Mexico’s highest grade Silver producer
TSX:EXN | EXN.WT | EXN.WT.A | OTC:EXLLFInvestor Presentation – June 2018
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DisclaimerThis document contains “forward‐looking statements” within the meaning of applicable Canadian securities legislation and applicable U.S. securities laws. Except for statements ofhistorical fact relating to the Company, such forward‐looking statements include, without limitation, statements regarding the future results of operations, performance andachievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineraldeposits/resources/reserves, geological interpretations, the potential of the Company’s properties, proposed production rates, potential mineral recovery processes and rates,business plans and future operating revenues. Forward looking statements are made based on management's beliefs, estimates, assumptions and opinions on the date the statementsare made. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct and the Company undertakesno obligation to forward‐looking statements, except as may be required by law. Forward‐looking statements are typically identified by words such as: believes, expects, anticipates,intends, estimates, targets, plans, postulates, and similar expressions, or are those which, by their nature, refer to future events. The Company cautions investors that anyforward‐looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward‐lookingstatements as a result of various risk factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significantdownward variations in the market price of any minerals produced (particularly silver), the Company’s inability to obtain any necessary permits, consents or authorizations requiredfor its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement itsbusiness strategies. A description of the risk factors applicable to the Company can be found in the Company’s most recent Annual Information Form under “Description of theBusiness – Risk Factors”. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technicalreports filed with respect to the Company’s mineral properties, and particularly the latest NI 43‐101‐compliant technical report prepared by Roscoe Postle Associates Inc. with respectto the Platosa Property. This document is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred ResourcesThe terms “Measured”, “Indicated” and “Inferred” Mineral Resources used or reference in this document are defined in accordance with Canadian National Instrument 43‐101 –Standards of Disclosure for Mineral Projects (“NI 43‐101”) under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on MineralResources and Mineral Reserves. The CIM standards differ significantly from standards in the United States. United States investors are advised that while such terms are recognizedand required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount ofuncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to ahigher category or that Mineral Resources will ever be upgraded to Mineral Reserves. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis offeasibility or other economic studies other than Preliminary Economic Assessments. United States investors are cautioned not to assume that all or any part of Indicated MineralResources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists or iseconomically or legally mineable, or that an Indicated Mineral Resource is economically or legally mineable.
Cautionary Note to United States Investors regarding Adjacent or Similar PropertiesThis document may also contain information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. TheCompany advises United States investors that the United States Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filedwith the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similarproperties are not indicative of mineral deposits on the Company's properties.
Cautionary Note Regarding the Preliminary Economic Assessment (PEA)The assessments in the PEA are preliminary in nature, mineral resources are not mineral reserves and do not have demonstrated economic viability, and there is no assurance the preliminary assessments will be realized. The outcome of this PEA may be materially affected by the closing of the financing, metals pricing, environmental, permitting, legal, title, taxation, socio‐political, marketing, or other relevant issues.
Qualified PersonsBen Pullinger, P.Geo, Senior Vice‐President Geology, is responsible for the Company’s exploration programs and has supervised the preparation of the technical information, which is disclosed in this presentation. He has acted as the Qualified Person, as defined in NI 43‐101, for this disclosure.
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World class asset Team for the future
Execution Growth Mine optimization complete and surpassing PEA economics
One of the richest silver assets in the world - resources at over 1.2 kg/t AgEq and growing
Proven track record of turnaround with technical and market expertise
+$50 million in free cash flow expected
High return exploration strategy
Pipeline of projects through intelligent acquisitions
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André Fortier 3
ChairmanFormer SVP of Noranda, CEO of Kerr Addison Mines and Campbell Resources.
Alan McFarland 1,2,3 Former director of World Resources Institute. Former investment banker at Lazard. Previously served as director of Placer Dome and Masonite.
Daniella Dimitrov 1,4 Chosen as one of the top 100 Global Inspirational Women in Mining in 2016 with experience in building, operating and streamlining businesses in mining and financial services. Current Partner, Sprott Capital. Former CEO and CFO of Orvana Minerals and Executive Vice Chair of Baffinland Iron, director of Nexa Resources and several mining companies.
