<SEC-DOCUMENT>0001062993-17-002452.txt : 20170515
<SEC-HEADER>0001062993-17-002452.hdr.sgml : 20170515
<ACCEPTANCE-DATETIME>20170512200034
ACCESSION NUMBER:		0001062993-17-002452
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170515
DATE AS OF CHANGE:		20170512

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35404
		FILM NUMBER:		17840664

	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>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>Eurasian Minerals Inc.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR><B>Washington, D.C.
20549 </B></P>
<P align=center><B><FONT size=5>FORM 6-K </FONT></B></P>
<P align=center><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 <BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center>For the month of <STRONG>May, 2017</STRONG></P>
<P align=center>Commission File Number: <U><B>001-35404 </B></U></P>
<P align=center><B><FONT size=5><U>EURASIAN MINERALS INC.
</U></FONT><BR></B>(Translation of registrant&#146;s name into English) </P>
<P align=center><B>Suite 501 </B><B>&#150;</B><B> 543 Granville Street <BR>Vancouver,
British Columbia V6C 1X8 <BR><U>Canada <BR></U></B>(Address of principal
executive offices)</P>
<P align=center>Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F. </P>
<P align=center>[X] Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]
Form 40-F</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&nbsp;&nbsp;&nbsp;]
</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&nbsp;&nbsp;&nbsp;]
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><B><U>SUBMITTED HEREWITH</U></B></P>
<P align=justify><B><U>Exhibits:</U></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%" bgColor=#eeeeee><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD bgColor=#eeeeee>
  <P align=justify><a href="exhibit99-1.htm">Condensed Consolidated Interim
Financial Statements for the period ended March 31, 2017</a></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" bgColor=#eeeeee><a href="exhibit99-2.htm">99.2 </a></TD>
    <TD bgColor=#eeeeee>
  <P align=justify><a href="exhibit99-2.htm">Management&#146;s Discussion and Analysis for the period ended March 31, 2017</a></P></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee><a href="exhibit99-3.htm">99.3</a></TD>
    <TD bgColor=#eeeeee><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CEO</a></TD>
  </TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee><a href="exhibit99-4.htm">99.4</a></TD>
    <TD bgColor=#eeeeee><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CFO</a></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
  <TD align=left colSpan=2><B>EURASIAN MINERALS INC.</B> </TD>
  </TR>
  <TR>
    <TD width="50%" align=left >&nbsp;</TD>
  <TD align=left colSpan=2>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
  <TD align=left colSpan=2>(Registrant) </TD>
  </TR>
  <TR>
    <TD width="50%" align=left >&nbsp;</TD>
  <TD align=left colSpan=2>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >Date: May 12, 2017</TD>
    <TD align=left width="8%">By: </TD>
    <TD width="42%" align=left style="BORDER-BOTTOM: #000000 1px solid">/s/ Kim Casswell</TD>
  </TR>
  <TR>
    <TD width="50%" align=left >&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
    <TD align=left width="8%">Name: </TD>
    <TD align=left width="42%">Kim Casswell</TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
    <TD align=left width="8%">Title: </TD>
    <TD align=left width="42%">Corporate Secretary</TD>
  </TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Eurasian Minerals Inc. - Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">

<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><IMG src="logo.jpg" border=0> <BR>
</P>
<P align=justify>&nbsp;</P>
<P align=center><B>EURASIAN MINERALS INC. </B><BR><B>CONSOLIDATED FINANCIAL
STATEMENTS </B><BR><B>(Expressed in Canadian Dollars) </B><BR></P>
<P align=center>&nbsp;</P>
<P align=center><B>March 31, 2017 </B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B>NOTICE TO READER </B></P>
<P align=justify>The accompanying unaudited condensed consolidated interim
financial statements of Eurasian Minerals Inc. for the three months ended March
31, 2017 have been prepared by management and approved by the Audit Committee
and the Board of Directors of the Company. These condensed consolidated interim
financial statements have not been reviewed by the Company&#146;s external auditors.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify><B>EURASIAN MINERALS INC. </B><BR>CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF FINANCIAL POSITION<B> </B><BR>(Expressed in Canadian
Dollars) <BR></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><B>ASSETS</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" 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="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="17%">&nbsp;8,154,167 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="17%">&nbsp;3,199,686 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Investments (Note 3) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>705,377 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>262,756 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Receivables (Note 4) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">2,557,609 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">3,430,006 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Prepaid expenses </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="17%"
    bgColor=#e6efff>129,174 </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="17%"
    bgColor=#e6efff>28,496 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total current
      assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">11,546,327 </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="17%">6,920,944 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Non-current</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Restricted cash (Note 5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>249,288 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>359,172 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Receivables (Note 4) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,406,111 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,412,727 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Property and equipment (Note 6) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>440,635 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>471,704 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Notes receivable (Note 7) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">862,316 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Investment in associated companies
      (Note 8) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>4,802,206 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>4,992,823 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Strategic investments (Note 3) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">163,691 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">212,798 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Exploration and evaluation assets
      (Note 9) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>2,039,900 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>2,145,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Royalty interest (Note 10) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">25,239,737 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">25,831,152 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Reclamation bonds (Note 11) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>638,512 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>639,427 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Goodwill (Note 12) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">4,642,744 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">4,753,324 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Other assets </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="17%"
    bgColor=#e6efff>104,484 </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="17%"
    bgColor=#e6efff>104,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total non-current
      assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">40,589,624 </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="17%">40,922,611 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>TOTAL
      ASSETS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">52,135,951 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;47,843,555 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>LIABILITIES</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Current</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>704,633 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>577,265 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Advances
      from joint venture partners (Note 13) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">292,575 </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="17%">341,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total current liabilities </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="17%"
    bgColor=#e6efff>997,208 </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="17%"
    bgColor=#e6efff>918,626 </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="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Non-current</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" 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="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Deferred
      income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">4,642,744 </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="17%">4,753,324 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>TOTAL
      LIABILITIES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">5,639,952 </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="17%">5,671,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>SHAREHOLDERS' EQUITY</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Capital stock (Note 14) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>117,635,830 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>117,504,585 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Commitment to issue shares (Note 14) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">6,111,658 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Reserves </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>21,373,183 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>21,656,380 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(98,624,672</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="17%">(96,989,360</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>TOTAL SHAREHOLDERS' EQUITY</B> </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="17%"
    bgColor=#e6efff>46,495,999 </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="17%"
    bgColor=#e6efff>42,171,605 </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="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;52,135,951 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;47,843,555 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Nature of operations and going concern </B>(Note 1) </P>
<P align=justify><B>Approved on behalf of the Board of Directors on May 10,
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: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="28%"><I>&#147;David M Cole&#148;</I> </TD>
    <TD align=left width="12%" >Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    >Signed: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="28%"><I>&#147;Larry Okada&#148;</I> </TD>
    <TD align=left width="12%" >Director
</TD></TR></TABLE></DIV>
<P align=center>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<P align=center>Page 1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B>EURASIAN MINERALS INC. </B><BR>CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF LOSS <BR>(Expressed in Canadian Dollars) <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="17%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Three
      month period</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="17%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Three
      month period</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="17%" align=right nowrap><B>ended</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="17%" align=right nowrap><B>ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>ROYALTY INCOME</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;445,343 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;390,738 </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="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&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="17%" bgColor=#e6efff>(22,267</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(19,537</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="17%">(383,134</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="17%">(404,288</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Net royalty (loss) income </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="17%"
    bgColor=#e6efff>39,942 </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="17%"
    bgColor=#e6efff>(33,087</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&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="17%" bgColor=#e6efff>1,287,532 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>1,290,687 </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="17%">(148,645</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="17%">(193,232</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Net exploration expenditures </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="17%"
    bgColor=#e6efff>1,138,887 </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="17%"
    bgColor=#e6efff>1,097,455 </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="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&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="17%" 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="17%" 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="17%">209,776 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">253,726 </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="17%" bgColor=#e6efff>28,622 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>28,622 </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="17%">85,489 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">52,710 </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="17%" bgColor=#e6efff>128,656 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>37,207 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Salaries and consultants (Note 15) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">286,647 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">378,072 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Share-based payments (Note
      14) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" 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="17%" bgColor=#e6efff>13,731 </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="17%">87,995 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">84,190 </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="17%"
    bgColor=#e6efff>11,439 </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="17%"
    bgColor=#e6efff>21,379 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Total general and administrative expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">838,624 </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="17%">869,637 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" 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="17%">(1,937,569</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(2,000,179</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" 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="17%">283,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">17,067 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Gain (loss) on acquisition
      and sale of exploration and evaluation assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>165,834 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(33,205</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Equity loss in associated companies (Note 8)
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(190,617</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(197,600</TD>
    <TD align=left width="2%" >) </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="17%" bgColor=#e6efff>69,367 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(354,027</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="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(38,138</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Other </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>2,885 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>26,162 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Writedown of goodwill (Note 12) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(71,732</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="17%">(341,760</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="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" 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="17%">(1,678,332</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(2,921,680</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 </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="17%"
    bgColor=#e6efff>43,020 </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="17%"
    bgColor=#e6efff>143,195 </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="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&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 period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;(1,635,312</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;(2,778,485</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="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;(0.02</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;(0.04</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="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&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="17%"
    bgColor=#e6efff>74,100,277 </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="17%"
    bgColor=#e6efff>73,554,573 </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 condensed
consolidated interim financial statements. </P>
<P align=center>Page 2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify><B>EURASIAN MINERALS INC. </B><BR>CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF COMPREHENSIVE LOSS <BR>(Expressed in Canadian Dollars)
<BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="17%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Three
      month period</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="17%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Three
      month period</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="17%" align=right nowrap><B>ended</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="17%" align=right nowrap><B>ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Loss for the period</B>
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;(1,635,312</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;(2,778,485</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Other comprehensive income
      (loss)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" 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="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Change in fair value of available-for-sale
      investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">49,107 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">52,857 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Currency translation adjustment </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="17%"
    bgColor=#e6efff>(286,759</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="17%"
    bgColor=#e6efff>(1,679,053</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Comprehensive income (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;(1,872,964</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;(4,404,681</TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<P align=center>Page 3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B>EURASIAN MINERALS INC. </B><BR>CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF CASH FLOWS <BR>(Expressed in Canadian Dollars) <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="17%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Three
      month period</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="17%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Three
      month period</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="17%" align=right nowrap><B>ended</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="17%" align=right nowrap><B>ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Cash flows from operating activities</B>
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Loss for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;(1,635,312</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;(2,778,485</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Items not affecting operating activities: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Interest income
      received </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(2,623</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(3,288</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Unrealized foreign exchange effect on
      cash and cash equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(56,299</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(541,406</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Items not affecting cash: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" 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="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Change in fair value of fair value
      through profit or loss investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(283,500</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(17,067</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Realized loss on sale
      of investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" 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="17%" bgColor=#e6efff>38,138 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Commitment to issue shares </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">13,731 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Accretion interest on
      long term receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(42,170</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Derivative loss on accounts receivable
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">41,908 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Interest on convertible
      loan </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(1,268</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(22,874</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Deferred income tax recovery </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(43,020</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(143,195</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Depreciation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>31,069 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>39,738 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">383,134 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">404,288 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Writedown of goodwill
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>71,732 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>341,760 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Gain (loss) on acquisition and sale of
      exploration and evaluation assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(165,834</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">13,593 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Derecognition of
      property and equipment on sale of exploration and evaluation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" 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="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">19,612 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Equity loss in
      associated companies </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>190,617 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>197,600 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Unrealized foreign exchange gain </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">33,731 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">64,238 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Shares received from
      joint venture partners included in exploration recoveries </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" 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="17%" bgColor=#e6efff>(55,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Changes in non-cash working capital items:
</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>916,524 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>238,410 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Prepaid expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(100,678</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(89,152</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Accounts payable and
      accrued liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>127,368 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(47,831</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(48,786</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="17%">(9,099</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    ><B>Total cash used in operating activities</B> </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="17%"
    bgColor=#e6efff>(583,407</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="17%"
    bgColor=#e6efff>(2,336,289</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Cash flows from investing
      activities</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" 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="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Acquisition and sale of exploration and
      evaluation assets, net option payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;received </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>105,100 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>105,100 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Interest received on cash and cash
      equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">2,623 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">3,288 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Convertible note
      receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(934,291</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(281,580</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Proceeds from sale of fair value
      through profit and loss investments, net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">90,937 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Restricted cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>109,884 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>16,855 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Purchase and sale of property and
      equipment, net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(16,999</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Reclamation bonds </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="17%"
    bgColor=#e6efff>915 </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="17%"
    bgColor=#e6efff>58,909 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Total cash used in investing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(715,769</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="17%">(23,490</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="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Cash flows from financing activities</B>
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Proceeds from exercise
      of options </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>85,700 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Proceeds received on subsequent financing </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">6,111,658 </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="17%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    ><B>Total cash received from financing activities</B> </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="17%"
    bgColor=#e6efff>6,197,358 </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="17%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Effect of exchange rate changes on cash and cash
      equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">56,299 </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="17%">541,406 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Change in cash and cash
      equivalents</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>4,954,481 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(1,818,373</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Cash and cash equivalents, beginning</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">3,199,686 </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="17%">5,634,601 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    ><B>Cash and cash equivalents, ending</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;8,154,167 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;3,816,228 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Supplemental disclosure with respect to cash flows (Note 18)
</P>
<P align=center>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<P align=center>Page 4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B>EURASIAN</B><B> </B><B>MINERALS</B><B> INC.
