----

| British Columbia                                               |   | 1041                                                     |
|----------------------------------------------------------------|--------|----------------------------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (Primary Standard Industrial Classification Code Number) |
| Title of each class |   | Name on each exchange on which registered |
|---------------------|--------|-------------------------------------------|
| NONE                |   | NONE                                      |
| Securities registered pursuant to Section 12(b) of the Act: |   | Securities registered pursuant to Section 12(g) of the Act: |
|-------------------------------------------------------------|--------|-------------------------------------------------------------|
| NONE                                                        |   | NONE                                                        |
| Large Accelerated Filer | ☐ | Accelerated Filer         | ☐ |
|-------------------------|---------|---------------------------|---------|
| Non-accelerated Filer   | ☐ | Smaller Reporting Company | ☒ |

----

----

| Corporation          | Incorporation   | Percentage ownership | Business Purpose                         |
|----------------------|-----------------|----------------------|------------------------------------------|
| Cerro Cazador S.A.   | Argentina       | 100%                 | Holder of Assets and Exploration Company |
| 1494716 Alberta Ltd. | Alberta, Canada | 100%                 | Nominee Shareholder                      |
| Hunt Gold USA LLC    | Washington, USA | 100%                 | Management Company                       |

----

| Silver | Year | High   | Low    |
|--------|------|--------|--------|
|   | 2010 | $30.70 | $15.14 |
|   | 2011 | $48.70 | $26.16 |
|   | 2012 | $37.23 | $26.67 |
|   | 2013 | $32.23 | $18.61 |
|   | 2014 | $22.05 | $15.28 |
|   | 2015 | $18.23 | $13.71 |

----

| Gold   | Year | High   | Low    |
|--------|------|--------|--------|
|   | 2010 | $1,420 | $1,058 |
|   | 2011 | $1,895 | $1,319 |
|   | 2012 | $1,792 | $1,540 |
|   | 2013 | $1,694 | $1,192 |
|   | 2014 | $1,385 | $1,142 |
|   | 2015 | $1,296 | $1,049 |

----

|           | Year 1       | Year 2                | Years 3 & 4       |         |
|----------------|--------------|-----------------------|-----------------------|--------------|
| Target Area    | To July 2008 | July 2008 toJuly 2009 | July 2009 toJuly 2011 | Totals       |
| Noreste Area   | US$300,000   | US$400,000            | US$500,000            | US$1,200,000 |
| Veta Norte     | 500,000      | 800,000               | 800,000               | 2,100,000    |
| Central Area   | 500,000      | 800,000               | 900,000               | 2,200,000    |
| Piedra Labrada | 200,000      | 100,000               | 200,000               | 500,000      |
| TOTAL US$      | US$1,500,000 | US$2,100,000          | US$2,400,000          | US$6,000,000 |

----

| 1. | CCSA posted a US$600,000 performance bond (equal to 10% of the total proposed exploration investment). |
|----|--------------------------------------------------------------------------------------------------------|

| 2. | CCSA must maintain the La Josefina mining rights by paying the annual canons due the province on the project's 398 pertenencias. |
|----|----------------------------------------------------------------------------------------------------------------------------------|

| 3. | CCSA must complete surface agreements (lease or buy) with the surface landowners, as required by the Federal mining law, to gain legal access to the farms (estancias) that cover the project.  Most of the project and all of the current target areas lie within two large farms that have been unoccupied for many years - Estancia La Josefina and Estancia Piedra Labrada. The major part of mineralization occurs on Estancia La Josefina, which CCSA purchased in 2007. CCSA rents Estancia Piedra Labrada, which it uses as an exploration field camp. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| · | Danilo Silva; General Manager of Hunt's Argentina Subsidiary – Has served as a Senior Geologist and Project Manager with Yamana Resources and Buenaventura mining companies in his homeland of Argentina, and as general manager for Platero Resources    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Vicente Sanchez; Exploration Manager  – Professional Geologist from Argentina who leads all Hunt's Argentinean geologic crews |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|

| · | Mariano Ibaldi; Exploration Data Management – Professional Geologist who is meticulous in his documentation and analysis of data collected from all forms of sampling |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Jorge Garay; Exploration Geologist – Senior Geologist and Project Manager with tremendous exploration experience in Santa Cruz |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| · | Klaus Triebel; Resource Estimation, Mine Planning & Pit Design – Most recently with Coeur as Manager – Resource Estimation, Mr. Triebel is a Senior Mine Geologist and Engineer |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Martin Fromm; Consultant – Mine Management – Mining Engineer from Argentina, recently a Project Manager for Patagonia Gold S.A. at their Capa Oeste and Lomada mines                          |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Boundary | Latitude/Longitude | Gauss-Krüger * |
|----------|--------------------|---------------------|
| North    | 47°45'00" S   | 4,711,533 N         |
| South    | 48°00'06" S   | 4,683,433 N         |
| East     | 69°10'47" W   | 2,486,505 E         |
| West     | 69°30'08" W   | 2,462,505 E         |

|  | * | The Argentine National Grid System (Gauss-Krüger) uses the Gauss-Krüger (also known as Transverse Mercator or TM) projection and is based on the Campo Inchauspe datum which uses the International 1924 (also known as Hayford) ellipsoid. Argentina is divided into seven zones which, similar to UTM zones, are north-south slices centered on 72°, 69°, 66°, 63°, 60°, 57°  and 54° W longitude.  Unlike UTM which effectively has two meridians of zero scale distortion, in Gauss-Krüger only the central meridian has zero scale distortion.  Unlike UTM where the easting offset is always 500,000m, each zone in the Gauss-Krüger Campo Inchauspe system has a different offset to remove coordinate ambiguity between zones.  Zone 1 has an easting offset of 1,500,000m with each successive zone adding 1,000,000m to the offset.  Consequently, grid coordinates are often quoted without explicitly specifying the zone as would normally be done with UTM coordinates. A new national grid named POSGAR is currently being introduced.  This datum uses the WGS84 ellipsoid and has already become common in some provinces. |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Manifestation of Discovery | File #       | Hectares |
|----------------------------|--------------|----------|
| Julia                      | 409.048/F/98 | 6        |
| Miguel Ángel          | 409.058/F/98 | 3,435    |
| Diana                      | 409.059/F/98 | 2,995    |
| Noemi                      | 409.060/F/98 | 3,013    |
| Rosella                    | 409.061/F/98 | 3,227    |
| Giuliana                   | 409.062/F/98 | 5,100    |
| Benjamin                   | 409.063/F/98 | 3,500    |
| Mariana T.                 | 409.064/F/98 | 3,500    |
| Ailín                 | 409.065/F/98 | 3,500    |
| Mirta Julia                | 409.066/F/98 | 3,500    |
| Ivo Gonzalo                | 409.067/F/98 | 3,500    |
| Maria José            | 409.068/F/68 | 3,500    |
| Matias Augusto             | 409.069/F/98 | 3,500    |
| Sofia Luján           | 409.070/F/98 | 3,500    |
| Lucas Marcelo              | 409.071/F/98 | 3,500    |
| Nicolás Alejandro     | 409.072/F/98 | 3,500    |
|                       | Total        | 52,776   |

----

----

----

----

| · | There is one outcrop of metamorphic basement rocks belonging to the Paleozoic-age La Modesta Formation |
|--------|--------------------------------------------------------------------------------------------------------|

| · | There are several small inliers of andesitic volcanics belonging to the  Bajo Pobre Formation which underlies the Chon Aike Formation |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

| · | The area is dominated by Jurassic-age rhyolitic volcanic units. They belong to Chon Aike Formation. |
|--------|-----------------------------------------------------------------------------------------------------|

| · | Sedimentary and volcaniclastic units of Roca Blanca and La Matilde Formations are not present in the area, or perhaps have not been recognized or mapped yet |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | About half of the area is covered by thin Quaternary basalt flows |
|--------|-------------------------------------------------------------------|

| · | The project is crossed by a number of conjugate NNW-SSE and NE-SW sets of strong fault lineaments which are similar to those occurring throughout the Deseado Massif region |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| · | To purchase an additional 10% in the JV corporation, Fomicruz must reimburse the Company for 10% of the exploration expenses made by the Company during the exploration period; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | To purchase the next 10% interest in the JV corporation, Fomicruz must reimburse the Company for 20% of the exploration expenses made by the Company during the exploration period; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| · | To purchase a final additional 20% interest in the JV Corporation, Fomicruz must reimburse the Company for 25% of the exploration expenses made by the Company during the exploration period; bringing Fomicruz's total ownership interest in the JV Corporation to 49%. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Year of the Agreement | Payment toFK Minera S.A. | ExplorationExpenditures | Ownership |
|-----------------------|--------------------------|-------------------------|-----------|
| First Year (2007)     | US$50,000                | US$250,000              | 0%        |
| Second Year (2008)    | US$30,000                | US$250,000              | 0%        |
| Third Year (2009)     | US$50,000                | $0                      | 51%       |
| Fourth Year (2010)    | US$50,000                | $0                      | 60%       |
| Fifth Year (2011)     | US$50,000                | $0                      | 100%      |

