This annual report contains forward-looking statements. Please refer to the cautionary language under “Cautionary
Statement on Forward-Looking Statements” on page 70 of the Management’s Discussion & Analysis.
All figures are in US dollars unless otherwise noted.
Operating low-cost, long-life mines is the best
strategy for delivering sustainable value
Silver production is forecast to increase
by 30% to 6 million ounces and gold
production by 52% to 32,300 ounces
Page 19
Delivering steady growth and creating value
since 2005
Our aim is to collaborate and form strategic
partnerships with neighboring communities
to enhance their capabilities and improve
their quality of life
Inferred Resources increased by 26% for
silver and 36% for gold year-over-year
Step-out drilling confirms continuation
of high-grade Trinidad North zone at San
Jose Mine
The mines are forecast to produce a total
of 6 million ounces of silver and 32,300
ounces of gold in 2014
Cash cost per silver ounce of $7.03, net
of by-products
Our exploration success was underpinned
by yet another year of solid operational and
financial performance
We continue to optimize and expand our
operations to ensure that we remain one of
the lowest-cost silver producers in the industry
3
21
16
26
28
4
COVER PHOTO: San Jose Mine, Mexico
Table of Contents
