable that they will be recovered, which is dependent on the
generation of sufficient future taxable profits. Deferred tax liabilities
arising from temporary differences caused principally by the expected royalty
revenues generated by the royalty property are recognized unless expected
offsetting tax losses are sufficient to offset the taxable income and therefore,
taxable income is not expected to occur in the foreseeable future. Assumptions
about the generation of future taxable profits depend on management&#146;s estimates
of future cash flows. These depend on estimates of future production and sales
volumes, commodity prices, and reserves. Judgments are also required about the
application of income tax legislation in foreign jurisdictions. These judgments
and assumptions are subject to risk and uncertainty, hence there is a
possibility that changes in circumstances will alter expectations, which may
impact the amount of deferred tax assets and deferred tax liabilities recognized
on the statement of financial position and the amount of other tax losses and
temporary differences not yet recognized. In such circumstances, some or the
entire carrying amount of recognized deferred tax assets and liabilities may
require adjustment, resulting in a corresponding credit or charge to profit or
loss.</P>
<P align=justify>Information about critical judgments in applying accounting
policies that have the most significant effect on the amounts recognized in the
consolidated financial statements include, but are not limited to, the
following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>e)</I> </TD>
    <TD>
      <P align=justify><I>Functional Currencies</I></P></TD></TR></TABLE>
<P align=justify>The functional currency of each of the Company&#146;s subsidiaries
is the currency of the primary economic environment in which the entity
operates. Determination of the functional currency may involve certain judgments
to determine the primary economic environment and the Company reconsiders the
functional currency of its entities if there is a change in events and
conditions, which determined the primary economic environment.</P>
<P align=justify><B><U>5.B. Liquidity and Capital Resources</U></B><B> </B></P>
<P align=justify>The Company considers items included in shareholders&#146; equity as
capital. The Company&#146;s objective when managing capital is to safeguard the
Company&#146;s ability to continue as a going concern, so that it can continue to
provide returns for shareholders and benefits for other stakeholders. </P>
<P align=justify>As at December 31, 2016, the Company had working capital of
$6,002,318 (December 31, 2015 - $5,787,109). The Company has continuing royalty
income that will vary depending on royalty ounces received, the price of gold,
and foreign exchange rates on US royalty payments. The Company manages the
capital structure and makes adjustments in light of changes in economic
conditions and the risk characteristics of the underlying assets. The Company
has sufficient working capital to undertake it&#146;s current business plan. However,
should the Company undertake anything over and above these plans, management
will need additional sources of working capital. In order to maintain or adjust
the capital structure, the Company may issue new shares through public and/or
private placements, sell assets, or return capital to shareholders. The Company
is not subject to externally imposed capital requirements.</P>
<P align=justify>On February 22, 2017, the Company announced it intends to
complete a non-brokered private placement for gross proceeds of up to $7,000,000
through the sale of 5,000,000 units at a price of $1.40 per Unit. Each Unit will
consist of one common share and one-half of one non-transferable share purchase
warrant. Each whole warrant will entitle the holder to purchase one additional
Share at a price of $2.00 for a period of two years. </P>
<P align=justify><B>Operating Activities </B></P>
<P align=justify>Cash used in operations was $5,315,543 for the year ended
December 31, 2016<B> </B>(2015 - $5,082,224) and represents expenditures
primarily on mineral property exploration and general and administrative expense
for both periods, offset by royalty income received in the year.</P>
<P align=center>73 </P>
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<P align=justify><B>Financing Activities</B></P>
<P align=justify>The Company received $127,800 in 2016 (2015 - $Nil) from the
exercise of stock options and $Nil in 2016 (2015 - $Nil) from the exercise of
warrants.</P>
<P align=justify><B>Investing Activities </B></P>
<P align=justify>Some of the significant investment activities during the year
ended December 31, 2016 are: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>- </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Company sold the EMX subisidiary that controls the
      Akarca gold-silver project in Turkey to &#199;iftay <FONT face=TimesNewRoman
      size=2><FONT face=TimesNewRoman size=2>&#304;</FONT></FONT>n<FONT
      face=TimesNewRoman size=2><FONT face=TimesNewRoman
      size=2>&#351;</FONT></FONT>aat Taahh&#252;t ve Ticaret A.S. ("&#199;iftay"), for a
      US$2,000,000 ($2,630,760) cash payment. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>- </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Company sold the Sistora gold property in Turkey to
      Bahar Madencilik Sinayi ve Ticaret Ltd Sti for a US$250,000 ($332,969)
      cash payment. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>-</P></TD>
    <TD align=left width="90%">
      <P align=justify>The Company advanced $542,622 to an associated company
      pursuant to a convertible loan agreement. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>-</P></TD>
    <TD align=left width="90%">
      <P align=justify>The Company received $130,737 in net proceeds from the
      purchase and sale of marketable securities. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>-</P></TD>
    <TD align=left width="90%">
      <P align=justify>The Company sold strategic investments in Revelo for
      $17,375. </P></TD></TR></TABLE>
<P align=justify><B><U>5.C. Research and Development, Patents and Licenses,
etc.</U></B><B> </B></P>
<P align=justify>See subtopic &#147;Exploration Expenditures&#148; under &#147;Item 5.A.,
Operating Results&#148;.<B> </B></P>
<P align=justify><B><U>5.D. Trend Information</U></B><B> </B></P>
<P align=justify>See &#147;Property Overview&#148; under &#147;Item 5, Operating and Financial
Review and Prospects&#148;, and &#147;Other&#148; under &#147;Item 5.A. Operating Results&#148;. </P>
<P align=justify><B><U>5.E. Off-Balance Sheet Arrangements</U></B><B> </B></P>
<P align=justify>The Company has no off-balance sheet arrangements. </P>
<P align=justify><B><U>5.F Tabular Disclosure of Contractual
Obligations</U></B><B> </B></P>
<P align=justify>The Company has no Contractual Obligations. <B></B></P>
<P align=justify><B><U>ITEM 6. DIRECTORS, SENIOR MANAGEMENT, AND
EMPLOYEES</U></B> </P>
<P align=justify><B><U>6.A. Directors and Senior Management</U></B><B> </B></P>
<P align=center>Table No. 6 <BR>Directors and Senior Management</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=right width="25%">Date of </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=right width="25%">First Election </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Name </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="25%">Position </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="25%">Age </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="25%">Or Appointment </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="25%">&nbsp; </TD>
    <TD width="25%" align="center">&nbsp; </TD>
    <TD width="25%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="25%">&nbsp; </TD>
    <TD width="25%" align="center">&nbsp; </TD>
    <TD width="25%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>David M. Cole </TD>
    <TD align=left width="25%">President, CEO, Director </TD>
    <TD align=center width="25%">55 </TD>
    <TD align=right width="25%">November 24, 2003 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Brian E. Bayley (1)(2)(3) </TD>
    <TD align=left width="25%">Director </TD>
    <TD align=center width="25%">64 </TD>
    <TD align=right width="25%">May 13, 1996 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Brian K. Levet (1)(2) </TD>
    <TD align=left width="25%">Director </TD>
    <TD align=center width="25%">64 </TD>
    <TD align=right width="25%">March 18, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Larry Okada (1)(2)(3) </TD>
    <TD align=left width="25%">Director </TD>
    <TD align=center width="25%">68 </TD>
    <TD align=right width="25%">June 11, 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Michael D. Winn (3) </TD>
    <TD align=left width="25%">Director and Chairman </TD>
    <TD align=center width="25%">55 </TD>
    <TD align=right width="25%">November 24, 2003 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Christina Cepeliauskas </TD>
    <TD align=left width="25%">Chief Financial Officer </TD>
    <TD align=center width="25%">53 </TD>
    <TD align=right width="25%">September 18, 2008 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kim Casswell </TD>
    <TD align=left width="25%">Corporate Secretary </TD>
    <TD align=center width="25%">60 </TD>
    <TD align=right width="25%">November 13, 2015 </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Member of Audit Committee</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Member of the Compensation Committee</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Member of Corporate Governance
Committee</P></TD></TR></TABLE><BR>
<P align=center>74 </P>
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<P align=justify><B><I><U>David M. Cole (President, CEO and
Director)</U></I></B><B><I> </I></B></P>
<P align=justify>Mr. Cole has over 25 years of industry experience, coming to
Eurasian Minerals from Newmont Mining Company. At Newmont, he held a number of
management and senior geologic positions, gaining extensive global experience as
a project, mine, and generative exploration geologist in Nevada, Southeast Asia,
South America, Europe, and Central Asia. Mr. Cole's success as part of Newmont's
exploration team includes contributions at the world class Carlin Trend,
Yanacocha, and Minahasa mines. Subsequently, he established and managed
Newmont's exploration programs in Turkey while also identifying early-stage
acquisition targets in Eastern Europe. Mr. Cole specializes in developing new
exploration ideas and opportunities, based upon solid technical expertise
coupled with a keen business sense. He studied under Dr. Tommy Thompson at
Colorado State University, earning an M.S. in Geology. </P>
<P align=justify><B><I><U>Michael D. Winn (Director and
Chairman)</U></I></B><B><I> </I></B></P>
<P align=justify>Mr. Winn is President of Seabord Capital Corp., which provides
investment analysis and financial services to companies operating in the energy
and mining sectors. He is also President of Seabord Services Corp., a Canadian
company that provides management, administrative, and regulatory services to
private and public mining companies. Prior to starting Seabord Capital in
January 2013, Mr. Winn was President of Terrasearch Inc. (1997 to 2012) a
predecessor company to Seabord Capital. He also worked as an analyst for Global
Resource Investments Ltd. (1993 to 1997) where he specialized in the evaluation
of emerging oil and gas and mining companies. Mr. Winn has worked in the oil and
gas industry since 1983 and the mining industry since 1992, and is currently a
director and officer of several companies operating in Canada, Latin America,
Europe and Africa. Mr. Winn received a B.Sc. in geology from the University of
Southern California. </P>
<P align=justify><B><I><U>Brian Bayley (Director)</U></I></B><B><I> </I></B></P>
<P align=justify>Mr. Bayley is currently the President of Earlston Management
Corp., formerly Ionic Management Corp. (private management company) since
December 1996. From June 2003 to July 2013, Mr. Bayley was director of Quest
Capital Corp. (a predecessor company to Sprott Resource Lending Corp.), a
publicly traded resource lending company listed on the TSX and NYSE MKT. Mr.
Bayley was also the Resource Lending Advisor from September 2010 to June 2013,
President and Chief Executive Officer from May 2009 to September 2010,
Co-chairman from January 2008 to May 2009, Chief Executive Officer from June
2003 to March 2008, and President from June 2003 to January 2008. Mr. Bayley is
also a director and officer of several other public companies and holds an MBA
from Queen&#146;s University. </P>
<P align=justify><B><I><U>Brian Levet (Director)</U></I></B> </P>
<P align=justify>Mr. Levet draws on over 35 years of diversified executive and
management experience in mineral exploration, project startup, and mine
development and operations. He began his career with Rio Tinto Rhodesia and
Zimbabwe Iron and Steel Company. The majority of Mr. Levet's career was with
Newmont Mining Company, most recently as the Group Executive for Worldwide
Exploration, and after 27 years of service he announced his retirement in early
2011. His distinguished career has been built upon a track record of
team-oriented discovery success, with a number of these discoveries currently in
production. He is recognized within the mining industry for exploration
expertise and team leadership that resulted in a number of major discoveries,
including the Batu Hijau and Elang copper-gold deposits in Indonesia, the North
Lanut gold deposit in North Sulawesi, Indonesia, the McPhillamys gold deposit in
New South Wales, Australia, as well as playing a significant role in the
identification of Yanacocha as a world-class gold mining camp. Mr. Levet has a
B.Sc. in Geology from the University of London. </P>
<P align=justify><B><I><U>Larry Okada (Director)</U></I></B> </P>
<P align=justify>Larry Okada is a CPA, CA professional accountant in British
Columbia and Alberta, as well as a Certified Public Accountant in Washington
State. He has been in public practice with Deloitte's, his own firm, and
PricewaterhouseCoopers LLP for over 35 years. For more than 30 years, the
majority of Mr. Okada's clients have been public mining companies listed on the
TSX-V. Larry currently sits on a committee with the Institute of Chartered
Accountants of British Columbia. As an independent director, Mr. Okada's
extensive experience in accounting, finance, and corporate governance will
further strengthen the Company's Board of Directors in these key areas. </P>
<P align=justify><B><I><U>Christina Cepeliauskas (Chief Financial
Officer)</U></I></B> </P>
<P align=justify>Ms. Cepeliauskas is a CPA, CGA professional accountant with
more than 20 years of financial accounting and treasury experience in the
mineral exploration and mining industry. She also has her ICD.D designation from
the Institute of Corporate Directors. She is currently the Chief Financial
Officer of Eurasian Minerals Inc. and Reservoir Capital Corp. and was formerly a
Director and Chairperson of the Audit Committee of Revelo Resources Corp. Ms.
Cepeliauskas also holds the volunteer position of Chair of the Governance
Committee of Fraserside Community Services Society, an organization committed to
helping people overcome challenges. </P>
<P align=center>75 </P>
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<P align="justify">
<B><I><U>Kim Casswell (Corporate Secretary)</U></I></B> </P>
<P align="justify">
Ms. Casswell has been the Corporate Secretary of several public companies listed on the TSX Venture Exchange and the Toronto Stock Exchange since 1994 and has been providing independent corporate secretary services since 1995. Ms. Casswell has
played an important role in the growth of these companies and is familiar with regulations governing public companies in several jurisdictions. In addition to Eurasian Minerals Inc., Ms. Casswell is currently Corporate Secretary of Reservoir Capital
Corp., Atico Mining Corporation, Legend Gold Corp., Lara Exploration Ltd., and Revelo Resources Corp. </P>
<P align="justify">
The Directors have served in their respective capacities since their election and/or appointment and will serve until the next Annual General Meeting or until a successor is duly elected, unless the office is vacated in accordance with the
Articles/ByLaws of the Company. </P>
<P align="justify">
No Director and/or Senior Management had been the subject of any order, judgment, or decree of any governmental agency or administrator or of any court or competent jurisdiction, revoking or suspending for cause any license, permit or other
authority of such person or of any Company of which he is a Director and/or Senior Management, to engage in the securities business or in the sale of a particular security or temporarily or permanently restraining or enjoining any such person or any
Company of which he is an officer or director from engaging in or continuing any conduct/practice/employment in connection with the purchase or sale of securities, or convicting such person of any felony or misdemeanor involving a security or any
aspect of the securities business or of theft or of any felony. </P>
<P align="justify">
There are no family relationships between any two or more Directors or Senior Management. </P>
<P align="justify">
There are no arrangements or understandings with major shareholders, customers, suppliers or others, pursuant to which any person referred to above was selected as a director or member of senior management. </P>
<P align="justify">
<B><U>6.B. Compensation</U></B><B> </B></P>
<P align="justify">
<B>Compensation Discussion and Analysis</B> </P>
<P align="justify">
This section includes disclosure of the Corporation&rsquo;s 2016 compensation discussion and analysis and a sub-section, &ldquo;Significant Changes to Compensation Policies for 2017&rdquo;, which outlines the recommendations of Lane Caputo
Compensation Inc. (&ldquo;<B>Lane Caputo</B>&rdquo;), an independent compensation advisor engaged by the Corporation to review its compensation arrangements with senior management and Directors and to recommend any changes needed to align the
Corporation&rsquo;s compensation components and strategy with both current market practices and the Corporation&rsquo;s business strategy. That sub-section also details the Corporation&rsquo;s proposed changes to its compensation policies in
response to the advisor&rsquo;s recommendations.</P>
<P align="justify">
The Compensation Committee of the Board is responsible for ensuring that the Corporation has appropriate procedures for reviewing executive compensation and making recommendations to the Board with respect to the compensation of the
Corporation&rsquo;s executive officers. The Compensation Committee seeks to ensure that total compensation paid to all executive officers is fair and reasonable and is consistent with the Corporation&rsquo;s compensation philosophy. </P>
<P align="justify">
The Compensation Committee is also responsible for recommending compensation for the directors, stock options grants to the directors, officers, employees and consultants pursuant to the Corporation&rsquo;s Stock Option Plan (the &ldquo;<B>Option
Plan</B>&rdquo;) and issuances of Common Shares to directors and officers pursuant to the Corporation&rsquo;s Incentive Stock Grant Program (the &ldquo;<B>Stock Grant Program</B>&rdquo;). Both the Option Plan and the Stock Grant Program assists the
Corporation in employee retention and cash preservation, while encouraging Common Share ownership and entrepreneurship on the part of the Corporation&rsquo;s NEOs. </P>
<P align="justify">
The Compensation Committee consists of Brian Bayley (Chairman), Brian Levet, and Larry Okada, all of whom are independent (outside, non-management) directors. The Board is satisfied that the composition of the Compensation Committee ensures an
objective process for determining compensation. Each of the members of the Committee has skills and direct experience relevant to his responsibilities as a member of the Committee as follows: </P>
<P align="justify">
<B>Brian Bayley</B>: Mr. Bayley is experienced in the areas of natural resource and real estate lending, corporate restructuring and management and administration of public companies. He is the President of Earlston Management Corp. (formerly called
Ionic Management Cop.), a private management company providing services to public and private companies. Mr. Bayley has held active senior management positions in both private and public natural resource companies and has over 30 years of public
issuer experience as both a director and an officer.</P>
<P align="justify">
<B>Brian Levet</B>: Mr. Levet has over 35 years of diversified executive and management experience in mineral exploration, project start-up and mine development and operation. He spent
over 27 years with Newmont Mining Company, most recently as the Group Executive
for Worldwide Exploration, from which he retired in 2011.</P>
<P align=center>76 </P>

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

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<P align=justify><B>Larry Okada</B>: Mr. Okada is a Chartered Professional
Accountant in British Columbia and Alberta, as well as a Certified Public
Accountant in Washington State. He has been in public practice with Deloitte
LLP, his own firm, Okada &amp; Partners, and PricewaterhouseCoopers LLP for over
35 years. For more than 30 years, the majority of Mr. Okada's clients have been
public mining companies listed on the TSX-V. Mr. Okada has extensive experience
in accounting, finance, and corporate governance. </P>
<P align=justify><I>Philosophy and Objectives</I> </P>
<P align=justify>The philosophy used by the Compensation Committee and the Board
in determining compensation is that the compensation should:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>assist the Corporation in attracting and retaining high
      caliber executives;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>align the interests of executives with those of the
      Shareholders;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>reflect the executive&#146;s performance, expertise,
      responsibilities and length of service to the Corporation; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>reflect the Corporation&#146;s current state of development,
      performance and financial status.</P></TD></TR></TABLE>
<P align=justify>As part of Lane Caputo&#146;s review of the Corporation&#146;s executive
remuneration, the Corporation and Compensation Committee determined that the
successful execution of the Corporation&#146;s business plan requires &#147;above average&#148;
management talent and experience. As outlined below under &#147;Compensation
Philosophy&#148;, this determination has resulted in the Corporation targeting salary
for its senior management at the 75<SUP>th</SUP> percentile of the peer
group.</P>
<P align=justify><I>Risk Assessment </I></P>
<P align=justify>Under the direction of the Board, the Compensation Committee
evaluates the potential risks associated with Corporation&#146;s compensation
policies and practices. The Committee has not identified any risks arising from
the Corporation&#146;s compensation policies and practices which would have a
material adverse effect on the Corporation.</P>
<P align=justify>As outlined above in &#147;Philosophy and Objectives&#148; above, the
Compensation Committee evaluates and recommends to the Board compensation
strategies which align each NEO&#146;s goals and values with those of the
Shareholders and other stakeholders to ensure the Corporation&#146;s long term goals
are met without exposing the Corporation to unnecessary risk. The Compensation
Committee considers a mix of base salary, short term incentives and long term
incentives to attract high caliber executives sufficient to encourage behaviour
that leads to creation of long term value while limiting incentives that might
promote inappropriate risk-taking. </P>
<P align=justify>As part of the annual review of the compensation packages of
the Corporation&#146;s NEOs, the Compensation Committee identifies and if necessary
changes strategies to mitigate risks. The Committee considers several factors as
part of this review including retention of key employees; competitive salaries
within the context of peer companies, short term incentives linked to specific
goals as discussed below and long term incentives (stock options and RSU&#146;s)
which link executive pay to real value creation and long term share
appreciation.</P>
<P align=justify><I>Compensation Hedging</I> </P>
<P align=justify>No NEO or director is permitted to purchase financial
instruments, including prepaid variable forward contracts, equity swaps,
collars, or units of exchange funds, designed to hedge or offset a decrease in
market value of equity securities granted as compensation or held, directly or
indirectly, by the NEO or director. </P>
<P align=justify><I>Compensation Components</I> </P>
<P align=justify>The compensation of the Corporation&#146;s NEOs is comprised
primarily of (i) base salary, (ii) annual short-term incentives in the form of
cash bonuses and stock grants under the Stock Grant Program, (iii) long-term
incentives in the form of stock grants under the Stock Grant Program and stock
options granted under the Option Plan, and (iv) benefits related to health and
pension plans, such as United States 401(k) plans. </P>
<P align=justify>To be competitive with industry rates, the Corporation may
provide additional compensation from time to time in the form of stock grants.
The Compensation Committee believes that annual and long term stock grant awards
align the interests of the NEOs with the interests of Shareholders by linking a
component of compensation to the longer term performance of the Common Shares.
</P>
<P align=center>77 </P>
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<P align=justify>No formulas have been developed to assign a specific weighting
to each of these components. Instead, the Compensation Committee considers the
Corporation&#146;s performance and, based on its assessment, recommends appropriate
compensation levels to the Board. In establishing levels of cash and
equity-based compensation, the Compensation Committee considers the executive&#146;s
performance, level of expertise, responsibilities, length of service to the
Corporation and comparable levels of remuneration paid to executives of other
companies of comparable size and development within the mining exploration and
development industries as well the financial and other resources of the
Corporation. </P>
<P align=justify>In determining the amounts payable under the various
compensation components, the Corporation also retains, from time to time, a
compensation consultant. In March 2015, the Compensation Committee retained
McDowall Associates Human Resource Consultants Ltd. (&#147;<B>McDowall</B>&#148;), a North
American external compensation consultant headquartered in Toronto, Ontario, to
provide an independent review of the compensation paid by the Corporation to its
CEO and CFO.</P>
<P align=justify>McDowall benchmarked the Corporation&#146;s compensation
arrangements against a peer group of companies that included a mix of royalty
companies and exploration companies with assets greater than $30 million and
less than $450 million to reflect the Corporation&#146;s current business operations.
McDowall used total assets as the primary determinate of company size because it
is more stable over time than either revenue or market capitalization. The peer
group of companies consisted of: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Almaden Minerals Limited </TD>
    <TD align=left width="50%">Altius Minerals Corporation </TD></TR>
  <TR vAlign=top>
    <TD align=left>Callinan Royalties Corporation </TD>
    <TD align=left width="50%">Gold Standard Ventures Corporation </TD></TR>
  <TR vAlign=top>
    <TD align=left>Midway Gold Corporation </TD>
    <TD align=left width="50%">Mirasol Resources Limited </TD></TR>
  <TR vAlign=top>
    <TD align=left>Osisko Gold Royalties Limited </TD>
    <TD align=left width="50%">Pilot Gold Inc. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Panoro Minerals Limited </TD>
    <TD align=left width="50%">Sandstorm Gold Limited </TD></TR>
  <TR vAlign=top>
    <TD align=left>Seabridge Metals Limited </TD>
    <TD align=left width="50%">Strategic Metals Limited
</TD></TR></TABLE></DIV>
<P align=justify>In addition to the peer group analysis, McDowall compared the
compensation of the Corporation&#146;s CEO and CFO against a broad group of 90 mining
companies and 12 large mining companies. With respect to the broad group of 90
mining companies, direct comparisons were made to CEOs and CFOs, while for the
12 large mining companies, comparisons were made to an executive one or two
levels below the CEOs of the large mining companies. </P>
<P align=justify>McDowall compared base salary, total cash (base salary +
bonuses) and total direct compensation (total cash + long term incentives). In
making this comparison, McDowall used an average of the peer group companies and
the broad group of 90 mining companies to establish a benchmark for comparison
(&#147;<B>Benchmark Companies</B>&#148;). </P>
<P align=justify>McDowall concluded that the cash base salary of the
Corporation&#146;s CEO is higher than the Benchmark Companies average and below the
large mining group. With respect to total cash and total direct compensation, it
concluded that the Corporation&#146;s CEO is comparable to the average paid by the
Benchmark Companies and substantially below the large mining group. It should be
noted that the CEO&#146;s cash salary is paid in United States dollars but converted
to Canadian dollars for reporting purposes. The Canadian equivalent was used in
the comparison to the Benchmark Companies. The higher base salary of the CEO to
the Benchmark Companies is partly attributable to the decline in the Canadian
dollar against the United States dollar in 2014. </P>
<P align=justify>McDowall concluded that the base salary, total cash, and total
direct compensation for the Corporation&#146;s CFO was below the compensation paid to
CFOs by Benchmark Companies and substantially below the larger mining group of
companies. </P>
<P align=justify>In the Corporation&#146;s last two financial years, McDowall has not
provided any other services to the Corporation or its affiliates.</P>
<P align=justify>An independent external compensation consultant was not engaged
to provide a review of the compensation paid to the CEO and CFO of the
Corporation during the Corporation&#146;s 2016 financial year primarily because of
market conditions and the Corporation did not plan to increase such
compensation.</P>
<P align=center>78 </P>
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<P align=justify>The Compensation Committee also relies on the experience of its
members as officers and directors at other companies in similar lines of
business as the Corporation in assessing compensation levels. The other
companies of which they are currently a director are identified under the
heading &#147;Corporate Governance Practices &#150; Other Directorships&#148; of this Circular.
The purpose of this process is to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>understand the competitiveness of current pay levels for
      each executive position relative to companies with similar business
      characteristics; </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>identify and understand any gaps that may exist between
      actual compensation levels and market compensation levels; and </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>establish a basis for developing salary adjustments and
      short-term and long-term incentive awards for the Compensation Committee&#146;s
      approval. </P></TD></TR></TABLE>
<P align=justify><I>Base Salary </I></P>
<P align=justify>The Compensation Committee recommends, and the Board
establishes, each NEO&#146;s salary. The base salary review for each NEO is based on
assessment of factors such as</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">current competitive market conditions, </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">compensation levels within the peer group and
    </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">particular skills, such as leadership ability
      and management effectiveness, experience, responsibility and proven or
      expected performance of the particular individual. </TD></TR></TABLE>
<P align=justify>Using this information, together with budgetary guidelines and
other internally and externally generated planning and forecasting tools, the
Compensation Committee performs an annual assessment of the compensation of the
Corporation&#146;s CEO and CFO (it does not have any other NEOs). The Committee then
recommends to the Board what should be the base salaries of the CEO, CFO and
other NEOs, and the Board sets the base salaries of the CEO and CFO and approves
the base salaries for the other NEOs.</P>
<P align=justify>The Corporation did not increase the base salaries of the CEO
and CFO for 2016.</P>
<P align=justify><I>Annual Short-Term Incentives</I> </P>
<P align=justify>Annual short-term incentives are made by way of cash bonuses
and the issuance of stock grants based, in part, on the Corporation&#146;s success in
reaching its annual objectives and, in part, on individual performance and
extraordinary effort and achievement. Also, the Corporation may utilize cash
bonuses to encourage retention of its staff during periods of increased industry
competition for its executive officers and other employees. </P>
<P align=justify>The Compensation Committee reviews corporate performance
objectives during the year to determine its recommendations to the Board of
annual short-term incentives. During the last financial year, the principal
performance factors and objectives included: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Exploration success; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Acquisition of new properties; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Sale and joint venture of properties; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Royalty creations and acquisitions; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Capital management; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Successful management of the Corporation&#146;s
      environmental, community, and safety objectives; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Increasing investor interest in the
      Corporation; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Increasing the Corporation&#146;s market
      capitalization; and </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Management of human resources.
</TD></TR></TABLE>
<P align=justify>The success of the NEOs&#146; contributions to the Corporation in
reaching its overall goals is a factor in the determination of their annual
incentive. The Compensation Committee assesses each NEO&#146;s performance on the
basis of his or her respective contribution to the achievement of corporate
goals as well as to needs of the Corporation that arise on a day-to-day basis.
This assessment is used by the Compensation Committee in developing its
recommendations to the Board with respect to the determination of annual
incentives for the NEOs. </P>
<P align=center>79 </P>
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<P align=justify>Although a number of the corporate performance objectives were
achieved, the Corporation did not grant any annual short-term incentives by way
of cash or stock grants to NEOs for its last financial year. </P>
<P align=justify><I>Long-Term Incentives</I> </P>
<P align=justify>Long term compensation is paid in the form of grants of stock
options under the Option Plan and the issuance of Common Shares under the Stock
Grant Program.</P>
<P align=justify>Stock Options are generally granted on an annual basis subject
to the imposition of trading black-out periods, in which case options scheduled
for grant will be granted subsequent to the end of the black-out period. All
options granted to NEOs are recommended by the Compensation Committee and
approved by the Board. In monitoring stock option grants, the Compensation
Committee takes into account the level of options granted by comparable
companies for similar levels of responsibility and considers each NEO or
employee based on reports received from management, its own observations on
individual performance (where possible) and its assessment of individual
contribution to Shareholder value. </P>
<P align=justify>To determine the number of Common Shares issuable under options
granted pursuant to the methodology outlined above, the Compensation Committee
also makes the following determinations: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">the exercise price for each option granted;
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">the date on which each option is granted;
</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">the vesting terms for each stock option; and
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">the other materials terms and conditions of
      each stock option grant. </TD></TR></TABLE>
<P align=justify>The Compensation Committee makes these determinations subject
to, and in accordance with, the provision of the Option Plan. Stock options
already held by NEOs are considered when granting new options to them.</P>
<P align=justify>On October 18, 2016, options were granted to NEOs of the
Corporation. See Summary Compensation Table below for details. </P>
<P align=justify>Stock grants for 2016 performance have yet to be determined.
</P>
<P align=justify><I>Significant Changes to Compensation Policies for 2017
</I></P>
<p>In  November 2016, the Compensation Committee retained Lane Caputo to review and  make recommendations regarding the Corporation&rsquo;s executive compensation  policies and practices. The report containing Lane Caputo&rsquo;s recommendations  (the &ldquo;<b>Lane Caputo Report</b>&rdquo;) will be used by the Compensation Committee to  guide and assist it in 2017 in establishing short and long term equity  incentive programs (&ldquo;<b>STIP</b>&rdquo; and &ldquo;<b>LTIP</b>&rdquo;) and compensation levels.  To facilitate these programs, the Board has adopted, subject to approval of  disinterested Shareholders at the Corporation&rsquo;s Annual General Meeting to be  held on May 17, 2017, a Restricted Share Unit (&ldquo;<b>RSU</b>&rdquo;) plan. If the plan  is approved by disinterested Shareholders, it is the Board&rsquo;s intention to  terminate the Stock Grant Program.</p>
<P align=justify>The key components of the Lane Caputo Report are as follows:
</P>
<P style="MARGIN-LEFT: 5%" align=justify><I><U>Peer Group</U></I><I> </I></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Standard compensation methodology
involves benchmarking compensation practices against a group of peer companies
of similar size with relevant operations in the same regional geography; the
resulting peer group then represents a realistic &#147;market&#148; against which to
define the </I>Company&#146;s <I>compensation strategy. </I></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>As the availability of cash flow
tends to determine pay mix to a certain extent, matching the development stages
of peer companies is particularly important. Whereas exploration-stage companies
tend to rely more heavily on equity-based compensation in order to focus the
majority of available cash on exploration activities, companies that have
achieved a sustainable level of commercial production, and have associated
predictable cash flow levels, gradually reduce their reliance on equity-based
compensation in favor of cash compensation. </I></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Geographical similarity of peer
companies allows for a more accurate benchmarking of the skillsets required to
manage international versus domestic operations and reflects the additional time
commitment often associated with international operations. The inclusion of
internationally-focused companies can have an influence on pay practices due to
the risk/reward profile of international operations and the market for
executives with international operating experience. </I></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>The magnitude of executive
compensation is closely correlated to the size of organization the executive
oversees; as such, compensation levels are compared to companies that would be
considered of relevant size to Eurasian. </I></P>
<P align=center>80 </P>
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<P style="MARGIN-LEFT: 5%" align=justify><I>Lane Caputo developed a peer group
of mining companies based on the parameters mentioned above against which they
benchmarked the compensation competitiveness of Eurasian&#146;s executive team
members and non-executive directors. In order to reflect Eurasian&#146;s unique
business model, consideration was limited to companies that have an element of
royalty income or project generation as part of their business strategy. The 19
companies in the peer group developed for the review are: </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><I>Abitibi Royalties Inc.</I> </TD>
    <TD align=left width="31%"><I>Marathon Gold Corp.</I> </TD>
    <TD align=left width="31%"><I>Riverside Resources Inc.</I> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><I>Almaden Minerals Ltd.</I> </TD>
    <TD align=left width="31%"><I>Millrock Resources Inc.</I> </TD>
    <TD align=left width="31%"><I>Sabina Gold &amp; Silver Corp.</I> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><I>Altius Minerals Corp.</I> </TD>
    <TD align=left width="31%"><I>Mirasol Resources Ltd.</I> </TD>
    <TD align=left width="31%"><I>Sandstorm Gold Ltd.</I> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><I>ATAC Resources Ltd.</I> </TD>
    <TD align=left width="31%"><I>NexGen Energy Ltd.</I> </TD>
    <TD align=left width="31%"><I>Solitario Exploration &amp; Royalty
      Corp.</I> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><I>AuRico Metals Inc.</I> </TD>
    <TD align=left width="31%"><I>NGEx Resources Inc.</I> </TD>
    <TD align=left width="31%"><I>Strategic Metals Ltd.</I> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><I>Balmoral Resources Ltd.</I> </TD>
    <TD align=left width="31%"><I>Orex Minerals Inc.</I> </TD>
    <TD align=left width="31%"><I>Treasury Metals Inc.</I> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><I>Corvus Gold Inc.</I> </TD>
    <TD align=left width="31%">&nbsp; </TD>
    <TD align=left width="31%">&nbsp; </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><I><U>Compensation
Philosophy</U></I><I> </I></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Eurasian&#146;s compensation philosophy
is based on the fundamental principles that the </I>Company&#146;s <I>compensation
program should assist the </I>Company <I>in attracting and retaining high
caliber executives, align the interests of executives with those of the
shareholders, reflect the executive&#146;s performance, expertise, responsibilities
and length of service to the </I>Company <I>and reflect the </I>Company&#146;s
<I>current state of development, performance and financial status. Given the
skillsets required to execute the </I>any&#146;s <I>complex business strategy, the
proposed positioning for each element of compensation under such a philosophy is
as follows: </I></P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I><U>Salary:</U></I></B><I> is
based on relevant marketplace information, experience, past performance and
level of responsibility. For a fully-qualified incumbent in a given position,
Eurasian will target salary at the 75th percentile of the peer group to reflect
the complexity of the multiple aspects of the Corporation&#146;s business strategy.
The Corporation may pay above or below this target to reflect each incumbent&#146;s
relative experience or performance versus the market, or to reflect competitive
market pressures for a given skill set. </I></P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I><U>Short-Term
Incentives:</U></I></B><I> awards are based on the performance of the executive
against predetermined individual performance objectives and the performance of
the Company against predetermined annual corporate performance objectives.
Target incentive levels (as a percentage of salary) are established to maintain
total cash compensation (salary + bonus) at the 75th percentile of the market
when performance is at target levels. Incentive opportunity will have sufficient
leverage that total cash compensation (salary + bonus) can achieve top quartile
levels of cash compensation when performance warrants. In an effort to manage
cash flow and/or provide executives with more exposure to the company&#146;s stock,
Eurasian may consider paying annual incentives in Restricted Share Units, rather
than cash. </I></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>As with any compensation plan, the
Compensation Committee or the Board as a whole should always have discretion to
reward above, or below, plan parameters when an individual or team has made an
exceptional contribution to the performance of the Company, or conversely, if
the financial performance of the company is above targeted levels for external
market or economic conditions despite poor operational performance of the
management team. </I></P>
<P align=center>81 </P>
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<P style="MARGIN-LEFT: 5%" align=justify><B><I><U>Long-Term
Incentives:</U></I></B><I> are a particularly important component of
compensation in the mining industry, as executives and employees need to be
aligned with the risk/reward profile of shareholders through participation in
share price appreciation. The number of stock options and other equity-based
incentives granted annually to each position is targeted at median levels in the
peer group and should be sufficient that, when combined with each position&#146;s
other elements of compensation, will allow total direct compensation to achieve
upper quartile positioning for superior share price performance. </I></P>
<P align=justify>Based on the Lane Caputo Report, the Compensation Committee
intends to establish the following compensation components for its 2017
financial year: </P>
<P align=justify><U>Base Salary</U> </P>
<P align=justify>Salary for the Corporation&#146;s NEOs will be dependent upon the
final structure of both the STIP and LTIP, as agreed to between the NEOs and
other executive officers and the Compensation Committee. In conjunction with the
compensation review and the establishment of the STIP and LTIP programs, David
M. Cole, CEO, has agreed to decrease his annual cash salary from US$ 400,000 to
US$ 325,000, to further align his interests with the overall success of the
Corporation. </P>
<P align=justify><U>Annual/Short Term Incentives</U> </P>
<P align=justify>A structured incentive program based on quantifiable corporate
and personal goals and objectives that are tied to the overall success of the
Corporation and that are closely aligned with the Corporation&#146;s business
strategy will be established. The Compensation Committee and the NEOs and other
executive officers will develop meaningful, yet attainable, targets for the
following key performance indicators, which will be measured over a one year
period: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Capital spent by third party partners </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Cash management </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Corporate Social Responsibility measures (both
      internal and 3rd party partner programs) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">New projects staked/acquired </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">New exploration and option agreements
  </TD></TR></TABLE>
<P align=justify><U>Long-term Incentives</U> </P>
<P align=justify>The Corporation intends to adopt, subject to shareholder and
regulatory approval, a RSU Plan with the following guidelines: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Performance measured over a three year period, with the
      entire award vesting at the end of the performance period (known as
      &#147;cliff-vesting&#148;) to generate sufficient long-term incentive. </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Half of each award under the Plan will be subject to
      performance against an absolute cash flow per share metric or similar,
      tied directly to the Corporation&#146;s strategic plan. </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>Half of each award under the Plan will be subject to
      total shareholder return performance relative to the S&amp;P/TSX Global
      Gold Index. </P></TD></TR></TABLE>
<P align=justify>The Committee and the NEOs and other executive officers are
currently discussing appropriate performance targets and mechanics of the RSU
Plan so as to achieve the Corporation&#146;s incentive and remuneration goals.</P>
<P align=center>82 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_86></A>
<P align=justify><U>Cash Compensation </U></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center colSpan=9>&nbsp;&nbsp;&nbsp;Summary Compensation
      Table&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 0px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center width="40%"
    colSpan=4>Annual Compensation </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center width="20%"
    colSpan=2>Long-Term </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center width="20%"
    colSpan=2>Compensation </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp;Awards </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">Payouts </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">Other </TD>
    <TD noWrap align=center width="10%">Securities </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">Restricted </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">Annual </TD>
    <TD noWrap align=center width="10%">Under </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">Shares or </TD>
    <TD noWrap align=center width="10%">LTIP </TD>
    <TD noWrap align=center width="10%">All Other </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center>Name and
      Principal </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="10%">Salary </TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">Compensation </TD>
    <TD noWrap align=center width="10%">Options/SAR</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center
      width="10%">Restricted </TD>
    <TD noWrap align=center width="10%">Payouts </TD>
    <TD noWrap align=center width="10%">Comp. </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center>Position </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">Year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">$ </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">Bonus </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%">$ </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">s Granted </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%">Share Units<SUP>(1) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">$</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=center width="10%">2016 </TD>
    <TD align=center width="10%">529,738 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">14,046<SUP>(2) </SUP></TD>
    <TD align=center width="10%">150,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>David M. Cole,
</TD>
    <TD align=center width="10%">2015 </TD>
    <TD align=center width="10%">516,280 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">13,549<SUP>(2) </SUP></TD>
    <TD align=center width="10%">150,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>President &amp;
      CEO </TD>
    <TD align=center width="10%">2014 </TD>
    <TD align=center width="10%">464,040 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">12,065<SUP>(2) </SUP></TD>
    <TD align=center width="10%">150,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">101,334 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=center width="10%">2016 </TD>
    <TD align=center width="10%">79,228 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">75,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Michael D.