Laurie Curtis 2,4 Distinguished exploration geologist and Founder of Intrepid Minerals. Previously held several positions in capital markets including, Senior Mining Analyst at Clarus and Dundee Securities. Current Chair of Eastmain Resources and director of Toachi Mining.
Jacques McMullen 4 Professional Engineer, formerly with Barrick Gold. Previous director of several mining companies including, Highland Gold, IGE Resources AB, Fire River Gold, Minera S.A., Orvana Minerals. Current director of Equinox Gold, Cardinal Resources and advisor to Detour Gold.
Oliver Fernández 3 Mexican businessman and entrepreneur. Founder & President of Credito Maestro.
Andrew Farncomb 1 Founder of Cairn Merchant Partners LP, an independent merchant bank. Former Investment Banking professional at Paradigm Capital. Founder and director of Contact Gold Corp., and board member of several other TSXV listed companies.
Brendan CahillPresident and CEO BOARD COMMITTEES: 1.Audit 2. Compensation 3. Nominating and Corporate Governance 4. Corporate Responsibility & Technical Committee
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Brendan CahillPresident and CEO
M&A securities lawyer (Davies Ward Phillips & Vineberg LLP). Former VP Corp Dev. of Pelangio Exploration. Member of Young Presidents’ Organization,Transplant Campaign at University Health Network and Law Society of Upper Canada. Board Member of the Mining Association of Canada, Group Eleven Resources, an Irish zinc explorer and Kore Mining., a California gold developer.
Rupy DhadwarCFO
Chartered Accountant with a range of finance and business expertise. Formerly with MacGillivray Partners, Chartered Accountants.
Ben PullingerSVP, Geology
Professional Geologist with track record of discovery and project advancement. Former VP Exploration at Roxgold Inc.
Denis FloodVP, Technical Services
Professional Mining Engineer with exceptional technical assessment and implementation abilities. Former Principal Mining Engineer at Resolution Copper (Rio Tinto Group). Previously with Xstrata and Goldcorp.
Dr. Craig FordVP, Corporate Responsibility
Geologist by training, over 24 years of experience with a proven track record of driving corporate and operational performance in safety, health and security, environmental affairs, community relations and development, human rights and government relations. Former VP, CR at Inmet Mining and Board Member of the Mining Association of Canada.
Ronald Marino VP, Finance
Chartered Accountant, 20 years of experience in Latin America and North America. Previously with Anglo American.
Nisha HasanVP, Investor Relations
Led investor relations programs for several Canadian mining companies. Former Director of IR at Continental Gold. Board member of Canadian Investor Relations Institute and the Down Syndrome Association of Toronto.
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MIGUEL AUZA
LA PLATOSA MINE
PORT OF MANZANILLOMEXICO CITY
TORREON
DURANGOFRESNILLO
Over 500,000 tonnes mined since production commenced in 2005
100% owned underground silver-lead-zinc mine
Production historically constrained by water inflows
Safe jurisdiction located 55 km from Torreon (pop of 1.2 million) with nearby international airport, grid power and national highway running through property
Dry mining conditions achieved in mid-2017, now ramping up production
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1. CIM definitions were followed for the classification of Mineral Resources. 2. Mineral Resources are estimated at an incremental NSR cut-off value of US$146 per tonne.3. Net smelter return metal price assumptions: US$17/oz Ag, US$0.90/lb Pb, US$1.00/lb Zn. 4. Metal recovery assumptions for NSR cut-off value purposes: Ag 89%, Pb 76%, Zn 81%.5. The silver equivalent (AgEq) is estimated from metallurgical recoveries, metal price assumptions, and smelter terms, which include payable factors, treatment charges, penalties, and refining charges.6. The estimate is of Mineral Resources only and, because these do not constitute Mineral Reserves, they do not have any demonstrated economic viability. 7. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that enable them to be categorized as mineral reserves.8. Mineral resource estimate prepared by David Ross, P.Geo., of Roscoe Postle Associates Inc., independent geological and mining consultants of Toronto, Ontario. Prepared as at December 31, 2014.