----

----

----

----

| Hole          | From (m) | To (m) | Length (m) | Au (g/t) |
|---------------|----------|--------|------------|----------|
| GAT-DDH06 001 | 146.6    | 147.4  | 0.80       | 11.70    |
| GAT-DDH06 001 | 140.2    | 140.8  | 0.60       | 8.24     |
| GAT-DDH06 001 | 142.5    | 143.2  | 0.70       | 6.50     |
| GAT-DDH06 001 | 144.0    | 145.0  | 1.00       | 4.78     |
| GAT-DDH06 001 | 141.4    | 142.0  | 0.60       | 3.92     |
| GAT-DDH06 001 | 145.0    | 145.8  | 0.80       | 3.82     |
| GAT-DDH06 001 | 139.7    | 140.2  | 0.50       | 3.76     |
| GAT-DDH06-006 | 21.0     | 22.5   | 1.50       | 3.64     |
| GAT-DDH06 001 | 139.2    | 139.7  | 0.50       | 3.03     |
| GAT-DDH06 001 | 143.2    | 144.0  | 0.80       | 2.92     |
| GAT-DDH07-007 | 33.0     | 33.5   | 0.50       | 2.61     |
| GAT-DDH06 001 | 140.8    | 141.4  | 0.60       | 2.52     |
| GAT-DDH06 001 | 137.7    | 138.7  | 1.00       | 2.39     |
| GAT-DDH07-008 | 58.6     | 59.5   | 0.90       | 2.33     |
| GAT-DDH06 001 | 145.8    | 146.6  | 0.80       | 1.89     |
| GAT-DDH07-008 | 55.4     | 55.9   | 0.50       | 1.77     |
| GAT-DDH07-008 | 57.2     | 58.0   | 0.80       | 1.34     |
| GAT-DDH07-012 | 9.0      | 9.5    | 0.50       | 1.32     |
| GAT-DDH06-003 | 36.7     | 37.5   | 0.76       | 1.30     |
| GAT-DDH07-013 | 10.0     | 11.0   | 1.00       | 1.29     |
| GAT-DDH07-012 | 35.0     | 36.0   | 1.00       | 1.08     |
| GAT-DDH06-004 | 67.0     | 68.0   | 1.00       | 1.07     |
| GAT-DDH07-007 | 32.0     | 32.6   | 0.50       | 1.07     |
| GAT-DDH06-004 | 16.0     | 17.0   | 1.00       | 1.01     |

----

| ITEM 5. | MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
|---------|--------------------------------------------------------------------------------------------------------------|

|           | High$  | Low$   | Volume(shares) |
|----------------|--------|--------|----------------|
| 2014           |   |   |           |
| First Quarter  | 0.43   | 0.17   | 361,300        |
| Second Quarter | 0.52   | 0.17   | 130,100        |
| Third Quarter  | 0.34   | 0.17   | 21,500         |
| Fourth Quarter | 0.17   | 0.09   | 110,200        |
|           |   |   |           |
| 2015           |   |   |           |
| First Quarter  | 0.29   | 0.07   | 2,649,700      |
| Second Quarter | 0.14   | 0.01   | 256,700        |
| Third Quarter  | 0.04   | 0.01   | 1,275,500      |
| Fourth Quarter | 0.02   | 0.01   | 738,800        |

----

|   | High   | Low    |
|--------|--------|--------|
|   |   |   |
| Jan-16 | 1.3983 | 1.3873 |
| Dec-15 | 1.3903 | 1.3825 |
| Nov-15 | 1.3375 | 1.3312 |
| Oct-15 | 1.3193 | 1.3056 |
| Sep-15 | 1.3425 | 1.3340 |
| Aug-15 | 1.3327 | 1.3153 |
|                  | Year Ended December 31(Canadian $ per U.S. $) |
|-----------------------|-----------------------------------------------|
|                  | 2015                                          | 2014 |
| Rate at end of Period | 1.384                                         | 1.1601 |
| Low                   | 1.1728                                        | 1.1565 |
| High                  | 1.3990                                        | 1.1607 |
| Securities                                                                                | Outstanding                                                                                                                                                                                                                                                |
|-------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Voting equity securities issued and outstanding(1)                                        | 62,150,298 common shares                                                                                                                                                                                                                              |
| Securities convertible or exercisable into voting equity securities – stock options | Stock options to acquire up to 434,753 common shares                                                                                                                                                                                                  |
| Securities convertible or exercisable into voting equity securities – warrants      | 22,500,000 warrants to acquire 22,500,000 common shares at an exercise price of $0.075 CAD per share before July 20, 2020 25,000,000 warrants to acquire 25,000,000 common shares at an exercise price of $0.05 CAD per share before October 13, 2020 |

----

| (1) | On June 24, 2015, the Company's common shares were consolidated on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares.  All common share, share option, share purchase warrant and per share figures have been adjusted to reflect the 1 for 10 share consolidation. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                         | December 31, 2015 | December 31, 2014     |
|----------------------------------------------|-------------------|-----------------------|
|                                         | Number ofoptions  | WeightedAverage Price | Number ofoptions | WeightedAverage Price |
| Balance, beginning of period                 | 494,753           | $                     | 1.52 | 688,253 | $ | 2.67 |
| Granted to officers and directors            | -                 | $                     | - | 285,000 | $ | 0.86 |
| Forfeiture of stock options                  | -                 | $                     | - | (200,000) | $ | 2.50 |
| Expiration of stock options                  | (60,000)          | $                     | 4.70 | (278,500) | $ | 2.59 |
| Balance, end of period                       | 434,753           | $                     | 1.15 | 494,753 | $ | 1.81 |
| Number of shares available under option plan | 5,780,277         |                  |   | 970,195 |   |   |
| Plan category                                              | Number of securitiesissued upon exercise ofoutstanding options,warrants and rights | Weighted-averageexercise price ofoutstanding options,warrants and rights | Number of securities remainingavailable for future issuanceunder equity compensation plans(excluding securities reflected incolumn (a)) |
|------------------------------------------------------------|------------------------------------------------------------------------------------|--------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|                                                       |                                                                               |                                                                     |                                                                                                                                    |
| Equity compensation plans approved by security holders     | 325,000                                                                            | $0.83                                                                    | 5,780,277                                                                                                                               |
|                                                       |                                                                               |                                                                     |                                                                                                                                    |
| Equity compensation plans not approved by security holders | 0                                                                                  | 0                                                                        | 0                                                                                                                                       |

----

| ITEM 7. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------|

----

|                                         |                     |                     | Change from prior year   |
|----------------------------------------------|--------------------------|--------------------------|--------------------------|
|                                         | December 31,2015Restated | December 31,2014Restated | December 31,2015Restated |
| Net loss for the period                      | $                        | (2,466,497)              | $                        | (3,005,531) | $ | 539,034 |
| Net loss per share – basic and diluted |                     | (0.08)                   |                     | (0.24) |   | 0.16 |
| Working capital                              |                     | (1,493,831)              |                     | (565,369) |   | (928,462) |
| Total assets                                 |                     | 1,274,677                |                     | 1,357,382 |   | (82,705) |
| Total non-current liabilities                |                     | 250,000                  |                     | 195,760 |   | 54,240 |
| Total shareholders' equity                   |                     | (594,346)                |                     | 425,305 |   | (1,019,651) |

----

|                                                                                 | Payments due by period |
|--------------------------------------------------------------------------------------|------------------------|
| Contractual obligations                                                              | Total                  | Less than 1 year | 1-3 years | 3-5 years | More than 5 years |
| [Long-Term Debt Obligations]                                                         | 0                      | 0 | 0 | 0 | 0 |
| [Capital Lease Obligations]                                                          | 0                      | 0 | 0 | 0 | 0 |
| [Operating Lease Obligations]                                                        | 0                      | 0 | 0 | 0 | 0 |
| [Purchase Obligations]                                                               | 0                      | 0 | 0 | 0 | 0 |
| [Other Long-Term Liabilities Reflected on the Registrant's Balance Sheet under GAAP] | 0                      | 0 | 0 | 0 | 0 |
| TOTAL                                                                                | 0                      | 0 | 0 | 0 | 0 |

----

----

----

----

| Years ended December 31, 2015 and 2014                       | Page   |
|--------------------------------------------------------------|--------|
|                                                         |   |
| Consolidated Statements of Balance Sheets                    | 30     |
|                                                         |   |
| Consolidated Statements of Operations and Comprehensive Loss | 31     |
|                                                         |   |
| Consolidated Statement of Changes in Stockholders' Equity    | 32     |
|                                                         |   |
| Consolidated Statements of Cash Flows                        | 33     |
|                                                         |   |
| Notes to the Consolidated Financial Statements               | 34     |

----

| Vancouver, Canada | Chartered Professional Accountants |
|-------------------|------------------------------------|
|              |                               |
| May 16, 2017      |                               |

----

| Hunt Mining Corp.                                                                                                                                |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Expressed in U.S. Dollars                                                                                                                        |   |
|                                                                                                                                             |   |
| Consolidated Balance Sheets                                                                                                                      |   |
|                                                                                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                                                                                             |   | NOTE |   |   | December 31,2015 |   |   | December 31,2014 |   |
|                                                                                                                                             |   |   |   |   | (Note 19) |   |   | (Note 19) |   |
| CURRENT ASSETS:                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Cash                                                                                                                                             |   |   |   |   | $ | 32,683 |   |   | $ | 99,365 |   |
| Accounts receivable                                                                                                                              |   |   |   |   |   | 85,982 |   |   |   | 59,969 |   |
| Prepaid expenses                                                                                                                                 |   |   |   |   |   | 6,527 |   |   |   | 11,614 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| NON-CURRENT ASSETS:                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Property and equipment                                                                                                                           |   |   | 9 |   |   |   | 728,498 |   |   |   | 813,262 |   |
| Performance bond                                                                                                                                 |   |   | 11 |   |   |   | 352,578 |   |   |   | 290,432 |   |
| Other deposit                                                                                                                                    |   |   | 17a |   |   |   | 68,409 |   |   |   | 82,740 |   |
| Total Non-Current Assets:                                                                                                                        |   |   |   |   |   |   | 1,149,485 |   |   |   | 1,186,434 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL ASSETS:                                                                                                                                    |   |   |   |   |   | $ | 1,274,677 |   |   | $ | 1,357,382 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Bank indebtedness                                                                                                                                |   |   | 12 |   |   | $ | 29,362 |   |   | $ | - |   |
| Accounts payable and accrued liabilities                                                                                                         |   |   |   |   |   |   | 1,508,028 |   |   |   | 629,139 |   |
| Transaction taxes payable                                                                                                                        |   |   |   |   |   |   | 81,633 |   |   |   | 107,178 |   |
| Total Current Liabilities:                                                                                                                       |   |   |   |   |   |   | 1,619,023 |   |   |   | 736,317 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| NON-CURRENT LIABILITIES:                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Loan payable                                                                                                                                     |   |   | 12 |   |   |   | - |   |   |   | 70,760 |   |
| Contingent liability                                                                                                                             |   |   | 17a |   |   |   | 250,000 |   |   |   | 125,000 |   |
| Total Non-Current Liabilities:                                                                                                                   |   |   |   |   |   |   | 250,000 |   |   |   | 195,760 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES:                                                                                                                               |   |   |   |   |   | $ | 1,869,023 |   |   | $ | 932,077 |   |
|                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY (DEFICIENCY):                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital stock: Authorized- Unlimited No Par Value Issued and outstanding- 62,150,298 common shares (December 31, 2014 - 14,650,298 commonshares) |   |   | 10 |   |   | $ | 24,560,711 |   |   | $ | 23,916,232 |   |
| Additional paid in capital                                                                                                                       |   |   |   |   |   |   | 9,296,239 |   |   |   | 8,668,814 |   |
| Deficit                                                                                                                                          |   |   |   |   |   |   | (34,540,496 | ) |   |   | (32,073,999 | ) |
| Accumulated other comprehensive income (loss)                                                                                                    |   |   |   |   |   |   | 89,200 |   |   |   | (85,742 | ) |
| Total Stockholders' Equity (Deficiency):                                                                                                         |   |   |   |   |   |   | (594,346 | ) |   |   | 425,305 |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY):                                                                                         |   |   |   |   |   | $ | 1,274,677 |   |   | $ | 1,357,382 |   |