      Winn<SUP>(3)</SUP>, </TD>
    <TD align=center width="10%">2015 </TD>
    <TD align=center width="10%">76,692 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">75,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Chairman &amp;
      Director </TD>
    <TD align=center width="10%">2014 </TD>
    <TD align=center width="10%">60,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">75,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">12,167 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=center width="10%">2016 </TD>
    <TD align=center width="10%">86,250 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">55,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Christina
      Cepeliauskas<SUP>(4)</SUP>, </TD>
    <TD align=center width="10%">2015 </TD>
    <TD align=center width="10%">86,250 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">55,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>CFO </TD>
    <TD align=center width="10%">2014 </TD>
    <TD align=center width="10%">86,250 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">55,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">15,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=center width="10%">2016 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Brian E. Bayley,
    </TD>
    <TD align=center width="10%">2015 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Director </TD>
    <TD align=center width="10%">2014 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=center width="10%">2016 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Brian K. Levet
</TD>
    <TD align=center width="10%">2015 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Director </TD>
    <TD align=center width="10%">2014 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=right>&nbsp;</TD>
    <TD align=center width="10%">2016 </TD>
    <TD align=center width="10%">N/A </TD>
    <TD align=center width="10%">N/A </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">N/A
    </TD>
    <TD align=center width="10%">N/A </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">N/A
    </TD>
    <TD align=center width="10%">N/A </TD>
    <TD align=center width="10%">N/A </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>George K.C.
      Lim<SUP>(7)</SUP></TD>
    <TD align=center width="10%">2015 </TD>
    <TD align=center width="10%">9,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Director </TD>
    <TD align=center width="10%">2014 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=center width="10%">2016 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Larry
      Okada<SUP>(5)</SUP>, </TD>
    <TD align=center width="10%">2015 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Director </TD>
    <TD align=center width="10%">2014 </TD>
    <TD align=center width="10%">24,000 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">50,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=center width="10%">2016 </TD>
    <TD align=center width="10%">29,800 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">30,000 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Kim
      Casswell<SUP>(4)(6)</SUP>, </TD>
    <TD align=center width="10%">2015 </TD>
    <TD align=center width="10%">3,150 </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">Nil
    </TD>
    <TD align=center width="10%">Nil </TD>
    <TD align=center width="10%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>Corporate
      Secretary </TD>
    <TD align=center width="10%">2014 </TD>
    <TD align=center width="10%">N/A </TD>
    <TD align=center width="10%">N/A </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">N/A
    </TD>
    <TD align=center width="10%">N/A </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%">N/A
    </TD>
    <TD align=center width="10%">N/A </TD>
    <TD align=center width="10%">N/A </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Common Shares issued as discretionary bonuses. The stock
      grants are issued in three tranches over a period of two years.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>For officers and employees in the United States, the
      Company pays 4% of the annual salary each year to the officer or
      employees&#146; 401(k) retirement plan effective January 1, 2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Winn became Chairman of the Company in May
    2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Pursuant to a Management Services Agreement between the
      Company and Seabord Services Corp. (&#147;Seabord&#148;), Ms. Cepeliauskas&#146; and Ms.
      Casswell&#146;s remuneration is paid by Seabord.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Okada became a director in June 2013.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Ms. Casswell was appointed Corporate Secretary on
      November 13, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Mr. Lim resigned as a Director on May 13,
  2015.</P></TD></TR></TABLE><BR>
  <P align=center>83 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_87></A>
<P align=center>Table No. 7 <BR>Stock Option Grants in Fiscal 2016 Ended
12/31/2016</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Name</B> </TD>
    <TD vAlign=bottom align=center width="14%"><B>Number</B> <BR><B>Of</B>
      <BR><B>Options</B> <BR><B>Granted</B> </TD>
    <TD vAlign=bottom align=center width="14%"><B>% of</B> <BR><B>Total</B>
      <BR><B>Options</B> <BR><B>Granted</B> </TD>
    <TD vAlign=bottom align=center width="14%"><B>Exercise</B>
      <BR><B>Price</B> <BR><B>Per</B> <BR><B>Share</B> </TD>
    <TD vAlign=bottom align=center width="14%"><B>Grant</B> <BR><B>Date</B>
      <BR>(mm/dd/yyyy) </TD>
    <TD vAlign=bottom align=center width="14%"><B>Expiration</B>
      <BR><B>Date</B> <BR>(mm/dd/yyyy) </TD>
    <TD vAlign=bottom align=center width="14%"><B>Mkt. Value of</B>
      <BR><B>Securities</B> <BR><B>Underlying</B> <BR><B>Options on</B>
      <BR><B>Date of</B> <BR><B>Grant</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>David M. Cole </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">150,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">11.74% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">$1.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">$1.30 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Michael D. Winn </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">75,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">5.87% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">1.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">$1.30 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Christina Cepeliauskas </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">55,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">4.31% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">1.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">$1.30 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Brian E. Bayley </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">50,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">3.91% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">1.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">$1.30 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Brian K. Levet </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">50,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">3.91% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">1.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">$1.30 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Larry Okada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">50,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">3.91% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">1.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">10/18/2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">$1.30 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Kim
      Casswell<SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">30,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="14%">2.86% </TD>
    <TD vAlign=bottom align=center width="14%">1.30 </TD>
    <TD vAlign=bottom align=center width="14%">10/18/2016 </TD>
    <TD vAlign=bottom align=center width="14%">10/18/2021 </TD>
    <TD vAlign=bottom align=center width="14%">$1.30
</TD></TR></TABLE></DIV><BR>
<P align=center>84 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_88></A>
<P align=center>Table No. 8 <BR>Aggregated Stock Options Exercises in Fiscal
2016 <BR>Fiscal Yearend Unexercised Stock Options <BR>Fiscal Yearend Stock
Option Values <BR>Senior Management/Directors</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=center width="20%">Number of </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=center width="20%">Number of Unexercised </TD>
    <TD noWrap align=center width="20%">Value of Unexercised </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=center width="20%">Shares </TD>
    <TD noWrap align=center width="20%">Aggregate </TD>
    <TD noWrap align=center width="20%">Options </TD>
    <TD noWrap align=center width="20%">In-the-Money Options </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=center width="20%">Acquired </TD>
    <TD noWrap align=center width="20%">Value </TD>
    <TD noWrap align=center width="20%">at Fiscal Year-End </TD>
    <TD noWrap align=center width="20%">At Fiscal Year-End </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>Name </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">on Exercise </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">Realized<SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">Exercisable/Unexercisable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">Exercisable/Unexercisable<SUP>(2)</SUP> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">80,000/0 @ $1.94 </TD>
    <TD align=center width="20%">$0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">150,000/0 @ $1.20 </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>David M. Cole </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=center width="20%">$19,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">150,000/0 @ $0.66 </TD>
    <TD align=center width="20%">$100,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">150,000/0 @ $1.30 </TD>
    <TD align=center width="20%">$4,500 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $1.94 </TD>
    <TD align=center width="20%">$0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">75,000/0 @ $1.20 </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Michael D. Winn </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=center width="20%">9,750 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">75,000/0 @ $0.66 </TD>
    <TD align=center width="20%">$50,250 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">75,000/0 @ $1.30 </TD>
    <TD align=center width="20%">$6,500 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $1.94 </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">55,000/0 @ $1.20 </TD>
    <TD align=center width="20%">$0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Christina Cepeliauskas </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=right width="20%">55,000/0 @ $0.66 </TD>
    <TD align=center width="20%">$7,150 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">55,000/0 @ $1.30 </TD>
    <TD align=center width="20%">$36,850$1,650 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $1.94 </TD>
    <TD align=center width="20%">$0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $1.20 </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Brian E. Bayley </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=center width="20%">$6,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $0.66 </TD>
    <TD align=center width="20%">$33,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $1.30 </TD>
    <TD align=center width="20%">$1,500 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $1.94 </TD>
    <TD align=center width="20%">$0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Brian K. Levet </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=right width="20%">50,000/0 @ $1.20 </TD>
    <TD align=center width="20%">$6,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $0.66 </TD>
    <TD align=center width="20%">$33,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $1.30 </TD>
    <TD align=center width="20%">1,500 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $1.20 </TD>
    <TD align=center width="20%">$6,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Larry Okada </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=right width="20%">50,000/0 @ $0.66 </TD>
    <TD align=center width="20%">$33,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">50,000/0 @ $1.30 </TD>
    <TD align=center width="20%">1,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">5,000/0 @ $2.44 </TD>
    <TD align=center width="20%">$0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kim Casswell </TD>
    <TD align=center width="20%">5,000 </TD>
    <TD align=center width="20%">$5,450 </TD>
    <TD align=right width="20%">5,000/0 @ $1.20 </TD>
    <TD align=center width="20%">650 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=right width="20%">30,000 @ $1.30 </TD>
    <TD align=center width="20%">$900 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Calculated using the closing market price of the common
      shares on the date(s) of exercise less the exercise price of the stock
      options multiplied by the number of shares acquired.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The closing price of the Company&#146;s common shares on the
      TSX-V on December 31, 2016 was $1.33.</P></TD></TR></TABLE>
<P align=justify><U>Director Compensation</U>.</P>
<P align=justify>The fees payable to the independent directors of the Company
are for their services as directors and as members of committees of the Board as
follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left><B>Board or</B> </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Annual Retainer</B>
    </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Meeting Stipend</B>
    </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Per diem fees</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>Committee Name</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>($)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>($)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>($)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Board of Directors </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>24,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>Nil </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>Nil </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Directors are entitled to reimbursement for reasonable travel
and other out-of-pocket expenses incurred in connection with attendance at
meetings of the Board of Directors.</P>
<P align=center>85 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_89></A>
<P align=justify><U>Change of Control Remuneration</U>. </P>
<P align=justify><I>Chief Executive Officer </I></P>
<P align=justify>The Company is a party to an employment agreement with David M.
Cole, President and CEO of the Company, effective October 1, 2010. Under the
agreement, Mr. Cole receives US$ 400,000 per year (which amount will, if
Shareholders approve the restricted share unit plan described under
&#147;Compensation Discussion and Analysis&#148; be reduced to US$ 325,000 per year). The
agreement may be terminated by the Company without reason by written notice and
a lump sum payment equal to 12 months of salary and benefits (which , based on
the recommendations of Lane Caputo as previously described under &#147;Compensation
Discussion and Analysis&#148; may be increased to 24 months of salary and benefits
concurrent with the reduction of Mr. Cole&#146;s salary). Mr. Cole may terminate the
agreement for any reason upon two months&#146; notice to the Company during which
time he will continue to receive his usual remuneration and benefits. </P>
<P align=justify>If Mr. Cole&#146;s agreement is terminated or his duties and
responsibilities are materially changed within 12 months following a change in
control of the Company, he is entitled to receive a lump sum payment equal to 12
months of his salary and benefits and all unvested stock options and grants.</P>
<P align=justify><I>Other Executive Officers </I></P>
<P align=justify>The Company has not entered into another employment or
consulting contracts with its other Executive Officers. </P>
<P align=justify>For the purposes of this
section, the following terms have the following meanings: </P>
<P align=justify>"<B>Change of
control</B>&#148; means an event occurring after the effective date of this agreement
pursuant to which: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>a merger, amalgamation, arrangement, consolidation,
      reorganization or transfer takes place in which securities of Eurasian
      possessing more than 50% of the total combined voting power of the
      Eurasian&#146;s outstanding voting securities, respectively, are acquired by a
      person or persons (other than one or more members of the Eurasian Group)
      different from the person holding those voting securities immediately
      prior to such event, and the composition of the Board of Directors of
      Eurasian or following such event is such that their directors prior to the
      transaction constitute less than 50% of the Board membership following the
      event;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>any person (other than a member of the Eurasian Group),
      or any combination of persons (none of which is a member of the Eurasian
      Group) acting jointly or in concert by virtue of an agreement,
      arrangement, commitment or understanding acquires, directly or indirectly,
      50% or more of the voting rights attached to all outstanding voting
      securities or the right to appoint a majority of the directors of
      Eurasian; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Eurasian sells, transfers or otherwise disposes of all or
      substantially all of its assets, except that no Change of Control will be
      deemed to occur if such sale or disposition is made to a member of the
      Eurasian Group.</P></TD></TR></TABLE>
<P align=justify>&#147;<B>Termination of Employment</B>&#148; means any voluntary,
involuntary or coerced resignation, retirement or other termination of
employment of any Covered Employee directly or indirectly resulting from a
Change of Control and includes the occurrence of any of the following events
after a Change of Control, if the Covered Employee does not consent thereto:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a material change in office held or employment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a material change in the nature or scope of
  duties;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>a requirement to change the place of employment by more
      than 45 miles;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>a reduction in remuneration;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>a withdrawal of benefits or privileges of employment;
      or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>exclusion from any incentive compensation plans in which
      the Covered Employee was a participant.</P></TD></TR></TABLE>
<P align=justify><U>Other Compensation</U>. No Senior Management/Director
received &#147;other compensation&#148; in excess of the lesser of US$25,000 or 10% of
such officer's cash compensation, and all Senior Management/Directors as a group
did not receive other compensation which exceeded US$25,000 times the number of
persons in the group or 10% of the compensation. </P>
<P align=center>86 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_90></A>
<P align=justify><U>Bonus/Profit Sharing/Non-Cash Compensation</U>. Except for
the stock option program and stock grant program discussed in Item 6.E., the
Company had no material bonus or profit sharing plans pursuant to which cash or
non-cash compensation is or may be paid to the Company's Directors or Senior
Management. </P>
<P align=justify><U>Pension/Retirement Benefits</U>. For the officers and
employees in the United States, the Company pays 4% of the annual salary each
year to the officer or employees&#146; 401(k) retirement plan effective January 1,
2012. </P>
<P align=justify><B><U>6.C. Board Practices</U></B><B> </B></P>
<P align=justify><B><U>6.C.1. Terms of Office</U></B><B>.</B></P>
<P align=justify>Refer to Item 6.A.1. </P>
<P align=justify><B><U>6.C.2. Directors&#146; Service Contracts</U></B><B>.</B></P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=justify><B><U>6.C.3. Board of Director Committees.</U></B><B> </B></P>
<P align=justify>The Company has an Audit Committee, which recommends to the
Board of Directors the engagement of the independent auditors of the Company and
reviews with the independent auditors the scope and results of the Company&#146;s
audits, the Company&#146;s internal accounting controls, and the professional
services furnished by the independent auditors to the Company. The current
members of the Audit Committee are: Brian Bayley, Brian Levet and Larry Okada
(Chairman). The Audit Committee met four times during Fiscal year 2016. </P>
<P align=justify><I>Compensation Committee:</I> The Compensation Committee is
responsible for the review of all compensation paid (including stock options
granted under the Option Plan and Common Shares issued under the Stock Grant
Program) by the Company to the Board, officers and employees of the Company and
any subsidiaries, to report to the Board on the results of those reviews and to
make recommendations to the Board for adjustments to such compensation. The
current members of the Compensation Committee are: Brian Bayley (Chairman),
Brian Levet and Larry Okada. </P>
<P align=justify><I>Corporate Governance Committee:</I> The Corporate Governance
Committee is responsible for advising the Board of the appropriate corporate
governance procedures that should be followed by the Company and the Board and
monitoring whether they comply with such procedures. The current members of the
Corporate Governance Committee are: Michael Winn (Chairman), Brian Bayley and
Larry Okada. </P>
<P align=justify>The Corporate Governance Committee evaluates the effectiveness
of the Board and its committees. To facilitate this evaluation, each committee
will conduct an annual assessment of its performance, consisting of a review of
its Charter, the performance of the committee as a whole and will submit a
Committee Annual Report to the Corporate Governance Committee, including
recommendations. In addition, the Board will conduct an annual review of its
performance. </P>
<P align=justify><B><U>6.D. Employees/ Consultants</U></B></P>
<P align=justify>As of December 31, 2016, Eurasian had 39 employees and
consultants working at various locations throughout the world.</P>
<P align=justify>As of March 27, 2017, the Chief Financial Officer, Corporate
Secretary, Controller, Payroll &amp; Benefits Administrator and Accounts Payable
are all based in Vancouver, Canada. The President &amp; CEO, Chief Legal
Officer, Chief Geologist, General Manager of Exploration, Investor Relations
Director, Manager of Project Marketing, two geologists and a senior
administrative assistant are all based in the Company&#146;s office in Littleton,
Colorado through the Company&#146;s wholly-owned subsidiary, EMX USA. There are eight
employees located in Arizona including seven geologists and one office manager.
The Company has one consultant in Haiti, one consultant in Australia, 2
consultants in Turkey and 3 consultants in Scandinavia.</P>
<P align=justify>See Item 6 &#150; Directors, Senior Management &amp; Employees for a
description of their job responsibilities.</P>
<P align=justify><B><U>6.E. Share Ownership</U></B><B> </B></P>
<P align=justify>Table No. 9 lists, as of March 27, 2017, Directors and Senior
Management who beneficially own the Company's voting securities, consisting
solely of Common Shares, and the amount of the Company's voting securities owned
by the Directors and Senior Management as a group. </P>
<P align=center>87 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_91></A>
<P align=center>Table No. 9 <BR>Shareholdings of Directors and Senior Management
<BR>Shareholdings of 5% Shareholders </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left>Title of
      Class </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="40%">Name of Beneficial Owner </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=right
      width="20%">Amount and Nature of </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=right
      width="20%">Percent of Class </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="40%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="20%">Beneficial Ownership </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Common </TD>
    <TD align=left width="40%">David M. Cole (1) </TD>
    <TD align=right width="20%">2,066,451 </TD>
    <TD align=right width="20%">2.78% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Common </TD>
    <TD align=left width="40%">Michael D. Winn (2) </TD>
    <TD align=right width="20%">1,093,908 </TD>
    <TD align=right width="20%">1.47% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Common </TD>
    <TD align=left width="40%">Christina Cepeliauskas (3) </TD>
    <TD align=right width="20%">359,000 </TD>
    <TD align=right width="20%">0.48% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Common </TD>
    <TD align=left width="40%">Brian E. Bayley (4) </TD>
    <TD align=right width="20%">386,375 </TD>
    <TD align=right width="20%">0.52% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Options </TD>
    <TD align=left width="40%">Brian K. Levet (5) </TD>
    <TD align=right width="20%">200,000 </TD>
    <TD align=right width="20%">0.26% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Options </TD>
    <TD align=left width="40%">Larry Okada (6) </TD>
    <TD align=right width="20%">150,000 </TD>
    <TD align=right width="20%">0.20% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Options </TD>
    <TD align=left width="40%">Kim Casswell (7) </TD>
    <TD align=right width="20%">40,000 </TD>
    <TD align=right width="20%">0.05% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Common </TD>
    <TD align=left width="40%">Paul H. Stephens (8) </TD>
    <TD align=right width="20%">13,199,492 </TD>
    <TD align=right width="20%">17.80% </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Of these shares, 530,000 are represented by currently
      exercisable share purchase options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Of these shares, 275,000 are represented by currently
      exercisable share purchase options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Of these shares, 215,000 are represented by currently
      exercisable share purchase options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Of these shares, 200,000 are represented by currently
      exercisable share purchase options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Of these shares, 200,000 are represented by currently
      exercisable share purchase options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Of these shares, 150,000 are represented by currently
      exercisable share purchase options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Of these shares, 40,000 are represented by currently
      exercisable share purchase options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Of these shares, nil are represented by currently
      exercisable share purchase options.</P></TD></TR></TABLE>
<P align=justify>Based on 74,164,710 shares outstanding as of March 27,
2017.</P>
<P align=justify><U>Stock Options</U>. The Board established the Option Plan to
attract and motivate the directors, officers and employees of the Company (and
any of its subsidiaries), employees of any management company and consultants to
the Company (collectively the &#147;Optionees&#148;) and thereby advance the Company&#146;s
interests by providing them an opportunity to acquire an equity interest in the
Company through the exercise of stock options granted to them under the Option
Plan. </P>
<P align=justify>Pursuant to the Option Plan, the Board, based on the
recommendation of the Compensation Committee, may grant options to Optionees in
consideration of them providing their services to the Company or a subsidiary.
The number of Common Shares subject to each option is determined by the Board
within the guidelines established by the Option Plan. The options enable the
Optionees to purchase Common Shares at a price fixed pursuant to such
guidelines. The options are exercisable by the Optionee giving the Company
notice and payment of the exercise price for the number of Common Shares to be
acquired. </P>
<P align=justify>The Option Plan authorizes the Board to grant stock options to
the Optionees on the following terms: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=3>
      <P align=justify>The number of Common Shares subject to issuance pursuant
      to outstanding options, in the aggregate, cannot exceed 10% of the
      outstanding Common Shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <P align=justify>The number of Common Shares subject to issuance upon the
      exercise of options granted under the Option Plan by one Optionee or all
      Optionees providing investor relations services is subject to the
      following limitations</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>no Optionee can be granted options during a 12 month
      period to purchase more than</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>5% of the issued Common Shares unless disinterested
      Shareholder approval has been obtained (such approval has not been
      sought), or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>2% of the issued Common Shares, if the Optionee is a
      consultant, and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>the aggregate number of Common Shares subject to options
      held by all Optionees providing investor relations services cannot exceed
      2% in the aggregate.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify>Unless the Option Plan has been approved by disinterested
      Shareholders (such approval has not been obtained), options granted under
      the Option Plan, together with all of the Company&#146;s previously established
      and outstanding stock options, stock option plans, employee stock purchase
      plans or any other compensation or incentive mechanisms involving the
      issuance or potential issuance of Common Shares, shall not result, at any
      time, in</P></TD></TR></TABLE><BR>
      <P align=center>88 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the number of Common Shares reserved for issuance
      pursuant to stock options granted to insiders exceeding 10% of the
      outstanding Common Shares at the time of granting,</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the grant to insiders, within a one year period, of
      options to purchase that number of Common Shares exceeding 10% of the
      outstanding Common Shares, or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the issuance to any one insider and such insider&#146;s
      associates, within a one year period, of Common Shares totaling in excess
      of 5% of the outstanding Common Shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=2>
      <P align=justify>The exercise price of the options cannot be set at less
      than the greater of $0.10 per Common Share and the closing trading price
      of the Common Shares on the day before the granting of the stock options.
      If the Optionee is subject to the tax laws of the United States of America
      and owns (determined in accordance with such laws) greater than 10% of the
      Common Shares, the exercise price shall be at least 110% of the price
      established as aforesaid.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=2>
      <P align=justify>The options may be exercisable for up to 10
  years.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD colSpan=2>
      <P align=justify>There are not any vesting requirements unless the
      Optionee is a consultant providing investor relations services to the
      Company, in which case the options must vest over at least 12 months with
      no more than one-quarter vesting in any three month period. However, the
      Board may impose additional vesting requirements and, subject to obtaining
      any required approval from the Exchange, may authorize all unvested
      options to vest immediately. If there is a potential &#147;change of control&#148;
      of the Company due to a take-over bid being made for the Company or a
      similar event, all unvested options, subject to obtaining any required
      approval from the Exchange, shall vest immediately.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD colSpan=2>
      <P align=justify>The options can only be exercised by the Optionee (to the
      extent they have already vested) for so long as the Optionee is a
      director, officer or employee of, or consultant to, the Company or any
      subsidiary or is an employee of the Company&#146;s management Company and
      within a period thereafter not exceeding the earlier of:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the original expiry date;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>90 days after ceasing to be a director, officer or
      employee of, or consultant at the request of the Board or for the benefit
      of another director or officer to, the Company unless the Optionee is
      subject to the tax laws of the United States of America, in which case the
      option will terminate on the earlier of the 90<SUP>th </SUP>day and the
      third month after the Optionee ceased to be an officer or employee;
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>if the Optionee dies, within one year from the Optionee&#146;s
      death.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>If the Optionee is terminated &#147;for cause&#148;, involuntarily
      removed or resigns (other than at the request of the Board or for the
      benefit of another director or officer) from any such positions, the
      option will terminate concurrently.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD colSpan=2>
      <P align=justify>The options are not assignable except to a wholly-owned
      holding company. If the option qualifies as an &#147;incentive stock option&#148;
      under the United States Internal Revenue Code, the option is not
      assignable to a holding company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD colSpan=2>
      <P align=justify>No financial assistance is available to Optionees under
      the Option Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD colSpan=2>
      <P align=justify>Any amendments to outstanding stock options are subject
      to the approval of the TSX-V and NYSE MKT and, if required by either
      exchange or the Option Plan, of the Shareholders of the Company, possibly
      with only &#147;disinterested Shareholders&#148; being entitled to vote.
      Disinterested Shareholder approval must be obtained for the reduction of
      the exercise price of options (including the cancellation and re-issuance
      of options within a one year period so as to effectively reduce the
      exercise price) of options held by insiders of the Company. The amendment
      to an outstanding stock option will also require the consent of the
      Optionee.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD colSpan=2>
      <P align=justify>Any amendments to the Option Plan are subject to the
      approval of the TSX-V and NYSE MKT and, if required by either exchange or
      the Option Plan, of the Shareholders of the Company, possibly with only
      &#147;disinterested Shareholders&#148; being entitled to
vote.</P></TD></TR></TABLE>
<P align=justify>No options have been granted under the Option Plan which are
subject to Shareholder approval. </P>
<P align=justify>The Option Plan does not permit stock options to be transformed
into stock appreciation rights. </P>
<P align=center>89 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_93></A>
<P align=center>Table No. 10 <BR>Stock Options Outstanding</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=left >&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="15%"><B>Number of</B> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left >&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="15%"><B>Shares of</B> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left >&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="15%"><B>Common</B> </TD>
    <TD vAlign=top noWrap align=center width="15%"><B>Exercise</B> </TD>
    <TD vAlign=top noWrap align=center width="15%"><B>Grant</B> </TD>
    <TD vAlign=top noWrap align=center width="15%"><B>Expiration</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    ><B>Name</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="15%"><B>Stock</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="15%"><B>Price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="15%"><B>Date</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="15%"><B>Date</B> </TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left ><B><U>Officers/Directors:</U></B>
    </TD>
    <TD vAlign=top align=left width="15%">&nbsp;</TD>
    <TD vAlign=top align=left width="15%">&nbsp;</TD>
    <TD vAlign=top align=left width="15%">&nbsp;</TD>
    <TD vAlign=top align=left width="15%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="15%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">150,000 </TD>
    <TD vAlign=top align=right width="15%">$1.30 </TD>
    <TD vAlign=top align=right width="15%">10/18/2016 </TD>
    <TD vAlign=top align=right width="15%">10/18/2021 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">150,000 </TD>
    <TD vAlign=top align=right width="15%">$0.66 </TD>
    <TD vAlign=top align=right width="15%">06/08/2015 </TD>
    <TD vAlign=top align=right width="15%">06/08/2020 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >David M. Cole </TD>
    <TD vAlign=top align=right width="15%">150,000 </TD>
    <TD vAlign=top align=right width="15%">$1.20 </TD>
    <TD vAlign=top align=right width="15%">04/25/2014 </TD>
    <TD vAlign=top align=right width="15%">04/25/2019 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">80,000 </TD>
    <TD vAlign=top align=right width="15%">$1.94 </TD>
    <TD vAlign=top align=right width="15%">08/22/2012 </TD>
    <TD vAlign=top align=right width="15%">08/22/2017 </TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">75,000 </TD>
    <TD vAlign=top align=right width="15%">$1.30 </TD>
    <TD vAlign=top align=right width="15%">10/18/2016 </TD>
    <TD vAlign=top align=right width="15%">10/18/2021 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">75,000 </TD>
    <TD vAlign=top align=right width="15%">$0.66 </TD>
    <TD vAlign=top align=right width="15%">06/08/2015 </TD>
    <TD vAlign=top align=right width="15%">06/08/2020 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >Michael D. Winn </TD>
    <TD vAlign=top align=right width="15%">75,000 </TD>
    <TD vAlign=top align=right width="15%">$1.20 </TD>
    <TD vAlign=top align=right width="15%">04/25/2014 </TD>
    <TD vAlign=top align=right width="15%">04/25/2019 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.94 </TD>
    <TD vAlign=top align=right width="15%">08/22/2012 </TD>
    <TD vAlign=top align=right width="15%">08/22/2017 </TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">55,000 </TD>
    <TD vAlign=top align=right width="15%">$1.30 </TD>
    <TD vAlign=top align=right width="15%">10/18/2016 </TD>
    <TD vAlign=top align=right width="15%">10/18/2021 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">55,000 </TD>
    <TD vAlign=top align=right width="15%">$0.66 </TD>
    <TD vAlign=top align=right width="15%">06/08/2015 </TD>
    <TD vAlign=top align=right width="15%">06/08/2020 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >Christina Cepeliauskas </TD>
    <TD vAlign=top align=right width="15%">55,000 </TD>
    <TD vAlign=top align=right width="15%">$1.20 </TD>
    <TD vAlign=top align=right width="15%">04/25/2014 </TD>
    <TD vAlign=top align=right width="15%">04/25/2019 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.94 </TD>
    <TD vAlign=top align=right width="15%">08/22/2012 </TD>
    <TD vAlign=top align=right width="15%">08/22/2017 </TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.30 </TD>
    <TD vAlign=top align=right width="15%">10/18/2016 </TD>
    <TD vAlign=top align=right width="15%">10/18/2021 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$0.66 </TD>
    <TD vAlign=top align=right width="15%">06/08/2015 </TD>
    <TD vAlign=top align=right width="15%">06/08/2020 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >Brian E. Bayley </TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.20 </TD>
    <TD vAlign=top align=right width="15%">04/25/2014 </TD>
    <TD vAlign=top align=right width="15%">04/25/2019 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.94 </TD>
    <TD vAlign=top align=right width="15%">08/22/2012 </TD>
    <TD vAlign=top align=right width="15%">08/22/2017 </TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.30 </TD>
    <TD vAlign=top align=right width="15%">10/18/2016 </TD>
    <TD vAlign=top align=right width="15%">10/18/2021 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$0.66 </TD>
    <TD vAlign=top align=right width="15%">06/08/2015 </TD>
    <TD vAlign=top align=right width="15%">06/08/2020 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >Brian K. Levet </TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.20 </TD>
    <TD vAlign=top align=right width="15%">04/25/2014 </TD>
    <TD vAlign=top align=right width="15%">04/25/2019 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.94 </TD>
    <TD vAlign=top align=right width="15%">08/22/2012 </TD>
    <TD vAlign=top align=right width="15%">08/22/2017 </TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.30 </TD>
    <TD vAlign=top align=right width="15%">10/18/2016 </TD>
    <TD vAlign=top align=right width="15%">10/18/2021 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >Larry Okada </TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$0.66 </TD>
    <TD vAlign=top align=right width="15%">06/08/2015 </TD>
    <TD vAlign=top align=right width="15%">06/08/2020 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.20 </TD>
    <TD vAlign=top align=right width="15%">04/25/2014 </TD>
    <TD vAlign=top align=right width="15%">04/25/2019 </TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">30,000 </TD>
    <TD vAlign=top align=right width="15%">$1.30 </TD>
    <TD vAlign=top align=right width="15%">10/18/2016 </TD>
    <TD vAlign=top align=right width="15%">10/18/2021 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >Kim Casswell </TD>
    <TD vAlign=top align=right width="15%">5,000 </TD>
    <TD vAlign=top align=right width="15%">$1.20 </TD>
    <TD vAlign=top align=right width="15%">04/25/2014 </TD>
    <TD vAlign=top align=right width="15%">04/25/2019 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">5,000 </TD>
    <TD vAlign=top align=right width="15%">$2.44 </TD>
    <TD vAlign=top align=right width="15%">10/16/2012 </TD>
    <TD vAlign=top align=right width="15%">10/16/2017 </TD></TR>
  <TR>
    <TD vAlign=top >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD>
    <TD vAlign=top align=right width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">814,500 </TD>
    <TD vAlign=top align=right width="15%">$1.30 </TD>
    <TD vAlign=top align=right width="15%">10/18/2016 </TD>
    <TD vAlign=top align=right width="15%">10/18/2021 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">752,500 </TD>
    <TD vAlign=top align=right width="15%">$0.66 </TD>
    <TD vAlign=top align=right width="15%">06/08/2015 </TD>
    <TD vAlign=top align=right width="15%">06/08/2020 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">60,000 </TD>
    <TD vAlign=top align=right width="15%">$0.87 </TD>
    <TD vAlign=top align=right width="15%">12/22/2014 </TD>
    <TD vAlign=top align=right width="15%">12/22/2019 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">17,500 </TD>
    <TD vAlign=top align=right width="15%">$0.88 </TD>
    <TD vAlign=top align=right width="15%">06/26/2014 </TD>
    <TD vAlign=top align=right width="15%">06/26/2019 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >Consultants/Employees </TD>
    <TD vAlign=top align=right width="15%">822,500 </TD>
    <TD vAlign=top align=right width="15%">$1.20 </TD>
    <TD vAlign=top align=right width="15%">04/25/2014 </TD>
    <TD vAlign=top align=right width="15%">04/25/2019 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">55,000 </TD>
    <TD vAlign=top align=right width="15%">$2.44 </TD>
    <TD vAlign=top align=right width="15%">10/16/2012 </TD>
    <TD vAlign=top align=right width="15%">10/16/2017 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">571,500 </TD>
    <TD vAlign=top align=right width="15%">$1.94 </TD>
    <TD vAlign=top align=right width="15%">08/22/2012 </TD>
    <TD vAlign=top align=right width="15%">08/22/2017 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=right width="15%">50,000 </TD>
    <TD vAlign=top align=right width="15%">$1.96 </TD>
    <TD vAlign=top align=right width="15%">07/05/2012 </TD>
    <TD vAlign=top align=right width="15%">07/5/2017 </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>Total for all Officers and Directors
    </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>1,655,000 </TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total for all Employees and Consultants </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,143,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total for all Officers, Directors,
      Employees and Consultants </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,798,500 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><U>Stock Grant Program</U>.</P>
<P align=justify>The Board created the Incentive Stock Grant Program for the
benefit of the officers and directors of the Company in 2010, and expanded the
Program in 2011. The grants have a two-year vesting period.</P>
<P align=justify>The purpose of the Stock Grant Program is as follows. Firstly,
to reward and provide an incentive to such persons for the ongoing efforts
towards the continuing successes and goals of the Company as many of its
successes directly result from their very significant efforts. Secondly, to
provide such persons with a long-term incentive to remain with the Company.
Finally, from time to time, the Company may provide additional compensation in
the form of stock grants as part of annual salaries. </P>
<P align=center>90</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_94></A>
<P align=justify>The Stock Grant Program provides that, following the approval
of the independent members of the Compensation Committee, up to 300,000 Common
Shares may be awarded in each year. The Common Shares awarded will vest and be
issued in three separate tranches over a two year period &#150; on the date of grant,
and on the first and second anniversaries of the initial grant. None of the
300,000 Common Shares not awarded in one year can be rolled over or awarded in
subsequent years. If the recipient ceases to be a director or officer of the
Company before the relevant anniversary, he or she will not be entitled to
receive any further Common Shares under the Stock Grant Program, including
Common Shares previously awarded for issuance on such anniversary (with the
exception of historical stock grants to Mr. Michael Winn, who shall receive the
Common Shares even if he ceases to the be director). </P>
<P align=justify>The actual number of Common Shares awarded in each year is that
number recommended and approved by the independent members of the Compensation
Committee or independent directors of the Company. </P>
<P align=justify>In addition to the Stock Grant Program, the Compensation
Committee can recommend the Board approve the issuance of up to 700,000 Common
Shares to certain officers and directors of the Company as performance based
discretionary bonuses. The purposes of the bonuses are to reward these
individuals for their extraordinary efforts and to provide them with a long term
incentive to remain with the Company. Any such share grants are subject to the
approval of by the TSX-V and NYSE MKT and, if required by either exchange, the
independent Shareholders of the Company.<B> </B></P>
<P align=justify><B><U>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY
TRANSACTIONS</U></B><B> </B></P>
<P align=justify><B><U>7.A. Major Shareholders.</U></B><B> </B></P>
<P align=justify><I><U>7.A.1.a. Holdings By Major Shareholders</U></I><U>.</U>
</P>
<P align=justify>The Company is aware of one person who beneficially own 5% or
more of the Registrant's voting securities. The table below lists as of March
27, 2017, persons and/or companies holding 5% or more beneficial interest in the
Common Shares. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=center colSpan=4>5% or Greater Shareholders
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=center>&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="25%">&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="25%">Amount and Nature of </TD>
    <TD vAlign=top noWrap align=center width="25%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap
      align=center>Title of Class </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="25%">&nbsp; &nbsp; &nbsp;Name of Owner </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="25%">Beneficial Ownership </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="25%">Percent of Class </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>Common </TD>
    <TD vAlign=top align=left width="25%">Paul H. Stephens </TD>
    <TD vAlign=top align=right width="25%">13,199,492 </TD>
    <TD vAlign=top align=right width="25%">17.80% </TD></TR></TABLE>
<P align=justify>Based on 74,164,710 shares outstanding as of March 27, 2017.
