|   | Consolidated Financial Statements |
|--------|-----------------------------------|

|   | December 31, 2014 and 2013 |
|--------|----------------------------|

|   | (Expressed in thousands of U.S. dollars) |
|--------|------------------------------------------|

----

| Paul N. Wright                 | Fabiana Chubbs          |
|-------------------------------------|-------------------------|
| Chief Executive Officer             | Chief Finnacial Officer |
|                                |                    |
|                                |                    |
| February 19, 2015                   |                    |
| Vancouver, British Columbia, Canada |                    |

----

|   | KPMG LLPChartered AccountantsPO Box 10426 777 Dunsmuir StreetVancouver BC V7Y 1K3Canada | TelephoneFaxInternet | (604) 691-3000 (604) 691-3031www.kpmg.ca |
|--------|-----------------------------------------------------------------------------------------|----------------------|-----------------------------------------------|

----

----

|   | KPMG LLPChartered AccountantsPO Box 10426 777 Dunsmuir StreetVancouver BC V7Y 1K3Canada | TelephoneFaxInternet | (604) 691-3000 (604) 691-3031www.kpmg.ca |
|--------|-----------------------------------------------------------------------------------------|----------------------|-----------------------------------------------|

----

----

|                                                     |   | Note   |   |   | December 31, 2014 |   |      | December 31, 2013 |   |
|----------------------------------------------------------|--------|--------|--------|--------|-------------------|--------|-----------|-------------------|--------|
|                                                     |   |   |   |   |              |   |      |              |   |
|                                                     |   |   |   |   |              | $      |      |              |   | $ |   |
| ASSETS                                                   |   |   |   |   |              |   |      |              |   |   |   |
| Current assets                                           |   |   |   |   |              |   |      |              |   |   |   |
| Cash and cash equivalents                                |   |   | 6      |   |              |   | 498,514   |              |   |   | 589,180 |   |
| Term deposits                                            |   |   |   |   |              |   | 2,800     |              |   |   | 34,702 |   |
| Restricted cash                                          |   |   |   |   |              |   | 262       |              |   |   | 262 |   |
| Marketable securities                                    |   |   |   |   |              |   | 4,251     |              |   |   | 4,387 |   |
| Accounts receivable and other                            |   |   | 7      |   |              |   | 117,995   |              |   |   | 89,231 |   |
| Inventories                                              |   |   | 8      |   |              |   | 223,412   |              |   |   | 244,042 |   |
|                                                     |   |   |   |   |              |   | 847,234   |              |   |   | 961,804 |   |
| Investments in associates                                |   |   | 9      |   |              |   | -         |              |   |   | 10,949 |   |
| Deferred income tax assets                               |   |   | 17     |   |              |   | 104       |              |   |   | 997 |   |
| Other assets                                             |   |   | 10     |   |              |   | 43,605    |              |   |   | 37,330 |   |
| Defined benefit pension plan                             |   |   | 16     |   |              |   | 12,790    |              |   |   | 13,484 |   |
| Property, plant and equipment                            |   |   | 11     |   |              |   | 5,963,611 |              |   |   | 5,684,382 |   |
| Goodwill                                                 |   |   | 12     |   |              |   | 526,296   |              |   |   | 526,296 |   |
|                                                     |   |   |   |   |              |   | 7,393,640 |              |   |   | 7,235,242 |   |
| LIABILITIES & EQUITY                                 |   |   |   |   |              |   |      |              |   |   |   |   |
| Current liabilities                                      |   |   |   |   |              |   |      |              |   |   |   |   |
| Accounts payable and accrued liabilities                 |   |   | 13     |   |              |   | 184,712   |              |   |   | 211,406 |   |
| Current debt                                             |   |   | 14     |   |              |   | 16,343    |              |   |   | 16,402 |   |
|                                                     |   |   |   |   |              |   | 201,055   |              |   |   | 227,808 |   |
| Debt                                                     |   |   | 14     |   |              |   | 587,201   |              |   |   | 585,006 |   |
| Other non-current liability                              |   |   | 5(b)   |   |              |   | 49,194    |              |   |   | - |   |
| Asset retirement obligations                             |   |   | 15     |   |              |   | 109,069   |              |   |   | 85,259 |   |
| Deferred income tax liabilities                          |   |   | 17     |   |              |   | 869,207   |              |   |   | 842,305 |   |
|                                                     |   |   |   |   |              |   | 1,815,726 |              |   |   | 1,740,378 |   |
| Equity                                                   |   |   |   |   |              |   |      |              |   |   |   |   |
| Share capital                                            |   |   | 18     |   |              |   | 5,318,950 |              |   |   | 5,314,589 |   |
| Treasury stock                                           |   |   |   |   |              |   | (12,949   | )                 |   |   | (10,953 | ) |
| Contributed surplus                                      |   |   |   |   |              |   | 38,430    |              |   |   | 78,557 |   |
| Accumulated other comprehensive loss                     |   |   |   |   |              |   | (18,127   | )                 |   |   | (17,056 | ) |
| Deficit                                                  |   |   |   |   |              |   | (53,804   | )                 |   |   | (143,401 | ) |
| Total equity attributable to shareholders of the Company |   |   |   |   |              |   | 5,272,500 |              |   |   | 5,221,736 |   |
| Attributable to non-controlling interests                |   |   |   |   |              |   | 305,414   |              |   |   | 273,128 |   |
|                                                     |   |   |   |   |              |   | 5,577,914 |              |   |   | 5,494,864 |   |
|                                                     |   |   |   |   |              |   | 7,393,640 |              |   |   | 7,235,242 |   |

| (Signed)Robert R. Gilmore         | Director |   | (Signed)Paul N. Wright  | Director |
|---------------------------------------------------------------------------|----------|--------|------------------------------|----------|

----

| For the year ended December 31                                  |   | Note   |   |   | 2014   |      |    | 2013   |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|-----------|---------|--------|--------|
|                                                            |   |   |   |   |   | $         |    |   |   | $ |   |
| Revenue                                                         |   |   |   |   |   |      |    |   |   |   |   |
|   Metal sales                                         |   |   |   |   |   | 1,067,899 |    |   |   | 1,123,992 |   |
|                                                            |   |   |   |   |   |      |    |   |   |   |   |
| Cost of sales                                                   |   |   |   |   |   |      |    |   |   |   |   |
|   Production costs                                    |   |   | 26     |   |   |      | 508,280 |   |   |   | 481,892 |   |
|   Inventory write-down                                |   |   |   |   |   |      | 13,469  |   |   |   | - |   |
|   Depreciation and amortization                       |   |   |   |   |   |      | 177,227 |   |   |   | 149,068 |   |
|                                                            |   |   |   |   |   |      | 698,976 |   |   |   | 630,960 |   |
| Gross profit                                                    |   |   |   |   |   |      | 368,923 |   |   |   | 493,032 |   |
|                                                            |   |   |   |   |   |      |    |   |   |   |   |   |
| Exploration expenses                                            |   |   |   |   |   |      | 16,230  |   |   |   | 34,686 |   |
| General and administrative expenses                             |   |   |   |   |   |      | 68,196  |   |   |   | 68,291 |   |
| Defined benefit pension plan expense                            |   |   | 16     |   |   |      | 1,620   |   |   |   | 2,478 |   |
| Share based payments                                            |   |   | 19     |   |   |      | 18,775  |   |   |   | 19,492 |   |
| Impairment loss on property, plant and equipment and goodwill   |   |   | 11, 12 |   |   |      | -       |   |   |   | 808,414 |   |
| Foreign exchange loss                                           |   |   |   |   |   |      | 7,176   |   |   |   | 6,799 |   |
| Operating profit (loss)                                         |   |   |   |   |   |      | 256,926 |   |   |   | (447,128 | ) |
|                                                            |   |   |   |   |   |      |    |   |   |   |   |   |
| Loss on disposal of assets                                      |   |   |   |   |   |      | 1,926   |   |   |   | 830 |   |
| Loss on marketable securities and other investments             |   |   |   |   |   |      | 2,415   |   |   |   | 2,421 |   |
| Loss on investments in associates                               |   |   |   |   |   |      | 102     |   |   |   | 1,285 |   |
| Impairment loss on investment in associates                     |   |   | 9      |   |   |      | -       |   |   |   | 14,051 |   |
| Other income                                                    |   |   |   |   |   |      | (9,436  | )      |   |   | (6,201 | ) |
| Asset retirement obligation accretion                           |   |   | 15     |   |   |      | 2,326   |   |   |   | 1,337 |   |
| Interest and financing costs                                    |   |   | 27     |   |   |      | 28,779  |   |   |   | 40,412 |   |
| Writedown of assets                                             |   |   |   |   |   |      | 3,001   |   |   |   | 3,990 |   |
|                                                            |   |   |   |   |   |      |    |   |   |   |   |   |
| Profit (loss) before income tax                                 |   |   |   |   |   |      | 227,813 |   |   |   | (505,253 | ) |
| Income tax expense                                              |   |   | 17     |   |   |      | 121,269 |   |   |   | 144,362 |   |
| Profit (loss) for the year                                      |   |   |   |   |   |      | 106,544 |   |   |   | (649,615 | ) |
|                                                            |   |   |   |   |   |      |    |   |   |   |   |   |
| Attributable to:                                                |   |   |   |   |   |      |    |   |   |   |   |   |
| Shareholders of the Company                                     |   |   |   |   |   |      | 102,607 |   |   |   | (653,329 | ) |
| Non-controlling interests                                       |   |   |   |   |   |      | 3,937   |   |   |   | 3,714 |   |
| Profit (loss) for the year                                      |   |   |   |   |   |      | 106,544 |   |   |   | (649,615 | ) |
|                                                            |   |   |   |   |   |      |    |   |   |   |   |   |
| Weighted average number of shares outstanding (thousands)       |   |   | 28     |   |   |      |    |   |   |   |   |   |
| Basic                                                           |   |   |   |   |   |      | 716,288 |   |   |   | 715,181 |   |
| Diluted                                                         |   |   |   |   |   |      | 716,300 |   |   |   | 715,181 |   |
|                                                            |   |   |   |   |   |      |    |   |   |   |   |   |
| Earnings per share attributable to shareholders of the Company: |   |   |   |   |   |      |    |   |   |   |   |   |
| Basic earnings (loss) per share                                 |   |   |   |   |   |      | 0.14    |   |   |   | (0.91 | ) |
| Diluted earnings (loss) per share                               |   |   |   |   |   |      | 0.14    |   |   |   | (0.91 | ) |