----

----

| Hunt Mining Corp.                                            |   |
|--------------------------------------------------------------|--------|
| Expressed in U.S. Dollars                                    |   |
|                                                         |   |
| Consolidated Statements of Operations and Comprehensive Loss |   |
|                                                         |   |   |   |   |   |   |
|                                                         |   |   |   |   | Years ended December 31, |   |
|                                                         |   | NOTE |   |   | 2015 |   |   | 2014 |   |
|                                                         |   |   |   |   | (Note 19) |   |   | (Note 19) |   |
| OPERATING EXPENSES:                                          |   |   |   |   |   |   |   |   |   |
| Professional fees                                            |   |   | 14 |   |   | $ | 297,012 |   |   | $ | 356,223 |   |
| Exploration expenses                                         |   |   |   |   |   |   | 370,225 |   |   |   | 1,018,280 |   |
| Travel expenses                                              |   |   |   |   |   |   | 149,057 |   |   |   | 171,505 |   |
| Administrative and office expenses                           |   |   | 14 |   |   |   | 349,651 |   |   |   | 267,046 |   |
| Payroll expenses                                             |   |   |   |   |   |   | 519,302 |   |   |   | 674,558 |   |
| Share based compensation                                     |   |   | 10 |   |   |   | 1,542 |   |   |   | 52,516 |   |
| Banking charges                                              |   |   |   |   |   |   | 42,059 |   |   |   | 50,416 |   |
| Depreciation                                                 |   |   | 9 |   |   |   | 87,784 |   |   |   | 232,586 |   |
| Total operating expenses:                                    |   |   |   |   |   |   | 1,816,632 |   |   |   | 2,823,130 |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER INCOME/(EXPENSE):                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                              |   |   |   |   |   |   | 10,567 |   |   |   | 16,719 |   |
| Miscellaneous income (expense)                               |   |   |   |   |   |   | 6,954 |   |   |   | (3,656 | ) |
| Transaction taxes                                            |   |   |   |   |   |   | (69,104 | ) |   |   | (65,652 | ) |
| Loss on foreign exchange                                     |   |   |   |   |   |   | (473,282 | ) |   |   | (129,812 | ) |
| Contingent liability accrual                                 |   |   | 17a |   |   |   | (125,000 | ) |   |   | - |   |
| Total other income/(expense):                                |   |   |   |   |   |   | (649,865 | ) |   |   | (182,401 | ) |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| NET LOSS FOR THE YEAR                                        |   |   |   |   |   | $ | (2,466,497 | ) |   | $ | (3,005,531 | ) |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income (loss), net of tax:               |   |   |   |   |   |   |   |   |   |   |   |   |
| Change in value of performance bond                          |   |   | 11 |   |   |   | 62,146 |   |   |   | (3,019 | ) |
| Foreign currency translation adjustment                      |   |   |   |   |   |   | 112,796 |   |   |   | (228,467 | ) |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL NET LOSS AND COMPREHENSIVE LOSS FOR THE YEAR:          |   |   |   |   |   | $ | (2,291,555 | ) |   | $ | (3,237,017 | ) |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding - basic and diluted      |   |   |   |   |   |   | 30,170,846 |   |   |   | 12,539,893 |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| NET LOSS PER SHARE - BASIC AND DILUTED:                      |   |   |   |   |   | $ | (0.08 | ) |   | $ | (0.24 | ) |

----

----

| Hunt Mining Corp.                                                      |   |
|------------------------------------------------------------------------|--------|
| Expressed in U.S. Dollars                                              |   |
|                                                                   |   |
| Consolidated Statement of Changes in Stockholders' Equity (Deficiency) |   |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   | Capital Stock |   |   | Deficit |   |   | AccumulatedOtherComprehensiveIncoem (Loss) |   |   | AdditionalPaid inCapital |   |   | Total |   |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance - January 1, 2014                                              |   | $ | 23,610,314 |   |   | $ | (29,068,468 | ) |   | $ | 145,744 |   |   | $ | 8,477,721 |   |   | $ | 3,165,311 |   |
| Net Loss                                                               |   |   | - |   |   |   | (3,005,531 | ) |   |   | - |   |   |   | - |   |   |   | (3,005,531 | ) |
| Other comprehensive loss                                               |   |   |   |   |   |   | - |   |   |   | (231,486 | ) |   |   | - |   |   |   | (231,486 | ) |
| Capital stock issued, net                                              |   |   | 452,956 |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | 452,956 |   |
| Warrants issued                                                        |   |   | (138,577 | ) |   |   |   |   |   |   |   |   |   |   | 138,577 |   |   |   | - |   |
| Share issue costs                                                      |   |   | (8,461 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (8,461 | ) |
| Share based compensation                                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 52,516 |   |   |   | 52,516 |   |
| Balance - December 31, 2014                                            |   | $ | 23,916,232 |   |   | $ | (32,073,999 | ) |   | $ | (85,742 | ) |   | $ | 8,668,814 |   |   | $ | 425,305 |   |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance - January 1, 2015                                              |   | $ | 23,916,232 |   |   | $ | (32,073,999 | ) |   | $ | (85,742 | ) |   | $ | 8,668,814 |   |   | $ | 425,305 |   |
| Net Loss                                                               |   |   | - |   |   |   | (2,466,497 | ) |   |   | - |   |   |   | - |   |   |   | (2,466,497 | ) |
| Other comprehensive loss                                               |   |   | - |   |   |   | - |   |   |   | 174,942 |   |   |   | - |   |   |   | 174,942 |   |
| Capital stock issued, net                                              |   |   | 1,270,362 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,270,362 |   |
| Portion of units attributable to warrants issued                       |   |   | (625,883 | ) |   |   | - |   |   |   | - |   |   |   | 625,883 |   |   |   | - |   |
| Share based compensation                                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,542 |   |   |   | 1,542 |   |
| Balance - December 31, 2015                                            |   | $ | 24,560,711 |   |   | $ | (34,540,496 | ) |   | $ | 89,200 |   |   | $ | 9,296,239 |   |   | $ | (594,346 | ) |

----

----

| Hunt Mining Corp.                                            |   |
|--------------------------------------------------------------|--------|
| An Exploration Stage Enterprise                              |   |
| Expressed in U.S. Dollars                                    |   |
|                                                         |   |
| Consolidated Statements of Cash Flows                        |   |
|                                                         |   |   |   |   |   |   |
|                                                         |   |   |   |   | Years ended December 31, |   |
|                                                         |   | NOTE |   |   | 2015 |   |   | 2014 |   |
|                                                         |   |   |   |   | (Note 19) |   |   | (Note 19) |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                        |   |   |   |   |   |   |   |   |   |
| Net loss                                                     |   |   |   |   | $ | (2,466,497 | ) |   | $ | (3,005,531 | ) |
| Items not affecting cash                                     |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                 |   |   | 9 |   |   |   | 87,784 |   |   |   | 232,586 |   |
| Gain of foreign exchange                                     |   |   |   |   |   |   | 14,331 |   |   |   | 77,699 |   |
| Share based compensation                                     |   |   | 10 |   |   |   | 1,542 |   |   |   | 52,516 |   |
| Realized gain on marketable securities                       |   |   |   |   |   |   | (7,009 | ) |   |   | (6,901 | ) |
| Contingent liability accrual                                 |   |   |   |   |   |   | 125,000 |   |   |   | - |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in non-cash working capital items                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Decrease (increase) in accounts receivable                   |   |   |   |   |   |   | (24,677 | ) |   |   | 54,736 |   |
| Decrease (increase) in prepaid expenses                      |   |   |   |   |   |   | 6,317 |   |   |   | 14,792 |   |
| Increase in accounts payable and accrued liabilities         |   |   |   |   |   |   | 797,932 |   |   |   | 363,142 |   |
| Decrease in transaction taxes payable                        |   |   |   |   |   |   | (25,545 | ) |   |   | (191,413 | ) |
| Net cash used in operating activities                        |   |   |   |   |   |   | (1,490,822 | ) |   |   | (2,408,374 | ) |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of property and equipment                          |   |   | 9 |   |   |   | (3,020 | ) |   |   | (4,784 | ) |
| Net cash used in investing activities                        |   |   |   |   |   |   | (3,020 | ) |   |   | (4,784 | ) |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from issuance of share capital                      |   |   | 10 |   |   |   | 1,270,362 |   |   |   | 452,956 |   |
| Share issue costs                                            |   |   |   |   |   |   | - |   |   |   | (8,461 | ) |
| Change in bank indebtedness                                  |   |   | 12 |   |   |   | 29,362 |   |   |   | - |   |
| Purchase of marketable securities                            |   |   |   |   |   |   | (475,113 | ) |   |   | (1,580,981 | ) |
| Sale of marketable securities                                |   |   |   |   |   |   | 482,122 |   |   |   | 1,574,097 |   |
| Proceeds from loan                                           |   |   |   |   |   |   | - |   |   |   | 70,760 |   |
| Repayment of loan                                            |   |   |   |   |   |   | (70,760 | ) |   |   | - |   |
| Net cash from financing activities                           |   |   |   |   |   |   | 1,235,973 |   |   |   | 508,371 |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH:                             |   |   |   |   |   |   | (257,869 | ) |   |   | (1,904,787 | ) |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |   |   |   |   |   |   | 191,187 |   |   |   | (218,539 | ) |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH, BEGINNING OF YEAR:                                     |   |   |   |   |   |   | 99,365 |   |   |   | 2,222,691 |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH, END OF YEAR:                                           |   |   |   |   |   | $ | 32,683 |   |   | $ | 99,365 |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxes paid                                                   |   |   |   |   |   | $ | - |   |   | $ | - |   |
| Interest paid                                                |   |   |   |   |   | $ | 875 |   |   | $ | - |   |

