##### 



EXHIBIT 1
 STATISTICAL SUMMARY
 For the years ended December 31
    
    2005
    
    2004
    
    2003OPERATIONS DATAEl PeñónTonnes processed (000s)
    
    
    880
    
    
    
    837
    
    
    
    704Gold grade (grams per tonne milled)
    
    
    11.1
    
    
    
    12.2
    
    
    
    14.7Gold recoveries
    
    
    96
    %
    
    
    97
    %
    
    
    97
    %Jerritt Canyon(1)Tonnes processed (000s)
    
    
    
    
    
    
    
    
    
    
    198Gold grade (grams per tonne milled)
    
    
    
    
    
    
    
    
    
    
    8.1Gold recoveries
    
    
    
    
    
    
    
    
    
    
    88
    %PRODUCTION DATA(in 000s of ounces)GoldEl Peñón
    
    
    304
    
    
    
    314
    
    
    
    321Jerritt Canyon
    
    
    
    
    
    
    
    
    
    
    46Beartrack(2)
    
    
    
    
    
    
    1
    
    
    
    4Total Gold
    
    
    304
    
    
    
    315
    
    
    
    371SilverEl Peñón
    
    
    5,538
    
    
    
    4,812
    
    
    
    4,283Beartrack
    
    
    
    
    
    
    
    
    
    
    1Total Silver
    
    
    5,538
    
    
    
    4,812
    
    
    
    4,284CASH COST OF PRODUCTION(USD per gold ounce)El Peñón
    
    $
    38
    
    
    $
    50
    
    
    $
    54Jerritt Canyon
    
    
    
    
    
    
    
    
    
    
    278Average
    
    
    38
    
    
    
    50
    
    
    
    82TOTAL COST OF PRODUCTION(USD per gold ounce)El Peñón
    
    $
    88
    
    
    $
    105
    
    
    $
    109Jerritt Canyon
    
    
    
    
    
    
    
    
    
    
    350Average
    
    
    88
    
    
    
    105
    
    
    
    139
 Notes
  (1)
    
    The Company completed the sale of its 30% interest in the Jerritt Canyon Joint
Venture as of June 30, 2003. All amounts for Jerritt Canyon represent the Companys
share of the joint venture.(2)
    
    Beartrack operations ceased mining in April 2000 and concluded economic recovery by
September 2000. All residual gold production at Beartrack has been
accounted for as part of reclamation and closing costs.
 17




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 CAUTIONARY STATEMENT
 Certain statements in this Managements Discussion and Analysis (MD&A) constitute
forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities
legislation. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements
of the Company, or other future events, including forecast production, earnings and cash flows, to
be materially different from any future
results, performance or achievements or other events expressly or implicitly predicted by such
forward-looking statements. Such risks,
uncertainties and other factors include those set forth in the Companys Annual Information Form
and other periodic filings.
 INTRODUCTION
   OVERVIEW
  DISCUSSION OF PROPERTIES
 El Peñón
     18




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##### 



Esquel
    19




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  Table 1
 (In millions of USD)Purchase price
    
    $
    310.0Capitalized spending on project
    
    
    6.1Future income tax liability(1)
    
    
    149.1Currency translation adjustment(2)
    
    
    77.6Esquel asset impairment
    
    
    542.8Future income tax benefit
    
    
    163.9Net impairment
    
    $
    378.9
 Notes
 (1)
    
    Future income tax liability recorded as part of the original purchase of the project.(2)
    
    The currency translation adjustment is related to the balance sheet adjustments for
the foreign exchange difference between the time of purchase and the time of the write-off.
  Rossi
     Beartrack
  Jerritt Canyon
  20




---



##### 



RESULTS OF OPERATIONS
   Table 2
 Pre-impairment
    
    
    
    
    
    GAAP-(In millions of USD)
    
    (Non-GAAP)
    
    Impairment
    
    reportedRevenue
    
    $
    131.8
    
    
    $
    
    
    
    $
    131.8Costs and expenses:Cost of sales
    
    
    (11.9
    )
    
    
    
    
    
    
    (11.9
    )Depreciation, depletion and amortization
    
    
    (15.7
    )
    
    
    
    
    
    
    (15.7
    )Exploration
    
    
    (25.0
    )
    
    
    
    
    
    
    (25.0
    )Selling, general and administration
    
    
    (13.9
    )
    
    
    
    
    
    
    (13.9
    )Impairment of mineral properties and other
    
    
    1.5
    
    
    
    (550.2
    )
    
    
    (548.7
    )(65.0
    )
    
    
    (550.2
    )
    
    
    (615.2
    )Earnings before the following
    
    
    66.8
    
    
    
    (550.2
    )
    
    
    (483.4
    )Interest income
    
    
    6.9
    
    
    
    
    
    
    
    6.9Other income (expense)
    
    
    0.1
    
    
    
    
    
    
    
    0.1Earnings (loss) before taxes
    
    
    73.8
    
    
    
    (550.2
    )
    
    
    (476.4
    )Income tax expense (benefit)
    
    
    33.9
    
    
    
    (163.9
    )
    
    
    (130.0
    )Net earnings (loss)
    
    $
    39.9
    
    
    $
    (386.3
    )
    
    $
    (346.4
    )
 Selected Annual Financial Information (1)
 (In millions of USD, except per share data)
    
    2005
    
    2004
    
    2003Revenue
    
    $
    131.8
    
    
    $
    127.1
    
    
    $
    132.6Pre-impairment earnings(2)
    
    
    39.9
    
    
    
    n/a
    
    
    
    n/aNet earnings (loss)
    
    $
    (346.4
    )
    
    $
    36.6
    
    
    $
    34.4Basic earnings (loss) per share
    
    $
    (3.47
    )
    
    $
    0.37
    
    
    $
    0.35Diluted earnings (loss) per share
    
    $
    (3.47
    )
    
    $
    0.37
    
    
    $
    0.34Total assets
    
    $
    404.5
    
    
    $
    892.1
    
    
    $
    852.9Total long-term liabilities
    
    $
    77.8
    
    
    $
    230.6
    
    
    $
    226.2
 Notes
 (1)
    
    For the three years reported, the Company did not declare a cash dividend.(2)
    
    Pre-impairment net earnings is a non-GAAP measure and is equal to net earnings (loss) before impairment of mineral properties and other in the net amount of
$386.3 million recorded in the fourth quarter of 2005 (see Esquel section of MD&A).
 21




