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$21M
CASH AND $8M DEBT AT SEPTEMBER 30, 2018
8
YEAR TRACK RECORD OF PROFITABLE MINING
1,032,133
GEOS PRODUCED FROM OPERATING MINES AS AT SEPTEMBER 30, 2018
5.9M
MEASURED & INDICATED GOLD RESOURCE OUNCES WITHIN DEVELOPMENT PROJECTS PROVIDE TREMENDOUS LEVERAGE TO RISING GOLD PRICES (1)

(1) Mineral Resources are presented inclusive of Mineral Reserves. Numbers may not sum due to rounding.

(2) The Mineral Reserves for El Castillo and San Agustin, which together form the El Castillo Complex, set out in the above table were taken from the El Castillo Complex Technical Report dated March 27, 2018, including depletion from July 1, 2017 to December 31, 2017 through mining activities, are valid as of January 1, 2018 and used a gold price of $1,200 per ounce and silver price of $17 per ounce. Cut-off grades, depending on rock and ore type, varied from 0.14 g/t AuEq for oxide to 0.57 g/t Au for silicified sulphide.

(3) The Mineral Reserves for La Colorada set out in the above table were taken from the La Colorada Technical Report dated March 27, 2018, including depletion from July 1, 2017 to December 31, 2017 through mining activities, are valid as of January 1, 2018 and used a gold price of $1,200 per ounce and silver price of $17 per ounce. Cut-off grades, depending on deposit, varied from 0.10 g/t AuEq to 0.16 g/t AuEq.

(4) The Mineral Reserves for Magino set out in the table above were taken from the Magino Technical Report dated December 21, 2017. The Mineral Reserve was estimated at a gold price of $1,200 per ounce. The Mineral Reserve used a gold cutoff of 0.41 g/t.

(5) The M&I Mineral Resources and Inferred Mineral Resources for El Castillo and San Agustin, which together form the El Castillo Complex, set out in the above table were taken from the El Castillo Complex Technical Report dated March 27, 2018, including depletion from July 1, 2017 to December 31, 2017 through mining activities, are valid as of January 1, 2018 and used a gold price of $1,400 per ounce and silver price of $20 per ounce. Cut-off grades, depending on rock and ore type, varied from 0.09 g/t AuEq for oxide to 0.47 g/t Au for silicified sulphide.

(6) The M&I Resource and Inferred Resource set out in the above table were taken from the La Colorada Technical Report dated March 27, 2018, including depletion through mining activities from July 1, 2017 to December 31, 2017, are valid as of January 1, 2018 and used a gold price of $1,400 per ounce and silver price of $20 per ounce. Cut-off grades, depending on deposit, varied from 0.09 g/t AuEq to 0.12 g/t AuEq.

(7) The M&I Mineral Resources and Inferred Mineral Resource for the Magino Project set out in the table above were taken from the Magino Technical Report dated December 21, 2017. The Mineral Resource was estimated at a gold price of $1,300 per ounce.  The Mineral Resource used a gold cutoff of 0.25 g/t.

(8) The Mineral Resources for the San Antonio Project set out in the table above were taken from the San Antonio Technical Report dated October 10, 2012. The gold resource was estimated at a gold price of $1,500 per ounce using a cutoff grade of 0.11 g/t Au for oxide and transition and 0.15 g/t Au for sulphide.

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