TABLE OF CONTENTS

| ​ | Gerardo CortinaSuite 1860 - 400 Burrard StreetVancouver, British Columbia, Canada V6C 3A6Telephone: +1 604-683-8286Facsimile: +1 604-683-3205 | ​ | ​ | with a copy to:H.S. SangraSangra Moller LLP1000 Cathedral Place, 925 West Georgia StreetVancouver, British Columbia, Canada V6C 3L2Facsimile: +1 604-669-8803 | ​ |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ | Title of each class | ​ | ​ | Name of each exchange on which registered | ​ |
|---------|---------------------|---------|---------|-------------------------------------------|---------|
| ​ | Common Shares       | ​ | ​ | New York Stock Exchange                   | ​ |
| ​ | Large accelerated filer ☐ | ​ | ​ | Accelerated filer ☒ | ​ | ​ | Non-accelerated filer ☐ | ​ |
|---------|---------------------------------------|---------|---------|---------------------------------|---------|---------|-------------------------------------|---------|
| ​ | U.S. GAAP ☐ | ​ | ​ | International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ | ​ | ​ | Other ☐​ | ​ |
|---------|-------------------------|---------|---------|---------------------------------------------------------------------------------------------------------------------|---------|---------|----------------------------|---------|

----

TABLE OF CONTENTS

|   PRODUCT          | ​ | ​ | June 2015 | ​ | ​ | December 2015   | ​ |
|--------------------------------|---------|---------|----------------|---------|---------|----------------------------------|---------|
|   Ferrosilicon     | ​ | ​ | ​        | ​ | 1.1%    | ​                          | ​ | ​ | ​ | ​ | (24.5)% | ​ | ​ |
|   Ferro Manganese  | ​ | ​ | ​        | ​ | 3.2%    | ​                          | ​ | ​ | ​ | ​ | (12.5)% | ​ | ​ |
|   Ferro Chrome     | ​ | ​ | ​        | ​ | (4.2)%  | ​                          | ​ | ​ | ​ | ​ | (18.9)% | ​ | ​ |
|   Silicon Metal    | ​ | ​ | ​        | ​ | (1.7)%  | ​                          | ​ | ​ | ​ | ​ | (28.8)% | ​ | ​ |
|   Ferro Molybdenum | ​ | ​ | ​        | ​ | (21.1)% | ​                          | ​ | ​ | ​ | ​ | (42.8)% | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|   FINANCIAL POSITION  ($ in thousands, except ratios and per share amounts) | ​ | ​ | December 31, 2015 | ​ | ​ | December 31, 2014   | ​ |
|-----------------------------------------------------------------------------------------------------|---------|---------|------------------------|---------|---------|--------------------------------------|---------|
|   Cash and cash equivalents                                                             | ​ | ​ | ​                | ​ | 197,519 | ​                              | ​ | ​ | ​ | ​ | 344,891 | ​ | ​ |
|   Securities, current                                                                   | ​ | ​ | ​                | ​ | 170     | ​                              | ​ | ​ | ​ | ​ | 290 | ​ | ​ |
|   Trade receivables                                                                     | ​ | ​ | ​                | ​ | 151,229 | ​                              | ​ | ​ | ​ | ​ | 187,558 | ​ | ​ |
|   Inventories                                                                           | ​ | ​ | ​                | ​ | 245,345 | ​                              | ​ | ​ | ​ | ​ | 246,611 | ​ | ​ |
|   Total current assets                                                                  | ​ | ​ | ​                | ​ | 785,850 | ​                              | ​ | ​ | ​ | ​ | 1,003,259 | ​ | ​ |
|   Total current liabilities                                                             | ​ | ​ | ​                | ​ | 414,562 | ​                              | ​ | ​ | ​ | ​ | 440,773 | ​ | ​ |
|   Short-term bank borrowings                                                            | ​ | ​ | ​                | ​ | 60,103  | ​                              | ​ | ​ | ​ | ​ | 187,171 | ​ | ​ |
|   Working capital                                                                       | ​ | ​ | ​                | ​ | 371,288 | ​                              | ​ | ​ | ​ | ​ | 562,486 | ​ | ​ |
|   Current ratio(1)                                                                      | ​ | ​ | ​                | ​ | 1.90    | ​                              | ​ | ​ | ​ | ​ | 2.28 | ​ | ​ |
|   Total assets                                                                          | ​ | ​ | ​                | ​ | 977,351 | ​                              | ​ | ​ | ​ | ​ | 1,692,219 | ​ | ​ |
|   Total long-term debt                                                                  | ​ | ​ | ​                | ​ | 259,038 | ​                              | ​ | ​ | ​ | ​ | 363,255 | ​ | ​ |
|   Total long-term debt-to-equity(1)                                                     | ​ | ​ | ​                | ​ | 0.71    | ​                              | ​ | ​ | ​ | ​ | 0.47 | ​ | ​ |
|   Total liabilities                                                                     | ​ | ​ | ​                | ​ | 608,151 | ​                              | ​ | ​ | ​ | ​ | 913,286 | ​ | ​ |
|   Shareholders’ equity                                                            | ​ | ​ | ​                | ​ | 367,192 | ​                              | ​ | ​ | ​ | ​ | 777,717 | ​ | ​ |
|   Net book value per share                                                              | ​ | ​ | ​                | ​ | 5.81    | ​                              | ​ | ​ | ​ | ​ | 12.32 | ​ | ​ |

----

TABLE OF CONTENTS

|   OPERATING EBITDA (LOSS) ($ in thousands) | ​ | ​ | December 31, 2015 | ​ | ​  | December 31, 2014   | ​ |
|--------------------------------------------------------|---------|---------|------------------------|---------|----------|--------------------------------------|---------|
|   Net (loss) income (1)                    | ​ | ​ | ​                | ​ | (57,918) | ​                              | ​ | ​ | ​ | ​ | 4,141 | ​ | ​ |
|   Tax expense                              | ​ | ​ | ​                | ​ | 2,501    | ​                              | ​ | ​ | ​ | ​ | 2,173 | ​ | ​ |
|   Finance costs                            | ​ | ​ | ​                | ​ | 20,355   | ​                              | ​ | ​ | ​ | ​ | 13,263 | ​ | ​ |
|   Depreciation, depletion and amortization | ​ | ​ | ​                | ​ | 6,450    | ​                              | ​ | ​ | ​ | ​ | 4,957 | ​ | ​ |
|   Operating EBITDA (loss)                  | ​ | ​ | ​                | ​ | (28,612) | ​                              | ​ | ​ | ​ | ​ | 24,534 | ​ | ​ |
|   OFF-TAKE AND CREDIT LOSSES ($ in thousands)    | ​ | ​ | December 31, 2015   | ​ |
|--------------------------------------------------------------|---------|---------|--------------------------------------|---------|
|   Long-term off-take losses                      | ​ | ​ | ​                              | ​ | (9,880) | ​ | ​ |
|   Credit losses related to an insolvent customer | ​ | ​ | ​                              | ​ | (51,382) | ​ | ​ |
|   Total                                          | ​ | ​ | ​                              | ​ | (61,262) | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​ | BOARD OF DIRECTORS                                                                                                      | ​ | ​ | AUDITORS                                                                                                                              | ​ | ​ | TRANSFER AGENT                                                                                                                                                        | ​ |
|---------|-------------------------------------------------------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ | Michael J. SmithChairmanDirector since 1987 Indrajit ChatterjeeDirector since 2005 Silke S. Stenger*Director since 2013 | ​ | ​ | PricewaterhouseCoopers LLPSuite 700250 Howe StreetVancouver, BC V6C 3S7 CanadaTelephone: (1) 604 806 7000www.pwc.com/ca               | ​ | ​ | Computershare480 Washington Blvd27th FloorJersey City, NJ 07310USATelephone: (1) 888 478 2338www.computershare.com                                                    | ​ |
| ​ | ​                                                                                                                 | ​ | ​ | STOCK LISTING                                                                                                                         | ​ | ​ | CORPORATE                                                                                                                                                             | ​ |
| ​ | Dr. Shuming Zhao*Director since 2014 Gerardo CortinaDirector since 2014 Friedrich Hondl*Director since 2015             | ​ | ​ | New York Stock Exchange11 Wall StreetNew York, NY 10005USATelephone: (1) 212 656 3000Email: nyselistings@nyse.comTrading symbol: MFCB | ​ | ​ | MFC Bancorp Ltd.400 Burrard StreetSuite 1860Vancouver, BC, V6C 3A6CanadaTelephone: (1) 604 683 8286Email: rrandall@bmgmt.com                                          | ​ |
| ​ | Jochen P. DuemlerDirector since 2016 *Member of the Audit Committee                                                     | ​ | ​ | CORPORATE WEBSITEwww.mfcbancorpltd.com                                                                                                | ​ | ​ | COMMERCIAL HEADQUARTERSMFC Commodities GmbHMillennium Tower 21st Floor94-96 Handelskai1200 Vienna, AustriaTelephone: (43) 1 240 25 0Email: office@mfc-commodities.com | ​ |

----

TABLE OF CONTENTS​

| ​ | PART I                                                        | ​ | ​ | ​ | ​ | 1  | ​ | ​ |
|---------|---------------------------------------------------------------|---------|---------|---------|---------|----|---------|---------|
| ​ | FORWARD-LOOKING STATEMENTS                                    | ​ | ​ | ​ | ​ | 1  | ​ | ​ |
| ​ | CHANGE IN REPORTING CURRENCY                                  | ​ | ​ | ​ | ​ | 1  | ​ | ​ |
| ​ | NOTE ON FINANCIAL AND OTHER INFORMATION                       | ​ | ​ | ​ | ​ | 2  | ​ | ​ |
| ​ | NON-IFRS FINANCIAL MEASURES                                   | ​ | ​ | ​ | ​ | 2  | ​ | ​ |
| ​ | NOTE ON NATURAL GAS AND OIL DISCLOSURE AND DEFINITIONS        | ​ | ​ | ​ | ​ | 2  | ​ | ​ |
| ​ | ITEM 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS | ​ | ​ | ​ | ​ | 3  | ​ | ​ |
| ​ | ITEM 2: OFFER STATISTICS AND EXPECTED TIMETABLE               | ​ | ​ | ​ | ​ | 3  | ​ | ​ |
| ​ | ITEM 3: KEY INFORMATION                                       | ​ | ​ | ​ | ​ | 3  | ​ | ​ |
| ​ | A. Selected Financial Data                                    | ​ | ​ | ​ | ​ | 4  | ​ | ​ |
| ​ | B. Capitalization and Indebtedness                            | ​ | ​ | ​ | ​ | 5  | ​ | ​ |
| ​ | C. Reasons for the Offer and Use of Proceeds                  | ​ | ​ | ​ | ​ | 5  | ​ | ​ |
| ​ | D. Risk Factors                                               | ​ | ​ | ​ | ​ | 5  | ​ | ​ |
| ​ | ITEM 4: INFORMATION ON THE COMPANY                            | ​ | ​ | ​ | ​ | 15 | ​ | ​ |
| ​ | A. History and Development of the Company                     | ​ | ​ | ​ | ​ | 15 | ​ | ​ |
| ​ | B. Business Overview                                          | ​ | ​ | ​ | ​ | 15 | ​ | ​ |
| ​ | C. Organizational Structure                                   | ​ | ​ | ​ | ​ | 18 | ​ | ​ |
| ​ | D. Property, Plants and Equipment                             | ​ | ​ | ​ | ​ | 19 | ​ | ​ |
| ​ | ITEM 4A: UNRESOLVED STAFF COMMENTS                            | ​ | ​ | ​ | ​ | 22 | ​ | ​ |
| ​ | ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS          | ​ | ​ | ​ | ​ | 23 | ​ | ​ |
| ​ | General                                                       | ​ | ​ | ​ | ​ | 23 | ​ | ​ |
| ​ | Results of Operations                                         | ​ | ​ | ​ | ​ | 25 | ​ | ​ |
| ​ | Liquidity and Capital Resources                               | ​ | ​ | ​ | ​ | 31 | ​ | ​ |
| ​ | Application of Critical Accounting Policies                   | ​ | ​ | ​ | ​ | 38 | ​ | ​ |
| ​ | New Standards and Interpretations Adopted and Not Yet Adopted | ​ | ​ | ​ | ​ | 40 | ​ | ​ |
| ​ | Trend Information                                             | ​ | ​ | ​ | ​ | 41 | ​ | ​ |
| ​ | Off-Balance Sheet Arrangements                                | ​ | ​ | ​ | ​ | 41 | ​ | ​ |
| ​ | Safe Harbor                                                   | ​ | ​ | ​ | ​ | 41 | ​ | ​ |
| ​ | ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES            | ​ | ​ | ​ | ​ | 42 | ​ | ​ |
| ​ | A. Directors and Senior Management                            | ​ | ​ | ​ | ​ | 42 | ​ | ​ |
| ​ | B. Compensation                                               | ​ | ​ | ​ | ​ | 44 | ​ | ​ |
| ​ | C. Board Practices                                            | ​ | ​ | ​ | ​ | 46 | ​ | ​ |
| ​ | D. Employees                                                  | ​ | ​ | ​ | ​ | 47 | ​ | ​ |
| ​ | E. Share Ownership                                            | ​ | ​ | ​ | ​ | 48 | ​ | ​ |
| ​ | ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS     | ​ | ​ | ​ | ​ | 50 | ​ | ​ |
| ​ | A. Major Shareholders                                         | ​ | ​ | ​ | ​ | 50 | ​ | ​ |
| ​ | B. Related Party Transactions                                 | ​ | ​ | ​ | ​ | 50 | ​ | ​ |
| ​ | C. Interests of Experts and Counsel                           | ​ | ​ | ​ | ​ | 51 | ​ | ​ |
| ​ | ITEM 8: FINANCIAL INFORMATION                                 | ​ | ​ | ​ | ​ | 51 | ​ | ​ |
| ​ | A. Consolidated Statements and Other Financial Information    | ​ | ​ | ​ | ​ | 51 | ​ | ​ |

----

TABLE OF CONTENTS​

| ​ | B. Significant Changes                                                            | ​ | ​ | ​ | ​ | 51  | ​ | ​ |
|---------|-----------------------------------------------------------------------------------|---------|---------|---------|---------|-----|---------|---------|
| ​ | ITEM 9: THE OFFER AND LISTING                                                     | ​ | ​ | ​ | ​ | 52  | ​ | ​ |
| ​ | A. Offer and Listing Details                                                      | ​ | ​ | ​ | ​ | 52  | ​ | ​ |
| ​ | B. Plan of Distribution                                                           | ​ | ​ | ​ | ​ | 52  | ​ | ​ |
| ​ | C. Markets                                                                        | ​ | ​ | ​ | ​ | 52  | ​ | ​ |
| ​ | D. Selling Shareholders                                                           | ​ | ​ | ​ | ​ | 52  | ​ | ​ |
| ​ | E. Dilution                                                                       | ​ | ​ | ​ | ​ | 52  | ​ | ​ |
| ​ | F. Expenses of the Issue                                                          | ​ | ​ | ​ | ​ | 53  | ​ | ​ |
| ​ | ITEM 10: ADDITIONAL INFORMATION                                                   | ​ | ​ | ​ | ​ | 53  | ​ | ​ |
| ​ | A. Share Capital                                                                  | ​ | ​ | ​ | ​ | 53  | ​ | ​ |
| ​ | B. Memorandum and Articles of Association                                         | ​ | ​ | ​ | ​ | 53  | ​ | ​ |
| ​ | C. Material Contracts                                                             | ​ | ​ | ​ | ​ | 54  | ​ | ​ |
| ​ | D. Exchange Controls                                                              | ​ | ​ | ​ | ​ | 54  | ​ | ​ |
| ​ | E. Taxation                                                                       | ​ | ​ | ​ | ​ | 56  | ​ | ​ |
| ​ | F. Dividends and Paying Agents                                                    | ​ | ​ | ​ | ​ | 60  | ​ | ​ |
| ​ | G. Statement by Experts                                                           | ​ | ​ | ​ | ​ | 60  | ​ | ​ |
| ​ | H. Documents on Display                                                           | ​ | ​ | ​ | ​ | 60  | ​ | ​ |
| ​ | I. Subsidiary Information                                                         | ​ | ​ | ​ | ​ | 60  | ​ | ​ |
| ​ | ITEM 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK               | ​ | ​ | ​ | ​ | 61  | ​ | ​ |
| ​ | ITEM 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                   | ​ | ​ | ​ | ​ | 61  | ​ | ​ |
| ​ | PART II                                                                           | ​ | ​ | ​ | ​ | 62  | ​ | ​ |
| ​ | ITEM 13: DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                          | ​ | ​ | ​ | ​ | 62  | ​ | ​ |
| ​ | ITEM 14: MATERIAL MODIFICATIONS TO RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | ​ | ​ | ​ | ​ | 62  | ​ | ​ |
| ​ | ITEM 15: CONTROLS AND PROCEDURES                                                  | ​ | ​ | ​ | ​ | 62  | ​ | ​ |
| ​ | ITEM 16: [RESERVED]                                                               | ​ | ​ | ​ | ​ | 64  | ​ | ​ |
| ​ | ITEM 16A: AUDIT COMMITTEE FINANCIAL EXPERT                                        | ​ | ​ | ​ | ​ | 64  | ​ | ​ |
| ​ | ITEM 16B: CODE OF ETHICS                                                          | ​ | ​ | ​ | ​ | 64  | ​ | ​ |
| ​ | ITEM 16C: PRINCIPAL ACCOUNTANT FEES AND SERVICES                                  | ​ | ​ | ​ | ​ | 64  | ​ | ​ |
| ​ | ITEM 16D: EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES              | ​ | ​ | ​ | ​ | 65  | ​ | ​ |
| ​ | ITEM 16E: PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS  | ​ | ​ | ​ | ​ | 65  | ​ | ​ |
| ​ | ITEM 16F: CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT                      | ​ | ​ | ​ | ​ | 65  | ​ | ​ |
| ​ | ITEM 16G: CORPORATE GOVERNANCE                                                    | ​ | ​ | ​ | ​ | 66  | ​ | ​ |
| ​ | ITEM 16H: MINE SAFETY DISCLOSURE                                                  | ​ | ​ | ​ | ​ | 66  | ​ | ​ |
| ​ | ITEM 17: FINANCIAL STATEMENTS                                                     | ​ | ​ | ​ | ​ | 66  | ​ | ​ |
| ​ | ITEM 18: FINANCIAL STATEMENTS                                                     | ​ | ​ | ​ | ​ | 67  | ​ | ​ |
| ​ | ITEM 19: EXHIBITS                                                                 | ​ | ​ | ​ | ​ | 137 | ​ | ​ |

----

TABLE OF CONTENTS​​​

----

TABLE OF CONTENTS​​​

| ​            | ​ | ​ | Years Ended December 31, | ​ |
|--------------------|---------|---------|-------------------------------|---------|
| ​            | ​ | ​ | 2015                          | ​ | ​ | 2014 | ​ | ​ | 2013 | ​ | ​ | 2012 | ​ | ​ | 2011 | ​ |
| ​            | ​ | ​ | ($/US$)                       | ​ |
| End of period      | ​ | ​ | ​                       | ​ | 1.3840 | ​ | ​ | ​ | ​ | ​ | 1.1601 | ​ | ​ | ​ | ​ | ​ | 1.0636 | ​ | ​ | ​ | ​ | ​ | 0.9949 | ​ | ​ | ​ | ​ | ​ | 1.0170 | ​ | ​ |
| High for period    | ​ | ​ | ​                       | ​ | 1.1728 | ​ | ​ | ​ | ​ | ​ | 1.0614 | ​ | ​ | ​ | ​ | ​ | 0.9839 | ​ | ​ | ​ | ​ | ​ | 0.9710 | ​ | ​ | ​ | ​ | ​ | 0.9449 | ​ | ​ |
| Low for period     | ​ | ​ | ​                       | ​ | 1.3990 | ​ | ​ | ​ | ​ | ​ | 1.1643 | ​ | ​ | ​ | ​ | ​ | 1.0697 | ​ | ​ | ​ | ​ | ​ | 1.0418 | ​ | ​ | ​ | ​ | ​ | 1.0604 | ​ | ​ |
| Average for period | ​ | ​ | ​                       | ​ | 1.2787 | ​ | ​ | ​ | ​ | ​ | 1.1045 | ​ | ​ | ​ | ​ | ​ | 1.0299 | ​ | ​ | ​ | ​ | ​ | 0.9996 | ​ | ​ | ​ | ​ | ​ | 0.9891 | ​ | ​ |
| ​            | ​ | ​ | ($/€)                    | ​ |
| End of period      | ​ | ​ | ​                       | ​ | 1.5029 | ​ | ​ | ​ | ​ | ​ | 1.4038 | ​ | ​ | ​ | ​ | ​ | 1.4655 | ​ | ​ | ​ | ​ | ​ | 1.3118 | ​ | ​ | ​ | ​ | ​ | 1.3193 | ​ | ​ |
| High for period    | ​ | ​ | ​                       | ​ | 1.3111 | ​ | ​ | ​ | ​ | ​ | 1.3927 | ​ | ​ | ​ | ​ | ​ | 1.2859 | ​ | ​ | ​ | ​ | ​ | 1.2153 | ​ | ​ | ​ | ​ | ​ | 1.2847 | ​ | ​ |
| Low for period     | ​ | ​ | ​                       | ​ | 1.5298 | ​ | ​ | ​ | ​ | ​ | 1.5549 | ​ | ​ | ​ | ​ | ​ | 1.4724 | ​ | ​ | ​ | ​ | ​ | 1.3446 | ​ | ​ | ​ | ​ | ​ | 1.4305 | ​ | ​ |
| Average for period | ​ | ​ | ​                       | ​ | 1.4182 | ​ | ​ | ​ | ​ | ​ | 1.4671 | ​ | ​ | ​ | ​ | ​ | 1.3681 | ​ | ​ | ​ | ​ | ​ | 1.2850 | ​ | ​ | ​ | ​ | ​ | 1.3767 | ​ | ​ |

----

TABLE OF CONTENTS​​​

----

TABLE OF CONTENTS​

| ​                                                      | ​ | ​ | 2015    | ​ | ​          | 2014(1) | ​ | ​ | 2013          | ​ | ​             | 2012(2) | ​ | ​ | 2011    | ​ |
|--------------------------------------------------------------|---------|---------|---------|---------|------------------|---------|---------|---------|---------------|---------|---------------------|---------|---------|---------|---------|---------|
| ​                                                      | ​ | ​ | ​ | ​ | ​          | ​ | ​ | ​ | (Restated(3)) | ​ |
| Gross revenues                                               | ​ | ​ | ​ | $       |  1,579,702 | ​ | ​ | ​ | ​       | $       |  1,286,324(3) | ​ | ​ | ​ | ​ | $       | 621,085(3) | ​ | ​ | ​ | ​ | $ | 386,273(3) | ​ | ​ | ​ | ​ | $ |    452,724(3) | ​ | ​ |
| (Loss) income from operations                                | ​ | ​ | ​ | ​ | (55,129)(4)      | ​ | ​ | ​ | ​       | ​ | 12,770              | ​ | ​ | ​ | ​ | ​ | 6,221 | ​ | ​ | ​ | ​ | ​ | (52,710)(5) | ​ | ​ | ​ | ​ | ​ | (6,388) | ​ | ​ |
| (Loss) earnings from continuing operations(6)                | ​ | ​ | ​ | ​ | (59,544)(4)      | ​ | ​ | ​ | ​       | ​ | 2,783               | ​ | ​ | ​ | ​ | ​ | 4,324 | ​ | ​ | ​ | ​ | ​ | (41,570)(5) | ​ | ​ | ​ | ​ | ​ | (8,037) | ​ | ​ |
| Net (loss) income from continuing operations per share       | ​ | ​ | ​ | ​ | ​          | ​ |
| Basic                                                        | ​ | ​ | ​ | ​ | (0.94)(4)        | ​ | ​ | ​ | ​       | ​ | 0.04                | ​ | ​ | ​ | ​ | ​ | 0.07 | ​ | ​ | ​ | ​ | ​ | (0.67)(5) | ​ | ​ | ​ | ​ | ​ | (0.13) | ​ | ​ |
| Diluted                                                      | ​ | ​ | ​ | ​ | (0.94)(4)        | ​ | ​ | ​ | ​       | ​ | 0.04                | ​ | ​ | ​ | ​ | ​ | 0.07 | ​ | ​ | ​ | ​ | ​ | (0.67)(5) | ​ | ​ | ​ | ​ | ​ | (0.13) | ​ | ​ |
| Net (loss) income from discontinued operations(6)            | ​ | ​ | ​ | ​ | (428,086)(7)     | ​ | ​ | ​ | ​       | ​ | (3,465)(8)          | ​ | ​ | ​ | ​ | ​ | 5,408(9) | ​ | ​ | ​ | ​ | ​ | 238,154(10) | ​ | ​ | ​ | ​ | ​ | 19,712 | ​ | ​ |
| (Loss) earnings per share from discontinued operations:      | ​ | ​ | ​ | ​ | ​          | ​ |
| Basic                                                        | ​ | ​ | ​ | ​ | (6.78)(7)        | ​ | ​ | ​ | ​       | ​ | (0.05)(8)           | ​ | ​ | ​ | ​ | ​ | 0.09(9) | ​ | ​ | ​ | ​ | ​ | 3.81(10) | ​ | ​ | ​ | ​ | ​ | 0.32 | ​ | ​ |
| Diluted                                                      | ​ | ​ | ​ | ​ | (6.78)(7)        | ​ | ​ | ​ | ​       | ​ | (0.05)(8)           | ​ | ​ | ​ | ​ | ​ | 0.09(9) | ​ | ​ | ​ | ​ | ​ | 3.81(10) | ​ | ​ | ​ | ​ | ​ | 0.32 | ​ | ​ |
| Net (loss) income(6)                                         | ​ | ​ | ​ | ​ | (487,630)(4)(7)  | ​ | ​ | ​ | ​       | ​ | (682)(8)            | ​ | ​ | ​ | ​ | ​ | 9,732(9) | ​ | ​ | ​ | ​ | ​ | 196,584(5)(10) | ​ | ​ | ​ | ​ | ​ | 11,675 | ​ | ​ |
| Net (loss) income per share:                                 | ​ | ​ | ​ | ​ | ​          | ​ |
| Basic                                                        | ​ | ​ | ​ | ​ | (7.72)(4)(7)     | ​ | ​ | ​ | ​       | ​ | (0.01)(8)           | ​ | ​ | ​ | ​ | ​ | 0.16(9) | ​ | ​ | ​ | ​ | ​ | 3.14(5)(10) | ​ | ​ | ​ | ​ | ​ | 0.19 | ​ | ​ |
| Diluted                                                      | ​ | ​ | ​ | ​ | (7.72)(4)(7)     | ​ | ​ | ​ | ​       | ​ | (0.01)(8)           | ​ | ​ | ​ | ​ | ​ | 0.16(9) | ​ | ​ | ​ | ​ | ​ | 3.14(5)(10) | ​ | ​ | ​ | ​ | ​ | 0.19 | ​ | ​ |
| Total assets                                                 | ​ | ​ | ​ | ​ | 977,351          | ​ | ​ | ​ | ​       | ​ | 1,692,219           | ​ | ​ | ​ | ​ | ​ | 1,402,460 | ​ | ​ | ​ | ​ | ​ | 1,353,684 | ​ | ​ | ​ | ​ | ​ | 873,558 | ​ | ​ |
| Net assets                                                   | ​ | ​ | ​ | ​ | 369,200          | ​ | ​ | ​ | ​       | ​ | 778,933             | ​ | ​ | ​ | ​ | ​ | 744,245 | ​ | ​ | ​ | ​ | ​ | 733,018 | ​ | ​ | ​ | ​ | ​ | 558,478 | ​ | ​ |
| Long-term debt, less current portion                         | ​ | ​ | ​ | ​ | 174,333          | ​ | ​ | ​ | ​       | ​ | 297,157             | ​ | ​ | ​ | ​ | ​ | 201,947 | ​ | ​ | ​ | ​ | ​ | 31,012 | ​ | ​ | ​ | ​ | ​ | 20,493 | ​ | ​ |
| Shareholders’ equity                                   | ​ | ​ | ​ | ​ | 367,192          | ​ | ​ | ​ | ​       | ​ | 777,717             | ​ | ​ | ​ | ​ | ​ | 744,063 | ​ | ​ | ​ | ​ | ​ | 726,862 | ​ | ​ | ​ | ​ | ​ | 555,916 | ​ | ​ |
| Capital stock, net of treasury stock                         | ​ | ​ | ​ | ​ | 358,831          | ​ | ​ | ​ | ​       | ​ | 358,570             | ​ | ​ | ​ | ​ | ​ | 357,322 | ​ | ​ | ​ | ​ | ​ | 357,322 | ​ | ​ | ​ | ​ | ​ | 357,355 | ​ | ​ |
| Weighted average number of common stock outstanding, diluted | ​ | ​ | ​ | ​ | 63,142           | ​ | ​ | ​ | ​       | ​ | 62,957              | ​ | ​ | ​ | ​ | ​ | 62,757 | ​ | ​ | ​ | ​ | ​ | 62,555 | ​ | ​ | ​ | ​ | ​ | 62,561 | ​ | ​ |
| Cash dividends paid to shareholders                          | ​ | ​ | ​ | ​ | 4,388            | ​ | ​ | ​ | ​       | ​ | 12,486              | ​ | ​ | ​ | ​ | ​ | 15,353 | ​ | ​ | ​ | ​ | ​ | 13,789 | ​ | ​ | ​ | ​ | ​ | 12,389 | ​ | ​ |

----

TABLE OF CONTENTS​​​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​​​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

| Subsidiaries                                            | ​ | ​ | Country ofIncorporation | ​ | ​ | Proportionof VotingInterest(1) | ​ |
|---------------------------------------------------------|---------|---------|-------------------------|---------|---------|--------------------------------|---------|
| MFC Commodities GmbH                                    | ​ | ​ | Austria                 | ​ | ​ | 100%                           | ​ |
| MFC Trade & Financial Services GmbH                 | ​ | ​ | Austria                 | ​ | ​ | 100%                           | ​ |
| IC Managementservice GmbH                               | ​ | ​ | Austria                 | ​ | ​ | 100%                           | ​ |
| International Trade Services GmbH                       | ​ | ​ | Austria                 | ​ | ​ | 100%                           | ​ |
| MFC Commodities Trading GmbH                            | ​ | ​ | Austria                 | ​ | ​ | 100%                           | ​ |
| MFC Metal Trading GmbH                                  | ​ | ​ | Austria                 | ​ | ​ | 100%                           | ​ |
| Kasese Cobalt Company Limited                           | ​ | ​ | Uganda                  | ​ | ​ | 75%                            | ​ |
| MFC (A) Ltd                                             | ​ | ​ | Marshall Islands        | ​ | ​ | 100%                           | ​ |
| MFC (D) Ltd                                             | ​ | ​ | Marshall Islands        | ​ | ​ | 100%                           | ​ |
| M Financial Corp.                                       | ​ | ​ | Barbados                | ​ | ​ | 100%                           | ​ |
| MFC Corporate Services AG                               | ​ | ​ | Switzerland             | ​ | ​ | 100%                           | ​ |
| GPT Global Pellets Trading GmbH                         | ​ | ​ | Austria                 | ​ | ​ | 100%                           | ​ |
| MFC Power Limited Partnership                           | ​ | ​ | Canada                  | ​ | ​ | 100%                           | ​ |
| MFC Resources Inc.                                      | ​ | ​ | U.S.                    | ​ | ​ | 100%                           | ​ |
| Possehl Mexico S.A. de C.V.                             | ​ | ​ | Mexico                  | ​ | ​ | 100%                           | ​ |
| MFC Holding Norway AS                                   | ​ | ​ | Norway                  | ​ | ​ | 100%                           | ​ |
| Fesil AS                                                | ​ | ​ | Norway                  | ​ | ​ | 100%                           | ​ |
| Fesil Sales AS                                          | ​ | ​ | Norway                  | ​ | ​ | 100%                           | ​ |
| Fesil Rana Metall AS                                    | ​ | ​ | Norway                  | ​ | ​ | 100%                           | ​ |
| Fesil Sales GmbH                                        | ​ | ​ | Germany                 | ​ | ​ | 100%                           | ​ |
| Fesil Sales SA                                          | ​ | ​ | Luxembourg              | ​ | ​ | 100%                           | ​ |
| F.J. Elsner Trading Gesellschaft mbH                    | ​ | ​ | Austria                 | ​ | ​ | 100%                           | ​ |
| MFC Merchant Bank Limited                               | ​ | ​ | Malta                   | ​ | ​ | 100%                           | ​ |
| Mednet (Shanghai) Medical Technical Developing Co. Ltd. | ​ | ​ | China                   | ​ | ​ | 100%                           | ​ |
| Hangzhou Zhe-er Optical Co. Ltd.                        | ​ | ​ | China                   | ​ | ​ | 51%                            | ​ |