----

----

----

| Corporation                 | Incorporation   | Percentage ownership | Business Purpose                        |
|-----------------------------|-----------------|----------------------|-----------------------------------------|
| Cerro Cazador S.A. ("CCSA") | Argentina       | 100%                 | Holder of Assets andExploration Company |
| 1494716 Alberta Ltd.        | Alberta         | 100%                 | Nominee Shareholder                     |
| Hunt Gold USA LLC           | Washington, USA | 100%                 | Management Company                      |

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

|                         |   | Land   |    |   | Vehicles andequipment |   |      | Total  |   |
|------------------------------|--------|--------|---------|--------|-----------------------|--------|-----------|--------|--------|
| Cost                         |   |   |    |   |                  |   |      |   |   |
| Balance at December 31, 2013 |   | $      | 710,993 |   |                  | $      | 1,128,143 |   |   | $ | 1,839,136 |   |
| Additions                    |   |   | 3,110   |   |                  |   | 1,674     |   |   |   | 4,784 |   |
| Balance at December 31, 2014 |   |   | 714,103 |   |                  |   | 1,129,817 |   |   |   | 1,843,920 |   |
| Additions                    |   |   | -       |   |                  |   | 3,020     |   |   |   | 3,020 |   |
| Balance at December 31, 2015 |   | $      | 714,103 |   |                  | $      | 1,132,837 |   |   | $ | 1,846,940 |   |
|                         |   |   |    |   |                  |   |      |   |   |   |   |   |
| Accumulated amortization     |   |   |    |   |                  |   |      |   |   |   |   |   |
| Balance at December 31, 2013 |   | $      | -       |   |                  | $      | 798,072   |   |   | $ | 798,072 |   |
| Depreciation for the year    |   |   | -       |   |                  |   | 232,586   |   |   |   | 232,586 |   |
| Balance at December 31, 2014 |   |   | -       |   |                  |   | 1,030,658 |   |   |   | 1,030,658 |   |
| Depreciation for the year    |   |   | -       |   |                  |   | 87,784    |   |   |   | 87,784 |   |
| Balance at December 31, 2015 |   | $      | -       |   |                  | $      | 1,118,442 |   |   | $ | 1,118,442 |   |
|                         |   |   |    |   |                  |   |      |   |   |   |   |   |
| Net book value               |   |   |    |   |                  |   |      |   |   |   |   |   |
| At December 31, 2014         |   | $      | 714,103 |   |                  | $      | 99,159    |   |   | $ | 813,262 |   |
| At December 31, 2015         |   | $      | 714,103 |   |                  | $      | 14,395    |   |   | $ | 728,498 |   |

|       a) | Authorized: |
|-----------------------------------|-------------|

----

----

----

| Common Shares                                    |   | Year ended        |       |   | Year ended        |   |
|--------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|
|                                             |   | December 31, 2015 |       |   | December 31, 2014 |   |
|                                             |   | Number            |       |   | Amount            |   |   | Number |   |   | Amount |   |
| Balance, beginning of year                       |   |              | 14,650,298 |   |              | $      | 23,916,232 |   |   |   | 12,150,298 |   |   | $ | 23,610,314 |   |
| Non-brokered private placements                  |   |              | 47,500,000 |   |              |   | 1,270,362 |   |   |   | 2,500,000 |   |   |   | 452,956 |   |
| Exercise of stock options                        |   |              | -          |   |              |   | (625,883 | ) |   |   | - |   |   |   | (138,577 | ) |
| Portion of units attributable to warrants issued |   |              | -          |   |              |   | - |   |   |   | - |   |   |   | (8,461 | ) |
| Balance, end of year                             |   |              | 62,150,298 |   |              | $      | 24,560,711 |   |   |   | 14,650,298 |   |   | $ | 23,916,232 |   |
| Warrants                                         |   | Year ended        |       |   | Year ended        |   |
|--------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|
|                                             |   | December 31, 2015 |       |   | December 31, 2014 |   |
|                                             |   | Number            |       |   | Amount            |   |   | Number |   |   | Amount |   |
| Balance, beginning of year                       |   |              | 2,500,000  |   |              | $      | 138,577 |   |   |   | - |   |   | $ | - |   |
| Portion of units attributable to warrants issued |   |              | 47,500,000 |   |              |   | 625,883 |   |   |   | 2,500,000 |   |   |   | 138,577 |   |
| Expiry of warrants                               |   |              | (2,500,000 | )      |              |   | (138,577 | ) |   |   | - |   |   |   | - |   |
| Balance, end of year                             |   |              | 47,500,000 |   |              | $      | 625,883 |   |   |   | 2,500,000 |   |   | $ | 138,577 |   |

| b) | Common share issuances |
|----|------------------------|

|                    |   | October 13, 2015 |   |
|-------------------------|--------|------------------|--------|
| Risk free interest rate |   |             | 1.01   | % |
| Expected volatility     |   |             | 211.64 | % |
| Expected life (years)   |   |             | 5      |   |
| Expected dividend yield |   |             | 0      | % |
| Forfeiture rate         |   |             | 0      | % |
| Stock price             |   | CAD 0.02         |   |
|                    |   | July 20, 2015 |   |
|-------------------------|--------|---------------|--------|
| Risk free interest rate |   |          | 0.42   | % |
| Expected volatility     |   |          | 205.09 | % |
| Expected life (years)   |   |          | 5      |   |
| Expected dividend yield |   |          | 0      | % |
| Forfeiture rate         |   |          | 0      | % |
| Stock price             |   | CAD 0.05      |   |

----

----

----

|                    |   | November 4, 2014 |   |
|-------------------------|--------|------------------|--------|
| Risk free interest rate |   |             | 1.01   | % |
| Expected volatility     |   |             | 187.55 | % |
| Expected life (years)   |   |             | 1      |   |
| Expected dividend yield |   |             | 0      | % |
| Forfeiture rate         |   |             | 0      | % |
| Stock price             |   | CAD 0.20         |   |
|          |   | Range ofExercise prices(CAD) |         |   | Numberoutstanding |   |    | Weightedaverage life(years) |   |   | Weighted averageexercise price(CAD) |   |   | Numberexercisable onDecember 31,2015 |   |
|---------------|--------|------------------------------|--------------|--------|-------------------|--------|---------|-----------------------------|--------|--------|-------------------------------------|--------|--------|--------------------------------------|--------|
| Stock Options |   | $                            | 0.15 - $3.00 |   |              |   | 434,753 |                        |   |   | 2.64                                |   |   | $                                    | 1.59   |   |   |   | 434,753 |   |
|                        |   | December 31, 2015 |    |   | December 31, 2014          |   |
|-----------------------------|--------|-------------------|---------|--------|----------------------------|--------|
|                        |   | Number ofOptions  |    |   | WeightedAverage Price(CAD) |   |   | Number ofoptions |   |   | WeightedAverage Price(CAD) |   |
| Balance, beginning of year  |   |              | 494,753 |   |                       | $      | 2.10 |   |   |   | 688,253 |   |   | $ | 3.10 |   |
| Granted                     |   |              | -       |   |                       | $      | 0.00 |   |   |   | 285,000 |   |   | $ | 1.00 |   |
| Forfeiture of stock options |   |              | -       |   |                       | $      | 0.00 |   |   |   | (200,000 | ) |   | $ | 2.90 |   |
| Expiration of stock options |   |              | (60,000 | )      |                       | $      | 6.50 |   |   |   | (278,500 | ) |   | $ | 3.00 |   |
| Balance, end of year        |   |              | 434,753 |   |                       | $      | 1.59 |   |   |   | 494,753 |   |   | $ | 2.10 |   |

----

----

----

|                    |   | April 4, 2014 |   |
|-------------------------|--------|---------------|--------|
| Risk free interest rate |   |          | 1.52   | % |
| Expected volatility     |   |          | 186.86 | % |
| Expected life (years)   |   |          | 5      |   |
| Expected dividend yield |   |          | 0      | % |
| Forfeiture rate         |   |          | 36.79  | % |
| Stock price             |   | CAD 0.34      |   |

| c) | Warrants: |
|----|-----------|

| Warrants |   | Range ofExercise prices(CAD) |         |   | Numberoutstanding |   |       | Weightedaverage life(years) |   |   | WeightedAverageexercise price(CAD) |   |
|----------|--------|------------------------------|--------------|--------|-------------------|--------|------------|-----------------------------|--------|--------|------------------------------------|--------|
|     |   |                         | 0.05 - 0.075 |   |              |   | 47,500,000 |                        |   |   | 4.68                               |   |   | $ | 0.06 |   |
|                       |   | December 31, 2015 |       |   | December 31, 2014          |   |
|----------------------------|--------|-------------------|------------|--------|----------------------------|--------|
|                       |   | Number ofwarrants |       |   | WeightedAverage Price(CAD) |   |   | Number ofwarrants |   |   | WeightedAverage Price(CAD) |   |
| Balance, beginning of year |   |              | 2,500,000  |   |                       | $      | 0.50 |   |   |   | - |   |   |   | - |   |
| Warrants (Note 10(b))      |   |              | -          |   |                       |   | - |   |   |   | 2,500,000 |   |   | $ | 0.50 |   |
| Expiration of warrants     |   |              | (2,500,000 | )      |                       | $      | 0.50 |   |   |   | - |   |   |   | - |   |
| Warrants (Note 10(b))      |   |              | 22,500,000 |   |                       | $      | 0.08 |   |   |   | - |   |   |   | - |   |
| Warrants (Note 10(b))      |   |              | 25,000,000 |   |                       | $      | 0.05 |   |   |   | - |   |   |   | - |   |
| Balance, end of year       |   |              | 47,500,000 |   |                       | $      | 0.06 |   |   |   | 2,500,000 |   |   | $ | 0.50 |   |