</P>
<P align=justify><I><U>7.A.1.b. Significant Changes in Major Shareholders&#146;
Holdings</U></I><U>.</U> </P>
<P align=justify>---No Disclosure Required--- </P>
<P align=justify><I><U>7.A.1.c. Different Voting Rights</U></I>.</P>
<P align=justify>The Company&#146;s major shareholders do not have different voting
rights. </P>
<P align=justify><I><U>7.A.2. Canadian Share Ownership</U></I>. </P>
<P align=justify>On March 27, 2017, the Company&#146;s shareholders&#146; list showed
74,164,710 common shares outstanding and 299 registered shareholders. The
Company has researched the indirect holdings by depository institutions and
other financial institutions estimates that there are 17 &#147;holders of record"
resident in Canada representing 35,925,593 Common Shares, 248 &#147;holders of
record" resident in the USA representing 37,832,265 Common Shares, and 34
&#147;holders of record&#148; resident internationally representing 406,852 Common Shares.
</P>
<P align=justify>The Company is a foreign private issuer for its current fiscal
year. As of the last business day of the Company&#146;s second fiscal quarter, the
majority of the Company&#146;s executive officers and directors were not US citizens
or residents, the majority of the Company&#146;s assets are not in the United States,
and the Company is administered principally in Canada. The Company&#146;s major
shareholders in common shares have the same voting rights as other holders of
common shares. The Company is not directly or indirectly owned or controlled by
another corporation, a foreign government or any other natural or legal persons
severally or jointly. There are no arrangements known to the Company which may
result in a change of control of the Company.</P>
<P align=center>91 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_95></A>
<P align=justify><I><U>7.A.3. Control of the Company</U></I><I> </I></P>
<P align=justify>The Company is a publicly owned Canadian Company, the shares of
which are owned by U.S. residents, Canadian residents and other foreign
residents. The Company is not controlled by any foreign government or other
person(s) except as described in Item 4.A., &#147;History and Growth of the Company&#148;,
and Item 6.E., &#147;Share Ownership&#148;. </P>
<P align=justify><I><U>7.A.4. Change of Control of Company
Arrangements</U></I><I>.</I></P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=justify><B><U>7.B. Related Party Transactions</U></B><B> </B></P>
<P align=justify>The aggregate value of transactions and outstanding balances
relating to key management personnel and directors were as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>For the year ended December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Management </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;803,033
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;215,933
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,018,966
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Outside directors * </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">151,228 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">167,534 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">318,762 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>357,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>357,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,311,861 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;383,467 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,695,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>For the year ended December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Management </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,067,210
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;108,637
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,175,847
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Outside directors * </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">158,257 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">79,898 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">238,155 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>413,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>413,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,639,167 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;188,535 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,827,702 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>For the year ended December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Management </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;882,536
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;303,491
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,186,027
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Outside directors * </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">168,496 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">183,513 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">352,009 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>418,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>418,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,469,832 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;487,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,956,836 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>* Directors fees include $5,000 per month paid to the Company&#146;s
non-Executive Chairman, who does not receive the fees paid to the other
independent director&#146;s. </P>
<P align=justify>** Seabord Services Corp. (&#147;Seabord&#148;) is a management services
company controlled by the Chairman of the Board of Directors of the Company.
Seabord provides a Chief Financial Officer, a Corporate Secretary, accounting
and administration staff, and office space to the Company. The Chief Financial
Officer and Corporate Secretary are employees of Seabord and are not paid
directly by the Company. </P>
<P align=justify><U>Shareholder Loans</U> </P>
<P align=justify>---No Disclosure Required--- </P>
<P align=justify><U>Amounts Owing to Senior Management/Directors</U> </P>
<P align=justify>Included in accounts payable and accrued liabilities is $5,913
(2015 - $3,467; 2014 - $8,064) owed to key management personnel and $17,559
(2015 &#150; $24,329; 2014 - $29,612) to other related parties for fees and services.
</P>
<P align=justify>Other than as disclosed above, there have been no transactions
since 12/31/2016, or proposed transactions, which have materially affected or
will materially affect the Company in which any director, executive officer, or
beneficial holder of more than 5% of the outstanding common shares, or any of
their respective relatives, spouses, associates or affiliates has had or will
have any direct or material indirect interest. Management believes the
transactions referenced above were on terms at least as favorable to the Company
as the Company could have obtained from unaffiliated parties. </P>
<P align=center>92 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_96></A>
<P align=justify><U>Other Related Party Transactions</U> </P>
<P align=justify>Other than as disclosed above, there have been no transactions
or loans between the Company and (a) enterprises that directly or indirectly
through one or more intermediaries, control or are controlled by, or are under
common control with, the company; (b) associates; (c) individuals owning,
directly or indirectly, an interest in the voting power of the Company giving
them significant influence over the Company, and close members of any such
individual&#146;s family; (d) key management personnel and close members of such
individuals&#146; families; and (e) enterprises substantially owned or controlled,
directly or indirectly, by any person described in (c) or (d) or over which such
a person is able to exercise significant influence. </P>
<P align=justify><B><U>7.C. Interests of Experts and Counsel</U></B><B> </B></P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=justify><B><U>ITEM 8. FINANCIAL INFORMATION</U></B> </P>
<P align=justify><B><U>8.A. Consolidated Statements and Other Financial
Information</U></B><B> </B></P>
<P align=justify>The Company's financial statements are stated in Canadian
Dollars and are prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board, and are
located . immediately following the text of this Annual ReporThe audit reports
of Davidson and Company, LLP, Independent Registered Public Accountants, are
included herein immediately preceding the financial statements. </P>
<P align=justify><U>Audited Financial Statements:</U> </P>
<P align=justify>Fiscal Year 2016, 2015 and 2014 Ended December 31. </P>
<P align=justify><U>8.A.7. Legal/Arbitration Proceedings</U> </P>
<P align=justify>The Directors and the management of the Company do not know of
any material active or pending, legal proceedings; nor is the Company involved
as a plaintiff in any material proceeding or pending litigation. </P>
<P align=justify><U>8.A.8. Dividends.</U> </P>
<P align=justify>The Company has not declared or paid any dividends on our
Common Shares. Our current business plan requires that for the foreseeable
future, any future earnings be reinvested to finance the growth and development
of our business. We do not intend to pay cash dividends on the Common Shares in
the foreseeable future. We will not declare or pay any dividends until such time
as our cash flow exceeds our capital requirements and will depend upon, among
other things, conditions then existing including earnings, financial condition,
restrictions in financing arrangements, business opportunities and conditions
and other factors, or our Board determines that our shareholders could make
better use of the cash. </P>
<P align=justify><U>8.B. Significant Changes</U> </P>
<P align=justify>There have been no significant changes to the Company&#146;s
financial condition since the end of the fiscal year. </P>
<P align=justify><B><U>ITEM 9. THE OFFER AND LISTING</U></B> </P>
<P align=justify><B><U>9.A. Common Share Trading Information</U></B><B> </B></P>
<P align=justify>The Common Shares began trading on the TSX-V on November 23,
2003 and the Common Shares began trading on the NYSE MKT on January 30,
2012.</P>
<P align=justify>Table No. 13 lists the high and low sales prices on the TSX-V
and NYSE MKT for: each of the last six months; for the two most recent full
financial years and subsequent period, each full financial quarter; and the last
five fiscal years. </P>
<P align=center>93 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_97></A>
<P align=center>Table No. 13 <BR>TSX Venture Exchange Common Shares Trading
Activity <BR>- Sales -</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="37%"><P align=justify></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="15%"
    colSpan=4><B>NYSE MKT</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="6%"><B>TSX-V</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Period</B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="37%">
      <P align=justify></P></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><B>High</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><B>Low</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><B>High</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><B>Low</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="37%"><P align=justify></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="6%">(in US$) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="6%">(in US$) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="6%">(in Cdn$) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="6%">(in Cdn$) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I><U>Prior fiscal years</U></I> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="37%">
      <P align=justify></P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Year ended </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="37%" bgColor=#e6efff>
      <P align=justify>December 31, 2016 </P></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.40 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.35 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.84 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.50 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Year ended </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="37%">
      <P align=justify>December 31, 2015 </P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.81 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.35 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.97 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.48 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Year ended </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="37%" bgColor=#e6efff>
      <P align=justify>December 31, 2014 </P></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.23 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.63 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.93 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.90 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Year ended </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="37%">
      <P align=justify>December 31, 2013 </P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;2.20 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.78 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;2.15 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.86 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Year ended </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="37%" bgColor=#e6efff>
      <P align=justify>December 31, 2012 </P></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;2.88 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.61 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;2.75 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.66 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">
      <P align=justify></P></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="37%" bgColor=#e6efff>
      <P align=justify></P></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I><U>Prior Quarters</U></I> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="37%">
      <P align=justify></P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Period ended </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="37%" bgColor=#e6efff>
      <P align=justify>March 27, 2017 </P></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.17 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.98 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.52 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.31 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter ended </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="37%">
      <P align=justify>Q4 - December 31, 2016 </P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.20 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.85 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.50 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.15 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Quarter ended </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="37%" bgColor=#e6efff>
      <P align=justify>Q3 - September 30, 2016 </P></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.40 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.62 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.84 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.86 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter ended </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="37%">
      <P align=justify>Q2 - June 30, 2016 </P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.03 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.57 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.34 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.77 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Quarter ended </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="37%" bgColor=#e6efff>
      <P align=justify>Q1 - March 31, 2016 </P></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.65 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.35 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.85 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.50 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter ended </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="37%">
      <P align=justify>Q4 - December 31, 2015 </P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.57 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.35 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.75 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.54 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="37%" bgColor=#e6efff>
      <P align=justify></P></TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I><U>Last 6 months</U></I> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="37%">
      <P align=justify></P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Month ended </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="37%" bgColor=#e6efff>
      <P align=justify>February 28, 2017 </P></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.24 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.95 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.60 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.30 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Month ended </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="37%">
      <P align=justify>January 31, 2017 </P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.16 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.00 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.52 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.32 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Month ended </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="37%" bgColor=#e6efff>
      <P align=justify>December 31, 2016 </P></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.05 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.92 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.42 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.30 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Month ended </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="37%">
      <P align=justify>November 30, 2016 </P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.00 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;0.95 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.31 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.26 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Month ended </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="37%" bgColor=#e6efff>
      <P align=justify>October 31, 2016 </P></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.99 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;0.91 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.30 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;1.21 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Month ended </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="37%">
      <P align=justify>September 30, 2016 </P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.11 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.07 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.50 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;1.38 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>The closing price of the Common Shares as reported by the TSX-V
on March 27, 2017 was CDN$1.36. The closing price of the Common Shares as
reported by the NYSE MKT on March 27, 2017 was US$0.99. </P>
<P align=justify><B><U>9.B. Stock Exchanges Identified</U></B><B> </B></P>
<P align=justify>Refer to Item 9.A. </P>
<P align=center>94 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_98></A>
<P align=justify><B><U>ITEM 10. ADDITIONAL INFORMATION</U></B> </P>
<P align=justify><B><U>10.A. Share Capital</U></B><B> </B></P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=justify><B><U>10.B. Memorandum and Articles of Association</U></B><B>
</B></P>
<P align=justify><B><I>New British Columbia Corporations Act </I></B></P>
<P align=justify><B><I>Background </I></B></P>
<P align=justify>Effective March 29, 2004, the Business Corporations Act
(British Columbia) (the &#147;New Act&#148;) replaced the previous Company Act (British
Columbia) (the &#147;Old Act&#148;). As a consequence, all British Columbia companies are
now governed by the New Act. The New Act is intended to modernize and streamline
company law in British Columbia. </P>
<P align=justify><B><I>Objects and Purposes </I></B></P>
<P align=justify>The Articles of Eurasian place no restrictions upon the type of
business that the Company may engage in. </P>
<P align=justify><B><I>Disclosure of Interest of Directors, Part 17 of the
Articles </I></B></P>
<P align=justify>17.1&nbsp;&nbsp;&nbsp; A director or senior officer who holds a
disclosable interest (as that term is used in the <I>Business Corporations
Act</I>) in a contract or transaction into which the Company has entered or
proposes to enter is liable to account to the Company for any profit that
accrues to the director or senior officer under or as a result of the contract
or transaction only if and the extent provided in the <I>Business Corporations
Act.</I> </P>
<P align=justify>17.2&nbsp;&nbsp;&nbsp; A director who holds a disclosable
interest in a contract into which the Company has entered or proposes to enter
is not entitled to vote on any directors&#146; resolution to approve that contract or
transaction, unless all the directors have a disclosable interest in that
contract or transaction, in which case any or all of those directors may vote on
such resolution. </P>
<P align=justify>17.3&nbsp;&nbsp;&nbsp; A director who holds a disclosable
interest in a contract or transaction into which the Company has entered or
proposes to enter and who is present at the meeting of directors at which the
contract or transaction is considered for approval may be counted in the quorum
at the meeting whether or not the director votes on any or all of the
resolutions considered at the meeting. </P>
<P align=justify>17.4&nbsp;&nbsp;&nbsp; A director of senior officer who holds
any office or possesses any property, right or interest that could result,
directly or indirectly, in the creation of a duty or interest that materially
conflicts with that individual&#146;s duty or interest as a director or senior
officer, must disclose the nature and extent of the conflict as required by the
<I>Business Corporations Act</I>. </P>
<P align=justify>17.5&nbsp;&nbsp;&nbsp; A director may hold any office or place
of profit with the Company, other than the office of auditor of the Company, in
addition to their office of director for a period and on the terms (as to
remuneration or otherwise)that the directors may determine. </P>
<P align=justify>17.6&nbsp;&nbsp;&nbsp; No director or intended director is
disqualified by their office from contracting with the Company either with
regard to the holding or any office or place of profit the director holds with
the Company or as vendor, purchaser or otherwise, and no contract or transaction
entered into by or on behalf of the Company in which a director is in any way
interested is liable to be voided for that reason. </P>
<P align=justify>17.7&nbsp;&nbsp;&nbsp; A director or officer, or any person in
which a director or officer has an interest, may act in a professional capacity
for the Company, except as auditor of the Company, and the director or officer
or such person is entitled to remuneration for professional services as if that
director or officer were not a director or officer. </P>
<P align=justify>17.8&nbsp;&nbsp;&nbsp; A director or officer may be or become a
director, officer or employee of, or otherwise interested in, any person in
which the Company may be interested as a shareholder or otherwise, and the
director or officer is not accountable to the Company for any remuneration or
other benefits received by them as director, officer or employee of, or from
their interest in, such other person. </P>
<P align=center>95 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B><I>Powers and Duties of Directors Part 16 of the Articles
</I></B></P>
<P align=justify>16.1&nbsp;&nbsp; &nbsp;The directors must, subject to the
Articles, manage or supervise the management of the business and affairs of the
Company and have the authority to exercise all such powers of the Company as are
not, by the <I>Business Corporations Act</I> or by the Articles, required to be
exercised by the shareholders of the Company. </P>
<P align=justify>16.2&nbsp;&nbsp;&nbsp; The directors may from time to time, by
power of attorney or other instrument, under seal if so required by law, appoint
any person to be the attorney of the Company for such purposes, and with such
powers, authorities and discretions (not exceeding those vested in or
exercisable by the directors under these Articles and excepting the power to
fill vacancies in the board of directors, to remove a director, to change the
membership of, or fill vacancies in, any committee of the directors, to appoint
or remove officers appointed by the directors and to declare dividends)and for
such period, and with such remuneration and subject to such conditions as the
directors may think fit. Any such power of attorney may contain such provisions
for the protection or convenience of persons dealing with such attorney as the
directors think fit. Any such attorney may be authorized by the director to
sub-delegate all or any of the powers, authorities and discretions for the time
being vested in them. </P>
<P align=justify><B><I>Borrowing Powers of Directors, Part 8 of the Articles
</I></B></P>
<P align=justify>8.1.&nbsp;&nbsp; The directors, if authorized by the directors,
may: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp; borrow
money in such manner and amount, on the security, from the sources and upon the
terms and conditions as they consider appropriate; </P>
<P style="MARGIN-LEFT: 5%" align=justify>(2)&nbsp;&nbsp;&nbsp; &nbsp;issue
bonds, debentures, and other debt obligations either outright or as security for
any liability or obligation of the Company or any other person and at such
discounts or premiums and on such other terms as they consider appropriate;</P>
<P style="MARGIN-LEFT: 5%" align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp; guarantee
the repayment of money by any other persons or the performance of any obligation
of any other person; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>(4)&nbsp;&nbsp;&nbsp; &nbsp;mortgage,
charge, whether by way of specific or floating charge, grant a security interest
in, or give other security on, the whole or any part of the present and future
assets and undertaking of the Company. </P>
<P align=justify><B><I>Remuneration of Directors </I></B><BR><B><I>Part 13 of
the Articles</I></B></P>
<P align=justify>13.5&nbsp;&nbsp; &nbsp;The directors are entitled to the
remuneration for acting as directors, if any, as the directors may from time to
time determine. If they so decide, the remuneration, if any, of the directors
will be determined by the shareholders. That remuneration may be in addition to
any salary or other remuneration paid to any officer of employee of the Company
as such, who is also a director. </P>
<P align=justify>13.6&nbsp;&nbsp;&nbsp; The Company must reimburse each director
for the reasonable expenses they may incur in and about the business of the
Company. </P>
<P align=justify>13.7&nbsp;&nbsp;&nbsp; If any director performs any
professional or other services for the Company that in the opinion of the
directors are outside the ordinary duties of a director, or if any director is
otherwise specially occupied in or about the Company&#146;s business, they may be
paid remuneration fixed by the directors, or, at the option of that director,
fixed by ordinary resolution, and such remuneration may be either in addition
to, or in substitution for, any other remuneration that they may be entitled to
receive. </P>
<P align=justify>13.8&nbsp;&nbsp; Unless otherwise determined by ordinary
resolution, the directors on behalf of the Company may pay a gratuity or pension
or allowance on retirement to any director who has held any salaried office or
place of profit with the Company or to their spouse or dependants and may make
contributions to any fund and pay premiums for the purchase or provision of any
such gratuity, pension or allowance. </P>
<P align=center>96 </P>
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<P align=justify><B><I>Required Ownership of Capital by Directors
</I></B><BR><B><I>Part 13 of the Articles</I></B></P>
<P align=justify>13.4.&nbsp;&nbsp;&nbsp; A director is not required to hold a
share in the capital of the Company as qualification for their office but must
be qualified as required by the <I>Business Corporations Act</I> to become, act
or continue to act as a director. </P>
<P align=justify><B><I>Dividend Rights Part 22 of the Articles </I></B></P>
<P align=justify>22.2&nbsp;&nbsp;&nbsp; The directors may from time to time
declare and authorize payment of such dividends as they may deem advisable. </P>
<P align=justify><B><I>Special Rights and Restrictions Part 9 and 10 of the
Articles</I></B><I> </I></P>
<P align=justify>9.2&nbsp;&nbsp;&nbsp;&nbsp; The Company may by ordinary
resolution: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp; create
special rights or restrictions for, and attach those special rights or
restrictions to, the shares of any class or series of shares, unless any of
those shares have been issued in which case the Company may do so only be
special resolution; or </P>
<P style="MARGIN-LEFT: 5%" align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp; vary or
delete any special rights or restrictions attached to the shares of any class or
series of shares, unless any of those shares have been issued in which case the
Company may do so only be ordinary resolution. </P>
<P align=justify>Rules pertaining to annual general and special general meetings
of shareholders are described in Sections Ten of the Company&#146;s Articles. These
rules are summarized as follows: </P>
<P align=justify>10.1&nbsp;&nbsp; &nbsp;The Company must, unless an annual
general meeting is deferred or waived in accordance with the <I>Business
Corporations Act</I>, hold its first annual general meeting following
incorporation, amalgamation or continuation within 18 months after the date on
which it was incorporated or otherwise created and recognized, and after that
must hold an annual general meeting at least once in each calendar year and not
more than 15 months after the last annual reference date at such time and place
as may be determined by the directors; and </P>
<P align=justify>10.2&nbsp;&nbsp; &nbsp;If all the shareholders entitled to vote
at an annual general meeting consent by unanimous resolution under the
<I>Business Corporations Act</I> to all of the business required to be
transacted at that annual general meeting, the meeting is deemed to have been
held on the date of the unanimous resolution. The shareholders must, in any
unanimous resolution passed under this Article 10.2, select the Company&#146;s annual
reference date a date that would be appropriate for the holding of the
applicable annual general meeting. </P>
<P align=justify>10.3&nbsp;&nbsp;&nbsp; The directors may, whenever they think
fit, call a meeting of shareholders to be held in British Columbia, Calgary,
Alberta or Toronto, Ontario or at such other location as may be approved by the
Registrar of Companies at such time and place as may be determined by the
directors. </P>
<P align=justify>10.4&nbsp;&nbsp; &nbsp;The Company must send notice of the
date, time and location of any meeting of shareholders, in the manner provided
by these Articles, or in such other manner, if any, as may be prescribed by
ordinary resolution (whether previous notice of the resolution has been give or
not), to each shareholder entitled to attend the meeting, to each director and
to the auditor of the Company, unless these Articles otherwise provide, at least
the following number of days before the meeting: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(1)&nbsp;&nbsp;&nbsp; &nbsp;if and for
so long the Company is a public company, 21 days; </P>
<P style="MARGIN-LEFT: 5%" align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp; otherwise,
10 days. </P>
<P align=justify>10.5&nbsp;&nbsp;&nbsp; The directors may set a date as the
record date for the purpose of determining shareholders entitled to notice of
any meeting of shareholders. The record date must not precede the date on which
the meeting is to be held by more than two months or, in the case of a general
meeting requisitioned by shareholders under the <I>Business Corporations
Act</I>, by more than four months. The record date must not precede the date on
which the meeting is held by fewer than: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(1)&nbsp;&nbsp;&nbsp; &nbsp;if and for
so long as the Company is a public company, 21 days; </P>
<P style="MARGIN-LEFT: 5%" align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp; otherwise,
10 days. </P>
<P align=center>97 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>If no record date is set, it is 5:00 p.m. on the business day
immediately preceding the first date on which the notice is sent or, if no
notice is sent, the beginning of the meeting. </P>
<P align=justify>10.6&nbsp;&nbsp;&nbsp; The directors may set a date as the
record date for the purpose of determining shareholders entitled to vote at any
meeting of shareholders. The record date must not precede the date on which the
meeting is to be held by more than two months or, in the case of a general
meeting requisitioned by shareholders under the <I>Business Corporations
Act</I>, by more than four months. If no record date is set, the record date is
5:00 p.m. on the day immediately preceding the first date on which the notice is
sent or, if no notice is sent, the beginning of the meeting. </P>
<P align=justify>10.7&nbsp;&nbsp;&nbsp; The accidental omission to send notice
of any meetings to, or the non-receipt of any notice by, any of the persons
entitled to notice does not invalidate any proceedings at that meeting. Any
person entitled to notice of such meeting of shareholders may, in writing or
otherwise, waive or reduce the period of notice of such meeting. </P>
<P align=justify>10.8&nbsp;&nbsp;&nbsp; If a meeting of shareholders is to
consider special business within the meaning of Article 11.1, the notice of
meeting must: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(1)&nbsp;&nbsp;&nbsp; &nbsp;state the
general nature of the special business; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp; if the
special business includes considering, approving, ratifying, adopting or
authorizing any document or the signing of or giving of effect to any document,
have attached to it a copy of the document or state that a copy of the document
will be available for inspection by shareholders: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>at the Company&#146; records office, or at such other
      reasonably accessible location in British Columbia as is specified in such
      notice; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>during statutory business hours o any one or more
      specified days before the day set for the holding of the
  meeting.</P></TD></TR></TABLE>
<P align=justify><B><I>Proceedings at Meetings of Shareholders
</I></B><BR><B><I>Part 11 of the Articles </I></B><BR></P>
<P align=justify>11.1 At a meeting of shareholders, the following business is
special business: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>at a meeting of shareholders that is not an annual
      general meeting, all business is special business except business relating
      to the conduct of or voting at the meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>at an annual general meeting, all business is special
      business except for the following:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>business relating to the conduct or voting at the
      meeting;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>consideration of any financial statements of the Company
      presented to the meeting;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>consideration of any reports of the directors or
      auditor;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the setting or changing of the number of
  directors;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the election or appointment of directors;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the appointment of an auditor;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the setting of the remuneration of the auditor;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>business arising out of a report of the directors not
      requiring the passing of a special resolution or an exceptional
      resolution; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any other business under which, under these Articles or
      the <I>Business Corporations Act</I>, may be transacted at a meeting of
      shareholders without prior notice of the business being given to the
      shareholders.</P></TD></TR></TABLE>
<P align=justify>11.2&nbsp;&nbsp;&nbsp; The majority of votes required for the
Company to pass a special resolution at a meeting of shareholders are two-thirds
of the votes cast on the resolution. </P>
<P align=justify>11.3&nbsp;&nbsp;&nbsp; Subject to the special rights and
restrictions attached to the shares of any class or series of shares, the quorum
for the transaction of business at a meeting of shareholders is two shareholders
present in person or represented by proxy. </P>
<P align=justify>11.4&nbsp;&nbsp;&nbsp; If there is only one shareholder
entitled to vote at a meeting of shareholders: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the quorum of one person who is, or who represents by
      proxy, that shareholder; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>that shareholder, present in person or by proxy, may
      constitute the meeting.</P></TD></TR></TABLE><BR>
      <P align=center>98 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_102></A>
<P align=justify>11.5&nbsp;&nbsp;&nbsp; The directors, the president (if any),
the secretary (if any), the assistant secretary (if any), any lawyer for the
Company, auditor of the Company and any other persons invited by the directors
are entitled to attend any meeting of shareholders, but if any of those persons
does attend a meeting of shareholders, that person is not to be counted in the
quorum and is not entitled to vote at the meeting unless that person is a
shareholder or proxy holder entitled to vote at the meeting. </P>
<P align=justify>11.6&nbsp;&nbsp;&nbsp; No business, other than the election of
a chair of the meeting and the adjournment of the meeting, may be transacted at
any meeting of shareholders unless a quorum of shareholders entitled to vote is
present at the commencement of the meeting, but such quorum need not be present
throughout the meeting. </P>
<P align=justify>11.7&nbsp;&nbsp; &nbsp;If, within one-half hour from the time
set for the holding of a meeting of shareholders, a quorum is not present: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>in the case of a general meeting requisitioned by
      shareholders, the meeting is dissolved, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>in the case of any other meeting of shareholders, the
      meeting stands adjourned to the same day in the next week at the same time
      and place.</P></TD></TR></TABLE>
<P align=justify>11.8 If, at the meeting to which the meeting referred to in
Article 11.7(2) was adjourned, a quorum is not present within one-half hour from
the time set for the holding of the meeting, the person or persons present and
being, or representing by proxy, one or more shareholders entitled to attend and
vote at the meeting constitute a quorum. </P>
<P align=justify>11.9 The following individuals are entitled to preside as chair
at a meeting of shareholders: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the chair of the board, if any; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>if the chair of the board is absent or unwilling to act
      as chair of the meeting, the first of the following individuals to agree
      to act as chair: the president, if any.</P></TD></TR></TABLE>
<P align=justify>11.10 If, at any meeting of shareholders, the chair of the
board or president are not present within 15 minutes after the time set for
holding the meeting, or if the chair of the board an the president are unwilling
to act as chair of the meeting, or if the chair of the board and the president
have advised the secretary, if any, or any director present at the meeting, that
they will not be present at the meeting, one of the chief executive officer, the
chief financial officer, a vice-president, the secretary or the Company&#146;s legal
counsel may act as chair of the meeting and, failing them, the directors present
must choose one of their number to be chair of the meeting or if all of the
directors present decline to take the chair or fail to so choose of if no
director is present, the shareholders entitled to vote at the meeting who are
present in person or by proxy may choose any person at the meeting to chair the
meeting. </P>
<P align=justify>11.11&nbsp;&nbsp; The chair of a meeting of shareholders may,
and if so directed by the meeting must, adjourn the meeting from time to time
and from place to place, but no business may be transacted at any adjourned
meeting other than the business left unfinished at the meeting from which the
adjournment took place. </P>
<P align=justify>11.12&nbsp;&nbsp; It is not necessary to give any notice of an
adjourned meeting or of the business to be transacted at any adjourned meeting
of shareholders except that, when a meeting is adjourned for 30 days or more,
notice of the adjourned meeting must be given as in the case of the original
meeting. </P>
<P align=justify>11.13&nbsp;&nbsp; Every motion put to a vote at a meeting of
shareholders will be decided on a show of hands unless a poll, before or on the
declaration of the result of the vote by show of hands, is directed by the chair
or demanded by at least one shareholder entitled to vote who is present in
person or by proxy. </P>
<P align=justify>11.14&nbsp;&nbsp; The chair of a meeting of shareholders must
declare to the meeting the decision on every question in accordance with the
result of the show of hands or the poll, as the case may be, and that decision
must be entered into the minutes of the meeting. A declaration of the chair that
a resolution is carried by the necessary majority or is defeated is, unless a
poll is directed by the chair or demanded under Article 11.13, conclusive
evidence without proof of the number or proportion of the votes recorded in
favor of or against the resolution. </P>
<P align=justify>11.15&nbsp;&nbsp; No motion proposed at a meeting of
shareholders need be seconded unless the chair of the meeting rules otherwise,
and the chair of any meeting of shareholders is entitled to propose or second a
motion. </P>
<P align=justify>11.16&nbsp; &nbsp;In case of an equality of votes, the chair of
a meeting of shareholders does not, either on a show of hands or on a poll, have
a second or casting vote in addition to the vote or votes to which the chair may
be entitled as a shareholder. </P>
<P align=center>99 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

  <!--$$/page=-->
  <A name=page_103></A><p>11.17&nbsp; &nbsp;Subject to Article 11.18, if a poll is duly
demanded at a meeting of shareholders: </p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the poll must be taken:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>at the meeting, or within seven days after the date of
      the meeting, as the chair of the meeting directs; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in the manner, at the time and at the place that the
      chair of the meeting directs;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the result of the poll is deemed to be the decision of
      the meeting at which the poll is demanded; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the demand for the poll may be withdrawn by the person
      who demanded it.</P></TD></TR></TABLE>
<P align=justify>11.18&nbsp;&nbsp; A poll demanded at a meeting of shareholders
on a question of adjournment must be taken immediately at the meeting. </P>
<P align=justify>11.19&nbsp;&nbsp; In the case of any dispute as to the
admission or rejection of a vote given on a poll, the chair of the meeting must
determine the dispute, and their determination made in good faith is final and
conclusive. </P>
<P align=justify>11.20&nbsp;&nbsp; On a poll, a shareholder entitled to more
than one vote need not cast all the votes in the same way. </P>
<P align=justify>11.21&nbsp;&nbsp; No poll may be demanded in respect of the
vote by which a chair of a meeting of shareholders is elected. </P>
<P align=justify>11.22&nbsp;&nbsp; The demand for a poll at a meeting of
shareholders does not, unless the chair of the meeting so rules, prevent the
continuation of a meeting for the transaction of any business other than the
question on which a poll had been demanded. </P>
<P align=justify>11.23&nbsp;&nbsp; The Company must, for at least three months
after a meeting of shareholders, keep each ballot cast on a poll and each proxy
voted at the meeting at its records office, and, during that period, makes them
available for inspection during normal business hours by any shareholder or
proxy holder entitled to vote at the meeting. At the end of such three month
period, the Company may destroy such ballots and proxies. </P>
<P align=justify><B><I>Votes of Shareholders </I></B><BR><B><I>Part 12 of the
Articles</I></B></P>
<P align=justify>12.1&nbsp;&nbsp; Subject to any special rights or restrictions
attached to any shares and to the restrictions imposed on joint shareholders
under Article 12.3: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>on a vote by a show of hands, every person present who is
      a shareholder or proxy holder and entitled to vote on the matter has one
      vote; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>on a poll, every shareholder entitled to vote on the
      matter has one vote in respect of each share entitled to be voted on the
      matter and held by that shareholder and may exercise that vote either in
      person or by proxy.</P></TD></TR></TABLE>
<P align=justify><B><I>Other Issues </I></B></P>
<P align=justify>Neither the Company&#146;s articles nor British Columbia law permit:
staggered terms for Directors; cumulative voting; shareholder approval of
corporate matter by written consent; the adoption of various &#147;poison pill&#148;
measures precluding shareholders from realizing a potential premium over the
market value of their shares. Neither the Company&#146;s articles nor British
Columbia law require retirement or non-retirement of directors under an age
limit requirement. </P>
<P align=justify>There are no limitations on the rights to own securities. </P>
<P align=justify>There is no provision of the Company&#146;s articles that would have
an effect of delaying, deferring or preventing a change in control of the
Company and that would operate only with respect to a merger, acquisition or
corporate restructuring involving the Company (or any of its subsidiaries). </P>
<P align=justify>Shareholder ownership must be disclosed to the British Columbia
Securities Commission and the TSX-V by any shareholder who owns more than 10% of
the Company&#146;s common stock. </P>
<P align=justify><B><U>10.C. Material Contracts</U></B></P>
<P align=justify>Pursuant to a management service agreement dated February 13,
2014 as amended December 1, 2015 between the Company and Seabord Services Corp.
of Suite 501, 543 Granville Street, Vancouver, British Columbia, the Corporation
pays $29,800 per month to Seabord in consideration of Seabord providing the
services of the CFO and Corporate Secretary and office, reception, secretarial,
accounting and corporate records services to the Company. The Chief Financial
Officer and Corporate </P>
<P align=center>100 </P>
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<P align=justify>Secretary are employees of Seabord and are not paid directly by
the Company. </P>
<P align=justify>Seabord is a private company wholly-owned by Michael D. Winn,
the Chairman and director of the Company. </P>
<P align=justify><B><U>10.D. Exchange Controls</U></B><B> </B></P>
<P align=justify>Canada has no system of exchange controls. There are no
Canadian restrictions on the repatriation of capital or earnings of a Canadian
public company to non-resident investors. There are no laws in Canada or
exchange restrictions affecting the remittance of dividends, profits, interest,
royalties and other payments to non-resident holders of the Company&#146;s
securities, except as discussed in Item 10, &#148;Taxation" below. </P>
<P align=justify><B>Restrictions on Share Ownership by Non-Canadians -</B> There
are no limitations under the laws of Canada or in the organizing documents of
the Company on the right of foreigners to hold or vote securities of the
Company, except that the Investment Canada Act may require review and approval
by the Minister of Industry (Canada) of certain acquisitions of "control" of the
Company by a "non-Canadian". The threshold for acquisitions of control is
generally defined as being one-third or more of the voting shares of the
Company. "Non-Canadian" generally means an individual who is not a Canadian
citizen, or a Company, partnership, trust or joint venture that is ultimately
controlled by non-Canadians. </P>
<P align=justify><B><U>10.E. Taxation</U></B><B> </B></P>
<P align=justify><U>Canadian Federal Income Tax Considerations</U><B> </B></P>
<P align=justify>The following is a brief summary of some of the principal
Canadian federal income tax consequences to a holder of common shares of the
Company (a "U.S. Holder") who deals at arm's length with the Company, holds the
shares as capital property and who, for the purposes of the Income Tax Act
(Canada) (the "Act") and the Canada &#150; United States Income Tax Convention (the
"Treaty"), is at all relevant times resident in the United States, is not and is
not deemed to be resident in Canada and does not use or hold and is not deemed
to use or hold the shares in carrying on a business in Canada. Special rules,
which are not discussed below, may apply to a U.S. Holder that is an insurer
that carries on business in Canada and elsewhere. </P>
<P align=justify>Under the Act and the Treaty, a U.S. Holder of common shares
will generally be subject to a 15% withholding tax on dividends paid or credited
or deemed by the Act to have been paid or credited on such shares. The
withholding tax rate is 5% where the U.S. Holder is a Company that beneficially
owns at least 10% of the voting shares of the Company and the dividends may be
exempt from such withholding in the case of some U.S. Holders such as qualifying
pension funds and charities. </P>
<P align=justify>In general, a U.S. Holder will not be subject to Canadian
income tax on capital gains arising on the disposition of shares of the Company
unless (i) at any time in the five-year period immediately preceding the
disposition, 25% or more of the shares of any class or series of the capital
stock of the Company was owned by (or was under option of or subject to an
interest of) the U.S. holder or persons with whom the U.S. holder did not deal
at arm's length, and (ii) the value of the common shares of the Company at the
time of the disposition derives principally from real property (as defined in
the Treaty) situated in Canada. For this purpose, the Treaty defines real
property situated in Canada to include rights to explore for or exploit mineral
deposits and other natural resources situated in Canada, rights to amounts
computed by reference to the amount or value of production from such resources,
certain other rights in respect of natural resources situated in Canada and
shares of a Company the value of whose shares is derived principally from real
property situated in Canada. </P>
<P align=justify>The US Internal Revenue Code provides special anti-deferral
rules regarding certain distributions received by US persons with respect to,
and sales and other dispositions (including pledges) of stock of, a passive
foreign investment company. A foreign Company, such as the Company, will be
treated as a passive foreign investment company if 75% or more of its gross
income is passive income for a taxable year or if the average percentage of its
assets (by value) that produce, or are held for the production of, passive
income is at least 50% for a taxable year. The Company believes that it was a
passive foreign investment company as at December 31, 2016. </P>
<P align=justify><U>Dividends</U> </P>
<P align=justify>A Holder will be subject to Canadian withholding tax ("Part
XIII Tax") equal to 25%, or such lower rate as may be available under an
applicable tax treaty, of the gross amount of any dividend paid or deemed to be
paid on common shares. Under the Canada-U.S. Income Tax Convention (1980) as
amended by the Protocols signed on 6/14/1983, 3/28/1984, 3/17/1995, and
7/29/1997 (the "Treaty"), the rate of Part XIII Tax applicable to a dividend on
common shares paid to a Holder who is a resident of the United States and who is
the beneficial owner of the dividend, is 5%. If the Holder is a company that
owns at least 10% of the voting stock of the Company paying the dividend, and,
in all other cases, the tax rate is 15% of the gross amount of the dividend. The Company will be required to
withhold the applicable amount of Part XIII Tax from each dividend so paid and
remit the withheld amount directly to the Receiver General for Canada for the
account of the Holder. </P>
<P align=center>101 </P>
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<P align=justify><U>Disposition of Common Shares</U><B> </B></P>
<P align=justify>A Holder who disposes of a common share, including by deemed
disposition on death, will not normally be subject to Canadian tax on any
capital gain (or capital loss) thereby realized unless the common share
constituted "taxable Canadian property" as defined by the <I>Tax Ac</I>t.