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Summary of Quarterly Results
 FY2005
    
    FY2004(In millions of USD, except per share data)
    
    4th Qtr
    
    3rd Qtr
    
    2nd Qtr
    
    1st Qtr
    
    4th Qtr
    
    3rd Qtr
    
    2nd Qtr
    
    1st QtrRevenue
    
    $
    35.6
    
    
    $
    32.1
    
    
    $
    31.9
    
    
    $
    32.2
    
    
    $
    32.8
    
    
    $
    32.9
    
    
    $
    31.5
    
    
    $
    29.9Pre-impairment earnings(1)
    
    $
    12.3
    
    
    $
    9.0
    
    
    $
    9.1
    
    
    $
    9.8
    
    
    $
    7.5
    
    
    $
    9.6
    
    
    $
    9.7
    
    
    $
    9.8Net earnings (loss)
    
    $
    (374.3
    )
    
    $
    9.0
    
    
    $
    9.1
    
    
    $
    9.8
    
    
    $
    7.5
    
    
    $
    9.6
    
    
    $
    9.7
    
    
    $
    9.8Pre-impairment basic earnings per share(1) (2)
    
    $
    0.12
    
    
    $
    0.09
    
    
    $
    0.09
    
    
    $
    0.10
    
    
    $
    0.08
    
    
    $
    0.10
    
    
    $
    0.10
    
    
    $
    0.10Pre-impairment diluted earnings per share(1)
    
    $
    0.12
    
    
    $
    0.09
    
    
    $
    0.09
    
    
    $
    0.10
    
    
    $
    0.07
    
    
    $
    0.10
    
    
    $
    0.10
    
    
    $
    0.10Basic earnings (loss) per share(1) (2)
    
    $
    (3.73
    )
    
    $
    0.09
    
    
    $
    0.09
    
    
    $
    0.10
    
    
    $
    0.08
    
    
    $
    0.10
    
    
    $
    0.10
    
    
    $
    0.10Diluted earnings (loss) per share(1)
    
    $
    (3.73
    )
    
    $
    0.09
    
    
    $
    0.09
    
    
    $
    0.10
    
    
    $
    0.07
    
    
    $
    0.10
    
    
    $
    0.10
    
    
    $
    0.10
 Notes
 (1)
    
    Pre-impairment net earnings is a non-GAAP measure and is equal to net earnings (loss)
before impairment of mineral properties and other in the net amount of $386.3 million recorded in the fourth quarter of 2005 (see Esquel section of MD&A).(2)
    
    Quarterly amounts do not sum to full year amounts due to rounding.
       22




---



##### 



LIQUIDITY AND CAPITAL RESOURCES
       CONTRACTUAL COMMITMENTS AND CONTINGENT LIABILITIES
 (In millions of USD)
    
    Total
    
    
    Less than 1 year
    
    
    23 years
    
    
    45 years
    
    
    More than 5 yearsOperating leases
    
    $
    1.0
    
    
    $
    0.5
    
    
    $
    0.5
    
    
    $
    
    
    
    $
    Extraction services obligations(1)
    
    
    152.4
    
    
    
    30.6
    
    
    
    67.6
    
    
    
    54.2
    
    
    
    Exploration obligations(2)
    
    
    1.1
    
    
    
    1.1
    
    
    
    
    
    
    
    
    
    
    
    Asset retirement obligations(3)
    
    
    25.3
    
    
    
    13.3
    
    
    
    5.4
    
    
    
    1.6
    
    
    
    5.0Pension cost obligations(4)
    
    
    5.3
    
    
    
    0.2
    
    
    
    0.4
    
    
    
    0.4
    
    
    
    4.3Total
    
    $
    185.1
    
    
    $
    45.7
    
    
    $
    73.9
    
    
    $
    56.2
    
    
    $
    9.3
 
 Notes(1)
    
    In January 2005, the Company entered into a five-year contract for underground
extraction services at El Peñón. The remaining estimated value based on forecasted production rates
totals $152.4 million over the remaining contract life of four years. The contract may be cancelled
early, invoking a penalty clause. The maximum penalty is approximately $9.4 million, decreasing
monthly over the remaining life of the contract.(2)
    
    During 2004, the Company entered into an agreement with Radius Gold Inc. for the
exploration of its Natividad property in Nicaragua, which contractually requires the Company to pay
$3.5 million over the first two years of the agreement. As of December 31, 2005, $1.1 million
remains to be spent.(3)
    
    Asset retirement obligations are projected spending and do not represent actual money
committed or owed by the Company.(4)
    
    The timing and amount of additional funding is dependent upon future return on
pension plans assets, discount rates and other actuarial assumptions. The 2006 amount of minimal
funding for the defined benefits plan at December 31, 2005 is less than $0.1 million. The $1.0
million related to years 15 are related to the benefits due resulting from the death of former
Executive Vice-President Ed Colt, who passed away in November of 2005. 23




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 CRITICAL ACCOUNTING POLICIES
  Critical Accounting Estimates
 Amortization of Mineral Property, Plant and Equipment
  Impairment of Assets
  Reclamation Estimates
  Valuation of Future Income Taxes
  Changes in Accounting Policies
 Stock-based Compensation
  24




---



##### 



OUTSTANDING SHARES DATA
  Non-GAAP Measures
    (In millions of USD, except for ounces and cost per ounce)
    
    2005
    
    2004Cost of sales
    
    $
    11.9
    
    
    $
    16.1Other
    
    
    (0.4
    )
    
    
    (0.4
    )Total net cash costs
    
    $
    11.5
    
    
    $
    15.7Gold production in ounces from active properties
    
    
    303,509
    
    
    
    314,081Total net cash costs (of production) per ounce
    
    $
    38
    
    
    $
    50Total net cash costs
    
    $
    11.5
    
    
    $
    15.7Depreciation, depletion and amortization
    
    
    15.7
    
    
    
    18.1Total net cost
    
    $
    27.2
    
    
    $
    33.8Gold production in ounces from active properties
    
    
    303,509
    
    
    