La Platosa 2014 Mineral Resource Estimate
Category Tonnes(t)
Ag(g/t)
Pb(%)
Zn(%)
AgEq(g/t)
Ag (oz)
Pb (lb)
Zn(lb)
AgEq(oz)
Measured 28,000 781 7.85 11.52 1,305 711,000 4,896,000 7,188,000 1,187,000
Indicated 400,000 758 8.31 9.77 1,248 9,747,000 73,214,000 86,098,000 16,046,000
M&I 428,000 760 8.28 9.88 1,252 10,457,000 78,110,000 93,286,000 17,233,000
Inferred 4,000 2,027 14.65 2.20 2,492 260,000 1,288,000 193,000 320,000
Over one million tonnes of high grade silver, lead and zinc ore mined and defined
Edge of a virtually untouched CRD system
Updated resource statement in Q2
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GENERAL MODEL/NOT TO SCALE
Turnaround operations
Dry conditions achieved through enhanced pumping system
World-class partners –Hydro Ressources and Technosub
Pumping clean water directly from water bearing faults
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14,720 14,453 12,003 14,417 11,934 13,877 19,953 17,978 18,885
363,552 368,568
255,760
305,934
205,314
289,566
500,763 475,007 482,079
0
100,000
200,000
300,000
400,000
500,000
600,000
0
5,000
10,000
15,000
20,000
25,000
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018
Tonnes AgEq oz
Tonn
es M
illed
Silv
er E
quiv
alen
t Oun
ces P
rodu
ced
Positioned to continue ramping up production
Increased production post-optimization
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Returning to industry leading costs
$10.38 $9.81
$17.95 $18.48 $22.44
$18.10
$2.46 $6.27
$3.85
$16.98 $19.27
$40.85
$71.17
$61.96
$37.87
$11.62
$18.42 $15.89
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018
Total Cash Costs
All-in Sustaining Cost Per SilverOunce Payable
Optimization Implementation
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Transition to cut and fill complete with 50,000 tonnes of dry inventory above producing faces
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Tonn
esPe
r Day
Dry
Tonn
es
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• Located in Zacatecas, approx. 220 km from Platosa with low trucking cost
• 650 tpd milling capacity, planning underway to increase to 800 tpd at minimal cost
• New tailings facility with 20 year capacity
• Bulk sample in Q3 2018 on ore from Hecla’s San Sebastian Mine, 42 km NW
• Milling agreement with Hecla for 400 tpd commencing 2019
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M a j o r C R D s C R D s1 Cerro San Pedro: 151 Mt (New Gold)2 San Martin‐Sabinas: 120 Mt (Peñoles)3 Terrazas: 87 Mt (Andromeda)4 Santa Eulalia: 50 Mt (Grupo Mex.)5 Penasquito: 45 Mt+ (Goldcorp)6 Naica: 35 Mt (Peñoles) 7 Santa Barbara: 30 Mt+ (Grupo Mex.)8 Charcas: 25 Mt (Grupo Mex.)9 Velardena: 18 Mt (Peñoles)10 Bismark: 15 Mt (Peñoles)11 Cinco de Mayo: 12 Mt (MAG Silver) 12 Catorce La Paz: 10 Mt13 Cananea: 10 Mt + CRD (Grupo Mex.)14 Zimapan: 8 Mt 15 Mapimi‐Ojuela: 6 Mt (Peñoles)16 San Pedro Corralitos: 5 Mt+17 La Negra: 5 Mt (Aurcana)18 Sierra Almoloya: 1 Mt+