Generally, a common share of a public Company will not constitute taxable
Canadian property of a Holder if the share is listed on a prescribed stock
exchange unless the Holder or persons with whom the Holder did not deal at arm's
length alone or together held or held options to acquire, at any time within the
five years preceding the disposition, 25% or more of the shares of any class of
the capital stock of the Company. The Canadian Venture Exchange is a prescribed
stock exchange under the <I>Tax Ac</I>t. A Holder who is a resident of the
United States and realizes a capital gain on a disposition of a common share
that was taxable Canadian property will nevertheless, by virtue of the Treaty,
generally be exempt from Canadian tax thereon unless (a) more than 50% of the
value of the common shares is derived from, or from an interest in, Canadian
real estate, including Canadian mineral resource properties, (b) the common
share formed part of the business property of a permanent establishment that the
Holder has or had in Canada within the 12 month period preceding the
disposition, or (c) the Holder is an individual who (i) was a resident of Canada
at any time during the 10 years immediately preceding the disposition, and for a
total of 120 months during any period of 20 consecutive years, preceding the
disposition, and (ii) owned the common share when he ceased to be resident in
Canada. </P>
<P align=justify>A Holder who is subject to Canadian tax in respect of a capital
gain realized on a disposition of a common share must include three quarters of
the capital gain (taxable capital gain) in computing the Holder's taxable income
earned in Canada. The Holder may, subject to certain limitations, deduct
three-quarters of any capital loss (allowable capital loss) arising on a
disposition of taxable Canadian property from taxable capital gains realized in
the year of disposition in respect to taxable Canadian property and, to the
extent not so deductible, from such taxable capital gains realized in any of the
three preceding years or any subsequent year. </P>
<P align=justify><U>Certain United States Federal Income Tax Considerations</U>
</P>
<P align=justify>The following is a general summary of certain material U.S.
federal income tax considerations applicable to a U.S. Holder (as defined below)
arising from and relating to the acquisition, ownership, and disposition of
common shares. </P>
<P align=justify>This summary is for general information purposes only and does
not purport to be a complete analysis or listing of all potential U.S. federal
income tax considerations that may apply to a U.S. Holder arising from and
relating to the acquisition, ownership, and disposition of common shares. In
addition, this summary does not take into account the individual facts and
circumstances of any particular U.S. Holder that may affect the U.S. federal
income tax consequences to such U.S. Holder, including specific tax consequences
to a U.S. Holder under an applicable tax treaty. Accordingly, this summary is
not intended to be, and should not be construed as, legal or U.S. federal income
tax advice with respect to any U.S. Holder. This summary does not address the
U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and
local, and non-U.S. tax consequences to U.S. Holders of the acquisition,
ownership, and disposition of common shares. Except as specifically set forth
below, this summary does not discuss applicable tax reporting requirements. Each
U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S.
federal alternative minimum, U.S. federal estate and gift, U.S. state and local,
and non-U.S. tax consequences relating to the acquisition, ownership and
disposition of common shares. </P>
<P align=justify>No legal opinion from U.S. legal counsel or ruling from the
Internal Revenue Service (the "IRS") has been requested, or will be obtained,
regarding the U.S. federal income tax consequences of the acquisition,
ownership, and disposition of common shares. This summary is not binding on the
IRS, and the IRS is not precluded from taking a position that is different from,
and contrary to, the positions taken in this summary. In addition, because the
authorities on which this summary is based are subject to various
interpretations, the IRS and the U.S. courts could disagree with one or more of
the positions taken in this summary. </P>
<P align=justify><B>Scope of this Summary </B></P>
<P align=justify><U>Authorities</U> </P>
<P align=justify>This summary is based on the Internal Revenue Code of 1986, as
amended (the "Code"), Treasury Regulations (whether final, temporary, or
proposed), published rulings of the IRS, published administrative positions of
the IRS, the Treaty, and U.S. court decisions that are applicable and, in each
case, as in effect and available, as of the date of this document. Any of the
authorities on which this summary is based could be changed in a material and
adverse manner at any time, and any such change could be applied on a
retroactive or prospective basis which could affect the U.S. federal income tax
considerations described in this summary. This summary does not discuss the
potential effects, whether adverse or beneficial, of any proposed legislation
that, if enacted, could be applied on a retroactive or prospective basis. </P>
<P align=center>102 </P>
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<P align=justify><U>U.S. Holders</U> </P>
<P align=justify>For purposes of this summary, the term "U.S. Holder" means a
beneficial owner of common shares that is for U.S. federal income tax purposes:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>an individual who is a citizen or resident of the U.S.;
      </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>a corporation (or other entity taxable as a corporation
      for U.S. federal income tax purposes) organized under the laws of the
      U.S., any state thereof or the District of Columbia; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>an estate whose income is subject to U.S. federal income
      taxation regardless of its source; or </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>a trust that (1) is subject to the primary supervision of
      a court within the U.S. and the control of one or more U.S. persons for
      all substantial decisions or (2) has a valid election in effect under
      applicable Treasury Regulations to be treated as a U.S. person.
  </P></TD></TR></TABLE>
<P align=justify><U>Non-U.S. Holders</U> </P>
<P align=justify>For purposes of this summary, a "non-U.S. Holder" is a
beneficial owner of common shares that is not a U.S. Holder or is a partnership.
This summary does not address the U.S. federal income tax consequences to
non-U.S. Holders arising from and relating to the acquisition, ownership, and
disposition of common shares. Accordingly, a non-U.S. Holder should consult its
own tax advisor regarding the U.S. federal, U.S. federal alternative minimum,
U.S. federal estate and gift, U.S. state and local, and non-U.S. tax
consequences (including the potential application of and operation of any income
tax treaties) relating to the acquisition, ownership, and disposition of common
shares. </P>
<P align=justify><U>U.S. Holders Subject to Special U.S. Federal Income Tax
Rules Not Addressed</U> </P>
<P align=justify>This summary does not address the U.S. federal income tax
considerations applicable to U.S. Holders that are subject to special provisions
under the Code, including, but not limited to, U.S. Holders that: (a) are
tax-exempt organizations, qualified retirement plans, individual retirement
accounts, or other tax-deferred accounts; (b) are financial institutions,
underwriters, insurance companies, real estate investment trusts, or regulated
investment companies; (c) are broker-dealers, dealers, or traders in securities
or currencies that elect to apply a mark-to-market accounting method; (d) have a
"functional currency" other than the U.S. dollar; (e) own common shares as part
of a straddle, hedging transaction, conversion transaction, constructive sale,
or other arrangement involving more than one position; (f) acquired common
shares in connection with the exercise of employee stock options or otherwise as
compensation for services; (g) hold common shares other than as a capital asset
within the meaning of Section 1221 of the Code (generally, property held for
investment purposes); or (h) own or have owned (directly, indirectly, or by
attribution) 10% or more of the total combined voting power of the outstanding
shares of Eurasian. This summary also does not address the U.S. federal income
tax considerations applicable to U.S. Holders who are: (a) U.S. expatriates or
former long-term residents of the U.S.; (b) persons that have been, are, or will
be a resident or deemed to be a resident in Canada for purposes of the Act; (c)
persons that use or hold, will use or hold, or that are or will be deemed to use
or hold common shares in connection with carrying on a business in Canada; (d)
persons whose common shares constitute "taxable Canadian property" under the
Act; or (e) persons that have a permanent establishment in Canada for the
purposes of the Treaty. U.S. Holders that are subject to special provisions
under the Code, including, but not limited to, U.S. Holders described
immediately above, should consult their own tax advisor regarding the U.S.
federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S.
state and local, and non-U.S. tax consequences relating to the acquisition,
ownership and disposition of common shares. </P>
<P align=justify>If an entity or arrangement that is classified as a partnership
(or "pass-through" entity) for U.S. federal income tax purposes holds common
shares, the U.S. federal income tax consequences to such partnership and the
partners (or owners) of such partnership generally will depend on the activities
of the partnership and the status of such partners (or owners). This summary
does not address the tax consequences to any such partnership or partner (or
owner). Partners (or owners) of entities or arrangements that are classified as
partnerships for U.S. federal income tax purposes should consult their own tax
advisors regarding the U.S. federal income tax consequences arising from and
relating to the acquisition, ownership, and disposition of common shares. </P>
<P align=justify><B>Passive Foreign Investment Company Rules </B></P>
<P align=justify>If Eurasian were to constitute a "passive foreign investment
company" (a &#147;PFIC&#148;), as defined below, within the meaning of Section 1297 of the
Code, for any year during a U.S. Holder&#146;s holding period, then certain different
and potentially adverse rules will affect the U.S. federal income tax
consequences to a U.S. Holder resulting from the acquisition, ownership and
disposition of common shares. In addition, in any year in which Eurasian is
classified as a PFIC, such holder will be required to file an annual report with
the IRS containing such information as Treasury Regulations or other IRS
guidance may require. A failure to satisfy such reporting requirements may
result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors
regarding the requirements of filing such information returns under these rules,
including the requirement to file an IRS Form 8621. </P>
<P align=center>103 </P>
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<P align=justify><U>PFIC Status of Eurasian</U> </P>
<P align=justify>Eurasian generally will be a PFIC if, for a tax year, (a) 75%
or more of the gross income of Eurasian is passive income (the "income test"),
or (b) 50% or more of the value of Eurasian&#146;s assets either produce passive
income or are held for the production of passive income, based on the quarterly
average of the fair market value of such assets (the "asset test"). "Gross
income" generally includes all sales revenues less the cost of goods sold, plus
income from investments and from incidental or outside operations or sources,
and "passive income" generally includes, for example, dividends, interest,
certain rents and royalties, certain gains from the sale of stock and
securities, and certain gains from commodities transactions. </P>
<P align=justify>Active business gains arising from the sale of commodities
generally are excluded from passive income if substantially all (85% or more) of
a foreign corporation&#146;s commodities are stock in trade of such foreign
corporation or other property of a kind which would properly be included in
inventory of such foreign corporation, or property held by such foreign
corporation primarily for sale to customers in the ordinary course of business
and certain other requirements are satisfied. </P>
<P align=justify>For purposes of the PFIC income test and asset test described
above, if Eurasian owns, directly or indirectly, 25% or more of the total value
of the outstanding shares of another corporation, Eurasian will be treated as if
it (a) held a proportionate share of the assets of such other corporation and
(b) received directly a proportionate share of the income of such other
corporation. In addition, for purposes of the PFIC income test and asset test
described above, and assuming certain other requirements are met, "passive
income" does not include certain interest, dividends, rents, or royalties that
are received or accrued by Eurasian from certain "related persons" (as defined
in Section 954(d)(3) of the Code), to the extent such items are properly
allocable to the income of such related person that is not passive income. </P>
<P align=justify>Eurasian currently expects that it will be classified as a
passive foreign investment company (&#147;PFIC&#148;) for the tax year ending December 31,
2016 and expects to be a PFIC in future tax years. No opinion of legal counsel
or ruling from the IRS concerning the status of Eurasian as a PFIC has been
obtained or is currently planned to be requested. The determination of whether
any corporation was, or will be, a PFIC for a tax year depends, in part, on the
application of complex U.S. federal income tax rules, which are subject to
differing interpretations. In addition, whether any corporation will be a PFIC
for any tax year depends on the assets and income of such corporation over the
course of each such tax year and, as a result, cannot be predicted with
certainty as of the date of this document. Accordingly, there can be no
assurance that the IRS will not challenge any determination made by Eurasian
concerning its PFIC status. Each U.S. Holder should consult its own tax advisor
regarding the PFIC status of Eurasian. </P>
<P align=justify><U>Default PFIC Rules Under Section 1291 of the Code</U> </P>
<P align=justify>If Eurasian is a PFIC, the U.S. federal income tax consequences
to a U.S. Holder of the acquisition, ownership, and disposition of common shares
will depend on whether such U.S. Holder makes an election to treat Eurasian as a
"qualified electing fund", or "QEF", under Section 1295 of the Code, or a "QEF
Election", or a mark-to-market election under Section 1296 of the Code, or a
"Mark-to-Market Election". A U.S. Holder that does not make either a QEF
Election or a Mark-to-Market Election will be referred to in this summary as a
"Non-Electing U.S. Holder". </P>
<P align=justify>A Non-Electing U.S. Holder will be subject to the rules of
Section 1291 of the Code with respect to, (a) any gain recognized on the sale or
other taxable disposition of common shares, and (b) any excess distribution
received on common shares. A distribution generally will be an "excess
distribution" to the extent that such distribution (together with all other
distributions received in the current tax year) exceeds 125% of the average
distributions received during the three preceding tax years (or during a U.S.
Holder&#146;s holding period for common shares, if shorter). </P>
<P align=justify>Under Section 1291 of the Code, any gain recognized on the sale
or other taxable disposition of common shares and any "excess distribution"
received on common shares must be ratably allocated to each day in a
Non-Electing U.S. Holder&#146;s holding period for the respective common shares. The
amount of any such gain or excess distribution allocated to the tax year of
disposition or distribution of the excess distribution and to years before the
entity became a PFIC, if any, would be taxed as ordinary income. The amounts
allocated to any other tax year would be subject to U.S. federal income tax at
the highest tax rate applicable to ordinary income in each such year, and an
interest charge would be imposed on the tax liability for each such year,
calculated as if such tax liability had been due in each such year. A
Non-Electing U.S. Holder that is not a corporation must treat any such interest
paid as "personal interest", which is not deductible. </P>
<P align=justify>If Eurasian is a PFIC for any tax year during which a
Non-Electing U.S. Holder holds common shares, Eurasian will continue to be
treated as a PFIC with respect to such Non-Electing U.S. Holder, regardless of
whether Eurasian ceases to be a PFIC in one or more subsequent tax years. A
Non-Electing U.S. Holder may terminate this deemed PFIC status by electing to
recognize gain (which will be taxed under the rules of Section
1291 of the Code discussed above), but not loss, as if such common shares were
sold on the last day of the last tax year for which Eurasian was a PFIC. </P>
<P align=center>104 </P>
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<P align=justify><U>QEF Election</U> </P>
<P align=justify>A U.S. Holder that makes a timely and effective QEF Election
  for the first tax year in which its holding period of its common shares begins
  generally will not be subject to the rules of Section 1291 of the Code discussed
  above with respect to its common shares. A U.S. Holder that makes a timely and
  effective QEF Election will be subject to U.S. federal income tax on such U.S.
  Holder&#146;s pro rata share of, (a) the net capital gain of Eurasian, which will be
  taxed as long-term capital gain to such U.S. Holder, and (b) the ordinary
  earnings of Eurasian, which will be taxed as ordinary income to such U.S.
  Holder. Generally, "net capital gain" is the excess of (i) net long-term capital
  gain over (ii) net short-term capital loss, and "ordinary earnings" are the
  excess of (i) "earnings and profits" over (ii) net capital gain. A U.S. Holder
  that makes a QEF Election will be subject to U.S. federal income tax on such
  amounts for each tax year in which Eurasian is a PFIC, regardless of whether
  such amounts are actually distributed to such U.S. Holder by Eurasian. However,
  for any tax year in which Eurasian is a PFIC and has no net income or gain, U.S.
  Holders that have made a QEF Election would not have any income inclusions as a
  result of the QEF Election. If a U.S. Holder that made a QEF Election has an
  income inclusion, such U.S. Holder may, subject to certain limitations, elect to
  defer payment of current U.S. federal income tax on such amounts, subject to an
  interest charge. If such U.S. Holder is not a corporation, any such interest
paid will be treated as "personal interest", which is not deductible. </P>
<P align=justify>A U.S. Holder that makes a timely and effective QEF Election
with respect to Eurasian generally, (a) may receive a tax-free distribution from
Eurasian to the extent that such distribution represents "earnings and profits"
of Eurasian that were previously included in income by the U.S. Holder because
of such QEF Election, and (b) will adjust such U.S. Holder&#146;s tax basis in common
shares to reflect the amount included in income or allowed as a tax-free
distribution because of such QEF Election. In addition, a U.S. Holder that makes
a QEF Election generally will recognize capital gain or loss on the sale or
other taxable disposition of common shares. </P>
<P align=justify>The procedure for making a QEF Election, and the U.S. federal
income tax consequences of making a QEF Election, will depend on whether such
QEF Election is timely. A QEF Election will be treated as "timely" if such QEF
Election is made for the first year in the U.S. Holder&#146;s holding period for
common shares in which Eurasian was a PFIC. A U.S. Holder may make a timely QEF
Election by filing the appropriate QEF Election documents at the time such U.S.
Holder files a U.S. federal income tax return for such year. If a U.S. Holder
does not make a timely and effective QEF Election for the first year in the U.S.
Holder&#146;s holding period for common shares, the U.S. Holder may still be able to
make a timely and effective QEF Election in a subsequent year if such U.S.
Holder also makes a "purging" election to recognize gain (which will be taxed
under the rules of Section 1291 of the Code discussed above) as if such common
shares were sold for their fair market value on the day the QEF Election is
effective. </P>
<P align=justify>A QEF Election will apply to the tax year for which such QEF
Election is timely made and to all subsequent tax years, unless such QEF
Election is invalidated or terminated or the IRS consents to revocation of such
QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax
year, Eurasian ceases to be a PFIC, the QEF Election will remain in effect
(although it will not be applicable) during those tax years in which Eurasian is
not a PFIC. Accordingly, if Eurasian becomes a PFIC in another subsequent tax
year, the QEF Election will be effective and the U.S. Holder will be subject to
the QEF rules described above during any subsequent tax year in which Eurasian
qualifies as a PFIC. </P>
<P align=justify>For each tax year that Eurasian qualifies as a PFIC, Eurasian
intends to: (a) make available to U.S. Holders, upon their written request, a
&#147;PFIC Annual Information Statement&#148; as described in Treasury Regulation Section
1.1295 -1(g) (or any successor Treasury Regulation) and (b) upon written
request, use commercially reasonable efforts to provide all additional
information that such U.S. Holder is required to obtain in connection with
maintaining such QEF Election with regard to Eurasian. Eurasian may elect to
provide such information on its website, www.EurasianMinerals.com. Each U.S.
Holder should consult its own tax advisor regarding the availability of, and
procedure for making, a QEF Election. </P>
<P align=justify>A U.S. Holder makes a QEF Election by attaching a completed IRS
Form 8621, including a PFIC Annual Information Statement, to a timely filed U.S.
federal income tax return. However, if Eurasian does not provide the required
information with regard to Eurasian, U.S. Holders will not be able to make a QEF
Election for such entity and will continue to be subject to the rules of Section
1291 of the Code discussed above that apply to Non-Electing U.S. Holders with
respect to the taxation of gains and excess distributions. </P>
<P align=justify><U>Mark-to-Market Election</U> </P>
<P align=justify>A U.S. Holder may make a Mark-to-Market Election only if the
common shares are marketable stock. Common shares generally will be "marketable
stock" if the common shares are regularly traded on, (a) a national securities
exchange that is registered with the SEC, (b) the national market system
established pursuant to section 11A of the U.S. Exchange Act, or (c) a foreign securities exchange that is regulated or supervised
by a governmental authority of the country in which the market is located,
provided that, (i) such foreign exchange has trading volume, listing, financial
disclosure, and meets other requirements and the laws of the country in which
such foreign exchange is located, together with the rules of such foreign
exchange, ensure that such requirements are actually enforced, and (ii) the
rules of such foreign exchange ensure active trading of listed stocks. If
Eurasian&#146;s common shares are traded on such a qualified exchange or other
market, the common shares generally will be "regularly traded" for any calendar
year during which common shares are traded, other than in de minimis quantities,
on at least 15 days during each calendar quarter. </P>
<P align=center>105 </P>
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<P align=justify>A U.S. Holder that makes a Mark-to-Market Election with respect
to its common shares generally will not be subject to the rules of Section 1291
of the Code discussed above with respect to such common shares. However, if a
U.S. Holder does not make a Mark-to-Market Election beginning in the first tax
year of such U.S. Holder&#146;s holding period for common shares or such U.S. Holder
has not made a timely QEF Election, the rules of Section 1291 of the Code
discussed above will apply to certain dispositions of, and distributions on,
common shares. </P>
<P align=justify>A U.S. Holder that makes a Mark-to-Market Election will include
  in ordinary income, for each tax year in which Eurasian is a PFIC, an amount
  equal to the excess, if any, of (i) the fair market value of common shares, as
  of the close of such tax year over (ii) such U.S. Holder&#146;s tax basis in such
  common shares. A U.S. Holder that makes a Mark-to-Market Election will be
  allowed a deduction in an amount equal to the excess, if any, of (i) such U.S.
  Holder&#146;s adjusted tax basis in common shares, over (ii) the fair market value of
  such common shares (but only to the extent of the net amount of previously
  included income as a result of the Mark-to-Market Election for prior tax years).
</P>
<P align=justify>A U.S. Holder that makes a Mark-to-Market Election generally
also will adjust such U.S. Holder&#146;s tax basis in common shares to reflect the
amount included in gross income or allowed as a deduction because of such
Mark-to-Market Election. In addition, upon a sale or other taxable disposition
of common shares, a U.S. Holder that makes a Mark-to-Market Election will
recognize ordinary income or ordinary loss (not to exceed the excess, if any, of
(i) the amount included in ordinary income because of such Mark-to-Market
Election for prior tax years over (ii) the amount allowed as a deduction because
of such Mark-to-Market Election for prior tax years). </P>
<P align=justify>A U.S. Holder makes a Mark-to-Market Election by attaching a
completed IRS Form 8621 to a timely filed U.S. federal income tax return. A
Mark-to-Market Election applies to the tax year in which such Mark-to-Market
Election is made and to each subsequent tax year, unless common shares cease to
be "marketable stock" or the IRS consents to revocation of such election. Each
U.S. Holder should consult its own tax advisor regarding the availability of,
and procedure for making, a Mark-to-Market Election. </P>
<P align=justify><U>Other PFIC Rules</U> </P>
<P align=justify>Under Section 1291(f) of the Code, the IRS has issued proposed
Treasury Regulations that, subject to certain exceptions, would cause a U.S.
Holder that had not made a timely QEF Election to recognize gain (but not loss)
upon certain transfers of common shares that would otherwise be tax-deferred
(e.g., gifts and exchanges pursuant to corporate reorganizations). However, the
specific U.S. federal income tax consequences to a U.S. Holder may vary based on
the manner in which common shares are transferred. </P>
<P align=justify>Certain additional adverse rules will apply with respect to a
U.S. Holder if Eurasian is a PFIC, regardless of whether such U.S. Holder makes
a QEF Election. For example under Section 1298(b)(6) of the Code, a U.S. Holder
that uses common shares as security for a loan will, except as may be provided
in Treasury Regulations, be treated as having made a taxable disposition of such
common shares. </P>
<P align=justify>Special rules also apply to the amount of foreign tax credit
that a U.S. Holder may claim on a distribution from a PFIC. Subject to such
special rules, foreign taxes paid with respect to any distribution in respect of
stock in a PFIC are generally eligible for the foreign tax credit. The rules
relating to distributions by a PFIC and their eligibility for the foreign tax
credit are complicated, and a U.S. Holder should consult with their own tax
advisor regarding the availability of the foreign tax credit with respect to
distributions by a PFIC. </P>
<P align=justify>The PFIC rules are complex, and each U.S. Holder should consult
its own tax advisor regarding the PFIC rules and how the PFIC rules may affect
the U.S. federal income tax consequences of the acquisition, ownership, and
disposition of common shares. </P>
<P align=justify><B>Ownership and Disposition of Common Shares </B></P>
<P align=justify>The following discussion is subject to the rules described
above under the heading "Passive Foreign Investment Company Rules". </P>
<P align=center>106 </P>
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<P align=justify><U>Distributions on Common Shares</U> </P>
<P align=justify>Subject to the PFIC rules discussed above, a U.S. Holder that
receives a distribution, including a constructive distribution, with respect to
common shares will be required to include the amount of such distribution in
gross income as a dividend (without reduction for any Canadian income tax
withheld from such distribution) to the extent of the current or accumulated
"earnings and profits" of Eurasian, as computed for U.S. federal income tax
purposes. A dividend generally will be taxed to a U.S. Holder at ordinary income
tax rates if Eurasian is a PFIC. To the extent that a distribution exceeds the
current and accumulated "earnings and profits" of Eurasian, such distribution
will be treated first as a tax-free return of capital to the extent of a U.S.
Holder's tax basis in common shares and thereafter as gain from the sale or
exchange of such common shares. See "Sale or Other Taxable Disposition of Common
Shares" below. However, Eurasian may not maintain the calculations of earnings
and profits in accordance with U.S. federal income tax principles, and each U.S.
Holder should therefore assume that any distribution by Eurasian with respect to
common shares will constitute ordinary dividend income. Dividends received on
common shares generally will not be eligible for the "dividends received
deduction". Subject to applicable limitations and provided Eurasian is eligible
for the benefits of the Treaty, dividends paid by Eurasian to non-corporate U.S.
Holders, including individuals, generally will be eligible for the preferential
tax rates applicable to long-term capital gains for dividends, provided certain
holding period and other conditions are satisfied, including that Eurasian not
be classified as a PFIC in the tax year of distribution or in the preceding tax
year. The dividend rules are complex, and each U.S. Holder should consult its
own tax advisor regarding the application of such rules. </P>
<P align=justify><U>Sale or Other Taxable Disposition of Common Shares</U> </P>
<P align=justify>Subject to the PFIC rules discussed above, upon the sale or
other taxable disposition of common shares, a U.S. Holder generally will
recognize capital gain or loss in an amount equal to the difference between the
amount of cash plus the fair market value of any property received and such U.S.
Holder's tax basis in such common shares sold or otherwise disposed of. Subject
to the PFIC rules discussed above, gain or loss recognized on such sale or other
disposition generally will be long-term capital gain or loss if, at the time of
the sale or other disposition, common shares have been held for more than one
year. </P>
<P align=justify>Preferential tax rates apply to long-term capital gain of a
U.S. Holder that is an individual, estate, or trust. There are currently no
preferential tax rates for long-term capital gain of a U.S. Holder that is a
corporation. Deductions for capital losses are subject to significant
limitations under the Code. </P>
<P align=justify><B>Additional Considerations </B></P>
<P align=justify><U>Additional Tax on Passive Income</U> </P>
<P align=justify>Certain U.S. Holders that are individuals, estates or trusts
(other than trusts that are exempt from tax) will be subject to a 3.8% tax on
all or a portion of their "net investment income", which includes dividends on
the common shares and net gains from the disposition of the common shares.
Further, excess distributions treated as dividends, gains treated as excess
distributions under the PFIC rules discussed above, and mark-to-market
inclusions and deductions are all included in the calculation of net investment
income. </P>
<P align=justify>Treasury Regulations provide, subject to the election described
in the following paragraph, that solely for purposes of this additional tax,
that distributions of previously taxed income will be treated as dividends and
included in net investment income subject to the additional 3.8% tax.
Additionally, to determine the amount of any capital gain from the sale or other
taxable disposition of common shares that will be subject to the additional tax
on net investment income, a U.S. Holder who has made a QEF Election will be
required to recalculate its basis in the common shares excluding QEF basis
adjustments.</P>
<P align=justify>Alternatively, a U.S. Holder may make an election which will be
effective with respect to all interests in a PFIC for which a QEF Election has
been made and which is held in that year or acquired in future years. Under this
election, a U.S. Holder pays the additional 3.8% tax on QEF income inclusions
and on gains calculated after giving effect to related tax basis adjustments.
U.S. Holders that are individuals, estates or trusts should consult their own
tax advisors regarding the applicability of this tax to any of their income or
gains in respect of the common shares. </P>
<P align=justify><U>Receipt of Foreign Currency</U> </P>
<P align=justify>The amount of any distribution paid to a U.S. Holder in foreign
currency, or on the sale, exchange or other taxable disposition of common
shares, generally will be equal to the U.S. dollar value of such foreign
currency based on the exchange rate applicable on the date of receipt
(regardless of whether such foreign currency is converted into U.S. dollars at
that time). A U.S. Holder will have a basis in the foreign currency equal to its
U.S. dollar value on the date of receipt. Any U.S. Holder who converts or
otherwise disposes of the foreign currency after the date of receipt may have a
foreign currency exchange gain or loss that would be treated as ordinary income
or loss, and generally will be U.S. source income or loss for foreign tax credit
purposes. Different rules apply to U.S. Holders who use the accrual method. Each
U.S. Holder should consult its own U.S. tax advisors regarding the U.S. federal
income tax consequences of receiving, owning, and disposing of foreign currency.</P>
<P align=center>107 </P>
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<P align=justify><U>Foreign Tax Credit</U> </P>
<P align=justify>Subject to the PFIC rules discussed above, a U.S. Holder that
  pays (whether directly or through withholding) Canadian income tax with respect
  to dividends paid on common shares generally will be entitled, at the election
  of such U.S. Holder, to receive either a deduction or a credit for such Canadian
  income tax paid. Generally, a credit will reduce a U.S. Holder&#146;s U.S. federal
  income tax liability on a dollar-for-dollar basis, whereas a deduction will
  reduce a U.S. Holder&#146;s income subject to U.S. federal income tax. This election
  is made on a year-by-year basis and applies to all foreign taxes paid (whether
directly or through withholding) by a U.S. Holder during a year. </P>
<P align=justify>Complex limitations apply to the foreign tax credit, including
the general limitation that the credit cannot exceed the proportionate share of
a U.S. Holder&#146;s U.S. federal income tax liability that such U.S. Holder&#146;s
"foreign source" taxable income bears to such U.S. Holder&#146;s worldwide taxable
income. In applying this limitation, a U.S. Holder&#146;s various items of income and
deduction must be classified, under complex rules, as either "foreign source" or
"U.S. source". Generally, dividends paid by a foreign corporation should be
treated as foreign source for this purpose, and gains recognized on the sale of
stock of a foreign corporation by a U.S. Holder should be treated as U.S. source
for this purpose, except as otherwise provided in an applicable income tax
treaty, and if an election is properly made under the Code. However, the amount
of a distribution with respect to common shares that is treated as a "dividend"
may be lower for U.S. federal income tax purposes than it is for Canadian
federal income tax purposes, resulting in a reduced foreign tax credit allowance
to a U.S. Holder. In addition, this limitation is calculated separately with
respect to specific categories of income. The foreign tax credit rules are
complex, and each U.S. Holder should consult its own U.S. tax advisor regarding
the foreign tax credit rules. </P>
<P align=justify><U>Backup Withholding and Information Reporting</U> </P>
<P align=justify>Under U.S. federal income tax law and Treasury Regulations,
certain categories of U.S. Holders must file information returns with respect to
their investment in, or involvement in, a foreign corporation. For example, U.S.
return disclosure obligations (and related penalties) are imposed on individuals
who are U.S. Holders that hold certain specified foreign financial assets in
excess of certain threshold amounts. The definition of specified foreign
financial assets includes not only financial accounts maintained in foreign
financial institutions, but also, unless held in accounts maintained by a
financial institution, any stock or security issued by a non-U.S. person, any
financial instrument or contract held for investment that has an issuer or
counterparty other than a U.S. person and any interest in a foreign entity. U.S.
Holders may be subject to these reporting requirements unless their common
shares are held in an account at certain financial institutions. Penalties for
failure to file certain of these information returns are substantial. U.S.
Holders should consult with their own tax advisors regarding the requirements of
filing information returns, including the requirement to file an IRS Form 8938.
</P>
<P align=justify>Payments made within the U.S. or by a U.S. payor or U.S.
middleman, of dividends on, and proceeds arising from the sale or other taxable
disposition of, common shares will generally be subject to information reporting
and backup withholding tax, at the rate of 28%, if a U.S. Holder, (a) fails to
furnish such U.S. Holder&#146;s correct U.S. taxpayer identification number
(generally on IRS Form W-9), (b) furnishes an incorrect U.S. taxpayer
identification number, (c) is notified by the IRS that such U.S. Holder has
previously failed to properly report items subject to backup withholding tax, or
(d) fails to certify, under penalty of perjury, that such U.S. Holder has
furnished its correct U.S. taxpayer identification number and that the IRS has
not notified such U.S. Holder that it is subject to backup withholding tax.
However, certain exempt persons generally are excluded from these information
reporting and backup withholding rules. Any amounts withheld under the U.S.
backup withholding tax rules will be allowed as a credit against a U.S. Holder&#146;s
U.S. federal income tax liability, if any, or will be refunded, if such U.S.
Holder furnishes required information to the IRS in a timely manner.</P>
<P align=justify>The discussion of reporting requirements set forth above is not
intended to constitute a complete description of all reporting requirements that
may apply to a U.S. Holder. A failure to satisfy certain reporting requirements
may result in an extension of the time period during which the IRS can assess a
tax, and under certain circumstances, such an extension may apply to assessments
of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder
should consult its own tax advisors regarding the information reporting and
backup withholding rules. </P>
<P align=justify><B><U>10.F. Dividends and Paying Agents</U></B><B> </B></P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=justify><B><U>10.G. Statement by Experts</U></B></P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=center>108 </P>
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<P align=justify><B><U>10.H. Documents on Display</U></B><B> </B></P>
<P align=justify>Copies of the documents referenced in this annual report are
available at the Company&#146;s office located at Suite 501, 543 Granville Street,
Vancouver, British Columbia, Canada. </P>
<P align=justify><B><U>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK</U></B> </P>
<P align=justify><B>Credit Risk </B></P>
<P align=justify>The Company is exposed to credit risk by holding cash and cash
equivalents and receivables. This risk is minimized by holding a significant
portion of the funds in Canadian banks. The Company&#146;s exposure with respect to
its receivables is primarily related to royalty streams, recovery of exploration
evaluation costs, and convertible promissory notes. </P>
<P align=justify><B>Interest Rate Risk </B></P>
<P align=justify>The Company is exposed to interest rate risk because of
fluctuating interest rates. Management believes the interest rate risk is low
given interest rates on promissory notes is fixed and the current low global
interest rate environment. Fluctuations in market rates is not expected to have
a significant impact on the Company&#146;s operations due to the short term to
maturity and no penalty cashable feature of its cash equivalents. </P>
<P align=justify><B>Market Risk </B></P>
<P align=justify>The Company is exposed to market risk because of the
fluctuating values of its publicly traded marketable securities and other
company investments. The Company has no control over these fluctuations and does
not hedge its investments. Based on the December 31, 2016<B> </B>portfolio
values, a 10% increase or decrease in effective market values would increase or
decrease net shareholders&#146; equity by approximately $48,000. </P>
<P align=justify><B>Liquidity Risk </B></P>
<P align=justify>Liquidity risk is the risk that the Company is unable to meet
its financial obligations as they come due. The Company manages this risk by
careful management of its working capital to ensure the Company&#146;s expenditures
will not exceed available resources. </P>
<P align=justify><B>Commodity Risk </B></P>
<P align=justify>The Company&#146;s royalty revenues are derived from a royalty
interest and are based on the extraction and sale of precious and base minerals
and metals. Factors beyond the control of the Company may affect the
marketability of metals discovered. Metal prices have historically fluctuated
widely. Consequently, the economic viability of the Company&#146;s royalty interests
cannot be accurately predicted and may be adversely affected by fluctuations in
mineral prices. </P>
<P align=justify><B>Currency Risk </B></P>
<P align=justify>Foreign exchange risk arises when future commercial
transactions and recognized assets and liabilities are denominated in a currency
that is not the entity&#146;s functional currency. The Company operates in Canada,
Haiti, Turkey, Georgia, Sweden, Australia and the U.S.A. The Company funds cash
calls to its subsidiary companies outside of Canada in US dollars and a portion
of its expenditures are also incurred in local currencies.</P>
<P align=justify><B><U>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY
SECURITIES</U></B><B> </B></P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=center>109 </P>
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<P align=center><B>PART II </B></P>
<P align=justify><B><U>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND
DELINQUENCIES</U></B><B> </B></P>
<P align=justify>--- No Disclosure Necessary --- </P>
<P align=justify><B><U>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF
SECURITY</U></B><B> </B><B><U>HOLDERS AND USE OF PROCEEDS</U></B><B> </B></P>
<P align=justify>--- No Disclosure Necessary ---<B> </B></P>
<P align=justify><B><U>ITEM 15. CONTROLS AND PROCEDURES</U></B><B> </B></P>
<P align=justify><B><U>Disclosure Controls and Procedures</U></B><B> </B></P>
<P align=justify>The Company&#146;s management is responsible for establishing and
maintaining disclosure controls and procedures to provide reasonable assurance
that material information related to the Company, including its consolidated
subsidiaries, is made known to senior management, including the Chief Executive
Officer (&#147;CEO&#148;) and the Chief Financial Officer (&#147;CFO&#148;), by others within those
entities on a timely basis so that appropriate decisions can be made regarding
public disclosure. </P>
<P align=justify>We carried out an evaluation, under the supervision and with
the participation of our management, including our Principal Executive Officer
and our Principal Financial Officer, of the effectiveness of the design and
operation of our disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e)) under the Exchange Act) as of December 31, 2016. The
CEO and CFO concluded that the disclosure controls and procedures as of December
31, 2016, were effective to give reasonable assurance that the information
required to be disclosed by the Company in reports that it files or submits
under the Exchange Act is (i) recorded, processed, summarized and reported,
within the time periods specified in the SEC&#146;s rules and forms, and (ii)
accumulated and communicated to management, including the CEO and CFO, as
appropriate to allow timely decisions regarding required disclosure. </P>
<P align=justify><B><U>Management&#146;s Annual Report on Internal Control over
Financial Reporting</U></B><B> </B></P>
<P align=justify>The Company&#146;s management is responsible for designing,
establishing and maintaining a system of internal controls over financial
reporting (as defined in Exchange Act Rule 13a-15(f)) to provide reasonable
assurance that the financial information prepared by the Company for external
purposes is reliable and has been recorded, processed and reported in an
accurate and timely manner in accordance with GAAP. The Board of Directors is
responsible for ensuring that management fulfills its responsibilities. The
Audit Committee fulfills its role of ensuring the integrity of the reported
information through its review of the interim and annual financial statements.