----

| For the year ended December 31                                                                       |   | Note   |   |   | 2014   |    |    | 2013   |   |
|------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|---------|---------|--------|--------|
|                                                                                                 |   |   |   |   |   | $       |    |   |   | $ |   |
|                                                                                                 |   |   |   |   |   |    |    |   |   |   |   |
| Profit (loss) for the year                                                                           |   |   |   |   |   | 106,544 |    |   |   | (649,615 | ) |
| Other comprehensive income (loss):                                                                   |   |   |   |   |   |    |    |   |   |   |   |
| Change in fair value of available-for-sale financial assets                                          |   |   |   |   |   | (2,353  | )       |   |   | (1,258 | ) |
| Realized losses (gains) on disposal of available-for-sale financial assets transferred to net income |   |   |   | 1,878  |   |    |    | (17    | )      |
| Actuarial gains (losses) on defined benefit pension plans                                            |   |   | 16     |   |   |    | (596    | )      |   |   | 8,754 |   |
| Total other comprehensive income (loss) for the year                                                 |   |   |   |   |   |    | (1,071  | )      |   |   | 7,479 |   |
| Total comprehensive income (loss) for the year                                                       |   |   |   |   |   |    | 105,473 |   |   |   | (642,136 | ) |
|                                                                                                 |   |   |   |   |   |    |    |   |   |   |   |   |
| Attributable to:                                                                                     |   |   |   |   |   |    |    |   |   |   |   |   |
| Shareholders of the Company                                                                          |   |   |   |   |   |    | 101,536 |   |   |   | (645,850 | ) |
| Non-controlling interests                                                                            |   |   |   |   |   |    | 3,937   |   |   |   | 3,714 |   |
|                                                                                                 |   |   |   |   |   |    | 105,473 |   |   |   | (642,136 | ) |

----

| For the year ended December 31                                |   | Note   |   |   | 2014   |    |     | 2013   |   |
|---------------------------------------------------------------|--------|--------|--------|--------|--------|---------|----------|--------|--------|
|                                                          |   |   |   |   |   | $       |     |   |   | $ |   |
| Cash flows generated from (used in):                          |   |   |   |   |   |    |     |   |   |   |   |
| Operating activities                                          |   |   |   |   |   |    |     |   |   |   |   |
| Profit (loss) for the year                                    |   |   |   |   |   | 106,544 |     |   |   | (649,615 | ) |
| Items not affecting cash                                      |   |   |   |   |   |    |     |   |   |   |   |
| Asset retirement obligation accretion                         |   |   |   |   |   | 2,326   |     |   |   | 1,337 |   |
| Depreciation and amortization                                 |   |   |   |   |   | 177,227 |     |   |   | 149,068 |   |
| Unrealized foreign exchange loss                              |   |   |   |   |   | 1,154   |     |   |   | 775 |   |
| Deferred income tax expense                                   |   |   |   |   |   | 27,795  |     |   |   | 27,516 |   |
| Loss on disposal of assets                                    |   |   |   |   |   | 1,926   |     |   |   | 830 |   |
| Loss on investment in associates                              |   |   |   |   |   | 102     |     |   |   | 1,285 |   |
| Impairment loss on investment in associates                   |   |   |   |   |   | -       |     |   |   | 14,051 |   |
| Writedown of assets                                           |   |   |   |   |   | 3,001   |     |   |   | 3,990 |   |
| Impairment loss on property, plant and equipment and goodwill |   |   |   |   |   | -       |     |   |   | 808,414 |   |
| Loss on marketable securities and other investments           |   |   |   |   |   | 2,415   |     |   |   | 2,421 |   |
| Share based payments                                          |   |   |   |   |   | 18,775  |     |   |   | 19,492 |   |
| Defined benefit pension plan expense                          |   |   |   |   |   | 1,620   |     |   |   | 2,478 |   |
|                                                          |   |   |   |   |   | 342,885 |     |   |   | 382,042 |   |
|                                                          |   |   |   |   |   |    |     |   |   |   |   |
| Property reclamation payments                                 |   |   |   |   |   | (3,038  | )        |   |   | - |   |
| Changes in non-cash working capital                           |   |   | 20     |   |   |    | (56,502  | )      |   |   | (25,669 | ) |
|                                                          |   |   |   |   |   |    | 283,345  |   |   |   | 356,373 |   |
| Investing activities                                          |   |   |   |   |   |    |     |   |   |   |   |   |
| Net cash paid on acquisition of subsidiary                    |   |   | 5      | (a)    |   |    | (30,318  | )      |   |   | - |   |
| Purchase of property, plant and equipment                     |   |   |   |   |   |    | (410,690 | )      |   |   | (481,986 | ) |
| Proceeds from the sale of property, plant and equipment       |   |   |   |   |   |    | 147      |   |   |   | 2,086 |   |
| Proceeds on production of tailings retreatment                |   |   |   |   |   |    | 26,599   |   |   |   | 24,877 |   |
| Purchase of marketable securities                             |   |   |   |   |   |    | (3,313   | )      |   |   | - |   |
| Proceeds from the sale of marketable securities               |   |   |   |   |   |    | 1,521    |   |   |   | 2,025 |   |
| Investments in associates                                     |   |   |   |   |   |    | -        |   |   |   | (6,357 | ) |
| Redemption of (investment in) term deposits                   |   |   |   |   |   |    | 31,902   |   |   |   | (34,702 | ) |
| Decrease (increase) in restricted cash                        |   |   |   |   |   |    | 31       |   |   |   | (12 | ) |
|                                                          |   |   |   |   |   |    | (384,121 | )      |   |   | (494,069 | ) |
| Financing activities                                          |   |   |   |   |   |    |     |   |   |   |   |   |
| Issuance of common shares for cash                            |   |   |   |   |   |    | 1,996    |   |   |   | 7,003 |   |
| Proceeds from contributions net of dispositions from          |   |   |   |   |   |    |     |   |   |   |   |   |
|    non-controlling interest                    |   |   | 5      | (b)    |   |    | 40,000   |   |   |   | 2,321 |   |
| Dividend paid to non-controlling interests                    |   |   |   |   |   |    | (12,466  | )      |   |   | (13,281 | ) |
| Dividend paid to shareholders                                 |   |   |   |   |   |    | (13,010  | )      |   |   | (84,948 | ) |
| Purchase of treasury stock                                    |   |   |   |   |   |    | (6,413   | )      |   |   | (6,462 | ) |
| Long-term and bank debt proceeds                              |   |   |   |   |   |    | 32,625   |   |   |   | 15,977 |   |
| Long-term and bank debt repayments                            |   |   |   |   |   |    | (32,622  | )      |   |   | (10,354 | ) |
| Loan financing costs                                          |   |   |   |   |   |    | -        |   |   |   | (223 | ) |
|                                                          |   |   |   |   |   |    | 10,110   |   |   |   | (89,967 | ) |
| Net decrease in cash and cash equivalents                     |   |   |   |   |   |    | (90,666  | )      |   |   | (227,663 | ) |
| Cash and cash equivalents - beginning of year                 |   |   |   |   |   |    | 589,180  |   |   |   | 816,843 |   |
|                                                          |   |   |   |   |   |    |     |   |   |   |   |   |
| Cash and cash equivalents - end of year                       |   |   |   |   |   |    | 498,514  |   |   |   | 589,180 |   |