----

TABLE OF CONTENTS​

| ​              | ​ | ​ | Reserves as of December 31, 2015 | ​ |
|----------------------|---------|---------|---------------------------------------|---------|
| Category             | ​ | ​ | Natural Gas                           | ​ | ​ | NGLs | ​ | ​ | Crude Oil | ​ | ​ | Total | ​ |
| ​              | ​ | ​ | Gross                                 | ​ | ​ | Net | ​ | ​ | Gross | ​ | ​ | Net | ​ | ​ | Gross | ​ | ​ | Net | ​ | ​ | Gross | ​ | ​ | Net | ​ |
| ​              | ​ | ​ | (mmcf)                                | ​ | ​ | (mbbl) | ​ | ​ | (mbbl) | ​ | ​ | (mboe) | ​ |
| Proved               | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ |
| Developed Producing  | ​ | ​ | ​                               | ​ | 12,020 | ​ | ​ | ​ | ​ | ​ | 10,614 | ​ | ​ | ​ | ​ | ​ | 468 | ​ | ​ | ​ | ​ | ​ | 295 | ​ | ​ | ​ | ​ | ​ | 27 | ​ | ​ | ​ | ​ | ​ | 36 | ​ | ​ | ​ | ​ | ​ | 2,499 | ​ | ​ | ​ | ​ | ​ | 2,100 | ​ | ​ |
| Undeveloped          | ​ | ​ | ​                               | ​ | 1,564 | ​ | ​ | ​ | ​ | ​ | 1,427 | ​ | ​ | ​ | ​ | ​ | 61 | ​ | ​ | ​ | ​ | ​ | 52 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 322 | ​ | ​ | ​ | ​ | ​ | 290 | ​ | ​ |
| Total Proved         | ​ | ​ | ​                               | ​ | 13,583 | ​ | ​ | ​ | ​ | ​ | 12,041 | ​ | ​ | ​ | ​ | ​ | 529 | ​ | ​ | ​ | ​ | ​ | 347 | ​ | ​ | ​ | ​ | ​ | 27 | ​ | ​ | ​ | ​ | ​ | 36 | ​ | ​ | ​ | ​ | ​ | 2,820 | ​ | ​ | ​ | ​ | ​ | 2,391 | ​ | ​ |
| Probable             | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Probable Developed   | ​ | ​ | ​                               | ​ | 3,657 | ​ | ​ | ​ | ​ | ​ | 3,239 | ​ | ​ | ​ | ​ | ​ | 143 | ​ | ​ | ​ | ​ | ​ | 90 | ​ | ​ | ​ | ​ | ​ | 13 | ​ | ​ | ​ | ​ | ​ | 16 | ​ | ​ | ​ | ​ | ​ | 765 | ​ | ​ | ​ | ​ | ​ | 645 | ​ | ​ |
| Probable Undeveloped | ​ | ​ | ​                               | ​ | 1,908 | ​ | ​ | ​ | ​ | ​ | 1,570 | ​ | ​ | ​ | ​ | ​ | 74 | ​ | ​ | ​ | ​ | ​ | 52 | ​ | ​ | ​ | ​ | ​ | 73 | ​ | ​ | ​ | ​ | ​ | 56 | ​ | ​ | ​ | ​ | ​ | 465 | ​ | ​ | ​ | ​ | ​ | 369 | ​ | ​ |
| Total Probable       | ​ | ​ | ​                               | ​ | 5,565 | ​ | ​ | ​ | ​ | ​ | 4,809 | ​ | ​ | ​ | ​ | ​ | 217 | ​ | ​ | ​ | ​ | ​ | 141 | ​ | ​ | ​ | ​ | ​ | 86 | ​ | ​ | ​ | ​ | ​ | 72 | ​ | ​ | ​ | ​ | ​ | 1,230 | ​ | ​ | ​ | ​ | ​ | 1,015 | ​ | ​ |

----

TABLE OF CONTENTS

| ​             | ​ | ​ | Years Ended December 31 | ​ |
|---------------------|---------|---------|------------------------------|---------|
| ​             | ​ | ​ | 2015                         | ​ | ​ | 2014 | ​ | ​ | 2013 | ​ |
| Area                | ​ | ​ | NaturalGas(mcf/d)            | ​ | ​ | NGLs(bbl/d) | ​ | ​ | CrudeOil(bbl/d) | ​ | ​ | Total(boe/d) | ​ | ​ | NaturalGas(mcf/d) | ​ | ​ | NGLs(bbl/d) | ​ | ​ | CrudeOil(bbl/d) | ​ | ​ | Total(boe/d) | ​ | ​ | NaturalGas(mcf/d) | ​ | ​ | NGLs(bbl/d) | ​ | ​ | CrudeOil(bbl/d) | ​ | ​ | Total(boe/d) | ​ |
| Northern Alberta    | ​ | ​ | ​                      | ​ | 6,289 | ​ | ​ | ​ | ​ | ​ | 252 | ​ | ​ | ​ | ​ | ​ | 37 | ​ | ​ | ​ | ​ | ​ | 1,337 | ​ | ​ | ​ | ​ | ​ | 10,144 | ​ | ​ | ​ | ​ | ​ | 428 | ​ | ​ | ​ | ​ | ​ | 65 | ​ | ​ | ​ | ​ | ​ | 2,184 | ​ | ​ | ​ | ​ | ​ | 11,712 | ​ | ​ | ​ | ​ | ​ | 492 | ​ | ​ | ​ | ​ | ​ | 81 | ​ | ​ | ​ | ​ | ​ | 2,525 | ​ | ​ |
| Southern Alberta(1) | ​ | ​ | ​                      | ​ | 25,393 | ​ | ​ | ​ | ​ | ​ | 332 | ​ | ​ | ​ | ​ | ​ | 174 | ​ | ​ | ​ | ​ | ​ | 4,738 | ​ | ​ | ​ | ​ | ​ | 35,138 | ​ | ​ | ​ | ​ | ​ | 424 | ​ | ​ | ​ | ​ | ​ | 253 | ​ | ​ | ​ | ​ | ​ | 6,533 | ​ | ​ | ​ | ​ | ​ | 36,294 | ​ | ​ | ​ | ​ | ​ | 484 | ​ | ​ | ​ | ​ | ​ | 245 | ​ | ​ | ​ | ​ | ​ | 6,778 | ​ | ​ |
| Total               | ​ | ​ | ​                      | ​ | 31,682 | ​ | ​ | ​ | ​ | ​ | 584 | ​ | ​ | ​ | ​ | ​ | 211 | ​ | ​ | ​ | ​ | ​ | 6,075 | ​ | ​ | ​ | ​ | ​ | 45,282 | ​ | ​ | ​ | ​ | ​ | 852 | ​ | ​ | ​ | ​ | ​ | 318 | ​ | ​ | ​ | ​ | ​ | 8,717 | ​ | ​ | ​ | ​ | ​ | 48,006 | ​ | ​ | ​ | ​ | ​ | 976 | ​ | ​ | ​ | ​ | ​ | 326 | ​ | ​ | ​ | ​ | ​ | 9,303 | ​ | ​ |

----

TABLE OF CONTENTS

| ​              | ​ | ​ | Year Ended December 31, 2015 | ​ |
|----------------------|---------|---------|-----------------------------------|---------|
| Area                 | ​ | ​ | NaturalGas($/mcf/d)               | ​ | ​ | NGLs($/bbl/d) | ​ | ​ | CrudeOil( $/bbl/d) | ​ | ​ | TotalHydro-Carbons($/boe/d) | ​ | ​ | Sulphur($/mcf/d) | ​ |
| Price(1)             | ​ | ​ | ​                           | ​ | 3.01 | ​ | ​ | ​ | ​ | ​ | 39.42 | ​ | ​ | ​ | ​ | ​ | 56.22 | ​ | ​ | ​ | ​ | ​ | 21.64 | ​ | ​ | ​ | ​ | ​ | 154.26 | ​ | ​ |
| Royalties            | ​ | ​ | ​                           | ​ | 0.59 | ​ | ​ | ​ | ​ | ​ | 13.63 | ​ | ​ | ​ | ​ | ​ | 13.26 | ​ | ​ | ​ | ​ | ​ | 4.90 | ​ | ​ | ​ | ​ | ​ | 19.38 | ​ | ​ |
| Operating costs      | ​ | ​ | ​                           | ​ | N/A | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | 15.77 | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ |
| Transportation costs | ​ | ​ | ​                           | ​ | 0.16 | ​ | ​ | ​ | ​ | ​ | 5.44 | ​ | ​ | ​ | ​ | ​ | 1.96 | ​ | ​ | ​ | ​ | ​ | 1.44 | ​ | ​ | ​ | ​ | ​ | 73.46 | ​ | ​ |
| ​              | ​ | ​ | Year Ended December 31, 2014 | ​ |
|----------------------|---------|---------|-----------------------------------|---------|
| Area                 | ​ | ​ | NaturalGas($/mcf/d)               | ​ | ​ | NGLs($/bbl/d) | ​ | ​ | CrudeOil( $/bbl/d) | ​ | ​ | TotalHydro-Carbons($/boe/d) | ​ | ​ | Sulphur($/mcf/d) | ​ |
| Price(1)             | ​ | ​ | ​                           | ​ | 4.82 | ​ | ​ | ​ | ​ | ​ | 79.69 | ​ | ​ | ​ | ​ | ​ | 90.80 | ​ | ​ | ​ | ​ | ​ | 36.16 | ​ | ​ | ​ | ​ | ​ | 150.38 | ​ | ​ |
| Royalties            | ​ | ​ | ​                           | ​ | 0.84 | ​ | ​ | ​ | ​ | ​ | 28.71 | ​ | ​ | ​ | ​ | ​ | 23.14 | ​ | ​ | ​ | ​ | ​ | 8.00 | ​ | ​ | ​ | ​ | ​ | 25.19 | ​ | ​ |
| Operating costs      | ​ | ​ | ​                           | ​ | N/A | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | 13.46 | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ |
| Transportation costs | ​ | ​ | ​                           | ​ | 0.16 | ​ | ​ | ​ | ​ | ​ | 7.44 | ​ | ​ | ​ | ​ | ​ | 3.27 | ​ | ​ | ​ | ​ | ​ | 1.67 | ​ | ​ | ​ | ​ | ​ | 73.04 | ​ | ​ |
| ​              | ​ | ​ | Year Ended December 31, 2013 | ​ |
|----------------------|---------|---------|-----------------------------------|---------|
| Area                 | ​ | ​ | NaturalGas($/mcf/d)               | ​ | ​ | NGLs($/bbl/d) | ​ | ​ | CrudeOil( $/bbl/d) | ​ | ​ | TotalHydro-Carbons($/boe/d) | ​ | ​ | Sulphur($/mcf/d) | ​ |
| Price(1)             | ​ | ​ | ​                           | ​ | 3.46 | ​ | ​ | ​ | ​ | ​ | 77.30 | ​ | ​ | ​ | ​ | ​ | 84.98 | ​ | ​ | ​ | ​ | ​ | 28.92 | ​ | ​ | ​ | ​ | ​ | 64.83 | ​ | ​ |
| Royalties            | ​ | ​ | ​                           | ​ | 0.62 | ​ | ​ | ​ | ​ | ​ | 26.74 | ​ | ​ | ​ | ​ | ​ | 20.78 | ​ | ​ | ​ | ​ | ​ | 6.76 | ​ | ​ | ​ | ​ | ​ | 10.21 | ​ | ​ |
| Operating costs      | ​ | ​ | ​                           | ​ | N/A | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | 12.38 | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ |
| Transportation costs | ​ | ​ | ​                           | ​ | 0.14 | ​ | ​ | ​ | ​ | ​ | 5.68 | ​ | ​ | ​ | ​ | ​ | 2.29 | ​ | ​ | ​ | ​ | ​ | 1.39 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS​

| Area             | ​ | ​ | Producing Natural Gas Wells | ​ | ​ | Non-producing Natural Gas Wells(1) | ​ | ​ | Producing Crude Oil Wells | ​ | ​ | Non-producing Crude Oil Wells(1) | ​ | ​ | Total Wells | ​ |
|------------------|---------|---------|-----------------------------|---------|---------|------------------------------------|---------|---------|---------------------------|---------|---------|----------------------------------|---------|---------|-------------|---------|
| ​          | ​ | ​ | Gross                       | ​ | ​ | Net                                | ​ | ​ | Gross                     | ​ | ​ | Net                              | ​ | ​ | Gross       | ​ | ​ | Net | ​ | ​ | Gross | ​ | ​ | Net | ​ | ​ | Gross | ​ | ​ | Net | ​ |
| Northern Alberta | ​ | ​ | ​                     | ​ | 99      | ​                            | ​ | ​ | ​                   | ​ | 69      | ​                          | ​ | ​ | ​     | ​ | 79 | ​ | ​ | ​ | ​ | ​ | 54 | ​ | ​ | ​ | ​ | ​ | 11 | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | ​ | ​ | ​ | 13 | ​ | ​ | ​ | ​ | ​ | 10 | ​ | ​ | ​ | ​ | ​ | 202 | ​ | ​ | ​ | ​ | ​ | 141 | ​ | ​ |
| Area        | ​ | ​ | Gross Acres | ​ | ​ | Net Acres | ​ |
|-------------|---------|---------|-------------|---------|---------|-----------|---------|
| Alberta     | ​ | ​ | ​     |
| Developed   | ​ | ​ | ​     | ​ | 67,766  | ​   | ​ | ​ | ​ | ​ | 49,575 | ​ | ​ |
| Undeveloped | ​ | ​ | ​     | ​ | 28,841  | ​   | ​ | ​ | ​ | ​ | 20,914 | ​ | ​ |

----

TABLE OF CONTENTS​​

| ​                  | ​ | ​ | December 31, 2015                   | ​ | ​                      | December 31, 2014 | ​ |
|--------------------------|---------|---------|------------------------------------------|---------|------------------------------|------------------------|---------|
| ​                  | ​ | ​ | (In thousands, except per share amounts) | ​ |
| Net book value           | ​ | ​ | ​                                  | $       |    367,192 | ​                | ​ | ​ | ​ | $ |    777,717 | ​ | ​ |
| Net book value per share | ​ | ​ | ​                                  | ​ | 5.81                         | ​                | ​ | ​ | ​ | ​ | 12.32 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

| ​                                                              | ​ | ​ | Years Ended December 31,            | ​ |
|----------------------------------------------------------------------|---------|---------|------------------------------------------|---------|
| ​                                                              | ​ | ​ | 2015                                     | ​ | ​ | 2014(1) | ​ | ​ | 2013 | ​ |
| ​                                                              | ​ | ​ | ​                                  | ​ | ​ | ​ | ​ | ​ | (Restated(2)) | ​ |
| ​                                                              | ​ | ​ | (In thousands, except per share amounts) | ​ |
| Gross revenues                                                       | ​ | ​ | ​                                  | $       |   1,579,702 | ​ | ​ | ​ | ​ | $ |   1,286,324(2) | ​ | ​ | ​ | ​ | $ |        621,085(2) | ​ | ​ |
| Costs and expenses                                                   | ​ | ​ | ​                                  | ​ | 1,634,831 | ​ | ​ | ​ | ​ | ​ | 1,273,554(2) | ​ | ​ | ​ | ​ | ​ | 614,864(2) | ​ | ​ |
| Costs of sales and services                                          | ​ | ​ | ​                                  | ​ | 1,529,578 | ​ | ​ | ​ | ​ | ​ | 1,178,022(2) | ​ | ​ | ​ | ​ | ​ | 550,822(2) | ​ | ​ |
| Selling, general and administrative expense                          | ​ | ​ | ​                                  | ​ | 84,653 | ​ | ​ | ​ | ​ | ​ | 81,505 | ​ | ​ | ​ | ​ | ​ | 53,750 | ​ | ​ |
| Finance costs                                                        | ​ | ​ | ​                                  | ​ | 20,355 | ​ | ​ | ​ | ​ | ​ | 13,263 | ​ | ​ | ​ | ​ | ​ | 9,742 | ​ | ​ |
| Share-based compensation – selling, general and administrative | ​ | ​ | ​                                  | ​ | — | ​ | ​ | ​ | ​ | ​ | 423 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Impairment of available-for-sale securities                          | ​ | ​ | ​                                  | ​ | 245 | ​ | ​ | ​ | ​ | ​ | 341 | ​ | ​ | ​ | ​ | ​ | 550 | ​ | ​ |
| (Loss) earnings from continuing operations(3)                        | ​ | ​ | ​                                  | ​ | (59,544)(4) | ​ | ​ | ​ | ​ | ​ | 2,783 | ​ | ​ | ​ | ​ | ​ | 4,324 | ​ | ​ |
| Net (loss) income from discontinued operations(3)                    | ​ | ​ | ​                                  | ​ | (428,086)(5) | ​ | ​ | ​ | ​ | ​ | (3,465)(6) | ​ | ​ | ​ | ​ | ​ | 5,408(7) | ​ | ​ |
| Net (loss) income(3)                                                 | ​ | ​ | ​                                  | ​ | (487,630)(4)(5) | ​ | ​ | ​ | ​ | ​ | (682)(6) | ​ | ​ | ​ | ​ | ​ | 9,732(7) | ​ | ​ |
| (Loss) earnings per share:                                           | ​ | ​ | ​                                  | ​ |
| Basic                                                                | ​ | ​ | ​                                  | ​ | (7.72)(4)(5) | ​ | ​ | ​ | ​ | ​ | (0.01)(6) | ​ | ​ | ​ | ​ | ​ | 0.16(7) | ​ | ​ |
| Diluted                                                              | ​ | ​ | ​                                  | ​ | (7.72)(4)(5) | ​ | ​ | ​ | ​ | ​ | (0.01)(6) | ​ | ​ | ​ | ​ | ​ | 0.16(7) | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                        | ​ | ​ | Years Ended December 31, | ​ |
|------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                        | ​ | ​ | 2015                          | ​ | ​ | 2014(1) | ​ | ​ | 2013 | ​ |
| ​                                        | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | (Restated(2)) | ​ |
| ​                                        | ​ | ​ | (In thousands)                | ​ |
| Finance and supply chain products and services | ​ | ​ | ​                       | $       |   1,531,549 | ​ | ​ | ​ | ​ | $ |   1,237,153(2) | ​ | ​ | ​ | ​ | $ |        585,146(2) | ​ | ​ |
| Gains on securities, net                       | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | 5,221 | ​ | ​ | ​ | ​ | ​ | 6,507 | ​ | ​ |
| Interest                                       | ​ | ​ | ​                       | ​ | 4,225 | ​ | ​ | ​ | ​ | ​ | 4,506 | ​ | ​ | ​ | ​ | ​ | 2,411 | ​ | ​ |
| Dividends                                      | ​ | ​ | ​                       | ​ | 7 | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | ​ | ​ | ​ | 304 | ​ | ​ |
| Other                                          | ​ | ​ | ​                       | ​ | 43,921 | ​ | ​ | ​ | ​ | ​ | 39,436 | ​ | ​ | ​ | ​ | ​ | 26,717 | ​ | ​ |
| Total revenues                                 | ​ | ​ | ​                       | $       | 1,579,702 | ​ | ​ | ​ | ​ | $ | 1,286,324 | ​ | ​ | ​ | ​ | $ | 621,085 | ​ | ​ |
| ​                                        |
| ​                  | ​ | ​ | Years Ended December 31, | ​ |
|--------------------------|---------|---------|-------------------------------|---------|
| ​                  | ​ | ​ | 2015                          | ​ | ​ | 2014 | ​ |
| ​                  | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | (Restated)(1) | ​ |
| ​                  | ​ | ​ | (In thousands)                | ​ |
| Gross Revenues:          | ​ | ​ | ​                       |
| Finance and supply chain | ​ | ​ | ​                       | $       |   1,544,481 | ​ | ​ | ​ | ​ | $ |   1,256,520 | ​ | ​ |
| All other                | ​ | ​ | ​                       | ​ | 35,221 | ​ | ​ | ​ | ​ | ​ | 29,804 | ​ | ​ |
| ​                  | ​ | ​ | ​                       | $       | 1,579,702 | ​ | ​ | ​ | ​ | $ | 1,286,324 | ​ | ​ |
| ​                  |

----

TABLE OF CONTENTS

| ​                                                     | ​ | ​ | Years Ended December 31, | ​ |
|-------------------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                                     | ​ | ​ | 2015                          | ​ | ​ | 2014 | ​ |
| ​                                                     | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | (Restated)(1) | ​ |
| ​                                                     | ​ | ​ | (In thousands)                | ​ |
| Supply chain products and services                          | ​ | ​ | ​                       | $       |    1,468,680 | ​ | ​ | ​ | ​ | $ |     1,169,305 | ​ | ​ |
| Credit losses on loans and receivables and guarantees       | ​ | ​ | ​                       | ​ | 54,540 | ​ | ​ | ​ | ​ | ​ | 4,346 | ​ | ​ |
| Fair value gain on government environmental emission refund | ​ | ​ | ​                       | ​ | (4,157) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Fair value loss on investment property                      | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | 134 | ​ | ​ |
| Market value decrease (increase) on commodities inventories | ​ | ​ | ​                       | ​ | 1,910 | ​ | ​ | ​ | ​ | ​ | (4,172) | ​ | ​ |
| Gain on derivative contracts, net                           | ​ | ​ | ​                       | ​ | (2,913) | ​ | ​ | ​ | ​ | ​ | (3,466) | ​ | ​ |
| Write-off of inventories, net                               | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | 165 | ​ | ​ |
| Loss on trading securities                                  | ​ | ​ | ​                       | ​ | 84 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other                                                       | ​ | ​ | ​                       | ​ | 11,434 | ​ | ​ | ​ | ​ | ​ | 11,710 | ​ | ​ |
| Total costs of sales and services                           | ​ | ​ | ​                       | $       | 1,529,578 | ​ | ​ | ​ | ​ | $ | 1,178,022 | ​ | ​ |
| ​                                                     |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                               | ​ | ​ | Years Ended December 31, | ​ |
|-------------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                               | ​ | ​ | 2015                          | ​ | ​ | 2014 | ​ |
| ​                                               | ​ | ​ | (In thousands)                | ​ |
| Operating EBITDA (loss) from continuing operations    | ​ | ​ | ​                       |
| Net (loss) income from continuing operations(1)       | ​ | ​ | ​                       | $       |    (57,918) | ​ | ​ | ​ | ​ | $ |         4,141 | ​ | ​ |
| Income tax expense                                    | ​ | ​ | ​                       | ​ | 2,501 | ​ | ​ | ​ | ​ | ​ | 2,173 | ​ | ​ |
| Finance costs                                         | ​ | ​ | ​                       | ​ | 20,355 | ​ | ​ | ​ | ​ | ​ | 13,263 | ​ | ​ |
| Amortization, depreciation and depletion              | ​ | ​ | ​                       | ​ | 6,450 | ​ | ​ | ​ | ​ | ​ | 4,957 | ​ | ​ |
| Operating EBITDA (loss) from continuing operations(2) | ​ | ​ | ​                       | $       | (28,612) | ​ | ​ | ​ | ​ | $ | 24,534 | ​ | ​ |
| ​                                               |
| ​                                        | ​ | ​ | Year Ended December 31,2015 | ​ |
|------------------------------------------------|---------|---------|-----------------------------|---------|
| ​                                        | ​ | ​ | (In thousands)              | ​ |
| Long-term ferrosilicon off-take losses         | ​ | ​ | ​                     | $       | (9,880) | ​ | ​ |
| Credit losses related to an insolvent customer | ​ | ​ | ​                     | ​ | (51,382) | ​ | ​ |
| Total                                          | ​ | ​ | ​                     | $       | (61,262) | ​ | ​ |
| ​                                        |
| ​                  | ​ | ​ | Years Ended December 31, | ​ |
|--------------------------|---------|---------|-------------------------------|---------|
| ​                  | ​ | ​ | 2014                          | ​ | ​ | 2013 | ​ |
| ​                  | ​ | ​ | (Restated)(1)                 | ​ |
| ​                  | ​ | ​ | (In thousands)                | ​ |
| Gross Revenues:          | ​ | ​ | ​                       |
| Finance and supply chain | ​ | ​ | ​                       | $       |   1,256,520 | ​ | ​ | ​ | ​ | $ |       597,518 | ​ | ​ |
| All other                | ​ | ​ | ​                       | ​ | 29,804 | ​ | ​ | ​ | ​ | ​ | 23,567 | ​ | ​ |
| ​                  | ​ | ​ | ​                       | $       | 1,286,324 | ​ | ​ | ​ | ​ | $ | 621,085 | ​ | ​ |
| ​                  |

----

TABLE OF CONTENTS

| ​                                        | ​ | ​ | Years Ended December 31, | ​ |
|------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                        | ​ | ​ | 2014                          | ​ | ​ | 2013 | ​ |
| ​                                        | ​ | ​ | (Restated)(1)                 | ​ |
| ​                                        | ​ | ​ | (In thousands)                | ​ |
| Supply chain products and services             | ​ | ​ | ​                       | $       |   1,169,305 | ​ | ​ | ​ | ​ | $ |      544,179 | ​ | ​ |
| Credit losses on loans and receivables         | ​ | ​ | ​                       | ​ | 4,346 | ​ | ​ | ​ | ​ | ​ | 4,763 | ​ | ​ |
| Fair value loss on investment property         | ​ | ​ | ​                       | ​ | 134 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Market value increase on commodity inventories | ​ | ​ | ​                       | ​ | (4,172) | ​ | ​ | ​ | ​ | ​ | (5,502) | ​ | ​ |
| Gain on derivative contracts, net              | ​ | ​ | ​                       | ​ | (3,466) | ​ | ​ | ​ | ​ | ​ | (2,135) | ​ | ​ |
| Write-off of inventories, net                  | ​ | ​ | ​                       | ​ | 165 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other                                          | ​ | ​ | ​                       | ​ | 11,710 | ​ | ​ | ​ | ​ | ​ | 9,517 | ​ | ​ |
| Total costs of sales and services              | ​ | ​ | ​                       | $       | 1,178,022 | ​ | ​ | ​ | ​ | $ | 550,822 | ​ | ​ |
| ​                                        |

----

TABLE OF CONTENTS​

| ​                                     | ​ | ​ | Years Ended December 31, | ​ |
|---------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                     | ​ | ​ | 2014                          | ​ | ​ | 2013 | ​ |
| Operating EBITDA from continuing operations | ​ | ​ | (In thousands)                | ​ |
| Earnings from continuing operations(1)      | ​ | ​ | ​                       | $       | 4,141 | ​ | ​ | ​ | ​ | $ | 4,156 | ​ | ​ |
| Income tax expense (recovery)               | ​ | ​ | ​                       | ​ | 2,173 | ​ | ​ | ​ | ​ | ​ | (997) | ​ | ​ |
| Finance costs                               | ​ | ​ | ​                       | ​ | 13,263 | ​ | ​ | ​ | ​ | ​ | 9,742 | ​ | ​ |
| Amortization, depreciation and depletion    | ​ | ​ | ​                       | ​ | 4,957 | ​ | ​ | ​ | ​ | ​ | 2,206 | ​ | ​ |
| Operating EBITDA from continuing operations | ​ | ​ | ​                       | $       |       24,534 | ​ | ​ | ​ | ​ | $ |       15,107 | ​ | ​ |
| ​                                     |