</B><BR>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF SHAREHOLDERS&#146; EQUITY
<BR>(Expressed in Canadian Dollars) <BR></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-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD colspan="4"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Reserves</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><B>Accumulated </B></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>Number </STRONG></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>other</STRONG> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>of</STRONG>&nbsp;</TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>Commitment&nbsp;</STRONG></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>comprehensive&nbsp;</STRONG>&nbsp;</TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>common </STRONG></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>Capital </STRONG></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><B>to issue </B></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>Share-based</STRONG> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><B>gain</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>shares</B> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>stock </B></TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><STRONG>shares</STRONG>&nbsp;&nbsp;</TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>payments</B> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(loss)</B> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Deficit</B> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Balance as at December 31, 2016</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff><B>74,089,710</B>    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>&nbsp;117,504,585</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff><B>&nbsp;-</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>11,607,230$</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>&nbsp;10,049,150</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>&nbsp;(96,989,360</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>&nbsp;42,171,605</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shares issued for exercise of stock options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">75,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">85,700 </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="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">85,700 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Commitment to issue shares </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>6,111,658 </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="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>6,111,658 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Reclass of reserves for exercise of options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">45,545 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(45,545</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Foreign currency translation
      adjustment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(188,545</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="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(188,545</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Change in fair value of financial instruments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(49,107</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(49,107</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(1,635,312</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(1,635,312</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Balance as at
      March 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%"><B>74,164,710</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%"><B>&nbsp;117,635,830</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%"><B>&nbsp;6,111,658</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%"><B>11,561,685</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%"><B>&nbsp;9,811,498</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%"><B>&nbsp;(98,624,672</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%"><B>&nbsp;46,495,999</B> </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: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD colspan="4"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Reserves</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="7%" align=right nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><B>Accumulated </B></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>Number </STRONG></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>other</STRONG> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>of</STRONG></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>comprehensive </STRONG></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>common</STRONG></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><B>Commitment</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><B>Share-based </B></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap><STRONG>gain</STRONG></TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="7%" align=right nowrap>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>shares</B> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Capital stock</B></TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><STRONG>&nbsp;to issue shares</STRONG> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>payments</B> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(loss)</B> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Deficit</B> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="7%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Balance as at December 31, 2015</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff><B>73,534,710</B>    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>&nbsp;117,000,052</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>&nbsp;139,138</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>10,362,229$</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>&nbsp;10,125,295</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>&nbsp;(94,305,878</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="7%"
      bgColor=#e6efff><B>&nbsp;43,320,836</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shares issued for acquisition of a royalty interest    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">250,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">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="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">145,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Commitment to issue shares </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>13,731 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>13,731 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Foreign currency translation adjustment </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(1,679,053</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(1,679,053</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&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="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>52,857 </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="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>52,857 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Loss for the
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">(2,778,485</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="7%">(2,778,485</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Balance as at March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff><B>73,784,710</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff><B>&nbsp;117,145,052</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff><B>&nbsp;152,869</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff><B>10,362,229</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff><B>&nbsp;8,499,099</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff><B>&nbsp;(97,084,363</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="7%" bgColor=#e6efff><B>&nbsp;39,074,886</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<P align=center>Page 5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </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;) 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, Haiti, 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 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 condensed consolidated interim 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 condensed consolidated interim 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 condensed consolidated interim 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>The accounting policies applied by the Company in these
unaudited condensed consolidated interim financial statements are consistent
with those applied in its audited consolidated financial statements as at and
for the year ended December 31, 2016.</P>
<P align=center>Page 6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued) </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 critical judgments and estimates applied in the preparation
of the Company&#146;s unaudited condensed interim consolidated financial statements
for the three months ended March 31, 2017 are consistent with those applied in
the Company&#146;s December 31, 2016 audited consolidated financial statements. </P>
<P align=justify><B>3. INVESTMENTS </B></P>
<P align=justify>At March 31, 2017, 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" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Accumulated</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>March 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Cost</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>unrealized loss</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Fair value through profit or loss</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;1,800,872 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;(1,095,495</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;705,377 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Total Fair value through profit or loss
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">1,800,872 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">(1,095,495</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">705,377 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Available-for-sale</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" 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="15%" 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="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">910,473 </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="15%">(746,782</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="15%">163,691 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total investments </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="15%"
    bgColor=#e6efff>&nbsp;2,711,345 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;(1,842,277</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;869,068 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Included in the investments at FVTPL is $74,451 as the value of
the equity conversion option on convertible notes (Note 7) </P>
<P align=center>Page 7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>3. INVESTMENTS </B>(Continued)</P>
<P align=justify>At December 31, 2016, 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" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Accumulated</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Cost</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>unrealized loss</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Fair value through profit or loss</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;1,641,751 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;(1,378,995</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;262,756 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Total Fair value through profit or loss
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">1,641,751 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">(1,378,995</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">262,756 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Available-for-sale</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" 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="15%" 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="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">910,473 </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="15%">(697,675</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="15%">212,798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total investments </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="15%"
    bgColor=#e6efff>&nbsp;2,552,224 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;(2,076,670</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;475,554 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<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 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 ><B>Category</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Sale of Akarca </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;3,309,773 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;4,145,898 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Royalty income receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">148,111 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">306,513 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Refundable taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>156,857 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>142,857 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Recoverable exploration expenditures and
      advances </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">96,689 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">79,090 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Sale of foreign subsidiaries
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>86,035 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">166,255 </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="17%">168,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >As at March 31, 2017 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>3,963,720 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>4,842,733 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Less: Long term portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(1,406,111</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="17%">(1,412,727</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
    >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;2,557,609 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;3,430,006 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<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"
    align=left ><B>Currency</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Canadian Dollars </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;152,742 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;48,448 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >US Dollars </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">3,767,053 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">4,744,825 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Turkish Lira </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>32,060 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>41,785 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Swedish Krona </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">9,300 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">6,824 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Other </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="17%"
    bgColor=#e6efff>2,565 </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="17%"
    bgColor=#e6efff>851 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;3,963,720 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;4,842,733 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>5. RESTRICTED CASH </B></P>
<P align=justify>At March 31, 2017, the Company classified $249,288 (December
31, 2016 - $359,172) as restricted cash. This amount is comprised of $191,928
(December 31, 2016 - $189,233) held as collateral for its corporate credit
cards, $Nil (December 31, 2016 - $65,706) held as a security deposit for the
Company&#146;s Haiti exploration program, and $57,360 (December 31, 2016 &#150; $104,233)
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.<B> </B></P>
<P align=center>Page 8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>6. PROPERTY AND EQUIPMENT </B></P>
<P align=justify>During the three months ended March 31, 2017 depreciation of
$2,447 (2016 - $11,116) has been included in exploration expenditures.</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>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Computer</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Field</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Office</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Vehicles</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Building</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Land</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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" align=left bgColor=#e6efff>As
      at December 31, 2016 and March 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;110,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;80,933 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>578,508 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</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;1,186,591 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff><B>Accumulated depreciation</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;As at 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="8%" bgColor=#e6efff>&nbsp;107,132 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;55,488 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;2,381 </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>549,886 </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;714,887 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff>&nbsp;&nbsp;&nbsp; Additions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>260 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>2,187 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>28,622 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>31,069 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;As at March 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;107,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;57,675 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>578,508 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </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;745,956 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><B>Net book value</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;As at December 31, 2016 </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;3,111 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;25,445 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>28,622 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;414,526 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;471,704 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#ffffff>&nbsp;As at March 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>&nbsp;2,851 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>&nbsp;23,258 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>&nbsp;414,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#ffffff>&nbsp;440,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD></TR></TABLE>
<P align=justify>During the three months ended March 31, 2016, the Company sold
certain foreign operations for a net loss of $33,205. Included in this loss was
property and equipment with a net book value of $19,612.</P>
<P align=justify><B>7. CONVERTIBLE NOTES RECEIVABLE </B></P>
<P align=justify>During the three months ended March 31, 2017, 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 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 is due 12 months from the date of the loan. The full
US$500,000 has been drawn, and the Company has advanced a further US$200,000 to
be added to the loan principal by subsequent amendment. At any time prior to the
maturity date, the Company has the right to convert all or any part of the
principal sum and accrued interest into membership Units at US$5.00 per Unit.