----

| For the year ended December 31,                                                          |   | Note   |   |   | 2014   |      |      | 2013   |   |
|------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|-----------|-----------|--------|--------|
|                                                                                     |   |   |   |   | $      |      |      |   | $      |   |
| Share capital                                                                            |   |   |   |   |   |      |      |   |   |   |
| Balance beginning of year                                                                |   |   |   |   |   | 5,314,589 |      |   |   | 5,300,957 |   |
|     Shares issued upon exercise of share options, for cash           |   |   |   |   |   | 1,996     |      |   |   | 7,003 |   |
|     Transfer of contributed surplus on exercise of options           |   |   |   |   |   | 2,141     |      |   |   | 2,934 |   |
|     Transfer of contributed surplus on exercise of deferred phantom  |   |   |   |   |   |      |      |   |   |   |   |
|        units                                               |   |   |   |   |   | 224       |      |   |   | 3,695 |   |
| Balance end of year                                                                      |   |   |   |   |   | 5,318,950 |      |   |   | 5,314,589 |   |
|                                                                                     |   |   |   |   |   |      |      |   |   |   |   |
| Treasury stock                                                                           |   |   |   |   |   |      |      |   |   |   |   |
| Balance beginning of year                                                                |   |   |   |   |   | (10,953   | )         |   |   | (7,445 | ) |
|     Purchase of treasury stock                                       |   |   |   |   |   | (6,413    | )         |   |   | (6,462 | ) |
|     Shares redeemed upon exercise of restricted share units          |   |   |   |   |   | 4,417     |      |   |   | 2,954 |   |
| Balance end of year                                                                      |   |   |   |   |   | (12,949   | )         |   |   | (10,953 | ) |
|                                                                                     |   |   |   |   |   |      |      |   |   |   |   |
| Contributed surplus                                                                      |   |   |   |   |   |      |      |   |   |   |   |
| Balance beginning of year                                                                |   |   |   |   |   | 78,557    |      |   |   | 65,382 |   |
|     Share based payments                                             |   |   |   |   |   | 18,503    |      |   |   | 19,847 |   |
|     Shares redeemed upon exercise of restricted share units          |   |   |   |   |   | (4,417    | )         |   |   | (2,954 | ) |
|     Recognition of other non-current liability and related costs     |   |   | 5(b)   |   |   |      | (51,848   | )      |   |   | - |   |
|     Partial reversal of non-controlling interest acquired on buy-out |   |   |   |   |   |      | -         |   |   |   | 2,911 |   |
|     Transfer to share capital on exercise of options and deferred    |   |   |   |   |   |      |      |   |   |   |   |   |
|         phantom units                            |   |   |   |   |   |      | (2,365    | )      |   |   | (6,629 | ) |
| Balance end of year                                                                      |   |   |   |   |   |      | 38,430    |   |   |   | 78,557 |   |
|                                                                                     |   |   |   |   |   |      |      |   |   |   |   |   |
| Accumulated other comprehensive loss                                                     |   |   |   |   |   |      |      |   |   |   |   |   |
| Balance beginning of year                                                                |   |   |   |   |   |      | (17,056   | )      |   |   | (24,535 | ) |
|     Other comprehensive gain (loss) for the year                     |   |   |   |   |   |      | (1,071    | )      |   |   | 7,479 |   |
| Balance end of year                                                                      |   |   |   |   |   |      | (18,127   | )      |   |   | (17,056 | ) |
|                                                                                     |   |   |   |   |   |      |      |   |   |   |   |   |
| Deficit                                                                                  |   |   |   |   |   |      |      |   |   |   |   |   |
| Balance beginning of year                                                                |   |   |   |   |   |      | (143,401  | )      |   |   | 594,876 |   |
|     Dividends paid                                                   |   |   |   |   |   |      | (13,010   | )      |   |   | (84,948 | ) |
|     Profit (loss) attributable to shareholders of the Company        |   |   |   |   |   |      | 102,607   |   |   |   | (653,329 | ) |
| Balance end of year                                                                      |   |   |   |   |   |      | (53,804   | )      |   |   | (143,401 | ) |
| Total equity attributable to shareholders of the Company                                 |   |   |   |   |   |      | 5,272,500 |   |   |   | 5,221,736 |   |
|                                                                                     |   |   |   |   |   |      |      |   |   |   |   |   |
| Non-controlling interests                                                                |   |   |   |   |   |      |      |   |   |   |   |   |
| Balance beginning of year                                                                |   |   |   |   |   |      | 273,128   |   |   |   | 284,100 |   |
|     Profit attributable to non-controlling interests                 |   |   |   |   |   |      | 3,937     |   |   |   | 3,714 |   |
|     Dividends declared to non-controlling interests                  |   |   |   |   |   |      | (11,651   | )      |   |   | (14,096 | ) |
|     Increase (decrease) during the period                            |   |   | 5(b)   |   |   |      | 40,000    |   |   |   | (590 | ) |
| Balance end of year                                                                      |   |   |   |   |   |      | 305,414   |   |   |   | 273,128 |   |
|                                                                                     |   |   |   |   |   |      |      |   |   |   |   |   |
| Total equity                                                                             |   |   |   |   |   |      | 5,577,914 |   |   |   | 5,494,864 |   |

----

| 1.   | General Information |
|----------------|---------------------|

| 2.   | Basis of preparation |
|----------------|----------------------|

| ● | IFRIC 21 ‘Levies’ – This interpretation of IAS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’, applies to the accounting for levies imposed by governments. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event (“obligating event”). IFRIC 21 clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. There was no impact on these consolidated financial statements as a result of the adoption of this standard. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | IFRS 9 ‘Financial Instruments’ – This standard was published in July 2014 and replaces the existing guidance in IAS 39, ‘Financial Instruments: Recognition and Measurement’. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including a new expected credit loss model for calculating impairment on financial assets, and the new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments from IAS 39. IFRS 9 is effective for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company is currently evaluating the extent of the impact of the adoption of this standard. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | IFRS 15 ‘Revenue from Contracts with Customers’ – This standard contains a single model that applies to contracts with customers and two approaches to recognising revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognized. New estimates and judgmental thresholds have been introduced, which may affect the amount and/or timing of revenue recognized. This standard is effective for fiscal years ending on or after December 31, 2017, with early adoption permitted. The Company does not expect this standard to have a material impact on its financial statements. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.   | Significant accounting policies |
|----------------|---------------------------------|

| 3.1    | Basis of presentation and principles of consolidation |
|--------|-------------------------------------------------------|
|   |                                                  |
| (i)    | Subsidiaries and business combinations                |

|           Subsidiary        | Location     | Ownership      interest     | Status       |         Operations and    development projects                 owned |
|-------------------------------------------------------------------------------|----------------------------------|--------------------------------------------------------------------------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Tüprag Metal Madencilik Sanayi ve Ticaret AS (“Tüprag”) | Turkey                           | 100%                                                                     | Consolidated | Kişladağ MineEfemçukuru  Mine                                                                                                                                  |
| Qinghai Dachaidan Mining Ltd. (“QDML”)                            | China                            | 90%                                                                      | Consolidated | TJS Mine                                                                                                                                                                                |
| Sino Guizhou Jinfeng Mining Ltd. (“Jinfeng”)                      | China                            | 82%                                                                      | Consolidated | Jinfeng Mine                                                                                                                                                                            |
| Sino Gold Jilin BMZ Mining Ltd.                                               | China                            | 95%                                                                      | Consolidated | White Mountain Mine                                                                                                                                                                     |
| Heihe Rockmining Ltd. (“Eastern Dragon”)                          | China                            | 75%                                                                      | Consolidated | Eastern Dragon Project                                                                                                                                                                  |
| Hellas Gold SA (“Hellas”)                                         | Greece                           | 95%                                                                      | Consolidated | Stratoni MineOlympias ProjectSkouries Project                                                                                                                                           |
| Thracean Gold Mining SA                                                       | Greece                           | 100%                                                                     | Consolidated | Perama Hill Project                                                                                                                                                                     |
| Glory Resources Ltd.                                                          | Greece                           | 100%                                                                     | Consolidated | Sapes Project                                                                                                                                                                           |
| Unamgen Mineração e Metalurgia S/A                                  | Brazil                           | 100%                                                                     | Consolidated | Vila Nova Iron Ore Mine                                                                                                                                                                 |
| Brazauro Resources Corporation (“Brazauro”)                       | Brazil                           | 100%                                                                     | Consolidated | Tocantinzinho Project                                                                                                                                                                   |
| Deva Gold SA (“Deva”)                                             | Romania                          | 81%                                                                      | Consolidated | CertejProject                                                                                                                                                                           |

| (ii) | Investments in associates (equity accounted for investees) |
|------|------------------------------------------------------------|