----

TABLE OF CONTENTS

| ​                                  | ​ | ​ | December 31,                    |
|------------------------------------------|---------|---------|--------------------------------------|
| ​                                  | ​ | ​ | 2015                                 | ​ | ​ | 2014 | ​ | ​ | 2013 |
| ​                                  | ​ | ​ | (In thousands, except ratio amounts) |
| Total long-term debt                     | ​ | ​ | ​                              | $ |        259,038 | ​ | ​ | ​ | ​ | $ |       363,255 | ​ | ​ | ​ | ​ | $ |          249,670 |
| Less: cash and cash equivalents          | ​ | ​ | ​                              | ​ | (197,519) | ​ | ​ | ​ | ​ | ​ | (344,891) | ​ | ​ | ​ | ​ | ​ | (353,299) |
| Net debt (net cash and cash equivalents) | ​ | ​ | ​                              | ​ | 61,519 | ​ | ​ | ​ | ​ | ​ | 18,364 | ​ | ​ | ​ | ​ | ​ | (103,629) |
| Shareholders’ equity               | ​ | ​ | ​                              | ​ | 367,192 | ​ | ​ | ​ | ​ | ​ | 777,717 | ​ | ​ | ​ | ​ | ​ | 744,063 |
| Net debt-to-equity ratio                 | ​ | ​ | ​                              | ​ | 0.17 | ​ | ​ | ​ | ​ | ​ | 0.02 | ​ | ​ | ​ | Not applicable​ |
| ​                              | ​ | ​ | December 31                     | ​ |
|--------------------------------------|---------|---------|--------------------------------------|---------|
| ​                              | ​ | ​ | 2015                                 | ​ | ​ | 2014 | ​ | ​ | 2013 | ​ |
| ​                              | ​ | ​ | (In thousands, except ratio amounts) | ​ |
| Long-term debt, less current portion | ​ | ​ | ​                              | $       |        174,333 | ​ | ​ | ​ | ​ | $ |       297,157 | ​ | ​ | ​ | ​ | $ |         201,947 | ​ | ​ |
| Shareholders’ equity           | ​ | ​ | ​                              | ​ | 367,192 | ​ | ​ | ​ | ​ | ​ | 777,717 | ​ | ​ | ​ | ​ | ​ | 744,063 | ​ | ​ |
| Long-term debt-to-equity ratio       | ​ | ​ | ​                              | ​ | 0.47 | ​ | ​ | ​ | ​ | ​ | 0.38 | ​ | ​ | ​ | ​ | ​ | 0.27 | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                          | ​ | ​ | Years Ended December 31 | ​ |
|------------------------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                                          | ​ | ​ | 2015                         | ​ | ​ | 2014 | ​ | ​ | 2013 | ​ |
| ​                                                          | ​ | ​ | (In thousands)               | ​ |
| Cash flows used in continuing operating activities               | ​ | ​ | ​                      | $       |    (94,102) | ​ | ​ | ​ | ​ | $ |    (48,638) | ​ | ​ | ​ | ​ | $ |    (27,467) | ​ | ​ |
| Cash flows used in continuing investing activities               | ​ | ​ | ​                      | $       | (7,960) | ​ | ​ | ​ | ​ | $ | (105,121) | ​ | ​ | ​ | ​ | $ | (919) | ​ | ​ |
| Cash flows (used in) provided by continuing financing activities | ​ | ​ | ​                      | $       | (49,488) | ​ | ​ | ​ | ​ | $ | 90,909 | ​ | ​ | ​ | ​ | $ | 89,905 | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                      | ​ | ​ | December 31, | ​ |
|----------------------------------------------|---------|---------|-------------------|---------|
| ​                                      | ​ | ​ | 2015              | ​ | ​ | 2014 | ​ |
| ​                                      | ​ | ​ | (In thousands)    | ​ |
| Cash and cash equivalents                    | ​ | ​ | ​           | $       |   197,519 | ​ | ​ | ​ | ​ | $ | 344,891 | ​ | ​ |
| Short-term cash deposits                     | ​ | ​ | ​           | ​ | 233 | ​ | ​ | ​ | ​ | ​ | 184 | ​ | ​ |
| Short-term securities                        | ​ | ​ | ​           | ​ | 170 | ​ | ​ | ​ | ​ | ​ | 290 | ​ | ​ |
| Securities – derivatives               | ​ | ​ | ​           | ​ | 5,555 | ​ | ​ | ​ | ​ | ​ | 6,274 | ​ | ​ |
| Restricted cash                              | ​ | ​ | ​           | ​ | 639 | ​ | ​ | ​ | ​ | ​ | 644 | ​ | ​ |
| Trade receivables                            | ​ | ​ | ​           | ​ | 151,229 | ​ | ​ | ​ | ​ | ​ | 187,558 | ​ | ​ |
| Tax receivables                              | ​ | ​ | ​           | ​ | 11,705 | ​ | ​ | ​ | ​ | ​ | 15,339 | ​ | ​ |
| Other receivables                            | ​ | ​ | ​           | ​ | 14,727 | ​ | ​ | ​ | ​ | ​ | 26,406 | ​ | ​ |
| Inventories                                  | ​ | ​ | ​           | ​ | 245,345 | ​ | ​ | ​ | ​ | ​ | 246,611 | ​ | ​ |
| Real estate held for sale                    | ​ | ​ | ​           | ​ | 1,130 | ​ | ​ | ​ | ​ | ​ | 13,970 | ​ | ​ |
| Deposits, prepaid and other                  | ​ | ​ | ​           | ​ | 21,442 | ​ | ​ | ​ | ​ | ​ | 8,985 | ​ | ​ |
| Assets held for sale                         | ​ | ​ | ​           | ​ | 136,156 | ​ | ​ | ​ | ​ | ​ | 152,107 | ​ | ​ |
| Total assets                                 | ​ | ​ | ​           | ​ | 977,351 | ​ | ​ | ​ | ​ | ​ | 1,692,219 | ​ | ​ |
| Working capital                              | ​ | ​ | ​           | ​ | 371,288 | ​ | ​ | ​ | ​ | ​ | 562,486 | ​ | ​ |
| Short-term bank borrowings                   | ​ | ​ | ​           | ​ | 60,103 | ​ | ​ | ​ | ​ | ​ | 187,171 | ​ | ​ |
| Debt, current portion                        | ​ | ​ | ​           | ​ | 84,705 | ​ | ​ | ​ | ​ | ​ | 66,098 | ​ | ​ |
| Account payables and accrued expenses        | ​ | ​ | ​           | ​ | 174,812 | ​ | ​ | ​ | ​ | ​ | 158,345 | ​ | ​ |
| Dividends payable                            | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,388 | ​ | ​ |
| Income tax liabilities                       | ​ | ​ | ​           | ​ | 3,809 | ​ | ​ | ​ | ​ | ​ | 4,963 | ​ | ​ |
| Liabilities relating to assets held for sale | ​ | ​ | ​           | ​ | 87,579 | ​ | ​ | ​ | ​ | ​ | 17,802 | ​ | ​ |
| Long-term debt, less current portion         | ​ | ​ | ​           | ​ | 174,333 | ​ | ​ | ​ | ​ | ​ | 297,157 | ​ | ​ |
| Deferred income tax liabilities              | ​ | ​ | ​           | ​ | 13,711 | ​ | ​ | ​ | ​ | ​ | 11,852 | ​ | ​ |
| Decommissioning obligations                  | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​ | ​ | 150,299 | ​ | ​ |
| Shareholders’ equity                   | ​ | ​ | ​           | ​ | 367,192 | ​ | ​ | ​ | ​ | ​ | 777,717 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| Maturity   | ​ | ​ | Principal      | ​ | ​               | Interest | ​ | ​ | Total   | ​ |
|------------|---------|---------|----------------|---------|-----------------------|----------|---------|---------|---------|---------|
| ​    | ​ | ​ | (In thousands) | ​ |
| 2016       | ​ | ​ | ​        | $       | 84,705                | ​  | ​ | ​ | ​ | $       | 7,333 | ​ | ​ | ​ | ​ | $ | 92,038 | ​ | ​ |
| 2017       | ​ | ​ | ​        | ​ | 34,886                | ​  | ​ | ​ | ​ | ​ | 5,170 | ​ | ​ | ​ | ​ | ​ | 40,056 | ​ | ​ |
| 2018       | ​ | ​ | ​        | ​ | 44,452                | ​  | ​ | ​ | ​ | ​ | 3,998 | ​ | ​ | ​ | ​ | ​ | 48,450 | ​ | ​ |
| 2019       | ​ | ​ | ​        | ​ | 29,404                | ​  | ​ | ​ | ​ | ​ | 2,649 | ​ | ​ | ​ | ​ | ​ | 32,053 | ​ | ​ |
| 2020       | ​ | ​ | ​        | ​ | 26,778                | ​  | ​ | ​ | ​ | ​ | 1,714 | ​ | ​ | ​ | ​ | ​ | 28,492 | ​ | ​ |
| Thereafter | ​ | ​ | ​        | ​ | 38,813                | ​  | ​ | ​ | ​ | ​ | 1,491 | ​ | ​ | ​ | ​ | ​ | 40,304 | ​ | ​ |
| ​    | ​ | ​ | ​        | $       |   259,038 | ​  | ​ | ​ | ​ | $       |    22,355 | ​ | ​ | ​ | ​ | $ |   281,393 | ​ | ​ |
| ​    |

----

TABLE OF CONTENTS

| ​                                        | ​ | ​ | Payments Due by Period(1) | ​ |
|------------------------------------------------|---------|---------|---------------------------|---------|
| ​                                        | ​ | ​ | (In thousands)            | ​ |
| Contractual Obligations(2)                     | ​ | ​ | Less than1 Year           | ​ | ​ | 1 – 3 Years | ​ | ​ | 3 – 5 Years | ​ | ​ | More than5 Years | ​ | ​ | Total | ​ |
| Long-term debt obligations, including interest | ​ | ​ | ​                   | $       | 92,038 | ​ | ​ | ​ | ​ | $ | 88,506 | ​ | ​ | ​ | ​ | $ | 60,545 | ​ | ​ | ​ | ​ | $ | 40,304 | ​ | ​ | ​ | ​ | $ | 281,393 | ​ | ​ |
| Operating lease obligations                    | ​ | ​ | ​                   | ​ | 2,006 | ​ | ​ | ​ | ​ | ​ | 2,975 | ​ | ​ | ​ | ​ | ​ | 2,580 | ​ | ​ | ​ | ​ | ​ | 1,266 | ​ | ​ | ​ | ​ | ​ | 8,827 | ​ | ​ |
| Purchase obligations                           | ​ | ​ | ​                   | ​ | 71,865 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 71,865 | ​ | ​ |
| Other long-term liabilities                    | ​ | ​ | ​                   | ​ | — | ​ | ​ | ​ | ​ | ​ | 504 | ​ | ​ | ​ | ​ | ​ | 177 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 681 | ​ | ​ |
| Total                                          | ​ | ​ | ​                   | $       |   165,909 | ​ | ​ | ​ | ​ | $ |    91,985 | ​ | ​ | ​ | ​ | $ |    63,302 | ​ | ​ | ​ | ​ | $ |    41,570 | ​ | ​ | ​ | ​ | $ |   362,766 | ​ | ​ |
| ​                                        |
| ​                                               | ​ | ​ | December 31,2015                    | ​ | ​               | September 30,2015 | ​ | ​ | June 30,2015 | ​ | ​                  | March 31,2015 | ​ |
|-------------------------------------------------------|---------|---------|------------------------------------------|---------|-----------------------|------------------------|---------|---------|-------------------|---------|--------------------------|--------------------|---------|
| ​                                               | ​ | ​ | ​                                  | ​ | ​               | ​                | ​ | ​ | (Restated)(1)     | ​ |
| ​                                               | ​ | ​ | (In thousands, except per share amounts) | ​ |
| Gross revenues                                        | ​ | ​ | ​                                  | $       |   406,164 | ​                | ​ | ​ | ​           | $       |   403,697(1) | ​            | ​ | ​ | ​ | $ |   420,284(1) | ​ | ​ | ​ | ​ | $ |   349,557(1) | ​ | ​ |
| Net (loss) income from continuing operations(2)       | ​ | ​ | ​                                  | ​ | (71,160)(3)           | ​                | ​ | ​ | ​           | ​ | 399                      | ​            | ​ | ​ | ​ | ​ | 5,818 | ​ | ​ | ​ | ​ | ​ | 5,399 | ​ | ​ |
| (Loss) earnings from continuing operations, per share | ​ | ​ | ​                                  | ​ | ​               |
| Basic                                                 | ​ | ​ | ​                                  | ​ | (1.13)(3)             | ​                | ​ | ​ | ​           | ​ | 0.01                     | ​            | ​ | ​ | ​ | ​ | 0.09 | ​ | ​ | ​ | ​ | ​ | 0.09 | ​ | ​ |
| Diluted                                               | ​ | ​ | ​                                  | ​ | (1.13)(3)             | ​                | ​ | ​ | ​           | ​ | 0.01                     | ​            | ​ | ​ | ​ | ​ | 0.09 | ​ | ​ | ​ | ​ | ​ | 0.09 | ​ | ​ |
| Net (loss) income(2)                                  | ​ | ​ | ​                                  | ​ | (111,807)(3)(4)       | ​                | ​ | ​ | ​           | ​ | (392,208)(5)             | ​            | ​ | ​ | ​ | ​ | 8,549 | ​ | ​ | ​ | ​ | ​ | 7,836 | ​ | ​ |
| (Loss) earnings, per share                            | ​ | ​ | ​                                  | ​ | ​               |
| Basic                                                 | ​ | ​ | ​                                  | ​ | (1.77)(3)(4)          | ​                | ​ | ​ | ​           | ​ | (6.21)(5)                | ​            | ​ | ​ | ​ | ​ | 0.14 | ​ | ​ | ​ | ​ | ​ | 0.12 | ​ | ​ |
| Diluted                                               | ​ | ​ | ​                                  | ​ | (1.77)(3)(4)          | ​                | ​ | ​ | ​           | ​ | (6.21)(5)                | ​            | ​ | ​ | ​ | ​ | 0.14 | ​ | ​ | ​ | ​ | ​ | 0.12 | ​ | ​ |

----

TABLE OF CONTENTS​

| ​                                               | ​ | ​ | December 31,2014                    | ​ | ​                  | September 30,2014 | ​ | ​ | June 30,2014(1) | ​ | ​                  | March 31,2014 | ​ |
|-------------------------------------------------------|---------|---------|------------------------------------------|---------|--------------------------|------------------------|---------|---------|----------------------|---------|--------------------------|--------------------|---------|
| ​                                               | ​ | ​ | (Restated)(2)                            | ​ |
| ​                                               | ​ | ​ | (In thousands, except per share amounts) | ​ |
| Gross revenues                                        | ​ | ​ | ​                                  | $       |   346,560(2) | ​                | ​ | ​ | ​              | $       |   360,260(2) | ​            | ​ | ​ | ​ | $ |   388,264(2) | ​ | ​ | ​ | ​ | $ |   191,240(2) | ​ | ​ |
| Net (loss) income from continuing operations(3)       | ​ | ​ | ​                                  | ​ | 3,659                    | ​                | ​ | ​ | ​              | ​ | (4,909)                  | ​            | ​ | ​ | ​ | ​ | 3,290 | ​ | ​ | ​ | ​ | ​ | 743 | ​ | ​ |
| (Loss) earnings from continuing operations, per share | ​ | ​ | ​                                  | ​ | ​                  |
| Basic                                                 | ​ | ​ | ​                                  | ​ | 0.06                     | ​                | ​ | ​ | ​              | ​ | (0.08)                   | ​            | ​ | ​ | ​ | ​ | 0.05 | ​ | ​ | ​ | ​ | ​ | 0.01 | ​ | ​ |
| Diluted                                               | ​ | ​ | ​                                  | ​ | 0.06                     | ​                | ​ | ​ | ​              | ​ | (0.08)                   | ​            | ​ | ​ | ​ | ​ | 0.05 | ​ | ​ | ​ | ​ | ​ | 0.01 | ​ | ​ |
| Net income (loss)(3)                                  | ​ | ​ | ​                                  | ​ | (21,797)(4)              | ​                | ​ | ​ | ​              | ​ | 6,990                    | ​            | ​ | ​ | ​ | ​ | 7,720 | ​ | ​ | ​ | ​ | ​ | 6,405 | ​ | ​ |
| Earnings (loss), per share                            | ​ | ​ | ​                                  | ​ | ​                  |
| Basic                                                 | ​ | ​ | ​                                  | ​ | (0.35)                   | ​                | ​ | ​ | ​              | ​ | 0.11                     | ​            | ​ | ​ | ​ | ​ | 0.12 | ​ | ​ | ​ | ​ | ​ | 0.10 | ​ | ​ |
| Diluted                                               | ​ | ​ | ​                                  | ​ | (0.35)                   | ​                | ​ | ​ | ​              | ​ | 0.11                     | ​            | ​ | ​ | ​ | ​ | 0.12 | ​ | ​ | ​ | ​ | ​ | 0.10 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS​​​

----

TABLE OF CONTENTS​​

| Name (Age)                     | ​ | ​ | Present Position                                          | ​ | ​ | Date of Commencement of Office with our Company | ​ |
|--------------------------------|---------|---------|-----------------------------------------------------------|---------|---------|-------------------------------------------------|---------|
| Gerardo Cortina (60)           | ​ | ​ | President and Chief Executive Officer and Director        | ​ | ​ | 2014                                            | ​ |
| Samuel Morrow (31)             | ​ | ​ | Deputy Chief Executive Officer andChief Financial Officer | ​ | ​ | 2014                                            | ​ |
| Ferdinand Steinbauer (59)      | ​ | ​ | Treasurer                                                 | ​ | ​ | 2014                                            | ​ |
| Michael J. Smith (68)(1)       | ​ | ​ | Chairman and Managing Director                            | ​ | ​ | 1986                                            | ​ |
| Dr. Shuming Zhao (63)(2)(3)(4) | ​ | ​ | Director                                                  | ​ | ​ | 2014                                            | ​ |
| Indrajit Chatterjee (70)(2)(4) | ​ | ​ | Director                                                  | ​ | ​ | 2005                                            | ​ |
| Silke S. Stenger (47)(2)(3)(4) | ​ | ​ | Director                                                  | ​ | ​ | 2013                                            | ​ |
| Friedrich Hondl (55)(3)(5)     | ​ | ​ | Director                                                  | ​ | ​ | 2015                                            | ​ |
| Jochen Dümler (61)(6)(2)  | ​ | ​ | Director                                                  | ​ | ​ | 2016                                            | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

| ​                                                                  | ​ | ​ | ​   | ​ | ​ | ​              | ​ | ​ | ​               | ​ | ​ | ​              | ​ | ​ | ​                 | ​ | ​ | ​         | ​ | ​ | Non-equity incentive compensation plan compensation($)(1) | ​ | ​ | ​              | ​ |
|--------------------------------------------------------------------------|---------|---------|-----------|---------|---------|----------------------|---------|---------|-----------------------|---------|---------|----------------------|---------|---------|-------------------------|---------|---------|-----------------|---------|---------|-----------------------------------------------------------|---------|---------|----------------------|---------|
| Name and Principal Position                                              | ​ | ​ | Salary($) | ​ | ​ | Share-basedawards($) | ​ | ​ | Option-basedawards($) | ​ | ​ | Annualincentiveplans | ​ | ​ | Long-termincentiveplans | ​ | ​ | Pensionvalue($) | ​ | ​ | All othercompensation($)                                  | ​ | ​ | Totalcompensation($) | ​ |
| Gerardo Cortina President and Chief Executive Officer                    | ​ | ​ | ​   | ​ | 840,645 | ​              | ​ | ​ | ​               | ​ | — | ​              | ​ | ​ | ​                 | ​ | — | ​         | ​ | ​ | ​                                                   | ​ | 226,328 | ​              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 123,026(2) | ​ | ​ | ​ | ​ | ​ | 1,189,999 | ​ | ​ |
| Samuel Morrow Chief Financial Officer and Deputy Chief Executive Officer | ​ | ​ | ​   | ​ | 312,332 | ​              | ​ | ​ | ​               | ​ | — | ​              | ​ | ​ | ​                 | ​ | — | ​         | ​ | ​ | ​                                                   | ​ | 205,840 | ​              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 3,259(3) | ​ | ​ | ​ | ​ | ​ | 521,431 | ​ | ​ |
| Michael J. SmithChairman and Managing Director                           | ​ | ​ | ​   | ​ | 596,895 | ​              | ​ | ​ | ​               | ​ | — | ​              | ​ | ​ | ​                 | ​ | — | ​         | ​ | ​ | ​                                                   | ​ | 135,083 | ​              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 275,278(4) | ​ | ​ | ​ | ​ | ​ | 1,007,256 | ​ | ​ |
| Ferdinand Steinbauer Treasurer                                           | ​ | ​ | ​   | ​ | 462,182 | ​              | ​ | ​ | ​               | ​ | — | ​              | ​ | ​ | ​                 | ​ | — | ​         | ​ | ​ | ​                                                   | ​ | 205,840 | ​              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 668,022 | ​ | ​ |
| Guy Konsbruck Executive Vice-President(5)                                | ​ | ​ | ​   | ​ | 473,923 | ​              | ​ | ​ | ​               | ​ | — | ​              | ​ | ​ | ​                 | ​ | — | ​         | ​ | ​ | ​                                                   | ​ | 140,491 | ​              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 614,414 | ​ | ​ |

----

TABLE OF CONTENTS

| Name                   | ​ | ​ | FeesEarned($) | ​ | ​ | Share-basedawards($) | ​ | ​ | Option-basedawards($) | ​ | ​ | Non-equityincentive plancompensation($) | ​ | ​ | Pensionvalue($) | ​ | ​ | All othercompensation($) | ​ | ​ | Total($) | ​ |
|------------------------|---------|---------|---------------|---------|---------|----------------------|---------|---------|-----------------------|---------|---------|-----------------------------------------|---------|---------|-----------------|---------|---------|--------------------------|---------|---------|----------|---------|
| Gerardo Cortina(1)     | ​ | ​ | ​       | ​ | — | ​              | ​ | ​ | ​               | ​ | — | ​                                 | ​ | ​ | ​         | ​ | — | ​                  | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Michael J. Smith(2)    | ​ | ​ | ​       | ​ | — | ​              | ​ | ​ | ​               | ​ | — | ​                                 | ​ | ​ | ​         | ​ | — | ​                  | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Dr. Shuming Zhao  | ​ | ​ | ​       | ​ | 78,493  | ​              | ​ | ​ | ​               | ​ | — | ​                                 | ​ | ​ | ​         | ​ | — | ​                  | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 78,493 | ​ | ​ |
| Indrajit Chatterjee    | ​ | ​ | ​       | ​ | 118,251 | ​              | ​ | ​ | ​               | ​ | — | ​                                 | ​ | ​ | ​         | ​ | — | ​                  | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 118,251 | ​ | ​ |
| Silke S. Stenger       | ​ | ​ | ​       | ​ | 148,549 | ​              | ​ | ​ | ​               | ​ | — | ​                                 | ​ | ​ | ​         | ​ | — | ​                  | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 148,549 | ​ | ​ |
| Friedrich Hondl(3)     | ​ | ​ | ​       | ​ | 13,616  | ​              | ​ | ​ | ​               | ​ | — | ​                                 | ​ | ​ | ​         | ​ | — | ​                  | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 13,616 | ​ | ​ |
| Jochen Dümler(4)  | ​ | ​ | ​       | ​ | — | ​              | ​ | ​ | ​               | ​ | — | ​                                 | ​ | ​ | ​         | ​ | — | ​                  | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Peter Kellogg(5)       | ​ | ​ | ​       | ​ | 52,064  | ​              | ​ | ​ | ​               | ​ | — | ​                                 | ​ | ​ | ​         | ​ | — | ​                  | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 52,064 | ​ | ​ |
| William C. Horn III(6) | ​ | ​ | ​       | ​ | 67,959  | ​              | ​ | ​ | ​               | ​ | — | ​                                 | ​ | ​ | ​         | ​ | — | ​                  | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 67,959 | ​ | ​ |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS​

| Name and principal position                                             | ​ | ​ | Common sharesbeneficially owned(#) | ​ | ​       | Percentage of totalcommon sharesoutstanding(%) | ​ | ​ | Stock optionsheld(#) | ​ |
|-------------------------------------------------------------------------|---------|---------|------------------------------------|---------|---------------|------------------------------------------------|---------|---------|----------------------|---------|
| Michael J. Smith Chairman, Managing Director and Director(1)  | ​ | ​ | ​                            | ​ | 272,727       | ​                                        | ​ | ​ | ​              | ​ | 0.4% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Dr. Shuming Zhao Director                                          | ​ | ​ | ​                            | ​ | —       | ​                                        | ​ | ​ | ​              | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Indrajit Chatterjee Director                                            | ​ | ​ | ​                            | ​ | —       | ​                                        | ​ | ​ | ​              | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Silke S. Stenger Director                                               | ​ | ​ | ​                            | ​ | —       | ​                                        | ​ | ​ | ​              | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Friedrich Hondl Director(2)                                             | ​ | ​ | ​                            | ​ | —       | ​                                        | ​ | ​ | ​              | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Gerardo CortinaPresident and Chief Executive Officer and Director  | ​ | ​ | ​                            | ​ | 559,820(3)    | ​                                        | ​ | ​ | ​              | ​ | 0.9% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Samuel MorrowDeputy Chief Executive Officer and Chief Financial Officer | ​ | ​ | ​                            | ​ | 42,390        | ​                                        | ​ | ​ | ​              | ​ | —* | ​ | ​ | ​ | ​ | ​ | 100,000(3) | ​ | ​ |
| Ferdinand SteinbauerTreasurer                                           | ​ | ​ | ​                            | ​ | 241,438       | ​                                        | ​ | ​ | ​              | ​ | 0.4% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Guy KonsbruckExecutive Vice-President(5)                                | ​ | ​ | ​                            | ​ | 7,700         | ​                                        | ​ | ​ | ​              | ​ | —* | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Peter Kellogg Former Chairman and Director(6)                           | ​ | ​ | ​                            | ​ | 20,662,400(6) | ​                                        | ​ | ​ | ​              | ​ | 32.7% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| William C. Horn III Former Director(7)                                  | ​ | ​ | ​                            | ​ | 618(8)        | ​                                        | ​ | ​ | ​              | ​ | —* | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​​​

| Name                 | ​ | ​ | Amount Owned | ​ | ​       | Percent of Class(1) | ​ |
|----------------------|---------|---------|--------------|---------|---------------|---------------------|---------|
| Peter Kellogg        | ​ | ​ | ​      | ​ | 20,662,400(2) | ​             | ​ | ​ | ​ | ​ | 32.7% | ​ | ​ |
| Lloyd I. Miller, III | ​ | ​ | ​      | ​ | 6,686,333(3)  | ​             | ​ | ​ | ​ | ​ | 10.6% | ​ | ​ |

----

TABLE OF CONTENTS​​​​

| ​       | ​ | ​ | (In thousands) |
|---------------|---------|---------|----------------|
| Sale of Goods | ​ | ​ | ​        | $ |          3,349 |

----

TABLE OF CONTENTS​​​​​​

| ​                  | ​ | ​ | High (US$) | ​ | ​ | Low (US$) | ​ |
|--------------------------|---------|---------|------------|---------|---------|-----------|---------|
| Annual Highs and Lows    | ​ | ​ | ​    |
| 2015                     | ​ | ​ | ​    | ​ | 7.11    | ​   | ​ | ​ | ​ | ​ | 1.50 | ​ | ​ |
| 2014                     | ​ | ​ | ​    | ​ | 8.25    | ​   | ​ | ​ | ​ | ​ | 5.20 | ​ | ​ |
| 2013                     | ​ | ​ | ​    | ​ | 10.39   | ​   | ​ | ​ | ​ | ​ | 7.25 | ​ | ​ |
| 2012                     | ​ | ​ | ​    | ​ | 8.80    | ​   | ​ | ​ | ​ | ​ | 6.65 | ​ | ​ |
| 2011                     | ​ | ​ | ​    | ​ | 9.00    | ​   | ​ | ​ | ​ | ​ | 6.17 | ​ | ​ |
| Quarterly Highs and Lows | ​ | ​ | ​    |
| 2016                     | ​ | ​ | ​    |
| First Quarter            | ​ | ​ | ​    | ​ | 2.50    | ​   | ​ | ​ | ​ | ​ | 1.71 | ​ | ​ |
| 2015                     | ​ | ​ | ​    |
| Fourth Quarter           | ​ | ​ | ​    | ​ | 3.32    | ​   | ​ | ​ | ​ | ​ | 1.50 | ​ | ​ |
| Third Quarter            | ​ | ​ | ​    | ​ | 4.15    | ​   | ​ | ​ | ​ | ​ | 2.79 | ​ | ​ |
| Second Quarter           | ​ | ​ | ​    | ​ | 5.04    | ​   | ​ | ​ | ​ | ​ | 3.85 | ​ | ​ |
| First Quarter            | ​ | ​ | ​    | ​ | 7.11    | ​   | ​ | ​ | ​ | ​ | 3.61 | ​ | ​ |
| 2014                     | ​ | ​ | ​    |
| Fourth Quarter           | ​ | ​ | ​    | ​ | 7.17    | ​   | ​ | ​ | ​ | ​ | 5.20 | ​ | ​ |
| Third Quarter            | ​ | ​ | ​    | ​ | 8.20    | ​   | ​ | ​ | ​ | ​ | 7.11 | ​ | ​ |
| Second Quarter           | ​ | ​ | ​    | ​ | 8.11    | ​   | ​ | ​ | ​ | ​ | 7.07 | ​ | ​ |
| First Quarter            | ​ | ​ | ​    | ​ | 8.25    | ​   | ​ | ​ | ​ | ​ | 6.97 | ​ | ​ |
| Monthly Highs and Lows   | ​ | ​ | ​    |
| April 2016               | ​ | ​ | ​    | ​ | 2.04    | ​   | ​ | ​ | ​ | ​ | 1.66 | ​ | ​ |
| March 2016          | ​ | ​ | ​    | ​ | 2.50    | ​   | ​ | ​ | ​ | ​ | 1.90 | ​ | ​ |
| February 2016       | ​ | ​ | ​    | ​ | 2.23    | ​   | ​ | ​ | ​ | ​ | 1.80 | ​ | ​ |
| January 2016        | ​ | ​ | ​    | ​ | 2.24    | ​   | ​ | ​ | ​ | ​ | 1.71 | ​ | ​ |
| December 2015       | ​ | ​ | ​    | ​ | 2.06    | ​   | ​ | ​ | ​ | ​ | 1.50 | ​ | ​ |
| November 2015       | ​ | ​ | ​    | ​ | 3.00    | ​   | ​ | ​ | ​ | ​ | 1.98 | ​ | ​ |