La Platosa: 940,000 t (Mined & remaining Resources)
MIGUEL AUZA MILL
LA PLATOSA MINE
MEXICO CITY
TORREON
DURANGO
FRESNILLO
PORT OF MANZANILLO
Top silver producing country in the world
Mexico’s CRD Belt
LARGE SCALE
HIGH GRADE
SIMPLE MINING AND METALLURGY
Avg. of 10‐15M tonnes with the largest well in excess of 50M tonnes
Polymetallic, with metal contents ranging from 1‐12% Pb; 1‐18%Zn; 60‐600 g/t Ag; up to 2% Cu and 6 g/t Au
Large, continuous individual ore bodies averaging 0.5M to 2M tonnes in size, with some up to 20M tonnes, favourable metallurgy with minimal environmental footprint
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1611
34
6
187
2
159 5
12
81
17
14
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Grow PlatosaDelineate additional tonnes near existing mine workings
Discover and delineate new manto deposits
Follow‐up on skarn discovery and other regional skarn/ Source‐style targets
More Platosa’s World ClassDiscovery
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Rincon del Caido
La Platosa
After Sillitoe and Bonham 1990
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EX18UG393538 g/t Ag, 9.7 % Pb and 6.9% Zn or 1,283 g/t AgEqover 0.6 m
EX18UG3761,153 g/t Ag, 8.2% Pb and 3.4% Zn or1,662 g/t AgEq over 5.3 m
EX18UG380627 g/t Ag, 6.5% Pb and 16.7% Zn or1,727 g/t AgEq over 1.9 m
EX18UG3942,148 g/t Ag, 19.2% Pb and 9.7% Zn or3,428 AgEq over 10.2 m
EX18UG398870 g/t Ag, 13.3% Pb and 12.4% Zn or2,034 g/t AgEq over 6.7 m
EX16LP1107795 g/t Ag, 9.25% Pb and 25.85% Zn or 2,481 g/t g/t AgEq over 2.2 m
EX17UG347858 g/t Ag, 8.8% Pb and 9.7% Zn or 1,705 g/t AgEq over 5.1 m
EX17UG323886 g/t Ag, 8.8% Pb and 20.5% Zn or 2,318 g/t AgEq over 6.7 m
EX17UG3691,528 g/t Ag, 13.5% Pb and 16.9% Zn or 2,926 g/t AgEq over 3.1 m
EX17UG3711,192 g/t Ag, 13.2% Pb and 18.3% Zn or 2,648 g/t AgEq over 9.1 m incl 1,473 g/t Ag, 14.8% Pb, 25.6% Zn or 3,355 g/t AgEq over 6.2 m
EX17UG3301,203 g/t Ag, 9.3% Pb and 13.4% Zn or 2,255 g/t AgEq over 11.1 m incl 2,079 g/t Ag, 14.2% Pb, 23.9% Zn or 3,857 g/t AgEq over 5.2 m
EX17UG274662 g/t Ag, 4.9% Pb, 25.5% Zn and 0.57 g/t Au or 1,886 g/t AgEq over 13.0 m
EX17UG3292,291 g/t Ag, 15.0% Pb and 13.3% Zn or 3,570 g/t AgEq over 3.6 m
EX17UG3242,965 g/t Ag, 16.4% Pb and 0.9% Zn or 3,702 g/t AgEq over 1.45 m; and 1,171 g/t Ag, 9.3% Pb and 2.9% Zn or 1,713 g/t AgEq over 1.0 m
EX14UG2003,547 g/t Ag, 28.2% Pb and 18.7% Zn or 5,727 g/t AgEq over 1.3 m
EX17UG3733,125 g/t Ag, 27.1% Pb and 3.0% Zn or4,402 g/t AgEq over 1.4 m
EX17UG3751,397 g/t Ag, 7.4% Pb and 23.2% Zn or2,858 g/t AgEq over 7.3 m
Plan view of Platosa Mine
*Updated wireframes include drilling up to December 31, 201717
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Santa Eulalia cross section – over 300 years of production
Platosa is just getting started, so far mineralization only defined in single stratigraphic horizon
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Platosa Mine occurs on only 56 ha of 21,000 ha package.