Each membership Unit consists of one Membership Interest and one warrant to
purchase one Membership Interest for US$7.00 during a period of 12 months from
the conversion date. </P>
<P align=justify>The notes receivable consists of two components: the note
receivable component and the equity conversion option. At initial recognition,
the fair value of the note receivable component was estimated at $860,840 using
the discounted cash flow model method at market rate. The note receivable
component is accreted over its expected term using the effective interest method
at an effective rate of approximately 18%. For the three months ended March 31,
2017, the Company recorded $1,763 of interest income, as well as a foreign
exchange loss of $1,268. The fair value of the equity conversion option was
estimated to be $74,451. </P>
<P align=justify><B>8. INVESTMENTS IN ASSOCIATED COMPANIES </B></P>
<P align=justify>The Company has a 39% (December 31, 2016 &#150; 39%) equity
investment in IGC. At March 31, 2017, including the conversion of previously
held convertible notes, the Company has invested an aggregate of US$8,967,010
towards its investment (December 31, 2016 - US$8,967,010). At March 31, 2017,
the Company&#146;s investment including dilution gain less its share of accumulated
equity losses was $4,802,206 (December 31, 2016 - $4,992,823). The Company&#146;s
share of the net loss for the period ended March 31, 2017 was $190,617 (2016 -
$197,600).</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=center>Page 9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>8. INVESTMENTS IN ASSOCIATED COMPANIES </B>(Continued)</P>
<P align=justify>As at March 31, 2017, associated companies&#146; aggregate assets,
aggregate liabilities and net loss for the three months ended 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"
    align=left><B>March 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%" ><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff >&nbsp;5,388,141
    </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="17%" >(2,083,468</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >(488,762</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="17%" >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 period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff >(190,617</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<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"
    align=left><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%" ><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" 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="17%" >(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="17%" bgColor=#e6efff >(3,216,120</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="17%" >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="17%"
    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><B>9. EXPLORATION AND EVALUATION ASSETS </B></P>
<P align=justify><B>Acquisition Costs </B></P>
<P align=justify>At March 31, 2017 and December 31, 2016, 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"
    align=left><B>Region</B> </TD>
    <TD width="30%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" ><B>Properties</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" ><B>March 31, 2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" ><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Asia Pacific </TD>
    <TD width="30%" align=left nowrap  bgColor=#e6efff>Various </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff >&nbsp;81,124 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff >&nbsp;81,124 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Sweden </TD>
    <TD width="30%" align=left nowrap >Various </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >16,671 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >16,671 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="30%" align=left nowrap  bgColor=#e6efff>Viad royalties</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >421,084 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >421,084 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Turkey </TD>
    <TD width="30%" align=left nowrap >Alankoy </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >153,960 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >153,960 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="30%" align=left nowrap  bgColor=#e6efff>Trab </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >78,587 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >78,587 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>United States </TD>
    <TD width="30%" align=left nowrap >Superior West, Arizona </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >895,379 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >1,000,479 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff>of
      America </TD>
    <TD width="30%" align=left nowrap
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Yerington, Nevada </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="17%"
    bgColor=#e6efff >393,095 </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="17%"
    bgColor=#e6efff >393,095 </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="30%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    >&nbsp;2,039,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    >&nbsp;2,145,000 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>During the three months ended March 31, 2017, the Company
received a $133,383 (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 $28,283 has been
included in exploration income as option payments. </P>
<P align=center>Page 10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)</P>
<P align=justify><B>Sweden </B></P>
<P align=justify>On February 14, 2017, the Company completed an agreement to
sell certain certain wholly owned subsidiaries in Sweden previously announced in
November 2016 with Boreal Metals Corp. (&#147;BMC&#148;), a British Columbia corporation.
Pursuant to the agreement BMC acquired 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 and agreed to reimburse SEK
550,000 ($81,996) to the Company for license fees related to the Adak license.
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>
<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>
<P align=justify>Pursuant to the sale, the Company valued the BMC shares
received at $0.05 per share or $85,670, paid a US$12,000 ($15,862) finders fee,
and recorded a net gain on the sale of $165,834. The shares of BMC were valued
at the price at which BMC has financed operations to date, as well as finaning
closed subsequent to the purchase.</P>
<P align=justify><B>United States </B></P>
<P align=justify>Through its wholly owned subsidiary Bronco Creek Exploration
(&#147;BCE&#148;), the Company entered into an Option Agreement 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>
<P align=justify>Certain annual advance minimum royalty payments and certain
milestone payments are required after exercise of the option. </P>
<P align=justify><B>Turkey </B></P>
<P align=justify>Pursuant to a sale agreement entered into in the year ended
December 31, 2016 for the Akarca property in Turkey, the Company is scheduled 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. During the 3 months ended March 31, 2017 the Company received the first
payment of 500 ounces as a cash payment of US $601,825 ($804,219) which has been
credited against accounts receivables. </P>
<P align=justify>Receipt of the initial 500 ounce payment leaves a total of
6,500 ounces of gold to be paid to EMX. </P>
<P align=center>Page 11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>9. </B><B>EXPLORATION</B><B> AND </B><B>EVALUATION</B><B>
ASSETS </B>(Continued)</P>
<P align=justify><B>Exploration</B><B> </B><B>Expenditures</B><B> </B></P>
<P align=justify>During the three months ended March 31, 2017, 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 2px solid; BORDER-LEFT: #000000 1px solid"
    align=center>&nbsp; </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD colspan="4"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"> <B>USA</B>  </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD colspan="3"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"> <B>Asia Pacific</B>  </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center>&nbsp; </TD>
    <TD width="8%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Scandinavia</B> </TD>
    <TD width="8%" align=center nowrap><B>Kennecott</B> </TD>
    <TD width="8%" align=center nowrap><B>Anglo</B> </TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="8%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="8%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Turkey</B> </TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="8%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="8%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Other</B> </TD>
    <TD width="8%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; &nbsp; &nbsp;<B>Total</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>&nbsp; </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Exploration</B> </TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>American</B> </TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Other USA</B> </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp;<B>Total</B> </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>New Zealand</B> </TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Other</B> </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Administration Cost </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>$ 16,884 </TD>
    <TD align=right width="8%" bgColor=#e6efff>$ 62 </TD>
    <TD align=right width="8%" bgColor=#e6efff>$ 107 </TD>
    <TD align=right width="8%" bgColor=#e6efff>$ 46,670 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>$ 46,839 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>$ 20,111 </TD>
    <TD align=right width="8%" bgColor=#e6efff>$ 275 </TD>
    <TD align=right width="8%" bgColor=#e6efff>$ 1,996 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>$ 2,271 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>$ 17,428 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>$ 103,533 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Assays </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD align=right width="8%">7,879 </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">66 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">7,945 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">7,945 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Drilling / Trenching </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>6,440 </TD>
    <TD align=right width="8%" bgColor=#e6efff>377 </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>377 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>6,817 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Land and Legal </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">31,562 </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">44,486 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">44,486 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">5,016 </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">2,839 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">2,839 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">1,845 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">85,748 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Logistics </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>694 </TD>
    <TD align=right width="8%" bgColor=#e6efff>7,721 </TD>
    <TD align=right width="8%" bgColor=#e6efff>3,367 </TD>
    <TD align=right width="8%" bgColor=#e6efff>44,486 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>55,574 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>580 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>580 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>56,848 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Personnel </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">139,939 </TD>
    <TD align=right width="8%">28,199 </TD>
    <TD align=right width="8%">3,819 </TD>
    <TD align=right width="8%">360,806 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">392,824 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">31,244 </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">20,902 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">20,902 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">6,178 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">591,087 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Property Cost </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>237,403 </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>13,517 </TD>
    <TD align=right width="8%" bgColor=#e6efff>63,872 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>77,389 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>15,655 </TD>
    <TD align=right width="8%" bgColor=#e6efff>3,965 </TD>
    <TD align=right width="8%" bgColor=#e6efff>4,195 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>8,160 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>338,607 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Professional Services </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">17,397 </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">1,946 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">1,946 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">10,246 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">10,246 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">29,589 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Technical Studies </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>1,808 </TD>
    <TD align=right width="8%" bgColor=#e6efff>1,324 </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>106 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>1,430 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>11,803 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>15,041 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Travel </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">16,262 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">749</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">30,632    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">31,381 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">2,417 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">1,368    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">1,368 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;889 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">52,317 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>Total Expenditures </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>468,389 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>46,311 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>20,810 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>593,070 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>660,191 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>74,443 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>4,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>42,126 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>46,366 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>38,143 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>1,287,532 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Recoveries </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">(8,103) </TD>
    <TD align=right width="8%">(51,608) </TD>
    <TD align=right width="8%">(22,305) </TD>
    <TD align=right width="8%">(784) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">(74,697) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">(21,759) </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">(6,045) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">(6,045) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">(110,604) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Operator fees </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>(5,640) </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>(5,640) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>(5,640) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Option Payments </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD align=right width="8%">(28,283) </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">(28,283) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD align=right width="8%">- </TD>
    <TD align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%">(28,283) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>Other Property Income </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(2,131) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(728) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>(2,859) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(1,259) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>(1,259) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff>(4,118) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Total Recoveries </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">(8,103) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">(87,662) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">(23,033) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">(784)    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">(111,479) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">(21,759) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">(1,259) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">(6,045) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">(7,304) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%">(148,645) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#e6efff>Net Expenditures </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="8%" bgColor=#e6efff>$ 460,286 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>$ (41,351) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>$ (2,223) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>$ 592,286 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="8%" bgColor=#e6efff>$ 548,712 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="8%" bgColor=#e6efff>$ 52,684 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>$ 2,981 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>$ 36,081 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="8%" bgColor=#e6efff>$ 39,062 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="8%" bgColor=#e6efff>$ 38,143 </TD>
<TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="8%" bgColor=#e6efff>$ 1,138,887 </TD></TR></TABLE>
<P align=center>Page 12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>9. </B><B>EXPLORATION</B><B> AND </B><B>EVALUATION</B><B>
ASSETS </B>(Continued)</P>
<P align=justify><B>Exploration</B><B> </B><B>Expenditures</B><B>
</B>(continued) </P>
<P align=justify>During the three months ended March 31, 2016, the Company
incurred the following exploration expenditures by projects, which were expensed
as incurred: </P>
<DIV>
<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 2px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD width="7%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD colspan="3"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid"> <B>USA</B>  </TD>
    <TD colspan="3"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid"> <B>Turkey</B>  </TD>
    <TD colspan="3"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid"> <B>Asia Pacific</B>  </TD>
    <TD width="7%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD width="7%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Scandinavia</B> </TD>
    <TD width="7%" align=center nowrap><B>Kennecott</B> </TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="7%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="7%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="7%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="7%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="7%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Other</B> </TD>
    <TD width="8%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" >&nbsp; &nbsp; &nbsp;<B>Total</B>  </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD width="7%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Exploration</B> </TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Other USA</B> </TD>
    <TD width="7%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Akarca</B> </TD>
    <TD width="7%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Other</B> </TD>
    <TD width="7%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>New Zealand</B> </TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Other</B> </TD>
    <TD width="7%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD width="7%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="8%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Administration Cost </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>$ 3,323 </TD>
    <TD align=right width="7%" bgColor=#e6efff>$ 26 </TD>
    <TD align=right width="7%" bgColor=#e6efff>$ 32,902 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>$ 32,928 </TD>
    <TD align=right width="7%" bgColor=#e6efff>$ 2,847 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>$ 9,716 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>$ 12,563 </TD>
    <TD align=right width="7%" bgColor=#e6efff>$ 396 </TD>
    <TD align=right width="7%" bgColor=#e6efff>$ 79 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>$ 475 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>$ 24,198 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff >$ 73,487 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Drilling / Trenching </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">2,530 </TD>
    <TD align=right width="7%">- </TD>
    <TD align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD align=right width="7%">- </TD>
    <TD align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" >2,530 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Land and Legal </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>10,703 </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>24,228 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>24,228 </TD>
    <TD align=right width="7%" bgColor=#e6efff>8,537 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>44,368 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>52,905 </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>1,554 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>1,554 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>4,695 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff >94,085 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Logistics </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">2,084 </TD>
    <TD align=right width="7%">155 </TD>
    <TD align=right width="7%">16,431 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">16,586 </TD>
    <TD align=right width="7%">5,657 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">7,437 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">13,094 </TD>
    <TD align=right width="7%">- </TD>
    <TD align=right width="7%">573 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">573 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">5,004 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" >37,341 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Personnel </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>55,293 </TD>
    <TD align=right width="7%" bgColor=#e6efff>29,448 </TD>
    <TD align=right width="7%" bgColor=#e6efff>309,394 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>338,842 </TD>
    <TD align=right width="7%" bgColor=#e6efff>50,682 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>137,533 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>188,215 </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>11,502 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>11,502 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>49,893 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff >643,745 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Property Cost </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">37,886 </TD>
    <TD align=right width="7%">- </TD>
    <TD align=right width="7%">4,092 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">4,092 </TD>
    <TD align=right width="7%">88,645 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">43,063 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">131,708 </TD>
    <TD align=right width="7%">7,612 </TD>
    <TD align=right width="7%">13,022 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">20,634 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" >194,320 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Professional Services </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>24,936 </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>3,945 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>3,945 </TD>
    <TD align=right width="7%" bgColor=#e6efff>6,894 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>15,439 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>22,333 </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>1,738 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>1,738 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>10,352 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff >63,304 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Technical Studies </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">56,827 </TD>
    <TD align=right width="7%">27,498 </TD>
    <TD align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">27,498 </TD>
    <TD align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">266 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">266 </TD>
    <TD align=right width="7%">- </TD>
    <TD align=right width="7%">372 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">372 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">9,152 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" >94,115 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>Travel </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>19,861 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>35,035 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>35,035 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>6,980 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>17,799 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>24,779 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>2,140 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>2,140 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>5,945 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff >87,760 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Total Expenditures </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">213,443 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%">57,127    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%">426,027 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">483,154 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%">170,242 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">275,621 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">445,863 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%">8,008    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%">30,980    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">38,988 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">109,239 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" >1,290,687 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Recoveries </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>(52,361) </TD>