----

TABLE OF CONTENTS​​​​

----

TABLE OF CONTENTS​​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​​​​

----

TABLE OF CONTENTS​​

----

TABLE OF CONTENTS​​​​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​​​​

----

TABLE OF CONTENTS​​​

----

TABLE OF CONTENTS​​​

----

TABLE OF CONTENTS​​

| ​ | 1.Report of Independent Auditors, PricewaterhouseCoopers LLP, dated May 2, 2016 on the consolidated financial statements of our company for the years ended December 31, 2015 and 2014 and on the effectiveness of internal controls over financial reporting as at December 31, 2015 ​ | ​ | ​ | ​ | ​ | 68 | ​ | ​ |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|----|---------|---------|
| ​ | 2.Consolidated statements of financial position as of December 31, 2015 and 2014 ​                                                                                                                                                                                                                | ​ | ​ | ​ | ​ | 71 | ​ | ​ |
| ​ | 3.Consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 ​                                                                                                                                                                                                    | ​ | ​ | ​ | ​ | 72 | ​ | ​ |
| ​ | 4.Consolidated statements of comprehensive income for the years ended December 31, 2015, 2014 and 2013 ​                                                                                                                                                                                          | ​ | ​ | ​ | ​ | 73 | ​ | ​ |
| ​ | 5.Consolidated statements of changes in equity for the years ended December 31, 2015, 2014 and 2013 ​                                                                                                                                                                                             | ​ | ​ | ​ | ​ | 74 | ​ | ​ |
| ​ | 6.Consolidated statements of cash flows for the years ended December 31, 2015, 2014 and 2013 ​                                                                                                                                                                                                    | ​ | ​ | ​ | ​ | 76 | ​ | ​ |
| ​ | 7.Notes to consolidated financial statements as of December 31, 2015 ​                                                                                                                                                                                                                            | ​ | ​ | ​ | ​ | 78 | ​ | ​ |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

| ​                                       | ​ | ​ | Notes   | ​ | ​ | December 31,2015 | ​ | ​ | December 31,2014 | ​ | ​                                           | January 1,2014 | ​ |
|-----------------------------------------------|---------|---------|---------|---------|---------|-----------------------|---------|---------|-----------------------|---------|---------------------------------------------------|---------------------|---------|
| ASSETS                                        | ​ | ​ | ​ | ​ | ​ |
| Current Assets                                | ​ | ​ | ​ | ​ | ​ |
| Cash and cash equivalents                     | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | $       | 197,519                                           | ​             | ​ | ​ | ​ | $ | 344,891 | ​ | ​ | ​ | ​ | $ | 353,299 | ​ | ​ |
| Short-term cash deposits                      | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 233                                               | ​             | ​ | ​ | ​ | ​ | 184 | ​ | ​ | ​ | ​ | ​ | 4,660 | ​ | ​ |
| Securities                                    | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 170                                               | ​             | ​ | ​ | ​ | ​ | 290 | ​ | ​ | ​ | ​ | ​ | 2,200 | ​ | ​ |
| Securities – derivatives                | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 5,555                                             | ​             | ​ | ​ | ​ | ​ | 6,274 | ​ | ​ | ​ | ​ | ​ | 1,483 | ​ | ​ |
| Restricted cash                               | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 639                                               | ​             | ​ | ​ | ​ | ​ | 644 | ​ | ​ | ​ | ​ | ​ | 332 | ​ | ​ |
| Trade receivables                             | ​ | ​ | ​ | ​ | 6       | ​               | ​ | ​ | ​               | ​ | 151,229                                           | ​             | ​ | ​ | ​ | ​ | 187,558 | ​ | ​ | ​ | ​ | ​ | 123,035 | ​ | ​ |
| Tax receivables                               | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 11,705                                            | ​             | ​ | ​ | ​ | ​ | 15,339 | ​ | ​ | ​ | ​ | ​ | 6,917 | ​ | ​ |
| Other receivables                             | ​ | ​ | ​ | ​ | 7       | ​               | ​ | ​ | ​               | ​ | 14,727                                            | ​             | ​ | ​ | ​ | ​ | 26,406 | ​ | ​ | ​ | ​ | ​ | 23,944 | ​ | ​ |
| Inventories                                   | ​ | ​ | ​ | ​ | 8       | ​               | ​ | ​ | ​               | ​ | 245,345                                           | ​             | ​ | ​ | ​ | ​ | 246,611 | ​ | ​ | ​ | ​ | ​ | 94,494 | ​ | ​ |
| Real estate held for sale                     | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 1,130                                             | ​             | ​ | ​ | ​ | ​ | 13,970 | ​ | ​ | ​ | ​ | ​ | 13,482 | ​ | ​ |
| Deposits, prepaid and other                   | ​ | ​ | ​ | ​ | 9       | ​               | ​ | ​ | ​               | ​ | 21,442                                            | ​             | ​ | ​ | ​ | ​ | 8,985 | ​ | ​ | ​ | ​ | ​ | 28,861 | ​ | ​ |
| Assets held for sale                          | ​ | ​ | ​ | ​ | 4       | ​               | ​ | ​ | ​               | ​ | 136,156                                           | ​             | ​ | ​ | ​ | ​ | 152,107 | ​ | ​ | ​ | ​ | ​ | 103,535 | ​ | ​ |
| Total current assets                          | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 785,850                                           | ​             | ​ | ​ | ​ | ​ | 1,003,259 | ​ | ​ | ​ | ​ | ​ | 756,242 | ​ | ​ |
| Non-current Assets                            | ​ | ​ | ​ | ​ | ​ |
| Securities                                    | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 680                                               | ​             | ​ | ​ | ​ | ​ | 839 | ​ | ​ | ​ | ​ | ​ | 2,622 | ​ | ​ |
| Securities – derivatives                | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 171                                               | ​             | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Real estate held for sale                     | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 13,812                                            | ​             | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Investment property                           | ​ | ​ | ​ | ​ | 10      | ​               | ​ | ​ | ​               | ​ | 37,873                                            | ​             | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Property, plant and equipment                 | ​ | ​ | ​ | ​ | 11      | ​               | ​ | ​ | ​               | ​ | 95,745                                            | ​             | ​ | ​ | ​ | ​ | 122,829 | ​ | ​ | ​ | ​ | ​ | 100,503 | ​ | ​ |
| Interests in resource properties              | ​ | ​ | ​ | ​ | 4       | ​               | ​ | ​ | ​               | ​ | —                                           | ​             | ​ | ​ | ​ | ​ | 403,813 | ​ | ​ | ​ | ​ | ​ | 382,678 | ​ | ​ |
| Hydrocarbon probable reserves                 | ​ | ​ | ​ | ​ | 4       | ​               | ​ | ​ | ​               | ​ | —                                           | ​             | ​ | ​ | ​ | ​ | 50,644 | ​ | ​ | ​ | ​ | ​ | 80,054 | ​ | ​ |
| Hydrocarbon unproved lands                    | ​ | ​ | ​ | ​ | 4       | ​               | ​ | ​ | ​               | ​ | —                                           | ​             | ​ | ​ | ​ | ​ | 27,560 | ​ | ​ | ​ | ​ | ​ | 33,348 | ​ | ​ |
| Accrued pension assets, net                   | ​ | ​ | ​ | ​ | 12      | ​               | ​ | ​ | ​               | ​ | —                                           | ​             | ​ | ​ | ​ | ​ | 1,362 | ​ | ​ | ​ | ​ | ​ | 1,339 | ​ | ​ |
| Deferred income tax assets                    | ​ | ​ | ​ | ​ | 13      | ​               | ​ | ​ | ​               | ​ | 20,641                                            | ​             | ​ | ​ | ​ | ​ | 27,832 | ​ | ​ | ​ | ​ | ​ | 19,082 | ​ | ​ |
| Other                                         | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 21,912                                            | ​             | ​ | ​ | ​ | ​ | 53,490 | ​ | ​ | ​ | ​ | ​ | 26,592 | ​ | ​ |
| Other, restricted                             | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 667                                               | ​             | ​ | ​ | ​ | ​ | 591 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total non-current assets                      | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 191,501                                           | ​             | ​ | ​ | ​ | ​ | 688,960 | ​ | ​ | ​ | ​ | ​ | 646,218 | ​ | ​ |
| ​                                       | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | $       | 977,351                                           | ​             | ​ | ​ | ​ | $ | 1,692,219 | ​ | ​ | ​ | ​ | $ | 1,402,460 | ​ | ​ |
| LIABILITIES AND EQUITY                        | ​ | ​ | ​ | ​ | ​ |
| Current Liabilities                           | ​ | ​ | ​ | ​ | ​ |
| Short-term bank borrowings                    | ​ | ​ | ​ | ​ | 14      | ​               | ​ | ​ | ​               | $       | 60,103                                            | ​             | ​ | ​ | ​ | $ | 187,171 | ​ | ​ | ​ | ​ | $ | 138,037 | ​ | ​ |
| Debt, current portion                         | ​ | ​ | ​ | ​ | 15      | ​               | ​ | ​ | ​               | ​ | 84,705                                            | ​             | ​ | ​ | ​ | ​ | 66,098 | ​ | ​ | ​ | ​ | ​ | 47,723 | ​ | ​ |
| Account payables and accrued expenses         | ​ | ​ | ​ | ​ | 16      | ​               | ​ | ​ | ​               | ​ | 174,812                                           | ​             | ​ | ​ | ​ | ​ | 158,345 | ​ | ​ | ​ | ​ | ​ | 132,490 | ​ | ​ |
| Dividends payable                             | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | —                                           | ​             | ​ | ​ | ​ | ​ | 4,388 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Income tax liabilities                        | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 3,809                                             | ​             | ​ | ​ | ​ | ​ | 4,963 | ​ | ​ | ​ | ​ | ​ | 2,011 | ​ | ​ |
| Financial liabilities – derivatives     | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 3,554                                             | ​             | ​ | ​ | ​ | ​ | 2,006 | ​ | ​ | ​ | ​ | ​ | 2,213 | ​ | ​ |
| Liabilities relating to assets held for sale  | ​ | ​ | ​ | ​ | 4       | ​               | ​ | ​ | ​               | ​ | 87,579                                            | ​             | ​ | ​ | ​ | ​ | 17,802 | ​ | ​ | ​ | ​ | ​ | 12,249 | ​ | ​ |
| Total current liabilities                     | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 414,562                                           | ​             | ​ | ​ | ​ | ​ | 440,773 | ​ | ​ | ​ | ​ | ​ | 334,723 | ​ | ​ |
| Long-term Liabilities                         | ​ | ​ | ​ | ​ | ​ |
| Debt, less current portion                    | ​ | ​ | ​ | ​ | 15      | ​               | ​ | ​ | ​               | ​ | 174,333                                           | ​             | ​ | ​ | ​ | ​ | 297,157 | ​ | ​ | ​ | ​ | ​ | 201,947 | ​ | ​ |
| Deferred income tax liabilities               | ​ | ​ | ​ | ​ | 13      | ​               | ​ | ​ | ​               | ​ | 13,711                                            | ​             | ​ | ​ | ​ | ​ | 11,852 | ​ | ​ | ​ | ​ | ​ | 3,798 | ​ | ​ |
| Financial liabilities – derivatives     | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 682                                               | ​             | ​ | ​ | ​ | ​ | 1,533 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Decommissioning obligations                   | ​ | ​ | ​ | ​ | 4       | ​               | ​ | ​ | ​               | ​ | —                                           | ​             | ​ | ​ | ​ | ​ | 150,299 | ​ | ​ | ​ | ​ | ​ | 112,586 | ​ | ​ |
| Accrued pension obligations, net              | ​ | ​ | ​ | ​ | 12      | ​               | ​ | ​ | ​               | ​ | 4,061                                             | ​             | ​ | ​ | ​ | ​ | 4,329 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other                                         | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 802                                               | ​             | ​ | ​ | ​ | ​ | 7,343 | ​ | ​ | ​ | ​ | ​ | 5,161 | ​ | ​ |
| Total long-term liabilities                   | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 193,589                                           | ​             | ​ | ​ | ​ | ​ | 472,513 | ​ | ​ | ​ | ​ | ​ | 323,492 | ​ | ​ |
| Total liabilities                             | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 608,151                                           | ​             | ​ | ​ | ​ | ​ | 913,286 | ​ | ​ | ​ | ​ | ​ | 658,215 | ​ | ​ |
| Equity                                        | ​ | ​ | ​ | ​ | ​ |
| Capital stock, fully paid                     | ​ | ​ | ​ | ​ | 17      | ​               | ​ | ​ | ​               | ​ | 419,916                                           | ​             | ​ | ​ | ​ | ​ | 419,655 | ​ | ​ | ​ | ​ | ​ | 418,407 | ​ | ​ |
| Treasury stock                                | ​ | ​ | ​ | ​ | 17      | ​               | ​ | ​ | ​               | ​ | (61,085)                                          | ​             | ​ | ​ | ​ | ​ | (61,085) | ​ | ​ | ​ | ​ | ​ | (61,085) | ​ | ​ |
| Contributed surplus                           | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 15,417                                            | ​             | ​ | ​ | ​ | ​ | 15,620 | ​ | ​ | ​ | ​ | ​ | 13,451 | ​ | ​ |
| Retained (deficit) earnings                   | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | (63,559)                                          | ​             | ​ | ​ | ​ | ​ | 424,129 | ​ | ​ | ​ | ​ | ​ | 438,508 | ​ | ​ |
| Accumulated other comprehensive income (loss) | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 56,503                                            | ​             | ​ | ​ | ​ | ​ | (20,602) | ​ | ​ | ​ | ​ | ​ | (65,218) | ​ | ​ |
| Shareholders’ equity                    | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 367,192                                           | ​             | ​ | ​ | ​ | ​ | 777,717 | ​ | ​ | ​ | ​ | ​ | 744,063 | ​ | ​ |
| Non-controlling interests                     | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 2,008                                             | ​             | ​ | ​ | ​ | ​ | 1,216 | ​ | ​ | ​ | ​ | ​ | 182 | ​ | ​ |
| Total equity                                  | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | ​ | 369,200                                           | ​             | ​ | ​ | ​ | ​ | 778,933 | ​ | ​ | ​ | ​ | ​ | 744,245 | ​ | ​ |
| ​                                       | ​ | ​ | ​ | ​ | ​ | ​               | ​ | ​ | ​               | $       |       977,351 | ​             | ​ | ​ | ​ | $ |    1,692,219 | ​ | ​ | ​ | ​ | $ |    1,402,460 | ​ | ​ |
| ​                                       |

----

TABLE OF CONTENTS​

| ​                                                              | ​ | ​ | Notes   | ​ | ​ | 2015    | ​ | ​ | 2014    | ​ | ​           | 2013    | ​ |
|----------------------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|-------------------|---------|---------|
| ​                                                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​           | ​ | ​ | ​ | (Restated – Note 1A) | ​ |
| Gross revenues                                                       | ​ | ​ | ​ | ​ | 18      | ​ | ​ | ​ | ​ | $       | 1,579,702         | ​ | ​ | ​ | ​ | $ | 1,286,324 | ​ | ​ | ​ | ​ | $ | 621,085 | ​ | ​ |
| Costs and expenses:                                                  | ​ | ​ | ​ | ​ | ​ |
| Costs of sales and services                                          | ​ | ​ | ​ | ​ | 18      | ​ | ​ | ​ | ​ | ​ | 1,529,578         | ​ | ​ | ​ | ​ | ​ | 1,178,022 | ​ | ​ | ​ | ​ | ​ | 550,822 | ​ | ​ |
| Selling, general and administrative                                  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 84,653            | ​ | ​ | ​ | ​ | ​ | 81,505 | ​ | ​ | ​ | ​ | ​ | 53,750 | ​ | ​ |
| Share-based compensation – selling, general and administrative | ​ | ​ | ​ | ​ | 19      | ​ | ​ | ​ | ​ | ​ | —           | ​ | ​ | ​ | ​ | ​ | 423 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Finance costs                                                        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 20,355            | ​ | ​ | ​ | ​ | ​ | 13,263 | ​ | ​ | ​ | ​ | ​ | 9,742 | ​ | ​ |
| Impairment of available-for-sale securities                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 245               | ​ | ​ | ​ | ​ | ​ | 341 | ​ | ​ | ​ | ​ | ​ | 550 | ​ | ​ |
| ​                                                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,634,831         | ​ | ​ | ​ | ​ | ​ | 1,273,554 | ​ | ​ | ​ | ​ | ​ | 614,864 | ​ | ​ |
| (Loss) income from operations                                        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (55,129)          | ​ | ​ | ​ | ​ | ​ | 12,770 | ​ | ​ | ​ | ​ | ​ | 6,221 | ​ | ​ |
| Other items:                                                         | ​ | ​ | ​ | ​ | ​ |
| Exchange differences on foreign currency transactions                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (288)             | ​ | ​ | ​ | ​ | ​ | (6,293) | ​ | ​ | ​ | ​ | ​ | (2,211) | ​ | ​ |
| Change in fair value of puttable instrument financial liabilities    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | —           | ​ | ​ | ​ | ​ | ​ | (163) | ​ | ​ | ​ | ​ | ​ | (851) | ​ | ​ |
| (Loss) income before income taxes                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (55,417)          | ​ | ​ | ​ | ​ | ​ | 6,314 | ​ | ​ | ​ | ​ | ​ | 3,159 | ​ | ​ |
| Income tax (expense) recovery                                        | ​ | ​ | ​ | ​ | 20      | ​ | ​ | ​ | ​ | ​ | (2,501)           | ​ | ​ | ​ | ​ | ​ | (2,173) | ​ | ​ | ​ | ​ | ​ | 997 | ​ | ​ |
| (Loss) income from continuing operations                             | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (57,918)          | ​ | ​ | ​ | ​ | ​ | 4,141 | ​ | ​ | ​ | ​ | ​ | 4,156 | ​ | ​ |
| (Loss) income on discontinued operations                             | ​ | ​ | ​ | ​ | 4       | ​ | ​ | ​ | ​ | ​ | (428,086)         | ​ | ​ | ​ | ​ | ​ | (3,465) | ​ | ​ | ​ | ​ | ​ | 5,408 | ​ | ​ |
| Net (loss) income for the year                                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (486,004)         | ​ | ​ | ​ | ​ | ​ | 676 | ​ | ​ | ​ | ​ | ​ | 9,564 | ​ | ​ |
| Less: Net (income) loss attributable to non-controlling interests    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,626)           | ​ | ​ | ​ | ​ | ​ | (1,358) | ​ | ​ | ​ | ​ | ​ | 168 | ​ | ​ |
| Net (loss) income attributable to owners of the parent company       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $       | (487,630)         | ​ | ​ | ​ | ​ | $ | (682) | ​ | ​ | ​ | ​ | $ | 9,732 | ​ | ​ |
| Basic (loss) earnings per share:                                     | ​ | ​ | ​ | ​ | ​ |
| Continuing operations                                                | ​ | ​ | ​ | ​ | 21      | ​ | ​ | ​ | ​ | $       | (0.94)            | ​ | ​ | ​ | ​ | $ | 0.04 | ​ | ​ | ​ | ​ | $ | 0.07 | ​ | ​ |
| Discontinued operations                                              | ​ | ​ | ​ | ​ | 21      | ​ | ​ | ​ | ​ | ​ | (6.78)            | ​ | ​ | ​ | ​ | ​ | (0.05) | ​ | ​ | ​ | ​ | ​ | 0.09 | ​ | ​ |
| ​                                                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $       | (7.72)            | ​ | ​ | ​ | ​ | $ | (0.01) | ​ | ​ | ​ | ​ | $ | 0.16 | ​ | ​ |
| Diluted (loss) earnings per share:                                   | ​ | ​ | ​ | ​ | ​ |
| Continuing operations                                                | ​ | ​ | ​ | ​ | 21      | ​ | ​ | ​ | ​ | $       | (0.94)            | ​ | ​ | ​ | ​ | $ | 0.04 | ​ | ​ | ​ | ​ | $ | 0.07 | ​ | ​ |
| Discontinued operations                                              | ​ | ​ | ​ | ​ | 21      | ​ | ​ | ​ | ​ | ​ | (6.78)            | ​ | ​ | ​ | ​ | ​ | (0.05) | ​ | ​ | ​ | ​ | ​ | 0.09 | ​ | ​ |
| ​                                                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $       | (7.72)            | ​ | ​ | ​ | ​ | $ | (0.01) | ​ | ​ | ​ | ​ | $ | 0.16 | ​ | ​ |
| Weighted average number of common shares outstanding                 | ​ | ​ | ​ | ​ | ​ |
| – basic                                                        | ​ | ​ | ​ | ​ | 21      | ​ | ​ | ​ | ​ | ​ | 63,142,272        | ​ | ​ | ​ | ​ | ​ | 62,922,837 | ​ | ​ | ​ | ​ | ​ | 62,552,126 | ​ | ​ |
| – diluted                                                      | ​ | ​ | ​ | ​ | 21      | ​ | ​ | ​ | ​ | ​ |  63,142,272 | ​ | ​ | ​ | ​ | ​ |  62,957,105 | ​ | ​ | ​ | ​ | ​ |  62,756,791 | ​ | ​ |

----

TABLE OF CONTENTS​

| ​                                                                                                                                 | ​ | ​ | 2015    | ​ | ​                 | 2014    | ​ | ​ | 2013    | ​ |
|-----------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|-------------------------|---------|---------|---------|---------|---------|
| Net (loss) income for the year                                                                                                          | ​ | ​ | ​ | $       | (486,004)               | ​ | ​ | ​ | ​ | $       | 676 | ​ | ​ | ​ | ​ | $ | 9,564 | ​ | ​ |
| Other comprehensive income, net of income taxes                                                                                         | ​ | ​ | ​ | ​ |
| Exchange differences arising from translating financial statements of foreign operations                                                | ​ | ​ | ​ | ​ | 79,355                  | ​ | ​ | ​ | ​ | ​ | 45,767 | ​ | ​ | ​ | ​ | ​ | 16,916 | ​ | ​ |
| Reclassification adjustment for exchange differences to statements of operations for subsidiaries deconsolidated                        | ​ | ​ | ​ | ​ | 143                     | ​ | ​ | ​ | ​ | ​ | (127) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net exchange differences                                                                                                                | ​ | ​ | ​ | ​ | 79,498                  | ​ | ​ | ​ | ​ | ​ | 45,640 | ​ | ​ | ​ | ​ | ​ | 16,916 | ​ | ​ |
| Fair value loss on available-for-sale securities                                                                                        | ​ | ​ | ​ | ​ | (293)                   | ​ | ​ | ​ | ​ | ​ | (282) | ​ | ​ | ​ | ​ | ​ | (117) | ​ | ​ |
| Reclassification of fair value loss on available-for-sale securities to statements of operations for securities disposed of or impaired | ​ | ​ | ​ | ​ | 245                     | ​ | ​ | ​ | ​ | ​ | 147 | ​ | ​ | ​ | ​ | ​ | 321 | ​ | ​ |
| Net fair value (loss) gain on available-for-sale securities                                                                             | ​ | ​ | ​ | ​ | (48)                    | ​ | ​ | ​ | ​ | ​ | (135) | ​ | ​ | ​ | ​ | ​ | 204 | ​ | ​ |
| Remeasurement of net defined benefit liabilities                                                                                        | ​ | ​ | ​ | ​ | (298)                   | ​ | ​ | ​ | ​ | ​ | (1,034) | ​ | ​ | ​ | ​ | ​ | 1,522 | ​ | ​ |
| Other comprehensive income                                                                                                              | ​ | ​ | ​ | ​ | 79,152                  | ​ | ​ | ​ | ​ | ​ | 44,471 | ​ | ​ | ​ | ​ | ​ | 18,642 | ​ | ​ |
| Total comprehensive (loss) income for the year                                                                                          | ​ | ​ | ​ | ​ | (406,852)               | ​ | ​ | ​ | ​ | ​ | 45,147 | ​ | ​ | ​ | ​ | ​ | 28,206 | ​ | ​ |
| Comprehensive income attributable to non-controlling interests                                                                          | ​ | ​ | ​ | ​ | (2,028)                 | ​ | ​ | ​ | ​ | ​ | (1,213) | ​ | ​ | ​ | ​ | ​ | (123) | ​ | ​ |
| Comprehensive (loss) income attributable to owners of the parent company                                                                | ​ | ​ | ​ | $       | (408,880)               | ​ | ​ | ​ | ​ | $       | 43,934 | ​ | ​ | ​ | ​ | $ | 28,083 | ​ | ​ |
| Consisting of: Continuing operations                                                                                                    | ​ | ​ | ​ | $       | 7,057                   | ​ | ​ | ​ | ​ | $       | 28,201 | ​ | ​ | ​ | ​ | $ | 35,758 | ​ | ​ |
| Discontinued operations                                                                                                                 | ​ | ​ | ​ | ​ | (415,937)               | ​ | ​ | ​ | ​ | ​ | 15,733 | ​ | ​ | ​ | ​ | ​ | (7,675) | ​ | ​ |
| ​                                                                                                                                 | ​ | ​ | ​ | $       |   (408,880) | ​ | ​ | ​ | ​ | $       |     43,934 | ​ | ​ | ​ | ​ | $ |     28,083 | ​ | ​ |
| Other comprehensive income, net of income taxes, comprised amounts:                                                                     | ​ | ​ | ​ | ​ |
| will not be reclassified subsequently to profit or loss                                                                                 | ​ | ​ | ​ | $       | (298)                   | ​ | ​ | ​ | ​ | $       | (1,034) | ​ | ​ | ​ | ​ | $ | 1,522 | ​ | ​ |
| will be reclassified subsequently to profit or loss when specific conditions are met                                                    | ​ | ​ | ​ | ​ | 79,450                  | ​ | ​ | ​ | ​ | ​ | 45,505 | ​ | ​ | ​ | ​ | ​ | 17,120 | ​ | ​ |
| ​                                                                                                                                 | ​ | ​ | ​ | $       | 79,152                  | ​ | ​ | ​ | ​ | $       | 44,471 | ​ | ​ | ​ | ​ | $ | 18,642 | ​ | ​ |
| ​                                                                                                                                 |

----

TABLE OF CONTENTS​

| ​                                                 | ​ | ​ | Capital Stock    | ​ | ​    | Treasury Stock | ​ | ​ | Contributed Surplus | ​ | ​        | ​ | ​ | ​ | ​                  | ​ | ​     | Accumulated Other Comprehensive Income | ​ | ​ | ​                     | ​ | ​         | ​                       | ​ | ​ | ​                     | ​ | ​                                                 | ​                         | ​ | ​ | ​                     | ​ | ​                                                | ​                    | ​ |
|---------------------------------------------------------|---------|---------|------------------|---------|------------|----------------|---------|---------|---------------------|---------|----------------|---------|---------|---------|--------------------------|---------|-------------|----------------------------------------|---------|---------|-----------------------------|---------|-----------------|-------------------------------|---------|---------|-----------------------------|---------|---------------------------------------------------------|---------------------------------|---------|---------|-----------------------------|---------|--------------------------------------------------------|----------------------------|---------|
| ​                                                 | ​ | ​ | Number of Shares | ​ | ​    | Amount         | ​ | ​ | Number of Shares    | ​ | ​        | Amount  | ​ | ​ | Share-based Compensation | ​ | ​     | Contingently Issuable Shares           | ​ | ​ | Retained Earnings (Deficit) | ​ | ​         | Available-for-sale Securities | ​ | ​ | Defined Benefit Obligations | ​ | ​                                                 | Currency Translation Adjustment | ​ | ​ | Share- holders’Equity | ​ | ​                                                | Non- controlling Interests | ​ | ​ | Total Equity | ​ |
| Balance at December 31, 2012                       | ​ | ​ | ​          | ​ | 67,132,106 | ​        | ​ | ​ | ​             | $       | 418,035        | ​ | ​ | ​ | ​                  | ​ | (4,579,980) | ​                                | ​ | ​ | ​                     | $       | (60,713)        | ​                       | ​ | ​ | ​                     | $       |        13,451 | ​                         | ​ | ​ | ​                     | $       | —                                                | ​                    | ​ | ​ | ​ | $ | 439,658 | ​ | ​ | ​ | ​ | $ |      (118) | ​ | ​ | ​ | ​ | $ |          956 | ​ | ​ | ​ | ​ | $ |   (84,407) | ​ | ​ | ​ | ​ | $ | 726,862 | ​ | ​ | ​ | ​ | $ |    6,156 | ​ | ​ | ​ | ​ | $ | 733,018 | ​ | ​ |
| Net income                                              | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | 9,732 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 9,732 | ​ | ​ | ​ | ​ | ​ | (168) | ​ | ​ | ​ | ​ | ​ | 9,564 | ​ | ​ |
| Dividends paid                                          | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | (15,353) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (15,353) | ​ | ​ | ​ | ​ | ​ | (804) | ​ | ​ | ​ | ​ | ​ | (16,157) | ​ | ​ |
| Issuance of preferred shares as dividends               | ​ | ​ | ​          | ​ | 369,830    | ​        | ​ | ​ | ​             | ​ | 372            | ​ | ​ | ​ | ​                  | ​ | (369,830)   | ​                                | ​ | ​ | ​                     | ​ | (372)           | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Acquisition and elimination of non-controlling interest | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | 4,471 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,471 | ​ | ​ | ​ | ​ | ​ | (5,293) | ​ | ​ | ​ | ​ | ​ | (822) | ​ | ​ |
| Net fair value gain                                     | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 204 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 204 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 204 | ​ | ​ |
| Net gain on remeasurements                              | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,522 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,522 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,522 | ​ | ​ |
| Net exchange differences                                | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 16,625 | ​ | ​ | ​ | ​ | ​ | 16,625 | ​ | ​ | ​ | ​ | ​ | 291 | ​ | ​ | ​ | ​ | ​ | 16,916 | ​ | ​ |
| Balance at December 31, 2013                       | ​ | ​ | ​          | ​ | 67,501,936 | ​        | ​ | ​ | ​             | ​ | 418,407        | ​ | ​ | ​ | ​                  | ​ | (4,949,810) | ​                                | ​ | ​ | ​                     | ​ | (61,085)        | ​                       | ​ | ​ | ​                     | ​ | 13,451                                                  | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | 438,508 | ​ | ​ | ​ | ​ | ​ | 86 | ​ | ​ | ​ | ​ | ​ | 2,478 | ​ | ​ | ​ | ​ | ​ | (67,782) | ​ | ​ | ​ | ​ | ​ | 744,063 | ​ | ​ | ​ | ​ | ​ | 182 | ​ | ​ | ​ | ​ | ​ | 744,245 | ​ | ​ |
| Net income                                              | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | (682) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (682) | ​ | ​ | ​ | ​ | ​ | 1,358 | ​ | ​ | ​ | ​ | ​ | 676 | ​ | ​ |
| Dividends paid and payable                              | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | (16,874) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (16,874) | ​ | ​ | ​ | ​ | ​ | (1,034) | ​ | ​ | ​ | ​ | ​ | (17,908) | ​ | ​ |
| Share-based compensation                                | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | 423                                                     | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 423 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 423 | ​ | ​ |
| Exercise of employee stock options                      | ​ | ​ | ​          | ​ | 30,326     | ​        | ​ | ​ | ​             | ​ | 343            | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | (84)                                                    | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 259 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 259 | ​ | ​ |
| Acquisition and elimination of non-controlling interest | ​ | ​ | ​          | ​ | 509,820    | ​        | ​ | ​ | ​             | ​ | 905            | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | 1,830                                                  | ​                    | ​ | ​ | ​ | ​ | 3,177 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 5,912 | ​ | ​ | ​ | ​ | ​ | (1,403) | ​ | ​ | ​ | ​ | ​ | 4,509 | ​ | ​ |
| Purchase of a subsidiary                                | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 140 | ​ | ​ | ​ | ​ | ​ | 140 | ​ | ​ |
| Disposition of subsidiaries                             | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,118 | ​ | ​ | ​ | ​ | ​ | 2,118 | ​ | ​ |
| Net fair value loss                                     | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (135) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (135) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (135) | ​ | ​ |
| Net loss on remeasurements                              | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,034) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,034) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,034) | ​ | ​ |
| Net exchange differences                                | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 45,785 | ​ | ​ | ​ | ​ | ​ | 45,785 | ​ | ​ | ​ | ​ | ​ | (145) | ​ | ​ | ​ | ​ | ​ | 45,640 | ​ | ​ |
| Balance at December 31, 2014                       | ​ | ​ | ​          | ​ | 68,042,082 | ​        | ​ | ​ | ​             | ​ | 419,655        | ​ | ​ | ​ | ​                  | ​ | (4,949,810) | ​                                | ​ | ​ | ​                     | ​ | (61,085)        | ​                       | ​ | ​ | ​                     | ​ | 13,790                                                  | ​                         | ​ | ​ | ​                     | ​ | 1,830                                                  | ​                    | ​ | ​ | ​ | ​ | 424,129 | ​ | ​ | ​ | ​ | ​ | (49) | ​ | ​ | ​ | ​ | ​ | 1,444 | ​ | ​ | ​ | ​ | ​ | (21,997) | ​ | ​ | ​ | ​ | ​ | 777,717 | ​ | ​ | ​ | ​ | ​ | 1,216 | ​ | ​ | ​ | ​ | ​ | 778,933 | ​ | ​ |
| Net loss                                                | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | (487,630) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (487,630) | ​ | ​ | ​ | ​ | ​ | 1,626 | ​ | ​ | ​ | ​ | ​ | (486,004) | ​ | ​ |
| Deconsolidation of a subsidiary                         | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,645) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,645) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,645) | ​ | ​ |
| Issuance of contingently issuable shares                | ​ | ​ | ​          | ​ | 50,000     | ​        | ​ | ​ | ​             | ​ | 261            | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | (203)                                                  | ​                    | ​ | ​ | ​ | ​ | (58) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Dividends paid                                          | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,236) | ​ | ​ | ​ | ​ | ​ | (1,236) | ​ | ​ |
| Net fair value loss                                     | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (48) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (48) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (48) | ​ | ​ |
| Net loss on remeasurements                              | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (298) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (298) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (298) | ​ | ​ |
| Net exchange differences                                | ​ | ​ | ​          | ​ | —    | ​        | ​ | ​ | ​             | ​ | —        | ​ | ​ | ​ | ​                  | ​ | —     | ​                                | ​ | ​ | ​                     | ​ | —         | ​                       | ​ | ​ | ​                     | ​ | —                                                 | ​                         | ​ | ​ | ​                     | ​ | —                                                | ​                    | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 79,096 | ​ | ​ | ​ | ​ | ​ | 79,096 | ​ | ​ | ​ | ​ | ​ | 402 | ​ | ​ | ​ | ​ | ​ | 79,498 | ​ | ​ |
| Balance at December 31, 2015                       | ​ | ​ | ​          | ​ | 68,092,082 | ​        | ​ | ​ | ​             | $       |  419,916 | ​ | ​ | ​ | ​                  | ​ | (4,949,810) | ​                                | ​ | ​ | ​                     | $       |  (61,085) | ​                       | ​ | ​ | ​                     | $       | 13,790                                                  | ​                         | ​ | ​ | ​                     | $       |        1,627 | ​                    | ​ | ​ | ​ | $ | (63,559) | ​ | ​ | ​ | ​ | $ | (97) | ​ | ​ | ​ | ​ | $ | (499) | ​ | ​ | ​ | ​ | $ | 57,099 | ​ | ​ | ​ | ​ | $ | 367,192 | ​ | ​ | ​ | ​ | $ | 2,008 | ​ | ​ | ​ | ​ | $ | 369,200 | ​ | ​ |
| ​                                                 |