----

| 3.   | Significant accounting policies (continued) |
|----------------|---------------------------------------------|

| (iii) | Transactions with non-controlling interests |
|-------|---------------------------------------------|

| (iv) | Transactions eliminated on consolitation |
|------|------------------------------------------|

| 3.2    | Foreign currency translation         |
|--------|--------------------------------------|
|   |                                 |
| (i)    | Functional and presentation currency |

|   | (ii) | Transactions and balances |
|--------|------|---------------------------|

|   | 3.3    | Property, plant and equipment |
|--------|--------|-------------------------------|
|   |   |                          |
|   | (i)    | Cost and valuation            |

|   | (ii) | Property, plant and equipment |
|--------|------|-------------------------------|

|   | (iii) | Depreciation |
|--------|-------|--------------|

----

| 3.   | Significant accounting policies (continued) |
|----------------|---------------------------------------------|

|   | (iv) | Subsequent costs |
|--------|------|------------------|

|   | (v) | Deferred stripping costs |
|--------|-----|--------------------------|

|   | (vi) | Borrowing costs |
|--------|------|-----------------|

|   | (vii) | Mine standby and restructuring costs |
|--------|-------|--------------------------------------|

|   | 3.4    | Exploration, evaluation and development expenditures |
|--------|--------|------------------------------------------------------|
|   |   |                                                 |
|   | (i)    | Exploration                                          |

|   | (ii) | Evaluation |
|--------|------|------------|

----

| 3.   | Significant accounting policies (continued) |
|----------------|---------------------------------------------|

| a)    | establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body that is classified as either a mineral resource or a proven and probable reserve; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)    | determining the optimal methods of extraction and metallurgical and treatment processes; |
|-----------------|------------------------------------------------------------------------------------------|

| c)    | studies related to surveying, transportation and infrastructure requirements; |
|-----------------|-------------------------------------------------------------------------------|

| d)    | permitting activities; and |
|-----------------|----------------------------|

| e)    | economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, prefeasibility and final feasibility studies. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | There is a probable future benefit that will contribute to future cash inflows; |
|--------|---------|---------------------------------------------------------------------------------|
|   | ● | The Company can obtain the benefit and control access to it; and                |
|   | ● | The transaction or event giving rise to the benefit has already occurred.       |

|   | (iii) | Development |
|--------|-------|-------------|

|   | 3.5 | Goodwill |
|--------|-----|----------|

----

| 3.   | Significant accounting policies (continued) |
|----------------|---------------------------------------------|

|   | 3.6 | Impairment of non-financial assets |
|--------|-----|------------------------------------|

|   | 3.7 | Financial assets |
|--------|-----|------------------|

|   | (i) | Classification |
|--------|-----|----------------|

----

| 3.   | Significant accounting policies (continued) |
|----------------|---------------------------------------------|

|   | (ii) | Recognition and measurement |
|--------|------|-----------------------------|

|   | (iii) | Impairment of financial assets |
|--------|-------|--------------------------------|

----

| 3.   | Significant accounting policies (continued) |
|----------------|---------------------------------------------|

|   | 3.8 | Derivative financial instruments |
|--------|-----|----------------------------------|

|   | 3.9 | Inventories |
|--------|-----|-------------|

| i)     | Product inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material at properties with milling or processing operations, gold concentrate, other metal concentrate, iron ore stockpile awaiting shipment, doré awaiting refinement and unsold bullion. Product inventory costs consist of direct production costs including mining, crushing and processing; site administration costs; and allocated indirect costs, including depreciation and amortization of property, plant and equipment. |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii)     | Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals, reagents and spare parts, which are valued at the lower of average cost and net realisable value and, where appropriate, less a provision for obsolescence. Costs include acquisition, freight and other directly attributable costs. |
|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.10 | Trade receivables |
|--------|------|-------------------|

|   | 3.11 | Cash and cash equivalents |
|--------|------|---------------------------|

|   | 3.12 | Share capital |
|--------|------|---------------|

|   | 3.13 | Trade payables |
|--------|------|----------------|

----

| 3.   | Significant accounting policies (continued) |
|----------------|---------------------------------------------|

|   | 3.14 | Debt and borrowings |
|--------|------|---------------------|

|   | 3.15 | Current and deferred income tax |
|--------|------|---------------------------------|

|   | 3.16 | Employee benefits |
|--------|------|-------------------|

|   | (i) | Defined benefit plans |
|--------|-----|-----------------------|

----

| 3.   | Significant accounting policies (continued) |
|----------------|---------------------------------------------|

|   | (ii) | Termination benefits |
|--------|------|----------------------|

|   | (iii) | Short-term benefits |
|--------|-------|---------------------|

|   | 3.17 | Share-based payment transactions |
|--------|------|----------------------------------|

|   | 3.18 | Provisions |
|--------|------|------------|

|   | (i) | Rehabilitation and restoration |
|--------|-----|--------------------------------|

----

| 3.   | Significant accounting policies (continued) |
|----------------|---------------------------------------------|

|   | 3.19 | Revenue recognition |
|--------|------|---------------------|

|   | 3.20 | Finance income and expenses |
|--------|------|-----------------------------|

|   | 3.21 | Earnings (loss) per share |
|--------|------|---------------------------|

| 4.   | Critical accounting estimates and judgements |
|----------------|----------------------------------------------|

----

| 4.   | Critical accounting estimates and judgements(continued) |
|----------------|---------------------------------------------------------|

----

| 4. | Critical accounting estimates and judgements(continued) |
|----|---------------------------------------------------------|

| 5. | Acquisitions and other transactions |
|----|-------------------------------------|

| 6. | Cash and cash equivalents |
|----|---------------------------|

|                     | December 31, 2014$ | December 31, 2013$ |
|--------------------------|--------------------|--------------------|
| Cash at bank and on hand | 444,176            | 508,611            |
| Short-term bank deposits | 54,338             | 80,569             |
|                     | 498,514            | 589,180            |

----

| 7. | Accounts receivable and other |
|----|-------------------------------|

|                                    |   | December 31, 2014$ |    |   | December 31, 2013$ |   |
|-----------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
| Trade receivables                       |   |               | 19,771  |   |               |   | 21,510 |   |
| Value added and other taxes recoverable |   |               | 40,378  |   |               |   | 10,984 |   |
| Other receivables and advances          |   |               | 18,572  |   |               |   | 16,704 |   |
| Prepaid expenses and deposits           |   |               | 39,274  |   |               |   | 40,033 |   |
|                                    |   |               | 117,995 |   |               |   | 89,231 |   |

| 8. | Inventories |
|----|-------------|

|                                    |   | December 31, 2014$ |    |   | December 31, 2013$ |   |
|-----------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
|                                    |   |               |    |   |               |   |
| Ore stockpiles                          |   |               | 44,195  |   |               |   | 59,152 |   |
| In-process inventory and finished goods |   |               | 64,314  |   |               |   | 73,510 |   |
| Materials and supplies                  |   |               | 114,903 |   |               |   | 111,380 |   |
|                                    |   |               | 223,412 |   |               |   | 244,042 |   |

| 9.   | Interests in other entities |
|----------------|-----------------------------|

|   | 9.1 | Investments in associates |
|--------|-----|---------------------------|

|                                |   | December 31, 2014$ |   |   | December 31, 2013$ |   |
|-------------------------------------|--------|--------------------|--------|--------|--------------------|--------|
|                                |   |               |   |   |               |   |
| Glory Resources Ltd.                |   |               | -      |   |               |   | 10,046 |   |
| Nordic Mines (“Nordic”) |   |               | -      |   |               |   | 903 |   |
|                                |   |               | -      |   |               |   | 10,949 |   |

|                                 |   | 2014   |   |   | 2013   |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|
|                                 |   |   | $      |   |   |   | $ |   |
| Balance at January 1,                |   |   | 903    |   |   |   | 9,050 |   |
| Purchases during the year            |   |   | -      |   |   |   | 6,357 |   |
| Sales during the year                |   |   | (755   | )      |   |   | (350 | ) |
| Equity loss for the year             |   |   | (101   | )      |   |   | (103 | ) |
| Impairment loss                      |   |   | -      |   |   |   | (14,051 | ) |
| Transferred to marketable securities |   |   | (47    | )      |   |   | - |   |
| Balance at December 31,              |   |   | -      |   |   |   | 903 |   |