    314,081Total net cost (of production) per gold ounce
    
    $
    88
    
    
    $
    105
 25




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Qualified Statement
 All drill samples sent for assay at El Peñón are subject to rigorous quality assurance and
quality control (QA/QC) program that conforms to NI 43-101 standards. Duplicate reverse
circulation drill samples are collected at 2 or 1 meter intervals, depending on the type of drill
target. One sample is sent for assay, and the duplicate is stored on site for verification and/or
metallurgical purposes. Round Robin verified blind standards are inserted into the sample stream
along with barren, duplicate and unmineralized samples that test sample preparation procedures,
accuracy and precision of results and check for sample contamination at the lab. All core or
diamond drill samples are mechanically split with one-half of the sample stored on site and the
second half sent for assay utilizing the QA/QC procedures. ALS Chemex operates an on-site sample
preparation lab that is closely monitored by the El Peñón QA/QC management. Sample pulps produced
on site are sent to ALS Chemex in La Serena, Chile for analysis. All samples are assayed using
standard Fire/AA procedures (AuAA22, AgAA45). Gold results greater than 5 ppm* are re-analyzed
using a gravimetric finish** (Au-GRA22). Silver results greater than 100 ppm are re-analyzed
using a complete acid digestion (Ag-AA62) with silver assays greater than 300 ppm being
re-analyzed using a gravimetric finish** (Ag-GRA22). Any assay results that are not deemed
statistically acceptable are not entered into the database.
 Parts per million
 Results reported in grams/tonne
 26




---



##### 



MANAGEMENTS RESPONSIBILITY FOR FINANCIAL STATEMENTS
     -s- Brian J. Kennedy
    
    -s- Peter C. DoughertyBrian J.Kennedy
    
    Peter C. DoughertyVICE CHAIRMAN, PRESIDENT & CHIEF EXECUTIVE OFFICER
    
    VICE-PRESIDENT, FINANCE & CHIEF FINANCIAL OFFICERFebruary 21, 2006
 INDEPENDENT AUDITORS REPORT
    (KPMG LLP LOGO)Chartered AccountantsVancouver, CanadaFebruary 3, 2006
 COMMENTS BY AUDITORS FOR U.S. READERS ON CANADAU.S. REPORTING DIFFERENCES
  (KPMG LLP LOGO)Chartered AccountantsVancouver, CanadaFebruary 3, 2006
 27




---



##### 



CONSOLIDATED BALANCE SHEETS
 (In millions of USD)
    
    2005
    
    2004ASSETSCurrent assets:Cash and short-term investments (note 3(d))
    
    $
    267.6
    
    
    $
    217.8Restricted cash (note 3(d))
    
    
    13.9
    
    
    
    13.9Trade and other receivables
    
    
    1.2
    
    
    
    2.3Inventory (note 5)
    
    
    7.1
    
    
    
    5.4Future income taxes  current (note 12)
    
    
    3.7
    
    
    
    0.4Other current assets
    
    
    10.0
    
    
    
    2.1Total current assets
    
    
    303.5
    
    
    
    241.9Mineral property, plant and equipment (note 6)
    
    
    89.6
    
    
    
    628.8Future income taxes  long-term (note 12)
    
    
    0.4
    
    
    
    9.3Other assets (note 8)
    
    
    11.0
    
    
    
    12.1Total assets
    
    $
    404.5
    
    
    $
    892.1LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accounts payable, trade and other
    
    $
    13.4
    
    
    $
    8.1Accrued and other liabilities (note 9)
    
    
    27.2
    
    
    
    18.5Total current liabilities
    
    
    40.6
    
    
    
    26.6Other long-term liabilities (note 10)
    
    
    65.0
    
    
    
    42.3Future income taxes (note 12)
    
    
    12.8
    
    
    
    188.3Total liabilities
    
    
    118.4
    
    
    
    257.2Minority interest
    
    
    
    
    
    
    1.0Shareholders equity (note 13)
    
    
    286.1
    
    
    
    633.9Total liabilities and shareholders equity
    
    $
    404.5
    
    
    $
    892.1
    -s- Christopher R. Lattanzi
    
    -s- Brian J. KennedyChristopher R. Lattanzi
    
    Brian J. KennedyDIRECTOR
    
    DIRECTOR
 28




---



##### 



CONSOLIDATED STATEMENTS OF OPERATIONS
 (In millions of USD, except per share data)
    
    2005
    
    2004
    
    2003Revenue
    
    $
    131.8
    
    
    $
    127.1
    
    
    $
    132.6Costs and expenses:Cost of sales before depreciation, depletion and amortization
    
    
    11.9
    
    
    
    16.1
    
    
    
    30.5Depreciation, depletion and amortization
    
    
    15.7
    
    
    
    18.1
    
    
    
    22.1Exploration
    
    
    25.0
    
    
    
    19.5
    
    
    
    16.0Selling, general and administrative
    
    
    13.9
    
    
    
    10.4
    
    
    
    9.8Impairment of mineral properties and other
    
    
    548.7
    
    
    
    
    
    
    
    0.6615.2
    
    
    
    64.1
    
    
    
    79.0Earnings (loss) from operations
    
    
    (483.4
    )
    
    
    63.0
    
    
    
    53.6Interest income
    
    
    6.9
    
    
    
    2.6
    
    
    
    1.4Other income (expense)(notes 4 and 17)
    
    
    0.1
    
    
    
    (2.0
    )
    
    
    4.3Earnings (loss) before income taxes
    
    
    (476.4
    )
    
    
    63.6
    
    
    
    59.3Income tax expense (benefit)(note 12)
    
    
    (130.0
    )
    
    
    27.0
    
    
    
    24.9Net earnings (loss)
    
    $
    (346.4
    )
    
    $
    36.6
    
    
    $
    34.4Earnings (loss) per share (note 14):Basic
    
    $
    (3.47
    )
    
    $
    0.37
    
    
    $
    0.35Diluted
    
    $
    (3.47
    )
    
    $
    0.37
    
    
    $
    0.34Weighted average shares outstanding (in 000s) :Basic
    
    
    99,936
    
    
    
    99,259
    
    
    
    99,060Diluted
    
    
    99,936
    
    
    
    99,966
    
    
    
    99,927
  29




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##### 



CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (DEFICIT)
  (In millions of USD)
    
    2005
    
    2004
    
    2003Balance, beginning of year:
    
    $
    180.0
    
    
    $
    144.3
    
    
    $
    109.9Adjustment on adoption of new accounting standard
for stock-based compensation (note 2(a))
    
    
    
    
    
    
    (0.9
    )
    
    
    Net earnings (loss)
    
    
    (346.4
    )
    
    
    36.6
    
    
    
    34.4Balance, end of year
    
    $
    (166.4
    )
    