----

TABLE OF CONTENTS

| Total ComprehensiveIncome (Loss) for the Years ended December 31, | ​ | ​ | Owners of theParent Company | ​ | ​                                      | Non-controllingInterests | ​ | ​ | Total   | ​ |
|-------------------------------------------------------------------|---------|---------|-----------------------------|---------|----------------------------------------------|--------------------------|---------|---------|---------|---------|
| 2013                                                              | ​ | ​ | ​                     | $       | 28,083                                       | ​                  | ​ | ​ | ​ | $       | 123 | ​ | ​ | ​ | ​ | $ | 28,206 | ​ | ​ |
| 2014                                                              | ​ | ​ | ​                     | $       | 43,934                                       | ​                  | ​ | ​ | ​ | $       | 1,213 | ​ | ​ | ​ | ​ | $ | 45,147 | ​ | ​ |
| 2015                                                              | ​ | ​ | ​                     | $       |      (408,880) | ​                  | ​ | ​ | ​ | $       |    2,028 | ​ | ​ | ​ | ​ | $ | (406,852) | ​ | ​ |
| ​                                                  | ​ | ​ | Common Shares   | ​ | ​    | Preferred Shares* | ​ | ​ | Total Capital Stock | ​ |
|----------------------------------------------------------|---------|---------|-----------------|---------|------------|-------------------|---------|---------|---------------------|---------|
| Components of Capital Stock                              | ​ | ​ | Numberof Shares | ​ | ​    | Amount            | ​ | ​ | Numberof Shares     | ​ | ​ | Amount | ​ | ​ | Numberof Shares | ​ | ​ | Amount | ​ |
| Balance at December 31, 2012                        | ​ | ​ | ​         | ​ | 62,880,365 | ​           | ​ | ​ | ​             | $       |   401,388 | ​ | ​ | ​ | ​ | ​ | 4,251,741 | ​ | ​ | ​ | ​ | $ |    16,647 | ​ | ​ | ​ | ​ | ​ | 67,132,106 | ​ | ​ | ​ | ​ | $ |   418,035 | ​ | ​ |
| Exercise of employee stock options                       | ​ | ​ | ​         | ​ | —    | ​           | ​ | ​ | ​             | ​ | — | ​ | ​ | ​ | ​ | ​ | 369,830 | ​ | ​ | ​ | ​ | ​ | 372 | ​ | ​ | ​ | ​ | ​ | 369,830 | ​ | ​ | ​ | ​ | ​ | 372 | ​ | ​ |
| Balance at December 31, 2013                        | ​ | ​ | ​         | ​ | 62,880,365 | ​           | ​ | ​ | ​             | ​ | 401,388 | ​ | ​ | ​ | ​ | ​ | 4,621,571 | ​ | ​ | ​ | ​ | ​ | 17,019 | ​ | ​ | ​ | ​ | ​ | 67,501,936 | ​ | ​ | ​ | ​ | ​ | 418,407 | ​ | ​ |
| Exercise of employee stock options                       | ​ | ​ | ​         | ​ | 30,326     | ​           | ​ | ​ | ​             | ​ | 343 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 30,326 | ​ | ​ | ​ | ​ | ​ | 343 | ​ | ​ |
| Acquisition and elimination of non-controlling interests | ​ | ​ | ​         | ​ | 509,820    | ​           | ​ | ​ | ​             | ​ | 905 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 509,820 | ​ | ​ | ​ | ​ | ​ | 905 | ​ | ​ |
| Balance at December 31, 2014                        | ​ | ​ | ​         | ​ | 63,420,511 | ​           | ​ | ​ | ​             | ​ | 402,636 | ​ | ​ | ​ | ​ | ​ | 4,621,571 | ​ | ​ | ​ | ​ | ​ | 17,019 | ​ | ​ | ​ | ​ | ​ | 68,042,082 | ​ | ​ | ​ | ​ | ​ | 419,655 | ​ | ​ |
| Issuance of contingently issuable shares                 | ​ | ​ | ​         | ​ | 50,000     | ​           | ​ | ​ | ​             | ​ | 261 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 50,000 | ​ | ​ | ​ | ​ | ​ | 261 | ​ | ​ |
| Balance at December 31, 2015                        | ​ | ​ | ​         | ​ | 63,470,511 | ​           | ​ | ​ | ​             | $       | 402,897 | ​ | ​ | ​ | ​ | ​ | 4,621,571 | ​ | ​ | ​ | ​ | $ | 17,019 | ​ | ​ | ​ | ​ | ​ | 68,092,082 | ​ | ​ | ​ | ​ | $ | 419,916 | ​ | ​ |
| ​                                                  |

----

TABLE OF CONTENTS​

| ​                                                                                       | ​ | ​ | 2015    | ​ | ​         | 2014    | ​ | ​ | 2013    | ​ |
|-----------------------------------------------------------------------------------------------|---------|---------|---------|---------|-----------------|---------|---------|---------|---------|---------|
| Cash flows from continuing operating activities:                                              | ​ | ​ | ​ | ​ |
| Net (loss) income for the year                                                                | ​ | ​ | ​ | $       |  (57,918) | ​ | ​ | ​ | ​ | $       |      4,141 | ​ | ​ | ​ | ​ | $ |     4,156 | ​ | ​ |
| Adjustments for:                                                                              | ​ | ​ | ​ | ​ |
| Amortization, depreciation and depletion                                                      | ​ | ​ | ​ | ​ | 6,450           | ​ | ​ | ​ | ​ | ​ | 4,957 | ​ | ​ | ​ | ​ | ​ | 2,206 | ​ | ​ |
| Exchange differences on foreign currency transactions                                         | ​ | ​ | ​ | ​ | 288             | ​ | ​ | ​ | ​ | ​ | 6,293 | ​ | ​ | ​ | ​ | ​ | 2,211 | ​ | ​ |
| Loss (gain) on short-term securities                                                          | ​ | ​ | ​ | ​ | 84              | ​ | ​ | ​ | ​ | ​ | (299) | ​ | ​ | ​ | ​ | ​ | (5,851) | ​ | ​ |
| Gain on available-for-sale and other securities, net                                          | ​ | ​ | ​ | ​ | —         | ​ | ​ | ​ | ​ | ​ | (5,066) | ​ | ​ | ​ | ​ | ​ | (238) | ​ | ​ |
| Impairment of available-for-sale securities                                                   | ​ | ​ | ​ | ​ | 245             | ​ | ​ | ​ | ​ | ​ | 341 | ​ | ​ | ​ | ​ | ​ | 550 | ​ | ​ |
| Share-based compensation                                                                      | ​ | ​ | ​ | ​ | —         | ​ | ​ | ​ | ​ | ​ | 423 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Deferred income taxes                                                                         | ​ | ​ | ​ | ​ | (1,771)         | ​ | ​ | ​ | ​ | ​ | (1,202) | ​ | ​ | ​ | ​ | ​ | (3,696) | ​ | ​ |
| Market value decrease (increase) on commodity inventories                                     | ​ | ​ | ​ | ​ | 1,910           | ​ | ​ | ​ | ​ | ​ | (4,172) | ​ | ​ | ​ | ​ | ​ | (5,502) | ​ | ​ |
| Interest accretion                                                                            | ​ | ​ | ​ | ​ | 47              | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 433 | ​ | ​ |
| Credit losses                                                                                 | ​ | ​ | ​ | ​ | 54,528          | ​ | ​ | ​ | ​ | ​ | 4,358 | ​ | ​ | ​ | ​ | ​ | 4,095 | ​ | ​ |
| Change in fair value of puttable instrument financial liabilities                             | ​ | ​ | ​ | ​ | —         | ​ | ​ | ​ | ​ | ​ | 163 | ​ | ​ | ​ | ​ | ​ | 851 | ​ | ​ |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ​ | ​ | ​ | ​ |
| Short-term cash deposits                                                                      | ​ | ​ | ​ | ​ | (33)            | ​ | ​ | ​ | ​ | ​ | 4,643 | ​ | ​ | ​ | ​ | ​ | (4,314) | ​ | ​ |
| Short-term securities                                                                         | ​ | ​ | ​ | ​ | 80              | ​ | ​ | ​ | ​ | ​ | 2,305 | ​ | ​ | ​ | ​ | ​ | 10,458 | ​ | ​ |
| Restricted cash                                                                               | ​ | ​ | ​ | ​ | 60              | ​ | ​ | ​ | ​ | ​ | 6,593 | ​ | ​ | ​ | ​ | ​ | 599 | ​ | ​ |
| Receivables                                                                                   | ​ | ​ | ​ | ​ | 56,306          | ​ | ​ | ​ | ​ | ​ | 3,640 | ​ | ​ | ​ | ​ | ​ | (38,660) | ​ | ​ |
| Inventories                                                                                   | ​ | ​ | ​ | ​ | 15,650          | ​ | ​ | ​ | ​ | ​ | (32,026) | ​ | ​ | ​ | ​ | ​ | 33,514 | ​ | ​ |
| Deposits, prepaid and other                                                                   | ​ | ​ | ​ | ​ | (8,596)         | ​ | ​ | ​ | ​ | ​ | 41,445 | ​ | ​ | ​ | ​ | ​ | 32 | ​ | ​ |
| Assets held for sale                                                                          | ​ | ​ | ​ | ​ | —         | ​ | ​ | ​ | ​ | ​ | 911 | ​ | ​ | ​ | ​ | ​ | 113 | ​ | ​ |
| Short-term bank borrowings                                                                    | ​ | ​ | ​ | ​ | (135,467)       | ​ | ​ | ​ | ​ | ​ | (99,329) | ​ | ​ | ​ | ​ | ​ | (32,631) | ​ | ​ |
| Account payables and accrued expenses                                                         | ​ | ​ | ​ | ​ | (17,017)        | ​ | ​ | ​ | ​ | ​ | 13,423 | ​ | ​ | ​ | ​ | ​ | 5,636 | ​ | ​ |
| Income tax liabilities                                                                        | ​ | ​ | ​ | ​ | (975)           | ​ | ​ | ​ | ​ | ​ | 720 | ​ | ​ | ​ | ​ | ​ | (1,080) | ​ | ​ |
| Accrued pension assets, net of obligations                                                    | ​ | ​ | ​ | ​ | (760)           | ​ | ​ | ​ | ​ | ​ | (119) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other                                                                                         | ​ | ​ | ​ | ​ | (7,213)         | ​ | ​ | ​ | ​ | ​ | (781) | ​ | ​ | ​ | ​ | ​ | (349) | ​ | ​ |
| Cash flows used in continuing operating activities                                            | ​ | ​ | ​ | ​ | (94,102)        | ​ | ​ | ​ | ​ | ​ | (48,638) | ​ | ​ | ​ | ​ | ​ | (27,467) | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                                    | ​ | ​ | 2015    | ​ | ​               | 2014    | ​ | ​ | 2013    | ​ |
|----------------------------------------------------------------------------|---------|---------|---------|---------|-----------------------|---------|---------|---------|---------|---------|
| Cash flows from continuing investing activities:                           | ​ | ​ | ​ | ​ |
| Purchases of property, plant and equipment, net                            | ​ | ​ | ​ | $       | (8,045)               | ​ | ​ | ​ | ​ | $       | (29,648) | ​ | ​ | ​ | ​ | $ | (1,645) | ​ | ​ |
| Proceeds from sales of long-term investments, net                          | ​ | ​ | ​ | ​ | —               | ​ | ​ | ​ | ​ | ​ | 1,632 | ​ | ​ | ​ | ​ | ​ | 7,249 | ​ | ​ |
| Increase in loan receivables                                               | ​ | ​ | ​ | ​ | —               | ​ | ​ | ​ | ​ | ​ | (3,132) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Decrease in loan receivables                                               | ​ | ​ | ​ | ​ | —               | ​ | ​ | ​ | ​ | ​ | 88 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Acquisition (disposition) of subsidiaries, net of cash acquired (disposed) | ​ | ​ | ​ | ​ | —               | ​ | ​ | ​ | ​ | ​ | (74,135) | ​ | ​ | ​ | ​ | ​ | (6,599) | ​ | ​ |
| Other                                                                      | ​ | ​ | ​ | ​ | 85                    | ​ | ​ | ​ | ​ | ​ | 74 | ​ | ​ | ​ | ​ | ​ | 76 | ​ | ​ |
| Cash flows used in continuing investing activities                         | ​ | ​ | ​ | ​ | (7,960)               | ​ | ​ | ​ | ​ | ​ | (105,121) | ​ | ​ | ​ | ​ | ​ | (919) | ​ | ​ |
| Cash flows from continuing financing activities:                           | ​ | ​ | ​ | ​ |
| Debt repayment                                                             | ​ | ​ | ​ | ​ | (49,526)              | ​ | ​ | ​ | ​ | ​ | (12,735) | ​ | ​ | ​ | ​ | ​ | (19,311) | ​ | ​ |
| Debt borrowing                                                             | ​ | ​ | ​ | ​ | 5,662                 | ​ | ​ | ​ | ​ | ​ | 140,481 | ​ | ​ | ​ | ​ | ​ | 101,797 | ​ | ​ |
| Issuance of shares                                                         | ​ | ​ | ​ | ​ | —               | ​ | ​ | ​ | ​ | ​ | 259 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Repayment to a customer                                                    | ​ | ​ | ​ | ​ | —               | ​ | ​ | ​ | ​ | ​ | (23,576) | ​ | ​ | ​ | ​ | ​ | 23,576 | ​ | ​ |
| Dividends paid to shareholders                                             | ​ | ​ | ​ | ​ | (4,388)               | ​ | ​ | ​ | ​ | ​ | (12,486) | ​ | ​ | ​ | ​ | ​ | (15,353) | ​ | ​ |
| Dividends paid to non-controlling interests                                | ​ | ​ | ​ | ​ | (1,236)               | ​ | ​ | ​ | ​ | ​ | (1,034) | ​ | ​ | ​ | ​ | ​ | (804) | ​ | ​ |
| Cash flows (used in) provided by continuing financing activities           | ​ | ​ | ​ | ​ | (49,488)              | ​ | ​ | ​ | ​ | ​ | 90,909 | ​ | ​ | ​ | ​ | ​ | 89,905 | ​ | ​ |
| Cash flows (used in) provided by discontinued operating activities         | ​ | ​ | ​ | ​ | (10,264)              | ​ | ​ | ​ | ​ | ​ | 51,596 | ​ | ​ | ​ | ​ | ​ | 45,327 | ​ | ​ |
| Cash flows used in discontinued investing activities                       | ​ | ​ | ​ | ​ | (1,996)               | ​ | ​ | ​ | ​ | ​ | (13,698) | ​ | ​ | ​ | ​ | ​ | (7,160) | ​ | ​ |
| Cash flows used in discontinued financing activities                       | ​ | ​ | ​ | ​ | (19,181)              | ​ | ​ | ​ | ​ | ​ | (19,843) | ​ | ​ | ​ | ​ | ​ | (41,052) | ​ | ​ |
| Exchange rate effect on cash and cash equivalents                          | ​ | ​ | ​ | ​ | 35,619                | ​ | ​ | ​ | ​ | ​ | 36,387 | ​ | ​ | ​ | ​ | ​ | 22,271 | ​ | ​ |
| (Decrease) increase in cash and cash equivalents                           | ​ | ​ | ​ | ​ | (147,372)             | ​ | ​ | ​ | ​ | ​ | (8,408) | ​ | ​ | ​ | ​ | ​ | 80,905 | ​ | ​ |
| Cash and cash equivalents, beginning of year                               | ​ | ​ | ​ | ​ | 344,891               | ​ | ​ | ​ | ​ | ​ | 353,299 | ​ | ​ | ​ | ​ | ​ | 272,394 | ​ | ​ |
| Cash and cash equivalents, end of year                                     | ​ | ​ | ​ | $       | 197,519               | ​ | ​ | ​ | ​ | $       | 344,891 | ​ | ​ | ​ | ​ | $ | 353,299 | ​ | ​ |
| Cash and cash equivalents at end of year consisted of:                     | ​ | ​ | ​ | ​ |
| Cash                                                                       | ​ | ​ | ​ | $       | 120,805               | ​ | ​ | ​ | ​ | $       | 279,867 | ​ | ​ | ​ | ​ | $ | 246,866 | ​ | ​ |
| Money market and highly liquid funds                                       | ​ | ​ | ​ | ​ | 76,714                | ​ | ​ | ​ | ​ | ​ | 65,024 | ​ | ​ | ​ | ​ | ​ | 106,433 | ​ | ​ |
| ​                                                                    | ​ | ​ | ​ | $       |   197,519 | ​ | ​ | ​ | ​ | $       |   344,891 | ​ | ​ | ​ | ​ | $ |   353,299 | ​ | ​ |
| Supplemental cash flows disclosure (see Note 24)                           | ​ | ​ | ​ | ​ |
| Interest received                                                          | ​ | ​ | ​ | $       | 4,222                 | ​ | ​ | ​ | ​ | $       | 5,369 | ​ | ​ | ​ | ​ | $ | 2,916 | ​ | ​ |
| Dividends received                                                         | ​ | ​ | ​ | ​ | 7                     | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ | ​ | ​ | ​ | 304 | ​ | ​ |
| Interest paid                                                              | ​ | ​ | ​ | ​ | (15,183)              | ​ | ​ | ​ | ​ | ​ | (12,672) | ​ | ​ | ​ | ​ | ​ | (9,441) | ​ | ​ |
| Income taxes paid                                                          | ​ | ​ | ​ | ​ | (5,035)               | ​ | ​ | ​ | ​ | ​ | (4,229) | ​ | ​ | ​ | ​ | ​ | (2,304) | ​ | ​ |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                | ​ | ​ | EUR     | ​ | ​ | US$     | ​ |
|----------------------------------------|---------|---------|---------|---------|---------|---------|---------|
| Closing rate at December 31, 2015 | ​ | ​ | ​ | ​ | 1.5029  | ​ | ​ | ​ | ​ | ​ | 1.3840 | ​ | ​ |
| Average rate for the year 2015         | ​ | ​ | ​ | ​ | 1.4182  | ​ | ​ | ​ | ​ | ​ | 1.2787 | ​ | ​ |
| Closing rate at December 31, 2014 | ​ | ​ | ​ | ​ | 1.4038  | ​ | ​ | ​ | ​ | ​ | 1.1601 | ​ | ​ |
| Average rate for the year 2014         | ​ | ​ | ​ | ​ | 1.4671  | ​ | ​ | ​ | ​ | ​ | 1.1045 | ​ | ​ |
| Closing rate at December 31, 2013 | ​ | ​ | ​ | ​ | 1.4655  | ​ | ​ | ​ | ​ | ​ | 1.0636 | ​ | ​ |
| Average rate for the year 2013         | ​ | ​ | ​ | ​ | 1.3681  | ​ | ​ | ​ | ​ | ​ | 1.0299 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                        | ​ | ​ | Lives                 | ​ | ​ | Method  | ​ |
|--------------------------------|---------|---------|-----------------------|---------|---------|---------|---------|
| Buildings                      | ​ | ​ | 20 years​       | ​ | ​ | ​ | ​ | straight-line | ​ | ​ |
| Processing plant and equipment | ​ | ​ | 5 to 20 years​  | ​ | ​ | ​ | ​ | straight-line | ​ | ​ |
| Power plants                   | ​ | ​ | 20 to 30 years​ | ​ | ​ | ​ | ​ | straight-line | ​ | ​ |
| Office equipment and other     | ​ | ​ | 3 to 10 years​  | ​ | ​ | ​ | ​ | straight-line | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| As at December 31:                  | ​ | ​ | 2015    | ​ | ​               | 2014    | ​ |
|------------------------------------------|---------|---------|---------|---------|-----------------------|---------|---------|
| Total debt                               | ​ | ​ | ​ | $       |   259,038 | ​ | ​ | ​ | ​ | $ |   363,255 | ​ | ​ |
| Less: cash and cash equivalents          | ​ | ​ | ​ | ​ | (197,519)             | ​ | ​ | ​ | ​ | ​ | (344,891) | ​ | ​ |
| Net debt (net cash and cash equivalents) | ​ | ​ | ​ | ​ | 61,519                | ​ | ​ | ​ | ​ | ​ | 18,364 | ​ | ​ |
| Shareholders’ equity               | ​ | ​ | ​ | ​ | 367,192               | ​ | ​ | ​ | ​ | ​ | 777,717 | ​ | ​ |
| Debt-to-adjusted capital ratio           | ​ | ​ | ​ | ​ | 0.17                  | ​ | ​ | ​ | ​ | ​ | 0.02 | ​ | ​ |
| As at December 31:        | ​ | ​ | 2015    | ​ | ​               | 2014    | ​ |
|--------------------------------|---------|---------|---------|---------|-----------------------|---------|---------|
| Long-term debt                 | ​ | ​ | ​ | $       |   174,333 | ​ | ​ | ​ | ​ | $ |   297,157 | ​ | ​ |
| Shareholders’ equity     | ​ | ​ | ​ | ​ | 367,192               | ​ | ​ | ​ | ​ | ​ | 777,717 | ​ | ​ |
| Long-term debt-to-equity ratio | ​ | ​ | ​ | ​ | 0.47                  | ​ | ​ | ​ | ​ | ​ | 0.38 | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                          | ​ | ​ | 2015                    | ​ | ​                                   | 2015               | ​ | ​ | 2014                    | ​ | ​                                         | 2014               | ​ | ​ | 2013                    | ​ | ​                                    | 2013               | ​ |
|--------------------------------------------------|---------|---------|-------------------------|---------|-------------------------------------------|--------------------|---------|---------|-------------------------|---------|-------------------------------------------------|--------------------|---------|---------|-------------------------|---------|--------------------------------------------|--------------------|---------|
| ​                                          | ​ | ​ | Hydro-carbon properties | ​ | ​                                   | Iron ore interests | ​ | ​ | Hydro-carbon properties | ​ | ​                                         | Iron ore interests | ​ | ​ | Hydro-carbon properties | ​ | ​                                    | Iron ore interests | ​ |
| Revenues                                         | ​ | ​ | ​                 | $       |      71,792 | ​            | ​ | ​ | ​                 | $       |       1,625 | ​            | ​ | ​ | ​                 | $       |    133,088               | ​            | ​ | ​ | ​ | $ |    13,588 | ​ | ​ | ​ | ​ | $ |    101,488 | ​ | ​ | ​ | ​ | $ |    26,727 | ​ | ​ |
| Costs and expenses                               | ​ | ​ | ​                 | ​ | (273,979)                                 | ​            | ​ | ​ | ​                 | ​ | (215,608)                                       | ​            | ​ | ​ | ​                 | ​ | (146,934)                                  | ​            | ​ | ​ | ​ | ​ | (3,486) | ​ | ​ | ​ | ​ | ​ | (108,590) | ​ | ​ | ​ | ​ | ​ | (6,446) | ​ | ​ |
| (Loss) income before income taxes                | ​ | ​ | ​                 | ​ | (202,187)                                 | ​            | ​ | ​ | ​                 | ​ | (213,983)                                       | ​            | ​ | ​ | ​                 | ​ | (13,846)                                   | ​            | ​ | ​ | ​ | ​ | 10,102 | ​ | ​ | ​ | ​ | ​ | (7,102) | ​ | ​ | ​ | ​ | ​ | 20,281 | ​ | ​ |
| Income tax (expense) recovery                    | ​ | ​ | ​                 | ​ | (45,773)                                  | ​            | ​ | ​ | ​                 | ​ | 45,844                                          | ​            | ​ | ​ | ​                 | ​ | 4,853                                      | ​            | ​ | ​ | ​ | ​ | (4,574) | ​ | ​ | ​ | ​ | ​ | 339 | ​ | ​ | ​ | ​ | ​ | (8,110) | ​ | ​ |
| Net (loss) income from discontinued operations   | ​ | ​ | ​                 | ​ | (247,960)                                 | ​            | ​ | ​ | ​                 | ​ | (168,139)                                       | ​            | ​ | ​ | ​                 | ​ | (8,993)                                    | ​            | ​ | ​ | ​ | ​ | 5,528 | ​ | ​ | ​ | ​ | ​ | (6,763) | ​ | ​ | ​ | ​ | ​ | 12,171 | ​ | ​ |
| Loss on disposal of assets                       | ​ | ​ | ​                 | ​ | —                                   | ​            | ​ | ​ | ​                 | ​ | —                                         | ​            | ​ | ​ | ​                 | ​ | —                                    | ​            | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Income tax expense                               | ​ | ​ | ​                 | ​ | (11,987)                                  | ​            | ​ | ​ | ​                 | ​ | —                                         | ​            | ​ | ​ | ​                 | ​ | —                                    | ​            | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net loss on disposal of assets                   | ​ | ​ | ​                 | ​ | (11,987)                                  | ​            | ​ | ​ | ​                 | ​ | —                                         | ​            | ​ | ​ | ​                 | ​ | —                                    | ​            | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total (loss) income from discontinued operations | ​ | ​ | ​                 | $       |   (259,947)                   | ​            | ​ | ​ | ​                 | $       |   (168,139)                         | ​            | ​ | ​ | ​                 | $       |      (8,993) | ​            | ​ | ​ | ​ | $ |      5,528 | ​ | ​ | ​ | ​ | $ |      (6,763) | ​ | ​ | ​ | ​ | $ |    12,171 | ​ | ​ |
| ​                                          |

----

TABLE OF CONTENTS

| ​                     | ​ | ​ | 2015    | ​ | ​               | 2014    | ​ | ​ | 2013    | ​ |
|-----------------------------|---------|---------|---------|---------|-----------------------|---------|---------|---------|---------|---------|
| Hydrocarbon properties      | ​ | ​ | ​ | $       | 196,549               | ​ | ​ | ​ | ​ | $       | 33,200 | ​ | ​ | ​ | ​ | $ | 6,463 | ​ | ​ |
| Interests in iron ore mines | ​ | ​ | ​ | ​ | 215,600               | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Gross impairment            | ​ | ​ | ​ | $       |   412,149 | ​ | ​ | ​ | ​ | $       |    33,200 | ​ | ​ | ​ | ​ | $ |     6,463 | ​ | ​ |
| ​                     |

----

TABLE OF CONTENTS

| ​                                                                               | ​ | ​ | 2015    | ​ | ​                     | 2014    | ​ |
|---------------------------------------------------------------------------------------|---------|---------|---------|---------|-----------------------------|---------|---------|
| Assets held for sale:                                                                 | ​ | ​ | ​ |
| Hydrocarbon properties                                                                | ​ | ​ | ​ | $       | 94,556                      | ​ | ​ | ​ | ​ | $ | 116,729 | ​ | ​ |
| Amount due from former subsidiaries, net                                              | ​ | ​ | ​ | ​ | 11,600                      | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Royalty interest in an iron ore mine                                                  | ​ | ​ | ​ | ​ | 30,000                      | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Interest in an iron ore development project                                           | ​ | ​ | ​ | ​ | —*                    | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Investment property                                                                   | ​ | ​ | ​ | ​ | —**                   | ​ | ​ | ​ | ​ | ​ | 35,378 | ​ | ​ |
| ​                                                                               | ​ | ​ | ​ | ​ | 136,156                     | ​ | ​ | ​ | ​ | ​ | 152,107 | ​ | ​ |
| Liabilities (including decommissioning obligations) relating to assets held for sale: | ​ | ​ | ​ |
| Hydrocarbon properties                                                                | ​ | ​ | ​ | ​ | (79,779)                    | ​ | ​ | ​ | ​ | ​ | (17,802) | ​ | ​ |
| Royalty interest in an iron ore mine, deferred income tax liability                   | ​ | ​ | ​ | ​ | (7,800)                     | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total liabilities                                                                     | ​ | ​ | ​ | ​ | (87,579)                    | ​ | ​ | ​ | ​ | ​ | (17,802) | ​ | ​ |
| Net assets held for sale                                                              | ​ | ​ | ​ | $       | 48,577                      | ​ | ​ | ​ | ​ | $ | 134,305 | ​ | ​ |
| Represented by:                                                                       | ​ | ​ | ​ |
| Hydrocarbon properties                                                                | ​ | ​ | ​ | $       | 14,777                      | ​ | ​ | ​ | ​ | $ | 98,927 | ​ | ​ |
| Royalty interest in an iron ore mine                                                  | ​ | ​ | ​ | ​ | 22,200                      | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Amount due from former subsidiaries, net                                              | ​ | ​ | ​ | ​ | 11,600                      | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Investment property                                                                   | ​ | ​ | ​ | ​ | —**                   | ​ | ​ | ​ | ​ | ​ | 35,378 | ​ | ​ |
| ​                                                                               | ​ | ​ | ​ | $       |    48,577 | ​ | ​ | ​ | ​ | $ |  134,305 | ​ | ​ |
| ​                                                                               |

----

TABLE OF CONTENTS

| ​ | Current assets                                        | ​ | ​ | ​ | $       | 8,583                | ​ | ​ |
|---------|-------------------------------------------------------|---------|---------|---------|---------|----------------------|---------|---------|
| ​ | Non-current assets held for sale                      | ​ | ​ | ​ | ​ | 85,973               | ​ | ​ |
| ​ | Total assets                                          | ​ | ​ | ​ | ​ | 94,556               | ​ | ​ |
| ​ | Bank debt                                             | ​ | ​ | ​ | ​ | (59,252)             | ​ | ​ |
| ​ | Short-term borrowings                                 | ​ | ​ | ​ | ​ | (1,859)              | ​ | ​ |
| ​ | Decommissioning obligations                           | ​ | ​ | ​ | ​ | (17,923)             | ​ | ​ |
| ​ | Other liabilities                                     | ​ | ​ | ​ | ​ | (745)                | ​ | ​ |
| ​ | Net assets held for sale, owing to the Group entities | ​ | ​ | ​ | $       |   14,777 | ​ | ​ |
| ​ |
| ​ | Property, plant and equipment    | ​ | ​ | ​ | $       | 43,652    | ​ | ​ |
|---------|----------------------------------|---------|---------|---------|---------|-----------|---------|---------|
| ​ | Interests in resource properties | ​ | ​ | ​ | ​ | 403,813   | ​ | ​ |
| ​ | Hydrocarbon probable reserves    | ​ | ​ | ​ | ​ | 50,644    | ​ | ​ |
| ​ | Hydrocarbon unproved lands       | ​ | ​ | ​ | ​ | 27,560    | ​ | ​ |
| ​ | Decommissioning obligations      | ​ | ​ | ​ | ​ | (149,199) | ​ | ​ |