    <TD align=right width="7%" bgColor=#e6efff>(11,424) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(63,785) </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(35,596) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(35,596) </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>(5,011) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(5,011) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff >(104,392) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Operator fees </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD align=right width="7%">(5,236) </TD>
    <TD align=right width="7%">(1,142) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">(6,378) </TD>
    <TD align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD align=right width="7%">- </TD>
    <TD align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" >(6,378) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left bgColor=#e6efff>Option Payments </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(55,000) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(55,000) </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD align=right width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff >(55,000) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Other Property Income </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%">(27,462) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">(27,462) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" >(27,462) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>Total Recoveries </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>(57,597) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>(40,028) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(97,625) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(90,596) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(90,596) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff>(5,011) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>(5,011) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="7%" bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%" bgColor=#e6efff >(193,232) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>Net Expenditures </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="7%">$ 213,443 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%">$
      (470) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%">$
      385,999 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="7%">$ 385,529 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%">$
      170,242 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="7%">$ 185,025 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="7%">$ 355,267 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%">$
      8,008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="7%">$
      25,969 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="7%">$ 33,977 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="7%">$ 109,239 </TD>
  <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="8%" >$ 1,097,455</TD></TR></TABLE>
</DIV>
<P align=center>Page 13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>10. ROYALTY INTEREST</B> </P>
<P align=justify>Changes in royalty interest for the three months ended March
31, 2017: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, December 31, 2016 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;25,831,152 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(383,134</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Cumulative translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(208,281</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, March 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;25,239,737 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<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 three months ended March 31, 2017, $445,343 (2016 -
$390,738) 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. For the three months ended March 31, 2017 and 2016, these
assumptions remained reasonable and no revisions were considered necessary.</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"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Australia - various properties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;71,312 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>67,694 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Sweden - various properties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">8,043 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">8,043 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Turkey - various properties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>26,148 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>26,362 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>U.S.A - various
      properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">533,009 </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="17%">537,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;638,512 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>639,427 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>Page 14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </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>Changes in goodwill for the three months ended March 31, 2017:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, December 31, 2016 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;4,753,324 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Impairment charge </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >(71,732</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Cumulative translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    >(38,848</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, March 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;4,642,744 </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 $71,732 (2016 - $341,760) of the related
deferred income tax liability. </P>
<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"
    align=left >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD 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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;292,575 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;341,361 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;292,575 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;341,361 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>14. CAPITAL STOCK </B></P>
<P align=justify><B>Authorized</B></P>
<P align=justify>As at March 31, 2017, 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 three months ended March 31, 2017, the Company: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Issued 75,000 (2016 &#150; Nil) shares valued at $45,545 (2016 - $Nil) pursuant
  to the exercise of stock options. </P>
  <LI>
  <P>Issued Nil (2016 &#150; 250,000) shares valued at $Nil (2016 - $145,000)
  pursuant to a purchase agreement for the Maggie Creek and Afgan royalties.
</P>
  <LI>
  <P>Recorded as a commitment to issue shares, $6,111,658 (2016 - $Nil) related
  to funds received for a private placement closed subsequent to the three
  months ended March 31, 2017 (Note 19). </P></LI></UL>
<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=center>Page 15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>14. CAPITAL STOCK </B>(Continued)</P>
<P align=justify>During the three months ended March 31, 2017, 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" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="17%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="17%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Weighted Average</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Number</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Exercise Price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Balance as at December 31,
      2016 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>4,811,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;1.24 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Options exercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(75,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">1.14
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Balance as at March 31, 2017 </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="17%"
    bgColor=#e6efff>4,736,500 </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="17%"
    bgColor=#e6efff>1.08 </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="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Number of options exercisable as at March 31, 2017 </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="17%"
    bgColor=#e6efff>4,736,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;1.08 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The following table summarizes information about the stock
options which were outstanding and exercisable at March 31, 2017: </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 ><B>Date Granted</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="16%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Number of Options</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="16%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Exercisable</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="16%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Exercise Price $</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="16%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Expiry Date</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >July 5, 2012 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>50,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>50,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>1.96 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>July 5, 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >August 22, 2012 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">851,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">851,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">1.94 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">August 22, 2017 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >October 16, 2012 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>60,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>60,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>2.44 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>October 16, 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >April 25, 2014 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">1,290,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">1,290,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">1.20 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">April 25, 2019 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >June 26, 2014 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>17,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>17,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>0.88 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>June 26, 2019 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >December 22, 2014 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">60,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">60,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">0.87 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">December 22, 2019 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >June 8, 2015 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>1,167,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>1,167,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>0.66 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>June 8, 2020 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >October 18, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="16%">1,239,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="16%">1,239,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="16%">0.66
    </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="16%">October 18, 2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="16%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="16%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="16%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="16%" bgColor=#e6efff>&nbsp; </TD>
    <TD 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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="16%">4,736,500 </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="16%">4,736,500 </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=left width="16%">&nbsp;
    </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=left width="16%">&nbsp;
    </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The weighted average remaining useful life of stock options is
2.64 (2016 &#150; 2.58) years. </P>
<P align=justify><B>Share-based Payments </B></P>
<P align=justify>During the three months ended March 31, 2017, the Company
recorded aggregate share-based payments of $Nil (2016 - $13,731) 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 for the three months ended March 31, 2016 were 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" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>General and</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="15%" align=right nowrap><B>Administrative</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="15%" align=right nowrap><B>Exploration</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="15%" align=left nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Three months ended March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Expenses</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Expenditures</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Commitment to issue shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;13,731 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;- </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;13,731 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">&nbsp;13,731 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">&nbsp;13,731 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>Page 16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>15. 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" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the three months ended March 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Salary or Fees</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Management </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;197,517 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;197,517 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Outside directors * </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">37,854 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">37,854 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>89,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>89,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">&nbsp;324,771 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">&nbsp;324,771 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the three months ended March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Salary or Fees</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Management </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;207,012 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;207,012 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Outside directors * </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">38,236 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">38,236 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>89,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>89,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">&nbsp;334,648 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">&nbsp;334,648 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>* Directors fees include US$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 accounts payable and accrued liabilities at March
31, 2017 is $437 (December 31, 2016 - $5,913) owed to key management personnel
and $24,868 (Decemer 31, 2016 - $17,559) to other related parties. </P>
<P align=justify><B>16. SEGMENTED INFORMATION</B> </P>
<P align=justify>The Company operates within the resource industry. At March 31,
2017 and December 31, 2016 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"
    align=left ><B>EXPLORATION AND EVALUATION ASSETS</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Asia Pacific </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;81,124 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;81,124 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Sweden </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">437,755 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">437,755 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Turkey </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>232,547 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>232,547 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >U.S.A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">1,288,474 </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="17%">1,393,574 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;2,039,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;2,145,000 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left ><B>PROPERTY AND EQUIPMENT</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>March 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Asia Pacific </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;8,376 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;8,376 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Sweden </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">2,851 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">3,110 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Turkey </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>1,091 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>1,091 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >U.S.A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">428,317 </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="17%">459,127 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;440,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;471,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The Company&#146;s royalty interest, goodwill, deferred income tax
liability and royalty income and depletion form a cash generating unit located
in the U.S.A, except $200,000 in a royalty interest held in Serbia. </P>
<P align=center>Page 17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>17. 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 March 31, 2017, the Company had working capital of
$10,549,119 (December 31, 2016 - $6,002,318). 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>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>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>
  <LI>
  <P>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>
  <LI>
  <P>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></LI></UL>
<P align=justify>As at March 31, 2017, there were no changes in the levels in
comparison to December 31, 2016. 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"
    align=left><B>Assets</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Level 1</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Level 2</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Level 3</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;8,154,167 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;8,154,167 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">249,288 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">249,288 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Fair value through profit or loss
      investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>705,377 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>705,377 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Strategic investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">163,691 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">163,691 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,557,609 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,557,609 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Non-current
      accounts receivable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">1,406,111 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">1,406,111 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;9,272,523 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,963,720 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;13,236,243 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" 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 certain Turkish subsidiaries in the year ended December
31, 2016), 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 certain Turkish subsidiaries in the year ended December
31, 2016 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=center>Page 18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>17. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</B>
(Continued) </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 March 31, 2017<B> </B>portfolio values,
a 10% increase or decrease in effective market values would increase or decrease
net shareholders&#146; equity by approximately $87,000. </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>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, convertible notes receivable, and accounts payable and accrued
liabilities to foreign exchange risk as at March 31, 2017 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"
    align=left><B>Accounts</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>US dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;5,762,062 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,682,541 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Convertible notes receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>935,766 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(317,211</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(219,514</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net exposure </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">9,843,644 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Canadian dollar equivalent </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;13,119,904 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&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=center>Page 19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>17. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</B>
(Continued) </P>
<P align=justify>Based on the above net exposure as at March 31, 2017, 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 $1,312,000 in the Company&#146;s pre-tax profit or
loss. </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>18. 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"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;7,895,033 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>3,132,480 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Short-term
      deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">259,134 </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="17%">67,206 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right 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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;8,154,167 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;3,199,686 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The significant non-cash investing and financing transactions
during the three months ended March 31, 2017 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 $49,107 related to the fair value adjustments on AFS financial
      instruments;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for $188,545
      related to cumulative translation adjustments (&#147;CTA&#148;), of which $208,281
      relates to CTA loss on royalty interest, $38,848 relates to CTA loss on
      goodwill, $67,560 relates to a CTA gain on deferred tax liability and
      $8,976 relates to CTA loss in the net assets of a subsidiary with a
      functional currency different from the presentation currency;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Recorded a $73,451 charge to convertible loan and related
      increase in investments through profit and loss for the conversion feature
      on convertible debt (Note 7),</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>Reclass of reserves on exercise of options for
    $45,545</P></TD></TR></TABLE>
<P align=justify>The significant non-cash investing and financing transactions
during the three months ended March 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 $52,857 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 vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Issuance of 250,000 valued at $145,000 pursuant to the
      acquisition of the Maggie Creek and Aghan royalties (Note 10);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for
      $1,679,053 related to cumulative translation adjustments (&#147;CTA&#148;), of which
      $1,865,477 relates to a CTA loss on a royalty interest, $410,198 relates
      to a CTA loss on goodwill, $608,763 relates to a CTA gain on a deferred
      tax liability and $12,141 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><B>19. EVENT AFTER THE REPORTING DATE </B></P>
<P align=justify>Subsequent to the period ended March 31, 2017 </P>
<P align=justify>Completed a non-brokered private placement financing, raising
$7,000,000 (of which $6,111,658 was received during the three months ended March
31, 2017) by the issuance of 5,000,000 units (the &#147;Units&#148;) at a price of $1.40
per Unit. Each Unit was comprised of one common share and one-half of one
non-transferable common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common
share for $2.00 until April 12, 2019.</P>
<P align=center>Page 20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></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 CONDENSED CONSOLIDATED INTERIM 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 Three
      Months Ended March 31, 2017 </TD>
  </TR>
</TABLE>
<P align=justify><B>19. EVENT AFTER THE REPORTING DATE </B>(Continued)</P>
<P align=justify>Finders' fees were paid on a portion of the private placement.