----

| 9.   | Interests in other entities(continued) |
|----------------|----------------------------------------|

|   | 9.2 | Investment in subsidiaries |
|--------|-----|----------------------------|

|                                                 |   | December 31, 2014 |    |   | December 31, 2013 |   |
|------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
|                                                 |   | QDML              |    |   | Jinfeng           |   |   | QDML |   |   | Jinfeng |   |
|                                                 |   |              | $       |   |              |   | $ |   |   |   | $ |   |   |   | $ |   |
| NCI percentage                                       |   |              | 10%     |   |              |   | 18% |   |   |   | 10% |   |   |   | 18% |   |
|                                                 |   |              |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Current assets                                       |   |              | 216,368 |   |              |   | 59,570 |   |   |   | 222,216 |   |   |   | 57,417 |   |
| Non-current assets                                   |   |              | 103,164 |   |              |   | 610,952 |   |   |   | 107,219 |   |   |   | 647,064 |   |
| Current liabilities                                  |   |              | (71,843 | )      |              |   | (474,010 | ) |   |   | (82,179 | ) |   |   | (503,695 | ) |
| Non-current liabilities                              |   |              | (7,968  | )      |              |   | (26,583 | ) |   |   | (7,983 | ) |   |   | (22,823 | ) |
| Net assets                                           |   |              | 239,721 |   |              |   | 169,929 |   |   |   | 239,273 |   |   |   | 177,963 |   |
| Carrying amount of NCI                               |   |              | 22,445  |   |              |   | 17,136 |   |   |   | 22,112 |   |   |   | 19,734 |   |
| Revenue                                              |   |              | 136,982 |   |              |   | 214,527 |   |   |   | 144,057 |   |   |   | 171,104 |   |
| Net profit                                           |   |              | 39,427  |   |              |   | 35,040 |   |   |   | 45,506 |   |   |   | 20,308 |   |
| Total comprehensive income                           |   |              | 39,427  |   |              |   | 35,040 |   |   |   | 45,506 |   |   |   | 20,308 |   |
| Profit allocated to NCI                              |   |              | 4,231   |   |              |   | 5,155 |   |   |   | 4,228 |   |   |   | 490 |   |
| Dividends paid to NCI                                |   |              | 3,898   |   |              |   | 7,753 |   |   |   | 4,066 |   |   |   | 7,584 |   |
| Cash flows from operating activities                 |   |              | 46,481  |   |              |   | 65,219 |   |   |   | (104 | ) |   |   | 83,179 |   |
| Cash flows from investing activities                 |   |              | (8,833  | )      |              |   | (15,956 | ) |   |   | (11,333 | ) |   |   | (53,284 | ) |
| Cash flows from financing activities                 |   |              | (38,978 | )      |              |   | (43,069 | ) |   |   | (40,664 | ) |   |   | (26,156 | ) |
| Net increase (decrease) in cash and cash equivalents |   |              | (1,330  | )      |              |   | 6,194 |   |   |   | (52,101 | ) |   |   | 3,739 |   |

| 10.   | Other assets |
|-----------------|--------------|

|                                              |   | December 31, 2014$ |   |   | December 31, 2013$ |   |
|---------------------------------------------------|--------|--------------------|--------|--------|--------------------|--------|
|                                              |   |               |   |   |               |   |
| Restricted credit card deposits                   |   |               | 627    |   |               |   | 658 |   |
| Non-current accounts receivable and other         |   |               | 2,925  |   |               |   | 898 |   |
| Prepaid loan costs (note 14(b))                   |   |               | 1,011  |   |               |   | 2,528 |   |
| Environmental guarantee deposits                  |   |               | 14,423 |   |               |   | 13,285 |   |
| Deposit on land acquisition at Jinfeng            |   |               | 2,907  |   |               |   | 2,918 |   |
| Long-term value added and other taxes recoverable |   |               | 21,712 |   |               |   | 17,043 |   |
|                                              |   |               | 43,605 |   |               |   | 37,330 |   |

----

| 11.   | Property, plant and equipment |
|-----------------|-------------------------------|

|                                           |   | Land and buildings |    |   | Plant and equipment |   |      | Capital works in progress |   |   | Mineral properties and leases |   |   | Capitalized Evaluation |      |   | Total  |   |
|------------------------------------------------|--------|--------------------|---------|--------|---------------------|--------|-----------|---------------------------|--------|--------|-------------------------------|--------|--------|------------------------|-----------|--------|--------|--------|
|                                           |   |               | $       |   |                |   | $         |                      |   |   | $                             |   |   |                   | $         |   |   |   | $ |   |   |   | $ |   |
| Cost                                           |   |               |    |   |                |   |      |                      |   |   |                          |   |   |                   |      |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2013                     |   |               | 266,718 |   |                |   | 1,443,858 |                      |   |   | 149,590                       |   |   |                   | 4,480,597 |   |   |   | 37,416 |   |   |   | 6,378,179 |   |
| Additions/transfers                            |   |               | 85,803  |   |                |   | 183,237   |                      |   |   | 10,806                        |   |   |                   | 198,352   |   |   |   | 18,303 |   |   |   | 496,501 |   |
| Proceeds on production of tailings retreatment |   |               | -       |   |                |   | -         |                      |   |   | -                             |   |   |                   | (24,877   | )      |   |   | - |   |   |   | (24,877 | ) |
| Other movements                                |   |               | (2,287  | )      |                |   | (3,954    | )                         |   |   | (812                          | )      |   |                   | (742      | )      |   |   | 239 |   |   |   | (7,556 | ) |
| Disposals/impairment losses                    |   |               | (21,122 | )      |                |   | (53,602   | )                         |   |   | -                             |   |   |                   | (429,909  | )      |   |   | - |   |   |   | (504,633 | ) |
| Balance at December 31, 2013                   |   |               | 329,112 |   |                |   | 1,569,539 |                      |   |   | 159,584                       |   |   |                   | 4,223,421 |   |   |   | 55,958 |   |   |   | 6,337,614 |   |
|                                           |   |               |    |   |                |   |      |                      |   |   |                          |   |   |                   |      |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2014                     |   |               | 329,112 |   |                |   | 1,569,539 |                      |   |   | 159,584                       |   |   |                   | 4,223,421 |   |   |   | 55,958 |   |   |   | 6,337,614 |   |
| Additions/transfers                            |   |               | 36,657  |   |                |   | 93,527    |                      |   |   | 11,086                        |   |   |                   | 287,602   |   |   |   | 13,122 |   |   |   | 441,994 |   |
| Acquisition of Glory                           |   |               |    |   |                |   | 268       |                      |   |   |                          |   |   |                   | 39,285    |   |   |   |   |   |   |   | 39,553 |   |
| Proceeds on production of tailings retreatment |   |               | -       |   |                |   | -         |                      |   |   | -                             |   |   |                   | (26,599   | )      |   |   | - |   |   |   | (26,599 | ) |
| Other movements                                |   |               | 15,955  |   |                |   | 535       |                      |   |   | (26,410                       | )      |   |                   | 6,862     |   |   |   | 360 |   |   |   | (2,698 | ) |
| Disposals                                      |   |               | (153    | )      |                |   | (876      | )                         |   |   | -                             |   |   |                   | -         |   |   |   | - |   |   |   | (1,029 | ) |
| Balance at December 31, 2014                   |   |               | 381,571 |   |                |   | 1,662,993 |                      |   |   | 144,260                       |   |   |                   | 4,530,571 |   |   |   | 69,440 |   |   |   | 6,788,835 |   |
|                                           |   |               |    |   |                |   |      |                      |   |   |                          |   |   |                   |      |   |   |   |   |   |   |   |   |   |
| Depreciation                                   |   |               |    |   |                |   |      |                      |   |   |                          |   |   |                   |      |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2013                     |   |               | (21,947 | )      |                |   | (382,630  | )                         |   |   | (2,280                        | )      |   |                   | (102,580  | )      |   |   | - |   |   |   | (509,437 | ) |
| Depreciation for the year                      |   |               | (35,679 | )      |                |   | (79,137   | )                         |   |   | 2,280                         |   |   |                   | (35,102   | )      |   |   | - |   |   |   | (147,638 | ) |
| Other movements                                |   |               | (335    | )      |                |   | 570       |                      |   |   | -                             |   |   |                   | 906       |   |   |   | - |   |   |   | 1,141 |   |
| Disposals                                      |   |               | 601     |   |                |   | 2,046     |                      |   |   | -                             |   |   |                   | 55        |   |   |   | - |   |   |   | 2,702 |   |
| Balance at December 31, 2013                   |   |               | (57,360 | )      |                |   | (459,151  | )                         |   |   | -                             |   |   |                   | (136,721  | )      |   |   | - |   |   |   | (653,232 | ) |
|                                           |   |               |    |   |                |   |      |                      |   |   |                          |   |   |                   |      |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2014                     |   |               | (57,360 | )      |                |   | (459,151  | )                         |   |   | -                             |   |   |                   | (136,721  | )      |   |   | - |   |   |   | (653,232 | ) |
| Depreciation for the year                      |   |               | (35,160 | )      |                |   | (110,923  | )                         |   |   | -                             |   |   |                   | (23,698   | )      |   |   | - |   |   |   | (169,781 | ) |
| Other movements                                |   |               | 2,619   |   |                |   | 153       |                      |   |   | -                             |   |   |                   | (5,870    | )      |   |   | - |   |   |   | (3,098 | ) |
| Disposals                                      |   |               | 102     |   |                |   | 785       |                      |   |   | -                             |   |   |                   | -         |   |   |   | - |   |   |   | 887 |   |
| Balance at December 31, 2014                   |   |               | (89,799 | )      |                |   | (569,136  | )                         |   |   | -                             |   |   |                   | (166,289  | )      |   |   | - |   |   |   | (825,224 | ) |
|                                           |   |               |    |   |                |   |      |                      |   |   |                          |   |   |                   |      |   |   |   |   |   |   |   |   |   |
| Carrying amounts                               |   |               |    |   |                |   |      |                      |   |   |                          |   |   |                   |      |   |   |   |   |   |   |   |   |   |
| At January 1, 2013                             |   |               | 244,771 |   |                |   | 1,061,228 |                      |   |   | 147,310                       |   |   |                   | 4,378,017 |   |   |   | 37,416 |   |   |   | 5,868,742 |   |
| At December 31, 2013                           |   |               | 271,752 |   |                |   | 1,110,388 |                      |   |   | 159,584                       |   |   |                   | 4,086,700 |   |   |   | 55,958 |   |   |   | 5,684,382 |   |
| Balance at December 31, 2014                   |   |               | 291,772 |   |                |   | 1,093,857 |                      |   |   | 144,260                       |   |   |                   | 4,364,282 |   |   |   | 69,440 |   |   |   | 5,963,611 |   |