----

TABLE OF CONTENTS

| ​                          | ​ | ​ | Year ended December 31, 2015 | ​ |
|----------------------------------|---------|---------|-----------------------------------|---------|
| ​                          | ​ | ​ | Finance and supplychain           | ​ | ​ | All other | ​ | ​ | Elimination with discontinued operations | ​ | ​ | Total | ​ |
| Revenues from external customers | ​ | ​ | ​                           | $       |  1,544,481 | ​ | ​ | ​ | ​ | $ |    35,221 | ​ | ​ | ​ | ​ | $ |          — | ​ | ​ | ​ | ​ | $ |  1,579,702 | ​ | ​ |
| Intersegment sale                | ​ | ​ | ​                           | ​ | 1,705 | ​ | ​ | ​ | ​ | ​ | 175 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,880 | ​ | ​ |
| Interest expense                 | ​ | ​ | ​                           | ​ | 15,535 | ​ | ​ | ​ | ​ | ​ | 11 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 15,546 | ​ | ​ |
| Loss before income taxes         | ​ | ​ | ​                           | ​ | (53,811) | ​ | ​ | ​ | ​ | ​ | (449) | ​ | ​ | ​ | ​ | ​ | (1,157) | ​ | ​ | ​ | ​ | ​ | (55,417) | ​ | ​ |
| ​                           | ​ | ​ | Year ended December 31, 2014 | ​ |
|-----------------------------------|---------|---------|-----------------------------------|---------|
| ​                           | ​ | ​ | (Restated – Note 1A)        | ​ |
| ​                           | ​ | ​ | Finance and supplychain           | ​ | ​ | All other | ​ | ​ | Elimination with discontinued operations | ​ | ​ | Total | ​ |
| Revenues from external customers  | ​ | ​ | ​                           | $       |  1,256,520 | ​ | ​ | ​ | ​ | $ |    29,804 | ​ | ​ | ​ | ​ | $ |          — | ​ | ​ | ​ | ​ | $ |  1,286,324 | ​ | ​ |
| Intersegment sale                 | ​ | ​ | ​                           | ​ | 242 | ​ | ​ | ​ | ​ | ​ | 507 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 749 | ​ | ​ |
| Interest expense                  | ​ | ​ | ​                           | ​ | 11,690 | ​ | ​ | ​ | ​ | ​ | 45 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 11,735 | ​ | ​ |
| Income (loss) before income taxes | ​ | ​ | ​                           | ​ | 19,264 | ​ | ​ | ​ | ​ | ​ | (10,873) | ​ | ​ | ​ | ​ | ​ | (2,077) | ​ | ​ | ​ | ​ | ​ | 6,314 | ​ | ​ |

----

TABLE OF CONTENTS

| ​                           | ​ | ​ | Year ended December 31, 2013 | ​ |
|-----------------------------------|---------|---------|-----------------------------------|---------|
| ​                           | ​ | ​ | (Restated – Note 1A)        | ​ |
| ​                           | ​ | ​ | Finance and supplychain           | ​ | ​ | All other | ​ | ​ | Elimination with discontinued operations | ​ | ​ | Total | ​ |
| Revenues from external customers  | ​ | ​ | ​                           | $       |    597,518 | ​ | ​ | ​ | ​ | $ |     23,567 | ​ | ​ | ​ | ​ | $ |          — | ​ | ​ | ​ | ​ | $ |    621,085 | ​ | ​ |
| Intersegment sale                 | ​ | ​ | ​                           | ​ | 219 | ​ | ​ | ​ | ​ | ​ | 354 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 573 | ​ | ​ |
| Interest expense                  | ​ | ​ | ​                           | ​ | 9,069 | ​ | ​ | ​ | ​ | ​ | 75 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 9,144 | ​ | ​ |
| Income (loss) before income taxes | ​ | ​ | ​                           | ​ | 15,341 | ​ | ​ | ​ | ​ | ​ | (9,851) | ​ | ​ | ​ | ​ | ​ | (2,331) | ​ | ​ | ​ | ​ | ​ | 3,159 | ​ | ​ |
| ​        | ​ | ​ | As at December 31, 2015 | ​ |
|----------------|---------|---------|------------------------------|---------|
| ​        | ​ | ​ | Finance and supplychain      | ​ | ​ | All other | ​ | ​ | Total | ​ |
| Segment assets | ​ | ​ | ​                      | $       |    907,337 | ​ | ​ | ​ | ​ | $ |     70,014 | ​ | ​ | ​ | ​ | $ |    977,351 | ​ | ​ |
| ​        | ​ | ​ | As at December 31, 2014 | ​ |
|----------------|---------|---------|------------------------------|---------|
| ​        | ​ | ​ | Finance and supplychain      | ​ | ​ | All other | ​ | ​ | Total | ​ |
| Segment assets | ​ | ​ | ​                      | $       |  1,638,921 | ​ | ​ | ​ | ​ | $ |     53,298 | ​ | ​ | ​ | ​ | $ |  1,692,219 | ​ | ​ |
| ​             | ​ | ​ | As at December 31, 2015 | ​ |
|---------------------|---------|---------|------------------------------|---------|
| ​             | ​ | ​ | Finance and supplychain      | ​ | ​ | All other | ​ | ​ | Total | ​ |
| Segment liabilities | ​ | ​ | ​                      | $       |    594,842 | ​ | ​ | ​ | ​ | $ |     13,309 | ​ | ​ | ​ | ​ | $ |    608,151 | ​ | ​ |
| ​             | ​ | ​ | As at December 31, 2014 | ​ |
|---------------------|---------|---------|------------------------------|---------|
| ​             | ​ | ​ | Finance and supplychain      | ​ | ​ | All other | ​ | ​ | Total | ​ |
| Segment liabilities | ​ | ​ | ​                      | $       |    896,932 | ​ | ​ | ​ | ​ | $ |     16,354 | ​ | ​ | ​ | ​ | $ |    913,286 | ​ | ​ |
| Segment                  | ​ | ​ | Basis for attributing revenues                                                   | ​ |
|--------------------------|---------|---------|----------------------------------------------------------------------------------|---------|
| Finance and supply chain | ​ | ​ | Locations of external customers or the reporting units, whichever is appropriate | ​ |
| All other                | ​ | ​ | Locations of the reporting units                                                 | ​ |

----

TABLE OF CONTENTS

| Years ended December 31: | ​ | ​ | 2015    | ​ | ​          | 2014    | ​ | ​ | 2013                       | ​ |
|-------------------------------|---------|---------|---------|---------|------------------|---------|---------|---------|----------------------------|---------|
| ​                       | ​ | ​ | ​ | ​ | ​          | ​ | ​ | ​ | (Restated – Note 1A) | ​ |
| Canada                        | ​ | ​ | ​ | $       | 39,196           | ​ | ​ | ​ | ​                    | $       | 31,578 | ​ | ​ | ​ | ​ | $ | 2,443 | ​ | ​ |
| Africa                        | ​ | ​ | ​ | ​ | 26,376           | ​ | ​ | ​ | ​                    | ​ | 24,633 | ​ | ​ | ​ | ​ | ​ | 5,139 | ​ | ​ |
| Americas                      | ​ | ​ | ​ | ​ | 297,830          | ​ | ​ | ​ | ​                    | ​ | 277,130 | ​ | ​ | ​ | ​ | ​ | 166,403 | ​ | ​ |
| Asia                          | ​ | ​ | ​ | ​ | 176,766          | ​ | ​ | ​ | ​                    | ​ | 81,877 | ​ | ​ | ​ | ​ | ​ | 22,411 | ​ | ​ |
| Europe                        | ​ | ​ | ​ | ​ | 1,038,496        | ​ | ​ | ​ | ​                    | ​ | 871,106 | ​ | ​ | ​ | ​ | ​ | 424,689 | ​ | ​ |
| Other                         | ​ | ​ | ​ | ​ | 1,038            | ​ | ​ | ​ | ​                    | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| ​                       | ​ | ​ | ​ | $       |  1,579,702 | ​ | ​ | ​ | ​                    | $       |  1,286,324 | ​ | ​ | ​ | ​ | $ |     621,085 | ​ | ​ |
| ​                       |
| As at December 31: | ​ | ​ | 2015    | ​ | ​                             | 2014    | ​ |
|-------------------------|---------|---------|---------|---------|-------------------------------------|---------|---------|
| Canada                  | ​ | ​ | ​ | $       | 27,742                              | ​ | ​ | ​ | ​ | $ | 549,949 | ​ | ​ |
| Africa                  | ​ | ​ | ​ | ​ | 33,695                              | ​ | ​ | ​ | ​ | ​ | 28,890 | ​ | ​ |
| Americas                | ​ | ​ | ​ | ​ | 4,651                               | ​ | ​ | ​ | ​ | ​ | 3,654 | ​ | ​ |
| Asia                    | ​ | ​ | ​ | ​ | 7,770                               | ​ | ​ | ​ | ​ | ​ | 451 | ​ | ​ |
| Europe                  | ​ | ​ | ​ | ​ | 73,572                              | ​ | ​ | ​ | ​ | ​ | 21,902 | ​ | ​ |
| ​                 | ​ | ​ | ​ | $       |     147,430 | ​ | ​ | ​ | ​ | $ |     604,846 | ​ | ​ |
| ​                 |
| As at December 31:                                                                  | ​ | ​ | 2015    | ​ | ​                             | 2014    | ​ |
|------------------------------------------------------------------------------------------|---------|---------|---------|---------|-------------------------------------|---------|---------|
| Trade receivables, gross amount (including $nil (2014: $1,227) due from related parties) | ​ | ​ | ​ | $       | 172,439                             | ​ | ​ | ​ | ​ | $ | 196,813 | ​ | ​ |
| Less: Allowance for credit losses                                                        | ​ | ​ | ​ | ​ | (21,210)                            | ​ | ​ | ​ | ​ | ​ | (9,255) | ​ | ​ |
| Trade receivables, net amount                                                            | ​ | ​ | ​ | $       |     151,229 | ​ | ​ | ​ | ​ | $ |     187,558 | ​ | ​ |
| ​                                                                                  |

----

TABLE OF CONTENTS

| Past-due                | ​ | ​ | 2015    | ​ | ​                                   | 2014    | ​ |
|-------------------------|---------|---------|---------|---------|-------------------------------------------|---------|---------|
| Below 30 days           | ​ | ​ | ​ | $       | 6,847                                     | ​ | ​ | ​ | ​ | $ | 45,608 | ​ | ​ |
| Between 31 and 60 days  | ​ | ​ | ​ | ​ | 3,191                                     | ​ | ​ | ​ | ​ | ​ | 8,905 | ​ | ​ |
| Between 61 and 90 days  | ​ | ​ | ​ | ​ | 1,936                                     | ​ | ​ | ​ | ​ | ​ | 4,725 | ​ | ​ |
| Between 91 and 365 days | ​ | ​ | ​ | ​ | 1,923                                     | ​ | ​ | ​ | ​ | ​ | 14,866 | ​ | ​ |
| Over 365 days           | ​ | ​ | ​ | ​ | 21                                        | ​ | ​ | ​ | ​ | ​ | 2,197 | ​ | ​ |
| ​                 | ​ | ​ | ​ | $       |      13,918 | ​ | ​ | ​ | ​ | $ |      76,301 | ​ | ​ |
| ​                 |
| Past-due                                               | ​ | ​ | 2015    | ​ | ​                                   | 2014    | ​ |
|--------------------------------------------------------|---------|---------|---------|---------|-------------------------------------------|---------|---------|
| Below 30 days                                          | ​ | ​ | ​ | $       | 13,765                                    | ​ | ​ | ​ | ​ | $ | 238 | ​ | ​ |
| Between 31 and 60 days                                 | ​ | ​ | ​ | ​ | 8,656                                     | ​ | ​ | ​ | ​ | ​ | 238 | ​ | ​ |
| Between 61 and 90 days                                 | ​ | ​ | ​ | ​ | 625                                       | ​ | ​ | ​ | ​ | ​ | 468 | ​ | ​ |
| Between 91 and 365 days                                | ​ | ​ | ​ | ​ | 2,792                                     | ​ | ​ | ​ | ​ | ​ | 9,101 | ​ | ​ |
| Over 365 days                                          | ​ | ​ | ​ | ​ | 11,616                                    | ​ | ​ | ​ | ​ | ​ | 27,924 | ​ | ​ |
| ​                                                | ​ | ​ | ​ | ​ | 37,454                                    | ​ | ​ | ​ | ​ | ​ | 37,969 | ​ | ​ |
| Allowance for credit losses                            | ​ | ​ | ​ | ​ | 21,210                                    | ​ | ​ | ​ | ​ | ​ | 9,255 | ​ | ​ |
| Expected recoverable amount of impaired receivables(1) | ​ | ​ | ​ | $       |      16,244 | ​ | ​ | ​ | ​ | $ |      28,714 | ​ | ​ |
| ​                                                |
| ​                                  | ​ | ​ | 2015    | ​ | ​                                   | 2014    | ​ |
|------------------------------------------|---------|---------|---------|---------|-------------------------------------------|---------|---------|
| Balance, beginning of the year           | ​ | ​ | ​ | $       | 9,255                                     | ​ | ​ | ​ | ​ | $ | 1,091 | ​ | ​ |
| Additions                                | ​ | ​ | ​ | ​ | 13,381                                    | ​ | ​ | ​ | ​ | ​ | 3,702 | ​ | ​ |
| Reversals                                | ​ | ​ | ​ | ​ | (124)                                     | ​ | ​ | ​ | ​ | ​ | (1,463) | ​ | ​ |
| Write-offs                               | ​ | ​ | ​ | ​ | (95)                                      | ​ | ​ | ​ | ​ | ​ | (91) | ​ | ​ |
| Other                                    | ​ | ​ | ​ | ​ | (2,946)                                   | ​ | ​ | ​ | ​ | ​ | 6,859 | ​ | ​ |
| Reclassification to assets held for sale | ​ | ​ | ​ | ​ | (114)                                     | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Currency translation adjustment          | ​ | ​ | ​ | ​ | 1,853                                     | ​ | ​ | ​ | ​ | ​ | (843) | ​ | ​ |
| Balance, end of the year                 | ​ | ​ | ​ | $       |      21,210 | ​ | ​ | ​ | ​ | $ |       9,255 | ​ | ​ |
| ​                                  |

----

TABLE OF CONTENTS

| As at December 31:                     | ​ | ​ | 2015    | ​ | ​                                   | 2014    | ​ |
|---------------------------------------------|---------|---------|---------|---------|-------------------------------------------|---------|---------|
| Investment income                           | ​ | ​ | ​ | $       | 9                                         | ​ | ​ | ​ | ​ | $ | 13 | ​ | ​ |
| Government environmental emission refund    | ​ | ​ | ​ | ​ | 4,913                                     | ​ | ​ | ​ | ​ | ​ | 1,979 | ​ | ​ |
| Royalty income                              | ​ | ​ | ​ | ​ | 100                                       | ​ | ​ | ​ | ​ | ​ | 600 | ​ | ​ |
| Receivables from insurance company/supplier | ​ | ​ | ​ | ​ | 4,333                                     | ​ | ​ | ​ | ​ | ​ | 12,036 | ​ | ​ |
| Indemnification assets                      | ​ | ​ | ​ | ​ | —                                   | ​ | ​ | ​ | ​ | ​ | 3,361 | ​ | ​ |
| Suppliers with debit balance                | ​ | ​ | ​ | ​ | 972                                       | ​ | ​ | ​ | ​ | ​ | 3,916 | ​ | ​ |
| Other                                       | ​ | ​ | ​ | ​ | 4,400                                     | ​ | ​ | ​ | ​ | ​ | 4,501 | ​ | ​ |
| ​                                     | ​ | ​ | ​ | $       |      14,727 | ​ | ​ | ​ | ​ | $ |      26,406 | ​ | ​ |
| ​                                     |
| As at December 31:                                                    | ​ | ​ | 2015    | ​ | ​                             | 2014    | ​ |
|----------------------------------------------------------------------------|---------|---------|---------|---------|-------------------------------------|---------|---------|
| Raw materials                                                              | ​ | ​ | ​ | $       | 21,852                              | ​ | ​ | ​ | ​ | $ | 27,414 | ​ | ​ |
| Work-in-progress                                                           | ​ | ​ | ​ | ​ | 5,275                               | ​ | ​ | ​ | ​ | ​ | 4,000 | ​ | ​ |
| Finished goods                                                             | ​ | ​ | ​ | ​ | 88,556                              | ​ | ​ | ​ | ​ | ​ | 43,120 | ​ | ​ |
| Commodity inventories                                                      | ​ | ​ | ​ | ​ | 120,323                             | ​ | ​ | ​ | ​ | ​ | 150,213 | ​ | ​ |
| Goods-in-transit                                                           | ​ | ​ | ​ | ​ | 7,899                               | ​ | ​ | ​ | ​ | ​ | 20,683 | ​ | ​ |
| Other                                                                      | ​ | ​ | ​ | ​ | 1,440                               | ​ | ​ | ​ | ​ | ​ | 1,181 | ​ | ​ |
| ​                                                                    | ​ | ​ | ​ | $       | 245,345                             | ​ | ​ | ​ | ​ | $ | 246,611 | ​ | ​ |
| Presented on the consolidated statements of financial position as follows: | ​ | ​ | ​ |
| Inventories contracted at fixed prices or hedged                           | ​ | ​ | ​ | $       | 141,344                             | ​ | ​ | ​ | ​ | $ | 127,407 | ​ | ​ |
| Inventories - other                                                        | ​ | ​ | ​ | ​ | 104,001                             | ​ | ​ | ​ | ​ | ​ | 119,204 | ​ | ​ |
| ​                                                                    | ​ | ​ | ​ | $       |     245,345 | ​ | ​ | ​ | ​ | $ |     246,611 | ​ | ​ |
| ​                                                                    |

----

TABLE OF CONTENTS

| As at December 31:                  | ​ | ​ | 2015    | ​ | ​                                          | 2014    | ​ |
|------------------------------------------|---------|---------|---------|---------|--------------------------------------------------|---------|---------|
| Prepayments and deposits for inventories | ​ | ​ | ​ | $       | 19,368                                           | ​ | ​ | ​ | ​ | $ | 5,317 | ​ | ​ |
| Other                                    | ​ | ​ | ​ | ​ | 2,074                                            | ​ | ​ | ​ | ​ | ​ | 3,668 | ​ | ​ |
| ​                                  | ​ | ​ | ​ | $       |       21,442 | ​ | ​ | ​ | ​ | $ |        8,985 | ​ | ​ |
| ​                                  |
| Changes in investment property in non-current assets: | ​ | ​ | 2015    | ​ | ​                                          | 2014    | ​ |
|-------------------------------------------------------|---------|---------|---------|---------|--------------------------------------------------|---------|---------|
| Balance, beginning of year                            | ​ | ​ | ​ | $       | —                                          | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Additions                                             | ​ | ​ | ​ | ​ | —                                          | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Disposals                                             | ​ | ​ | ​ | ​ | —                                          | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Change in fair value during the year                  | ​ | ​ | ​ | ​ | —                                          | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Reclassification from assets held for sale            | ​ | ​ | ​ | ​ | 37,677                                           | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Currency translation adjustments                      | ​ | ​ | ​ | ​ | 196                                              | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Balance, end of year                                  | ​ | ​ | ​ | $       |       37,873 | ​ | ​ | ​ | ​ | $ |           — | ​ | ​ |
| ​                                               |
| ​                                                                                                                                     | ​ | ​ | 2015    | ​ | ​                    | 2014    | ​ | ​ | 2013    | ​ |
|---------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|----------------------------|---------|---------|---------|---------|---------|
| Rental income                                                                                                                               | ​ | ​ | ​ | $       |    1,474 | ​ | ​ | ​ | ​ | $       |    1,468 | ​ | ​ | ​ | ​ | $ |    1,421 | ​ | ​ |
| Direct operating expenses (including repairs and maintenance) arising from investment property that generated rental income during the year | ​ | ​ | ​ | ​ | 279                        | ​ | ​ | ​ | ​ | ​ | 243 | ​ | ​ | ​ | ​ | ​ | 343 | ​ | ​ |
| Costs                          | ​ | ​ | Openingbalance | ​ | ​        | Additions | ​ | ​ | Reclassification | ​ | ​                    | Reclassifiedto assetsheld for sale | ​ | ​ | Currencytranslationadjustments | ​ | ​                                                       | Endingbalance | ​ |
|--------------------------------|---------|---------|----------------|---------|----------------|-----------|---------|---------|------------------|---------|----------------------------|------------------------------------|---------|---------|--------------------------------|---------|---------------------------------------------------------------|---------------|---------|
| Land and buildings             | ​ | ​ | ​        | $       | 3,890          | ​   | ​ | ​ | ​          | $       | 18                         | ​                            | ​ | ​ | ​                        | $       | —                                                       | ​       | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 1,982 | ​ | ​ | ​ | ​ | $ | 5,890 | ​ | ​ |
| Refinery and power plants      | ​ | ​ | ​        | ​ | 104,779        | ​   | ​ | ​ | ​          | ​ | 3,961                      | ​                            | ​ | ​ | ​                        | ​ | —                                                       | ​       | ​ | ​ | ​ | ​ | (48,134) | ​ | ​ | ​ | ​ | ​ | 6,730 | ​ | ​ | ​ | ​ | ​ | 67,336 | ​ | ​ |
| Processing plant and equipment | ​ | ​ | ​        | ​ | 21,204         | ​   | ​ | ​ | ​          | ​ | 3,836                      | ​                            | ​ | ​ | ​                        | ​ | 6,769                                                         | ​       | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,739 | ​ | ​ | ​ | ​ | ​ | 34,548 | ​ | ​ |
| Office equipment               | ​ | ​ | ​        | ​ | 8,584          | ​   | ​ | ​ | ​          | ​ | 983                        | ​                            | ​ | ​ | ​                        | ​ | (274)                                                         | ​       | ​ | ​ | ​ | ​ | (1,592) | ​ | ​ | ​ | ​ | ​ | 814 | ​ | ​ | ​ | ​ | ​ | 8,515 | ​ | ​ |
| ​                        | ​ | ​ | ​        | $       |  138,457 | ​   | ​ | ​ | ​          | $       |    8,798 | ​                            | ​ | ​ | ​                        | $       |         6,495 | ​       | ​ | ​ | ​ | $ |   (49,726) | ​ | ​ | ​ | ​ | $ |   12,265 | ​ | ​ | ​ | ​ | $ |  116,289 | ​ | ​ |
| ​                        |

----

TABLE OF CONTENTS

| Accumulated depreciation       | ​ | ​ | Openingbalance | ​ | ​        | Additions | ​ | ​ | Reclassification | ​ | ​                    | Reclassifiedto assetsheld for sale | ​ | ​ | Currencytranslationadjustments | ​ | ​                                                                                            | Endingbalance | ​ |
|--------------------------------|---------|---------|----------------|---------|----------------|-----------|---------|---------|------------------|---------|----------------------------|------------------------------------|---------|---------|--------------------------------|---------|----------------------------------------------------------------------------------------------------|---------------|---------|
| Land and buildings             | ​ | ​ | ​        | $       | 436            | ​   | ​ | ​ | ​          | $       | 425                        | ​                            | ​ | ​ | ​                        | $       | —                                                                                            | ​       | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 739 | ​ | ​ | ​ | ​ | $ | 1,600 | ​ | ​ |
| Refinery and power plants      | ​ | ​ | ​        | ​ | 9,065          | ​   | ​ | ​ | ​          | ​ | 1,218                      | ​                            | ​ | ​ | ​                        | ​ | —                                                                                            | ​       | ​ | ​ | ​ | ​ | (4,636) | ​ | ​ | ​ | ​ | ​ | 1,213 | ​ | ​ | ​ | ​ | ​ | 6,860 | ​ | ​ |
| Processing plant and equipment | ​ | ​ | ​        | ​ | 2,979          | ​   | ​ | ​ | ​          | ​ | 3,936                      | ​                            | ​ | ​ | ​                        | ​ | 225                                                                                                | ​       | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,252 | ​ | ​ | ​ | ​ | ​ | 8,392 | ​ | ​ |
| Office equipment               | ​ | ​ | ​        | ​ | 3,148          | ​   | ​ | ​ | ​          | ​ | 871                        | ​                            | ​ | ​ | ​                        | ​ | (225)                                                                                              | ​       | ​ | ​ | ​ | ​ | (736) | ​ | ​ | ​ | ​ | ​ | 634 | ​ | ​ | ​ | ​ | ​ | 3,692 | ​ | ​ |
| ​                        | ​ | ​ | ​        | ​ | 15,628         | ​   | ​ | ​ | ​          | $       |    6,450 | ​                            | ​ | ​ | ​                        | $       |              — | ​       | ​ | ​ | ​ | $ |    (5,372) | ​ | ​ | ​ | ​ | $ |     3,838 | ​ | ​ | ​ | ​ | ​ | 20,544 | ​ | ​ |
| Carrying amount                | ​ | ​ | ​        | $       |  122,829 | ​   | ​ | ​ | ​          | ​ | ​                    | ​                            | ​ | ​ | ​                        | ​ | ​                                                                                            | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ |    95,745 | ​ | ​ |
| ​                        |
| Costs                          | ​ | ​ | Openingbalance | ​ | ​        | Additions | ​ | ​ | Disposals | ​ | ​              | Businesscombination* | ​ | ​ | Reclassification | ​ | ​               | Reclassifiedto assetsheld for sale | ​ | ​ | Decom-missioningobligations | ​ | ​                                          | Currencytranslationadjustments | ​ | ​ | Endingbalance | ​ |
|--------------------------------|---------|---------|----------------|---------|----------------|-----------|---------|---------|-----------|---------|----------------------|----------------------|---------|---------|------------------|---------|-----------------------|------------------------------------|---------|---------|-----------------------------|---------|--------------------------------------------------|--------------------------------|---------|---------|---------------|---------|
| Land and buildings             | ​ | ​ | ​        | $       | 3,018          | ​   | ​ | ​ | ​   | $       | —              | ​              | ​ | ​ | ​          | $       | —               | ​                            | ​ | ​ | ​                     | $       | 166                                              | ​                        | ​ | ​ | ​       | $       | 1,047 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | (341) | ​ | ​ | ​ | ​ | $ | 3,890 | ​ | ​ |
| Refinery and power plants      | ​ | ​ | ​        | ​ | 100,832        | ​   | ​ | ​ | ​   | ​ | 26,138               | ​              | ​ | ​ | ​          | ​ | —               | ​                            | ​ | ​ | ​                     | ​ | —                                          | ​                        | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | (22,913) | ​ | ​ | ​ | ​ | ​ | (1,253) | ​ | ​ | ​ | ​ | ​ | 1,975 | ​ | ​ | ​ | ​ | ​ | 104,779 | ​ | ​ |
| Processing plant and equipment | ​ | ​ | ​        | ​ | 4,455          | ​   | ​ | ​ | ​   | ​ | 1,330                | ​              | ​ | ​ | ​          | ​ | (972)                 | ​                            | ​ | ​ | ​                     | ​ | 21,407                                           | ​                        | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (5,016) | ​ | ​ | ​ | ​ | ​ | 21,204 | ​ | ​ |
| Office equipment               | ​ | ​ | ​        | ​ | 4,437          | ​   | ​ | ​ | ​   | ​ | 4,329                | ​              | ​ | ​ | ​          | ​ | (225)                 | ​                            | ​ | ​ | ​                     | ​ | 1,007                                            | ​                        | ​ | ​ | ​       | ​ | (1,047) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 83 | ​ | ​ | ​ | ​ | ​ | 8,584 | ​ | ​ |
| ​                        | ​ | ​ | ​        | $       |  112,742 | ​   | ​ | ​ | ​   | $       |   31,797 | ​              | ​ | ​ | ​          | $       |   (1,197) | ​                            | ​ | ​ | ​                     | $       |       22,580 | ​                        | ​ | ​ | ​       | $       |                 — | ​ | ​ | ​ | ​ | $ |    (22,913) | ​ | ​ | ​ | ​ | $ |    (1,253) | ​ | ​ | ​ | ​ | $ |     (3,299) | ​ | ​ | ​ | ​ | $ |  138,457 | ​ | ​ |
| ​                        |
| Accumulated depreciation       | ​ | ​ | Openingbalance | ​ | ​        | Additions | ​ | ​ | Disposals | ​ | ​             | Businesscombination* | ​ | ​ | Reclassifiedto assetsheld for sale | ​ | ​                    | Currencytranslationadjustments | ​ | ​ | Endingbalance | ​ |
|--------------------------------|---------|---------|----------------|---------|----------------|-----------|---------|---------|-----------|---------|---------------------|----------------------|---------|---------|------------------------------------|---------|----------------------------|--------------------------------|---------|---------|---------------|---------|
| Land and buildings             | ​ | ​ | ​        | $       | 337            | ​   | ​ | ​ | ​   | $       | 283                 | ​              | ​ | ​ | ​                            | $       | —                    | ​                        | ​ | ​ | ​       | $       | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | (184) | ​ | ​ | ​ | ​ | $ | 436 | ​ | ​ |
| Refinery and power plants      | ​ | ​ | ​        | ​ | 7,041          | ​   | ​ | ​ | ​   | ​ | 4,564               | ​              | ​ | ​ | ​                            | ​ | —                    | ​                        | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | (2,658) | ​ | ​ | ​ | ​ | ​ | 118 | ​ | ​ | ​ | ​ | ​ | 9,065 | ​ | ​ |
| Processing plant and equipment | ​ | ​ | ​        | ​ | 2,726          | ​   | ​ | ​ | ​   | ​ | 3,217               | ​              | ​ | ​ | ​                            | ​ | (941)                      | ​                        | ​ | ​ | ​       | ​ | (1,254) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (769) | ​ | ​ | ​ | ​ | ​ | 2,979 | ​ | ​ |
| Office equipment               | ​ | ​ | ​        | ​ | 2,135          | ​   | ​ | ​ | ​   | ​ | 1,212               | ​              | ​ | ​ | ​                            | ​ | (24)                       | ​                        | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (175) | ​ | ​ | ​ | ​ | ​ | 3,148 | ​ | ​ |
| ​                        | ​ | ​ | ​        | ​ | 12,239         | ​   | ​ | ​ | ​   | $       |   9,276 | ​              | ​ | ​ | ​                            | $       |    (965) | ​                        | ​ | ​ | ​       | $       |     (1,254) | ​ | ​ | ​ | ​ | $ |    (2,658) | ​ | ​ | ​ | ​ | $ |   (1,010) | ​ | ​ | ​ | ​ | ​ | 15,628 | ​ | ​ |
| Carrying amount                | ​ | ​ | ​        | $       |  100,503 | ​   | ​ | ​ | ​   | ​ | ​             | ​              | ​ | ​ | ​                            | ​ | ​                    | ​                        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ |  122,829 | ​ | ​ |
| ​                        |