The finders' fees consisted of 246,604 Units (6% of the Units sold to investors
introduced by finders).</P>
<P align=center>Page 21 </P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Eurasian Minerals Inc. - Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">

<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><IMG src="logo.jpg" border=0> <BR>
</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B>EURASIAN MINERALS INC. </B></P>
<P align=center><B>MANAGEMENT&#146;S DISCUSSION AND</B><B> ANALYSIS
</B><BR><B>QUARTER ENDED MARCH 31, 2017 </B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B>GENERAL </B></P>
<P align=justify>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) for
Eurasian Minerals Inc. (the &#147;Company&#148;, &#147;EMX&#148; or &#147;Eurasian&#148;) has been prepared
based on information known to management as of May 10, 2017.</P>
<P align=justify>This MD&amp;A is intended to help the reader understand the
consolidated financial statements and should be read in conjunction with the
condensed consolidated financial statements of the Company for the three months
ended March 31, 2017 prepared in accordance with International Financial
Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards
Board (&#147;IASB&#148;). All dollar amounts included therein and in the following
MD&amp;A are in Canadian dollars except where noted.</P>
<P align=justify><B>FORWARD-LOOKING INFORMATION </B></P>
<P align=justify>This MD&amp;A may contain &#147;forward-looking statements&#148; that
reflect the Company&#146;s current expectations and projections about its future
results. When used in this MD&amp;A, words such as &#147;estimate&#148;, &#147;intend&#148;,
&#147;expect&#148;, &#147;anticipate&#148; and similar expressions are intended to identify
forward-looking statements, which, by their very nature, are not guarantees of
the </P>
<P align=justify>Company&#146;s future operational or financial performance, and are
subject to risks and uncertainties and other factors that could cause Eurasian&#146;s
actual results, performance, prospects or opportunities to differ materially
from those expressed in, or implied by, these forward-looking statements. These
risks, uncertainties and factors may include, but are not limited to:
unavailability of financing, failure to identify commercially viable mineral
reserves, fluctuations in the market valuation for commodities, difficulties in
obtaining required approvals for the development of a mineral project, increased
regulatory compliance costs and other factors. </P>
<P align=justify>Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this MD&amp;A or
as of the date otherwise specifically indicated herein. Due to risks and
uncertainties, including the risks and uncertainties identified above and
elsewhere in this MD&amp;A, actual events may differ materially from current
expectations. More information about the Company including its recent financial
reports is available on SEDAR at <U><FONT
color=#0000ff>www.sedar.com</FONT></U>. The Company&#146;s Annual Report on
Form 20-F, including the recent financial reports, is available on SEC&#146;s EDGAR
website at <U><FONT color=#0000ff>www.sec.gov </FONT></U>and on the Company&#146;s
website at <U><FONT color=#0000ff>www.EurasianMinerals.com.</FONT></U></P>
<P align=justify><B>Cautionary Note to Investors Concerning Estimates of
Indicated and Inferred Resources </B></P>
<P align=justify>The MD&amp;A may use the terms &#147;Inferred&#148; and &#147;Indicated&#148;
resources. Eurasian advises investors that although these terms are recognized
and required by Canadian regulations under National Instrument 43-101 (&#147;NI
43-101&#148;), the U.S. Securities and Exchange Commission (&#147;SEC&#148;) does not recognize
these terms. Investors are cautioned that &#147;inferred resources&#148; have a great
amount of uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. Under Canadian rules, estimates of inferred
mineral resources may not be converted to a mineral reserve or form the basis of
feasibility or prefeasibility studies. Investors are cautioned not to assume
that part or all of an inferred resource exists, or is economically or legally
mineable. Investors are further cautioned not to assume that any part or all of
an indicated mineral resource will be converted into reserves. </P>
<P align=justify><B>COMPANY OVERVIEW </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 generates and acquires
new exploration projects and fosters partnerships with other companies to
advance those assets. The ultimate goal is to convert EMX&#146;s exploration projects
into retained royalty interests. As a key component of its partnership
agreements, EMX receives annual advance royalty and other cash or share payments
prior to commercial production, and royalty payments thereafter. As projects
advance with partner funding, Eurasian continues to provide technical assistance
to help build additional value. </P>
<P align=justify>By optioning interests in its exploration projects to third
parties for a retained royalty interest, Eurasian:</P>
<P align=center>Page 2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></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 >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>reduces its exposure to the costs and risks associated
      with mineral exploration and project development, </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>maintains the opportunity to participate in early-stage
      exploration upside, and </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>develops a pipeline of potential production royalty
      payments and associated "brownfields" discoveries in the future.
  </P></TD></TR></TABLE>
<P align=justify>The royalty and prospect generation approach helps preserve the
Company&#146;s treasury, which then can be utilized for additional project and
royalty acquisitions as well as other business objectives. The prudent
acquisition of existing royalties purchased from third parties augments EMX's
growing portfolio of organically-generated royalty interests. In addition,
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, with exit strategies that can
include royalty positions or equity sales.</P>
<P align=justify><B>HIGHLIGHTS FOR Q1 AND SUBSEQUENT: </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The Company received approximately $445,000 (US$336,000) in gross revenue
  from the Leeville royalty property (&#147;Leeville") that covers portions of
  Newmont Mining Corporation's (&#147;Newmont&#148;) underground mining operations on the
  Northern Carlin Trend in Nevada. This included US$293,000 earned in January,
  February, and March 2017, and US$43,000 from the settlement of royalty
  provisions in prior periods. </P>
  <LI>
  <P>For the three months ended March 31, 2017, the Company recorded a loss from
  operations of $1,937,569. Gross exploration expenditures totaled $1,287,532 of
  which $148,645 was recovered from partners. </P>
  <LI>
  <P>EMX received a US $601,825 payment, the cash equivalent of 500 troy ounces
  of gold, from &#199;iftay Insaat Taahh&#252;t ve Ticaret A.S., as the first staged
  pre-production payment for the Akarca royalty project. Receipt of this initial
  payment leaves a total of 6,500 ounces of gold (or cash equivalent) to be paid
  to EMX on a schedule of every six months. </P>
  <LI>
  <P>EMX optioned the Copper Springs project in Arizona to Anglo American
  Exploration (USA), Inc. for cash payments, work commitments, and a retained
  NSR royalty interest. </P>
  <LI>
  <P>EMX closed the sale of four exploration projects in Sweden and Norway to
  Boreal Metals Corp. ("BMC), a British Columbia corporation, for a retained 3%
  NSR royalty and a 19.9% equity interest in BMC. </P>
  <LI>
  <P>EMX is a strategic investor in IG Copper LLC (&#147;IGC&#148;), a privately held
  company that is in a joint venture with Freeport McMoRan Exploration
  Corporation ("Freeport") on the Malmyzh copper-gold porphyry project in Far
  East Russia (51% IGC, 49% Freeport). In Q1, EMX announced results from the
  2016 Fall-Winter drill program, which included the longest copper-gold
  mineralized interval drilled to date, reported as 747.4 meters (108.7-856.1 m)
  averaging 0.49% copper equivalent (0.41% copper and 0.17 g/t gold) from hole
  AMM-213 (true width unknown). </P>
  <LI>
  <P>At EMX's Timok Project copper-gold royalty property, which covers the
  Cukaru Peki deposit, Nevsun Resources Ltd. ("Nevsun") outlined their 2017
  plans for the Timok Upper Zone Copper-Gold Project, summarized as: a) deliver
  a pre-feasibility study in September 2017, with an initial reserve, b) obtain
  necessary permits and begin decline development in Q4 2017, and c) rapidly
  advance the overall project to production in 2021. </P>
  <LI>
  <P>EMX has evolved as a company over the years, growing its mineral property
  portfolio to span five continents and focusing on royalty growth. As a result,
  the Company has decided to change its name to "EMX Royalty Corporation" to
  better reflect the nature of its business. The change is subject to approval
  of the TSX Venture Exchange and NYSE MKT. </P>
  <LI>
  <P>In April, EMX completed a non-brokered private placement financing, raising
  $7,000,000 by the issuance of 5,000,000 units (the &#147;Units&#148;) at a price of
  $1.40 per Unit. Each Unit was comprised of one common share and one- half of
  one non-transferable common share purchase warrant. </P></LI></UL>
<P align=center>Page 3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B>OUTLOOK </B></P>
<P align=justify>Eurasian Minerals has been generating exploration projects for
over thirteen years, and is focused on entering into agreements to convert those
assets into royalty interests, as well as directly acquiring new royalty
properties. Over time, EMX has built a portfolio of precious metals, base
metals, polymetallic, and other mineral property 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 are
progressed. Eurasian supplements mineral property revenue streams and value
creation by leveraging its technical expertise to make strategic investments in
other companies or projects that could potentially provide shareholders with
additional upside. </P>
<P align=justify>As 2017 progresses, Eurasian continues to take steps to
increase revenue and stream-line operations in order to deploy additional
capital towards identifying new opportunities. The Leeville royalty stream is
complemented by other steadily increasing sources of revenue, including advance
royalty payments and other cash payments from existing agreements, as projects
continue to be advanced by partner companies.</P>
<P align=justify>Improving market conditions have led to renewed interest in
mineral exploration projects around the world, which is reflected by increasing
third party interest and accelerating deal flow for EMX's exploration projects.