----

| 11.   | Property, plant and equipment (continued) |
|-----------------|-------------------------------------------|

| 12.   | Goodwill |
|-----------------|----------|

|                                             |   | 2014   |    |   | 2013   |   |
|--------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                             |   |   | $       |   |   |   | $ |   |
| Cost                                             |   |   |    |   |   |   |   |   |
| Balance at January 1,                            |   |   | 526,296 |   |   |   | 839,710 |   |
|     Acquired during the year |   |   | -       |   |   |   | - |   |
|     Impaired during the year |   |   | -       |   |   |   | (313,414 | ) |
| Balance at December 31,                          |   |   | 526,296 |   |   |   | 526,296 |   |

|                                                                              | 2014                        | 2013                               |
|-----------------------------------------------------------------------------------|-----------------------------|------------------------------------|
| Gold price ($/oz)                                                                 | $1,300                      | $1,200 - $1,300                    |
| Silver price ($/oz)Copper ($/lb)Lead ($/lb)Zinc ($/lb)Inflation RateDiscount rate | $20$3.00$0.95$1.002%7% - 9% | $22$3.04-$3.36$1.00$0.862%7% - 12% |

----

| 12.   | Goodwill (continued) |
|-----------------|----------------------|

| 13.   | Accounts payable and accrued liabilities |
|-----------------|------------------------------------------|

|             |   | December 31, 2014$ |    |   | December 31, 2013$ |   |
|------------------|--------|--------------------|---------|--------|--------------------|--------|
| Trade payables   |   |               | 83,566  |   |               |   | 106,098 |   |
| Taxes payable    |   |               | 6,230   |   |               |   | 6,442 |   |
| Accrued expenses |   |               | 94,916  |   |               |   | 98,866 |   |
|             |   |               | 184,712 |   |               |   | 211,406 |   |

| 14.   | Debt |
|-----------------|------|

|                                                                                |   | December 31, 2014$ |    |   | December 31, 2013$ |   |
|-------------------------------------------------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
| Current:                                                                            |   |               |    |   |               |   |
| Jinfeng China Merchant Bank (“CMB”) working capital loan  (a) |   |               | 16,343  |   |               |   | 16,402 |   |
|                                                                                |   |               |    |   |               |   |   |   |
| Non-current:                                                                        |   |               |    |   |               |   |   |   |
| Senior notes  (c)                                                         |   |               | 587,201 |   |               |   | 585,006 |   |
| Total debt                                                                          |   |               | 603,544 |   |               |   | 601,408 |   |

----

| 14.   | Debt (continued |
|-----------------|-----------------|

| i)     | At any time prior to December 15, 2016 at a redemption price equal to 100% of the aggregate principal amount of the notes at the treasury yield plus 50 basis points, and any accrued and unpaid interest; |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii)     | On and after the dates provided below, at the redemption prices, expressed as a percentage of principal amount of the notes to be redeemed, set forth below, plus accrued and unpaid interest on the notes: |
|------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.   | Debt (continued |
|-----------------|-----------------|

| 15.   | Asset retirement obligations |
|-----------------|------------------------------|

|                                |   | Greece |   |   | Brazil |   |   | China  |   |   | Turkey |   |   | Romania |    |   | Total  |   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|---------|--------|--------|--------|
|                                |   |   | $      |   |   |   | $      |   |   |   | $      |   |   |    |  $ |   |   |   | $ |   |   |   | $ |   |
| At January 1, 2014                  |   |   | 32,642 |   |   |   | 2,839  |   |   |   | 25,298 |   |   |    | 23,564  |   |   |   | 916 |   |   |   | 85,259 |   |
| Accretion during the year           |   |   | 717    |   |   |   | 86     |   |   |   | 612    |   |   |    | 875     |   |   |   | 36 |   |   |   | 2,326 |   |
| Revisions to estimate of obligation |   |   | 12,985 |   |   |   | 185    |   |   |   | 837    |   |   |    | 10,015  |   |   |   | 500 |   |   |   | 24,522 |   |
| Settlements                         |   |   | -      |   |   |   | -      |   |   |   | (3,038 | )      |   |    | -       |   |   |   | - |   |   |   | (3,038 | ) |
| At December 31, 2014                |   |   | 46,344 |   |   |   | 3,110  |   |   |   | 23,709 |   |   |    | 34,454  |   |   |   | 1,452 |   |   |   | 109,069 |   |
| Estimated undiscounted amount       |   |   | 74,373 |   |   |   | 3,754  |   |   |   | 30,772 |   |   |    | 65,886  |   |   |   | 2,514 |   |   |   | 177,299 |   |

|                 | Greece                                                                                        | Brazil                                                                                        | China                                                                                         | Turkey                                                                                                    | Romania                                                                                                   |
|----------------------|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|
|                 | %                                                                                             | %                                                                                             | %                                                                                             | %                                                                                                         | %                                                                                                         |
| At December 31, 2013 |                                                                                          |                                                                                          |                                                                                          |                                                                                                      |                                                                                                      |
| Inflation rate       |                2.0 |                2.0 |                2.0 |                  2.0 |                  2.0 |
| Discount rate        |  0.4 to 4.0                                                                              |                3.0 |  1.3 to 3.0                                                                              |  3.1 to 4.0                                                                                          |                  4.0 |
|                 |                                                                                          |                                                                                          |                                                                                          |                                                                                                      |                                                                                                      |
| At December 31, 2014 |                                                                                          |                                                                                          |                                                                                          |                                                                                                      |                                                                                                      |
| Inflation rate       |                2.0 |                2.0 |                2.0 |                  2.0 |                  2.0 |
| Discount rate        |  0.7 to 2.8                                                                              |                2.1 |  1.1 to 2.1                                                                              |  2.2 to 2.7                                                                                          |                  2.5 |

----

| 15.   | Asset retirement obligations (continued |
|-----------------|-----------------------------------------|

| a)     | a €50.0 million Letter of Guarantee to the Ministry of Environment of Greece as security for the due and proper performance of rehabilitation works in relation to the mining and metallurgical facilities of the Kassandra Mines (Stratoni, Olympias and Skouries) and the removal, cleaning and rehabilitation of the old Olympias tailings. This Letter of Guarantee is renewed annually, expires on July 26, 2026 and has an annual fee of 57 basis points. |
|-----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)     | a $30.0 million Letter of Guarantee to the Ministry of Environment, Energy and Climate change of Turkey as security for the due and proper performance of rehabilitation works committed in connection with the environmental impact assessment approved for Kişladağ and Efemçukuru. This Letter of Guarantee is renewed annually, expires on September 18, 2015 and has an annual fee of 28 basis points. |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.   | Defined benefit plans |
|-----------------|-----------------------|

|                                         |   | December 31, 2014 |    |   | December 31, 2013 |   |
|----------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
|                                         |   |              | $       |   |              |   | $ |   |
|  Balance sheet obligations (asset) for: |   |              |    |   |              |   |   |   |
|  Pension Plan                           |   |              | 839     |   |              |   | 477 |   |
|  Supplementary pension plan             |   |              | (13,629 | )      |              |   | (13,961 | ) |
|                                         |   |              | (12,790 | )      |              |   | (13,484 | ) |

|                                                                            |   | December 31, 2014 |   |   | December 31, 2013 |   |
|---------------------------------------------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
|                                                                            |   |              | $      |   |              |   | $ |   |
|  Income statement charge for:                                              |   |              |   |   |              |   |   |   |
|  Pension plan                                                              |   |              | 198    |   |              |   | 215 |   |
|  Non-registered supplementary pension plan                                 |   |              | 1,422  |   |              |   | 2,263 |   |
|                                                                            |   |              | 1,620  |   |              |   | 2,478 |   |
|                                                                            |   |              |   |   |              |   |   |   |
|                                                                            |   |              |   |   |              |   |   |   |
|  Actuarial losses (gains) recognised in the statement of other   |   |              |   |   |              |   |   |   |
|     comprehensive income in the period (before tax)         |   |              | 596    |   |              |   | (8,754 | ) |
|  Cumulative actuarial losses recognised in the statement of other          |   |              |   |   |              |   |   |   |
|    comprehensive income (before tax)                                  |   |              | 14,119 |   |              |   | 13,523 |   |