Potential on property for multiple Platosa’s as well as large skarn mineralization footprint
Intrusives imaged from ZTEM survey
Mapped mineral bearing structures
23 km strike length along concession
San Gilberto
Jaboncillo
Saltillera North
Refugio
Platosa South Trend
La Platosa
SaltilleraUp to 50 m of mineralized skarn Intersected in historical drilling with grades up to 660 g/t Ag, 19.4% Pb and 6.23% Zn over 0.8 m
55 m @ 0.08 g/t Au, 132 g/t Ag,3.13% Pb and 1.74% Zn
7 m @ 13.07 g/t Au, 21.1 g/t Ag,3.57% Zn43 m @ 0.22 g/t Au, 146 g/t Ag,2.76% Pb and 1.85%Zn
Rincon Del Caido
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• Currently drilling in PlatosaCorridor
• Advancing new regional targets through detailed mapping, sampling and induced polarization (“IP”) surveys
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14,000 ha on northern part of prolific Fresnillo silver belt
• 35 km SE of Hecla’s high‐grade San Sebastian
• 135 km NW of Fresnilloand Juanicipio
• Historical resource of 22.8M oz AgEq Ind., 11.8M oz Inf.
• New exploration prospect from reviewing regional geology
• Potential to feed mill with regional discoveries
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High grade precious metals
veinlets at MA??
Bladed Veins on surface at
Madeira
Carbonate dominated big barren veins in
hole 118
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Pastizal
Abejas
JabaliLa Vibora
El Gatuño
El Cobre
2007-1180.7 m @ 503 g/t Ag,
6.75 g/t Au, 3.32% Pb and 2.21 % Zn
2006-840.2 m @ 2,900 g/t Ag,
2.94 g/t Au,8.38% Pb and 6.61% Zn
2006-560.45 m @ 1,345 g/t Ag,
0.49 g/t Au,0.88% Pb and 1.19% Zn
2008-1940.5 m @ 3,291 g/t Ag,
0.35 g/t Au,1.67% Pb and 0.44% Zn
CC-2005-010.4 m @ 7,601 g/t Ag,3.35% Pb and 1.9% Zn
And0.5 m @ 7,377 g/t Ag,
0.28 g/t Au,4.72% Pb and 5.34% Zn
2006-850.35 m @ 1,010 g/t Ag
and 4.38 g/t Au
2008-2011.2 m @ 76.49 g/t Ag
and 0.14 g/t Au
2005-046.3 m @ 565 g/t Ag,
1.36 g/t Au,0.72% Pb and 0.1 % Zn
And61.75 m @ 127 g/t Ag,
0.20 g/t Au,1.45% Pb and 1.29% Zn
Historical drilling encountered ultra high-grade veinlets near surface while potential for thicker “parent” veins has not been tested
Vein extensions under cover to be explored
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2100E4000N
2100E2400N 4750E
2400N
Lomo de Las Minassurface samples ofup to 667 g/t Agand 2.3 g/t Au
Abejas- Pastizal0.4 m @ 7,601 g/t Ag, 3.4% Pb and 1.9% ZnAnd 0.5 m @ 7,377 g/t Ag, 0.3
g/t Au, 4.7% Pb and 5.3% Zn
Lechuzas – CarmenUp to 5,900 g/t Ag over 0.2 m in resampling
Calvario Vein*22.8M oz AgEq Indicated, 11.8M oz Inferred. Town of
Miguel Auza
Town of Juan
Adalma
El Cobre Mine Former small scale production
San Sebastian
Fresnillo andJuanicipio
Miguel Auza
Zacatecas
Recent CoverCaracol FormationMonzoniteRhyoliteAndesite
Historical mines
Veins
*resource is historical and considered indicative of further regional potential
• Initial 3,000 metreproof of concept program underway on 4 priority targets
• Target generation through detailed mapping, sampling and induced polarization (“IP”) surveys
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350 employees and contractors
100% Mexican
Local communities of Bermejillo & Mapimi
Fully Engaged
Health, education & social infrastructure
Sustainable Investments
We partner with local, state and federal governments to bring real advancements to our communities
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KEY SHAREHOLDERS
SHARE STRUCTURE TRADING SUMMARY*
