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The JORC Code compliant resources delineated as at 31 December 2016 (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 AuEq**
Cap-Oeste 825,626 1.66 42.81 2.28 44,107 1,136,395 60,577
TOTAL Measured  825,626  1.66  42.81  2.28 44,107 1,136,395 60,577
INDICATED RESOURCES
Area Name Indicated Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq**
La Manchuria 425,705 2.95 135 4.07 40,380 1,848,211 55,684
Cap-Oeste 12,392,738 2.06 59.84 2.92 819,118 23,840,690 1,164,626
Lomada* 4,000,465 0.48 NA NA 61,919 NA 61,919
TOTAL Indicated 16,818,908 1.70 47.51 2.37 921,417 25,688,901 1,282,229
INFERRED RESOURCES
Area Inferred Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq**
La Manchuria 1,469,020 1.530 49.40 1.92 72,335 2,335,236 90,682
Cap-Oeste 8,392,000 1.000 25.79 1.43 269,000 696,000 385,000
Lomada 3,412,270 0.672 NA NA 73,726 NA 73,726
TOTAL Inferred  13,293,290  0.99  8.18  1.32 423,061 3,495,236 565,408
 Net Attributable Resources (PGSA)***
MEASURED RESOURCES
Area Name Measured Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq**
Cap-Oeste 743,063 1.66 42.81 2.28 39,696 1,022,756 54,519
TOTAL Measured 743,063  1.66  42.81  2.28 39,696 1,022,756 54,519
INDICATED RESOURCES
Area Name Indicated Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq**
La Manchuria 383,135 2.95 135 4.07 36,342 1,663,390 50,116
Cap-Oeste 11,153,464 1.82 56.32 2.76 737,206 21,456,621 1,048,163
Lomada* 3,600,419 0.48 NA NA 55,727 NA 55,727
TOTAL Indicated 15,181,117 1.78 51.66 2.52 868,875 25,212,511 1,228,706
INFERRED RESOURCES
Area Inferred Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq**
La Manchuria 1,322,118 1.530 49.40 1.92 65,102 2,101,712 81,614
Cap-Oeste 7,552,800 1.000 25.79 1.43 242,100 626,400 346,500
Lomada 3,071,043 0.672 NA NA 66,353 NA 66,353
TOTAL Inferred 11,963,961  0.99  8.18  1.32 380,755 3,145,712 508,867
* Lomada resource has not been depleted during 2016 to take account of production during the period, pending completion of third party estimation. Cap-Oeste pending third party depletion for mined material to end June 2017.
** AuEq oz were calculated on the prevailing Au:Ag ratio at the date of publication of the JORC/43-101 compliant resource reports for the individual projects.
*** 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.
COSE resource has removed following completion of its disposal on 31 May 2017.

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