----

----

----

|                                                               |   | 2015   |       |   | 2014   |   |
|--------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                               |   |   |       |   |   |   |
| Loss for the year                                                  |   | $      | (2,466,497 | )      |   | $      | (3,005,531 | ) |
|                                                               |   |   |       |   |   |   |   |   |
| Expected income tax (recovery)                                     |   | $      | (641,000   | )      |   | $      | (759,000 | ) |
| Change in statutory, foreign tax, foreign exchange rates and other |   |   | (99,000    | )      |   |   | (247,000 | ) |
| Permanent Difference                                               |   |   | (199,000   | )      |   |   | 402,000 |   |
| Change in unrecognized deductible temporary differences            |   |   | 939,000    |   |   |   | 604,000 |   |
| Total income tax expense (recovery)                                |   | $      | -          |   |   | $      | - |   |
|                                           |   | 2015   |       |   | 2014   |   |
|------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Deferred Tax Assets (liabilities)              |   |   |       |   |   |   |
| Property and equipment                         |   |   | 1,000      |   |   |   | 1,000 |   |
| Share issue costs                              |   |   | 1,000      |   |   |   | 50,000 |   |
| Non-capital losses available for future period |   |   | 4,162,000  |   |   |   | 3,175,000 |   |
|                                           |   |   | 4,164,000  |   |   |   | 3,226,000 |   |
| Valuation allowance                            |   |   | (4,164,000 | )      |   |   | (3,226,000 | ) |
| Net deferred tax assets                        |   | $      | -          |   |   | $      | - |   |

----

----

----

|                                           |   | 2015   |       | Expiry Date Range |           | 2014   |   | Expiry Date Range        |
|------------------------------------------------|--------|--------|------------|-------------------|----------------|--------|--------|--------------------------|
| Temporary Differences                          |   |   |       |              |           |   |   |      |
| Property and equipment                         |   |   | 2,000      |              | No expiry date |   |   | 4,000                    |   | No expiry date |
| Share issue costs                              |   |   | 4,000      |              | 2035 to 2038   |   |   | 192,000                  |   | 2035 to 2038 |
| Non-capital losses available for future period |   |   | 12,424,000 |              | 2016 to 2035   |   |   | 9,557,000                |   | 2016 to 2034 |
|                     |   | Year Ended        |    |
|--------------------------|--------|-------------------|---------|
|                     |   | December 31, 2015 |    |   | December 31, 2014 |   |
| Salaries and benefits    |   | $                 | 163,531 |   |   | $ | 178,633 |   |
| Consulting fees          |   |              | 142,583 |   |   |   | 146,515 |   |
| Share based compensation |   |              | 1,073   |   |   |   | 48,375 |   |
|                     |   | $                 | 307,187 |   |   | $ | 373,522 |   |

----

----

----

| · | Level 1:  inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.  Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Level 2:  inputs, other than quoted prices, that are observable, either directly or indirectly.  Level 2 valuations are based on inputs, including quoted forward prices for commodities, market interest rates, and volatility factors, which can be observed or corroborated in the market place. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Level 3:  inputs are less observable, unavoidable or where the observable data does not support the majority of the instruments' fair value. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|                                     |   | December 31, 2015 |      |   | December 31, 2014 |   |
|------------------------------------------|--------|-------------------|-----------|--------|-------------------|--------|
|                                     |   | Carrying amount$  |      |   | Fair value$       |   |   | Carrying amount$ |   |   | Fair value$ |   |
| Financial Assets                         |   |              |      |   |              |   |   |   |   |   |   |   |
| FVTPL                                    |   |              |      |   |              |   |   |   |   |   |   |   |
| Cash (Level 1)                           |   |              | 32,683    |   |              |   | 32,683 |   |   |   | 99,365 |   |   |   | 99,365 |   |
| Available for sale                       |   |              |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Performance bond (Level 1)               |   |              | 352,578   |   |              |   | 352,578 |   |   |   | 290,432 |   |   |   | 290,432 |   |
| Loans and receivables                    |   |              |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Accounts receivable                      |   |              | 85,982    |   |              |   | 85,982 |   |   |   | 59,969 |   |   |   | 59,969 |   |
|                                     |   |              |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Financial Liabilities                    |   |              |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Other financial liabilities              |   |              |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Bank indebtedness                        |   |              | 29,362    |   |              |   | 29,362 |   |   |   | - |   |   |   | - |   |
| Accounts payable and accrued liabilities |   |              | 1,508,028 |   |              |   | 1,508,028 |   |   |   | 629,139 |   |   |   | 629,139 |   |
| Purchase price payable                   |   |              | -         |   |              |   | - |   |   |   | - |   |   |   | - |   |
| Transaction taxes payable                |   |              | 81,633    |   |              |   | 81,633 |   |   |   | 107,178 |   |   |   | 107,178 |   |

----

----

----

| a) | On March 18, 2011, a lawsuit was filed against the Company and its subsidiaries by a former director and consultant, "the Consultant".  The lawsuit claimed that the Consultant was an employee of the Company, not a consultant, since 2006.  The total value of the claim was US$249,041, including wages, alleged bonus payments, interest and penalties.  The consolidated financial statements include a provision of $250,000 at December 31, 2015 (December 31, 2014 - $125,000).  Management intends to defend the Company and its subsidiaries to the fullest extent possible. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b) | On October 31, 2011, the Company signed an agreement with the owners of the Piedra Labrada Ranch for the use and lease of facilities on the same premises as the Company's La Josefina facilities.  The initial term was for three years beginning November 1, 2011 and ended on October 31, 2014, including annual commitments of $60,000. The Company extended this agreement on April 30, 2015 for three years. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Consideration Paid:         |   |   |      |
|-----------------------------|--------|--------|-----------|
| Cash consideration paid:    |   | $      | 3,000,000 |   |
| Transaction costs incurred: |   |   | 129,360   |   |
|                        |   | $      | 3,129,360 |   |
| Net identifiable assets acquired: |   |   |      |
|-----------------------------------|--------|--------|-----------|
| Vehicles and Equipment            |   | $      | 1,101,504 |   |
| Buildings                         |   |   | 170,996   |   |
| Plant                             |   |   | 1,775,536 |   |
| Land                              |   |   | 321,294   |   |
| Mineral properties                |   |   | 438,062   |   |
| Asset retirement obligation       |   |   | (678,032  | ) |
|                              |   | $      | 3,129,360 |   |