Management reviewed the results of their assessment with the Company&#146;s Audit
Committee. </P>
<P align=justify>Because of its inherent limitations, the Company&#146;s internal
control over financial reporting may not prevent or detect all possible
misstatements or frauds. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with policies
or procedures may deteriorate. </P>
<P align=justify>To evaluate the effectiveness of the Company&#146;s internal control
over financial reporting, Management has used the Internal Control - Integrated
Framework (2013), which is a suitable, recognized control framework established
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Management has assessed the effectiveness of the Company&#146;s internal control over
financial reporting and concluded that such internal control over financial
reporting is effective as of December 31, 2016.</P>
<P align=justify><B><U>Limitations on the Effectiveness of Controls</U></B><B>
</B></P>
<P align=justify>The Company's management, including the CEO and CFO, does not
expect that our Disclosure Controls or our Internal Controls will prevent all
errors and all fraud. A control system, no matter how well designed and
operated, can provide only reasonable, not absolute, assurance that the
objectives of the control system are met. Further, the design of a control
system must reflect the fact that there are resource constraints, and the
benefits of controls must be considered relative to their costs. Because of the
inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues and instances of fraud, if
any, within the Company have been detected. These inherent limitations include
the realities that judgments in decision-making can be faulty, and that
breakdowns can occur because of simple error or mistake. Additionally, controls
can be circumvented by the individual acts of some persons, by collusion of two
or more people, or by management override of the control. The design of any
system of controls also is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will
succeed achieving its stated goals under all potential future conditions; over time, control may
become inadequate because of changes in conditions, or the degree of compliance
with the policies or procedures may deteriorate. Because of the inherent
limitations in a cost-effective control system, misstatements due to error or
fraud may occur and not be detected. </P>
<P align=center>110 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_114></A>
<P align=justify><U>As a non-accelerated filer, the Company is not required to
provide the registered public accounting firm&#146;s attestation report</U> <U>on
management&#146;s assessment of the Company&#146;s internal control over financial
reporting.</U> </P>
<P align=justify><B><U>Changes in Internal Controls Over Financial
Reporting</U></B><B> </B></P>
<P align=justify>There has been no change in the Company&#146;s internal control over
financial reporting that occurred during the period covered by this Form 20-F,
that has materially affected or is reasonably likely to materially affect, the
Company&#146;s internal control over financial reporting. </P>
<P align=justify><B><U>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</U></B> </P>
<P align=justify>The Company&#146;s Board has determined that Messrs. Levet, Bayley
and Okada qualify as audit committee financial experts (as defined in Item
407(d)(5) of Regulation S-K under the U.S. Exchange Act), are financially
sophisticated (as determined in accordance with Section 803B(2)(iii) of the NYSE
MKT Company Guide), and are independent (as determined under U.S. Exchange Act
Rule 10A-3 and Section 803A of the NYSE MKT Company Guide). </P>
<P align=justify><B><U>ITEM 16B. CODE OF ETHICS</U></B><B> </B></P>
<P align=justify>The Board of Directors of the Company has responsibility for
the stewardship of the Company including responsibility for strategic planning,
identification of the principal risks of the Company&#146;s business and
implementation of appropriate systems to manage these risks, succession planning
(including appointing, training and monitoring senior management),
communications with investors and the financial community and the integrity of
the Company&#146;s internal control and management information systems. To facilitate
meeting this responsibility, the Board of Directors seeks to foster a culture of
ethical conduct by striving to ensure the Company carries out its business in
line with high business and moral standards and applicable legal and financial
requirements. In that regard, the Board has: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>adopted a written Code of Business Conduct and Ethics
      (the &#147;Code&#148;) for its directors, officers, employees and onsultants and a
      written Code of Business Conduct and Ethics for its CEO and Senior
      Financial Officers. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">established a whistleblower policy which
      details complaint procedures for financial concerns. </TD></TR></TABLE>
<P align=justify>Copies of the Code are available without charge to any person
upon request from the Company&#146;s CFO at <U>http://www.eurasianminerals.com</U> or
at Eurasian&#146;s headquarters at Suite 501, 543 Granville Street, Vancouver,
British Columbia, Canada V6C 1X8. </P>
<P align=justify>The Board must also comply with the conflict of interest
provisions of the British Columbia <I>Business Corporations Act</I>, as well as
the relevant securities regulatory instruments, in order to ensure that
directors exercise independent judgment in considering transactions and
agreements in respect of which a director or Executive Officer has a material
interest. </P>
<P align=justify><B><U>ITEM 16C. PRINCIPAL ACCOUNTING FEES AND
SERVICES</U></B><B> </B></P>
<P align=justify>The following table discloses the fees billed to the Company by
its external auditor during the last two financial years. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>Financial Year Ending</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Audit Fees </B><SUP>(1)</SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Audit-Related Fees </B><SUP>(2)</SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%"><SUP></SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Tax Fees </B><SUP>(3)</SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>All Other Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>December 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>130,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>14,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>450 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">170,500 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">23,750 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">0 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">0 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The aggregate fees billed by the Company&#146;s auditor for
      audit fees.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The aggregate fees billed for assurance and related
      services by the Company&#146;s auditor that are reasonably related to the
      performance of the audit or review of the Company&#146;s financial statements
      and are not disclosed in the &#145;Audit Fees&#146; column. These fees are related
      to the auditor&#146;s reviews of the Company&#146;s Form 20F and the Company&#146;s first
      quarter interim financial statements in relation to the compliance and
      conversion to International Financial Reporting Standards.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The aggregate fees billed for professional services
      rendered by the Company&#146;s auditor for tax compliance, tax advice, and tax
      planning.</P></TD></TR></TABLE><BR>
      <P align=center>111 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_115></A>
<P align=justify>The audit committee has established policies and procedures
that are intended to control the services provided by the Company&#146;s external
auditors and to monitor their continuing independence. Under these policies, no
services may be undertaken by the auditors, unless the engagement is
specifically approved by the audit committee or the services are included within
a category which has been pre-approved by the audit committee. The maximum
charge for services is established by the audit committee when the specific
engagement is approved or the category of services pre-approved. Management is
required to notify the audit committee of the nature and value of pre-approved
services undertaken. </P>
<P align=justify><B><U>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT
COMMITTEES</U></B><B> </B></P>
<P align=justify>---Not Applicable--- </P>
<P align=justify><B><U>ITEM 16E. PURCHASES OF EQUITY SECFURITIES BY THE
COMPANY/AFFILIATED PURCHASERS</U></B><B> </B></P>
<P align=justify>---Not Applicable--- </P>
<P align=justify><B><U>ITEM 16F. CHANGE IN REGISTRANT&#146;S CERTIFYING
ACCOUNTANT</U></B><B> </B></P>
<P align=justify>---Not Applicable--- </P>
<P align=justify><B><U>ITEM 16G. CORPORATE GOVERNANCE</U></B><B> </B></P>
<P align=justify>The Common Shares are listed on the NYSE MKT and the TSX-V.
Under the rules of the NYSE MKT, listed companies are generally required to have
a majority of their Board of Directors independent as defined by the MYSE MKT
Company Guide Rules. Currently, as permitted under applicable Canadian
regulations, the Company&#146;s Board consists of 5 directors, of which 3 are
considered to be independent. </P>
<P align=justify>Other than in the composition of the Board of Directors as
described above, in the opinion of management the Company&#146;s corporate governance
practices do not differ in any significant way from those required of U.S.
domestic companies listed on the NYSE MKT. </P>
<P align=justify><B><U>ITEM 16H. MINE SAFETY DISCLOSURE</U></B><B> </B></P>
<P align=justify>---Not Applicable--- </P>
<P align=center><B>PART III </B></P>
<P align=justify><B><U>ITEM 17. FINANCIAL STATEMENTS</U></B> </P>
<P align=justify>The Company's financial statements are stated in Canadian
Dollars and are prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board. </P>
<P align=justify>The financial statements and found immediately following the
text of this Annual Report. The audit report of Davidson and Company LLP, is
included herein immediately preceding the audited financial statements. </P>
<P align=justify><U>Audited Financial Statements</U> </P>
<P align=justify>Consolidated Statements of Financial Position at December 31,
2016, 2015 and 2014. <br>
Consolidated Statements of Comprehensive Loss for the years
ended December 31, 2016, 2015 and 2014. <br>
Consolidated Statements of Cash Flows
for the years ended December 31, 2016, 2015 and 2014. <br>
Consolidated Statements of
Shareholders Equity for the years ended December 31, 2016, 2015 and 2014. <br>
Notes
to Consolidated Financial Statements </P>
<P align=justify><B><U>ITEM 18. FINANCIAL STATEMENTS</U></B><B> </B></P>
<P align=justify>The Company has elected to provide financial statements
pursuant to Item 17. </P>
<P align=justify><B><U>ITEM 19. EXHIBITS</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Articles of Eurasian Minerals Inc. &#150; (incorporated by
      reference to Exhibit 99.1 to Form 6-K filed on July 16, 2014).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Services Agreement between the Company and Seabord
      Services Corp., dated December 1, 2015.</P></TD></TR></TABLE>
<BR>
      <P align=center>112 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_116></A><br>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD><P align=justify>List of Subsidiaries:</P></TD>
  </TR>
</TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left colSpan=2>EMX (USA) Services Corp. </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>Incorporated June 10, 2010 </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>Owned 100% by Eurasian Minerals Inc. </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>C/O Empire Stock Transfer Inc. </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>
      <P align=justify>1859 Whitney Mesa Drive </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>
      <P align=justify>Henderson, NV 89014 </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>
      <P align=justify>United States of America </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>Phone: </P></TD>
    <TD align=right width="80%">
      <P align=justify>701-818-5898 </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>Fax: </P></TD>
    <TD align=right width="80%">
      <P align=justify>701-974-1444 </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left colSpan=2>Bullion Monarch Mining, Inc. </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>Incorporated March 19, 2007 </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>Owned 100% by Eurasian Minerals Inc. </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>C/O Dorsey and Whitney LLP </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>136 S Main Street, Suite 1000 </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>
      <P align=justify>Salt Lake City, UT 84101 </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>
      <P align=justify>United States of America </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>Phone: </P></TD>
    <TD align=center width="80%">
      <P align=justify>801-933-7360 </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>Fax: </P></TD>
    <TD align=center width="80%">
      <P align=justify>801-933-7373 </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left colSpan=2>Bronco Creek Exploration Inc. </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>Incorporated June 12, 2002 </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>Owned 100% by Eurasian Minerals Inc. </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>1815 E. Winsett Street </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>Tucson, AZ 85719-6547 </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left colSpan=2>United States of America </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >Phone: </TD>
    <TD align=right width="80%">
      <P align=justify>520-624-4153 </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >Fax: </TD>
    <TD align=right width="80%">
      <P align=justify>520-624-4192 </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><a href="exhibit99-4.htm">4. </a></TD>
    <TD>
      <P align=justify><a href="exhibit99-4.htm">Certification of the Principal Executive Officer pursuant
  to Rule 13a-14(a)</a></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a href="exhibit99-5.htm">5. </a></TD>
    <TD>
      <P align=justify><a href="exhibit99-5.htm">Certification of the Principal Financial Officer pursuant
  to Rule 13a-14(a)</a></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a href="exhibit99-6.htm">6. </a></TD>
    <TD>
      <P align=justify><a href="exhibit99-6.htm">Certification of Principal Executive Officer pursuant to
  18 U.S.C. Section 1350</a></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a href="exhibit99-7.htm">7. </a></TD>
    <TD>
      <P align=justify><a href="exhibit99-7.htm">Certification of Principal Financial Officer pursuant to
  18 U.S.C. Section 1350</a></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a href="exhibit99-8.htm">8. </a></TD>
    <TD>
  <P align=justify><a href="exhibit99-8.htm">Consent of Eric Jensen</a></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a href="exhibit99-9.htm">9. </a></TD>
    <TD>
  <P align=justify><a href="exhibit99-9.htm">Consent of Dean Turner</a></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a href="exhibit99-10.htm">10. </a></TD>
    <TD>
  <P align=justify><a href="exhibit99-10.htm">Consent of Phil Newell</a></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a href="exhibit99-11.htm">11. </a></TD>
    <TD>
      <P align=justify><a href="exhibit99-11.htm">Consent of Davidson &amp; Company,
LLP</a></P></TD></TR></TABLE>
<P align=justify><B>SIGNATURES</B> </P>
<P align=justify>The registrant hereby certifies that it meets all of the
requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf. </P>
<P align=justify><B>EURASIAN MINERALS INC. </B></P>
<P align=justify><I>/s/ Christina Cepeliauskas</I> </P>
<P align=justify>Chief Financial Officer <BR>DATED: March 27, 2017</P>
<P align=center>113 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_117></A>
<P align=center>
<IMG
src="form20fx117x1.jpg"
border=0 width="357" height="123"></P> <BR>
<P align=center><B>EURASIAN MINERALS INC. </B><BR><B>CONSOLIDATED FINANCIAL
STATEMENTS </B><BR><B>(Expressed in Canadian Dollars)</B></P>
<P align=center><B>December 31, 2016 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>
<IMG
src="form20fx118x1.jpg"
border=0 width="753" height="49"></P>
<P align=center><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</B></P>
<P align=justify>To the Shareholders and Directors of <BR>Eurasian Minerals Inc.
</P>
<P align=justify>We have audited the accompanying consolidated financial
statements of Eurasian Minerals Inc., which comprise the consolidated statements
of financial position as of December 31, 2016 and 2015, and the related
consolidated statements of loss, comprehensive loss, changes in shareholders&#146;
equity, and cash flows for the years ended December 31, 2016, 2015, and 2014 and
a summary of significant accounting policies and other explanatory information.
</P>
<P align=justify><I>Management&#146;s Responsibility for the Consolidated Financial
Statements </I></P>
<P align=justify>Management is responsible for the preparation and fair
presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or
error. </P>
<P align=justify><I>Auditors&#146; Responsibility</I></P>
<P align=justify>Our responsibility is to express an opinion on these
consolidated financial statements based on our audits. We conducted our audits
in accordance with Canadian generally accepted auditing standards and the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement. </P>
<P align=justify>An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditors&#146; judgment, including
the assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity&#146;s
preparation and fair presentation of the consolidated financial statements in
order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
entity&#146;s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the
consolidated financial statements. </P>
<P align=justify>We believe that the audit evidence we have obtained in our
audits is sufficient and appropriate to provide a basis for our audit
opinion.<B> </B></P>
<P align=justify><B><I>Opinion</I></B><I> </I></P>
<P align=justify>In our opinion, these consolidated financial statements present
fairly, in all material respects, the financial position of Eurasian Minerals
Inc. as at December 31, 2016 and 2015 and its financial performance and its cash
flows for the years ended December 31, 2016, 2015 and 2014 in accordance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board. </P>
<P align=right><B>&#147;DAVIDSON &amp; COMPANY LLP&#148; </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Vancouver, Canada </TD>
    <TD align=right width="50%">Chartered Professional Accountants </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>March 29, 2017 </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=center><IMG src="form20fx118x2.jpg" border=0 width="402" height="91"></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B>EURASIAN MINERALS INC. </B><BR>CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION<B> </B><BR>(Expressed in Canadian Dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>ASSETS</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Current</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;3,199,686 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;5,634,601 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Investments (Note 3)
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>262,756 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>235,106 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Receivables (Note 4) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,430,006 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">686,465 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Prepaid expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>28,496 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>32,344 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total current assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,920,944 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,588,516 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Non-current</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Restricted cash (Note
      5) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>359,172 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>269,770 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Receivables (Note 4) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,412,727 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Property and equipment
      (Note 6) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>471,704 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>614,460 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Convertible notes receivable (Note 7)
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,026,458 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Investment in
      associated companies (Note 8) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,992,823 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,333,491 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Strategic investments (Note 3) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">212,798 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">193,810 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Exploration and
      evaluation assets (Note 9) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,145,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,381,540 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Royalty interest (Note 10) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">25,831,152 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">28,798,980 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Reclamation bonds (Note
      11) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>639,427 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>810,734 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Goodwill (Note 12) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,753,324 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,501,886 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>104,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>104,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Total non-current assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">40,922,611 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">44,035,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>TOTAL ASSETS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;47,843,555 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;50,624,129 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>LIABILITIES</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Current</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Accounts payable and
      accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;577,265
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;663,582
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Advances from joint venture partners (Note 13) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">341,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">137,825 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total current liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>918,626 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>801,407 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Non-current</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Deferred income tax liability (Note 14) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">4,753,324 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">6,501,886 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>TOTAL LIABILITIES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">5,671,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">7,303,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>SHAREHOLDERS' EQUITY</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Capital stock (Note 15)
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>117,504,585 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>117,000,052 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Commitment to issue shares </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">139,138 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Reserves </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>21,656,380 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>20,487,524 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(96,989,360</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(94,305,878</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>TOTAL SHAREHOLDERS' EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>42,171,605 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>43,320,836 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;47,843,555 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;50,624,129 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Nature of operations and going concern </B>(Note 1)
<BR><B>Events after the reporting date </B>(Note 20) </P>
<P align=justify><B>Approved on behalf of the Board of Directors on March 27,
2017</B> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left>Signed:&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;David M Cole&#148;</I> </TD>
    <TD align=left width="10%">Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="40%">Signed:&nbsp;&nbsp;&nbsp;&nbsp; <I>&#147;Larry Okada&#148;</I> </TD>
    <TD align=left width="10%">Director </TD></TR></TABLE></DIV>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_120></A>
<P align=justify><B>EURASIAN MINERALS INC. </B><BR>CONSOLIDATED STATEMENTS OF
LOSS <BR>(Expressed in Canadian Dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=right
      width="10%"><B>Year ended December</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=right
      width="10%"><B>Year ended December</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=right
      width="10%"><B>Year ended December</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><B>31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><B>31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><B>31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>ROYALTY INCOME (Note 10)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;2,227,322 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,609,553 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;2,247,334 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Cost of sales</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold tax </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(111,366</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(80,478</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(110,653</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Depletion (Note
      10) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(2,163,221</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(1,716,848</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(1,334,845</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net royalty (loss) income </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>(47,265</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>(187,773</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>801,836 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>EXPLORATION EXPENDITURES (Note 9)</B>
</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6,415,533 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>5,948,802 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>7,901,004 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Less: recoveries
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(1,415,574</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(1,584,127</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(2,878,346</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net exploration expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>4,999,959 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>4,364,675 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>5,022,658 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>GENERAL AND ADMINISTRATIVE EXPENSES</B>
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Administrative and office </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">721,645 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">900,453 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">926,095 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Depreciation (Note 6) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>114,489 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>116,119 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>139,806 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Investor relations and shareholder information </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">274,966 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">218,731 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">292,017 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Professional fees </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>510,533 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>574,067 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>457,963 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Salaries and consultants (Note 16) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">894,166 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">961,108 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1,257,086 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share-based payments (Note 15 and 16) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>467,939 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>470,116 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,030,411 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Transfer agent and filing fees </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">165,040 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">107,566 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">100,512 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>71,561 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>187,374 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>256,907 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total general and
      administrative expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">3,220,339 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">3,535,534 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">4,460,797 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Loss from operations</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(8,267,563</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(8,087,982</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(8,681,619</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Change in fair value of fair value throught profit or loss
      investments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">258,702 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(427,022</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(254,637</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Permanent loss recorded in the fair value
      of available for sale investments (Note 3) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(697,675</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Gain (loss) on acquisition and sale of exploration and
      evaluation assets (Note 9) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">6,834,999 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">5,393,305 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(154,533</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Equity loss in associated companies (Note
      8) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,295,568</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,062,146</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,086,649</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dilution gain in associated companies (Note 8) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">982,634 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Foreign exchange gain (loss) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(159,862</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,220,085 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(335,208</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Realized loss on sale of investments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(287,204</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(58,360</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(19,049</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest income and other (Note 7 and Note
      18) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>16,328 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(172,168</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>83,829 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Impairment of royalty interest (Note 10) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(3,973,699</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(7,371,765</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Write-off of exploration and evaluation
      assets (Note 9) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(56,085</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(707,567</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Impairment of accounts receivable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(51,302</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Writedown of goodwill (Note 12) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,518,328</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(3,047,605</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(2,248,057</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gain (loss) on
      derecognition and sale of property and equipment (Note 6) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">10,723 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">15,892 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(29,257</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Loss before income taxes</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(4,122,814</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(10,307,087</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(20,804,512</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Deferred income tax recovery (Note 14) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>1,439,332 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>3,431,230 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>3,356,471 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Loss for the year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;(2,683,482</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;(6,875,857</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;(17,448,041</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Basic and diluted loss per share</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;(0.09</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;(0.24</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Weighted average number of common shares
      outstanding</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>73,874,415 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>73,480,833 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>73,154,139 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_121></A>
<P align=justify><B>EURASIAN MINERALS INC. </B><BR>CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS <BR>(Expressed in Canadian Dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Year ended December</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Year ended December</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Year ended December</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Loss for the year</B> </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>&nbsp;(2,683,482</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>&nbsp;(6,875,857</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>&nbsp;(17,448,041</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Other comprehensive income
      (loss)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Change in fair value of available-for-sale
      investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">88,515 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(105,714</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(400,476</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Permanent loss on financial
      instruments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>697,675 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Currency translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(862,335</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">4,350,667 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">3,585,937 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Comprehensive loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;(2,759,627</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;(2,630,904</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;(14,262,580</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements.</P>
<P align=center>Page 3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_122></A>
<P align=justify><B>EURASIAN MINERALS INC. </B><BR>CONSOLIDATED STATEMENTS OF
CASH FLOWS <BR>(Expressed in Canadian Dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Year ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Year ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Year ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Cash flows from operating
      activities</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Loss for the year </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;(2,683,482</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;(6,875,857</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;(17,448,041</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Items not affecting operating
      activities: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Interest income received </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(5,590</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(22,270</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(83,829</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Unrealized foreign
      exchange effect on cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(71,562</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>290,504 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>159,158 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Items not affecting cash: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Change in fair value of
      fair value through profit or loss investments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(258,702</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>427,022 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>254,637 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Commitment to issue shares </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">27,462 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">66,089 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">376,549 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Permanent loss on
      financial instruments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>697,675 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Interest on convertible loan </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(58,342</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(53,222</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Accretion interest on
      long term receivable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(72,806</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Derivative loss on accounts receivable
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">120,900 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Share - based payments
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>943,334 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>476,424 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>857,936 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Deferred income tax recovery </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,439,332</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(3,431,230</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(3,356,471</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Depreciation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>136,200 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>150,782 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>187,714 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,163,221 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,716,848 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,334,845 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Impairment of royalty
      interest </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,973,699 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7,371,765 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Writedown of goodwill </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,518,328 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,047,605 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,248,057 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Impairment of
      receivables </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>51,302 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Realized loss on sale of investments
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">287,204 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">58,360 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">19,049 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Gain on acquistion and
      sale of exploration and evalution assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(6,834,999</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(5,393,305</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;(Gain) loss on derecognition and sale
      of property and equipment </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(10,723</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(15,892</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">167,008 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Write-off of
      exploration and evaluation assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>56,086 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>707,567 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Equity loss in associated companies </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,295,568 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,062,146 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,086,649 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Dilution gain in
      associated companies </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(982,634</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Unrealized foreign exchange (gain) loss
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(67,249</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(466,587</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">641,110 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Shares received from
      joint venture partners included in exploration recoveries </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(134,738</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(115,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(33,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Changes in non-cash working capital items:
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Receivables </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(6,343</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>101,200 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>737,698 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,848 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">21,366 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">61,047 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Accounts payable and
      accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(86,317</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>83,056 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(90,794</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">203,536 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(291,350</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">19,402 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Total cash used in operating activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(5,315,543</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(5,082,224</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(4,781,944</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Cash flows from investing
      activities</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Acquisition and sale of exploration and
      evaluation assets, net option payments received </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,005,280 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">5,297,357 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(56,085</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Interest received on
      cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>5,590 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>22,270 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>83,829 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Convertible note receivable </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(542,622</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(973,236</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Proceeds from sale of
      fair value through profit and loss investments, net </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>130,737 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>136,263 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>242,252 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Proceeds (purchase) of
      available-for-sale financial instruments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">17,375 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(500,000</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Purchase of investments
      in associated companies </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,063,036</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Restricted cash </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(89,402</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(25,529</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Purchase and sale of
      property and equipment, net </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(16,999</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,403 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>79,463 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Reclamation bonds </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">171,307 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">71,964 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(52,553</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Total cash provided by (used in) investing
      activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,681,266 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>4,557,021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,291,659</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Cash flows from financing
      activities</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Proceeds from exercise of options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">127,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Total cash provided by financing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>127,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Effect of exchange rate changes on cash and cash
      equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>71,562 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(290,504</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(159,158</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Change in cash and cash equivalents</B>
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,434,915</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(815,707</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(6,232,761</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Cash and cash equivalents, beginning</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>5,634,601 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>6,450,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>12,683,069 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>Cash and cash equivalents, ending</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;3,199,686 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;5,634,601 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;6,450,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Supplemental disclosure with respect to cash flows (Note 19)
</P>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_123></A>
<P align=justify><B>EURASIAN</B><B> </B><B>MINERALS</B><B> INC.
</B><BR>CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY <BR>(Expressed in
Canadian Dollars)</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="19%" colSpan=4><B>Reserves</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Accumulated other</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Number of</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Commitment</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Share-based </B></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp;<STRONG>comprehensive
      gain</STRONG> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>common shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>Capital stock</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%">&nbsp;<STRONG>to issue shares</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>(loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>Deficit</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>
      <P align=justify><B>Balance as at December 31, 2015</B> </P></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff><B>73,534,710</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;117,000,052</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;139,138</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff><B>10,362,229$</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;10,125,295</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;(94,305,878</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;43,320,836</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shares issued as incentive stock grants </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">140,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">166,600 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(166,600</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Shares issued for exercise of options
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>165,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>127,800 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>127,800 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shares issued for property </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">250,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">145,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">145,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Commitment to issue shares </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>27,462 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>27,462 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Equity investment share-based payments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">366,800 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">366,800 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Share - based payments </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>943,334 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>943,334 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Reclass of reserves on exercise of options </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">65,133 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(65,133</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Foreign currency translation
      adjustment </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(862,335</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(862,335</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Change in fair value of financial instruments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">88,515 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">88,515 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Permanent loss on financial
      instruments </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>697,675 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>697,675 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Loss for the
      year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">(2,683,482</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">(2,683,482</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center bgColor=#e6efff>
      <P align=justify><B>Balance as at December 31, 2016</B> </P></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>74,089,710</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;117,504,585</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>11,607,230$</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;10,049,150</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;(96,989,360</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;42,171,605</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="19%" colSpan=4><B>Reserves</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Accumulated other</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>&nbsp; </TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Number of</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Commitment</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Share-based </B></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%" ><STRONG>comprehensive
      gain</STRONG>&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>common shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>Capital stock </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="8%"
    ><STRONG>to issue shares</STRONG>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>(loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>Deficit</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>
      <P align=justify><B>Balance as at December 31, 2014</B> </P></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff><B>73,371,710</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;116,766,102</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;306,999</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;9,562,905</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;5,880,342</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;(87,430,021</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;45,086,327</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shares issued as incentive stock grants </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">163,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">233,950 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(233,950</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Commitment to issue shares </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>66,089 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>66,089 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Equity investment share-based payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">322,900 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">322,900 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Share - based payments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>476,424 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>476,424 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Foreign currency translation adjustment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,350,667 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,350,667 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Change in fair value of financial
      instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(105,714</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(105,714</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Loss for the
      year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">(6,875,857</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">(6,875,857</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center bgColor=#e6efff>
      <P align=justify><B>Balance as at December 31, 2015</B> </P></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>73,534,710</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;117,000,052</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;139,138</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>10,362,229$</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;10,125,295</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;(94,305,878</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;43,320,836</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_124></A>
<P align=justify><B>EURASIAN</B><B> </B><B>MINERALS</B><B> INC.
</B><BR>CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY <BR>(Expressed in
Canadian Dollars)</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="21%" bgColor=#ffffff
      colSpan=4><B>Reserves</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%"><B>Accumulated other</B>
    </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%"><B>Commitment</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%"><B>Share-based </B></TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%"><STRONG>comprehensive
      gain</STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%"><B>common shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="21%" colSpan=4><B>Capital stock to issue shares</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%"><B>payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%"><B>(loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%"><B>Deficit</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff>
      <P align=justify style="text-indent: -15pt; margin-left: 15pt"><B>Balance as at December 31, 2013</B> </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff><B>72,980,209</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="9%"
      bgColor=#e6efff><B>&nbsp;116,151,675</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="9%"
      bgColor=#e6efff><B>&nbsp;544,877</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="9%"
      bgColor=#e6efff><B>&nbsp;8,569,269</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="9%"
      bgColor=#e6efff>&nbsp;<B>2,694,881</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="9%"
      bgColor=#e6efff><B>&nbsp;(69,981,980</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="9%"
      bgColor=#e6efff><B>&nbsp;57,978,722</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Shares issued as incentive stock grants
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">391,501 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">614,427 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(614,427</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Commitment to issue
      shares </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>376,549 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>376,549 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Equity investment share-based payments
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">135,700 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">135,700 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Share - based payments
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>857,936 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>857,936 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Foreign currency translation adjustment
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,585,937 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,585,937 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Change in fair value of
      financial instruments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(400,476</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(400,476</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">(17,448,041</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">(17,448,041</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    bgColor=#e6efff>
      <P align=justify style="text-indent: -15pt; margin-left: 15pt"><B>Balance as at December 31, 2014</B> </P></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>73,371,710</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;116,766,102</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;306,999</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;9,562,905</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;<B>5,880,342</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;(87,430,021</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;45,086,327</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_125></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>1. NATURE OF OPERATIONS AND GOING CONCERN </B></P>
<P align=justify>Eurasian Minerals Inc. (the &#147;Company&#148; or &#147;Eurasian&#148; or &#147;EMX&#148;)
and its subsidiaries operates as a royalty and prospect generator engaged in the
exploring for, and generating royalties from, metals and minerals properties.
The Company&#146;s royalty and exploration portfolio mainly consists of properties in
North America, Turkey, Europe, Australia, and New Zealand. The Company&#146;s common
shares are listed on the TSX Venture Exchange (&#147;TSX-V&#148;) and on the NYSE MKT
under the symbol of &#147;EMX&#148;. The Company&#146;s head office is located at 501 - 543
Granville Street, Vancouver, British Columbia, Canada V6C 1X8.</P>
<P align=justify>These consolidated financial statements have been prepared
using International Financial Reporting Standards (&#147;IFRS&#148;) applicable to a going
concern, which assumes that the Company will be able to realize its assets,
discharge its liabilities and continue in operation for the following twelve
months.</P>
<P align=justify>Management estimates it has sufficient funding for operations
for the ensuing year, which results in the going concern assumption being an
appropriate underlying concept for the preparation of these consolidated
financial statements. </P>
<P align=justify>Some of the Company&#146;s activities for exploration and evaluation
assets are located in emerging nations and, consequently, may be subject to a
higher level of risk compared to other developed countries. Operations, the
status of mineral property rights and the recoverability of investments in
emerging nations can be affected by changing economic, legal, regulatory and
political situations. </P>
<P align=justify>At the date of these consolidated financial statements, the
Company has not identified a known body of commercial grade mineral on any of
its exploration and evaluation assets. The ability of the Company to realize the
costs it has incurred to date on these exploration and evaluation assets is
dependent upon the Company identifying a commercial mineral body, to finance its
development costs and to resolve any environmental, regulatory or other
constraints which may hinder the successful development of the exploration and
evaluation assets.</P>
<P align=justify>These consolidated financial statements of the Company are
presented in Canadian dollars unless otherwise noted, which is the functional
currency of the parent company and its subsidiaries except as to Bullion Monarch
Mining, Inc., the holder of a royalty income stream whose functional currency is
the United States (&#147;US&#148;) dollar. </P>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B></P>
<P align=justify><B>Statement of Compliance </B></P>
<P align=justify>These consolidated financial statements have been prepared in
accordance with IFRS as issued by the International Accounting Standards Board
(&#147;IASB&#148;) and interpretations of the International Financial Reporting
Interpretations Committee (&#147;IFRIC&#148;).</P>
<P align=justify>These consolidated financial statements have been prepared on a
historical cost basis, except for financial instruments classified as fair value
through profit or loss or available for sale, which are stated at their fair
value. In addition, these consolidated financial statements have been prepared
using the accrual basis of accounting except for cash flow information. </P>
<P align=justify><B>Summary of Significant Accounting Policies </B></P>
<P align=justify><B>Basis of Consolidation </B></P>
<P align=justify>The consolidated financial statements comprise the accounts of
Eurasian, the parent company, and its controlled subsidiaries, after the
elimination of all significant intercompany balances and transactions. </P>
<P align=center>Page 7 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)<B> </B></P>
<P align=justify><B>Basis of Consolidation </B>(Continued)<B> </B></P>
<P align=justify><I>Subsidiaries </I></P>
<P align=justify>Subsidiaries are all entities over which the Company has
exposure to variable returns from its involvement and has the ability to use
power over the investee to affect its returns. The existence and effect of
potential voting rights that are currently exercisable or convertible are
considered when assessing whether the Company controls another entity.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Company until the date on which control ceases.</P>
<P align=justify>The accounts of subsidiaries are prepared for the same
reporting period as the parent company, using consistent accounting policies.
Inter-company transactions, balances and unrealized gains or losses on
transactions are eliminated. The Company&#146;s principal operating subsidiaries are
as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      ><B>Name</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="25%"><B>Place of Incorporation</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="25%"><B>Ownership Percentage</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bullion Monarch Mining, Inc </TD>
    <TD align=left width="25%">Utah, USA </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >EMX (USA) Services Corp. </TD>
    <TD align=left width="25%">Nevada, USA </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bronco Creek Exploration Inc. </TD>
    <TD align=left width="25%">Arizona, USA </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eurasia Madencilik Ltd. Sirketi </TD>
    <TD align=left width="25%">Turkey </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Azur Madencilik Ltd. Sirketi </TD>
    <TD align=left width="25%">Turkey </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eurasian Minerals Cooperatief U.A. </TD>
    <TD align=left width="25%">Netherlands </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eurasian Minerals Sweden AB </TD>
    <TD align=left width="25%">Sweden </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >EMX Exploration Scandinavia AB </TD>
    <TD align=left width="25%">Sweden </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Viad Royalties AB </TD>
    <TD align=left width="25%">Sweden </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Iekevare Minerals AB </TD>
    <TD align=left width="25%">Sweden </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Waikato Gold Limited </TD>
    <TD align=left width="25%">New Zealand </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >EMX
      Australia Pty Ltd. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="25%">Australia </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="25%">100%
    </TD></TR></TABLE>
<P align=justify><B>Functional and Reporting Currency </B></P>
<P align=justify>The functional currency is the currency of the primary economic
environment in which the entity operates. The functional currency for the
Company and its subsidiaries is the Canadian dollar except the functional
currency of the operations of Bullion Monarch which is the US dollar. The
functional currency determinations were conducted through an analysis of the
consideration factors identified in IAS 21, The Effects of Changes in Foreign
Exchange Rates.</P>
<P align=justify><I>Translation of transactions and balances </I></P>
<P align=justify>Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing at the dates of the
transactions or valuation where items are re-measured. Monetary assets and
liabilities denominated in foreign currencies are re-measured at the rate of
exchange at each financial position date. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at
period end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognized in profit or loss. </P>
<P align=justify>On translation of the entities whose functional currency is
other than the Canadian dollar, revenues and expenses are translated at the
exchange rates approximating those in effect on the date of the transactions.
Assets and liabilities are translated at the rate of exchange at the reporting
date. Exchange gains and losses, including results of re-translation, are
recorded in the foreign currency translation reserve. </P>
<P align=center>Page 8 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)<B> </B></P>
<P align=justify><B> Summary of Significant Accounting
Policies </B>(Continued)<B> </B></P>
<P align=justify><B> Financial Instruments </B></P>
<P align=justify>All financial instruments are classified into one of the
following four categories: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>Financial assets and financial liabilities at fair value
      through profit or loss (&#147;FVTPL&#148;)</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Financial assets and financial liabilities classified as
      FVTPL are acquired or incurred principally for the purpose of selling or
      repurchasing them in the near term. They are recognized at fair value
      based on market prices, with any resulting gains and losses reflected in
      profit or loss for the period in which they arise.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>Held-to-maturity financial assets</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Held-to-maturity financial assets are non-derivative
      financial assets with fixed or determinable payments and fixed maturity
      that an entity has the positive intention and ability to hold to maturity.
