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The JORC Code compliant resources delineated as at 31 December 2017 (COSE removed) are listed in the table below:

Gross Resources (PGSA-Fomicruz)
MEASURED RESOURCES
Area Name Measured Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq2
Cap-Oeste3 1,914,000 2.89 47.84 3.58 178,000 2,944,000 220,000
TOTAL Measured 1,914,000 2.89 47.84 3.58 178,000 2,944,000 220,000
INDICATED RESOURCES
Area Name Indicated Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq2
Calcatreu 8,816,000 2.43 23.78 2. 75 690,000 6,740,000 778,000
La Manchuria 425,705 2.95 135 4.07 40,380 1,848,211 55,684
Cap-Oeste3
10,555,741
2.07 62.85 2.97 701,842
21,330,265
1,009,008
Lomada1 4,000,465 0.48 NA NA 61,919 NA 61,919
TOTAL Indicated 23,797,911 1.95 39.10 2.49 1,494,14 29,918,476 1,904,611
INFERRED RESOURCES
Area Inferred Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq2
Calcatreu 7,571,000 1.41 14.12 1. 59 343,000 3,438,000 388,00
La Manchuria 1,469,020 1.53 49.40 1.92 72,335 2,335,236 90,682
Cap-Oeste3 4,894,752 1.37 34.74 1.87 215,396 5,466,624 294,126
Lomada1 3,412,270 0.672 NA NA 73,726 NA 73,726
TOTAL Inferred 17,347,042 1.26 20.15  1.52 704,457 11,239,860 846,534
 Net Attributable Resources (PGSA)
MEASURED RESOURCES
Area Name Measured Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq2
Cap-Oeste3 1,723,000 2.89 47.84 3.58 160,000 2,649,000 198,000
TOTAL Measured 1,723,000 2.89 47.84 3.58 160,000 2,649,000 198,000
INDICATED RESOURCES
Area Name Indicated Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq2
Calcatreu 8,816,000 2.43 23.78 2.75 690,000 6,740,000 778,000
La Manchuria 383,135 2.95 135 4.07 36,342 1,663,390 50,116
Cap-Oeste3 9,500,167 2.07 62.85 2.97 631,658 19,197,239 908,108
Lomada1 3,600,419 0.48 NA NA 55,727 NA 55,727
TOTAL Indicated 22,299,721 1.97 38.50 2.50 1,413,727 27,600,629 1,791,951
INFERRED RESOURCES
Area Inferred Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq2
Calcatreu2 7,571,000 1.41 14.12 1.59 343,000 3,438,000 388,000
La Manchuria 1,322,118 1.530 49.40 1.92 65,102 2,101,712 81,614
Cap-Oeste3 4,405,277 1.37 34.74 1.87 193,857 4,919,962 264,714
Lomada1 3,071,043 0.672 NA NA 66,353 NA 66,353
TOTAL Inferred 16,369,438  1.27  19.87  1.52 668,312 10,459,674 800,681
1 Lomada resource has not been depleted during 2017 to take account of production during the period.
2 AuEq oz were calculated on the prevailing Au:Ag ratio at the date of publishing of the JORC/43-101 compliant resource reports for the individual projects
3 Cap-Oeste resources have been depleted for mining up to the end of December 2017
# COSE resource removed due to disposal
# The Company holds a 90% interest in PGSA, with the remaining 10% being held by the Santa Cruz government’s wholly-owned mining company, Fomento Minero de Santa Cruz Sociedad del Estado (“FOMICRUZ”). The net attributable resource shows the 90% of the Cap-Oeste resource that is attributable to the Company.

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