    $
    180.0
    
    
    $
    144.3
  30




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##### 



CONSOLIDATED STATEMENTS OF CASH FLOWS
 (In millions of USD)
    
    2005
    
    2004
    
    2003Cash flow from operating activities:Net earnings (loss)
    
    $
    (346.4
    )
    
    $
    36.6
    
    
    $
    34.4Non-cash items:Impairment of mineral properties and other
    
    
    550.2
    
    
    
    
    
    
    
    Provision for depreciation, depletion and amortization
    
    
    15.7
    
    
    
    18.1
    
    
    
    22.1Gain on sale of assets, net
    
    
    
    
    
    
    (1.3
    )
    
    
    (4.3
    )Accretion of asset retirement obligations
    
    
    0.4
    
    
    
    0.4
    
    
    
    0.8Stock-based compensation
    
    
    3.4
    
    
    
    2.3
    
    
    
    1.4Provision for pension cost
    
    
    1.0
    
    
    
    0.5
    
    
    
    0.3Future income taxes
    
    
    (145.9
    )
    
    
    11.4
    
    
    
    13.7Deferred revenue
    
    
    
    
    
    
    (1.2
    )
    
    
    (1.9
    )Changes in non-cash working capital and other accounts:Trade and other receivables
    
    
    1.1
    
    
    
    2.5
    
    
    
    (2.7
    )Inventory
    
    
    (1.7
    )
    
    
    1.4
    
    
    
    (1.8
    )Other current assets
    
    
    (3.1
    )
    
    
    3.1
    
    
    
    1.4Other assets
    
    
    (1.3
    )
    
    
    1.5
    
    
    
    (3.1
    )Accounts payable, trade and other
    
    
    5.3
    
    
    
    2.0
    
    
    
    Accrued and other liabilities
    
    
    (0.2
    )
    
    
    (0.8
    )
    
    
    8.9Other long-term liabilities
    
    
    
    
    
    
    1.1
    
    
    
    (0.1
    )Reclamation expenditures
    
    
    (4.4
    )
    
    
    (7.1
    )
    
    
    (6.2
    )Pension contributions
    
    
    (0.6
    )
    
    
    (0.6
    )
    
    
    (0.3
    )73.5
    
    
    
    69.9
    
    
    
    62.6Cash flow from (used in) investing activities:Capital expenditures
    
    
    (30.1
    )
    
    
    (17.7
    )
    
    
    (21.3
    )Proceeds from sale of assets
    
    
    1.7
    
    
    
    1.7
    
    
    
    4.2Short-term investments (note 3(d))
    
    
    (38.7
    )
    
    
    (49.2
    )
    
    
    (121.3
    )Long-term investments (note 3(d))
    
    
    1.2
    
    
    
    (6.4
    )
    
    
    (65.9
    )
    
    
    (71.6
    )
    
    
    (138.4
    )Cash flow from (used in) financing activities:Proceeds from issuance of share capital
    
    
    3.4
    
    
    
    2.0
    
    
    
    0.93.4
    
    
    
    2.0
    
    
    
    0.9Increase (decrease) in cash and cash equivalents
    
    
    11.0
    
    
    
    0.3
    
    
    
    (74.9
    )Cash and cash equivalents, beginning of year (note 2(a))
    
    
    47.3
    
    
    
    47.0
    
    
    
    121.9Cash and cash equivalents, end of year
    
    $
    58.3
    
    
    $
    47.3
    
    
    $
    47.0Cash and cash equivalents
    
    $
    58.3
    
    
    $
    47.3
    
    
    $
    47.0Short-term investments
    
    
    209.3
    
    
    
    170.5
    
    
    
    121.3Cash and short-term investments
    
    $
    267.6
    
    
    $
    217.8
    
    
    $
    168.3
   31




---



##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 1. NATURE OF OPERATIONS
  2. CHANGES IN ACCOUNTING POLICIES
 (a) Stock-based compensation
 Stock-based Compensation and Other
Stock-based Payments
 (b) Variable interest entities
 Consolidation
of Variable Interest Entities
 3. SIGNIFICANT ACCOUNTING POLICIES
 (a) Basis of presentation
   (b) Use of estimates
  (c) Fair value of financial instruments
  (d) Cash, short-term investments and long-term investments
  32




---



##### 



(e) Inventory
    (f) Mineral property, plant and equipment
    (g) Impairment of long-lived assets
 Impairment of
Long-Lived Assets
 33




---



##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 3. SIGNIFICANT ACCOUNTING POLICIES
 (g) Impairment of long-lived assets
  (h) Asset retirement obligations (AROs)
   (i) Stock-based compensation
    (j) Translation of foreign currencies
  (k) Revenue
  (l) Mineral exploration and development costs
  34




---



##### 



(m) Income taxes
  (n) Earnings per share
  (o) Comparative figures
  4. JOINT VENTURES
 (a) Rossi
  (b) Jerritt Canyon
    2003Revenue
    
    $
    15.8Expenses:Cost of sales
    
    
    12.2Depreciation, depletion and amortization
    
    
    3.1Reclamation and other
    
    
    (4.9
    )Earnings from operations
    
    $
    5.4Cash provided by operating activities
    
    $
    0.5Cash used in investing activities
    
    
    (0.5
    )
 35




---



##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
 5. INVENTORY
 2005
    
    
    2004Materials and supplies
    
    $
    2.1
    
    
    $
    2.1Stockpiled ore
    
    
    4.8
    
    
    
    3.3Finished goods
    
    
    0.2
    
    
    
    $
    7.1
    
    
    $
    5.4
 6. MINERAL PROPERTY, PLANT AND EQUIPMENT
 2005
    
    
    2004Mineral property acquisition and development costs
    
    $
    658.7
    
    
    $
    643.5Plant, buildings and equipment
    
    
    68.6
    
    
    
    67.9727.3
    
    
    
    711.4Accumulated depreciation, depletion, amortization and write-down
    
    
    (637.7
    )
    
    
    (82.6
    )$
    89.6
    
    
    $
    628.8
  2005
    
    
    2004Accumulateddepreciation,
    
    
    
    
    
    
    
    
    
    
    Accumulateddepletion,
    
    
    
    
    
    
    
    
    
    
    depreciation,amortization
    
    
    
    
    
    
    
    
    
    
    depletion andCost
    
    
    and write-down
    
    
    Total
    
    
    Cost
    
    
    amortization
    
    
    TotalEl Peñón mine
    
    $
    170.6
    
    
    $
    93.7
    
    
    $
    76.9
    
    
    $
    144.2
    
    
    $
    79.8
    
    
    $
    64.4Rossi project
    
    
    8.9
    
    
    