Eric SprottConcept Capital Sprott Asset ManagementGlobal XNotae Investments US Global
*As at June 21, 2018
ANALYST COVERAGECantor Fitzgerald – Mike KozakCormark Securities – Richard Gray PI Financial – Phil Ker Red Cloud – Derek Macpherson
Net Working Capital (Q1‐2018): $14.5M Production (2017):0.7M oz Ag (in con.) and 1.5M oz Ag Eq
RECENT FINANCINGS:C$3.0M ‐ private placement with Eric Sprott (April 2016) C$15.2M ‐ bought deal public offering (closed in early Q3 2016)
Issued & Outstanding: 98.3 MOptions: 1.7 MDSUs: 2.4 MRSUs: 2.8 MWarrants (C$0.50): 1.9 M(EXN.WT at C$1.75): 6.6 M(EXN.WT.A at C$2.80): 3.7 MFully Diluted: 117.4 M
TSX:EXN OTC:EXLLFAv. Daily Vol: 116,251 40,87852‐Week Range: $2.30‐1.27 $1.87‐0.98Market Cap: CAD$149M US$110M
C$14.8M ‐ bought deal public offering (closed in November 2017)
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Generate strong free-cash flow Ongoing production ramp up at Platosa
Updated resource estimate Expected in Q2, includes drilling completed up to December 2017
Platosa explorationUnderground drilling to further define and extend mantos near existing infrastructure
Explore for new mantos and skarn/source
Miguel Auza explorationDrilling underway on the northern part of the Fresnillo silver trend, the richest belt in the world
Toll milling arrangement with Hecla Mining
Bulk sample testing program to commence in Q3
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Mineoptimizationcomplete
Strong free-cash flow generation
Exceptionalexplorationpotential
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Q1 2018 2017 2016 2015 2014 2013
Tonnes Milled 18,885 63,742 55,593 56,849 64,206 69,862
Grades
Ag (g/t) 359 393 456 491 603 718
Lead (%) 3.79 3.75 4.40 4.56 6.57 6.14
Zinc (%) 6.43 5.30 5.70 7.20 8.90 8.00
Metal Production
Ag (oz) 194,462 718,460 752,689 794,289 1,162,929 1,409,852
Lead (Ib) 1,275,418 4,241,225 4,427,300 4,387,358 7,515,720 7,342,108
Zinc (Ib) 2,253,449 6,059,922 5,581,060 7,362,938 10,075,172 9,876,955
AgEq (oz) 482,079 1,470,650 1,293,815 1,429,439 2,048,017 2,055,567
Recoveries
Ag (%) 87.3 89.3 90.5 89.0 91.8 92.6
Lead (%) 81.2 80.9 82.1 77.7 81.9 79.4
Zinc (%) 83.8 81.4 80.1 81.6 81.8 80.2
Total Cash Cost/Ag oz payable $3.85 $10.38 $13.42 $15.11 $13.76 $10.01
AISC/ Ag oz $15.98 $27.97 $33.04 $22.58 $21.69 $19.62
Net Income (Loss) ($1.2M) ($5.6M) ($14.1M) ($5.0M) ($3.8M) ($5M)
Cash Flow from Operations(1) $0.5M ($0.7M) ($3.2M) ($1.8M) $1.2M $1.7M
(1) Cash flow from operations before changes in working capital
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Cash
G&
A($
M)
$4.7 $4.9
$7.8
$5.7
$4.6
$5.8$6.1
$3.9$3.4
$2.4 $2.5$2.9
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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• Ratio – trading at 80:1, but produced at less than 10:1
• Consumption – 50%+ of silver production consumed & must be replaced by mine production
• Future – solar, high technology and medicine – the irreplaceable metal of innovation
• Ongoing currency war
• Negative interest rates – no opportunity cost to hold gold
• Major central bank buying and move to physical exchanges in the East
THE CASE FOR GOLD THE CASE FOR SILVER
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Our vision is to be apremier silver producer by
To become a premier precious metals producer by capitalizing on generational opportunities and striving to always do better for our shareholders, employees and neighbouring communities
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