Ann: Quarterly Activity Report, page-2

Guanaco and Amancaya Mines Production  Quarterly production increased to 15,560 gold ounces and 167,372 silver ounces (17,547 gold equivalent ounces) compared to production of 13,240 gold ounces and 175,718 silver ounces (or 15,398 gold equivalent ounces) in the September 2018 quarter.  Quarterly C1 and AISC decreased to US$623 and US$792 respectively per gold equivalent ounce from US$775 and $930 in the September 2018 quarter. The decrease in costs per ounce were mainly driven by higher gold and silver grades and higher recovery rates, the depreciation of the Chilean peso against the US dollar and by an increase in production.  YTD production reached 61,271 gold equivalent ounces which is in full compliance with the 62,000 gold equivalent ounces guidance for the year.