----

TABLE OF CONTENTS

| ​                                                                                                       | ​ | ​ | 2015                 | ​ | ​                                   | 2014            | ​ |
|---------------------------------------------------------------------------------------------------------------|---------|---------|----------------------|---------|-------------------------------------------|-----------------|---------|
| Balance, beginning of year                                                                                    | ​ | ​ | ​              | $       |      27,088 | ​         | ​ | ​ | ​ | $ |      11,345 | ​ | ​ |
| Assumed upon acquisition                                                                                      | ​ | ​ | ​              | ​ | —                                   | ​         | ​ | ​ | ​ | ​ | 18,124 | ​ | ​ |
| Reclassified to assets held for sale                                                                          | ​ | ​ | ​              | ​ | (10,063)                                  | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net current service cost                                                                                      | ​ | ​ | ​              | ​ | 213                                       | ​         | ​ | ​ | ​ | ​ | 527 | ​ | ​ |
| Employee contributions                                                                                        | ​ | ​ | ​              | ​ | —                                   | ​         | ​ | ​ | ​ | ​ | 74 | ​ | ​ |
| Obligation interest cost                                                                                      | ​ | ​ | ​              | ​ | 389                                       | ​         | ​ | ​ | ​ | ​ | 492 | ​ | ​ |
| Actuarial gains from changes in demographic assumptions and experience                                        | ​ | ​ | ​              | ​ | (618)                                     | ​         | ​ | ​ | ​ | ​ | (1,011) | ​ | ​ |
| Actuarial (gains) losses from changes in financial assumptions                                                | ​ | ​ | ​              | ​ | (455)                                     | ​         | ​ | ​ | ​ | ​ | 2,943 | ​ | ​ |
| Benefits paid                                                                                                 | ​ | ​ | ​              | ​ | (1,272)                                   | ​         | ​ | ​ | ​ | ​ | (4,621) | ​ | ​ |
| Currency translation adjustments                                                                              | ​ | ​ | ​              | ​ | 617                                       | ​         | ​ | ​ | ​ | ​ | (785) | ​ | ​ |
| Balance, end of year                                                                                          | ​ | ​ | ​              | $       | 15,899                                    | ​         | ​ | ​ | ​ | $ | 27,088 | ​ | ​ |
| Defined benefit obligations for plans that are wholly unfunded                                                | ​ | ​ | ​              | $       | 3,702                                     | ​         | ​ | ​ | ​ | $ | 3,363 | ​ | ​ |
| Defined benefit obligations for plans that are wholly or partly funded                                        | ​ | ​ | ​              | $       | 12,197                                    | ​         | ​ | ​ | ​ | $ | 23,725 | ​ | ​ |
| Significant actuarial assumptions used in calculating the defined benefit obligations as at December 31: | ​ | ​ | 2015                 | ​ | ​                                   | 2014            | ​ |
| Discount rate                                                                                                 | ​ | ​ | 2.1%–6.3%      | ​ | ​                                   | 1.8%–6.0% | ​ |
| Rate of salary increases                                                                                      | ​ | ​ | 1.0%–5.5%      | ​ | ​                                   | 1.0%–5.5% | ​ |
| Consumer price index                                                                                          | ​ | ​ |  0%–1.5% | ​ | ​                                   | 1.0%–5.5% | ​ |

----

TABLE OF CONTENTS

| ​                                    | ​ | ​ | 2015    | ​ | ​                                   | 2014    | ​ |
|--------------------------------------------|---------|---------|---------|---------|-------------------------------------------|---------|---------|
| Balance, beginning of year                 | ​ | ​ | ​ | $       |      24,121 | ​ | ​ | ​ | ​ | $ |      12,684 | ​ | ​ |
| Reclassified to assets held for sale       | ​ | ​ | ​ | ​ | (11,425)                                  | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Fair value of plan assets upon acquisition | ​ | ​ | ​ | ​ | —                                   | ​ | ​ | ​ | ​ | ​ | 13,560 | ​ | ​ |
| (Loss) return on plan assets               | ​ | ​ | ​ | ​ | (241)                                     | ​ | ​ | ​ | ​ | ​ | 1,447 | ​ | ​ |
| Administration costs                       | ​ | ​ | ​ | ​ | —                                   | ​ | ​ | ​ | ​ | ​ | (66) | ​ | ​ |
| Employer contributions                     | ​ | ​ | ​ | ​ | 448                                       | ​ | ​ | ​ | ​ | ​ | 775 | ​ | ​ |
| Employee contributions                     | ​ | ​ | ​ | ​ | —                                   | ​ | ​ | ​ | ​ | ​ | 74 | ​ | ​ |
| Benefits paid                              | ​ | ​ | ​ | ​ | (1,272)                                   | ​ | ​ | ​ | ​ | ​ | (4,621) | ​ | ​ |
| Currency translation adjustments           | ​ | ​ | ​ | ​ | 207                                       | ​ | ​ | ​ | ​ | ​ | 268 | ​ | ​ |
| Balance, end of year                       | ​ | ​ | ​ | $       | 11,838                                    | ​ | ​ | ​ | ​ | $ | 24,121 | ​ | ​ |
| Interest income on plan assets             | ​ | ​ | ​ | $       | 289                                       | ​ | ​ | ​ | ​ | $ | 567 | ​ | ​ |
| Actuarial (losses) gains                   | ​ | ​ | ​ | ​ | (530)                                     | ​ | ​ | ​ | ​ | ​ | 880 | ​ | ​ |
| (Loss) return on plan assets               | ​ | ​ | ​ | $       | (241)                                     | ​ | ​ | ​ | ​ | $ | 1,447 | ​ | ​ |
| ​                                    |
| ​                                                                    | ​ | ​ | 2015    | ​ | ​                                   | 2014    | ​ |
|----------------------------------------------------------------------------|---------|---------|---------|---------|-------------------------------------------|---------|---------|
| Fair value of plan assets                                                  | ​ | ​ | ​ | $       |      11,838 | ​ | ​ | ​ | ​ | $ |      24,121 | ​ | ​ |
| Defined benefit obligations                                                | ​ | ​ | ​ | ​ | (15,899)                                  | ​ | ​ | ​ | ​ | ​ | (27,088) | ​ | ​ |
| Plan deficit and net liability                                             | ​ | ​ | ​ | $       | (4,061)                                   | ​ | ​ | ​ | ​ | $ | (2,967) | ​ | ​ |
| Recognized in the consolidated statement of financial position as follows: | ​ | ​ | ​ |
| Accrued pension assets                                                     | ​ | ​ | ​ | $       | —                                   | ​ | ​ | ​ | ​ | $ | 1,362 | ​ | ​ |
| Accrued pension obligations                                                | ​ | ​ | ​ | ​ | (4,061)                                   | ​ | ​ | ​ | ​ | ​ | (4,329) | ​ | ​ |
| ​                                                                    | ​ | ​ | ​ | $       | (4,061)                                   | ​ | ​ | ​ | ​ | $ | (2,967) | ​ | ​ |
| ​                                                                    |
| Discount Rate Sensitivity Analysis       | ​ | ​ | 2015    | ​ |
|------------------------------------------|---------|---------|---------|---------|
| Effect of an increase of 1%              | ​ | ​ |
| Defined benefit obligations, end of year | ​ | ​ | ​ | $       |      14,605 | ​ | ​ |
| Effect of a decrease of 1%               | ​ | ​ |
| Defined benefit obligations, end of year | ​ | ​ | ​ | $       | 17,518 | ​ | ​ |
| Salary Increase Sensitivity Analysis     | ​ | ​ | 2015    | ​ |
|------------------------------------------|---------|---------|---------|---------|
| Effect of an increase of 1%              | ​ | ​ |
| Defined benefit obligations, end of year | ​ | ​ | ​ | $       |      15,940 | ​ | ​ |
| Effect of a decrease of 1%               | ​ | ​ |
| Defined benefit obligations, end of year | ​ | ​ | ​ | $       | 15,303 | ​ | ​ |

----

TABLE OF CONTENTS

| Years ending December 31: | ​ | ​ |
|--------------------------------|---------|---------|
| 2016                           | ​ | ​ | ​ | $ | 1,257 | ​ | ​ |
| 2017                           | ​ | ​ | ​ | ​ | 1,317 | ​ | ​ |
| 2018                           | ​ | ​ | ​ | ​ | 1,319 | ​ | ​ |
| 2019                           | ​ | ​ | ​ | ​ | 1,300 | ​ | ​ |
| 2020                           | ​ | ​ | ​ | ​ | 1,292 | ​ | ​ |
| Thereafter                     | ​ | ​ | ​ | ​ | 9,414 | ​ | ​ |
| Total                          | ​ | ​ | ​ | $ |      15,899 | ​ | ​ |
| ​                        |
| As at December 31:                                                   | ​ | ​ | 2015    | ​ | ​                                   | 2014    | ​ |
|---------------------------------------------------------------------------|---------|---------|---------|---------|-------------------------------------------|---------|---------|
| Non-capital tax loss carry-forwards                                       | ​ | ​ | ​ | $       |      11,848 | ​ | ​ | ​ | ​ | $ |      20,661 | ​ | ​ |
| Interests in resource properties                                          | ​ | ​ | ​ | ​ | —                                   | ​ | ​ | ​ | ​ | ​ | (3,529) | ​ | ​ |
| Other assets                                                              | ​ | ​ | ​ | ​ | 11,469                                    | ​ | ​ | ​ | ​ | ​ | 10,700 | ​ | ​ |
| Other liabilities                                                         | ​ | ​ | ​ | ​ | (16,387)                                  | ​ | ​ | ​ | ​ | ​ | (11,852) | ​ | ​ |
| ​                                                                   | ​ | ​ | ​ | $       | 6,930                                     | ​ | ​ | ​ | ​ | $ | 15,980 | ​ | ​ |
| Presented on the consolidated statement of financial position as follows: | ​ | ​ | ​ |
| Deferred income tax assets                                                | ​ | ​ | ​ | $       | 20,641                                    | ​ | ​ | ​ | ​ | $ | 27,832 | ​ | ​ |
| Deferred income tax liabilities                                           | ​ | ​ | ​ | ​ | (13,711)                                  | ​ | ​ | ​ | ​ | ​ | (11,852) | ​ | ​ |
| Net                                                                       | ​ | ​ | ​ | $       | 6,930                                     | ​ | ​ | ​ | ​ | $ | 15,980 | ​ | ​ |
| ​                                                                   |

----

TABLE OF CONTENTS

| Country                 | ​ | ​ | Grossamount | ​ | ​                                   | Amount for whichno deferred incometax assetis recognized | ​ | ​ | Expirationdates | ​ |
|-------------------------|---------|---------|-------------|---------|-------------------------------------------|----------------------------------------------------------|---------|---------|-----------------|---------|
| Canada                  | ​ | ​ | ​     | $       |      10,556 | ​                                                  | ​ | ​ | ​         | $       |                  — | ​ | ​ | ​ | 2033-2035 | ​ |
| Germany                 | ​ | ​ | ​     | ​ | 14,535                                    | ​                                                  | ​ | ​ | ​         | ​ | 14,485 | ​ | ​ | ​ | Indefinite | ​ |
| Austria                 | ​ | ​ | ​     | ​ | 96,536                                    | ​                                                  | ​ | ​ | ​         | ​ | 67,003 | ​ | ​ | ​ | Indefinite | ​ |
| Slovakia                | ​ | ​ | ​     | ​ | 751                                       | ​                                                  | ​ | ​ | ​         | ​ | 751 | ​ | ​ | ​ | 2016-2017 | ​ |
| Uganda                  | ​ | ​ | ​     | ​ | 113,297                                   | ​                                                  | ​ | ​ | ​         | ​ | 113,297 | ​ | ​ | ​ | Indefinite | ​ |
| United Sates of America | ​ | ​ | ​     | ​ | 9,594                                     | ​                                                  | ​ | ​ | ​         | ​ | 9,594 | ​ | ​ | ​ | Indefinite | ​ |
| Romania                 | ​ | ​ | ​     | ​ | 2,018                                     | ​                                                  | ​ | ​ | ​         | ​ | 2,018 | ​ | ​ | ​ | 2021 | ​ |
| Luxembourg              | ​ | ​ | ​     | ​ | 12,254                                    | ​                                                  | ​ | ​ | ​         | ​ | 12,254 | ​ | ​ | ​ | 2016 | ​ |

----

TABLE OF CONTENTS

| As at December 31:      | ​ | ​ | 2015    | ​ | ​                            | 2014    | ​ |
|------------------------------|---------|---------|---------|---------|------------------------------------|---------|---------|
| Credit facilities from banks | ​ | ​ | ​ | $       |     60,103 | ​ | ​ | ​ | ​ | $ |    187,171 | ​ | ​ |
| ​                      |
| As at December 31:                                                                                                                                                                                                                                                                                                                                                                                  | ​ | ​ | 2015    | ​ | ​ | 2014    | ​ |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|
| Due to a bank, US$886 and US$6,000 at December 31, 2015 and 2014, respectively, interest at LIBOR plus an interest margin (3.23% at December 2015) and payable monthly, secured by trade receivables and due in negotiated periodic repayments with final payment in September 2016                                                                                                       | ​ | ​ | ​ | $       | 1,225   | ​ | ​ | ​ | ​ | $ | 6,960 | ​ | ​ |
| Due to a bank, US$1,700 and US$11,100 at December 31, 2015 and 2014, respectively, interest at LIBOR plus an interest margin (4.73% at December 2015) and payable monthly, secured by real estate and trade receivables and due in negotiated periodic repayments with final payment in October 2018                                                                                      | ​ | ​ | ​ | ​ | 2,353   | ​ | ​ | ​ | ​ | ​ | 12,877 | ​ | ​ |
| Due to banks, €52,950 at December 31, 2014, fixed interest and backup guarantee fee on €52,950 and payable quarterly, due in semi-annual repayments with final payment in November 2020. Reclassified to liabilities relating to assets held for sale in 2015                                                                                                                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 74,331 | ​ | ​ |
| Due to a bank, US$24,000 and US$28,000 at December 31, 2015 and 2014, respectively, fixed interest plus an interest margin and backup guarantee fee on US$24,000 (5.05% at December 31, 2015) and payable quarterly and due in equal annual repayments with final repayment in September 2022                                                                                             | ​ | ​ | ​ | ​ | 33,216  | ​ | ​ | ​ | ​ | ​ | 32,483 | ​ | ​ |
| Due to a bank, €22,200 and €27,600 at December 31, 2015 and 2014, respectively, fixed interest and backup guarantee fee on €21,660 (3.94% at December 31, 2015) and the remainder at OEKB variable plus an interest margin and backup guarantee fee (3.29% at December 2015) and payable quarterly, due in semi-annual repayments with final payment in December 2022 | ​ | ​ | ​ | ​ | 33,364  | ​ | ​ | ​ | ​ | ​ | 38,745 | ​ | ​ |
| Due to a bank, US$10,000 at both December 31, 2015 and 2014, interest at LIBOR plus an interest margin (2.307% at December 2015) and payable in November 2016                                                                                                                                                                                                                                  | ​ | ​ | ​ | ​ | 13,840  | ​ | ​ | ​ | ​ | ​ | 11,601 | ​ | ​ |
| Due to banks, €31,000 at both December 31, 2015 and 2014, interest at EURIBOR plus an interest margin (1.90% at December 2015) and payable from November 2016 to November 2020                                                                                                                                                                                                       | ​ | ​ | ​ | ​ | 46,590  | ​ | ​ | ​ | ​ | ​ | 43,519 | ​ | ​ |

----

TABLE OF CONTENTS

| As at December 31:                                                                                                                                                                                                                                                                                                                                                                               | ​ | ​ | 2015    | ​ | ​        | 2014    | ​ |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|----------------|---------|---------|
| Due to a bank, €65,708 and €76,380 at December 31, 2015 and 2014, respectively, fixed interest and backup guarantee fee on €59,604 (2.57% at December 31, 2015) and the remainder at OEKB variable plus an interest margin and backup guarantee fee (1.82% at December 2015) and payable quarterly due in semi-annual repayments with final payment in August 2022 | ​ | ​ | ​ | ​ | 98,752         | ​ | ​ | ​ | ​ | ​ | 107,218 | ​ | ​ |
| Due to a bank, €4,043 and €4,620 at December 31, 2015 and 2014, respectively, fixed interest and backup guarantee fee on €3,696 (at 2.5% at December 31, 2015) and the remainder at OEKB variable plus an interest margin and backup guarantee fee (1.85% at December 2015) and payable quarterly due in semi-annual repayments with final payment in August 2022  | ​ | ​ | ​ | ​ | 6,076          | ​ | ​ | ​ | ​ | ​ | 6,486 | ​ | ​ |
| Due to a Bank €5,830 at December 31, 2014 at fixed interest. Repaid in 2015                                                                                                                                                                                                                                                                                                                 | ​ | ​ | ​ | ​ | —        | ​ | ​ | ​ | ​ | ​ | 8,185 | ​ | ​ |
| Due to a bank, €16,713 and €16,052 at December 31, 2015 and 2014, respectively, €14,192 at a fixed interest rate (2.7% at December 31, 2015) and the remainder at EURIBOR plus an interest margin (1.30% at December 31, 2015) and payable quarterly, due in semi-annual repayments with final payment in May 2025                                                 | ​ | ​ | ​ | ​ | 23,622         | ​ | ​ | ​ | ​ | ​ | 20,850 | ​ | ​ |
| ​                                                                                                                                                                                                                                                                                                                                                                                               | ​ | ​ | ​ | $       | 259,038        | ​ | ​ | ​ | ​ | $ | 363,255 | ​ | ​ |
| Current portion                                                                                                                                                                                                                                                                                                                                                                                       | ​ | ​ | ​ | $       | 84,705         | ​ | ​ | ​ | ​ | $ | 66,098 | ​ | ​ |
| Long-term portion                                                                                                                                                                                                                                                                                                                                                                                     | ​ | ​ | ​ | ​ | 174,333        | ​ | ​ | ​ | ​ | ​ | 297,157 | ​ | ​ |
| ​                                                                                                                                                                                                                                                                                                                                                                                               | ​ | ​ | ​ | $       |  259,038 | ​ | ​ | ​ | ​ | $ |  363,255 | ​ | ​ |
| ​                                                                                                                                                                                                                                                                                                                                                                                               |
| Years ending December 31: | ​ | ​ | Principal | ​ | ​        | Interest | ​ | ​ | Total   | ​ |
|--------------------------------|---------|---------|-----------|---------|----------------|----------|---------|---------|---------|---------|
| 2016                           | ​ | ​ | ​   | $       | 84,705         | ​  | ​ | ​ | ​ | $       | 7,333 | ​ | ​ | ​ | ​ | $ | 92,038 | ​ | ​ |
| 2017                           | ​ | ​ | ​   | ​ | 34,886         | ​  | ​ | ​ | ​ | ​ | 5,170 | ​ | ​ | ​ | ​ | ​ | 40,056 | ​ | ​ |
| 2018                           | ​ | ​ | ​   | ​ | 44,452         | ​  | ​ | ​ | ​ | ​ | 3,998 | ​ | ​ | ​ | ​ | ​ | 48,450 | ​ | ​ |
| 2019                           | ​ | ​ | ​   | ​ | 29,404         | ​  | ​ | ​ | ​ | ​ | 2,649 | ​ | ​ | ​ | ​ | ​ | 32,053 | ​ | ​ |
| 2020                           | ​ | ​ | ​   | ​ | 26,778         | ​  | ​ | ​ | ​ | ​ | 1,714 | ​ | ​ | ​ | ​ | ​ | 28,492 | ​ | ​ |
| Thereafter                     | ​ | ​ | ​   | ​ | 38,813         | ​  | ​ | ​ | ​ | ​ | 1,491 | ​ | ​ | ​ | ​ | ​ | 40,304 | ​ | ​ |
| ​                        | ​ | ​ | ​   | $       |  259,038 | ​  | ​ | ​ | ​ | $       |   22,355 | ​ | ​ | ​ | ​ | $ |  281,393 | ​ | ​ |
| ​                        |

----

TABLE OF CONTENTS

| As at December 31:                                                   | ​ | ​ | 2015    | ​ | ​        | 2014    | ​ |
|---------------------------------------------------------------------------|---------|---------|---------|---------|----------------|---------|---------|
| Trade and account payables                                                | ​ | ​ | ​ | $       |  110,881 | ​ | ​ | ​ | ​ | $ |  137,280 | ​ | ​ |
| Value-added, goods and services and other taxes (other than income taxes) | ​ | ​ | ​ | ​ | 8,821          | ​ | ​ | ​ | ​ | ​ | 8,470 | ​ | ​ |
| Compensation                                                              | ​ | ​ | ​ | ​ | 3,358          | ​ | ​ | ​ | ​ | ​ | 3,391 | ​ | ​ |
| Provisions for payments under guarantees (see Note 23)                    | ​ | ​ | ​ | ​ | 40,677         | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Provisions for warranty                                                   | ​ | ​ | ​ | ​ | —        | ​ | ​ | ​ | ​ | ​ | 730 | ​ | ​ |
| Short-sale of securities                                                  | ​ | ​ | ​ | ​ | —        | ​ | ​ | ​ | ​ | ​ | 131 | ​ | ​ |
| Deferred revenues                                                         | ​ | ​ | ​ | ​ | 1,239          | ​ | ​ | ​ | ​ | ​ | 420 | ​ | ​ |
| Deposits from customers                                                   | ​ | ​ | ​ | ​ | 2,920          | ​ | ​ | ​ | ​ | ​ | 2,488 | ​ | ​ |
| Acquisition price payables                                                | ​ | ​ | ​ | ​ | 1,769          | ​ | ​ | ​ | ​ | ​ | 1,484 | ​ | ​ |
| Sale of shares on behalf of other                                         | ​ | ​ | ​ | ​ | 3,070          | ​ | ​ | ​ | ​ | ​ | 3,070 | ​ | ​ |
| Contingent consideration on a business combination                        | ​ | ​ | ​ | ​ | 2,077          | ​ | ​ | ​ | ​ | ​ | 881 | ​ | ​ |
| ​                                                                   | ​ | ​ | ​ | $       | 174,812        | ​ | ​ | ​ | ​ | $ | 158,345 | ​ | ​ |
| ​                                                                   |

----

TABLE OF CONTENTS

| As at December 31:                 | ​ | ​ | 2015    | ​ | ​          | 2014    | ​ |
|-----------------------------------------|---------|---------|---------|---------|------------------|---------|---------|
| Common shares                           | ​ | ​ | ​ | ​ | 328,239          | ​ | ​ | ​ | ​ | ​ | 328,239 | ​ | ​ |
| Preferred Shares                        | ​ | ​ | ​ | ​ | 4,621,571        | ​ | ​ | ​ | ​ | ​ | 4,621,571 | ​ | ​ |
| Total number of treasury stock          | ​ | ​ | ​ | ​ |  4,949,810 | ​ | ​ | ​ | ​ | ​ |  4,949,810 | ​ | ​ |
| Total carrying amount of treasury stock | ​ | ​ | ​ | $       | 61,085           | ​ | ​ | ​ | ​ | $ | 61,085 | ​ | ​ |
| ​                                 |
| Years ended December 31:                  | ​ | ​ | 2015    | ​ | ​          | 2014    | ​ | ​ | 2013                       | ​ |
|------------------------------------------------|---------|---------|---------|---------|------------------|---------|---------|---------|----------------------------|---------|
| ​                                        | ​ | ​ | ​ | ​ | ​          | ​ | ​ | ​ | (Restated – Note 1A) | ​ |
| Finance and supply chain products and services | ​ | ​ | ​ | $       | 1,531,549        | ​ | ​ | ​ | ​                    | $       | 1,237,153 | ​ | ​ | ​ | ​ | $ | 585,146 | ​ | ​ |
| Gain on securities, net                        | ​ | ​ | ​ | ​ | —          | ​ | ​ | ​ | ​                    | ​ | 5,221 | ​ | ​ | ​ | ​ | ​ | 6,507 | ​ | ​ |
| Interest                                       | ​ | ​ | ​ | ​ | 4,225            | ​ | ​ | ​ | ​                    | ​ | 4,506 | ​ | ​ | ​ | ​ | ​ | 2,411 | ​ | ​ |
| Dividends                                      | ​ | ​ | ​ | ​ | 7                | ​ | ​ | ​ | ​                    | ​ | 8 | ​ | ​ | ​ | ​ | ​ | 304 | ​ | ​ |
| Other                                          | ​ | ​ | ​ | ​ | 43,921           | ​ | ​ | ​ | ​                    | ​ | 39,436 | ​ | ​ | ​ | ​ | ​ | 26,717 | ​ | ​ |
| Gross revenues                                 | ​ | ​ | ​ | $       |  1,579,702 | ​ | ​ | ​ | ​                    | $       |  1,286,324 | ​ | ​ | ​ | ​ | $ |    621,085 | ​ | ​ |
| ​                                        |
| Years Ended December 31:               | ​ | ​ | 2015    | ​ | ​                                                                                            | 2014    | ​ | ​ | 2013    | ​ |
|---------------------------------------------|---------|---------|---------|---------|----------------------------------------------------------------------------------------------------|---------|---------|---------|---------|---------|
| Trading securities                          | ​ | ​ | ​ | $       | —                                                                                            | ​ | ​ | ​ | ​ | $       | 299 | ​ | ​ | ​ | ​ | $ | 5,850 | ​ | ​ |
| Available-for-sale securities               | ​ | ​ | ​ | ​ | —                                                                                            | ​ | ​ | ​ | ​ | ​ | 178 | ​ | ​ | ​ | ​ | ​ | 238 | ​ | ​ |
| Subsidiaries                                | ​ | ​ | ​ | ​ | —                                                                                            | ​ | ​ | ​ | ​ | ​ | 4,888 | ​ | ​ | ​ | ​ | ​ | 427 | ​ | ​ |
| Holding loss on advance sales of securities | ​ | ​ | ​ | ​ | —                                                                                            | ​ | ​ | ​ | ​ | ​ | (144) | ​ | ​ | ​ | ​ | ​ | (8) | ​ | ​ |
| Net gain on securities                      | ​ | ​ | ​ | $       |              — | ​ | ​ | ​ | ​ | $       |        5,221 | ​ | ​ | ​ | ​ | $ |        6,507 | ​ | ​ |
| ​                                     |

----

TABLE OF CONTENTS

| Years Ended December 31:                               | ​ | ​ | 2015    | ​ | ​          | 2014    | ​ | ​ | 2013                       | ​ |
|-------------------------------------------------------------|---------|---------|---------|---------|------------------|---------|---------|---------|----------------------------|---------|
| ​                                                     | ​ | ​ | ​ | ​ | ​          | ​ | ​ | ​ | (Restated – Note 1A) | ​ |
| Supply chain products and services                          | ​ | ​ | ​ | $       | 1,468,680        | ​ | ​ | ​ | ​                    | $       | 1,169,305 | ​ | ​ | ​ | ​ | $ | 544,179 | ​ | ​ |
| Credit losses on loans and receivables and guarantees       | ​ | ​ | ​ | ​ | 54,540           | ​ | ​ | ​ | ​                    | ​ | 4,346 | ​ | ​ | ​ | ​ | ​ | 4,763 | ​ | ​ |
| Fair value gain on government environmental emission refund | ​ | ​ | ​ | ​ | (4,157)          | ​ | ​ | ​ | ​                    | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Fair value loss on investment property                      | ​ | ​ | ​ | ​ | —          | ​ | ​ | ​ | ​                    | ​ | 134 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Market value decrease (increase) on commodity inventories   | ​ | ​ | ​ | ​ | 1,910            | ​ | ​ | ​ | ​                    | ​ | (4,172) | ​ | ​ | ​ | ​ | ​ | (5,502) | ​ | ​ |
| Gain on derivative contracts, net                           | ​ | ​ | ​ | ​ | (2,913)          | ​ | ​ | ​ | ​                    | ​ | (3,466) | ​ | ​ | ​ | ​ | ​ | (2,135) | ​ | ​ |
| Write-off of inventories, net                               | ​ | ​ | ​ | ​ | —          | ​ | ​ | ​ | ​                    | ​ | 165 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Loss on trading securities                                  | ​ | ​ | ​ | ​ | 84               | ​ | ​ | ​ | ​                    | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other                                                       | ​ | ​ | ​ | ​ | 11,434           | ​ | ​ | ​ | ​                    | ​ | 11,710 | ​ | ​ | ​ | ​ | ​ | 9,517 | ​ | ​ |
| Total costs of sales and services                           | ​ | ​ | ​ | $       |  1,529,578 | ​ | ​ | ​ | ​                    | $       |  1,178,022 | ​ | ​ | ​ | ​ | $ |    550,822 | ​ | ​ |
| ​                                                     |
| Years ended December 31:                                                                                                     | ​ | ​ | 2015    | ​ | ​          | 2014    | ​ | ​ | 2013    | ​ |
|-----------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|------------------|---------|---------|---------|---------|---------|
| Inventories as costs of goods sold (including depreciation, amortization and depletion expenses allocated to costs of goods sold) | ​ | ​ | ​ | $       |  1,421,175 | ​ | ​ | ​ | ​ | $       |  1,117,770 | ​ | ​ | ​ | ​ | $ |    549,461 | ​ | ​ |
| Loss on unwinding sale and repurchase arrangements                                                                                | ​ | ​ | ​ | ​ | —          | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,426 | ​ | ​ |
| Years Ended December 31:            | ​ | ​ | 2015    | ​ | ​                                          | 2014    | ​ | ​ | 2013    | ​ |
|------------------------------------------|---------|---------|---------|---------|--------------------------------------------------|---------|---------|---------|---------|---------|
| Depreciation, amortization and depletion | ​ | ​ | ​ | $       | 6,450                                            | ​ | ​ | ​ | ​ | $       | 4,957 | ​ | ​ | ​ | ​ | $ | 2,206 | ​ | ​ |
| Employee benefits expenses               | ​ | ​ | ​ | ​ |       36,502 | ​ | ​ | ​ | ​ | ​ |       34,597 | ​ | ​ | ​ | ​ | ​ |     22,896 | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                           | ​ | ​ | 2008 Plan         | ​ | ​                        | 2008 Plan                                       | ​ | ​ | 1997 Plan         | ​ | ​ | 1997 Plan                                      | ​ |
|---------------------------------------------------|---------|---------|-------------------|---------|--------------------------------|-------------------------------------------------|---------|---------|-------------------|---------|---------|------------------------------------------------|---------|
| ​                                           | ​ | ​ | Number of options | ​ | ​                        | Weighted average exercise price per share (US$) | ​ | ​ | Number of options | ​ | ​ | Weighted average exercise price per share(US$) | ​ |
| Outstanding as at December 31, 2012 and 2013 | ​ | ​ | ​           | ​ | 915,000                        | ​                                         | ​ | ​ | ​           | ​ | 7.81    | ​                                        | ​ | ​ | ​ | ​ | 1,720,000 | ​ | ​ | ​ | ​ | ​ | 7.81 | ​ | ​ |
| Granted                                           | ​ | ​ | ​           | ​ | 200,000                        | ​                                         | ​ | ​ | ​           | ​ | 8.01    | ​                                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expired                                           | ​ | ​ | ​           | ​ | (24,674)                       | ​                                         | ​ | ​ | ​           | ​ | 7.81    | ​                                        | ​ | ​ | ​ | ​ | (255,000) | ​ | ​ | ​ | ​ | ​ | 7.81 | ​ | ​ |
| Exercised                                         | ​ | ​ | ​           | ​ | (30,326)                       | ​                                         | ​ | ​ | ​           | ​ | 7.81    | ​                                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Surrendered and cancelled                         | ​ | ​ | ​           | ​ |    (200,000) | ​                                         | ​ | ​ | ​           | ​ | 7.81    | ​                                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Outstanding as at December 31, 2014          | ​ | ​ | ​           | ​ | 860,000                        | ​                                         | ​ | ​ | ​           | ​ | 7.83    | ​                                        | ​ | ​ | ​ | ​ | 1,465,000 | ​ | ​ | ​ | ​ | ​ | 7.81 | ​ | ​ |
| Expired                                           | ​ | ​ | ​           | ​ | —                        | ​                                         | ​ | ​ | ​           | ​ | — | ​                                        | ​ | ​ | ​ | ​ | (92,500) | ​ | ​ | ​ | ​ | ​ | 7.81 | ​ | ​ |
| Outstanding as at December 31, 2015          | ​ | ​ | ​           | ​ | 860,000                        | ​                                         | ​ | ​ | ​           | ​ | 7.83    | ​                                        | ​ | ​ | ​ | ​ |    1,372,500 | ​ | ​ | ​ | ​ | ​ | 7.81 | ​ | ​ |
| As at December 31, 2015:                     | ​ | ​ | ​           | ​ | ​                        |
| Options exercisable                               | ​ | ​ | ​           | ​ | 860,000                        | ​                                         | ​ | ​ | ​           | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | 1,372,500 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Options available for granting in future periods  | ​ | ​ | ​           | ​ | —                        | ​                                         | ​ | ​ | ​           | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| ​                                           |