    0
    
    
    
    8.9
    
    
    
    7.3
    
    
    
    
    
    
    
    7.3Esquel project
    
    
    544.0
    
    
    
    541.5
    
    
    
    2.5
    
    
    
    556.4
    
    
    
    0.6
    
    
    
    555.8Other
    
    
    3.8
    
    
    
    2.5
    
    
    
    1.3
    
    
    
    3.5
    
    
    
    2.2
    
    
    
    1.3$
    727.3
    
    
    $
    637.7
    
    
    $
    89.6
    
    
    $
    711.4
    
    
    $
    82.6
    
    
    $
    628.8
  7. ESQUEL PROPERTY IMPAIRMENT
 Enterprises in the Development Stage
 36




---



##### 



Purchase price
    
    $
    310.0Spending on project
    
    
    6.1Future income tax liability(1)
    
    
    149.1Currency translation adjustment(2)
    
    
    77.6Total impairment
    
    
    542.8Future income tax benefit
    
    
    163.9Net impairment
    
    $
    378.9
 Notes
 (1)
    Future income tax liability recorded as part of the original purchase of the project.(2)
The currency translation adjustment is related to the balance sheet adjustments for
the foreign exchange difference between the time of purchase and the
time of the write-off.  8. OTHER ASSETS
 2005
    
    
    2004Long-term investments (note 3(d))
    
    $
    5.2
    
    
    $
    6.4Deferred charges, net of amortization of $3.4 (2004  $2.7)
    
    
    2.4
    
    
    
    2.6Other
    
    
    3.4
    
    
    
    3.1$
    11.0
    
    
    $
    12.1
 9. ACCRUED AND OTHER LIABILITIES
 2005
    
    
    2004Asset retirement obligations (notes 10 and 11)
    
    $
    13.3
    
    
    $
    4.3Accrued payroll and bonus
    
    
    6.1
    
    
    
    3.8Income tax payable, current
    
    
    1.5
    
    
    
    7.7Other accrued liabilities
    
    
    6.3
    
    
    
    2.5$
    27.2
    
    
    $
    18.5
 10. OTHER LONG-TERM LIABILITIES
 2005
    
    
    2004Asset retirement obligations (notes 9 and 11)
    
    $
    12.0
    
    
    $
    7.5Accrued pension cost
    
    
    4.3
    
    
    
    4.0Income taxes payable (note 12)
    
    
    48.7
    
    
    
    30.8$
    65.0
    
    
    $
    42.3
 37




---



##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
 11. ASSET RETIREMENT OBLIGATIONS (AROs)
    2005
    
    
    2004
    
    
    2003Balance, beginning of year
    
    $
    11.8
    
    
    $
    18.5
    
    
    $
    31.6Addition
    
    
    17.4
    
    
    
    
    
    
    
    Accretion
    
    
    0.4
    
    
    
    0.4
    
    
    
    0.8Expenditures
    
    
    (4.3
    )
    
    
    (7.1
    )
    
    
    (6.2
    )Sale of JCJV (note 4(b))
    
    
    
    
    
    
    
    
    
    
    (7.7
    )Balance, end of year
    
    $
    25.3
    
    
    $
    11.8
    
    
    $
    18.5
 12. INCOME TAXES AND FUTURE INCOME TAXES
   2005
    
    
    2004
    
    
    2003Current
    
    $
    15.1
    
    
    $
    15.7
    
    
    $
    9.7Future
    
    
    (145.1
    )
    
    
    11.3
    
    
    
    15.2$
    (130.0
    )
    
    $
    27.0
    
    
    $
    24.9
  2005
    
    
    2004
    
    
    2003Applicable statutory rate
    
    
    36.1
    %
    
    
    36.1
    %
    
    
    36.6
    %Income tax expense (benefit) calculated using statutory tax rate (note 7)
    
    $
    (172.0
    )
    
    $
    23.0
    
    
    $
    22.6Increase of valuation allowance
    
    
    18.3
    
    
    
    4.9
    
    
    
    3.9Foreign earnings subject to tax at other than statutory rate
    
    
    5.3
    
    
    
    0.5
    
    
    
    (2.3
    )Losses incurred from foreign operations without tax benefit
    
    
    19.2
    
    
    
    0.7
    
    
    
    1.2Other
    
    
    (0.8
    )
    
    
    (2.1
    )
    
    
    (0.5
    )Income tax expense (benefit)
    
    $
    (130.0
    )
    
    $
    27.0
    
    
    $
    24.9
 38




---



##### 



2005
    
    
    2004
    
    
    2003Current future income tax assets:Chile:Net operating loss carryforwards
    
    $
    
    
    
    $
    
    
    
    $
    Other, net
    
    
    0.7
    
    
    
    0.4
    
    
    
    0.4U.S.:Reclamation reserves
    
    
    4.6
    
    
    
    1.5
    
    
    
    1.6Other, net
    
    
    0.5
    
    
    
    0.2
    
    
    
    0.3Total current deferred income tax assets
    
    
    5.8
    
    
    
    2.1
    
    
    
    2.3Valuation allowance
    
    
    (2.1
    )
    
    
    (1.7
    )
    
    
    (1.9
    )$
    3.7
    
    
    $
    0.4
    
    
    $
    0.4Current future income tax liabilities:Chile
    
    $
    (0.5
    )
    
    $
    (0.1
    )
    
    $
    (0.1
    )U.S.
    