----

----

----

|                                          |   | Years ended December 31, |        |
|-----------------------------------------------|--------|--------------------------|-------------|
|                                          |   |                     |        |   |   |   |
|                                          |   | 2015                     |        |   | 2014 |   |
|                                          |   | As previouslyReportedCAD |        |   | Correctionof Errors |   |   | Translation toUSD |   |   | AsRestated |   |   | As previouslyReportedCAD |   |   | Correctionof Errors |   |   | Translation toUSD |   |   | AsRestated |   |
| CURRENT ASSETS:                               |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                                          |   | $                        | 45,386      |   |   | $ | - |   |   | $ | (12,703 | ) |   | $ | 32,683 |   |   | $ | 115,246 |   |   | $ | - |   |   | $ | (15,881 | ) |   | $ | 99,365 |   |
| Accounts receivable                           |   |                     | 119,402     |   |   |   | - |   |   |   | (33,420 | ) |   |   | 85,982 |   |   |   | 69,554 |   |   |   | - |   |   |   | (9,585 | ) |   |   | 59,969 |   |
| Prepaid expenses                              |   |                     | 9,064       |   |   |   | - |   |   |   | (2,537 | ) |   |   | 6,527 |   |   |   | 13,470 |   |   |   | - |   |   |   | (1,856 | ) |   |   | 11,614 |   |
| Total Current Assets                          |   |                     | 173,852     |   |   |   | - |   |   |   | (48,660 | ) |   |   | 125,192 |   |   |   | 198,270 |   |   |   | - |   |   |   | (27,322 | ) |   |   | 170,948 |   |
|                                          |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NON-CURRENT ASSETS:                           |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property and equipment                        |   |                     | 1,001,048   |   |   |   | - |   |   |   | (272,550 | ) |   |   | 728,498 |   |   |   | 943,241 |   |   |   | - |   |   |   | (129,979 | ) |   |   | 813,262 |   |
| VAT Tax, net of discount                      |   |                     | 868,809     |   |   |   | (868,809 | ) |   |   | - |   |   |   | - |   |   |   | 557,480 |   |   |   | (557,480 | ) |   |   | - |   |   |   | - |   |
| Performance bond                              |   |                     | 489,620     |   |   |   | - |   |   |   | (137,042 | ) |   |   | 352,578 |   |   |   | 336,850 |   |   |   | - |   |   |   | (46,418 | ) |   |   | 290,432 |   |
| Minimal presumed income tax receivable        |   |                     | 390,919     |   |   |   | (390,919 | ) |   |   | - |   |   |   | - |   |   |   | 394,902 |   |   |   | (394,902 | ) |   |   | - |   |   |   | - |   |
| Other deposit                                 |   |                     | 94,998      |   |   |   | - |   |   |   | (26,589 | ) |   |   | 68,409 |   |   |   | 95,964 |   |   |   | - |   |   |   | (13,224 | ) |   |   | 82,740 |   |
| Total Non-Current Assets:                     |   |                     | 2,845,394   |   |   |   | (1,259,728 | ) |   |   | (436,181 | ) |   |   | 1,149,485 |   |   |   | 2,328,437 |   |   |   | (952,382 | ) |   |   | (189,621 | ) |   |   | 1,186,434 |   |
|                                          |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL ASSETS:                                 |   | $                        | 3,019,246   |   |   | $ | (1,259,728 | ) |   | $ | (484,841 | ) |   | $ | 1,274,677 |   |   | $ | 2,526,707 |   |   | $ | (952,382 | ) |   | $ | (216,943 | ) |   | $ | 1,357,382 |   |
|                                          |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                          |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bank indebtedness                             |   | $                        | 40,775      |   |   | $ | - |   |   |   | (11,413 | ) |   | $ | 29,362 |   |   | $ | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |
| Accounts payable and accrued liabilities      |   |                     | 2,094,175   |   |   |   | - |   |   |   | (586,147 | ) |   |   | 1,508,028 |   |   |   | 729,691 |   |   |   | - |   |   |   | (100,552 | ) |   |   | 629,139 |   |
| Taxes payable                                 |   |                     | 113,363     |   |   |   | - |   |   |   | (31,730 | ) |   |   | 81,633 |   |   |   | 124,307 |   |   |   | - |   |   |   | (17,129 | ) |   |   | 107,178 |   |
| Total Current Liabilities:                    |   |                     | 2,248,313   |   |   |   | - |   |   |   | (629,290 | ) |   |   | 1,619,023 |   |   |   | 853,998 |   |   |   | - |   |   |   | (117,681 | ) |   |   | 736,317 |   |
|                                          |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NON-CURRENT LIABILITIES:                      |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loan payable                                  |   |                     | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 82,069 |   |   |   | - |   |   |   | (11,309 | ) |   |   | 70,760 |   |
| Contingent liability                          |   |                     | 250,000     |   |   |   | 97,171 |   |   |   | (97,171 | ) |   |   | 250,000 |   |   |   | 125,000 |   |   |   | 19,978 |   |   |   | (19,978 | ) |   |   | 125,000 |   |
| Total Non-Current Liabilities:                |   |                     | 250,000     |   |   |   | 97,171 |   |   |   | (97,171 | ) |   |   | 250,000 |   |   |   | 207,069 |   |   |   | 19,978 |   |   |   | (31,287 | ) |   |   | 195,760 |   |
|                                          |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES:                            |   | $                        | 2,498,313   |   |   | $ | 97,171 |   |   | $ | (726,461 | ) |   | $ | 1,869,023 |   |   | $ | 1,061,067 |   |   | $ | 19,978 |   |   | $ | (148,968 | ) |   | $ | 932,077 |   |
|                                          |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY:                         |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital stock:                                |   | $                        | 26,987,416  |   |   | $ | - |   |   |   | (2,426,705 | ) |   | $ | 24,560,711 |   |   | $ | 26,392,416 |   |   | $ | - |   |   |   | (2,476,184 | ) |   | $ | 23,916,232 |   |
| Additional paid in capital                    |   |                     | 10,608,881  |   |   |   | - |   |   |   | (1,312,642 | ) |   |   | 9,296,239 |   |   |   | 9,576,912 |   |   |   | - |   |   |   | (908,098 | ) |   |   | 8,668,814 |   |
| Deficit                                       |   |                     | (37,282,555 | ) |   |   | (1,259,728 | ) |   |   | 4,001,787 |   |   |   | (34,540,496 | ) |   |   | (34,478,437 | ) |   |   | (952,382 | ) |   |   | 3,356,820 |   |   |   | (32,073,999 | ) |
| Accumulated other comprehensive income (loss) |   |                     | 207,191     |   |   |   | (97,171 | ) |   |   | (20,820 | ) |   |   | 89,200 |   |   |   | (25,251 | ) |   |   | (19,978 | ) |   |   | (40,513 | ) |   |   | (85,742 | ) |
| Total Shareholders' Equity:                   |   |                     | 520,933     |   |   |   | (1,356,899 | ) |   |   | 241,620 |   |   |   | (594,346 | ) |   |   | 1,465,640 |   |   |   | (972,360 | ) |   |   | (67,975 | ) |   |   | 425,305 |   |
|                                          |   |                     |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY:   |   | $                        | 3,019,246   |   |   | $ | (1,259,728 | ) |   | $ | (484,841 | ) |   | $ | 1,274,677 |   |   | $ | 2,526,707 |   |   | $ | (952,382 | ) |   | $ | (216,943 | ) |   | $ | 1,357,382 |   |

----

----

----

|                                               |   | Years ended December 31, |       |
|---------------------------------------------------------|--------|--------------------------|------------|
|                                                    |   | 2015                     |       |   | 2014 |   |
|                                               |   | As previouslyReportedCAD |       |   | Correctionof Errors |   |   | Translation toUSD |   |   | AsRestated |   |   | As previouslyReportedCAD |   |   | Correctionof Errors |   |   | Translation toUSD |   |   | AsRestated |   |
| OPERATING EXPENSES:                                     |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Professional fees                                       |   | $                        | 379,330    |   |   | $ | - |   |   | $ | (82,318 | ) |   | $ | 297,012 |   |   | $ | 393,221 |   |   | $ | - |   |   | $ | (36,998 | ) |   | $ | 356,223 |   |
| Exploration expenses                                    |   |                     | 427,468    |   |   |   | 45,365 |   |   |   | (102,608 | ) |   |   | 370,225 |   |   |   | 1,084,971 |   |   |   | 32,341 |   |   |   | (99,032 | ) |   |   | 1,018,280 |   |
| Travel expenses                                         |   |                     | 190,368    |   |   |   | - |   |   |   | (41,311 | ) |   |   | 149,057 |   |   |   | 189,317 |   |   |   | - |   |   |   | (17,812 | ) |   |   | 171,505 |   |
| Administrative and office expenses                      |   |                     | 446,557    |   |   |   | - |   |   |   | (96,906 | ) |   |   | 349,651 |   |   |   | 294,781 |   |   |   | - |   |   |   | (27,735 | ) |   |   | 267,046 |   |
| Payroll expenses                                        |   |                     | 663,228    |   |   |   | - |   |   |   | (143,926 | ) |   |   | 519,302 |   |   |   | 744,618 |   |   |   | - |   |   |   | (70,060 | ) |   |   | 674,558 |   |
| Share based compensation                                |   |                     | 1,969      |   |   |   | - |   |   |   | (427 | ) |   |   | 1,542 |   |   |   | 57,970 |   |   |   | - |   |   |   | (5,454 | ) |   |   | 52,516 |   |
| Interest expense                                        |   |                     | 53,716     |   |   |   | - |   |   |   | (11,657 | ) |   |   | 42,059 |   |   |   | 55,652 |   |   |   | - |   |   |   | (5,236 | ) |   |   | 50,416 |   |
| Depreciation                                            |   |                     | 112,114    |   |   |   | - |   |   |   | (24,330 | ) |   |   | 87,784 |   |   |   | 256,742 |   |   |   | - |   |   |   | (24,156 | ) |   |   | 232,586 |   |
| Total operating expenses:                               |   |                     | 2,274,750  |   |   |   | 45,365 |   |   |   | (503,483 | ) |   |   | 1,816,632 |   |   |   | 3,077,272 |   |   |   | 32,341 |   |   |   | (286,483 | ) |   |   | 2,823,130 |   |
|                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER INCOME/(EXPENSE):                                 |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                         |   |                     | 13,495     |   |   |   | - |   |   |   | (2,928 | ) |   |   | 10,567 |   |   |   | 18,456 |   |   |   | - |   |   |   | (1,737 | ) |   |   | 16,719 |   |
| Miscellaneous income                                    |   |                     | 8,881      |   |   |   | - |   |   |   | (1,927 | ) |   |   | 6,954 |   |   |   | (4,036 | ) |   |   | - |   |   |   | 380 |   |   |   | (3,656 | ) |
| VAT discount and accretion                              |   |                     | 265,964    |   |   |   | (265,964 | ) |   |   | - |   |   |   | - |   |   |   | (23,537 | ) |   |   | 23,537 |   |   |   | - |   |   |   | - |   |
| Taxes                                                   |   |                     | -          |   |   |   | (88,256 | ) |   |   | 19,152 |   |   |   | (69,104 | ) |   |   | - |   |   |   | (72,471 | ) |   |   | 6,819 |   |   |   | (65,652 | ) |
| Loss on foreign exchange                                |   |                     | (604,452   | ) |   |   | - |   |   |   | 131,170 |   |   |   | (473,282 | ) |   |   | (143,294 | ) |   |   | - |   |   |   | 13,482 |   |   |   | (129,812 | ) |
| Contingent liability accrual                            |   |                     | (125,000   | ) |   |   | - |   |   |   | - |   |   |   | (125,000 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total other income/(expense):                           |   |                     | (441,112   | ) |   |   | (354,220 | ) |   |   | 145,467 |   |   |   | (649,865 | ) |   |   | (152,411 | ) |   |   | (48,934 | ) |   |   | 18,944 |   |   |   | (182,401 | ) |
|                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS - before income tax                                |   |                     | (2,715,862 | ) |   |   | (399,585 | ) |   |   | 648,950 |   |   |   | (2,466,497 | ) |   |   | (3,229,683 | ) |   |   | (81,275 | ) |   |   | 305,427 |   |   |   | (3,005,531 | ) |
|                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income taxes                                            |   |                     | (88,256    | ) |   |   | 88,256 |   |   |   | - |   |   |   | - |   |   |   | (72,471 | ) |   |   | 72,471 |   |   |   | - |   |   |   | - |   |
|                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET LOSS FOR THE YEAR                                   |   | $                        | (2,804,118 | ) |   | $ | (311,329 | ) |   | $ | 648,950 |   |   | $ | (2,466,497 | ) |   | $ | (3,302,154 | ) |   | $ | (8,804 | ) |   | $ | 305,427 |   |   | $ | (3,005,531 | ) |
|                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income (loss), net of tax:          |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change in value of performance bond                     |   |                     | 152,770    |   |   |   | - |   |   |   | (90,624 | ) |   |   | 62,146 |   |   |   | (3,333 | ) |   |   | - |   |   |   | 314 |   |   |   | (3,019 | ) |
| Foreign currency translation adjustment                 |   |                     | 79,672     |   |   |   | - |   |   |   | 33,124 |   |   |   | 112,796 |   |   |   | (63,324 | ) |   |   | (19,978 | ) |   |   | (145,165 | ) |   |   | (228,467 | ) |
|                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL NET LOSS AND COMPREHENSIVE LOSS FOR THE YEAR:     |   | $                        | (2,571,676 | ) |   | $ | (311,329 | ) |   | $ | 591,450 |   |   | $ | (2,291,555 | ) |   | $ | (3,368,811 | ) |   | $ | (28,782 | ) |   | $ | 160,576 |   |   | $ | (3,237,017 | ) |
|                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding - basic and diluted |   |                     | 30,170,846 |   |   |   | 30,170,846 |   |   |   | 30,170,846 |   |   |   | 30,170,846 |   |   |   | 12,539,893 |   |   |   | 12,539,893 |   |   |   | 12,539,893 |   |   |   | 12,539,893 |   |
|                                                    |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET LOSS PER SHARE - BASIC AND DILUTED:                 |   | $                        | (0.09      | ) |   | $ | (0.01 | ) |   | $ | 0.02 |   |   | $ | (0.08 | ) |   | $ | (0.26 | ) |   | $ | (0.00 | ) |   | $ | 0.02 |   |   | $ | (0.24 | ) |
|                | Years ended December 31, |   |
|---------------------|--------------------------|--------|
|                | 2015                     |   | 2014 |   |
|                | As previouslyReportedCAD |   | Correctionof Errors |   | Translation toUSD |   | AsRestated |   | As previouslyReportedCAD |   | Correctionof Errors |   | Translation toUSD |   | AsRestated |   |
|                |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders equity |                     | $      | 520,933 |   |   | $ | (1,356,899 | ) |   | $ | 241,620 |   |   | $ | 594,346 |   |   | $ | 1,465,640 |   |   | $ | (972,360 | ) |   | $ | (67,975 | ) |   | $ | 425,305 |   |