      They are measured at amortized cost using the effective interest rate
      method less any impairment loss. A gain or loss is recognized in profit or
      loss when the financial asset is derecognized or impaired, and through the
      amortization process.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Available for sale financial assets</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Available for sale (&#147;AFS&#148;) financial assets are
      non-derivative financial assets that are designated as available for sale,
      or that are not classified as loans and receivables, held-to-maturity
      investments, or FVTPL. They are measured at fair value. Fair value is
      determined based on market prices. Equity instruments that do not have a
      quoted market price in an active market are measured at cost. Gains and
      losses are recognized directly in other comprehensive income (loss) until
      the financial asset is derecognized, at which time the cumulative gain or
      loss previously recognized in accumulated other comprehensive income
      (loss) is recognized in profit or loss for the period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d) </TD>
    <TD>
      <P align=justify>Loans and receivables and other financial
    liabilities</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Loans and receivables and other financial liabilities are
      measured at amortized cost, using the effective interest rate method less
      any impairment loss.</P></TD></TR></TABLE>
<P align=justify>The Company&#146;s financial instruments consist of cash and cash
equivalents, investments, receivables, restricted cash, reclamation bonds,
convertible notes receivable, accounts payable and accrued liabilities, and
advances from joint venture partners. Unless otherwise noted the fair value of
these financial instruments approximates their carrying values. </P>
<P align=justify>Cash and cash equivalents are classified as loans and
receivables. Cash equivalents are held for the purpose of meeting short-term
cash commitments rather than for investment or other purposes. </P>
<P align=justify>Warrants held through investments are classified as derivative
financial assets at FVTPL and are accounted for at fair value. For warrants that
are not traded on an exchange, no market value is readily available. When there
are sufficient and reliable observable market inputs, a valuation technique is
used; if no such market inputs are available, the warrants are valued at
intrinsic value, which is equal to the higher of the market value of the
underlying security less the exercise price of the warrant, or zero. </P>
<P align=center>Page 9 </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)<B> </B></P>
<P align=justify><B>Summary of Significant Accounting Policies
</B>(Continued)<B> </B></P>
<P align=justify>Investments (Marketable securities) are classified as FVTPL and
are measured at fair market value. Marketable securities transferred to the
Company as part of an acquisition are classified as AFS and are carried at fair
market value. Changes in fair value of FVTPL assets are reflected in profit or
loss in the period in which they occur. Changes in fair value of AFS assets are
reflected in accumulated other comprehensive income on the statement of
financial position until sold or if there is an other than temporary impairment
in value.</P>
<P align=justify>Reclamation bonds are classified as financial assets
held-to-maturity. </P>
<P align=justify>The Company classifies its restricted cash and certain
receivables as loans and receivables and its accounts payable and accrued
liabilities and advances from joint venture partners as other financial
liabilities. </P>
<P align=justify>Certain receivables related to the sale of Akarca (Note 4) are
considered to be derivative financial assets as they are subject to variations
in gold price per ounce on record date and final price received and are
accordingly classified as FVTPL. The derivative receivable is recorded at fair
value each period until final settlement occurs, with changes in fair value
reflected in profit or loss for the period in which they arise. </P>
<P align=justify><B>Impairment of Financial Assets </B></P>
<P align=justify>Financial assets are assessed for indicators of impairment at
the end of each reporting period. Financial assets are impaired when there is
objective evidence that, as a result of one or more events that occurred after
the initial recognition of the financial assets, the estimated future cash flows
of the financial assets have been impacted. </P>
<P align=justify>For all financial assets, objective evidence of impairment
could include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Significant financial difficulty of the issuer
      or counterparty; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Default or delinquency in interest or principal
      payments; or, </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">It becoming probable that the borrower will
      enter bankruptcy or financial re-organization. </TD></TR></TABLE>
<P align=justify>For certain categories of financial assets that are assessed
not to be impaired individually, they are subsequently assessed for impairment
on a collective basis. The carrying amount of financial assets is reduced by the
impairment loss directly for all financial assets with the exception of
receivables, where the carrying amount is reduced through the use of an
allowance account. When a receivable is considered uncollectible, it is written
off against the allowance account. Subsequent recoveries of amounts previously
written off are credited against the allowance account. Changes in the carrying
amount of the allowance account are recognized in profit or loss. </P>
<P align=justify>With the exception of FVTPL marketable securities, if in a
subsequent period, the amount of the impairment loss decreases and the decrease
can be related objectively to an event occurring after the impairment was
recognized, the previously recognized impairment loss is reversed through profit
or loss to the extent that the carrying amount of the investment at the date the
impairment is reversed does not exceed what the amortized cost would have been
had the impairment not been recognized. In respect of AFS marketable securities,
impairment losses previously recognized through profit or loss are not reversed
through profit or loss. Any increase in fair value subsequent to an impairment
loss is recognized directly in equity.</P>
<P align=justify><B>Convertible Notes Receivable </B></P>
<P align=justify>The notes receivable are hybrid financial assets that consist
of a note receivable component and a separate equity conversion component. The
notes receivable are measured at fair value on initial recognition by
discounting the stream of future interest and principal payments at the rate of
interest prevailing at the date of the issue for instruments of similar term and risk. Interest income based on the rate of the note
and the accretion of the additional interest to the amount that will be
receivable on maturity are recognized through profit and loss as interest
income. The equity conversion option is an embedded derivative that has been
separated from the notes receivable and is valued based on residual value.</P>
<P align=center>Page 10 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)<B> </B></P>
<P align=justify><B>Summary of Significant Accounting Policies
</B>(Continued)<B> </B></P>
<P align=justify>The embedded derivative is not revalued subsequent to initial
measurement unless terms of the original loan are changed. </P>
<P align=justify><B>Investments in Associated Companies </B></P>
<P align=justify>The Company accounts for its long-term investments in
affiliated companies over which it has significant influence on the equity basis
of accounting, whereby the investment is initially recorded at cost, adjusted to
recognize the Company&#146;s share of earnings or losses and reduced by dividends
received. </P>
<P align=justify>The Company assesses its equity investments for impairment if
there is objective evidence of impairment as a result of one or more events that
occurred after the initial recognition of the equity investment and that the
event or events has an impact on the estimated future cash flow of the
investment that can be reliably estimated. Objective evidence of impairment of
equity investments includes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">Significant financial difficulty of the
      associated companies; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">Becoming probable that the associated companies
      will enter bankruptcy or other financial reorganization; or, </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">National or local economic conditions that
      correlate with defaults of the associated companies. </TD></TR></TABLE>
<P align=justify><B>Exploration and evaluation assets and exploration
expenditures </B></P>
<P align=justify>Acquisition costs for exploration and evaluation assets, net of
recoveries, are capitalized on a property-by-property basis. Acquisition costs
include cash consideration and the value of common shares, based on recent issue
prices, issued for exploration and evaluation assets pursuant to the terms of
the agreement. Exploration expenditures, net of recoveries, are charged to
operations as incurred. After a property is determined by management to be
commercially feasible, an impairment test is conducted and subsequent
development expenditures on the property will be capitalized.</P>
<P align=justify>When there is little prospect of further work on a property
being carried out by the Company or its partners, when a property is abandoned,
or when the capitalized costs are no longer considered recoverable, the related
property costs are written down to management&#146;s estimate of their net
recoverable amount. The costs related to a property from which there is
production, together with the costs of production equipment, will be depleted
and amortized using the unit-of-production method. </P>
<P align=justify>An exploration and evaluation asset acquired under an option
agreement, where payments are made at the sole discretion of the Company, is
capitalized at the time of payment. Option payments received are treated as a
reduction of the carrying value of the related acquisition cost for the mineral
property until the payments are in excess of acquisition costs, at which time
they are then credited to profit or loss. Option payments are at the discretion
of the optionee and, accordingly, are accounted for when receipt is reasonably
assured. </P>
<P align=justify><B>Revenue recognition </B></P>
<P align=justify>The Company recognizes revenue in accordance with <I>IAS 18
Revenue</I> and based upon amounts contractually due pursuant to the underlying
royalty agreements. Specifically, royalty revenue is recognized in accordance
with the terms of the underlying royalty agreements subject to (i) when
persuasive evidence of an arrangement exists; (ii) the risks and rewards having
been transferred; (iii) the royalty or stream being fixed or determinable; and
(iv) the collectability of the royalty being reasonably assured. In some
instances, the Company will not have access to sufficient information to make a
reasonable estimate of revenue and, accordingly, revenue
recognition is deferred until management can make a reasonable estimate. Royalty
revenue may be subject to adjustment upon final settlement of estimated metal
prices, weights, and assays. Adjustments to revenue from metal prices are
recorded monthly and other adjustments are recorded on final settlement and are
offset against revenue when incurred.</P>
<P align=center>Page 11 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)<B> </B></P>
<P align=justify><B>Summary of Significant Accounting Policies
</B>(Continued)<B> </B></P>

<P align=justify><B>Royalty interests </B></P>
<P align=justify>Royalty interests in mineral properties include acquired
royalty interests in production stage and exploration stage properties. In
accordance with <I>IAS 38 Intangible Assets</I>, the cost of acquired royalty
interests in mineral properties is capitalized as intangible assets. </P>
<P align=justify>Acquisition costs of production stage royalty interests are
depleted using the units of production method over the life of the related
mineral property, which is calculated using estimated reserves. Acquisition
costs of royalty interests on exploration stage mineral properties, where there
are no estimated reserves, are not amortized. At such time as the associated
exploration stage mineral interests are converted to estimated reserves, the
cost basis is amortized over the remaining life of the mineral property, using
the estimated reserves. The carrying values of exploration stage mineral
interests are evaluated for impairment at such time as information becomes
available indicating that production will not occur in the future.</P>
<P align=justify><B>Goodwill </B></P>
<P align=justify>Goodwill represents the excess of the price paid for the
acquisition of a consolidated entity over the fair value of the net identifiable
tangible and intangible assets and liabilities acquired in a business
combination. Goodwill is allocated to the cash generating unit to which it
relates.</P>
<P align=justify>Goodwill is evaluated for impairment annually or more often if
events or circumstances indicate there may be impairment. Impairment is
determined by assessing if the carrying value of a cash generating unit,
including the allocated goodwill, exceeds its recoverable amount.</P>
<P align=justify><B>Property and equipment </B></P>
<P align=justify>Property and equipment is recorded at cost. Building is
depreciated using a 5 year straightline method. Equipment is depreciated over
its estimated useful life using the declining balance method at a rate of 20%
per annum. Depreciation on equipment used directly on exploration projects is
included in exploration expenditures for that mineral property. </P>
<P align=justify><B>Decommissioning liabilities</B></P>
<P align=justify>Decommissioning liabilities are recognized for the expected
obligations related to the retirement of long-lived tangible assets that arise
from the acquisition, construction, development or normal operation of such
assets. A decommissioning liability is recognized in the period in which it is
incurred and when a reasonable estimate of the fair value of the liability can
be made with a corresponding decommissioning cost recognized by increasing the
carrying amount of the related long-lived asset. The decommissioning cost is
subsequently allocated in a rational and systematic method over the underlying
asset&#146;s useful life. The initial fair value of the liability is accreted, by
charges to profit or loss, to its estimated future value.</P>
<P align=justify><B>Environmental disturbance restoration </B></P>
<P align=justify>During the operating life of an asset, events such as
infractions of environmental laws or regulations may occur. These events are not
related to the normal operation of the asset and are referred to as
environmental disturbance restoration provisions. The costs associated with these provisions are
accrued and charged to profit or loss in the period in which the event giving
rise to the liability occurs. Any subsequent adjustments to these provisions due
to changes in estimates are also charged to profit or loss in the period of
adjustment. These costs are not capitalized as part of the long-lived assets&#146;
carrying value. </P>
<P align=center>Page 12 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)<B> </B></P>
<P align=justify><B>Summary of Significant Accounting Policies
</B>(Continued)<B> </B></P>
<P align=justify><B>Impairment of assets </B></P>
<P align=justify>Events or changes in circumstances can give rise to significant
  impairment charges or reversals of impairment in a particular year. The Company
  assesses its cash generating units annually to determine whether any indication
  of impairment exists. Where an indicator of impairment exists, an estimate of
  the recoverable amount is made, which is the higher of the fair value less costs
  to sell and value in use. The determination of the recoverable amount for value
  in use requires the use of estimates and assumptions such as long-term commodity
  prices, discount rates, future capital requirements, exploration potential and
  future operating performance. Fair value is determined as the amount that would
  be obtained from the sale of the asset in an arm&#146;s length transaction between
knowledgeable and willing parties.</P>
<P align=justify><B>Cash and cash equivalents </B></P>
<P align=justify>Cash and cash equivalents include cash on hand, bank deposits
and short-term, highly liquid investments that are readily convertible to known
amounts of cash. </P>
<P align=justify><B>Share-based payments </B></P>
<P align=justify>Share-based payments include option and stock grants granted to
directors, employees and non-employees. The Company accounts for share-based
compensation using a fair value based method with respect to all share-based
payments measured and recognized, to directors, employees and non-employees. For
directors and employees, the fair value of the options and stock grants is
measured at the date of grant. For non-employees, the fair value of the options
and stock grants is measured on the earlier of the date at which the
counterparty performance is complete, or the date the performance commitment is
reached, or the date at which the equity instruments are granted if they are
fully vested and non-forfeitable. For directors, employees and non-employees,
the fair value of the options and stock grants is accrued and charged to
operations, with the offsetting credit to share based payment reserve for
options, and commitment to issue shares for stock grants over the vesting
period. If and when the stock options are exercised, the applicable amounts are
transferred from share-based payment reserve to share capital. When the stock
grants are issued, the applicable fair value is transferred from commitment to
issue shares to share capital. Option based compensation awards are calculated
using the Black-Scholes option pricing model while stock grants are valued at
the fair value on the date of grant. </P>
<P align=justify><B>Income taxes</B> </P>
<P align=justify>Income tax expense consists of current and deferred tax. Income
tax expense is recognized in profit or loss except to the extent that it relates
to items recognized directly in equity. Current tax is the expected tax payable
on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of
previous years. Deferred tax is calculated providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. </P>
<P align=justify>Deferred tax is not recognized on the initial recognition of
assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable income nor loss. In addition,
deferred tax is not recognized for taxable temporary differences arising on the
initial recognition of goodwill. Deferred tax is measured at the tax rates that
are expected to be applied to temporary differences when they reverse, based on
the laws that have been enacted or substantively enacted at the reporting date.
</P>
<P align=center>Page 13 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)<B> </B></P>
<P align=justify><B>Summary of Significant Accounting Policies
</B>(Continued)<B> </B></P>
<P align=justify>Deferred tax assets and liabilities are offset if there is a
legally enforceable right to offset, and they relate to income taxes levied by
the same tax authority on the same taxable entity, or on different tax entities,
but they intend to settle current tax liabilities and assets on a net basis or
their tax assets and liabilities will be realized simultaneously. </P>
<P align=justify>A deferred tax asset is recognized to the extent that it is
probable that future taxable income will be available against which the
temporary difference can be utilized. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that
the related tax benefit will be realized. </P>
<P align=justify><B>Income (loss) per share </B></P>
<P align=justify>Basic income or loss per share is calculated by dividing the
net income or loss for the year by the weighted average number of shares
outstanding during the year. Diluted income or loss per share is calculated
whereby the weighted average number of shares outstanding used in the
calculation of diluted income or loss per share assumes that the deemed proceeds
received from the exercise of stock options, share purchase warrants and their
equivalents would be used to repurchase common shares of the Company at the
average market price during the year, if they are determined to have a dilutive
effect. </P>
<P align=justify>Existing stock options and share purchase warrants have not
been included in the current year computation of diluted loss per share as to do
so would be anti-dilutive. For the years presented the basic and diluted losses
per share are the same. </P>
<P align=justify><B>Valuation of equity units issued in private placements
</B></P>
<P align=justify>The Company has adopted a residual value method with respect to
the measurement of shares and warrants issued as private placement units. The
residual value method first allocates value to the more easily measurable
component based on fair value and then the residual value, if any, to the less
easily measurable component. </P>
<P align=justify>The fair value of the common shares issued in the private
placements was determined to be the more easily measurable component and were
valued at their fair value, as determined by the closing quoted bid price on the
day prior to the issuance date. The balance, if any, was allocated to the
attached warrants. Any fair value attributed to the warrants is recorded in
reserves. </P>
<P align=justify><B>Segment reporting </B></P>
<P align=justify>Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker. The chief
operating decision-maker, who is responsible for allocating resources and
assessing performance of the operating segment, has been identified as the Chief
Executive Officer. </P>
<P align=justify><B>Classification of investments as subsidiaries, joint
ventures, associated company and portfolio investments</B></P>
<P align=justify>Classification of investments requires judgement as to whether
the Company controls, has joint control of or significant influence over the
strategic financial and operating decisions relating to the activity of the
investee. In assessing the level of control or influence that the Company has
over an investment, management considers ownership percentages, board
representation as well as other relevant provisions in shareholder agreements.
If an investor holds 20% or more of the voting power of the investee, it is
presumed that the investor has significant influence, unless it can be clearly
demonstrated that this is not the case. Conversely, if the investor holds less
than 20% of the voting power of the investee, it is presumed that the investor
does not have significant influence, unless such influence can be clearly
demonstrated.</P>
<P align=center>Page 14 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)<B> </B></P>
<P align=justify><B>Accounting pronouncements not yet effective</B> </P>
<P align=justify>The following standards and pronouncements have been issued by
the IASB and have not yet been adopted by the Company. The Company is currently
evaluating the impact the new and amended standards are expected to have on its
consolidated financial statements. </P>
<P align=justify>IFRS 9 requires financial assets to be classified into three
measurement categories on initial recognition: those measured at fair value
through profit and loss, those measured at fair value through other
comprehensive income and those measured at amortized cost. Measurement and
classification of financial assets is dependent on the entity&#146;s business model
for managing the financial assets and the contractual cash flow characteristics
of the financial asset. For financial liabilities, the standard retains most of
the IAS 39 requirements. </P>
<P align=justify>In May 2014, the IASB issued IFRS 15 Revenue from Contracts
with Customers ("IFRS 15"), which supersedes IAS 11 Construction Contracts, IAS
18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the
Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers, and
SIC 31 Revenue - Barter Transactions involving Advertising Services. IFRS 15
establishes a single five-step model framework for 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, with early adoption permitted.</P>
<P align=justify>IFRS 16 Leases was issued in January 2016 (effective January 1,
2019) and provides a single lessee accounting model, requiring lessees to
recognize assets and liabilities for all leases unless the lease term is 12
months or less or the underlying asset has a low value.</P>
<P align=justify><B>Critical Accounting Judgments and Significant Estimates and
Uncertainties </B></P>
<P align=justify>The preparation of the consolidated financial statements
requires management to make judgments and estimates and form assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements, and the reported revenue and expenses during the periods
presented therein. On an ongoing basis, management evaluates its judgments and
estimates in relation to assets, liabilities, royalty revenues and expenses.
Management bases its judgments and estimates on historical experience and on
other various factors it believes to be reasonable under the circumstances.
Actual results may differ from these estimates under different assumptions and
conditions.</P>
<P align=justify>The Company has identified the following critical accounting
policies in which significant judgments, estimates and assumptions are made and
where actual results may differ from these estimates under different assumptions
and conditions and may materially affect financial results or the financial
position reported in future periods. Further details of the nature of these
assumptions and conditions may be found in the relevant notes to the
consolidated financial statements. </P>
<P align=justify><I>a)</I><I> </I><I>Royalty interest and related depletion
</I></P>
<P align=justify>In accordance with the Company&#146;s accounting policy, royalty
interests are evaluated on a periodic basis to determine whether there are any
indications of impairment. If any such indication exists, a formal estimate of
recoverable amount is performed and an impairment loss recognized to the extent
that carrying amount exceeds recoverable amount. The recoverable amount of a
royalty asset is measured at the higher of fair value less costs to sell and
value in use. The determination of fair value and value in use requires
management to make estimates and assumptions about expected production and sales
volumes, the proportion of areas subject to royalty rights, commodity prices
(considering current and historical prices, price trends and related factors),
and reserves. These estimates and assumptions are subject to risk and
uncertainty; hence there is a possibility that changes in circumstances will
alter these projections, which may impact the recoverable amount of the assets.
In such circumstances, some or all of the carrying value of the assets may be
further impaired or the impairment charge reduced with the impact recorded in
profit or loss. </P>
<P align=center>Page 15 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)<B> </B></P>
<P align=justify><B>Critical Accounting Judgments and Significant Estimates and
Uncertainties </B>(Continued) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>b)</I> </TD>
    <TD>
      <P align=justify><I>Goodwill</I></P></TD></TR></TABLE>
<P align=justify>Goodwill is evaluated for impairment annually or more often if
events or circumstances indicate there may be impairment. Impairment is
determined by assessing if the carrying value of a cash generating unit,
including the allocated goodwill, exceeds its recoverable amount. The assessment
of the recoverable amount used in the goodwill impairment analysis is subject to
similar judgments and estimates as described above for property and equipment
and royalty interests. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>c)</I> </TD>
    <TD>
      <P align=justify><I>Exploration and Evaluation
Assets</I></P></TD></TR></TABLE>
<P align=justify>Recorded costs of exploration and evaluation assets are not
intended to reflect present or future values of exploration and evaluation
assets. The recorded costs are subject to measurement uncertainty and it is
reasonably possible, based on existing knowledge, that a change in future
conditions could require a material change in the recognized amount. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>d)</I> </TD>
    <TD>
      <P align=justify><I>Taxation</I></P></TD></TR></TABLE>
<P align=justify>The Company&#146;s accounting policy for taxation requires
management&#146;s judgment as to the types of arrangements considered to be a tax on
income in contrast to an operating cost. Judgment is also required in assessing
whether deferred tax assets and certain deferred tax liabilities are recognized
on the statement of financial position.</P>
<P align=justify>Deferred tax assets, including those arising from unused tax
losses, capital losses and temporary differences, are recognized only where it
is considered probable that they will be recovered, which is dependent on the
generation of sufficient future taxable profits. Deferred tax liabilities
arising from temporary differences caused principally by the expected royalty
revenues generated by the royalty property are recognized unless expected
offsetting tax losses are sufficient to offset the taxable income and therefore,
taxable income is not expected to occur in the foreseeable future. Assumptions
about the generation of future taxable profits depend on management&#146;s estimates
of future cash flows. These depend on estimates of future production and sales
volumes, commodity prices, and reserves. Judgments are also required about the
application of income tax legislation in foreign jurisdictions. These judgments
and assumptions are subject to risk and uncertainty, hence there is a
possibility that changes in circumstances will alter expectations, which may
impact the amount of deferred tax assets and deferred tax liabilities recognized
on the statement of financial position and the amount of other tax losses and
temporary differences not yet recognized. In such circumstances, some or the
entire carrying amount of recognized deferred tax assets and liabilities may
require adjustment, resulting in a corresponding credit or charge to profit or
loss.</P>
<P align=justify>Information about critical judgments in applying accounting
policies that have the most significant effect on the amounts recognized in the
consolidated financial statements include, but are not limited to, the
following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>a)</I> </TD>
    <TD>
      <P align=justify><I>Functional Currencies</I></P></TD></TR></TABLE>
<P align=justify>The functional currency of each of the Company&#146;s subsidiaries
is the currency of the primary economic environment in which the entity
operates. Determination of the functional currency may involve certain judgments
to determine the primary economic environment and the Company reconsiders the
functional currency of its entities if there is a change in events and
conditions, which determined the primary economic environment.</P>
<P align=center>Page 16 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B>INVESTMENTS</B></P></TD></TR></TABLE>
<P align=justify>The Company had the following investments: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Accumulated</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>unrealized loss</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Fair value through profit
      or loss</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,641,751 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;(1,378,995</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;262,756 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Total Fair value
      through profit or loss </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,641,751 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,378,995</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>262,756 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Available-for-sale</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>910,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(697,675</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>212,798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;2,552,224 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;(2,076,670</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;475,554 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Accumulated</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>
      <P align=justify><B>December 31, 2015</B> </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>unrealized loss</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Fair value through profit
      or loss</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,872,802 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;(1,637,696</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;235,106 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Available-for-sale</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">980,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(786,190</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">193,810 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;2,852,802 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(2,423,886</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;428,916 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Accumulated</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>unrealized loss</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Fair value through profit
      or loss</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,952,424 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;(1,208,638</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;743,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Available-for-sale</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">980,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(680,476</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">299,524 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;2,932,424 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(1,889,114</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;1,043,310 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>During the year ended December 31, 2016, the Company recorded a
loss of $697,675 related to the permanent impairment of certain
available-for-sale marketable securities. The Company had sustained significant
unrealized losses for which there was no expectation of reversal in the
forseable future.</P>
<P align=justify><B>4. RECEIVABLES </B></P>
<P align=justify>The Company&#146;s receivables are related to the sale of foreign
subsidiaries, royalty receivable, goods and services tax and harmonized sales
taxes receivable from government taxation authorities, and recovery of
exploration expenditures from joint venture partners. As at December 31, 2016,
2015, and 2014, the current receivables were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>Category</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Sale of Akarca (Note 9) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;4,145,898
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Royalty income receivable </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">306,513 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">154,343 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">142,864 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Refundable taxes </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>142,857 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>153,067 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>243,503 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Recoverable exploration expenditures and
      advances </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">79,090 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">248,628 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">274,085 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>168,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>130,427 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>178,385 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>As at December 31, 2016 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">4,842,733 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">686,465 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">838,837 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Less: Long term portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,412,727</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;3,430,006 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;686,465 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;838,837 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=center>Page 17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_136></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>4. RECEIVABLES </B>(Continued)<B> </B></P>
<P align=justify>The carrying amounts of the Company&#146;s current and non &#150; current
receivables are denominated in the following currencies:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>
      <P align=justify><B>Currency</B> </P></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Canadian Dollars </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;48,448 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;52,395 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;109,952
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>US Dollars </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">4,744,825 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">575,986 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">588,829 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Turkish Lira </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>41,785 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>46,401 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>133,440 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Swedish Krona </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">6,824 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,754 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">12,574 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>851 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>7,929 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;4,842,733 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;686,465 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;845,837 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>5. RESTRICTED CASH </B></P>
<P align=justify>At December 31, 2016, the Company classified $359,172 (2015 -
$269,770; 2014 - $230,144) as restricted cash. This amount is comprised of
$189,233 (2015 - $199,915; 2014 - $148,334) held as collateral for its corporate
credit cards, $65,706 (2015 - $69,415; 2014 &#150; 50,960) held as a security deposit
for the Company&#146;s Haiti exploration program, and $104,233 (2015 &#150; $440; 2014 &#150;
30,850) cash held by wholly-owned subsidiaries of the Company whose full amount
is for use and credit to the Company&#146;s exploration venture partners in USA. </P>
<P align=justify><B>6. PROPERTY AND EQUIPMENT </B></P>
<P align=justify>During the year ended December 31, 2016 , 2015 and 2014,
depreciation of $21,711 (2015 - $34,663; 2014 - $47,908) has been included in
exploration expenditures.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Computer</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Field</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Office</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Vehicles</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Building</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Land</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; As at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;91,713 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;146,041 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;6,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;421,437 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;572,443 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;552,277 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;1,790,546 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp; Additions </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;&nbsp;&nbsp; Disposals and derecognition </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(224,237</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(137,751</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(361,988</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; As at December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;91,713 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;146,041 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;6,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;197,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;572,443 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;414,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,428,558 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp; Additions
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,981 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>10,224 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,170 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>16,105 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,065 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>41,545 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp; Disposals and derecognition </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(2,152</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(3,059</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(165,888</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(171,099</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; As at December 31, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;99,694 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;154,113 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;4,746 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;47,417 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;578,508 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;414,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;1,299,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp; Additions </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,549 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,450 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">16,999 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;&nbsp;&nbsp; Disposals and derecognition </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(79,630</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(2,365</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(47,417</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(129,412</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; As at December 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;110,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;80,933 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;578,508 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;414,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,186,591 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Accumulated depreciation</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; As at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;72,987 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;80,835 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;248,647 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;202,663 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;605,132 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp; Additions </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">18,726 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">26,015 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,958 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">24,495 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">114,520 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">187,714 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;&nbsp;&nbsp; Disposals and derecognition </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(115,517</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(115,517</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; As at December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;91,713 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;106,850 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;3,958 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;157,625 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;317,183 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;677,329 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp; Additions
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,981 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>8,161 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,832 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>15,595 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>117,213 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>150,782 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp; Disposals and derecognition </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(1,680</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(1,656</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(140,231</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(143,567</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; As at December 31, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;99,694 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;113,331 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;4,134 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;32,989 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;434,396 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;684,544 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp; Additions </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,438 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,601 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">671 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">115,490 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">136,200 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;&nbsp;&nbsp; Disposals and derecognition </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(70,444</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(1,753</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(33,660</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(105,857</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; As at December 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;107,132 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;55,488 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;549,886 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;714,887 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>
      <P align=justify><B>Net book value</B> </P></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; As at December 31,
      2014 </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;39,191 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,677 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;39,575 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;255,260 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;414,526 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>751,229 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; As at December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;40,782 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;612 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;14,428 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;144,112 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;414,526 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">614,460 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; As at December 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;3,111 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;25,445 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;28,622 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;414,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>471,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>Page 18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>6. PROPERTY AND EQUIPMENT </B>(Continued) </P>
<P align=justify>During the year ended December 31, 2016, the Company sold
certain foreign operations for a gain of $6,834,999. Included in this gain was
property and equipment with a net book value of $23,555.</P>
<P align=justify>During the year ended December 31, 2015, the Company acquired
and sold certain exploration and evaluation assets for a net gain of $5,393,305.
Included in this gain was the acquisition of property and equipment with a net
book value of $7,013. Also, during the year ended December 31, 2015 the Company
sold property and equipment with a net book value of $21,041 for total proceeds
of $36,933 for a net gain of $15,892, and included in exploration and evaluation
expenditures is a loss disposal of property and equipment with a net book value
of $6,490.</P>
<P align=justify><B>7. CONVERTIBLE NOTES RECEIVABLE </B></P>
<P align=justify>On February 5, 2015, the Company entered into a convertible
loan agreement with IG Copper, LLC (&#147;IGC&#148;), an associated company of EMX (Note
8) allowing IGC to borrow up to a maximum of US$500,000 (&#147;IGC Loan&#148;). The loan
carries an interest rate of 8% per annum and the full amount of the principal
and interest was due January 3, 2017. The full US$500,000 has been drawn and
during the year ended December 31, 2016, the Company entered into an amended and
restated loan agreement with IGC such that the IGC Loan shall include any
further sums that may be advanced by the Company to, or paid by the Company on
behalf of IGC from time to time prior to January 3, 2017. As such, US$198,953 of
expenses paid by the Company on behalf of IGC were added to the IGC Loan. </P>
<P align=justify>At any time prior to the maturity date, the Company had the
right to convert all or any part of the outstanding amount of the loan into
membership units at US$6.00 per unit. If IGC completed a financing at less than
US$6.00 per unit, the conversion price will be adjusted to the price used in the
financing. Each membership unit represents a single membership interest in IGC.
Additionally, if subsequent to the date of the Amended Agreement, IGC completes
a financing and, as part of that financing, issues warrants to purchase Units or
other securities of IGC, then the Company shall be entitled, upon conversion of
the IGC Loan and accrued and unpaid interest, to also receive warrants to
purchase Units or other securities of IGC on the same terms as the warrants
issued in such financing.</P>
<P align=justify>During fiscal 2016, the Company advanced an additional US
$400,000. On August 15, 2016, the Company converted the full amount of the
outstanding loan, US$1,184,511 inclusive of accrued interest of US $85,558, at
US$5.00 per unit, which was the unit price of the most recently completed
financing, into 236,902 membership units and 236,902 warrants of IGC. </P>
<P align=justify><B>8. INVESTMENTS IN ASSOCIATED COMPANIES </B></P>
<P align=justify>The Company has a 39% (2015 &#150; 42%; 2014 &#150; 42%) equity
investment in IGC. At December 31, 2016, the Company, including conversion of a
note receivable (Note 7), has invested an aggregate of US$8,967,010 towards its
investment (December 31, 2015 - US$7,782,500; 2014 &#150; US$7,782,500). At December
31, 2016, the Company&#146;s investment including dilution gain less its share of
accumulated equity losses was $4,992,823 (2015 - $3,333,491; 2014 &#150; 4,072,737).
The Company&#146;s share of the net loss for the year ended December 31, 2016 was
$1,295,568 (2015 - $1,062,146; 2014 - $1,086,649).</P>
<P align=justify>The Company has a minority position on the Board of IGC, and
does not control operational decisions. The Company&#146;s judgment is that it has
significant influence, but not control and accordingly equity accounting is
appropriate. </P>
<P align=justify>At December 31, 2014, the Company had a 49% equity investment
in a private Turkish company (&#147;Turkish Co&#148;) with Chesser Resources Ltd; an
Australian Stock Exchange listed Exploration Company. During the year ended
December 31, 2015, the Company purchased the remaining 51% interest in the
Turkish company (Note 9). As such, the books and records of the Turkish company
are consolidated as a 100% owned subsidiary of the Company. The carrying value
of the investment prior to the purchase and as at December 31, 2014 was $Nil and
the Company&#146;s share of the net loss of the former joint venture for the year
ended December 31, 2016 was $Nil (2015 - $Nil; 2014 - $Nil). </P>
<P align=center>Page 19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>8. INVESTMENTS IN ASSOCIATED COMPANIES </B>(Continued) </P>
<P align=justify>As at December 31, 2016, associated companies&#146; aggregate
assets, aggregate liabilities and net loss for the year are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,884,378 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Aggregate liabilities </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(1,471,260</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss for the year </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,216,120 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>The Company's ownership % </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">39% </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>The Company's share of loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(1,295,568</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>During the year ended December 31, 2016, the Company recognized
a dilution gain of $982,634 related to the Company&#146;s change in ownership
percentage as a result of IGC&#146;s share issuance for cash proceeds and loan
conversions. </P>
<P align=justify>As at December 31, 2015, associated companies&#146; aggregate
assets, aggregate liabilities and net loss for the year are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;6,980,045
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Aggregate liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(2,917,038</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Loss for the year </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(2,515,741</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>The Company's ownership % </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">42% </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>The Company's share of loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(1,062,146</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>As at December 31, 2014, associated companies&#146; aggregate
assets, aggregate liabilities and net loss for the year are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>Turkish Co</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;101,315
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;4,841,462
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Aggregate liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(271,424.00</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(809,260</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Loss for the year </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(154,215.00</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(2,606,384</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>The Company's ownership % </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">49.00% </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">42% </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>The Company's share of loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(1,086,649</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE>
<P align=center>Page 20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_139></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B></P>
<P align=justify><B>Acquisition Costs </B></P>
<P align=justify>At December 31, 2016, 2015, and 2014, the Company has
capitalized the following acquisition costs on its exploration and evaluation
assets: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>Region</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="37%">
      <P align=justify><B>Properties</B> </P></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Asia Pacific </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="37%" bgColor=#e6efff>
      <P align=justify>Various </P></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;81,124 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;81,124 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;81,124 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Haiti </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="37%">
      <P align=justify>Various </P></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">56,085 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Sweden </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="37%" bgColor=#e6efff>
      <P align=justify>Various </P></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>16,671 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>16,671 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>16,671 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="37%">
      <P align=justify>Viad royalties </P></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">421,084 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">421,084 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">421,084 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Turkey </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="37%" bgColor=#e6efff>
      <P align=justify>Alankoy </P></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>153,960 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>153,960 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>153,960 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="37%">
      <P align=justify>Sisorta </P></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">131,440 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="37%" bgColor=#e6efff>
      <P align=justify>Trab </P></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>78,587 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>78,587 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>78,587 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>United States </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="37%">
      <P align=justify>Superior West, Arizona </P></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,000,479 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,105,579 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,179,280 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>of America </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="37%" bgColor=#e6efff>
      <P align=justify>Yerington, Nevada </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>393,095 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>393,095 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>393,095 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="37%">
      <P align=justify></P></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;2,145,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;2,381,540 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;2,379,886 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>During the year ended Dececmber 31, 2016, the Company received
a $129,820 (US$100,000) annual option payment related to an exploration and
option to purchase agreement for the Superior West project with Kennecott
Exploration Company (&#147;Kennecott&#148;). Pursuant to Company policy, $105,100 has been
applied against the Superior West capitalized costs, and $24,720 has been
included in exploration income as option payments. Also during the year ended
December 31, 2016, the Company sold its Sisorta project in Turkey and all
capitalized costs were recovered. </P>
<P align=justify>During the year ended December 31, 2015 the Company wrote-off
$56,085 of capitalized exploration costs related to the termination of a 1% net
smelter returns royalty (&#147;NSR&#148;) agreement on one of its interests in Haiti. </P>
<P align=justify>During the year ended December 31, 2014 the Company wrote-off
previously capitalized acquisition costs of $707,567 which related to the Jasper
Canyon and Silver Bell projects in the US. All claims for the Jasper Canyon and
Silver Bell are in good standing and held by the Company, but Management has
determined that there was little prospect of significant work on these claims
being carried out by the Company or its partners in the foreseeable future.</P>
<P align=justify><B><U>Asia Pacific (Australia) exploration licenses</U></B><B>
</B></P>
<P align=justify>The Company&#146;s Australian properties are comprised of contiguous
exploration licenses along the Koonenberry gold belt in New South Wales,
Australia. The Australian properties are acquired either directly through
staking or through agreements with license holders. </P>
<P align=justify><B>Koonenberry - Perry &amp; Armstrong </B></P>
<P align=justify>In 2013, the Company earned its 100% ownership of a single
exploration license and the vendor&#146;s interest reverted to a 2% NSR. The Company
has the right to buy the 2% NSR (after bankable feasibility study) for
consideration equivalent to 10% of the &#147;Proved Ore Reserves&#148;, as defined in the
Code for Reporting of Mineral Resources and Ore Reserves (the &#147;JORC Code&#148;) set
by the Australasian Joint Ore Reserves Committee, of gold contained within the
tenement at a price of US$30 per ounce of gold. </P>
<P align=justify><B>Koonenberry - Arastra </B></P>
<P align=justify>In 2013, the Company by mutual agreement terminated an option
agreement with Arastra Exploration Pty Ltd (&#147;Arastra) after earning a 50%
interest in four exploration licenses. As part of the termination the 50%
interest earned by the Company was exchanged for a 100% ownership in one of the
licenses (subject to a 2% NSR in favor of Arastra), and a 1% NSR against the other three licenses. Arastra relinquished
their 3 tenements in 2015, accordingly EMX no longer holds the 1% NSR. </P>
<P align=center>Page 21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></P>
<P align=justify><B>Koonenberry - Rockwell </B></P>
<P align=justify>In 2013 an agreement with Rockwell Resources Pty Ltd was
  terminated and the Company was granted a NSR of 0.5% in and over the tenement
held by Rockwell. </P>
<P align=justify><B>Koonenberry - Bates </B></P>
<P align=justify>The Company holds 100% in two exploration licenses and the
vendor&#146;s interest has reverted to a 2% NSR. The Company has the right to buy the
2% NSR (after bankable feasibility study) for consideration equivalent to 10% of
the &#147;Proved Ore Reserves&#148;, as defined in the &#147;JORC Code&#148;, of gold contained
within the tenement at a price of US$30 per ounce of gold.</P>
<P align=justify>In 2015 the Company relinquished one of the two tenements and
further reduced the area of the remaining tenement. The Company signed a letter
of agreement with Bates, should the Company re-apply for the areas within 12
months EMX would honor a similar NSR. </P>
<P align=justify>In February 2014, the Company signed an exploration and option
agreement with North Queensland Mining Pty Ltd. (&#147;NQM&#148;), a privately-held
Australian company, giving NQM the right to acquire the Company&#146;s Koonenberry
exploration licenses in New South Wales, Australia. NQM will bear responsibility
of satisfying all existing work commitments and honoring all underlying property
agreements during the term of the Agreement. NQM has the option to earn a 100%
interest in the EMX subsidiary that holds the licenses, with EMX retaining a 3%
production royalty.</P>
<P align=justify><B><U>Asia Pacific (New Zealand) exploration
licenses</U></B><B> </B></P>
<P align=justify>In September 2014, and amended in December 2015 the Company
signed an option agreement with Land &amp; Mineral Limited (&#147;L&amp;M&#148;), a
privately-held Australian company, giving L&amp;M the right to acquire Hauraki
Gold Ltd. (&#147;Hauraki&#148;), the wholly-owned EMX subsidiary that controls the
Neavesville gold-silver property located in the Hauraki goldfield of New
Zealand&#146;s North Island. The purchase and sale agreement included an execution
payment of $100,000 ($50,000 received on signing in 2015, and $50,000 received
in May 2016, being the balance of the execution payment) and a series of
anniversary and milestone payments equal to a certain amount of troy ounces of
gold. Pursuant to the agreement, In September 2016, the Company received a
$129,562 payment equivalent to a required payment of 75 troy ounces of gold.