    
    (2.9
    )
    
    
    
    
    
    
    $
    (3.4
    )
    
    $
    (0.1
    )
    
    $
    (0.1
    )
 2005
    
    
    2004
    
    
    2003Long-term future income tax assets:Argentina:Net operating loss carryforwards
    
    $
    3.7
    
    
    $
    3.1
    
    
    $
    2.0Other, net
    
    
    5.7
    
    
    
    5.8
    
    
    
    5.9Chile:Reclamation reserves
    
    
    0.4
    
    
    
    0.4
    
    
    
    0.3U.S.:Mineral property, plant and equipment
    
    
    9.7
    
    
    
    10.0
    
    
    
    10.8Reclamation reserves
    
    
    3.8
    
    
    
    2.1
    
    
    
    3.9Net operating loss carryforwards
    
    
    42.3
    
    
    
    38.7
    
    
    
    31.9Foreign tax credits
    
    
    
    
    
    
    
    
    
    
    0.9Other, net
    
    
    0.5
    
    
    
    1.1
    
    
    
    1.0Canada and other foreign:Mineral property, plant and equipment
    
    
    3.0
    
    
    
    1.2
    
    
    
    1.1Net operating loss carryforwards
    
    
    5.9
    
    
    
    3.6
    
    
    
    2.4Total future income tax assets
    
    
    75.0
    
    
    
    66.0
    
    
    
    60.2Valuation allowance
    
    
    (74.6
    )
    
    
    (56.7
    )
    
    
    (52.0
    )$
    0.4
    
    
    $
    9.3
    
    
    $
    8.2Long-term deferred income tax liabilities:Argentina:Other, net
    
    $
    
    
    
    $
    (175.7
    )
    
    $
    (178.1
    )Chile:Mineral property, plant and equipment
    
    
    (12.8
    )
    
    
    (12.6
    )
    
    
    (14.1
    )Canada and other foreign:Other, net
    
    
    
    
    
    
    
    
    
    
    (2.3
    )$
    (12.8
    )
    
    $
    (188.3
    )
    
    $
    (194.5
    )
   39




---



##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
 13. SHARE CAPITAL
 (a) Shareholders equity
 2005
    
    
    2004Share capital
    
    $
    390.8
    
    
    $
    385.8Additional paid-in capital
    
    
    7.6
    
    
    
    5.8Retained earnings (deficit)
    
    
    (166.4
    )
    
    
    180.0Cumulative translation adjustment
    
    
    54.1
    
    
    
    62.3Total shareholders equity
    
    $
    286.1
    
    
    $
    633.9
 (b) Authorized share capital
  (c) Issued and outstanding common shares
 Numberof shares(in 000s)
    
    
    AmountBalance as at December 31, 2002
    
    
    98,986
    
    
    $
    380.3Issued during the year:Under the terms of directors and employees stock options
    
    
    151
    
    
    
    0.9Shares issued on grant of restricted shares
    
    
    57
    
    
    
    1.5Balance as at December 31, 2003
    
    
    99,194
    
    
    
    382.7Issued during the year:Under the terms of directors and employees stock options
    
    
    386
    
    
    
    2.0Shares issued on grant of restricted shares
    
    
    50
    
    
    
    1.1Balance as at December 31, 2004
    
    
    99,630
    
    
    
    385.8Issued during the year:Under the terms of directors and employees stock options
    
    
    546
    
    
    
    3.9Shares issued on grant of restricted shares
    
    
    57
    
    
    
    1.1Balance as at December 31, 2005
    
    
    100,233
    
    
    $
    390.8
 (d) Shareholder Rights Plan
  40




---



##### 



(e) Share Incentive Plan
   2005
    
    
    2004
    
    
    2003Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedNumber
    
    
    average
    
    
    Number
    
    
    average
    
    
    Number
    
    
    averageof options
    
    
    exercise price
    
    
    of options
    
    
    exercise price
    
    
    of options
    
    
    exercise price(in 000s)
    
    
    (in USD)
    
    
    (in 000s)
    
    
    (in USD)
    
    
    (in 000s)
    
    
    (in USD)Stock options outstanding,
beginning of year
    
    
    1,932
    
    
    $
    9.28
    
    
    
    1,889
    
    
    $
    7.57
    
    
    
    1,853
    
    
    $
    6.86Granted
    
    
    273
    
    
    
    17.41
    
    
    
    454
    
    
    
    13.19
    
    
    
    228
    
    
    
    12.39Exercised
    
    
    (546
    )
    
    
    6.25
    
    
    
    (386
    )
    
    
    5.27
    
    
    
    (151
    )
    
    
    6.15Expired and/or cancelled
    
    
    (102
    )
    
    
    15.85
    
    
    
    (25
    )
    
    
    12.92
    
    
    
    (41
    )
    
    
    12.59Stock options outstanding, end of year
    
    
    1,557
    
    
    $
    11.38
    
    
    
    1,932
    
    
    $
    9.28
    
    
    
    1,889
    
    
    $
    7.57Exercisable stock options
    
    
    1,024
    
    
    $
    9.57
    
    
    
    1,285
    
    
    $
    7.28
    
    
    
    1,478
    
    
    $
    6.17
  Weighted
    
    
    Weightedaverage
    
    
    averageRange of
    
    Shares
    
    
    remaining life
    
    
    exercise priceexercise prices (in USD)
    
    (in 000s)
    
    
    (years)
    
    
    (in USD)$2.19  $4.37
    
    
    24
    
    
    
    2.2
    
    
    $
    2.974.37  6.56
    
    
    247
    
    
    
    4.3
    
    
    
    5.786.56  8.75
    
    
    359
    
    
    
    4.0
    
    
    
    7.598.75  10.94
    
    
    28
    
    
    
    5.4
    
    
    
    9.5610.94  13.12
    
    
    481
    
    
    
    7.3
    
    
    
    12.4313.12  15.31
    
    
    77
    
    
    
    9.4
    
    
    
    15.1415.31  17.50
    
    
    134
    
    
    
    5.9
    
    
    
    16.9517.50  19.68
    
    
    207
    
    
    
    9.2
    
    
    
    18.351,557
    
    
    
    6.2
    
    
    $
    11.38
  41




---



##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
 13. SHARE CAPITAL
 (e) Share Incentive Plan
  2003Net earnings
 as reported
    
    $
    34.4Compensation
expense  additional stock-based compensation
    
    
    (0.7
    )Net earnings
 pro forma
    
    $
    33.7Earnings per share:As reported:Basic
    
    $
    0.35Diluted
    
    $
    0.34Pro forma:Basic
    
    $
    0.34Diluted
    
    $
    0.34
  2005
    
    
    2004
    
    
    2003Weighted average fair value per option
    
    $
    8.82
    
    
    $
    7.08
    
    
    $
    6.23Expected life of options (years)
    
    
    5.0
    
    
    
    5.0
    
    
    
    4.3Risk-free interest rate
    
    
    3.5
    %
    
    
    3.5
    %
    
    
    1.5
    %Expected volatility
    
    
    56.3
    %
    
    
    59.3
    %
    
    
    63.0
    %Expected dividend yield
    
    
    
    
    
    
    
    
    
    
    
 14. EARNINGS PER SHARE
  2005
    
    
    2004
    
    
    2003Net earnings (loss)
    
