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Reserves and Resources

Mineral Reserves - Proven and Probable

  Contained Metal
Property Classification Tonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag
(Moz)
Au
(koz)
Caylloma Mine, Peru                
   Silver Veins Proven 3 874 0.23 0.43 0.72 0.1 0.0
  Probable 106 635 0.97 0.20 0.32 2.2 3.3
  Proven + Probable 109 642 0.95 0.20 0.33 2.2 3.3
   Polymetallic Veins Proven 251 129 0.47 2.07 2.36 1.0 3.8
  Probable 1,619 85 0.23 3.13 3.96 4.4 12.1
  Proven + Probable 1,870 91 0.27 2.98 3.74 5.5 15.9
   Combined-All Veins Proven 254 138 0.47 2.05 2.34 1.1 3.8
  Probable 1,724 119 0.28 2.95 3.73 6.6 15.4
  Proven + Probable 1,979 121 0.30 2.83 3.55 7.7 19.3

Mineral Resources - Measured and Indicated

  Contained Metal
Property Classification Tonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag
(Moz)
Au
(koz)
Caylloma Mine, Peru Measured 582 82 0.36 1.11 2.16 1.5 6.7
  Indicated 1,269 84 0.31 1.14 2.10 3.4 12.7
  Measured + Indicated 1,851 84 0.32 1.13 2.12 5.0 19.3

Mineral Resources - Inferred

  Contained Metal
Property Classification Tonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag
(Moz)
Au
(koz)
Caylloma Mine, Peru Inferred 3,392 132 0.59 2.20 3.30 14.3 64.7

1. Mineral Reserves and Mineral Resources are as defined by CIM Definition Standards on Mineral Resources and Mineral Reserves

2. Mineral Resources are exclusive of Mineral Reserves

3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

4. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources or Mineral Reserves at Caylloma

5. Mineral Resources and Mineral Reserves estimated as of June 30, 2015 and reported as of December 31, 2015 taking into account production-related depletion for the period through December 31, 2015.

6. Mineral Reserves for Caylloma are estimated using break-even cut-off grades based on estimated NSR values using assumed metal prices of US$19/oz Ag, US$1,140/oz Au, US$2,150/t Pb and US$2,300/t Zn; metallurgical recovery rates of 84.5% for Ag, 39.5% for Au, 92.6% for Pb and 89.9% for Zn; and actual operating costs incurred in period July 2014 to June 2015. Caylloma Mineral Resources are reported based on estimated NSR values using the same metal prices and metallurgical recovery rates as detailed for Mineral Reserves; and an NSR cut-off grade of US$50/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$100/t for veins classified as narrow (all other veins)

7. Totals may not add due to rounding procedures



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