----

TABLE OF CONTENTS

| ​                        | ​ | ​ | Options Outstanding and Exercisable | ​ |
|--------------------------------|---------|---------|-------------------------------------|---------|
| Exercise Price per Share (US$) | ​ | ​ | Numberoutstanding                   | ​ | ​ | Weighted averageremaining contractuallife (in years) | ​ |
| $7.81                          | ​ | ​ | ​                             | ​ | 2,032,500 | ​ | ​ | ​ | ​ | ​ | 0.00* | ​ | ​ |
| $8.01                          | ​ | ​ | ​                             | ​ | 200,000 | ​ | ​ | ​ | ​ | ​ | 3.25 | ​ | ​ |
| ​                        | ​ | ​ | ​                             | ​ |  2,232,500 | ​ | ​ | ​ | ​ | ​ |            0.29 | ​ | ​ |
| ​                        |
| Years ended December 31:                                                       | ​ | ​ | 2015    | ​ | ​                                                                       | 2014    | ​ | ​ | 2013    | ​ |
|-------------------------------------------------------------------------------------|---------|---------|---------|---------|-------------------------------------------------------------------------------|---------|---------|---------|---------|---------|
| Share-based compensation expenses arising from stock options granted by the Company | ​ | ​ | ​ | $       |           — | ​ | ​ | ​ | ​ | $       |        423 | ​ | ​ | ​ | ​ | $ |           — | ​ | ​ |
| ​                                                                             |
| ​ | Number of options granted                 | ​ | ​ | 200,000​           | ​ |
|---------|-------------------------------------------|---------|---------|--------------------------|---------|
| ​ | Vesting requirements                      | ​ | ​ | Immediately​       | ​ |
| ​ | Contractual life                          | ​ | ​ | 5 years​           | ​ |
| ​ | Method of settlement                      | ​ | ​ | In equity​         | ​ |
| ​ | Exercise price per share                  | ​ | ​ | US$8.01​           | ​ |
| ​ | Market price per share on grant date      | ​ | ​ | US$8.01​           | ​ |
| ​ | Expected volatility                       | ​ | ​ | 34.72%​            | ​ |
| ​ | Expected option life                      | ​ | ​ | 5 years​           | ​ |
| ​ | Expected dividends                        | ​ | ​ | 3.03%​             | ​ |
| ​ | Risk-free interest rate                   | ​ | ​ | 1.64%​             | ​ |
| ​ | Fair value of option granted (per option) | ​ | ​ | $2.115 (US$1.917)​ | ​ |

----

TABLE OF CONTENTS

| Years ended December 31:                                                                       | ​ | ​ | 2015    | ​ | ​                       | 2014    | ​ | ​ | 2013    | ​ |
|-----------------------------------------------------------------------------------------------------|---------|---------|---------|---------|-------------------------------|---------|---------|---------|---------|---------|
| (Loss) income before income taxes                                                                   | ​ | ​ | ​ | $       |    (55,417) | ​ | ​ | ​ | ​ | $       |     6,314 | ​ | ​ | ​ | ​ | $ |      3,159 | ​ | ​ |
| Computed recovery of  (provision for) income taxes at MFC Bancorp’s statutory tax rates | ​ | ​ | ​ | $       | 14,408                        | ​ | ​ | ​ | ​ | $       | (1,642) | ​ | ​ | ​ | ​ | $ | (813) | ​ | ​ |
| (Increase) decrease in income taxes resulting from:                                                 | ​ | ​ | ​ | ​ |
| Subsidiaries’ tax rate differences                                                            | ​ | ​ | ​ | ​ | 935                           | ​ | ​ | ​ | ​ | ​ | 404 | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ |
| Other non-taxable income                                                                            | ​ | ​ | ​ | ​ | 2,774                         | ​ | ​ | ​ | ​ | ​ | 481 | ​ | ​ | ​ | ​ | ​ | 1,569 | ​ | ​ |
| Revisions to prior years                                                                            | ​ | ​ | ​ | ​ | 227                           | ​ | ​ | ​ | ​ | ​ | (548) | ​ | ​ | ​ | ​ | ​ | 2,822 | ​ | ​ |
| Taxable capital gains on dispositions, net                                                          | ​ | ​ | ​ | ​ | 13                            | ​ | ​ | ​ | ​ | ​ | 516 | ​ | ​ | ​ | ​ | ​ | (60) | ​ | ​ |
| Unrecognized losses in current year                                                                 | ​ | ​ | ​ | ​ | (20,848)                      | ​ | ​ | ​ | ​ | ​ | (607) | ​ | ​ | ​ | ​ | ​ | (1,433) | ​ | ​ |
| Previously recognized deferred income tax assets, net                                               | ​ | ​ | ​ | ​ | 1,449                         | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Deferred income tax asset on a purchased asset                                                      | ​ | ​ | ​ | ​ | 1,339                         | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Permanent differences                                                                               | ​ | ​ | ​ | ​ | (3,360)                       | ​ | ​ | ​ | ​ | ​ | (1,109) | ​ | ​ | ​ | ​ | ​ | (968) | ​ | ​ |
| Change in future tax rate                                                                           | ​ | ​ | ​ | ​ | 94                            | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 252 | ​ | ​ |
| Other, net                                                                                          | ​ | ​ | ​ | ​ | 468                           | ​ | ​ | ​ | ​ | ​ | 332 | ​ | ​ | ​ | ​ | ​ | (378) | ​ | ​ |
| (Provision for) recovery of income taxes                                                            | ​ | ​ | ​ | $       | (2,501)                       | ​ | ​ | ​ | ​ | $       | (2,173) | ​ | ​ | ​ | ​ | $ | 997 | ​ | ​ |
| ​                                                                                             |
| ​                                                     | ​ | ​ | 2015    | ​ | ​                       | 2014    | ​ | ​ | 2013    |
|-------------------------------------------------------------|---------|---------|---------|---------|-------------------------------|---------|---------|---------|---------|
| Basic (loss) earnings available to holders of common shares | ​ | ​ | ​ | $       | (59,544)                      | ​ | ​ | ​ | ​ | $ | 2,783 | ​ | ​ | ​ | ​ | $ | 4,324 |
| Effect of dilutive securities:                              | ​ | ​ | ​ | ​ | —                       | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — |
| Diluted earnings                                            | ​ | ​ | ​ | $       |    (59,544) | ​ | ​ | ​ | ​ | $ |        2,783 | ​ | ​ | ​ | ​ | $ |        4,324 |
| ​                                                     |
| ​                                                              | ​ | ​ | Number of Shares | ​ |
|----------------------------------------------------------------------|---------|---------|------------------|---------|
| ​                                                              | ​ | ​ | 2015             | ​ | ​ | 2014 | ​ | ​ | 2013 | ​ |
| Weighted average number of common shares outstanding — basic   | ​ | ​ | ​          | ​ | 63,142,272 | ​ | ​ | ​ | ​ | ​ | 62,922,837 | ​ | ​ | ​ | ​ | ​ | 62,552,126 | ​ | ​ |
| Effect of dilutive securities:                                       | ​ | ​ | ​          | ​ |
| Options                                                              | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​ | ​ | 21 | ​ | ​ | ​ | ​ | ​ | 204,665 | ​ | ​ |
| Contingently issuable shares                                         | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​ | ​ | 34,247 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Weighted average number of common shares outstanding — diluted | ​ | ​ | ​          | ​ | 63,142,272 | ​ | ​ | ​ | ​ | ​ | 62,957,105 | ​ | ​ | ​ | ​ | ​ | 62,756,791 | ​ | ​ |
| ​                                                              |

----

TABLE OF CONTENTS

| Years ending December 31: | ​ | ​ | Amount  | ​ |
|--------------------------------|---------|---------|---------|---------|
| 2016                           | ​ | ​ | ​ | $       | 13,284 | ​ | ​ |
| 2017                           | ​ | ​ | ​ | ​ | 2,162 | ​ | ​ |
| 2018                           | ​ | ​ | ​ | ​ | 314 | ​ | ​ |
| 2019                           | ​ | ​ | ​ | ​ | 125 | ​ | ​ |
| 2020                           | ​ | ​ | ​ | ​ | 105 | ​ | ​ |
| Thereafter                     | ​ | ​ | ​ | ​ | 6 | ​ | ​ |
| ​                        | ​ | ​ | ​ | $       |   15,996 | ​ | ​ |
| ​                        |
| Years ending December 31: | ​ | ​ | Amount  | ​ |
|--------------------------------|---------|---------|---------|---------|
| 2016                           | ​ | ​ | ​ | $       | 2,006 | ​ | ​ |
| 2017                           | ​ | ​ | ​ | ​ | 1,553 | ​ | ​ |
| 2018                           | ​ | ​ | ​ | ​ | 1,422 | ​ | ​ |
| 2019                           | ​ | ​ | ​ | ​ | 1,379 | ​ | ​ |
| 2020                           | ​ | ​ | ​ | ​ | 1,201 | ​ | ​ |
| Thereafter                     | ​ | ​ | ​ | ​ | 1,266 | ​ | ​ |
| ​                        | ​ | ​ | ​ | $       |     8,827 | ​ | ​ |
| ​                        |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| Years ended December 31:                                | ​ | ​ | 2015    | ​ | ​                    | 2014    | ​ | ​ | 2013    | ​ |
|--------------------------------------------------------------|---------|---------|---------|---------|----------------------------|---------|---------|---------|---------|---------|
| Continuing operations:                                       | ​ | ​ | ​ | ​ |
| Sales of goods                                               | ​ | ​ | ​ | $       |    3,349 | ​ | ​ | ​ | ​ | $       |    2,994 | ​ | ​ | ​ | ​ | $ |    2,028 | ​ | ​ |
| Fee income                                                   | ​ | ​ | ​ | ​ | —                    | ​ | ​ | ​ | ​ | ​ | 61 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Purchases of goods for sale*                                 | ​ | ​ | ​ | ​ | —                    | ​ | ​ | ​ | ​ | ​ | 19,346 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Reimbursement of office and expenses at cost to a director** | ​ | ​ | ​ | ​ | —                    | ​ | ​ | ​ | ​ | ​ | (117) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Termination payment to the former President***               | ​ | ​ | ​ | ​ | —                    | ​ | ​ | ​ | ​ | ​ | (1,909) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Discontinued operations:                                     | ​ | ​ | ​ | ​ |
| Dividend income on common shares                             | ​ | ​ | ​ | $       | —                    | ​ | ​ | ​ | ​ | $       | — | ​ | ​ | ​ | ​ | $ | 286 | ​ | ​ |
| Royalty expense paid and payable                             | ​ | ​ | ​ | ​ | —                    | ​ | ​ | ​ | ​ | ​ | (284) | ​ | ​ | ​ | ​ | ​ | (625) | ​ | ​ |

----

TABLE OF CONTENTS

| Years ended December 31: | ​ | ​ | 2015    | ​ | ​                    | 2014    | ​ | ​ | 2013    | ​ |
|-------------------------------|---------|---------|---------|---------|----------------------------|---------|---------|---------|---------|---------|
| Short-term employee benefits  | ​ | ​ | ​ | $       | 2,719                      | ​ | ​ | ​ | ​ | $       | 1,932 | ​ | ​ | ​ | ​ | $ | 745 | ​ | ​ |
| Termination benefits          | ​ | ​ | ​ | ​ | —                    | ​ | ​ | ​ | ​ | ​ | 1,909 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Share-based payments*         | ​ | ​ | ​ | ​ | —                    | ​ | ​ | ​ | ​ | ​ | 211 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Directors’ fees         | ​ | ​ | ​ | ​ | 479                        | ​ | ​ | ​ | ​ | ​ | 402 | ​ | ​ | ​ | ​ | ​ | 383 | ​ | ​ |
| Total                         | ​ | ​ | ​ | $       |    3,198 | ​ | ​ | ​ | ​ | $       |    4,454 | ​ | ​ | ​ | ​ | $ |    1,128 | ​ | ​ |
| ​                       |

----

TABLE OF CONTENTS

| As at December 31:                                | ​ | ​ | 2015           | ​ | ​                    | 2014      | ​ |
|--------------------------------------------------------|---------|---------|----------------|---------|----------------------------|-----------|---------|
| ​                                                | ​ | ​ | CarryingAmount | ​ | ​                    | FairValue | ​ | ​ | CarryingAmount | ​ | ​ | FairValue | ​ |
| Financial Assets:                                      | ​ | ​ | ​        | ​ | ​                    |
| Fair value through profit or loss:                     | ​ | ​ | ​        | ​ | ​                    |
| Short-term securities                                  | ​ | ​ | ​        | $       | 170                        | ​   | ​ | ​ | ​ | $ | 170 | ​ | ​ | ​ | ​ | $ | 290 | ​ | ​ | ​ | ​ | $ | 290 | ​ | ​ |
| Derivative assets                                      | ​ | ​ | ​        | ​ | 5,726                      | ​   | ​ | ​ | ​ | ​ | 5,726 | ​ | ​ | ​ | ​ | ​ | 6,274 | ​ | ​ | ​ | ​ | ​ | 6,274 | ​ | ​ |
| Loans and receivables:                                 | ​ | ​ | ​        | ​ | ​                    |
| Long-term loan receivables (including current portion) | ​ | ​ | ​        | ​ |    2,828 | ​   | ​ | ​ | ​ | ​ |    2,691 | ​ | ​ | ​ | ​ | ​ |    2,996 | ​ | ​ | ​ | ​ | ​ |    2,797 | ​ | ​ |
| Long-term receivables, other                           | ​ | ​ | ​        | ​ | 4,523                      | ​   | ​ | ​ | ​ | ​ | 4,523 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Available-for-sale instruments:                        | ​ | ​ | ​        | ​ | ​                    |
| Securities, at fair value                              | ​ | ​ | ​        | ​ | 630                        | ​   | ​ | ​ | ​ | ​ | 630 | ​ | ​ | ​ | ​ | ​ | 790 | ​ | ​ | ​ | ​ | ​ | 790 | ​ | ​ |
| Securities, at cost                                    | ​ | ​ | ​        | ​ | 298                        | ​   | ​ | ​ | ​ | ​ | 298 | ​ | ​ | ​ | ​ | ​ | 287 | ​ | ​ | ​ | ​ | ​ | 287 | ​ | ​ |
| Financial Liabilities:                                 | ​ | ​ | ​        | ​ | ​                    |
| Financial liabilities measured at amortized cost:      | ​ | ​ | ​        | ​ | ​                    |
| Debt                                                   | ​ | ​ | ​        | $       |  259,038             | ​   | ​ | ​ | ​ | $ |  242,808 | ​ | ​ | ​ | ​ | $ |  363,255 | ​ | ​ | ​ | ​ | $ |  365,244 | ​ | ​ |
| Other financial liabilities, long-term                 | ​ | ​ | ​        | ​ | —                    | ​   | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 5,778 | ​ | ​ | ​ | ​ | ​ | 5,778 | ​ | ​ |
| Fair value through profit or loss:                     | ​ | ​ | ​        | ​ | ​                    |
| Derivative liabilities                                 | ​ | ​ | ​        | ​ | 4,236                      | ​   | ​ | ​ | ​ | ​ | 4,236 | ​ | ​ | ​ | ​ | ​ | 3,539 | ​ | ​ | ​ | ​ | ​ | 3,539 | ​ | ​ |

----

TABLE OF CONTENTS

| As at December 31, 2015       | ​ | ​ | Level 1 | ​ | ​                                | Level 2 | ​ | ​ | Level 3 | ​ | ​                                  | Total   | ​ |
|------------------------------------|---------|---------|---------|---------|----------------------------------------|---------|---------|---------|---------|---------|------------------------------------------|---------|---------|
| Financial Assets:                  | ​ | ​ | ​ | ​ | ​                                |
| Fair value through profit or loss: | ​ | ​ | ​ | ​ | ​                                |
| Short-term securities              | ​ | ​ | ​ | $       | 170                                    | ​ | ​ | ​ | ​ | $       | —                                  | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 170 | ​ | ​ |
| Derivative assets                  | ​ | ​ | ​ | ​ | —                                | ​ | ​ | ​ | ​ | ​ | 5,726                                    | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 5,726 | ​ | ​ |
| Available-for-sale:                | ​ | ​ | ​ | ​ | ​                                |
| Securities                         | ​ | ​ | ​ | ​ | 630                                    | ​ | ​ | ​ | ​ | ​ | —                                  | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 630 | ​ | ​ |
| Total                              | ​ | ​ | ​ | $       |      800 | ​ | ​ | ​ | ​ | $       |      5,726 | ​ | ​ | ​ | ​ | $ |        — | ​ | ​ | ​ | ​ | $ |      6,526 | ​ | ​ |
| Financial Liabilities:             | ​ | ​ | ​ | ​ | ​                                |
| Fair value through profit or loss: | ​ | ​ | ​ | ​ | ​                                |
| Derivative liabilities             | ​ | ​ | ​ | $       | —                                | ​ | ​ | ​ | ​ | $       | 4,236                                    | ​ | ​ | ​ | ​ | $ |   — | ​ | ​ | ​ | ​ | $ | 4,236 | ​ | ​ |
| ​                            |
| As at December 31, 2014       | ​ | ​ | Level 1 | ​ | ​                                  | Level 2 | ​ | ​ | Level 3 | ​ | ​                                  | Total   | ​ |
|------------------------------------|---------|---------|---------|---------|------------------------------------------|---------|---------|---------|---------|---------|------------------------------------------|---------|---------|
| Financial Assets:                  | ​ | ​ | ​ | ​ | ​                                  |
| Fair value through profit or loss: | ​ | ​ | ​ | ​ | ​                                  |
| Short-term securities              | ​ | ​ | ​ | $       | 290                                      | ​ | ​ | ​ | ​ | $       | —                                  | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 290 | ​ | ​ |
| Derivative assets                  | ​ | ​ | ​ | ​ | —                                  | ​ | ​ | ​ | ​ | ​ | 6,274                                    | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 6,274 | ​ | ​ |
| Available-for-sale:                | ​ | ​ | ​ | ​ | ​                                  |
| Securities                         | ​ | ​ | ​ | ​ | 790                                      | ​ | ​ | ​ | ​ | ​ | —                                  | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 790 | ​ | ​ |
| Total                              | ​ | ​ | ​ | $       |      1,080 | ​ | ​ | ​ | ​ | $       |      6,274 | ​ | ​ | ​ | ​ | $ |          — | ​ | ​ | ​ | ​ | $ |      7,354 | ​ | ​ |
| Financial Liabilities:             | ​ | ​ | ​ | ​ | ​                                  |
| Fair value through profit or loss: | ​ | ​ | ​ | ​ | ​                                  |
| Derivative liabilities             | ​ | ​ | ​ | $       | —                                  | ​ | ​ | ​ | ​ | $       | 3,539                                    | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 3,539 | ​ | ​ |
| ​                            |

----

TABLE OF CONTENTS

| ​                                                                 | ​ | ​ | Risks   | ​ |
|-------------------------------------------------------------------------|---------|---------|---------|---------|
| ​                                                                 | ​ | ​ | ​ | ​ | ​ | Market risks | ​ |
| Financial instrument                                                    | ​ | ​ | Credit  | ​ | ​ | Liquidity | ​ | ​ | Currency | ​ | ​ | Interest rate | ​ | ​ | Other price | ​ |
| Cash and cash equivalents, short-term cash deposits and restricted cash | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Short-term securities                                                   | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ |
| Long-term securities                                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ |
| Derivative assets and liabilities                                       | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ |
| Receivables                                                             | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Short-term bank borrowings                                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Account payables and accrued expenses                                   | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Long-term debt                                                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | X | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

----

TABLE OF CONTENTS

| ​ | Cash and cash equivalents, short-term cash deposits and restricted cash | ​ | ​ | ​ | $       | 198,391               | ​ | ​ |
|---------|-------------------------------------------------------------------------|---------|---------|---------|---------|-----------------------|---------|---------|
| ​ | Derivative assets                                                       | ​ | ​ | ​ | ​ | 5,726                 | ​ | ​ |
| ​ | Receivables                                                             | ​ | ​ | ​ | ​ | 167,649               | ​ | ​ |
| ​ | Amounts recognized in the consolidated statement of financial position  | ​ | ​ | ​ | ​ | 371,766               | ​ | ​ |
| ​ | Guarantees (see Note 23)                                                | ​ | ​ | ​ | ​ | 14,137                | ​ | ​ |
| ​ | Maximum credit risk exposure                                            | ​ | ​ | ​ | $       |   385,903 | ​ | ​ |
| ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                                                   | ​ | ​ | 2015    | ​ | ​              | 2014    | ​ | ​ | 2013    | ​ |
|-------------------------------------------------------------------------------------------|---------|---------|---------|---------|----------------------|---------|---------|---------|---------|---------|
| Interest income on financial assets not at fair value through profit or loss              | ​ | ​ | ​ | $       | 742                  | ​ | ​ | ​ | ​ | $       | 1,268 | ​ | ​ | ​ | ​ | $ | 63 | ​ | ​ |
| Interest income on financial assets classified at fair value through profit or loss       | ​ | ​ | ​ | ​ | 3,483                | ​ | ​ | ​ | ​ | ​ | 3,238 | ​ | ​ | ​ | ​ | ​ | 2,348 | ​ | ​ |
| Total interest income                                                                     | ​ | ​ | ​ | $       | 4,225                | ​ | ​ | ​ | ​ | $       | 4,506 | ​ | ​ | ​ | ​ | $ | 2,411 | ​ | ​ |
| Interest expense on financial liabilities not at fair value through profit or loss        | ​ | ​ | ​ | $       | 1,791                | ​ | ​ | ​ | ​ | $       | 2,482 | ​ | ​ | ​ | ​ | $ | 3,614 | ​ | ​ |
| Interest expense on financial liabilities classified at fair value through profit or loss | ​ | ​ | ​ | ​ | 13,755               | ​ | ​ | ​ | ​ | ​ | 9,253 | ​ | ​ | ​ | ​ | ​ | 5,530 | ​ | ​ |
| Total interest expense                                                                    | ​ | ​ | ​ | $       |   15,546 | ​ | ​ | ​ | ​ | $       |   11,735 | ​ | ​ | ​ | ​ | $ |    9,144 | ​ | ​ |
| Dividend income on financial assets at fair value through profit or loss                  | ​ | ​ | ​ | $       | —              | ​ | ​ | ​ | ​ | $       | — | ​ | ​ | ​ | ​ | $ | 232 | ​ | ​ |
| Dividend income on financial assets classified as available for sale, other               | ​ | ​ | ​ | ​ | 7                    | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | ​ | ​ | ​ | 72 | ​ | ​ |
| Net gain on financial assets at fair value through profit or loss                         | ​ | ​ | ​ | ​ | 2,829                | ​ | ​ | ​ | ​ | ​ | 3,765 | ​ | ​ | ​ | ​ | ​ | 7,986 | ​ | ​ |
| Credit losses                                                                             | ​ | ​ | ​ | ​ | 54,540               | ​ | ​ | ​ | ​ | ​ | 4,346 | ​ | ​ | ​ | ​ | ​ | 4,763 | ​ | ​ |
| ​             | ​ | ​ | Fair Value Measurements at Reporting Date Using | ​ |
|---------------------|---------|---------|-------------------------------------------------|---------|
| ​             | ​ | ​ | Level 1                                         | ​ | ​ | Level 2 | ​ | ​ | Level 3 | ​ |
| Inventories         | ​ | ​ | ​                                         | $       | 3,418 | ​ | ​ | ​ | ​ | $ | 116,905 | ​ | ​ | ​ | ​ | $ |   — | ​ | ​ |
| Investment property | ​ | ​ | ​                                         | ​ | — | ​ | ​ | ​ | ​ | ​ | 37,873 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total               | ​ | ​ | ​                                         | $       |    3,418 | ​ | ​ | ​ | ​ | $ |  154,778 | ​ | ​ | ​ | ​ | $ |       — | ​ | ​ |
| ​             |

----

TABLE OF CONTENTS

| ​                                                | ​ | ​ | Fair Value Measurements at Reporting Date Using | ​ |
|--------------------------------------------------------|---------|---------|-------------------------------------------------|---------|
| ​                                                | ​ | ​ | Level 1                                         | ​ | ​ | Level 2 | ​ | ​ | Level 3 | ​ |
| Inventories                                            | ​ | ​ | ​                                         | $       | 3,200 | ​ | ​ | ​ | ​ | $ | 147,013 | ​ | ​ | ​ | ​ | $ |   — | ​ | ​ |
| Investment property (included in assets held for sale) | ​ | ​ | ​                                         | ​ | — | ​ | ​ | ​ | ​ | ​ | 35,378 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total                                                  | ​ | ​ | ​                                         | $       |    3,200 | ​ | ​ | ​ | ​ | $ |  182,391 | ​ | ​ | ​ | ​ | $ |       — | ​ | ​ |
| ​                                                |
| ​ | Subsidiaries                            | ​ | ​ | Country ofIncorporation | ​ | ​ | Proportionof Interest | ​ |
|---------|-----------------------------------------|---------|---------|-------------------------|---------|---------|-----------------------|---------|
| ​ | MFC Commodities GmbH                    | ​ | ​ | Austria                 | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | MFC Trade & Financial Services GmbH | ​ | ​ | Austria                 | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | IC Managementservice GmbH               | ​ | ​ | Austria                 | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | International Trade Services GmbH       | ​ | ​ | Austria                 | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | MFC Commodities Trading GmbH            | ​ | ​ | Austria                 | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | MFC Metal Trading GmbH                  | ​ | ​ | Austria                 | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | Kasese Cobalt Company Limited           | ​ | ​ | Uganda                  | ​ | ​ | ​               | ​ | 75% | ​ | ​ |
| ​ | MFC (A) Ltd                             | ​ | ​ | Marshall Islands        | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | MFC (D) Ltd                             | ​ | ​ | Marshall Islands        | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | M Financial Corp.                       | ​ | ​ | Barbados                | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | MFC Corporate Services AG               | ​ | ​ | Switzerland             | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | GPT Global Pellets Trading GmbH         | ​ | ​ | Austria                 | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | MFC Power Limited Partnership           | ​ | ​ | Canada                  | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | MFC Resources Inc.                      | ​ | ​ | U.S.                    | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | Possehl Mexico S.A. de C.V              | ​ | ​ | Mexico                  | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | MFC Holding Norway AS                   | ​ | ​ | Norway                  | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | Fesil AS                                | ​ | ​ | Norway                  | ​ | ​ | ​               | ​ | 100% | ​ | ​ |

----

TABLE OF CONTENTS

| ​ | Subsidiaries                                            | ​ | ​ | Country ofIncorporation | ​ | ​ | Proportionof Interest | ​ |
|---------|---------------------------------------------------------|---------|---------|-------------------------|---------|---------|-----------------------|---------|
| ​ | Fesil Sales AS                                          | ​ | ​ | Norway                  | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | Fesil Rana Metall AS                                    | ​ | ​ | Norway                  | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | Fesil Sales GmbH                                        | ​ | ​ | Germany                 | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | Fesil Sales SA                                          | ​ | ​ | Luxembourg              | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | F.J. Elsner Trading Gesellschaft mbH                    | ​ | ​ | Austria                 | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | Mednet (Shanghai) Medical Technical Developing Co. Ltd. | ​ | ​ | China                   | ​ | ​ | ​               | ​ | 100% | ​ | ​ |
| ​ | Hangzhou Zhe-er Optical Co. Ltd.                        | ​ | ​ | China                   | ​ | ​ | ​               | ​ | 51% | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

| ExhibitNumber | ​ | ​ | Description                                                                                                                                                                                                                               | ​ |
|---------------|---------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 1.1           | ​ | ​ | Amended and Restated Articles of MFC Bancorp Ltd. dated November 14, 2014. Incorporated by reference from our Form 6-K dated November 14, 2014.                                                                                 | ​ |
| 1.2           | ​ | ​ | Certificate of Change of Name dated February 16, 2016 of MFC Bancorp Ltd. Incorporated by reference from our Form 6-K dated February 16, 2016.                                                                                  | ​ |
| 1.3           | ​ | ​ | Advance Notice Policy adopted by board of directors of MFC Bancorp Ltd. on November 18, 2013. Incorporated by reference from our Form 6-K dated November 19, 2013.                                                              | ​ |
| 4.1           | ​ | ​ | Amendment to Mining Lease Agreement dated January 1, 1987 between MFC Bancorp Ltd. and Wabush Iron Co. Limited, Stelco Inc. and Dofasco Inc. Incorporated by reference from our Form 10-K for the year ended December 31, 1989. | ​ |
| 4.2           | ​ | ​ | Memorandum of Agreement dated November 24, 1987 between MFC Bancorp Ltd. and Wabush Iron Co. Limited, Stelco Inc. and Dofasco Inc. Incorporated by reference from our Form 10-K for the year ended December 31, 1989.           | ​ |
| 4.3           | ​ | ​ | First Amendment to the Memorandum of Agreement between MFC Bancorp Ltd. and Wabush Iron Co. Limited, Stelco Inc. and Dofasco Inc. Incorporated by reference from our Form 10-K for the year ended December 31, 1989.                 | ​ |
| 4.4           | ​ | ​ | Amended 1997 Stock Option Plan. Incorporated by reference from our Form S-8 dated May 23, 2007.                                                                                                                                      | ​ |
| 4.5           | ​ | ​ | 2008 Equity Incentive Plan. Incorporated by reference from our Form F-4 dated October 7, 2010.                                                                                                                                       | ​ |
| 4.6           | ​ | ​ | Mutual Settlement Agreement between MFC Bancorp Ltd., Peter Kellogg and IAT Reinsurance Company, Ltd. dated February 7, 2014. Incorporated by reference from our Form 6-K dated February 10, 2014.                         | ​ |
| 4.7           | ​ | ​ | 2014 Equity Incentive Plan. Incorporated by reference from our Form 6-K dated October 10, 2014.                                                                                                                                      | ​ |
| 8.1           | ​ | ​ | List of significant subsidiaries of MFC Bancorp Ltd. as at May 2, 2016.                                                                                                                                                              | ​ |
| 11.1*         | ​ | ​ | Code of Business Conduct and Ethics and Insider Trading Policy.                                                                                                                                                                           | ​ |
| 12.1          | ​ | ​ | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                       | ​ |
| 12.2          | ​ | ​ | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                       | ​ |
| 13.1          | ​ | ​ | Certification of Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                        | ​ |
| 13.2          | ​ | ​ | Certification of Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                        | ​ |
| 15.1          | ​ | ​ | Consent dated May 2, 2016 of PricewaterhouseCoopers LLP.                                                                                                                                                                             | ​ |
| 15.3          | ​ | ​ | Third Party Report on Reserves.                                                                                                                                                                                                           | ​ |
| 15.4          | ​ | ​ | Consent dated May 2, 2016 of GLJ Petroleum Consultants Ltd.                                                                                                                                                                          | ​ |
| 16.1          | ​ | ​ | Mine Safety and Health Administration Safety Data.                                                                                                                                                                                        | ​ |

----

TABLE OF CONTENTS

----