    $
    (346.4
    )
    
    $
    36.6
    
    
    $
    34.4Basic weighted average shares outstanding (in 000s)
    
    
    99,936
    
    
    
    99,259
    
    
    
    99,060Effect of dilutive potential common shares (in 000s)
    
    
    
    
    
    
    707
    
    
    
    867Diluted weighted average shares outstanding (in 000s)
    
    
    99,936
    
    
    
    99,966
    
    
    
    99,927Basic earnings (loss) per share
    
    $
    (3.47
    )
    
    $
    0.37
    
    
    $
    0.35Diluted earnings (loss) per share
    
    $
    (3.47
    )
    
    $
    0.37
    
    
    $
    0.34Anti-dilutive shares excluded from the calculation (in 000s)
    
    
    1,557
    
    
    
    154
    
    
    
    243
  42




---



##### 



15. SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION
 2005
    
    
    2004
    
    
    2003Cash paid for income taxes
    
    $
    19.8
    
    
    $
    14.9
    
    
    $
    2.7Cash paid for interest
    
    
    
    
    
    
    
    
    
    
    Non-cash investing and financing activities:Receivable and investment received on sale of assets
    
    
    
    
    
    
    
    
    
    
    3.8
 16. ADDITIONAL SEGMENT DISCLOSURE
  2005
    
    
    2004
    
    
    2003Chile
    
    $
    15.6
    
    
    $
    10.2
    
    
    $
    4.5Argentina
    
    
    2.7
    
    
    
    4.0
    
    
    
    7.0United States
    
    
    2.5
    
    
    
    3.0
    
    
    
    0.8Peru
    
    
    1.0
    
    
    
    1.4
    
    
    
    2.4Nicaragua
    
    
    2.4
    
    
    
    
    
    
    
    Mexico
    
    
    0.7
    
    
    
    0.5
    
    
    
    0.8Other
    
    
    0.1
    
    
    
    0.4
    
    
    
    0.5Total exploration expenses
    
    $
    25.0
    
    
    $
    19.5
    
    
    $
    16.0
 17. FORWARD CONTRACTS
 (a) Gold
  (b) Silver
    43




---



##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 18. COMMITMENTS AND CONTINGENCIES
 (a) Operating leases
  (b) Operating commitments
  (c) Exploration commitments
    (d) Legal claims
  19. RECONCILIATION OF CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
     44




---



##### 



Accounting for Stock-Based Compensation  Transition and Disclosure Share-Based Payments
  2003Earnings for the year:Under U.S. accounting principles
    
    $
    36.7Compensation expense based on fair value of options granted and vested
    
    
    (0.7
    )Pro forma earnings for the year
    
    $
    36.0Pro forma earnings per share
    
    $
    0.36
   2005
    
    
    2004
    
    
    2003Net earnings (loss) as reported in the financial statements (Canadian GAAP)
    
    $
    (346.4
    )
    
    $
    36.6
    
    
    $
    34.4Items increasing net earnings:Start-up cost amortization
    
    
    0.6
    
    
    
    0.6
    
    
    
    0.6Cumulative effect of change in accounting for asset retirement obligations
    
    
    
    
    
    
    
    
    
    
    1.7Net earnings (loss) according to U.S. GAAP
    
    
    (345.8
    )
    
    
    37.2
    
    
    
    36.7Foreign currency translation adjustments
    
    
    (8.2
    )
    
    
    (4.1
    )
    
    
    48.9Comprehensive income (loss)
    
    $
    (354.0
    )
    
    $
    33.1
    
    
    $
    85.6Earnings
(loss) per common share  basic:Before cumulative change in accounting policy according to U.S. GAAP
    
    $
    (3.46
    )
    
    $
    0.37
    
    
    $
    0.35According to U.S. GAAP
    
    
    (3.46
    )
    
    
    0.37
    
    
    
    0.37Earnings
(loss) per common share  diluted:Before cumulative change in accounting policy according to U.S. GAAP
    
    $
    (3.46
    )
    
    $
    0.37
    
    
    $
    0.35According to U.S. GAAP
    
    
    (3.46
    )
    
    
    0.37
    
    
    
    0.37
  45




---



##### 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 19. RECONCILIATION OF CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
 
 2005
    
    
    2004Canadian
    
    
    U.S.
    
    
    Canadian
    
    
    U.S.GAAP
    
    
    GAAP
    
    
    GAAP
    
    
    GAAPMineral property, plant and equipment, net
    
    $
    89.6
    
    
    $
    89.0
    
    
    $
    628.8
    
    
    $
    627.6Total assets
    
    
    404.5
    
    
    
    403.9
    
    
    
    892.1
    
    
    
    890.9Total liabilities
    
    
    118.4
    
    
    
    118.4
    
    
    
    257.2
    
    
    
    257.2Additional paid-in capital
    
    
    7.6
    
    
    
    6.7
    
    
    
    5.8
    
    
    
    4.9Retained earnings (deficit)
    
    
    (166.4
    )
    
    
    (166.1
    )
    
    
    180.0
    
    
    
    179.7Cumulative translation adjustment
    
    
    54.1
    
    
    
    
    
    
    
    62.3
    
    
    
    Accumulated other comprehensive income
    
    
    
    
    
    
    54.1
    
    
    
    
    
    
    
    62.3Total shareholders equity
    
    
    286.1
    
    
    
    285.5
    
    
    
    633.9
    
    
    
    632.7
  Recent U.S. accounting pronouncements
 Accounting Changes and Error Corrections a replacement of
APB Opinion No. 20 and FASB Statement No. 3
 46




---



##### 



MINERAL RESERVES AND RESOURCES
 December 31, 2005
    
    
    December 31, 2004Grade
    
    
    Contained ounces
    
    
    
    
    
    
    Grade
    
    
    Contained ouncesTonnes
    
    
    Gold
    
    
    Silver
    
    
    Gold
    
    
    Silver
    
    
    Tonnes
    
    
    Gold
    
    
    Silver
    
    
    Gold
    
    
    Silver(mils)
    
    
    (g/t)
    
    
    (g/t)
    
    
    (K oz)
    
    
    (K oz)
    
    
    (mils)
    
    
    (g/t)
    
    
    (g/t)
    
    
    (K oz)
    
    
    (K oz)El PeñónProven and probable
reserves
    
    
    8.4
    
    
    
    7.8
    
    
    
    283
    
    
    
    2,109
    
    
    
    76,396
    
    
    