The Company expects this trend to continue and is aggressively seeking
opportunities and generating new exploration projects. Emphasis is being placed
on areas where EMX has existing operations in stable political jurisdictions,
such as North America and Scandinavia. In doing so, EMX is capitalizing on a
variety of exploration concepts that were generated during the recent market
downturn, but have not been acted upon previously.</P>
<P align=justify>As proceeds from royalties, advance royalties and other cash
payments increase over time, EMX is steadily increasing global revenue streams
to balance overall company-wide expenditures. The goal is to sustain the
Company's exploration and acquisition activities with royalty cash flows, while
developing a growing pipeline of quality mineral properties that provide
multiple opportunities for exploration and production success. </P>
<P align=justify><B>ROYALTY OVERVIEW </B></P>
<P align=justify>A key EMX asset is the Leeville royalty property that covers
portions of Newmont&#146;s Northern Carlin Trend underground gold mining operations.
The Leeville 1% gross smelter return ("GSR") royalty earned approximately
US$336,000 during the three months ending March 31, 2017 including approximately
US$43,000 from the settlement of provisions in prior periods. The royalty
totaled 241 troy ounces of gold that were principally sourced from the Leeville
(64%) and Turf operations (36%). The Q1 Leeville royalty performance is on par
with Q1 of 2016 with respect to revenue (+2%) and attributable gold ounce
production (-2%). In addition to the currently producing operations, Newmont has
delineated a trend of sediment-hosted gold mineralization that extends southeast
from the Leeville mining complex. EMX's Leeville royalty property covers
portions of this trend that includes 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 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 key royalty property interests elsewhere in the western U.S., as
well as in Turkey, Serbia, Haiti, and Scandinavia, including: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The Balya lead-zinc-silver royalty property in Turkey, which continued to
  undergo small scale underground development in Q1. Also in Turkey, the Akarca
  and Sisorta exploration projects have been converted to EMX royalty
  properties. </P>
  <LI>
  <P>In Scandinavia, Eurasian concluded the sale of four exploration properties
  in Q1 to Boreal Metals Corp. for a 3% NSR royalty, an equity interest in BMC,
  and other considerations. In addition to the BMC royalty properties, EMX's
  Viscaria copper royalty property is being advanced by Avalon Minerals Ltd.
  (&#147;Avalon&#148;). </P>
  <LI>
  <P>EMX&#146;s portfolio in Serbia represents a combination of organically generated
  royalties and a key royalty purchase that covers the Timok Project's Cukaru
  Peki copper-gold deposit. Cukaru Peki's high grade massive sulfide Upper Zone
  is being advanced to production by Nevsun. </P></LI></UL>
<P align=center>Page 4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<UL style="TEXT-ALIGN: justify">
  <LI>All of EMX's interests in Haiti have been converted into 0.5% NSR
  royalties, with the sale of joint venture interests to Newmont in 2015 and the
  2016 sale of the Grand Bois property to a privately held Nevada corporation.
  </LI></UL>
<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 an EMX royalty option. Many of these properties also provide advance
minimum royalty ("AMR") or advance annual royalty ("AAR") payments that generate
an early revenue stream to EMX&#146;s benefit prior to production. Additional details
on Eurasian&#146;s property portfolio are included in the following sections. </P>
<P align=justify><B><I>NORTH AMERICA</I></B></P>
<P align=justify>Eurasian&#146;s portfolio in North America totals 35 exploration and
royalty properties covering more than 34,000 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
includes eight royalty properties, including the producing Leeville royalty (see
above section), and 27 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 work focused on a) business development and
executing new agreements for available projects, b) generative exploration and
new project acquisitions, and c) advancing partner funded projects. A summary of
Q1 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 >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>Eurasian executed an Option Agreement for the Copper
      Springs porphyry copper project in Arizona with Anglo American Exploration
      (USA), Inc. ("Anglo American") (See EMX news releases dated February 28,
      2017). 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. Anglo American and EMX are advancing
      permitting for a property-wide aeromagnetic geophysical survey in Q2 and
      an initial drill test in Q3. </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>EMX has an Exploration and Option to Purchase Agreement
      with Kennecott Exploration Company ("Kennecott") for the Copper King
      project in Arizona (See EMX news releases dated October 19, 2016).
      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 which is not
      capped or purchasable. After exercise of the option, annual AMR and
      milestone payments will be payable to Eurasian. During Q1, EMX carried out
      additional geologic mapping and rockchip and soil geochemical sampling, as
      well as submitting a Plan of Operations for permitting a geophysical
      survey and a follow-up drill program. </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </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 (see EMX
      news release dated May 4, 2015). In Q1, EMX further consolidated the
      project's land position, identified priority porphyry targets, and
      continued with property- wide permitting for follow-up drill programs.
    </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </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 Mining Inc.
      ("Arizona Mining") whereby Arizona Mining 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 advance
      royalty payments (see EMX news release dated November 24, 2015). During
      Q1, Arizona Mining conducted ongoing drill programs and identified a new
      mineralized zinc-lead-silver sulfide zone termed the "Taylor Deeps" at the
      Hermosa project's Taylor deposit (see Arizona Mining news release dated
      February 9, 2017), which borders the Hardshell skarn claim block. To date,
      the "tails" of three angle holes have crossed onto the EMX property along
      its northern border and intercepted mineralization. EMX has requested the
      drill data from Arizona Mining from within the EMX property position.
    </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </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 additional open ground through staking
and application for state exploration permits in key Arizona mining districts
during Q1. </P></TD></TR></TABLE>
<P align=center>Page 5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify>Eurasian is in ongoing discussions with potential partners for
the available North American properties, as well as for regional exploration
alliances. </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>TURKEY </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. Six of the seven EMX projects in Turkey are now being
advanced by partner companies. 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=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. Exploration programs at Akarca, principally funded by partners, have
included 300 core and reverse circulation holes totaling ~32,800 meters of
drilling, environmental studies, geologic mapping, geochemical sampling, and
geophysical surveys.</P>
<P align=justify>EMX sold AES Madencilik A.S., the wholly-owned EMX subsidiary
that controls the Akarca project, to &#199;iftay Insaat Taahh&#252;t ve Ticaret A.S..
("&#199;iftay"), a privately owned Turkish company in Q3, 2016 (see EMX news release
dated August 8, 2016). As part of the sale of Akarca to &#199;iftay, in addition to
receiving a US $2 million cash payment at closing, EMX is scheduled 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.
The first payment to EMX of US$601,825, the cash equivalent of 500 troy ounces
of gold, was received on February 1, 2017. Receipt of the initial 500 ounce
payment leaves a total of 6,500 ounces of gold to be paid to EMX.</P>
<P align=justify>Additional terms of the Akarca sale include a sliding scale
royalty for gold production (subject to certain deductions): 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. For all
other mineral production other than gold, the royalty rate is 3.0% . As well,
certain bonuses will also be paid upon achievement of production milestones, and
&#199;iftay must conduct drilling programs of at least 3,000 meters on the property
during each 12-month period commencing on August 5, 2016.</P>
<P align=justify>&#199;iftay informed EMX that it completed an initial 49 hole
diamond drill program comprising 6,032 meters in Q4, 2016. &#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 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 ("Bahar"), a privately owned Turkish company (see EMX news
release dated August 3, 2016). The terms of the sale provide for Bahar's
payments to EMX summarized as a) US$250,000 cash paid upon closing of the sale,
b) 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, and
c) 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) that is uncapped and cannot be bought out or reduced. The Advance Cash
Payments will be credited at a rate of 80% against the NSR Payment payable after
commercial production commences. </P>
<P align=center>Page 6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify>Bahar advised EMX that it concluded an initial 20 hole diamond
drill program comprising 1,748 meters in Q4 2016, and initiated an Environmental
Impact Assessment report required to commence production on the project. </P>
<P align=justify><B>Balya Royalty 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. 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. 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. Dedeman continued small scale production of high grade
lead-zinc-silver mineralization in 2016 and Q1 2017, and advised EMX that it has
reached a toll milling agreement to process ore from Balya with Esan Eczacsbasi
at their adjacent operation. Royalty payments due from Q1 will be credited
against the US$100,000 advance minimum royalty ("AMR") payment made to EMX by
Dedeman in 2006. Royalty proceeds in excess of the AMR payment are expected to
commence in Q2, 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. EMX executed an option agreement in
February, 2014 with Tumad Madencilik Sanayi ve Ticaret A.S. (&#147;Tumad&#148;), a privately owned
Turkish company, to acquire Trab-23 from Eurasian. 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
is currently negotiating a revision to the agreement that will include an
extension of its drill and payment commitments to later in 2017. </P>
<P align=justify><B>Alankoy Property </B></P>
<P align=justify>EMX's Alankoy gold-copper property, located in the Biga
Peninsula of northwestern Turkey, is in an area noted for recent discoveries
characterized by epithermal alteration and the development of vuggy silica
lithocaps. Eurasian executed an Exploration and Option Agreement for Alankoy
with Black Sea Copper &amp; Gold Corp. (&#147;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.
Alankoy is currently 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 Turkey. </P>
<P align=justify><B><I>AUSTRALIA AND NEW ZEALAND</I></B></P>
<P align=justify>The Company's programs in Australia and New Zealand continued
to operate at a reduced expenditure rate, while taking advantage of generative
exploration opportunities. The Koonenberry gold project in New South Wales,
Australia is being advanced by partner companies under earn-in and royalty
agreements with EMX, and the QLD exploration property was added to the portfolio
through license application on open ground. 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 are
available for partnership. </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 Q1, the Company agreed to NQM's request for a three
month extension of the option agreement to May 1, 2017. NQM has since advised
EMX that it will execute the option and acquire 100% interest in the project.<B> </B></P>
<P align=center>Page 7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=justify><B>Neavesville Property </B></P>
<P align=justify>The Neavesville epithermal gold-silver property occurs in the
Hauraki Goldfield of New Zealand's North Island. EMX acquired Neavesville, which
covers a historic JORC gold-silver resource, on open ground at minimal cost. 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. In Q1, E2 Metals closed their prospectus with approximately $6.1M AUD
raised in preparation for a Q2, 2017 ASX Exchange listing. </P>
<P align=justify><B>QLD Property </B></P>
<P align=justify>Eurasian's license application for the QLD project in
southeastern Queensland, Australia, was granted for a period of five years on
March 30, 2017. The project contains historic Cu-Zn skarn prospects, as well as
a number of diorite hosted gold mineralized prospects. The QLD 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>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 copper and gold royalty properties in
Serbia. In Scandinavia, the Company continued to add value through low cost
generative exploration, while pursuing strategic partnerships for properties in
the portfolio. EMX also has a portfolio of royalty interests in Serbia that
includes the Timok copper-gold project.</P>
<P align=justify><B>Scandinavia </B></P>
<P align=justify>On February 14, 2017, EMX closed the share purchase agreement
with Boreal Metals Corp. ("BMC), a British Columbia corporation, for the
Gumsberg and Adak properties in Sweden, and the Tynset and Burfjord properties
in Norway. These properties were acquired by EMX between 2013 and 2015 by
license application on open ground. All of the properties have polymetallic
styles of mineralization, and each shows enrichments in multiple metals. The
commercial terms of the agreement with BMC are summarized below: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>At closing, Eurasian transferred to BMC its entire interest in two
  wholly-owned subsidiaries that own the properties. </P>
  <LI>
  <P>At closing, BMC issued to Eurasian common shares of BMC that represent a
  19.9% equity ownership in BMC (i.e., 1,713,390 common shares). 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. </P>
  <LI>
  <P>Eurasian will receive an uncapped 3% NSR 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>
  <LI>
  <P>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></LI></UL>
<P align=center>Page 8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>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>
  <LI>
  <P>Eurasian has the right to nominate one seat on the Board of Directors of
  BMC. </P></LI></UL>
<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 the
Company. </P>
<P align=justify>In addition, the Company launched an aggressive acquisition
program in Scandinavia during Q1, 2017. A large number of prospective project
areas came available during the recent downturn in the resource sector, and EMX
filed applications for exploration permits across over 100,000 hectares in
Sweden and Norway. These permits comprise a variety of highly prospective
precious and base metal projects in the Skellefte&#229; district of north-central
Sweden and in the Bergslagen district in southern Sweden. Additional projects
were also acquired in southern Norway, including copper-cobalt and gold
properties. As well, EMX made several field visits to its Riddarhytttan
Iron-Oxide-Copper-Gold (&#147;IOCG&#148;)/skarn project in Bergslagen, and is preparing
for summer work programs on that project.</P>
<P align=justify>EMX 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. In Q1, Avalon announced their intention to drill test
high priority targets at Viscaria within 1.5 to 2.5 kilometers of copper
mineralized zones currently defined as JORC resources (see Avalon news release
dated February 20, 2017). </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;). </P>
<P align=justify>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 Upper Zone epithermal and Lower Zone porphyry copper-gold
mineralization at the Timok Project's Cukaru Peki deposit. Nevsun Resources Ltd.