</P>
<P align=justify><B><U>Haiti exploration permits</U></B></P>
<P align=justify>Eurasian and joint venture partner Newmont Ventures Limited
(&#147;Newmont&#148;), a wholly owned subsidiary of Newmont Mining Corporation
(collectively, the &#147;JV&#148;), had the right to establish specific exploration areas
along the trend of Haiti&#146;s Massif du Nord mineral belt. Newmont was funding and
managing six joint venture Designated Projects (&#147;DP&#146;s&#148;) across the exploration
areas. The Company&#146;s work on the 100% controlled Grand Bois gold-copper project
is outside of the JV with Newmont. </P>
<P align=justify>On November 2, 2015, the Company terminated the EMX &#150;Newmont JV
that covered the six designated exploration areas and sold its interest in Haiti
to Newmont for a $5,277,542 (US$4,000,000) cash payment and a retained 0.5% NSR
royalty interest.</P>
<P align=justify><B><U>Sweden and Norway licenses</U></B><B> </B></P>
<P align=justify>The Company holds certain exploration permits. There are no
specific spending commitments on the Swedish licenses and permits. </P>
<P align=center>Page 22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></P>
<P align=justify>On February 17, 2011, the Company entered into a Strategic
Alliance and Earn-In Agreement (the &#147;Strategic Alliance&#148;) with Antofagasta
Minerals S.A., (&#147;Antofagasta&#148;). On February 17, 2013, the Strategic Alliance
reached the end of its two year tenure. On March 3, 2014 Antofagasta advised the
Company that they would be discontinuing further funding of the DPs.</P>
<P align=justify>The Company has no commitments or obligations pursuant to the
Strategic Alliance. </P>
<P align=justify><B><U>Turkey exploration licenses</U></B><B> </B></P>
<P align=justify>The Company has acquired numerous exploration licenses in
Turkey for which there are no specific spending commitments. </P>
<P align=justify><B>Sisorta Joint Venture </B></P>
<P align=justify>On April 2, 2012, the Company and Chesser Resources Ltd
(&#147;Chesser&#148;) executed an agreement to sell the Sisorta property to &#199;olakoglu
Ticari Yatrim A.S. (&#147;&#199;olakoglu&#148;) for a combination of option payments and
expenditure requirements. &#199;olakoglu terminated the option effective March 21,
2013, leaving Chesser and the Company with a 51% and 49% interest in the Sisorta
project, respectively. Until March 2015, the Company accounted for its 49%
interest as an Investment in Associated Company (Note 8) and had written down
the value of the investment to $Nil due to the pick-up of its share of net
losses in the associated company. On March 20, 2015, Chesser and the Company
signed definitive agreements pursuant to which the Company acquired all of
Chesser&#146;s interest in the Sisorta project for a total purchase price of $156,800
(AUD$162,092). As a result of the purchase, the Company recorded a gain on
acquisition of $26,407, and $131,440 of the purchase price was allocated to
exploration and evaluation assets. </P>
<P align=justify>Effective July 1, 2016, the Company entered into a share
purchase agreement for the sale of EBX Madencilik A.S. (&#147;EBX&#148;), a wholly-owned
EMX subsidiary that controlled the Sisorta gold property in Turkey, to Bahar
Madencilik Sinayi ve Ticaret Ltd Sti ("Bahar"), a privately owned Turkish
company. </P>
<P align=justify>The agreement provides for Bahar's staged payments to EMX as
summarized below:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>US $250,000 cash payment ($332,969) to EMX upon closing
      of the sale (received). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Annual cash payments of US $125,000 (&#147;Advance Cash
      Payments&#148;) beginning on July 1, 2017 until commencement of commercial
      production from the Property. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>3.5% of production returns after certain deductions (&#147;NSR
      Payment") for ore mined from the Property that is processed on-site
      (increased to 5% if the ore is processed off-site). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>The Advance Cash Payments will be credited at a rate of
      80% against the NSR Payment payable after commercial production commences.
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>The NSR Payment is uncapped and cannot be bought out or
      reduced. </P></TD></TR></TABLE>
<P align=justify>Pursuant to the sale of Sisorta, the Company paid a finders fee
of US$ 48,740 ($63,549) and recorded a gain on the sale of EBX of $86,041 which
is included in the gain (loss) on acquisition and sale of exploration and
evaluation assets. The future annual cash payments are not accrued as there is
no guarantee of payment, and the shares of EBX could be returned if the payments
are not made. </P>
<P align=justify><B>Akarca Joint Venture </B></P>
<P align=justify>On June 20, 2013, the Company entered into an option agreement
to sell its 100% interest in AES Madencilik A.S. ("AES Turkey"), a Turkish
corporation that controls the Akarca property, for a combination of cash
payments, gold bullion, work commitments, and a royalty interest to &#199;olakoglu, a
privately owned Turkish company.</P>
<P align=center>Page 23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued) </P>
<P align=justify>Colakoglu paid $350,000 and completed drilling requirements on
the project and was required to pay additional amounts to earn its interest. In
October, 2015, &#199;olakoglu advised EMX that it decided to forego exercising the
option and the Company has regained 100% control of the Akarca project.</P>
<P align=justify>Effective July 29, 2016, the Company entered into a share
purchase agreement for the sale of AES Madencilik A.S. (&#147;AES&#148;), the wholly-owned
EMX subsidiary that controls the Akarca gold-silver project in western Turkey,
to &#199;iftay &#206;nsaat Taahh&#252;t ve Ticaret A.S. ("&#199;iftay"), a privately owned Turkish
company.</P>
<P align=justify>The terms of the sale provide payments to EMX as summarized
below (gold payments can be made as gold bullion or the cash equivalent):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>US $2,000,000 cash payment ($2,630,760) to EMX upon
      closing of the sale (received); </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>500 ounces of gold every six months commencing February
      1, 2017 up to a cumulative total of 7,000 ounces of gold (received US
      $601,825, the cash equivalent of 500 troy ounces subsequent to December
      31, 2016); </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>7,000 ounces of gold within 30 days after the
      commencement of commercial production from the Property provided that
      prior gold payments will be credited against this payment; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>250 ounces of gold upon production of 100,000 ounces of
      gold from the Property; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>250 ounces of gold upon production of an aggregate of
      500,000 ounces of gold from the Property; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>A sliding-scale royalty in the amount of the following
      percentages of production returns after certain deductions (&#147;Royalty&#148;) for
      ore mined from the Property: </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  ></TD>
    <TD align=left >
      <P align=justify>o </P></TD>
    <TD align=left width="85%">
      <P align=justify>For gold production: 1.0% on the first 100,000 ounces of
      gold; 2.0% on the next 400,000 ounces of gold; 3.0% on all gold production
      in excess of 500,000 ounces produced from the Property, and; </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >o </TD>
    <TD align=left width="85%">For all production other than gold production:
      3.0%. </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">The Royalty is uncapped and cannot be bought
      out or reduced. </TD></TR></TABLE>
<P align=justify>In addition, &#199;iftay must conduct a drilling program of at least
3,000 meters on the Property during each 12-month period commencing on August 5,
2016 until commencement of commercial production.</P>
<P align=justify>Pursuant to the agreement, &#199;iftay has guaranteed the future
payments of 2,500 ounces of gold, or cash equivalent. As at December 31, 2016,
the Company has recorded a receivable of $4,145,898 (including $72,806 of
accreted interest income) related to the guaranteed payments which was estimated
using a valuation model that requires significant judgments and assumptions,
including to future metal prices and discount rates. </P>
<P align=justify>The sale of AES resulted in a gain of $6,683,560, resulting
from proceeds of $6,737,452, less the net assets of AES of $53,892 which is
included in the gain (loss) on acquisition and sale of exploration and
evaluation assets. </P>
<P align=justify><B>Ferrite Agreement - Alankoy </B></P>
<P align=justify>On December 20, 2013, the Company signed an Exploration and
Option Agreement (the &#147;Alankoy Agreement&#148;) with Ferrite Resources Ltd.
(&#147;Ferrite&#148;), a privately-held Australian company, whereby Ferrite had the option
to acquire the Company&#146;s subsidiaries that hold the Alankoy project, with the
Company retaining a 3% NSR. To do so, Ferrite paid US$35,000 upon signing and
must expend at least US$200,000 on exploration activities each year for the
three years after June 3, 2014 (the Effective Date). In addition, Ferrite is
required to make annual deliveries of gold bullion to the Company as Advanced
Annual Royalties (AARs) on each anniversary of the Effective Date.</P>
<P align=justify>In October 2015, Ferrite informed the Company they would not
continue with the option agreement and paid to EMX US$25,000 ($33,205) related
to reimbursement of expenditures owed by Ferrite. </P>
<P align=center>Page 24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></P>
<P align=justify><B>Black Sea Copper &amp; Gold Agreement - Alankoy </B></P>
<P align=justify>On November 23, 2015, the Company signed an Exploration and
Option Agreement with Black Sea Copper &amp; Gold Corp. (&#147;Black Sea&#148;), a
privately-held British Columbia corporation, for the Alankoy copper-gold
property in northwestern Turkey, whereby Black Sea has the option to acquire the
Company&#146;s subsidiaries that hold the Alankoy project, with the Company retaining
a 3% production royalty. To do so, Black Sea paid US$25,000 (received $35,408 in
January 2016) upon signing and must incur certain exploration expenditure
milestones.</P>
<P align=justify>In February 2017, the Company received notification that
0955767 B.C Ltd (Formerly Black Sea) was terminating the Alankoy agreement and
paid $43,550 (US$32,864) related to expenditures incurred by the Company.</P>
<P align=justify><B>Golcuk Transfer and Royalty Agreement</B></P>
<P align=justify>On July 17, 2012, amended on January 29, 2013, and amended
again by a second amending agreement dated as of November 8, 2016, the Company
entered into an agreement with Pasinex Resources Limited (&#147;PRL&#148;) to transfer
100% interest in the Golcuk property in exchange for PRL issuing shares to the
Company as follows, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">i) </TD>
    <TD>
      <P align=justify>500,000 PRL shares on the initial issuance date (received
      during the year ended December 31, 2013 and valued at $27,500 or $0.055
      per share);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">ii) </TD>
    <TD>
      <P align=justify>An additional 500,000 PRL shares on or before the first
      anniversary of the initial issuance date (received during the year ended
      December 31, 2014 and valued at $25,000 or $0.05 per share);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">iii) </TD>
    <TD>
      <P align=justify>An additional 1,000,000 PRL shares on or before the
      second anniversary of the initial issuance date (received in February 2015
      and valued at $115,000 or $0.115 per share); and,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">iv) </TD>
    <TD>
      <P align=justify>An additional 1,000,000 PRL Shares on or before the third
      anniversary of the initial issuance date (received in February 2016 and
      valued at $55,000 or $0.055 per share).</P></TD></TR></TABLE>
<P align=justify>In addition to the transfer of shares, Pasinex will then pay
the Company a 2.9% NSR royalty from production. Pasinex may pay the first
minimum royalty payment by delivering 664,483 common shares in the capital of
PRL to the Royalty Holder on or before November 30, 2016 (received valued at
$79,738). Pasinex has the option of purchasing 0.9% of the royalty for
$1,000,000 USD prior to the 6<SUP>th</SUP> anniversary of the effective date of
the agreement. </P>
<P align=justify><B>Tumad Agreement - Trab-23 </B></P>
<P align=justify>The Trab-23 property is located in northeast Turkey. In
February 2013 Tumad Madencilik San.Ve TIC, A.S. (&#147;Tumad&#148;), executed an option
agreement (the &#147;Trab-23 Agreement&#148;) to acquire Trab-23 from the Company. The
Trab-23 Agreement provides an upfront transfer of the two licenses to Tumad,
in-ground spending requirements, a revenue stream of annual earn-in and
pre-production payments, and a revenue stream based upon production. The Trab-23
Agreement is contingent upon approval by Turkey&#146;s General Directorate of Mining
Affairs ("MIGEM") to combine the two licenses into a single exploitation
license. This license combination and transfer occurred on September 11, 2014
(the &#147;Transfer Date&#148;). Provided that Tumad has made the payments and performed
the work described in the Trab-23 Agreement, on or before September 11, 2017
Tumad may exercise its option to retain the property, and after such election,
shall pay annual minimum royalties of US$100,000 commencing upon the first
anniversary of such exercise. Upon production from the Trab-23 licenses, Tumad
will pay the Company a 3% NSR royalty from production. The annual minimum
royalties will be credited to 80% of the NSR royalty then payable.</P>
<P align=justify>Tumad's drill requirements have not been met and the Company is
currently negotiating a revision to the agreement that will include a shift of
Tumad&#146;s drill commitments to 2017. </P>
<P align=center>Page 25 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></P>
<P align=justify><B><U>United States exploration licenses</U></B><B> </B></P>
<P align=justify><B> Aguila de Cobre
Property, Arizona </B></P>
<P align=justify>On July 30, 2015, the Company, through its wholly-owned
subsidiary Bronco Creek Exploration Inc. (&#147;BCE&#148;), entered into an option
agreement to sell the Aguila de Cobre property for a combination of cash
payments and work commitments. The agreement grants Kennecott Exploration
Company (&#147;KEX&#148;), part of the Rio Tinto Group, the option to acquire a 100%
interest in the property.</P>
<P align=justify>During April 2016, KEX terminated its option to aquire the
interest in the property. </P>
<P align=justify><B>Copper Springs, Copper King, and Red Top Properties, Arizona
</B></P>
<P align=justify>In September 2013, the Company, through its wholly owned
subsidiary BCE, entered into option agreements to sell the Copper Springs,
Copper King, and Red Top projects for a combination of cash payments, work
commitments, and common shares. The agreements grant Desert Star Resources Ltd.
(&#147;Desert Star&#148;), a TSX-V listed company, the option to acquire a 100% interest
in each of the projects.</P>
<P align=justify>Desert Star delivered 1,050,000 common shares of Desert Star
and is required to incur a minimum of US$5,000,000 in exploration expenditures
by the seventh anniversary of the signing date, and making additional milestone
payments to the Company. </P>
<P align=justify>On September 1, 2014, the Copper King and Red Top agreements
were amended and during the remainder of 2014, the Company received payments
totaling US$62,974. In January, 2015, Desert Star terminated its interest in the
Copper Springs project and the Company regained 100% control of the project.
</P>
<P align=justify>On July 21, 2015, the Copper King and Red Top agreements were
amended, extending the 2<SUP>nd</SUP> anniversary payments and work commitments
into 2016. On March 1, 2016, Desert Star terminated its option on the Copper
King project, and subsequently terminated the Red Top project in January 2017.
</P>
<P align=justify><B>Copper King </B></P>
<P align=justify>In October 2016, the Company, through its wholly-owned
subsidiary BCE, entered into an option agreement to sell the Copper King
property for a combination of cash payments and work commitments. The agreement
grants Kennecott the option to acquire a 100% interest in the property.</P>
<P align=justify>Pursuant to the Agreement, Kennecott can earn a 100% interest
in the Project by (a) reimbursing the 2016 holding costs and making option
payments, together totaling US $504,314 (US $29,314 related to holding costs
received), and (b) completing US $4,000,000 in exploration expenditures before
the fifth anniversary of the Agreement Upon exercise of the option EMX will
retain a 2% NSR royalty on the project which is not capped or purchasable.</P>
<P align=justify>After exercise of the option, annual advance minimum royalty
(&#147;AMR&#148;) payments are due starting at $100,000 and commencing on the first
anniversary of the exercise of the option. The AMR payments will increase to
$150,000 upon completion of an Order of Magnitude Study ("OMS") or Preliminary
Economic Assessment ("PEA"). Kennecott may make a one-time payment of $3,500,000
to extinguish the obligation to make AMR payments. In addition, if not
previously extinguished, total AMR payments after the OMS or PEA milestone
payment are capped at $3,500,000, and all AMR payments cease upon commencement
of production from the project. </P>
<P align=center>Page 26 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></P>
<P align=justify>In addition, Kennecott will make milestone payments consisting
of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">$500,000 upon completion of an OMS or PEA;
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">$1,000,000 upon completion of a Prefeasibility
      Study; and </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">$2,000,000 upon completion of a Feasibility
      Study. The Feasibility Study payment will be credited against future
      royalty payments. </TD></TR></TABLE>
<P align=justify><B>Buckhorn Creek, Frazier Creek, and Jasper Canyon Properties,
Arizona and Nevada </B></P>
<P align=justify>In October 2013, the Company, through its wholly owned
subsidiary BCE, entered into option agreements to sell the Frazier Canyon,
Buckhorn Creek, and Jasper Canyon projects for a combination of cash payments,
work commitments, and common shares. The agreements granted Savant Explorations
Ltd. (&#147;Savant&#148;), a TSX-V listed company, the option to acquire a 100% interest
in each of the projects. Upon execution of the agreement and TSX-V approval, the
Company received US$37,500 (US$12,500 per project) and 450,000 common shares at
a value of US$19,440 (150,000 common shares per project) of Savant as execution
payments, and payments totaling US$59,325 as reimbursement of amounts paid by
BCE to keep the respective claims in force for the 2013 assessment year. </P>
<P align=justify>During the year ended December 31, 2014, the Company received
US$140,000 (US$70,000 per project), and 200,000 common shares at a value of
$8,000 (100,000 common shares per project) as the work commitment and common
share requirements related to the Buckhorn Creek and Frazier Creek projects. On
July 25, 2014 Savant terminated its option to acquire the Jasper Canyon project
and the Company wrote-off $235,856 in capitalized exploration and evaluation
costs. The Company retains a 100% interest in the claims. On April 27, 2015,
Savant terminated its option to acquire the Frazier Creek property. The Company
subsequently relinquished all mineral rights on the Frazier Creek property.</P>
<P align=justify>On September 24, 2015, Savant terminated its interest in the
Buckhorn Creek property with the Company retaining 100% ownership of the
property. </P>
<P align=justify><B>Cathedral Well Property, Nevada </B></P>
<P align=justify>In June 2014, the Company signed an exploration and option
agreement through its wholly-owned subsidiary BCE, with Ely Gold and Minerals
Inc. (&#147;Ely Gold&#148;) (TSX Venture: ELY) to earn a 100% interest in the Cathedral
Well project by paying EMX a total of US$100,000 over the next three years after
which the Company will retain a 2.5% NSR royalty, inclusive of an underlying
0.5% NSR royalty. During the year ended December 31, 2016, Ely Gold exercised
its option and acquired 100% interest in the project.</P>
<P align=justify><B>Copper Basin Property, Arizona </B></P>
<P align=justify>The Company holds a 100% interest in the Copper Basin property
comprised of certain unpatented federal mining claims and one State of Arizona
exploration permit subject to the terms of an earn-in agreement dated September
27, 2011 with Vale Exploration (&#147;Vale&#148;). Vale may earn an initial 60% interest
in the project for consideration of cash payments and US$4,500,000 in
exploration expenditures within four years.</P>
<P align=justify>On July 19, 2014, Vale terminated its interest in the agreement
with the Company regaining 100% control of the project. </P>
<P align=center>Page 27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></P>
<P align=justify><B>Hardshell Skarn Property, Arizona</B><B> </B></P>
<P align=justify>The Company holds a 100% interest in the Hardshell Skarn
property comprised of certain unpatented federal lode mining claims. </P>
<P align=justify>In October 2015, the Company signed an exploration and option
agreement through its wholly-owned subsidiary FOBC LLC, with Arizona Minerals
Inc, to earn a 100% interest in the project by paying the Company a total of
US$85,000 as follows: US$25,000 (received) upon execution of the agreement and
US$60,000 over the next three years (US$ 20,000 received as the 1<SUP>st</SUP>
anniversary payment in September 2016), after which the company will retain a 2%
NSR. After exercise of the option, annual advanced royalty payments of US$5,000
commence on the first anniversary of the exercise of the option. After
commencement of commercial production, the Company is due payments of US$5,000
or the royalty coming due that year, whichever is greater. </P>
<P align=justify><B>Silver Bell West, Silver Bell District, Arizona</B><B>
</B></P>
<P align=justify>The Company holds a 100% interest in mineral rights comprised
of certain federal unpatented mining claims subject to a letter of agreement
dated August 26, 2009 whereby, the Company granted Geonovus Minerals Corp
(&#147;GEO&#148;) a 100% interest in the Silver Bell West property, for consideration of
advance royalty payments, common shares of GEO, and warrants to purchase GEO
common shares, and minimum exploration expenditures. The agreement was
terminated in September 2014 with the Company regaining 100% control of the
project. As a result of the termination of the agreement, the Company wrote-off
$471,711 of exploration and evaluation costs related to the project. </P>
<P align=justify><B>Superior West Project, Arizona</B><B> </B></P>
<P align=justify>The Company holds a 100% interest in the mineral rights
comprised of certain federal unpatented mining claims, located on Tonto National
Forest lands and unpatented federal mining claims under option. The Company also
may earn a 100% interest in additional adjacent claims under option from a third
party for cash payments totaling US$1,000,000 on or before January 2017 and
subject to a 2% NSR Royalty, 1% of which may be purchased for US$2,000,000 in
0.5% increments. The Company exercised the option in December 2016, and retains
100% interest in the project. </P>
<P align=justify>By Earn-In Agreement dated July 31, 2009, the Company granted
Freeport-McMoran Mineral Properties, a wholly owned subsidiary of
Freeport-McMoran Exploration Corporation (&#147;FMEC&#148;) two separate rights to acquire
a 51% and a subsequent 19% interest. The initial interest in the Superior West
property may be acquired for cash consideration, making all property and option
payments on behalf of the Company to the original owners of the property and
minimum exploration expenditures. FMEC may acquire the additional 19% interest
by solely funding and delivering a feasibility study.</P>
<P align=justify>On February 14, 2014 FMEC terminated its interest in the
Superior West property with the Company regaining 100% control of the project.
</P>
<P align=justify>On May 4, 2015, the Company entered into an exploration and
option to purchase agreement, through its wholly owned subsidiary BCE, for the
Superior West project with Kennecott. Pursuant to the agreement, Kennecott can
earn a 100% interest in the project by making cash payment upon execution of the
agreement of US$149,187 (received), and thereafter completing US$5,500,000 in
exploration expenditures and paying annual option payments totaling US$1,000,000
(US $100,000 received in March 2016) before the fifth anniversary of the
agreement. For the execution payment, US$50,000 ($52,500) was applied against
the Superior West capitalized costs, and the balance of US$99,187 was a direct
reimbursement to the Company for holding costs to maintain the property in good
standing. Upon exercise of the option EMX will retain a 2% NSR royalty on the
properties. Kennecott has the right to buy down 1% of the NSR royalty from
underlying claim holders by payment of US$4,000,000 to EMX. </P>
<P align=justify>Kennecott has maintained or exceeded any minimum requirements
for expenditures on the project and the agreement remains in good standing. </P>
<P align=center>Page 28 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></P>
<P align=justify><B>Yerington West Property, Nevada </B></P>
<P align=justify>The Yerington West property is comprised of certain unpatented
federal mining claims located on lands administered by the BLM. By Option
Agreement, dated September 24, 2009, the Company granted Entr&#233;e Gold Inc.
(&#147;ETG&#148;) the right to acquire an 80% interest in the property, for consideration
of US$140,000 in cash payments (received), common shares of ETG valued at
$85,000 (received), minimum exploration expenditures of $1,900,000 (incurred),
and delivery of a bankable feasibility study and advanced production payments of
$375,000 by the 10<SUP>th</SUP> anniversary (2019). </P>
<P align=justify>In each of the years 2016, 2015, and 2014, the Company received
a US$50,000 option payment and verified that all exploration expenditures due on
the property had been met and that the agreement is in good standing. </P>
<P align=justify><B>Mineral Hill Property, Wyoming </B></P>
<P align=justify>In October 2016, the Company, through its wholly-owned
subsidiary BCE, entered into an option agreement with Coeur Explorations, Inc.,
a subsidiary of Coeur Mining, Inc. (NYSE: CDE) (&#147;Coeur&#148;) to acquire a 100%
interest in the property. The Company&#146;s Mineral Hill project is held under a
pooling agreement with a private group, Mineral Hill L.P. (&#147;MHL&#148;), with all
proceeds split 50:50, except for the sale of surface rights associated with
several patented mining claims. </P>
<P align=justify>Pursuant to the Agreement, Coeur may acquire a 100% interest in
the Property by a) making yearly option payments, beginning upon execution of
the Agreement, totaling US $435,000 (US$10,000 received upon execution), b)
making exploration expenditures totaling US $1,550,000 on or before the fifth
anniversary of the agreement, and c) paying US $250,000 upon exercise of the
option. </P>
<P align=justify>Upon exercise of the option, EMX and MHL will retain a 4% NSR
royalty, of which Coeur may purchase up to 1.5% of the NSR royalty if, within
sixty days after the completion of a PEA, Coeur purchases the first 0.5% for US
$1,000,000. Coeur may purchase an additional 0.5% or 1% of the NSR royalty at
any time thereafter for US $2,000,000 per 0.5% interest (maximum total buy down
of 1.5%), with EMX and MHL retaining a 2.5% interest. </P>
<P align=justify>After the option exercise, EMX and MHL will receive annual
advance minimum royalties of US $150,000 and, upon completion of a feasibility
study, a milestone payment of US $1,000,000. </P>
<P align=justify><B>Lomitas Negras Property, Arizona </B></P>
<P align=justify>The Company holds a 100% interest in the Lomitas Negras
property comprised of certain State of Arizona exploration permits. The Company
relinquished their federal mining claims during 2015, retaining only certain
State of Arizona exploration permits. </P>
<P align=justify>In May 2014, the Company signed an exploration and option to
purchase agreement, through its wholly owned subsidiary BCE, for the Lomitas
Negras porphyry copper project with Kennecott and received US$25,000. Kennecott
relinquished its interest in the project during September 2014, with the Company
regaining 100% control.<B> </B></P>
<P align=justify><B>Ophir Property, Utah </B></P>
<P align=justify>In October 2016, the Company completed the sale of five
patented mining claims comprising its Ophir property in Utah, through its wholly
owned subsidiary Bullion Monarch Mining Inc., to Kennecott. The terms of the
sale include a cash payment of US$75,000 (received) to EMX at closing, with the
Company retaining a 2% NSR royalty on the property. </P>
<P align=justify><B><U>Various</U></B> </P>
<P align=justify>The Company holds interests acquired by staking in several
jurisdictions including Utah, Nevada, Arizona, Colorado and Wyoming. </P>
<P align=center>Page 29 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. </B><B>EXPLORATION</B><B> AND </B><B>EVALUATION</B><B>
ASSETS </B>(Continued)<B> </B></P>
<P align=justify><B>Exploration</B><B> </B><B>Expenditures</B><B> </B></P>
<P align=justify>During the year ended December 31, 2016, the Company incurred
the following exploration expenditures by projects, which were expensed as
incurred: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="25%" colSpan=10><B>USA</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="18%" colSpan=7><B>Turkey</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="18%" colSpan=7><B>Asia
      Pacific</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Scandinavia</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Kennecott</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Desert Star</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Other</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Resources</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Other USA</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Akarca</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Other</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>New Zealand</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Other</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Administration Cost </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;37,498 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;109 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;25 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;157,106 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;157,240 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;27,055 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;92,397 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;119,452 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;2,220 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;9,520 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;11,740 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;24,650 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;350,580 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Assays </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">8,596 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">845 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">6,635 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">7,480 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">676 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">676 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">16,752 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Drilling / Trenching </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>76,687 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>314,972 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>91 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>315,063 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>44,283 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>14,679 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>58,962 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>450,712 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Land and Legal </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">48,632 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">182,160 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">182,160 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">39,603 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">160,831 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">200,434 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">23,778 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">23,778 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">40,384 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">495,388 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Logistics </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>14,535 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>57,164 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,822 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>70,590 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>129,576 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>13,810 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>5,708 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>19,518 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>9,155 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>9,155 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>5,282 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>178,066 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Personnel </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">195,223 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">118,679 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">12,676 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,420,907 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,552,262 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">297,586 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">264,527 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">562,113 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">99,751 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">99,751 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">171,881 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">2,581,230 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Property Cost </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>165,640 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>2,677 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>39,460 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>485,365 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>527,502 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>154,526 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>32,426 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>186,952 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>37,230 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>47,219 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>84,449 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>964,543 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Professional Services </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">135,527 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">13,664 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">13,664 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">61,577 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">22,029 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">83,606 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">496 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,772 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">2,268 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">17,625 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">252,690 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Share Based Payments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>40,285 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>295,008 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>295,008 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>32,805 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>69,020 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>101,825 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>17,673 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>17,673 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>48,066 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>502,857 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Technical Studies </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">106,093 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">42,666 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">16,107 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">58,773 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">38,383 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">6,544 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">44,927 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">11,397 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">11,397 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">163,444 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">384,634 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>63,571 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>103,478 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>103,478 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>16,310 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>31,479 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>47,789 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>6,861 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>6,861 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>16,382 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>238,081 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">892,287 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">537,112 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">53,983 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">2,751,111 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">3,342,206 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">726,614 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">699,640 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">1,426,254 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">39,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">227,126 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">267,072 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">487,714 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">6,415,533 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Recoveries </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(555,217</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(51,833</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(21,938</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(628,988</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(43,550</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(43,550</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(48,781</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(48,781</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(721,319</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Operator fees </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(56,271</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(1,263</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(57,534</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(57,534</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Option Payments * </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(24,720</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(125,890</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(150,610</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(170,146</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(170,146</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(180,476</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(180,476</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(501,232</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Other Property Income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(9,720</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(265</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(39,755</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(49,740</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(56,466</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(56,466</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(27,243</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(27,243</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(2,040</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(135,489</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Total Recoveries </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(645,928</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(53,361</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(187,583</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(886,872</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(43,550</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(226,612</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(270,162</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(207,719</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(48,781</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(256,500</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(2,040</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(1,415,574</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Net Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;892,287 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;(108,816</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;622 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;2,563,528 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;2,455,334 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;683,064 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;473,028 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;1,156,092 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;(167,773</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;178,345 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;10,572 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;485,674 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;4,999,959 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>*&nbsp;&nbsp;&nbsp;&nbsp; The Company received a $129,820
(US$100,000) annual option payment related to an exploration and option to
purchase agreement for the Superior West project with Kennecott applied as to
$105,100 to the Superior West capitalized costs, and $24,720 to exploration
recoveries. </P>
<P align=justify style="text-indent:5%">Significant components of &#147;Other&#148;
total exploration expenditures for the year ended December 31, 2016 were Haiti -
$148,455; Austria - $48,767; and other general exploration costs in Europe
totalling - $146,159. </P>
<P align=center>Page 30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_149></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. </B><B>EXPLORATION</B><B> AND </B><B>EVALUATION</B><B>
ASSETS </B>(Continued)<B> </B></P>
<P align=justify><B>Exploration</B><B> </B><B>Expenditures</B><B>
</B>(continued) </P>
<P align=justify>During the year ended December 31, 2015, the Company incurred
the following exploration expenditures by projects, which were expensed as
incurred: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="25%" colSpan=10><B>USA</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="18%" colSpan=7><B>Turkey</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="18%" colSpan=7><B>Asia
      Pacific</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Scandinavia</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Kennecott</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Desert Star</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Other *</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Resources</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Other USA</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Akarca</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Other</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>New Zealand</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Other</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Administration Cost </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;61,523 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;676 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;1,271 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;127,873 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;129,820 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;16,296 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;43,532 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;59,828 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;4,767 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;2,932 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;7,699 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;44,763 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;303,633 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Assays </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">5,307 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,825 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">142 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">22,472 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">24,439 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">5,509 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">5,509 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,480 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">36,735 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Drilling / Trenching </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>11,874 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>7,111 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>7,111 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>18,985 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Land and Legal </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">39,518 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">132,178 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">132,178 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">23,208 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">45,957 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">69,165 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">4,914 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">10,136 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">15,050 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">31,480 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">287,391 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Logistics </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>26,978 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>32,211 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>2,646 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>98,391 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>133,248 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>12,014 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>40,408 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>52,422 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>499 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>4,475 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>4,974 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>48,472 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>266,094 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Personnel </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">423,697 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">154,004 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">24,500 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,261,865 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,440,369 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">205,665 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">561,082 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">766,747 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">45,557 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">101,586 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">147,143 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">201,162 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">2,979,118 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Property Cost </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>60,369 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>87,771 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>75,530 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>415,594 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>578,895 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>176,773 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>116,132 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>292,905 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>8,921 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>44,322 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>53,243 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>43,094 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,028,506 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Professional Services </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">86,874 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">13,813 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">13,813 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">42,381 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">117,062 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">159,443 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">28,938 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">10,410 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">39,348 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">161,232 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">460,710 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Share Based Payments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>7,103 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>75,468 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>75,468 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>12,430 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>12,430 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(1,793</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(1,793</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(20,811</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>72,397 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Technical Studies </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">28,083 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">77,485 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">5,151 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">68,265 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">150,901 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">17,183 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">17,183 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">3,508 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">25,407 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">28,915 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">112,739 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">337,821 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>59,934 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>128 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>27,107 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>27,235 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>28,263 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>28,263 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>3,781 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>10,609 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>14,390 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>27,590 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>157,412 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">811,260 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">354,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">109,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">2,250,137 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">2,713,477 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">476,337 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">987,558 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">1,463,895 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">100,885 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">208,084 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">308,969 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">651,201 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">5,948,802 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Recoveries </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(426,190</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(118,065</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(93,549</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(637,804</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(295,024</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(33,305</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(328,329</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(96,675</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(1,062,808</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Operator fees </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(44,067</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(4,258</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(9,457</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(57,782</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(57,782</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Option Payments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(31,955</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(127,820</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(159,775</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(242,820</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(242,820</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(402,595</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Other Property Income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(13,102</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(32,922</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(46,024</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(14,918</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(14,918</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(60,942</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Total Recoveries </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(515,314</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(122,323</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(263,748</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(901,385</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(295,024</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(276,125</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(571,149</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(14,918</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(14,918</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(96,675</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(1,584,127</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>Net Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;811,260 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;(161,214</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;(13,083</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;1,986,389 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;1,812,092 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;181,313 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;711,433 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;892,746 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;85,967 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;208,084 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;294,051 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;554,526 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;4,364,675 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>*&nbsp;&nbsp;&nbsp;&nbsp; Significant components of &#147;Other&#148;
total exploration expenditures for the year ended December 31, 2015 were Haiti -
$359,827; Germany - $107,899; Austria - $69,667; and Russia - $32,137. </P>
<P align=center>Page 31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_150></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>9. </B><B>EXPLORATION</B><B> AND </B><B>EVALUATION</B><B>
ASSETS </B>(Continued)<B> </B></P>
<P align=justify><B>Exploration</B><B> </B><B>Expenditures</B><B>
</B>(continued) </P>
<P align=justify>During the year ended December 31, 2014, the Company incurred
the following exploration expenditures by projects, which were expensed as
incurred: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="25%" colSpan=10><B>USA</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="18%" colSpan=7><B>Turkey</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="18%" colSpan=7><B>Asia
      Pacific</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Sweden</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Desert Star</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Other *</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%"><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Vale</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Resources</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Other USA</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Akarca</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Other</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Neavesville</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Other</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="4%"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Administration Cost </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;98,160 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;441 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;532 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;127,290 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;128,263 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;3,205 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;44,006 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;47,211 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;7,464 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;5,677 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;13,141 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;160,164 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>&nbsp;446,939 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Assays </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,150 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">6,762 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">2,561 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">10,473 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">92 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,201 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,293 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,476 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,476 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">13,242 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Drilling / Trenching </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>43,504 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>412,048 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>325,803 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>737,851 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>6,284 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>6,284 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>78,729 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>48 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>78,777 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>435 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>866,851 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Land &amp; Legal </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">48,806 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">96,203 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">96,203 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">19,033 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">33,047 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">52,079 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">20,137 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">9,930 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">30,067 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">29,548 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">256,703 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Logistics </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>44,360 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>348,415 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>15,010 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>91,307 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>454,732 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>15,663 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>79,200 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>94,863 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>18,124 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>18,100 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>36,224 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>31,678 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>661,857 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Personnel </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">652,127 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">82,529 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">85,494 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,115,704 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,283,727 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">270,702 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">444,744 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">715,445 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">211,381 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">135,304 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">346,684 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">176,774 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">3,174,758 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Property Cost </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>110,008 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>166 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>128,424 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>549,580 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>678,170 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>160,045 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>17,395 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>177,440 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>35,593 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>18,209 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>53,802 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,877 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,021,297 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Professional Services </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">104,432 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">495 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">19,088 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">19,583 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">26,148 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">90,656 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">116,804 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">108,600 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">37,225 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">145,825 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">90,827 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">477,471 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Share Based Payments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>33,106 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>110,759 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>110,759 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>6,973 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>6,973 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>15,956 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>15,956 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>37,280 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>204,074 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Technical Studies </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">55,779 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">8,660 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">30,436 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">48,092 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">87,188 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">391 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">130,860 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">131,251 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">16,907 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">6,600 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">23,507 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">212,330 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">510,055 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>98,650 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>50,969 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>50,969 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>7,547 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>18,587 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>26,134 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>33,972 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>15,709 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>49,681 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>42,323 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>267,757 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">1,288,931 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">853,409 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">267,153 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">2,537,356 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">3,657,918 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">502,826 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">872,952 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">1,375,778 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">532,382 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">262,758 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">795,140 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">783,236 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">7,901,004 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Recoveries </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(920,238</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(297,845</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(584,356</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(1,802,439</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(444,044</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(444,044</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(2,246,483</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Operator fees </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(72,725</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(29,938</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(54,853</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(157,516</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(157,516</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Option Payments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(139,056</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(110,410</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(249,466</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(110,410</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(110,410</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(359,876</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Other Property Income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(7,121</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(9,233</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(1,292</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(1,716</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(12,241</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(49,579</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(49,579</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(45,530</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(45,530</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">(114,471</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Total Recoveries </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(7,121</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(1,002,196</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(468,131</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(751,335</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(2,221,662</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(444,044</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(159,989</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(604,033</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(45,530</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(45,530</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>(2,878,346</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Net Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;1,281,810 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;(148,787</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;(200,978</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;1,786,021 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;1,436,256 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;58,782 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;712,963 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;771,745 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;486,852 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;262,758 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;749,610 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;783,236 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%">&nbsp;5,022,658 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>*&nbsp;&nbsp;&nbsp;&nbsp; Significant components of &#147;Other&#148;
total exploration expenditures for the year ended December 31, 2014<B> </B>were
Austria - $308,213; Haiti - $209,576 and Georgia -160,287. </P>
<P align=center>Page 32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_151></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>10. ROYALTY INTEREST</B> </P>
<P align=justify>Changes in royalty interest for the years ended December 31,
2016, 2015, and 2014: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    bgColor=#e6efff>Balance, December 31, 2013 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%" bgColor=#e6efff>&nbsp;35,063,725 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>Adjusted for: </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;Depletion </TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"
    bgColor=#e6efff>(1,334,845</TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Impairment charge </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(7,371,765</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Cumulative translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>2,970,845 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Balance, December 31, 2014 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">29,327,960 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Adjusted for: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,716,848</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;Impairment charge </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(3,973,699</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp;Cumulative translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">5,161,567 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance, December 31, 2015
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>28,798,980 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Adjusted for: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;Acquisition </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>145,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(2,163,221</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Cumulative translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(949,607</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Balance, December 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;25,831,152 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>During the year ended December 31, 2016, the Company acquired a
2% NSR royalty on all precious metals and a 1% NSR royalty on all other minerals
for the Maggie Creek property (non-producing) in Nevada, and a 1% NSR royalty on
all minerals for the Afgan property (non-producing) in Nevada from Golden
Predator US Holdings Corp, a wholly-owned subsidiary of Till Capital Ltd.