    7.9
    
    
    
    8.0
    
    
    
    214
    
    
    
    2,041
    
    
    
    54,534Mineral resourcesMeasured and
indicated
    
    
    2.7
    
    
    
    8.5
    
    
    
    222
    
    
    
    741
    
    
    
    19,337
    
    
    
    2.6
    
    
    
    8.2
    
    
    
    261
    
    
    
    675
    
    
    
    21,401Inferred
    
    
    2.3
    
    
    
    8.2
    
    
    
    380
    
    
    
    595
    
    
    
    27,700
    
    
    
    1.2
    
    
    
    8.3
    
    
    
    322
    
    
    
    323
    
    
    
    12,517Rossi(40% share)Proven and probable
reserves
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Mineral resourcesMeasured and
indicated
    
    
    0.2
    
    
    
    15.4
    
    
    
    
    
    
    
    109
    
    
    
    
    
    
    
    0.2
    
    
    
    15.4
    
    
    
    
    
    
    
    109
    
    
    
    Inferred
    
    
    0.3
    
    
    
    12.9
    
    
    
    
    
    
    
    133
    
    
    
    
    
    
    
    0.3
    
    
    
    12.9
    
    
    
    
    
    
    
    133
    
    
    
    EsquelProven and probable
reserves
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7.5
    
    
    
    9.7
    
    
    
    16
    
    
    
    2,315
    
    
    
    3,716Mineral resourcesMeasured and
indicated
    
    
    4.7
    
    
    
    15.0
    
    
    
    23
    
    
    
    2,286
    
    
    
    3,523
    
    
    
    3.0
    
    
    
    3.5
    
    
    
    7
    
    
    
    346
    
    
    
    687Inferred
    
    
    0.9
    
    
    
    9.9
    
    
    
    21
    
    
    
    274
    
    
    
    575
    
    
    
    2.9
    
    
    
    4.7
    
    
    
    11
    
    
    
    434
    
    
    
    1,045Total
 Meridians
ShareProven and probable
reserves
    
    
    8.4
    
    
    
    7.8
    
    
    
    283
    
    
    
    2,109
    
    
    
    76,396
    
    
    
    15.4
    
    
    
    8.8
    
    
    
    118
    
    
    
    4,356
    
    
    
    58,250Mineral resourcesMeasured and
indicated
    
    
    7.6
    
    
    
    12.8
    
    
    
    90
    
    
    
    3,135
    
    
    
    22,003
    
    
    
    5.8
    
    
    
    6.1
    
    
    
    118
    
    
    
    1,130
    
    
    
    22,088Inferred
    
    
    3.5
    
    
    
    8.9
    
    
    
    251
    
    
    
    1,001
    
    
    
    28,275
    
    
    
    4.4
    
    
    
    6.3
    
    
    
    96
    
    
    
    890
    
    
    
    13,562
 Notes
    47




---



##### 



DIRECTORS
 
  Robert A. Horn (2)
 Carl L. Renzoni (1 , 3)
 Brian J. Kennedy
 Christopher R. Lattanzi (1, 2)
 Gerard E. Munera (1, 3)
 Richard P. Graff (1)
 Malcolm W. MacNaught (2 )
 John A. Eckersley (3 )
  OFFICERS
  Darrin L. Rohr
 Peter C. Dougherty
 Brian J. Kennedy
 Edgar A. Smith
 Darcy E. Marud
 Wayne M. Hubert
 
 Notes(1)
    
    Member of the Audit Committee(2)
    
    Member
of the Compensation
Committee(3)
    
    Member
of the Corporate
Governance
Committee*
    
    Chair of the Committee 
 48




---



##### 



SHAREHOLDER INFORMATION
 Corporate Offices
 
 Annual Meeting
  Auditors
 
 Investor Relations
  Market for the Registrants Common Equity and Related Shareholder Matters
  NYSE Corporate Governance Rules Disclosure
  QUARTERLY HIGH AND LOW STOCK PRICE
 FY2005
    
    
    FY20041st Qtr
    
    
    2nd Qtr
    
    
    3rd Qtr
    
    
    4th Qtr
    
    
    1st Qtr
    
    
    2nd Qtr
    
    
    3rd Qtr
    
    
    4th QtrCommon share pricesToronto Stock Exchange (CDN$)High
    
    $
    26.03
    
    
    $
    23.07
    
    
    $
    26.68
    
    
    $
    26.44
    
    
    $
    19.31
    
    
    $
    18.12
    
    
    $
    21.15
    
    
    $
    24.05Low
    
    $
    19.22
    
    
    $
    17.92
    
    
    $
    20.60
    
    
    $
    21.44
    
    
    $
    15.42
    
    
    $
    12.11
    
    
    $
    15.62
    
    
    $
    19.25Close
    
    $
    20.40
    
    
    $
    22.00
    
    
    $
    25.35
    
    
    $
    25.48
    
    
    $
    15.96
    
    
    $
    17.26
    
    
    $
    21.00
    
    
    $
    22.74New York Stock Exchange (USD)High
    
    $
    21.15
    
    
    $
    18.67
    
    
    $
    22.70
    
    
    $
    22.50
    
    
    $
    15.10
    
    
    $
    13.27
    
    
    $
    16.75
    
    
    $
    20.38Low
    
    $
    15.88
    
    
    $
    14.11
    
    
    $
    16.80
    
    
    $
    18.25
    
    
    $
    11.48
    
    
    $
    8.95
    
    
    $
    12.05
    
    
    $
    15.51Close
    
    $
    16.84
    
    
    $
    18.00
    
    
    $
    21.91
    
    
    $
    21.87
    
    
    $
    12.20
    
    
    $
    12.97
    
    
    $
    16.72
    
    
    $
    18.97
 Transfer Agents and Registrars
 
 METRIC CONVERSION TABLE
 To convert
    
    To imperial measurement units
    
    
    Multiply byTonnes
    
    Short tons
    
    
    1.10231Tonnes
    
    Long tons
    
    
    0.98422Tonnes
    
    Pounds
    
    
    2,204.62Tonnes
    
    Ounces (troy)
    
    
    32,150.7Grams
    
    Ounces (troy)
    
    
    0.03215Grams/tonne
    
    Ounces (troy)/short ton
    
    
    0.02917Hectares
    
    Acres
    
    
    2.47105Kilometers
    
    Miles
    
    
    0.62137Meters
    
    Feet
    
    
    3.28084
 Notes