("Nevsun") acquired Reservoir as announced in a June 23, 2016 news release. </P>
<P align=justify>During Q1, Nevsun outlined their 2017 "Outlook Highlights",
which included discussion of the Timok Upper Zone Copper-Gold Project summarized
as: a) deliver a pre-feasibility study in September 2017, with an initial
reserve, b) obtain necessary permits and begin decline development in Q4 2017,
and c) rapidly advance the overall project to production in 2021 (see Nevsun
news release dated February 23, 2017). Nevsun "expects to invest $45 million at
the Timok Upper Zone Project during 2017". Nevsun further stated "For Timok
Lower Zone porphyry exploration, drilling the planned approximate 60,000 meter,
$20 million program continues. Expenditure in 2017 is estimated at $17 million.
Freeport-McMoRan, the joint venture partner on the Lower Zone project, continues
to work with Nevsun to design and execute the program." Nevsun also reported
Upper Zone in-fill drill results during Q1, stating that the "drilling continues
to confirm continuity and the high-grade nature of the Upper Zone" (see Nevsun
news release dated February 27, 2017). </P>
<P align=justify>EMX's Timok royalty properties add significant near-term upside
for the Company 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=center>Page 9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify><B><I>HAITI </I></B></P>
<P align=justify>EMX's organically generated 0.5% NSR royalty portfolio covers
exploration properties in northern Haiti controlled by Newmont Ventures Limited,
as well as a privately held Nevada corporation. As Eurasian understands, the
Haitian government continues to work on a new mining law, a process which has
been ongoing since 2013.</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=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 (&#147;IGC&#148;), 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 Salasinskaya and Shelekhovo
projects, located 150 kilometers northeast of Malmyzh, are 100% controlled by
IGC and not subject to the joint venture with Freeport. EMX is IGC's 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.</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*. 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, copper equivalent calculation,
QA/QC procedures, and methodology used to estimate the Malmyzh inferred
resources. </P>
<P align=justify>In Q1, EMX announced results from the Q4, 2016 reconnaissance
diamond drilling program at the Freedom Northwest, North, Sleeper West, and
Sleeper prospects totaling ten holes for 3,474.8 meters (see EMX news release
dated January 24, 2017). 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, and
reported as 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). The AMM-213 intercept was
principally hosted in phreatomagmatic breccias and diorite porphyries, and
doubled the drilled vertical extent of the Freedom Northwest system, while
bottoming in mineralization. The drilling at the Sleeper West and North
prospects also returned encouraging results. The Freedom Northwest, Sleeper
West, and North prospects are not included in the current Malmyzh resource
estimate, which underscores the project's exploration upside. IGC advised that
follow-up drilling at Freedom Northwest was re-initiated in late Q1. </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></P>
<P align=justify><B>Revelo Resources Corp.</B></P>
<P align=justify>EMX has a strategic investment in Revelo Resources Corp.
(&#147;Revelo&#148;), a company focused on the acquisition and exploration of mineral
properties in the prolific metallogenic belts of northern Chile. Revelo has a
portfolio of 25 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. During Q1, Revelo
re-acquired 100% interest in the Montezuma copper project in northern Chile (see
Revelo news releases dated March 3 and March 5, 2017). </P>
<P align=center>Page 10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<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><B>RESULTS OF OPERATIONS </B></P>
<P align=justify><U>Three months ended March 31, 2017</U> </P>
<P align=justify>The net loss for the three months ended March 31, 2017 (&#147;Q1
2017&#148;) was $1,635,312 compared to $2,778,485 for the prior year&#146;s comparative
quarter (&#147;Q1 2016&#148;). The loss for Q1 2017 was made up of a net royalty income of
39,942 (Q1 2016 - loss $33,087) after depletion and related tax, net exploration
expenditures of $1,138,887 (Q1 2016 - $1,097,455), general and administrative
expenditures of $838,624 (2016 - $869,637) and other gains/(losses) totaling
$259,237 (Q1 2016 - $(921,501)) offset by a deferred income tax recovery of
$43,020 (Q1 2016 - $143,195). Included in other gains/(losses) a gain on the
sale of exploration and evaluation assets of $165,834 (Q1 2016- $(33,205)), an
equity loss in associated companies of $190,617 (Q1 2016 - $197,600), and a
writedown of goodwill of $71,732 (Q1 2016 - $341,760). Some items to note are:
</P>
<P align=justify><B><I>Revenues </I></B></P>
<P align=justify>For the three months ended March 31, 2017, royalty income was
earned for 241 (Q1 2016 &#150; 245) ounces of gold totaling $445,343 (Q1 2016 -
$390,738) including the settlement of provisions from prior periods offset by
gold tax and depletion of $405,401 (Q1 2016 - $423,825) for net royalty loss of
$39,942 (Q1 2016 &#150; loss $33,087). 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 Q1 2017 the average realized gold price (excluding
settlements of provisions in prior periods) was US$1,219 per ounce compared to
US$1,177 for Q1 2016. </P>
<P align=justify><B><I>Exploration Expenditures </I></B></P>
<P align=justify>Exploration expenditures (gross) decreased by $3,155 in Q1 2017
compared to Q1 2016. Recoveries decreased by $44,587 in Q1 2017 compared to Q1
2016 for a net increase in exploration expenditures of $41,432 in Q1 2017
compared to Q1 2016. Some of the differences between Q1 2017 and Q1 2016 are as
follows: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>In Scandinavia, net expenditures increased by $246,843 compared to the
  prior period. In Q1 2017, the Company purchased a number of exploration
  licenses and continued to actively market its project interests in Scandinavia
  with the result that four exploration projects were sold to Boreal Metals.
</P>
  <LI>
  <P>In the USA, gross expenditures increased from $483,154 to $660,191 and
  recoveries increased from $97,625 to $111,479. 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. 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 additional
  open ground through staking and application for state exploration permits in
  key Arizona mining districts during Q1. </P>
  <LI>
  <P>In Turkey, gross expenditures decreased by $371,420, while recoveries
  decreased by $68,837 as a result of sale of the the Sisorta and Akarca
  properties during the year endend December 2016. Pursuant to a sale agreement
  entered into in the year ended December 31, 2016 for the Akarca property in
  Turkey, the Company is scheduled 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. During the 3 months ended
  March 31, 2017 the Company received the first payment of 500 ounces as a cash
  payment of US $601,825 ($804,219) which has been credited against accounts
  receivables. </P></LI></UL>
<P align=justify><B><I>General and Administrative </I></B></P>
<P align=justify>General and administrative expenses (&#147;G&amp;A&#148;) of $838,624
were incurred compared to $869,637 in Q1 2016. Changes to note in the current
year compared to the previous years include: </P>
<P align=center>Page 11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Investor relations increased from by $32,779 in Q1 2017 compared to Q1
  2016. Additonal trade shows registration fees were included in Q1 2017 to
  reflect a more active market atmosphere. The Company attends select industry
  trade shows and supports lines of communication to current and potential
  investors. </P>
  <LI>
  <P>Professional fees increased from $37,207 to $128,656. The Company engaged
  an Executive Compensation consulting firm to provide a report and
  recommendations the Company&#146;s management team. Additional expense was incurred
  for the prior years audit which had been under accrued at year end. </P>
  <LI>
  <P>Administrative and office expenses decreased by $43,950 to $209,776 from Q1
  2016. 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. </P>
  <LI>
  <P>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<BR>USD compared to the Canadian dollar, which is our reporting currency,
  will increase expenditures. Salaries and consultants decreased by $91,425 in
  Q1 2017 compared to Q1 2016 as less staff were employed in 2017. </P></LI></UL>
<P align=justify><B><I>Other </I></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Pursuant to a sale of certain exploration and evaluation assets in Sweden,
  the Company recorded a net gain on the sale of $165,834. </P>
  <LI>
  <P>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
  $71,731 (Q1-2016 - $341,760). </P>
  <LI>
  <P>The Company recorded a deferred income tax recovery of $43,020 compared to
  $143,195 in Q1-2016, and a net decrease in deferred tax liabilities of $
  110,580. 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. </P>
  <LI>
  <P>The Company&#146;s share of the net loss related to its 39% (Q1-2016 - 39%)
  equity investment in IGC for the three onths ended March 31, 2017 was $190,617
  (Q1-2016 - $197,600). </P></LI></UL>
<P align=justify><B>LIQUIDITY AND CAPITAL RESOURCES </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>For the three months ended March 31, 2017, the Company had
working capital of $10,549,119 (December 31, 2016 - $6,002,318). 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>Subsequent to March 31, 2017, the Company completed a
non-brokered private placement financing, raising $7,000,000 (of which
$6,111,658 was received during the three months ended March 31, 2017) by the
issuance of 5,000,000 units (the &#147;Units&#148;) at a price of $1.40 per Unit. Each
Unit was comprised of one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant entitles the
holder to purchase an additional common share for $2.00 until April 12,
2019.</P>
<P align=center>Page 12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P align=justify>Finders' fees were paid on a portion of the private placement.