----

| 16.   | Defined benefit plants (continued |
|-----------------|-----------------------------------|

|                               |   | December 31, 2014 |   |   |   |   |    | December 31, 2013 |   |   |         |   |
|------------------------------------|--------|-------------------|--------|--------|--------|--------|---------|-------------------|--------|--------|--------------|--------|
|                               |   | Pension Plan      |   |   | SERP   |   |    | Total             |   |   | Pension Plan |   |   | SERP |   |   | Total |   |
|                               |   |              | $      |   |   |   | $       |              |   |   | $            |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |
| Present value of obligations       |   |              | 2,763  |   |   |   | 33,320  |              |   |   | 36,083       |   |   |   | 2,407 |   |   |   | 31,529 |   |   |   | 33,936 |   |
| Fair value of plan assets          |   |              | (1,924 | )      |   |   | (46,949 | )                 |   |   | (48,873      | )      |   |   | (1,930 | ) |   |   | (45,490 | ) |   |   | (47,420 | ) |
| Liability (asset) on balance sheet |   |              | 839    |   |   |   | (13,629 | )                 |   |   | (12,790      | )      |   |   | 477 |   |   |   | (13,961 | ) |   |   | (13,484 | ) |

|                                          |   | 2014    |   |   | 2013   |   |
|-----------------------------------------------|--------|--------------|--------|--------|--------|--------|
|                                          |   | Pension Plan |   |   | SERP   |   |   | Total |   |   | Pension Plan |   |   | SERP |   |   | Total |   |
|                                          |   |         | $      |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |
| Balance at January 1,                         |   |         | 2,407  |   |   |   | 31,529 |   |   |   | 33,936 |   |   |   | 2,585 |   |   |   | 35,903 |   |   |   | 38,488 |   |
|     Current service cost  |   |         | 172    |   |   |   | 2,076 |   |   |   | 2,248 |   |   |   | 190 |   |   |   | 2,466 |   |   |   | 2,656 |   |
|     Interest cost         |   |         | 114    |   |   |   | 1,487 |   |   |   | 1,601 |   |   |   | 101 |   |   |   | 1,397 |   |   |   | 1,498 |   |
|     Actuarial loss (gain) |   |         | 280    |   |   |   | 940 |   |   |   | 1,220 |   |   |   | (302 | ) |   |   | (5,781 | ) |   |   | (6,083 | ) |
|     Benefit payments      |   |         | -      |   |   |   | (156 | ) |   |   | (156 | ) |   |   | - |   |   |   | (167 | ) |   |   | (167 | ) |
|     Exchange gain         |   |         | (210   | )      |   |   | (2,556 | ) |   |   | (2,766 | ) |   |   | (167 | ) |   |   | (2,289 | ) |   |   | (2,456 | ) |
| Balance at December 31,                       |   |         | 2,763  |   |   |   | 33,320 |   |   |   | 36,083 |   |   |   | 2,407 |   |   |   | 31,529 |   |   |   | 33,936 |   |

|                                                   |   | 2014         |   |   | 2013   |   |
|--------------------------------------------------------|--------|--------------|--------|--------|--------|--------|
|                                                   |   | Pension Plan |   |   | SERP   |   |   | Total |   |   | Pension Plan |   |   | SERP |   |   | Total |   |
|                                                   |   |         | $      |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |
| At January 1,                                          |   |         | 1,930  |   |   |   | 45,490 |   |   |   | 47,420 |   |   |   | 1,969 |   |   |   | 41,090 |   |   |   | 43,059 |   |
|     Interest income on plan assets |   |         | 88     |   |   |   | 2,141 |   |   |   | 2,229 |   |   |   | 77 |   |   |   | 1,600 |   |   |   | 1,677 |   |
|     Actuarial gain (loss)          |   |         | 66     |   |   |   | 558 |   |   |   | 624 |   |   |   | (113 | ) |   |   | 2,784 |   |   |   | 2,671 |   |
|     Contributions by employer      |   |         | -      |   |   |   | 2,700 |   |   |   | 2,700 |   |   |   | 123 |   |   |   | 2,835 |   |   |   | 2,958 |   |
|     Benefit payments               |   |         | -      |   |   |   | (156 | ) |   |   | (156 | ) |   |   | - |   |   |   | (167 | ) |   |   | (167 | ) |
|     Exchange loss                  |   |         | (160   | )      |   |   | (3,784 | ) |   |   | (3,944 | ) |   |   | (126 | ) |   |   | (2,653 | ) |   |   | (2,779 | ) |
| At December 31,                                        |   |         | 1,924  |   |   |   | 46,949 |   |   |   | 48,873 |   |   |   | 1,930 |   |   |   | 45,490 |   |   |   | 47,420 |   |

----

| 16.   | Defined benefit plants (continued) |
|-----------------|------------------------------------|

|                           |   | 2014         |   |   |   | 2013  |   |
|--------------------------------|--------|--------------|--------|--------|--------|------------|--------|
|                           |   | Pension Plan |   | SERP   |   |       | Total  |   |   | Pension Plan |   |   | SERP |   |   | Total |   |
|                           |   |         | $      |   |   |       | $      |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |
|                           |   |         |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current service cost           |   |         | 172    |   |   |       | 2,076  |   |   |   | 2,248 |   |   |   | 190 |   |   |   | 2,466 |   |   |   | 2,656 |   |
| Interest cost                  |   |         | 114    |   |   |       | 1,487  |   |   |   | 1,601 |   |   |   | 101 |   |   |   | 1,397 |   |   |   | 1,498 |   |
| Expected return on plan assets |   |         | (88    | )      |   |       | (2,141 | ) |   |   | (2,229 | ) |   |   | (76 | ) |   |   | (1,600 | ) |   |   | (1,676 | ) |
| Defined benefit plans expense  |   |         | 198    |   |   |       | 1,422  |   |   |   | 1,620 |   |   |   | 215 |   |   |   | 2,263 |   |   |   | 2,478 |   |

|                                                                              | 2014                                                                                                 | 2013                                                                                     |
|-----------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
|                                                                              | Pension Plan                                                                                              | SERP                                                                                          | Pension Plan | SERP |
|                                                                              | %                                                                                                         | %                                                                                             | % | % |
|                                                                              |                                                                                                      |                                                                                          |   |   |
| Expected return on plan assets                                                    |                  4.0 |                4.0 |                     4.8 |                 4.8 |
| Discount rate - beginning of year                                                 |                  4.8 |                4.8 |                     3.9 |                 3.9 |
| Discount rate - end of year                                                       |                  4.0 |                4.0 |                     4.8 |                 4.8 |
| Rate of salary escalation                                                         |                  2.5 |                2.5 |                       - |                   - |
| Average remaining service period of active employees expected to receive benefits |  7.2 years                                                                                           |  7.2 years                                                                               |  7.6 years |  7.6 years |

|                                                                     |   | December 31, 2014                                                                                                                                                         | December 31, 2013 |
|--------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|
|                                                                     |   | Pension Plan                                                                                                                                                              | SERP              | Pension Plan | SERP |
| Investment funds                                                         |   |                                                                                                                                                                      |              |   |   |
|    Money market                                           |   | 1%                                                                                                                                                                        | 8%                | 1% | 7% |
|    Canadian fixed income                                  |   | 99%                                                                                                                                                                       | 4%                | 99% | 4% |
|    Canadian equities                                      |   |                             - | 20%               |                             - | 20% |
|    US equities                                            |   |                             - | 16%               |                             - | 17% |
|    International equities                                 |   |                             - | 7%                |                             - | 7% |
| Other (1)                                                                |   |                             - | 45%               |                             - | 45% |
| Total                                                                    |   | 100%                                                                                                                                                                      | 100%              | 100% | 100% |
|                                                                     |   |                                                                                                                                                                      |              |   |   |
| 1 Assets held by the Canada Revenue Agency in the refundable tax account |   |