(&#147;TCL&#148;). In consideration of the acquisition, the Company issued 250,000 of its
common shares to TCL valued at $145,000.<B> </B></P>
<P align=justify><B>Carlin Trend Royalty Claim Block </B></P>
<P align=justify>The Company holds an interest in the Carlin Trend Royalty Claim
Block in Nevada which includes the following Royalty Properties: </P>
<P align=justify>Leeville Mine: Located in Eureka County, Nevada, the Company is
receiving a continuing 1% gross smelter return royalty (&#147;GSRR&#148;).</P>
<P align=justify>East Ore Body Mine: Located in Eureka County, Nevada, the
property is currently being mined and the Company is receiving a continuing 1%
GSRR.</P>
<P align=justify>North Pipeline: Located in Lander County, Nevada. Should the
property become producing, the Company will receive a production royalty of
US$0.50 per yard of ore processed or 4% of net profit, whichever is greater.</P>
<P align=justify>During the year ended December 31, 2016 $2,227,322 (2015 -
$1,609,553; 2014 &#150; 2,247,334) in royalty income was included in operations
offset by a 5% direct gold tax and depletion.</P>
<P align=justify><B>Impairment of Non-Current Assets</B></P>
<P align=justify>The Company&#146;s policy for accounting for impairment of
non-current assets is to use the higher of the estimates of fair value less cost
of disposal of these assets or value in use. The Company uses valuation
techniques that require significant judgments and assumptions, including those
with respect to future production levels, future metal prices and discount
rates. </P>
<P align=justify>Non-current assets are tested for impairment when events or
changes in circumstances suggest that the carrying amount may not be
recoverable. The Company continuously reviews the production of gold from the
Carlin Trend Royalty Claim </P>
<P align=center>Page 33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_152></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>10. ROYALTY INTEREST </B>(Continued) </P>
<P align=justify>Block and expected long term gold prices to be realized. As a
result, periodically the Company revises its estimated annual gold production
over the expected mine life and adjusts it&#146;s long term gold price. As a result
of these adjustments, the Company recorded $Nil (2015 - $3,973,699; 2014 &#150;
$7,371,765) in impairment charges for the year ended December 31, 2016 related
to the Carlin Trend Royalty Claim Block and related assets that make up the same
cash-generating unit (&#147;CGU&#148;).</P>
<P align=justify><B>11. RECLAMATION BONDS </B></P>
<P align=justify>Reclamation bonds are held as security towards future
exploration work and the related future potential cost of reclamation of the
Company&#146;s land and unproven mineral interests. Once reclamation of the
properties is complete, the bonds will be returned to the Company.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Australia - various
      properties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;67,694 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;80,976 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;75,864 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Sweden - various properties </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">8,043 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">7,939 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">7,984 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Turkey - various properties
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>26,362 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>273,898 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>273,097 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>U.S.A - various properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">537,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">447,921 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">466,502 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;639,427 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;810,734 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;823,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>12. GOODWILL </B></P>
<P align=justify>The Company&#146;s goodwill represents the excess of the purchase
price paid during fiscal 2012 for the acquisition of Bullion Monarch Mining Inc.
over the fair value of the net identifiable tangible and intangible assets and
liabilities acquired.<B> </B></P>
<P align=justify>Change in goodwill for the years ended December 31, 2016, 2015,
and 2014: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left
      bgColor=#e6efff>Balance, December 31, 2013 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=right width="12%"
    bgColor=#e6efff>&nbsp;9,625,795 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Adjusted for: </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Impairment charge </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,248,057</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Cumulative translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">839,804 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance, December 31, 2014 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,217,542 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted for: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Impairment charge </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,047,605</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Cumulative translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">1,331,949 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance, December 31, 2015 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,501,886 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted for: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Impairment charge </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,518,328</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Cumulative translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(230,234</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, December 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,753,324 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The Company applies a one-step approach to determine if the
Carlin Trend Royalty Claim Block and the related assets within the same CGU are
impaired (Note 10). The impairment loss is the amount by which the CGU&#146;s
carrying amount exceeds its recoverable amount. Goodwill has been written down
in conjunction with the decline of $1,518,328 (2015 - $3,047,605; 2014 -
$2,248,057) of the related deferred income tax liability. </P>
<P align=center>Page 34 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_153></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>13. ADVANCES FROM JOINT VENTURE PARTNERS </B></P>
<P align=justify>Advances from joint venture partners relate to unspent funds
received pursuant to approved exploration programs by the Company and its joint
venture partners. The Company&#146;s advances from joint venture partners consist of
the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>U.S.A. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;341,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;137,825 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;429,175 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;341,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;137,825 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;429,175 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>14. INCOME TAXES </B></P>
<P align=justify><B>Deferred Income Tax Liability </B></P>
<P align=justify>The tax effects of temporary differences between amounts
recorded in the Company&#146;s accounts and the corresponding amounts as computed for
income tax purposes gives rise to deferred tax liabities as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">December 31, 2016 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">December 31, 2015 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">December 31, 2014 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Royalty interest </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>&nbsp;(8,090,497</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>&nbsp;(9,053,435</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>&nbsp;(9,933,985</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Tax loss carryforwards </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,212,368 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,433,008 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,616,508 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>124,805 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>118,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>99,935 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;(4,753,324</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;(6,501,886</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;(8,217,542</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR></TABLE>
<P align=justify>As at December 31, 2016, no deferred tax assets are recognized
on the following temporary differences as it is not probabe that sufficient
future taxable profit will be available to realize such assets: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">December 31, 2016 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">December 31, 2015 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">December 31, 2014 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">Expiry Date Range </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Tax loss carry forwards </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;39,318,000
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;37,728,000
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;36,586,000
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2026-2035 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Share issue costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;65,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Exploration and evaluation
      assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,137,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>10,022,960 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>9,183,007 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>No expiry </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;11,371,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;8,385,770 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;7,937,261 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">No expiry </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>Income Tax Expense </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">December 31, 2016 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">December 31, 2015 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%">December 31, 2014 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current tax expense </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Deferred tax recovery </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(1,439,332</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(3,431,230</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(3,356,471</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(1,439,332</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(3,431,230</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(3,356,471</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>The provision for income taxes differs from the amount
calculated using the Canadian federal and provincial statutory income tax rates
of 26.00% (2015 &#150; 26.00%) as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%" bgColor=#ffffff>December 31, 2016 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%" bgColor=#ffffff>December 31, 2015 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%" bgColor=#ffffff>December 31, 2014 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expected income tax (recovery) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;(886,149</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;(2,679,842</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;(5,409,173</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Effect of lower tax rates in foreign jurisdictions </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(474,971</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(2,393,803</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(1,217,191</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Permanent differences </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,010,562 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>2,594,459 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>2,735,843 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Change in unrecognized deductible temporary differences and
      other </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(1,428,442</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(60,006</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">751,860 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Foreign exchange </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>339,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(892,038</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(217,810</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;(1,439,332</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;(3,431,230</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;(3,356,471</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">)
  </TD></TR></TABLE>

<P align=center>Page 35 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
      <P align=justify><B>15. CAPITAL STOCK </B></P>
<P align=justify><B>Authorized</B></P>
<P align=justify>As at December 31, 2016, the authorized share capital of the
Company was an unlimited number of common and preferred shares without par
value. </P>
<P align=justify><B>Common Shares</B></P>
<P align=justify>During the year ended December 31, 2016, the Company issued:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>140,000 (2015 &#150; 163,000; 2014 &#150; 391,501) shares valued at
      $166,600 (2015 &#150; $233,950; 2014 &#150; $614,427) pursuant to an incentive stock
      grant program to employees of the Company applied to commitment to issue
      shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>165,000 (2015 &#150; Nil; 2014 - Nil) shares valued at
      $127,800 (2015 - $Nil; 2014 $Nil) pursuant to the exercise of stock
      options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>250,000 (2015 &#150; Nil; 2014 &#150; Nil)) shares valued at
      $145,000 (2015 - $Nil; 2014 - $Nil) pursuant to a purchase agreement for
      the Maggie Creek and Afgan royalties (Note 10).</P></TD></TR></TABLE>
<P align=justify><B>Stock Options </B></P>
<P align=justify>The Company adopted a stock option plan (the &#147;Plan&#148;) pursuant
to the policies of the TSX-V. The maximum number of shares that may be reserved
for issuance under the plan is limited to 10% of the issued common shares of the
Company at any time. The vesting terms are determined at the time of the grant,
subject to the terms of the plan.</P>
<P align=justify>During the years ended December 31, 2016, 2015, and 2014, the
change in stock options outstanding is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%"><B>Weighted Average</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>Number</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>Exercise Price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance as at December 31,
      2013 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,995,700 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2.36 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Granted </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,608,500 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1.18 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Cancelled and expired unexercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(111,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1.62 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Balance as at December 31, 2014 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">5,493,200 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2.03 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Granted </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,341,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>0.66 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Cancelled and expired unexercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(1,406,200</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">2.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance as at December 31,
      2015 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5,428,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1.67 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Granted </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,277,500 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1.30 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Exercised </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(165,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>0.77 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Cancelled and expired unexercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(1,729,500</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">2.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Balance as at December 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>4,811,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Number of options exercisable as at December 31, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>4,792,750 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;1.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>

<P align=center>Page 36 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
      <P align=justify><B>15. CAPITAL STOCK </B>(Continued)<B> </B></P>
<P align=justify>The following table summarizes information about the stock
options which were outstanding and exercisable at December 31, 2016: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>Date Granted</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Number of Options</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Exercisable</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Exercise Price $</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Expiry Date</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>July 5, 2012 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>50,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>50,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1.96 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>July 5, 2017 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>August 22, 2012 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">851,500 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">851,500 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1.94 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">August 22, 2017 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>October 16, 2012 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>60,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>60,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2.44 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>October 16, 2017
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>April 25, 2014 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,312,500 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,312,500 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1.20 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">April 25, 2019 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>June 26, 2014 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>17,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>17,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>0.88 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>June 26, 2019
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>December 22, 2014 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">60,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">60,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">0.87 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">December 22, 2019 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>June 8, 2015 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,182,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,182,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>0.66 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>June 8, 2020 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>October 18, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,277,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,258,750 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">October 18, 2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">4,811,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">4,792,750 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>The weighted average remaining useful life of stock options is
2.92 years. </P>
<P align=justify><B>Stock Grants </B></P>
<P align=justify>The Company has received TSX-V approval for the issuance of
certain stock grants as discretionary bonuses earned by the President and CEO,
Chairman, directors, officers, area managers and certain employees of the
Company pursuant to an annual compensation review.</P>
<P align=justify><B>Share-based Payments </B></P>
<P align=justify>During the year ended December 31, 2016, the Company recorded
aggregate share-based payments of $970,796 (2015<B> </B>-542,513; 2014 -
$1,234,485) as they relate to the fair value of stock options granted, fair
value of incentive stock grants, and the accrual for the fair value of stock
granted. Share-based payments are allocated to expense accounts as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>General and</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Administrative</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Exploration</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>Year ended December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Expenses</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Expenditures</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Commitment to issue shares </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;27,462 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;27,462 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Fair value of stock options granted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>440,477 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>502,857 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>943,334 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;467,939 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;502,857 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;970,796 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>General and</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Administrative</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Exploration</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>Year ended December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Expenses</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Expenditures</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Commitment to issue bonus
      shares </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;100,233
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;(34,144</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;66,089 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Fair
      value of stock options granted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">369,883 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">106,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">476,424 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;470,116 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;72,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;542,513 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>

<P align=center>Page 37 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_156></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>15. CAPITAL STOCK </B>(Continued)<B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>General and</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Administrative</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Exploration</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>Year ended December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Expenses</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Expenditures</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Commitment to issue bonus
      shares </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;346,961
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;29,588 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;376,549
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Fair
      value of stock options granted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">683,450 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">174,486 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">857,936 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;1,030,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;204,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;1,234,485 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The weighted average fair value of the stock options granted
during the year ended December 31, 2016 was $0.74 per stock option (2015 -
$0.36; 2014 - $0.53 per stock option). The fair value of stock options granted
was estimated using the Black-Scholes option pricing model with weighted average
assumptions as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Year ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Year ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Year ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Risk free interest rate </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>0.73% </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1.02% </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1.46% </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Expected life (years) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">5 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">5 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">5 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Expected volatility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>69.80% </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>62.33% </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>51.63% </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Dividend yield </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>Warrants </B></P>
<P align=justify>During the years ended December 31, 2016, 2015, and 2014, the
change in warrants outstanding is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%"><B>Weighted Average</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>Number</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>Exercise Price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance as at December 31,
      2013 and 2014 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>9,175,533 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;4.56 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(9,175,533</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">4.56 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Balance as at December 31, 2015 and 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>16. RELATED PARTY TRANSACTIONS</B> </P>
<P align=justify>The aggregate value of transactions and outstanding balances
relating to key management personnel were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>For the year ended December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Management </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;803,033
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;215,933
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,018,966
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Outside directors * </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">151,228 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">167,534 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">318,762 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>357,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>357,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,311,861 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;383,467 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,695,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=center>Page 38 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_157></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>16. RELATED PARTY TRANSACTIONS </B>(Continued) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>For the year ended December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Management </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,067,210
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;108,637
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,175,847
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Outside directors * </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">158,257 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">79,898 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">238,155 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>413,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>413,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,639,167 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;188,535 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,827,702 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>For the year ended December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Management </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;882,536
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;303,491
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,186,027
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Outside directors * </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">168,496 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">183,513 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">352,009 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>418,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>418,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,469,832 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;487,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;1,956,836 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>* Directors fees include $5,000 per month paid to the Company&#146;s
non-Executive Chairman, who does not receive the fees paid to the other
independent director&#146;s. </P>
<P align=justify>Seabord Services Corp. (&#147;Seabord&#148;) is a management services
company controlled by the Chairman of the Board of Directors of the Company.
Seabord provides a Chief Financial Officer, a Corporate Secretary, accounting
and administration staff, and office space to the Company. The Chief Financial
Officer and Corporate Secretary are employees of Seabord and are not paid
directly by the Company.</P>
<P align=justify>Included in the table above for the year ended December 31,
2015 is $247,660 in termination payments to a former officer of the Company. The
amount has been included in Other expenses for that year.</P>
<P align=justify>Included in accounts payable and accrued liabilities is $5,913
(2015 - $3,467; 2014 - $8,064) owed to key management personnel and $17,559
(2015 - $24,329; 2014 - $29,612) to other related parties. </P>
<P align=justify><B>17. SEGMENTED INFORMATION</B> </P>
<P align=justify>The Company operates within the resource industry. At December
31, 2016,<B> </B>2015 and 2014, the Company had equipment and exploration and
evaluation assets located geographically as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left><B>EXPLORATION AND EVALUATION ASSETS</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Asia Pacific </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;81,124 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;81,124 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;81,124 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Haiti </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">56,085 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Sweden </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>437,755 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>437,755 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>437,755 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Turkey </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">232,547 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">363,987 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">232,547 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>U.S.A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,393,574 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,498,674 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,572,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;2,145,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;2,381,540 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;2,379,886 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=center>Page 39 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_158></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>17. SEGMENTED INFORMATION </B>(Continued) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>PROPERTY AND EQUIPMENT</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Asia Pacific </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;8,376 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;10,275 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;12,694 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Canada </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,630 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Georgia </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>6,490 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Haiti </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">23,612 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">9,040 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Sweden </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,110 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,902 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>11,502 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Turkey </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,091 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">7,032 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">24,723 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>U.S.A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>459,127 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>568,639 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>685,150 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;471,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;614,460 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;751,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The Company&#146;s Carlin Trend royalty interest, goodwill, deferred
income tax liability and royalty income and depletion form a single cash
generating unit located in the U.S.A. Not included in this CGU is a $200,000
royalty interest held in Serbia and $145,000 royalty interest in Nevada, USA.
</P>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</B>
</P>
<P align=justify>The Company considers items included in shareholders&#146; equity as
capital. The Company&#146;s objective when managing capital is to safeguard the
Company&#146;s ability to continue as a going concern, so that it can continue to
provide returns for shareholders and benefits for other stakeholders. </P>
<P align=justify>As at December 31, 2016, the Company had working capital of
$6,002,318 (December 31, 2015 - $5,787,109). The Company has continuing royalty
income that will vary depending on royalty ounces received, the price of gold,
and foreign exchange rates on US royalty payments. The Company manages the
capital structure and makes adjustments in light of changes in economic
conditions and the risk characteristics of the underlying assets. The Company
has sufficient working capital to undertake it&#146;s current business plan. However,
should the Company undertake anything over and above these plans, management
will need additional sources of working capital. In order to maintain or adjust
the capital structure, the Company may issue new shares through public and/or
private placements, sell assets, or return capital to shareholders. The Company
is not subject to externally imposed capital requirements.</P>
<P align=justify><B>Fair Value </B></P>
<P align=justify>The Company characterizes inputs used in determining fair value
using a hierarchy that prioritizes inputs depending on the degree to which they
are observable. The three levels of the fair value hierarchy are as follows:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Level 1: inputs represent quoted prices in active markets
      for identical assets or liabilities. Active markets are those in which
      transactions occur in sufficient frequency and volume to provide pricing
      information on an ongoing basis. </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Level 2: inputs other than quoted prices that are
      observable, either directly or indirectly. Level 2 valuations are based on
      inputs, including quoted forward prices for commodities, market interest
      rates, and volatility factors, which can be observed or corroborated in
      the market place. </P></TD></TR>
  <TR>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left  >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Level 3: inputs that are less observable, unavoidable or
      where the observable data does not support the majority of the
      instruments&#146; fair value. </P></TD></TR></TABLE>
<P align=center>Page 40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_159></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS
</B>(Continued) </P>
<P align=justify>As at December 31, 2016, there were no changes in the levels in
comparison to December 31, 2015. Financial instruments measured at fair value on
the statement of financial position are summarized in levels of the fair value
hierarchy as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>Assets</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Level 1</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Level 2</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Level 3</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left bgColor=#e6efff>Cash and cash
      equivalents </TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom noWrap align=right width="10%"
      bgColor=#e6efff>&nbsp;3,199,686 </TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom noWrap align=right width="10%" bgColor=#e6efff>&nbsp;-
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom noWrap align=right width="10%" bgColor=#e6efff>&nbsp;-
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom noWrap align=right width="10%"
      bgColor=#e6efff>&nbsp;3,199,686 </TD>
    <TD vAlign=bottom noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Restricted cash </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">359,172 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">359,172 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Fair value through profit or
      loss investments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>262,756 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>262,756 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Strategic investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">212,798 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">212,798 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts receivable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,721,202 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,721,202 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Non-current accounts receivable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,412,727 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,412,727 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;4,034,412 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;4,133,929 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;8,168,341 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The carrying value of receivables (excluding the receivable
related to the sale of AES, Note 9), accounts payable and accrued liabilities,
and advances from joint venture partners approximate their fair value because of
the short-term nature of these instruments.</P>
<P align=justify>Accounts receivable, including both long and current portions
related to the sale of a AES (Note 9) were valued using a pricing model which
require a variety of inputs, such as expected gold prices and foreign exchange
rates. These receivables are valued using observable market commodity prices and
thereby classified within Level 2 of the fair value hierarchy.</P>
<P align=justify>During the year ended December 31, 2016, the Company updated
the model for changes in expected long term gold prices. As such, the Company
recorded a loss on the change in assumpitions of $120,900 (2015 - $Nil) which
has been included in Interest income and other items in the statement of
comprehensive loss. </P>
<P align=justify>The Company&#146;s financial instruments are exposed to certain
financial risks, including credit risk, interest rate risk, market risk,
liquidity risk and currency risk. </P>
<P align=justify><B>Credit Risk </B></P>
<P align=justify>The Company is exposed to credit risk by holding cash and cash
equivalents and receivables. This risk is minimized by holding a significant
portion of the funds in Canadian banks. The Company&#146;s exposure with respect to
its receivables is primarily related to royalty streams, recovery of exploration
evaluation costs, and the sale of AES (Note 9). </P>
<P align=justify><B>Interest Rate Risk </B></P>
<P align=justify>The Company is exposed to interest rate risk because of
fluctuating interest rates. Management believes the interest rate risk is low
given interest rates on promissory notes is fixed and the current low global
interest rate environment. Fluctuations in market rates is not expected to have
a significant impact on the Company&#146;s operations due to the short term to
maturity and no penalty cashable feature of its cash equivalents. </P>
<P align=justify><B>Market Risk </B></P>
<P align=justify>The Company is exposed to market risk because of the
fluctuating values of its publicly traded marketable securities and other
company investments. The Company has no control over these fluctuations and does
not hedge its investments. Based on the December 31, 2016<B> </B>portfolio
values, a 10% increase or decrease in effective market values would increase or
decrease net shareholders&#146; equity by approximately $48,000. </P>
<P align=center>Page 41 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_160></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS
</B>(Continued) </P>
<P align=justify><B>Liquidity Risk </B></P>
<P align=justify>Liquidity risk is the risk that the Company is unable to meet
its financial obligations as they come due. The Company manages this risk by
careful management of its working capital to ensure the Company&#146;s expenditures
will not exceed available resources. </P>
<P align=justify><B>Commodity Risk </B></P>
<P align=justify>The Company&#146;s royalty revenues are derived from a royalty
interest and are based on the extraction and sale of precious and base minerals
and metals. Factors beyond the control of the Company may affect the
marketability of metals discovered. Metal prices have historically fluctuated
widely. Consequently, the economic viability of the Company&#146;s royalty interests
cannot be accurately predicted and may be adversely affected by fluctuations in
mineral prices. </P>
<P align=justify><B>Currency Risk </B></P>
<P align=justify>Foreign exchange risk arises when future commercial
transactions and recognized assets and liabilities are denominated in a currency
that is not the entity&#146;s functional currency. The Company operates in Canada,
Turkey, Sweden, Australia and the U.S.A. The Company funds cash calls to its
subsidiary companies outside of Canada in US dollars and a portion of its
expenditures are also incurred in local currencies.</P>
<P align=justify>The exposure of the Company&#146;s cash and cash equivalents,
receivables, and accounts payable and accrued liabilities to foreign exchange
risk as at December 31, 2016 is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left><B>Accounts</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>US dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;2,387,727
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Receivables </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,529,070 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(264,196</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(254,051</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Net exposure </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>5,398,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Canadian dollar equivalent </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;7,253,870 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>The balances noted above reflect the US dollar balances held
within the parent company and any wholly owned subsidiaries. Balances
denominated in another currency other than the functional currency held in
foreign operations are considered immaterial. </P>
<P align=justify>Based on the above net exposure as at December 31, 2016, and
assuming that all other variables remain constant, a 10% depreciation or
appreciation of the Canadian dollar against the US dollar would result in an
increase/decrease of approximately $725,000 in the Company&#146;s pre-tax profit or
loss. </P>
<P align=justify><B>19. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;3,132,480
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;5,365,271
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;3,311,196
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Short-term deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">67,206 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">269,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">3,139,112 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;3,199,686 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;5,634,601 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;6,450,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>Page 42 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_161></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>19. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
</B>(Continued)<B> </B></P>
<P align=justify>The significant non-cash investing and financing transactions
during the year period ended December 31, 2016 included: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>Recorded a gain through accumulated other comprehensive
      income of $88,515 related to the fair value adjustments on AFS financial
      instruments;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Issuance of 140,000 incentive stock grants valued at
      $166,600 applied to commitment to issue shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Adjusted reserves and investment in associated companies
      for $366,800 related to share-based payments made by an associated
      company;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for $862,335
      related to cumulative translation adjustments (&#147;CTA&#148;), of which $949,607
      relates to CTA loss on royalty interest, $230,234 relates to CTA loss on
      goodwill, $309,230 relates to a CTA gain on deferred tax liability and
      $8,276 relates to CTA gain in the net assets of a subsidiary with a
      functional currency different from the presentation currency;
and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">e. </TD>
    <TD>
      <P align=justify>Recorded the movement of $1,605,466 from a convertible
      loan to an investment in associated company upon conversion of the loan
      (Note 8).</P></TD></TR></TABLE>
<P align=justify>The significant non-cash investing and financing transactions
during the year ended December 31, 2015 included: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>Recorded a loss through accumulated other comprehensive
      income of $105,714 related to the fair value adjustments on
      available-for-sale (&#147;AFS&#148;) financial instruments;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Issuance of 163,000 bonus shares valued at $233,950
      applied to commitment to issue shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Adjusted reserves and investment in associated companies
      for $322,900 related to share-based payments made by an associated
      company; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for
      $4,350,667 related to cumulative translation adjustments (&#147;CTA&#148;), of which
      $5,161,567, relates to CTA gain on royalty interest, $1,331,949 relates to
      CTA gain on goodwill, $1,715,574 relates to a CTA loss on deferred tax
      liability and $427,275 relates to a CTA loss in the net liabilities of a
      subsidiary with a functional currency different from the presentation
      currency.</P></TD></TR></TABLE>
<P align=justify>The significant non-cash investing and financing transactions
during the year period ended December 31, 2014 included: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">f. </TD>
    <TD>
      <P align=justify>Recorded a loss through accumulated other comprehensive
      income of $400,476 related to the fair value adjustments on AFS financial
      instruments;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">g. </TD>
    <TD>
      <P align=justify>Issuance of 391,501 incentive stock grants valued at
      $614,427 applied to commitment to issue shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">h. </TD>
    <TD>
      <P align=justify>Reclassification of $324,330 of restricted cash to cash
      and cash equivalents for joint venture partner advances expensed in the
      year;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">i. </TD>
    <TD>
      <P align=justify>Adjusted reserves and investment in associated companies
      for $135,700 related to share-based payments made by an associated
      company; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">j. </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for
      $3,585,937 related to cumulative translation adjustments (&#147;CTA&#148;), of which
      $2,970,845 relates to CTA gain on royalty interest, $839,804 relates to
      CTA gain on goodwill, $504,327 relates to a CTA loss on deferred tax
      liability and $279,615 relates to CTA gain in the net assets of a
      subsidiary with a functional currency different from the presentation
      currency.</P></TD></TR></TABLE>
<P align=center>Page 43 </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EURASIAN MINERALS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the Year Ended
      December 31, 2016 </TD></TR></TABLE>
<P align=justify><B>20. EVENT AFTER THE REPORTING DATE </B></P>
<P align=justify>Subsequent to the year ended December 31, 2016, the Company:
</P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>announced it intends to complete a non-brokered private
      placement for gross proceeds of up to $7,000,000 through the sale of
      5,000,000 units at a price of $1.40 per Unit. Each Unit will consist of
      one common share and one-half of one non-transferable share purchase
      warrant. Each whole warrant will entitle the holder to purchase one
      additional Share at a price of $2.00 for a period of two years.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>entered into an exploration and option agreement through
      its wholly owned subsidiary BCE, with Anglo American Exploration (USA),
      Inc. (&#147;Anglo&#148;) for the Copper Springs gold-copper property in Arizona.
      Pursuant to the Agreement, Anglo may acquire a 100% interest in the
      Property by (a) reimbursing BCE&#146;s 2016 holding and permitting costs and
      making annual option payments, together totaling US $447,000, and (b)
      completing US $5,000,000 in exploration expenditures before the fifth
      anniversary of the Agreement. Upon exercise of the option, Anglo American
      will pay EMX an additional US $110,000 and EMX will retain a 2% NSR
      royalty on the Project. The royalty is not capped or purchasable, except
      over two parcels of Arizona State Land where Anglo American can buy a 0.5%
      NSR royalty from EMX for US $2,000,000.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Certain annual advance minimum royalty payments and
      certain milestone payments are required after exercise of the
    option.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>entered into an agreement with Boreal Metals Corp.
      (&#147;BMC&#148;), a British Columbia corporation, pursuant to which BMC will
      acquire two wholly-owned subsidiaries of the Company that control the
      Gumsberg and Adak exploration assets in Sweden and the Tynset and Burfjord
      assets in Norway. In exchange for the transfer of its wholly-owned
      subsidiary Iekelvare AB, which owns or will own that portion of the
      Properties located in Sweden, and its entire interest in its wholly-owned
      subsidiary EMX Exploration Scandinavia AB, which owns that portion of the
      Properties located in Norway, BMC issued to the Company 1,713,390 shares
      of BMC that represents a 19.9% equity ownership in BMC. BMC will have the
      continuing obligation to issue additional shares of BMC to Eurasian to
      maintain its 19.9% interest in BMC, at no additional cost to Eurasian,
      until BMC has raised $5,000,000; thereafter Eurasian will have the right
      to participate pro-rata in future financings at its own cost to maintain
      its 19.9% interest. EMX also received an uncapped 3% NSR royalty on each
      of the Properties and has the right to nominate one seat on the board of
      directors of BMC.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Within five years of the closing date, BMC has the right
      to buy down up to 1% of the royalty owed to EMX on any given project by
      paying US $2,500,000 in cash and shares of BMC. Such buy down is project
      specific. Additionally, EMX will receive annual advance royalty (&#147;AAR&#148;)
      payments of US $20,000 for each of the Properties commencing on the second
      anniversary of the closing, with each AAR payment increasing by US $5,000
      per year until reaching US $60,000 per year, except that BMC may forgo AAR
      payments on two of the four Properties in years two and three. Eurasian
      will receive a 0.5% NSR royalty on any new mineral exploration projects
      generated by BMC in Sweden or Norway, excluding projects acquired from a
      third party containing a mineral resource or reserve or an existing mining
      operation. These royalties are not capped and not subject to a buy
      down.</P></TD></TR></TABLE>
<P align=center>Page 44 </P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>2
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<P align=center><B>SECTION 302 CERTIFICATION </B></P>
<P align=justify>I, David M. Cole, certify that: </P>
<P align=justify>1. I have reviewed this annual report on Form 20-F of Eurasian
Minerals Inc. (the "company"); </P>
<P align=justify>2. Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
report; </P>
<P align=justify>3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
company as of, and for, the periods presented in this report; </P>
<P align=justify>4. The company's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) tor the company and have: </P>
<P align=justify style="text-indent:5%">&nbsp;(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to
the company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared; </P>
<P align=justify style="text-indent:5%">&nbsp;(b) Designed such internal
control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles; </P>
<P align=justify style="text-indent:5%">&nbsp;(c) Evaluated the effectiveness
of the company's disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such
evaluation; and </P>
<P align=justify style="text-indent:5%">&nbsp;(d) Disclosed in this report any
change in the company's internal control over financial reporting that occurred
during the period covered by the annual report that has materially affected, or
is reasonably likely to materially affect, the company's internal control over
financial reporting; and </P>
<P align=justify>5. The company's other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the company's auditors and the audit committee of the
company's board of directors (or persons performing the equivalent functions):
</P>
<P align=justify style="text-indent:5%">&nbsp;(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
company's ability to record, process, summarize and report financial
information; and </P>
<P align=justify style="text-indent:5%">&nbsp;(b) Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the company's internal control over financial reporting. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: March 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      David M. Cole </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">David M. Cole </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">President and Chief Executive Officer
  </TD></TR></TABLE><BR>

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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>3
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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<P align=justify><B>SECTION 302 CERTIFICATION </B></P>
<P align=justify>I, Christina Cepeliauskas, certify that: </P>
<P align=justify>1. I have reviewed this annual report on Form 20-F of Eurasian
Minerals Inc. (the "company"); </P>
<P align=justify>2. Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
report; </P>
<P align=justify>3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
company as of, and for, the periods presented in this report; </P>
<P align=justify>4. The company's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) tor the company and have: </P>
<P align=justify style="text-indent:5%">&nbsp;(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to
the company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared; </P>
<P align=justify style="text-indent:5%">&nbsp;(b) Designed such internal
control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles; </P>
<P align=justify style="text-indent:5%">&nbsp;(c) Evaluated the effectiveness
of the company's disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such
evaluation; and </P>
<P align=justify style="text-indent:5%">&nbsp;(d) Disclosed in this report any
change in the company's internal control over financial reporting that occurred
during the period covered by the annual report that has materially affected, or
is reasonably likely to materially affect, the company's internal control over
financial reporting; and </P>
<P align=justify>5. The company's other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the company's auditors and the audit committee of the
company's board of directors (or persons performing the equivalent functions):
</P>
<P align=justify style="text-indent:5%">&nbsp;(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
company's ability to record, process, summarize and report financial
information; and </P>
<P align=justify style="text-indent:5%">&nbsp;(b) Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the company's internal control over financial reporting. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: March 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Christina Cepeliauskas </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Christina Cepeliauskas </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Chief Financial Officer
</TD></TR></TABLE><BR>

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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>4
<FILENAME>exhibit99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
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<P align=center><B>SECTION 906 CERTIFICATION </B></P>
<P align=justify>In connection with the annual report of Eurasian Minerals Inc.
(the "Company") on Form 20-F for the fiscal year ending December 31, 2016 (the
&#147;Report&#148;) I, David M. Cole, Chief Executive Officer of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of2002, that to the best of my knowledge: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the Report fully complies with the requirements of
      section 13(a) or 15(d) of the Securities Exchange Act of 1934;
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>the information contained in the Report fairly presents,
      in all material respects, the financial condition and results of operation
      of the Company.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=top>
    <TD align=left>Date: March 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      David M. Cole </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">David M. Cole </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">President and Chief Executive Officer
  </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>5
<FILENAME>exhibit99-7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
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<P align=center><B>SECTION 906 CERTIFICATION </B></P>
<P align=justify>In connection with the annual report of Eurasian Minerals Inc.
(the "Company") on Form 20-F for the fiscal year ending December 31, 2016 (the
&#147;Report&#148;) I, Christina Cepeliauskas, Chief Financial Officer of the Company,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of2002, that to the best of my knowledge: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the Report fully complies with the requirements of
      section 13(a) or 15(d) of the Securities Exchange Act of 1934;
  and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>the information contained in the Report fairly presents,
      in all material respects, the financial condition and results of operation
      of the Company.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: March 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Christina Cepeliauskas </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Christina Cepeliauskas </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Chief Financial Officer
</TD></TR></TABLE><BR>

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<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>6
<FILENAME>exhibit99-8.htm
<DESCRIPTION>EXHIBIT 99.8
<TEXT>
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<P align=center>CONSENT OF ERIC JENSEN </P>
<P align=justify>In connection with the filing of the annual report on Form 20-F
for the year ended December 31, 2016 (the &#147;Annual Report&#148;) of Eurasian Minerals
Inc. (the &#147;Company&#148;) with the U.S. Securities and Exchange Commission, I hereby
consent to the references to my name in the Annual Report. </P>
<P align=justify>Dated: March 31, 2017. </P>
<DIV>
<TABLE
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  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Eric Jensen
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Eric Jensen </TD></TR></TABLE></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>7
<FILENAME>exhibit99-9.htm
<DESCRIPTION>EXHIBIT 99.9
<TEXT>
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<P align=center>CONSENT OF DEAN TURNER </P>
<P align=justify>In connection with the filing of the annual report on Form 20-F
for the year ended December 31, 2016 (the &#147;Annual Report&#148;) of Eurasian Minerals
Inc. (the &#147;Company&#148;) with the U.S. Securities and Exchange Commission, I hereby
consent to the references to my name in the Annual Report. </P>
<P align=justify>Dated: March 31, 2017.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Dean D. Turner
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dean D. Turner </TD></TR></TABLE></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>8
<FILENAME>exhibit99-10.htm
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
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<P align=center>CONSENT OF PHIL NEWALL </P>
<P align=justify>In connection with the filing of the annual report on Form 20-F
(the &#147;Annual Report&#148;) of Eurasian Minerals Inc. (the &#147;Company&#148;) with the U.S.
Securities and Exchange Commission, I hereby consent to the references to my
name and to the use of the technical report entitled &#147;Technical Report on the
Initial Mineral Resource Estimate for the Malmyzh Copper-Gold Project,
Khabarovsk Krai, Russian Federation,&#148; dated July 10, 2015, and the information
derived from such report, included in the Annual Information Form of the Company
for the year ended December 31, 2016, which is filed as an exhibit to, and
incorporated by reference into, the Annual Report. </P>
<P align=justify>Dated: March 31, 2017 </P>
<DIV>
<TABLE
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  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Phil Newall
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Phil Newall </TD></TR></TABLE></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>9
<FILENAME>exhibit99-11.htm
<DESCRIPTION>EXHIBIT 99.11
<TEXT>
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<IMG
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<P align=center><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</B></P>
<P align=justify>We hereby consent to the inclusion in Eurasian Minerals Inc.&#146;s
Annual Report on Form 20-F for the year ended December 31, 2016 of our report
dated March 29, 2017, relating to the consolidated financial statements, which
appear in the Annual Report. </P>
<P align=right><B>&#147;DAVIDSON &amp; COMPANY LLP&#148; </B></P>
<TABLE
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  <TR vAlign=top>
    <TD align=left>Vancouver, Canada </TD>
    <TD align=right width="50%">Chartered Professional Accountants </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>March 31, 2017 </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
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