----

----

----

|                                  |   | Years ended December 31, |       |
|---------------------------------------|--------|--------------------------|------------|
|                                  |   | 2015                     |       |   | 2014 |   |
|                                  |   | As previouslyReportedCAD |       |   | Correctionof Errors |   |   | Translation toUSD |   |   | AsRestated |   |   | As previouslyReportedCAD |   |   | Correctionof Errors |   |   | Translation toUSD |   |   | AsRestated |   |
|                                  |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES: |   |                     | (1,651,165 | ) |   |   | (202,314 | ) |   |   | 362,657 |   |   |   | (1,490,822 | ) |   |   | (2,764,275 | ) |   |   | (27,974 | ) |   |   | 383,876 |   |   |   | (2,408,373 | ) |
|                                  |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES: |   |                     | 8,952      |   |   |   | (11,972 | ) |   |   | - |   |   |   | (3,020 | ) |   |   | (12,900 | ) |   |   | - |   |   |   | 8,116 |   |   |   | (4,784 | ) |
|                                  |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES: |   |                     | 1,572,353  |   |   |   | 11,972 |   |   |   | (348,352 | ) |   |   | 1,235,973 |   |   |   | 572,049 |   |   |   | - |   |   |   | (63,678 | ) |   |   | 508,371 |   |
|                                  |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH:      |   |                     | (69,860    | ) |   |   | (202,314 | ) |   |   | 14,305 |   |   |   | (257,869 | ) |   |   | (2,205,126 | ) |   |   | (27,974 | ) |   |   | 328,314 |   |   |   | (1,904,786 | ) |
|                                  |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CHANGE DUE TO FOREIGN EXCHANGE        |   |                     | -          |   |   |   | - |   |   |   | - |   |   |   | 191,187 |   |   |   | (43,690 | ) |   |   | - |   |   |   | (174,850 | ) |   |   | (218,540 | ) |
|                                  |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH, BEGINNING OF YEAR:              |   |                     | 115,246    |   |   |   | - |   |   |   | (15,881 | ) |   |   | 99,365 |   |   |   | 2,364,062 |   |   |   | - |   |   |   | (141,371 | ) |   |   | 2,222,691 |   |
|                                  |   |                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CASH, END OF YEAR:                    |   | $                        | 45,386     |   |   | $ | (202,314 | ) |   | $ | (1,576 | ) |   | $ | 32,683 |   |   | $ | 115,246 |   |   | $ | (27,974 | ) |   | $ | 12,093 |   |   | $ | 99,365 |   |

----

| ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
|---------|--------------------------------------------------------------------------------------|

----

| Name             | Age | Position                                 | Position Held Since |
|------------------|-----|------------------------------------------|---------------------|
| Tim Hunt         | 63  | Director, President, CEO                 | April 2010          |
| Robert Little    | 59  | Chief Administration Officer, Former CFO | January 2014        |
| James Meek       | 64  | Chief Financial Officer                  | June 2016           |
| Darrick Hunt     | 38  | Director                                 | December 2009       |
| Alan Chan        | 65  | Director                                 | August 2006         |
| Alastair Summers | 79  | Director                                 | April 2014          |

----

----

----

| Name andPrincipal Position                                | Year   | Salary(US$) | Bonus(US$) | StockAwards(US$) | OptionAwards(US$) | Non-EquityIncentive PlanCompensation($)(1)(4) | NonqualifiedDeferredCompensationEarnings(US$) | All OtherCompensation(US$) | Total(US$) |
|-----------------------------------------------------------|--------|-------------|------------|------------------|-------------------|-----------------------------------------------|-----------------------------------------------|----------------------------|------------|
| Robert Little (2)                                         | 2015   | 121,291     | 0          | 0                | 0                 | 0                                             | 0                                             | 0                          | 121,291    |
| Chief Financial Officer and Secretary                     | 2014   | 42,038      | 0          | 0                | 0                 | 0                                             | 0                                             | 0                          | 42,038     |
|                                                      |   |        |       |             |              |                                          |                                          |                       |       |
| Tim Hunt (3)                                              | 2015   | 0           | 0          | 0                | 0                 | 0                                             | 0                                             | 0                          | 0          |
| Executive Chairman, President and Chief Executive Officer | 2014   | 0           | 0          | 0                | 0                 | 0                                             | 0                                             | 0                          | 0          |

| (1) | Compensation for each of the NEOs was paid or payable in US dollars.  . |
|-----|------------------------------------------------------------------------------|

| (2) | Mr. Little served as the Chief Financial Officer and Secretary of the Corporation from beginning January, 2014. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| (3) | Mr. Hunt was appointed Executive Chairman of the Corporation's board of directors on April 26, 2010.  Mr. Hunt was formerly Chief Executive Officer of the Corporation until April 26, 2010. Mr. Hunt was appointed to the Corporation's board of directors on December 23, 2009.  Mr. Hunt was appointed Chief Executive Officer and has served as the President of the Company since January 1, 2014. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Amounts include incentive cash bonuses earned by the NEOs in the noted year which were paid to the NEOs in the subsequent year. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| Name         | Year | Fees EarnedOrPaid in Cash(US$) | StockAwards(US$) | OptionAwards(US$) | Non-EquityIncentive PlanCompensation($)(1)(4) | NonqualifiedDeferredCompensationEarnings(US$) | All OtherCompensation(US$) | Total(US$) |
|--------------|------|--------------------------------|------------------|-------------------|-----------------------------------------------|-----------------------------------------------|----------------------------|------------|
| Alan Chan    | 2015 | 0                              | 0                | 0                 | 0                                             | 0                                             | 0                          | 0          |
| Darrick Hunt | 2015 | 0                              | 0                | 0                 | 0                                             | 0                                             | 0                          | 0          |
| Tim Hunt     | 2015 | 0                              | 0                | 0                 | 0                                             | 0                                             | 0                          | 0          |
| Al Summers   | 2015 | 0                              | 0                | 0                 | 0                                             | 0                                             | 0                          | 0          |

----

|         |                                                          | Option-based Awards                                           | Share-based Awards                                                                       |
|--------------|---------------------------------------------------------------|---------------------------------------------------------------|------------------------------------------------------------------------------------------|
| Name         | Number ofsecuritiesunderlyingunexercisedoption(#) exercisable | Number ofsecuritiesunderlyingunexercisedoption(#) exercisable | Equity incentiveplan awards:Number ofsecuritiesunderlyingunexercised unearned options(#) | Optionexerciseprice ($) | Optionexpirationdate | Number ofshares or unitsthat have notvested (#) | Market value ofshares of unites ofstock that havenot vested ($) | Equity incentiveplan awards: Marketor payout value ofunearned shares, unitsor other rights thathave not vested ($) |
| Alan Chan    | 5,000                                                         | 0                                                             | 0                                                                                        | $2.17 | 27-Feb-17 | 0 | 0 | 0 |
|         | 50,000                                                        | 0                                                             | 0                                                                                        | $0.72 | 4-Apr-19 | 0 | 0 | 0 |
| Darrick Hunt | 5,000                                                         | 0                                                             | 0                                                                                        | $2.17 | 27-Feb-17 | 0 | 0 | 0 |
|         | 75,000                                                        | 0                                                             | 0                                                                                        | $0.72 | 4-Apr-19 | 0 | 0 | 0 |
| Tim Hunt     | 10,000                                                        | 0                                                             | 0                                                                                        | $0.72 | 23-Apr-18 | 0 | 0 | 0 |
|         | 100,000                                                       | 0                                                             | 0                                                                                        | $0.72 | 4-Apr-19 | 0 | 0 | 0 |
| Al Summers   | 25,000                                                        | 0                                                             | 0                                                                                        | $0.72 | 4-Apr-19 | 0 | 0 | 0 |
| Bob Little   | 35,000                                                        | 0                                                             | 0                                                                                        | $0.72 | 4-Apr-19 | 0 | 0 | 0 |
| TOTAL        | 305,000                                                       | 0                                                             | 0                                                                                        | $0.77 |   | 0 | 0 | 0 |

| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
|----------|------------------------------------------------------------------------------------------------|

| Name of Beneficial Owner                              | Shares     | Options/Warrants | Total       | Percent |
|-------------------------------------------------------|------------|------------------|-------------|---------|
| Tim Hunt (1)                                          | 54,071,915 | 47,610,000       | 101,681,915 | 81.28%  |
| Alan Chan                                             | 16,500     | 55,000           | 71,500      | 0.06%   |
| Darrick Hunt                                          | 200,743    | 80,000           | 280,743     | 0.22%   |
| Al Summers                                            | 1,229      | 25,000           | 26,229      | 0.02%   |
| Robert Little                                         | 28,000     | 35,000           | 63,000      | 0.05%   |
| All Officers and Directors as a group (5 individuals) | 54,318,387 | 47,805,000       | 102,123,387 | 81.64%  |

|  | (1) | These shares are owned as to 51,359,031 by Hunt Family Limited Partnership, an entity controlled by Mr. Tim Hunt and as to 2,712,884 shares by Mr. Hunt directly. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
|----------|---------------------------------------------------------------------------|

|               | Year ended December 31, |
|--------------------|-------------------------|
|               | 2015                    | 2014 |
| Audit fees         | $33,000                 | $61,082 |
| Audit-related fees | 0                       | 0 |
| Tax fees (1)       | 8,100                   | 25,000 |
| All other fees (2) | 0                       | 0 |
| Total              | $41,100                 | $86,082 |

----

|          |                                                                                                                                                                                                    | Incorporated by reference |     |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|----------|
| ExhibitNumber | Document Description                                                                                                                                                                                    | Form                      | Date     | Number | Filedherewith |
| 3.1           | Articles of Incorporation – British Columbia                                                                                                                                                      | F-1/A-4                   | 06/30/14 | 3.4 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.1          | Exploration and Option Agreement between Cerro Cazador S.A. and FK Minera S.A. dated March 28, 2007                                                                                                     | F-1/A-2                   | 12/20/12 | 10.1 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.2          | Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary, Cerro Cazador, S.A., with respect to the La Josefina property, dated July 24, 2007               | F-1/A-2                   | 12/20/12 | 10.2 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.3          | Share Purchase Agreement among Sinomar Capital Corp., Cerro Cazador S.A., HuntMountain Resources Ltd. and HuntMountain Investments, LLC, dated October 13, 2009                                         | F-1/A-3                   | 03/28/14 | 10.3 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.4          | Executive Employment Agreement with Matthew J. Hughes dated January 1, 2012                                                                                                                             | F-1/A-3                   | 03/28/14 | 10.4 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.5          | Executive Employment Agreement with Timothy R. Hunt dated January 1, 2012                                                                                                                               | F-1/A-3                   | 03/28/14 | 10.5 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.6          | Executive Employment Agreement with Danilo P. Silva dated January 1, 2012                                                                                                                               | F-1/A-3                   | 03/28/14 | 10.6 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.7          | Executive Employment Agreement with Matthew A. Fowler dated January 1, 2012                                                                                                                             | F-1/A-3                   | 03/28/14 | 10.7 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.8          | Exploration Agreement Among Eldorado Gold Corporation, Hunt Mining Corp. and Cerro Cazador, S.A. dated May 3, 2012                                                                                      | F-1/A-3                   | 03/28/14 | 10.8 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.9          | Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary Cerro Cazador, S.A. with respect to the La Josefina property, dated November 15, 2012             | F-1/A-4                   | 06/30/14 | 10.9 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.10         | Amended Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary, Cerro Cazador, S.A., with respect to the La Valenciana property, dated November 15, 2012 | F-1/A-3                   | 03/28/14 | 10.10 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 14.1          | Code of Ethics                                                                                                                                                                                          |                      |     |   | X |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 21.1          | List of Subsidiaries                                                                                                                                                                                    | F-1/A-2                   | 12/20/12 | 21.1 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 31.1          | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                  |                      |     |   | X |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 31.2          | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                  |                      |     |   | X |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 32.1          | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer                                                                                                 |                      |     |   | X |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 32.2          | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Financial Officer                                                                                                 |                      |     |   | X |
|          |                                                                                                                                                                                                    |                      |     |   |   |

----

| 99.1    | 2011 Stock Option Plan of Hunt Mining Corp.  | F-1/A-2 | 12/20/12 | 99.1   |   |
|---------|----------------------------------------------|---------|----------|--------|--------|
|    |                                         |    |     |   |   |
| 99.2    | Audit Committee Charter                      | F-1     | 06/12/12 | 99.1   |   |
|    |                                         |    |     |   |   |
| 101.INS | XBRL Instance Document                       |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.SCH | XBRL Taxonomy Extension – Schema       |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.CAL | XBRL Taxonomy Extension – Calculations |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.DEF | XBRL Taxonomy Extension – Definitions  |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.LAB | XBRL Taxonomy Extension – Labels       |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.PRE | XBRL Taxonomy Extension – Presentation |    |     |   |   |

----

|   | HUNT MINING CORPORATION |
|--------|-------------------------|
|   |                    |   |
|   | BY:                     | TIMOTHY HUNT |
|   |                    | Timothy Hunt |
|   |                    | Principal Executive Officer and President |
|   |                    |   |
|   | BY:                     | JAMES N. MEEK  |
|   |                    | James N. Meek |
|   |                    | Principal Financial Officer and Principal Accounting Officer |
| Signature              | Title    | Date         |
|------------------------|----------|--------------|
|                   |     |         |
| TIMOTHY HUNT           | Director | May 19, 2017 |
| Timothy Hunt           |     |         |
|                   |     |         |
| DARRICK HUNT           | Director | May 19, 2017 |
| Darrick Hunt           |     |         |
|                   |     |         |
| ALAN CHAN         | Director | May 19, 2017 |
| Alan Chan              |     |         |
|                   |     |         |
| ALASTAIR SUMMERS  | Director | May 19, 2017 |
| Alastair Summers       |     |         |

----

|          |                                                                                                                                                                                                    | Incorporated by reference |     |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|----------|
| ExhibitNumber | Document Description                                                                                                                                                                                    | Form                      | Date     | Number | Filedherewith |
| 3.1           | Articles of Incorporation – British Columbia                                                                                                                                                      | F-1/A-4                   | 06/30/14 | 3.4 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.1          | Exploration and Option Agreement between Cerro Cazador S.A. and FK Minera S.A. dated March 28, 2007                                                                                                     | F-1/A-2                   | 12/20/12 | 10.1 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.2          | Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary, Cerro Cazador, S.A., with respect to the La Josefina property, dated July 24, 2007               | F-1/A-2                   | 12/20/12 | 10.2 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.3          | Share Purchase Agreement among Sinomar Capital Corp., Cerro Cazador S.A., HuntMountain Resources Ltd. and HuntMountain Investments, LLC, dated October 13, 2009                                         | F-1/A-3                   | 03/28/14 | 10.3 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.4          | Executive Employment Agreement with Matthew J. Hughes dated January 1, 2012                                                                                                                             | F-1/A-3                   | 03/28/14 | 10.4 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.5          | Executive Employment Agreement with Timothy R. Hunt dated January 1, 2012                                                                                                                               | F-1/A-3                   | 03/28/14 | 10.5 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.6          | Executive Employment Agreement with Danilo P. Silva dated January 1, 2012                                                                                                                               | F-1/A-3                   | 03/28/14 | 10.6 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.7          | Executive Employment Agreement with Matthew A. Fowler dated January 1, 2012                                                                                                                             | F-1/A-3                   | 03/28/14 | 10.7 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.8          | Exploration Agreement Among Eldorado Gold Corporation, Hunt Mining Corp. and Cerro Cazador, S.A. dated May 3, 2012                                                                                      | F-1/A-3                   | 03/28/14 | 10.8 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.9          | Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary Cerro Cazador, S.A. with respect to the La Josefina property, dated November 15, 2012             | F-1/A-4                   | 06/30/14 | 10.9 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 10.10         | Amended Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary, Cerro Cazador, S.A., with respect to the La Valenciana property, dated November 15, 2012 | F-1/A-3                   | 03/28/14 | 10.10 |   |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 14.1          | Code of Ethics                                                                                                                                                                                          |                      |     |   | X |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 21.1          | List of Subsidiaries                                                                                                                                                                                    | F-1/A-2                   | 12/20/12 | 21.1 |  |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 31.1          | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                  |                      |     |   | X |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 31.2          | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                  |                      |     |   | X |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 32.1          | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer                                                                                                 |                      |     |   | X |
|          |                                                                                                                                                                                                    |                      |     |   |   |
| 32.2          | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Financial Officer                                                                                                 |                      |     |   | X |

----

|    |                                         |    |     |   |   |
|---------|----------------------------------------------|---------|----------|--------|--------|
| 99.1    | 2011 Stock Option Plan of Hunt Mining Corp.  | F-1/A-2 | 12/20/12 | 99.1   |   |
|    |                                         |    |     |   |   |
| 99.2    | Audit Committee Charter                      | F-1     | 06/12/12 | 99.1   |   |
|    |                                         |    |     |   |   |
| 101.INS | XBRL Instance Document                       |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.SCH | XBRL Taxonomy Extension – Schema       |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.CAL | XBRL Taxonomy Extension – Calculations |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.DEF | XBRL Taxonomy Extension – Definitions  |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.LAB | XBRL Taxonomy Extension – Labels       |    |     |   |   |
|    |                                         |    |     |   |   |
| 101.PRE | XBRL Taxonomy Extension – Presentation |    |     |   |   |