The finders' fees consisted of 246,604 Units (6% of the Units sold to investors
introduced by finders).</P>
<P align=justify><B>Operating Activities </B></P>
<P align=justify>Cash used in operations was $583,407 for the three months ended
March 31, 2017<B> </B>(2016 - $2,336,289) 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=justify><B>Financing Activities</B></P>
<P align=justify>The Company received a net of $6,111,658 in 2017 (2016 - $Nil)
from the proceeds of the financing and $85,700 (2016 - $Nil) from the exercise
of stock options. </P>
<P align=justify><B>Investing Activities </B></P>
<P align=justify>Some of the significant investment activities during the three
months ended March 31, 2017 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 >-</TD>
    <TD align=left width="90%" >The Company advanced $934,291 to
      an associated company pursuant to a convertible loan agreement. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >-</TD>
    <TD align=left width="90%" >The Company received $6,111,658
      pursuant to a private placement financing that closed subsequent to March
      31, 2017. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >-</TD>
    <TD align=left width="90%" >The Company received an annual
      option payment of US $100,000 from Kenneccot Exploration related to its
      Superior West project. </TD></TR></TABLE>
<P align=justify><B>OFF-BALANCE SHEET ARRANGEMENTS</B> </P>
<P align=justify>As of the date of this MD&amp;A, the Company does not have any
off-balance sheet arrangements that have, or are reasonably likely to have, a
current or future effect on the results of operations or financial condition of
the Company, including, and without limitation, such considerations as liquidity
and capital resources. </P>
<P align=center>Page 13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P align=justify><B>QUARTERLY 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"
    align=left><B>Fiscal quarter ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2016</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2016</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2016</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    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>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Royalty income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;445,343 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;711,992 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;751,326 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;373,266 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Exploration expenditures </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,287,532 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,046,714 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,566,049 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,512,083 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Exploration recoveries </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(148,645</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(812,259</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(247,969</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(162,114</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Share-based payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">440,477 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">13,731 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Net income/(loss) for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,635,312</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,586,567</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,732,192 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,050,622</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;Basic and
      diluted net income/(loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(0.02</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">0.06
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(0.03</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Fiscal quarter ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2016</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2015</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2015</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2015</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    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>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Royalty income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;390,738 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;464,532 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;369,453 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;412,577 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Exploration expenditures </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,290,687 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,255,057 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,565,437 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,402,895 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Exploration recoveries </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(193,232</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(519,135</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(332,254</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(321,614</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Share-based payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">13,731 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">29,952 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,949</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">398,319 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Net income/(loss) for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,778,485</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>313,947 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,049,392</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,480,397</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;Basic and
      diluted net income/(loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">0.00
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(0.03</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(0.03</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR></TABLE>
<P align=justify>Factors that cause fluctuations in the Company&#146;s quarterly
results are mainly due to option and other payments received from sale or option
of assets and impairment charges on the Company&#146;s assets. </P>
<P align=justify><B>RELATED PARTY TRANSACTIONS </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" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the three months ended March 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Salary or Fees</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >President, CEO and Director
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;132,079 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;132,079 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Chief Legal Officer </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">65,438 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">65,438 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Directors <SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>37,854 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" 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="15%" bgColor=#e6efff>37,854 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Seabord Services Corp. <SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">89,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">89,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;324,771 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;324,771 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="15%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the three months ended March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Salary or Fees</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="15%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >President, CEO and Director
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;136,790 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;136,790 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Chief Legal Officer </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">70,222 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">70,222 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Directors <SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>38,236 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" 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="15%" bgColor=#e6efff>38,236 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Seabord Services Corp. <SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">89,400 </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="15%">- </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="15%">89,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total </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="15%"
    bgColor=#e6efff>&nbsp;334,648 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;334,648 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>Page 14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></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 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left><B>Related Party Assets and Liabilities </B></TD>
    <TD width="30%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Service or Term </B></TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>31-Mar-17 </B></TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="17%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>31-Dec-16 </B></TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Amounts due from (to): </TD>
    <TD align=left width="30%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>President, CEO and Director </TD>
    <TD align=left width="30%" bgColor=#e6efff>Expense Reimbursement </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;437 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;5,913 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Legal Officer </TD>
    <TD align=left width="30%">Expense Reimbursement </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%">1,034 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Directors </TD>
    <TD align=left width="30%" bgColor=#e6efff>Fees and Expense </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>17,575 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>17,559 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Seabord Capital
      Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="30%">Expense Reimbursement </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">6,259
    </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="17%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="30%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;25,305 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;23,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><SUP>(1) </SUP>Directors fees include US$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. <BR><SUP>(2)</SUP>Seabord Services
Corp. (&#147;Seabord&#148;) is a management services company controlled by the Chairman of
the Board. Seabord provides a Chief Financial Officer, a Corporate Secretary,
accounting staff, administration staff and office space to Eurasian. The Chief
Financial Officer and Corporate Secretary are employees of Seabord and are not
paid directly by Eurasian. </P>
<P align=justify><B>NEW ACCOUNTING PRONOUNCEMENTS </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>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>The Company has continuing royalty revenues to fund a portion
of ongoing costs. In order to fund future projects and pay for administrative
costs, the Company will spend its existing working capital and raise additional
funds as needed. As at March 31, 2017, the Company had working capital of
$10,549,119 (December 31, 2016 - $6,002,318). Management believes it has
sufficient working capital for operations and to continue it&#146;s currently planned
programs. The Company is not subject to externally imposed capital requirements.
The Company manages the capital structure and makes adjustments in light of
changes in economic conditions and the risk characteristics of the underlying
assets </P>
<P align=justify>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=center>Page 15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P align=justify>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>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>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>
  <LI>
  <P>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>
  <LI>
  <P>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></LI></UL>
<P align=justify>As at March 31, 2017, there were no changes in the levels in
comparison to December 31, 2016. 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"
    align=left><B>Assets</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Level 1</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Level 2</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Level 3</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;8,154,167 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;8,154,167 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">249,288 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">249,288 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Fair value through profit or loss
      investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>705,377 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>705,377 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Strategic investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">163,691 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">163,691 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,557,609 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,557,609 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Non-current
      accounts receivable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">1,406,111 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">1,406,111 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;9,272,523 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,963,720 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;13,236,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The carrying value of receivables, 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>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. </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.</P>
<P align=justify>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 March 31, 2017<B> </B>portfolio values,
a 10% increase or decrease in effective market values would increase or decrease
net shareholders&#146; equity by approximately $87,000. </P>
<P align=center>Page 16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<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>The exposure of the Company&#146;s cash and cash equivalents,
receivables, and accounts payable and accrued liabilities to foreign exchange
risk as at March 31, 2017 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"
    align=left><B>Accounts</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%" ><B>US dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff >&nbsp;5,762,062
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >3,682,541 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Convertible notes receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >935,766 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >(317,211</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff >(219,514</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net exposure </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    >9,843,644 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Canadian dollar equivalent </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;13,119,904 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&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 March 31, 2017 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 $1,312,000 in the Company&#146;s pre-tax profit or
loss. </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=center>Page 17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=justify><I>a)</I><I>&nbsp;&nbsp;&nbsp; </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=justify><I>b)</I><I>&nbsp;&nbsp;&nbsp; </I><I>Goodwill </I></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. 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=justify><I>c)</I><I>&nbsp;&nbsp;&nbsp; </I><I>Exploration and
Evaluation Assets </I></P>
<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>
<P align=justify><I>d)</I><I>&nbsp;&nbsp;&nbsp; </I><I>Taxation </I></P>
<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><I>e)</I><I>&nbsp;&nbsp;&nbsp; </I><I>Functional Currencies
</I></P>
<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>RISKS AND UNCERTAINTIES </B></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. </P>
<P align=center>Page 18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P align=justify>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>Eurasian is currently earning an interest in some of its
properties through option agreements and 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=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 will 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=center>Page 19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P align=justify><B>Return on Investment Risk</B></P>
<P align=justify>Investors cannot expect to receive a dividend on an investment
in the Common Shares in the foreseeable future, if at all.</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. </P>
<P align=justify>Such third party claims could have a material adverse impact on
the Company&#146;s operations. </P>
<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>
<UL style="TEXT-ALIGN: justify">
  <LI>the existence or geographic extent of the royalty or stream interest;
  <LI>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;
  <LI>third party claims to the same royalty interest or to the property on
  which we have a royalty or stream interest;
  <LI>various rights of the operator or third parties in or to the royalty or
  stream interest;
  <LI>production and other thresholds and caps applicable to payments of royalty
  or stream interests;
  <LI>the obligation of an operator to make payments on royalty and stream
  interests; and
  <LI>various defects or ambiguities in the agreement governing a royalty and
  stream interest. </LI></UL>
<P align=center>Page 20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<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.
</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,
labour 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=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><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, labour 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
licences, 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=center>Page 21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<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><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. </P>
<P align=justify><B>Conflicts of Interest </B></P>
<P align=justify>In accordance with the laws of British Columbia, the directors
and officers of a corporation are required to act honestly, in good faith and in
the best interests of the corporation. 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=center>Page 22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<P align=justify><B>Internal Controls over Financial Reporting </B></P>
<P align=justify>The Company requires 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 of companies may provide
the Company with challenges in implementing the required processes, procedures
and controls in its acquired operations. Acquired companies 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.</P>
<P align=justify><B>CONTROLS AND PROCEDURES </B></P>
<P align=justify><I>Disclosure Controls and Procedures </I></P>
<P align=justify>Management is responsible for establishing and maintaining
disclosure controls and procedures, which provide reasonable assurance that
material information relating to the Company and its subsidiaries is accumulated
and communicated to management to allow timely decisions regarding required
disclosure. Management has evaluated the effectiveness of its disclosure
controls and procedures as of March 31, 2017<B> </B>and believes its disclosure
controls and procedures are effective. </P>
<P align=justify><I>Internal Control over Financial Reporting </I></P>
<P align=justify>The Company&#146;s management, with the participation of its CEO and
CFO, are responsible for establishing a system of internal control over
financial reporting to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with IFRS as issued by the IASB. There have been no
changes in the Company&#146;s internal control over financial reporting that occurred
during three months ended March 31, 2017, that have materially affected, or are
reasonably likely to materially affect, the Company&#146;s internal control over
financial reporting. </P>
<P align=justify><B>OUTSTANDING SHARE DATA </B></P>
<P align=justify>At May 10, 2017, the Company had 79,411,314 common shares
issued and outstanding. There were also 4,736,500 stock options outstanding with
expiry dates ranging from July 19, 2016 to October 18, 2021. </P>
<P align=center>Page 23 </P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Eurasian Minerals Inc. - Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></P>
<P align=justify>I, David M. Cole, Chief Executive Officer<I> </I>of Eurasian
Minerals Inc., certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Eurasian Minerals Inc. (the &#147;issuer&#148;) for the interim period ended
      <B>March 31, 2017.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s GAAP.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is Internal Control Integrated Framework published by the Committee
      of Sponsoring Organizations of the Treadway Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <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%">6. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>January 1, 2017 and ended on
      March 31, 2017 </B>that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify><B>Date: May 12, 2017</B><B><I> </I></B></P>
<P align=justify><I>&#147;David M. Cole&#148; </I></P>
<P align=justify>David M. Cole <BR>President and Chief Executive Officer<BR></P>
<P align=right>1</P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Eurasian Minerals Inc. - Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></P>
<P align=justify>I, Christina Cepeliauskas, Chief Financial Officer<I> </I>of
Eurasian Minerals Inc., certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Eurasian Minerals Inc. (the &#147;issuer&#148;) for the interim period ended
      <B>March 31, 2017.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s GAAP.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is Internal Control Integrated Framework published by the Committee
      of Sponsoring Organizations of the Treadway Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <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%">6. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>January 1, 2017 and ended on
      March 31, 2017 </B>that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify><B>Date: May 12, 2017</B><B><I> </I></B></P>
<P align=justify><I>&#148;Christina Cepeliauskas&#148;</I></P>
<P align=justify>Christina Cepeliauskas<BR>Chief Financial Officer<BR></P>
<P align=right>1</P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!# ! +# X,"A .#0X2$1 3&"@:&!86
M&#$C)1TH.C,]/#DS.#= 2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!# 1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P  1" ") 7H# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M=.IJMS2HJ&"4RJ=RE6'45-7J0DI*Z.9JPM%%%4(**** "BBB@ HHHH ****
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
2**** "BBB@ HHHH **** /_9

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