----

| 16.   | Defined benefit plants (continued |
|-----------------|-----------------------------------|

|                   | Change in assumption      | Impact on overall liability |
|------------------------|---------------------------|-----------------------------|
| Discount rate          | Increase by 0.5%          | Decrease by $2,352          |
|                   | Decrease by 0.5%          | Increase by $2,606          |
| Salary escalation rate | Increase/decrease by 0.5% | Increase/decrease by $100   |

| 17.   | Income tax expense and deferred taxes |
|-----------------|---------------------------------------|

|                 |   |   |                                                                                                                                                   | December 31, 2014                                                                                                                                      | December 31, 2013                                                                                                                           |
|----------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|
|                 |   |   |                                                                                                                                                   | $                                                                                                                                                      | $                                                                                                                                           |
| Current tax expense  |   |   |                         93,474 |                       116,846            |
| Deferred tax expense |   |   |                         27,795 |                         27,516 |
|                 |   |   |                                                                                                                                                   |                       121,269            |                       144,362 |

|                |   | 2014   |    |   | 2013   |   |
|---------------------|--------|--------|---------|--------|--------|--------|
|                |   |   | $       |   |   |   | $ |   |
| Turkey              |   |   | 74,959  |   |   |   | 109,195 |   |
| China               |   |   | 37,263  |   |   |   | (90,177 | ) |
| Greece              |   |   | 5,005   |   |   |   | 122,657 |   |
| Brazil              |   |   | 2,761   |   |   |   | 3,202 |   |
| Canada              |   |   | -       |   |   |   | 51 |   |
| Romania             |   |   | 201     |   |   |   | (889 | ) |
| Other jurisdictions |   |   | 1,080   |   |   |   | 323 |   |
|                |   |   | 121,269 |   |   |   | 144,362 |   |

|                                                             |   | 2014   |    |   | 2013   |   |
|------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                             |   |   | $       |   |   |   | $ |   |
| Profit before income tax                                    |   |   | 227,813 |   |   |   | (505,253 | ) |
| Canadian statutory tax rate                                 |   |   | 26.00%  |   |   |   | 26.00% |   |
| Tax on profit at Canadian statutory tax rate                     |   |   | 59,231  |   |   |   | (131,366 | ) |
|                                                             |   |   |    |   |   |   |   |   |
| Items that cause an increase (decrease) in income tax expense:   |   |   |    |   |   |   |   |   |
| Foreign income subject to different income tax rates than Canada |   |   | (17,307 | )      |   |   | (9,074 | ) |
| Increase in Greek tax rates                                 |   |   | -       |   |   |   | 125,102 |   |
| Non-tax effected operating losses                           |   |   | 24,470  |   |   |   | 20,434 |   |
| Non-deductible expenses and other items                          |   |   | 13,481  |   |   |   | 14,636 |   |
| Non-deductible goodwill impairment                          |   |   | -       |   |   |   | 78,354 |   |
| Foreign exchange and other translation adjustments               |   |   | 16,914  |   |   |   | 23,807 |   |
| Amounts under (over) provided in prior years                     |   |   | 4,350   |   |   |   | 762 |   |
| Investment tax credits                                      |   |   | (517    | )      |   |   | (12,381 | ) |
| Withholding tax on foreign income                           |   |   | 20,647  |   |   |   | 34,088 |   |
| Income tax expense                                          |   |   | 121,269 |   |   |   | 144,362 |   |

----

| 17.   | Income tax expense and deferred taxes  (continued |
|-----------------|-------------------------------------------------------------|

|                                                                                               |   | 2014   |     |   | 2013   |   |
|----------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Net deferred tax asset (liability)                                                            |   |   | $        |   |   |   | $ |   |
| Balance at January 1,                                                                         |   |   | (841,308 | )      |   |   | (813,792 | ) |
|      Deferred income tax (expense) recovery in the income statement  |   |   | (27,795  | )      |   |   | (27,516 | ) |
|      Adjustments related to acquisitions                             |   |   | -        |   |   |   | - |   |
|      Other                                                           |   |   | -        |   |   |   | - |   |
| Net balance at December 31,                                                                   |   |   | (869,103 | )      |   |   | (841,308 | ) |

| Type of temporary difference  |   | Deferred tax assets |   |   | Deferred tax liabilities |   |   | Expense on the income statement |   |
|-------------------------------|--------|---------------------|--------|--------|--------------------------|--------|--------|---------------------------------|--------|
|                          |   | 2014                |   |   | 2013                     |   |   | 2014                            |   |   | 2013 |   |   | 2014 |   |   | 2013 |   |
|                          |   |                | $      |   |                     |   | $      |                            |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |
| Property, plant and equipment |   |                | 2,735  |   |                     |   | 4,687  |                            |   |   | 913,383 |   |   |   | 878,725 |   |   |   | 36,610 |   |   |   | 23,910 |   |
| Loss carryforwards            |   |                | 17,590 |   |                     |   | 12,059 |                            |   |   | - |   |   |   | - |   |   |   | (5,531 | ) |   |   | (813 | ) |
| Liabilities                   |   |                | 28,082 |   |                     |   | 18,226 |                            |   |   | 51 |   |   |   | 2,784 |   |   |   | (12,589 | ) |   |   | (4,997 | ) |
| Investment tax credits        |   |                | 1,078  |   |                     |   | 7,795  |                            |   |   | - |   |   |   | - |   |   |   | 6,717 |   |   |   | 3,255 |   |
| Other items                   |   |                | 6,729  |   |                     |   | 4,054  |                            |   |   | 11,883 |   |   |   | 6,620 |   |   |   | 2,588 |   |   |   | 6,161 |   |
| Balance at December 31,       |   |                | 56,214 |   |                     |   | 46,821 |                            |   |   | 925,317 |   |   |   | 888,129 |   |   |   | 27,795 |   |   |   | 27,516 |   |

| Unrecognized deferred tax assets       | 2014                                                                                                                    | 2013                                                                                                                    |
|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|
|                                   |                                                                                                                    |                                                                                                                    | $ | $ |
| Tax losses                             |                                                                                                                    |                                                                                                                    |                128,169 |                108,125 |
| Other deductible temporary differences |                    6,733 |                    1,800 |
| Total unrecognized deferred tax assets |                134,902                       |                109,925                       |

----

| 17.   | Income tax expense and deferred taxes  (continued |
|-----------------|-------------------------------------------------------------|

| Expiry date                               |                                        |  Canada                                                                                                        |  Brazil                                                                                                        |  Greece                                                                                                        |  Australia                                                                                                     |  Total                                                                             |
|-------------------------------------------|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|
|                                      |                                        |  $                                                                                                             |  $                                                                                                             |  $                                                                                                             |  $                                                                                                             |  $                                                                                 |
| 2015                                      |                                        |                    - |                    - |           8,552                                                   |                    - |           8,552                       |
| 2016                                      |                                        |                    - |                    - |               553                             |                    - |               553 |
| 2017                                      |                                        |                    - |                    - |           1,895                                                   |                    - |           1,895                       |
| 2018                                      |                                        |                    - |                    - |           8,575                                                   |                    - |           8,575                       |
| 2019                                      |                                        |                    - |                    - |         26,868                                                              |                    - |         26,868                                  |
| 2025                                      |                                        |           7,884                                                   |                    - |                    - |                    - |           7,884                       |
| 2026                                      |                                        |         14,858                                                              |                    - |                    - |                    - |         14,858                                  |
| 2027                                      |                                        |         10,717                                                              |                    - |                    - |                    - |         10,717                                  |
| 2028                                      |                                        |         25,987                                                              |                    - |                    - |                    - |         25,987                                  |
| 2029                                      |                                        |         23,451                                                              |                    - |                    - |                    - |         23,451                                  |
| 2030                                      |                                        |           7,411                                                   |                    - |                    - |                    - |           7,411                       |
| 2031                                      |                                        |         45,364                                                              |                    - |                    - |                    - |         45,364                                  |
| 2032                                      |                                        |         75,458                                                              |                    - |                    - |                    - |         75,458                                  |
| 2033                                      |                                        |         64,889                                                              |                    - |                    - |                    - |         64,889                                  |
| 2034                                      |                                        |         63,902                                                              |                    - |                    - |                    - |         63,902                                  |
| No Expiry                                 |                                        |                    - |           4,520                                                   |                    - |         31,690                                                              |         36,210                                  |
|                                      |                                        |       339,921                                                                         |           4,520                                                   |         46,443                                                              |         31,690                                                              |       422,574                                             |
|                                      |                                        |                                                                                                                |                                                                                                                |                                                                                                                |                                                                                                                |                                                                                    |
| Capital losses with no expiry             |       128,250 |                    - |                    - |                    - |       128,250                                                                         |
|                                      |                                        |                                                                                                                |                                                                                                                |                                                                                                                |                                                                                                                |                                                                                    |
| Tax effect of total losses not recognized |       105,052 |           1,535                                                   |         12,075                                                              |           9,507                                                   |       128,169                                                                         |

----

| 18.   | Share capital |
|-----------------|---------------|

| Voting common shares                                   |   | Number ofShares |        |   | Total$ |   |
|--------------------------------------------------------|--------|-----------------|-------------|--------|--------|--------|
|                                                   |   |            |        |   |   |   |
| At January 1, 2013                                     |   |            | 714,344,476 |   |   |   | 5,300,957 |   |
| Shares issued upon exercise of share options, for cash |   |            | 1,403,152   |   |   |   | 7,003 |   |
| Estimated fair value of share options exercised        |   |            | -           |   |   |   | 2,934 |   |
| Shares issued for acquisition of subsidiary            |   |            | -           |   |   |   | - |   |
| Common shares issued for deferred phantom units        |   |            | 469,062     |   |   |   | 3,695 |   |
| At December 31, 2013                                   |   |            | 716,216,690 |   |   |   | 5,314,589 |   |
| Shares issued upon exercise of share options, for cash |   |            | 315,914     |   |   |   | 1,996 |   |
| Estimated fair value of share options exercised        |   |            | -           |   |   |   | 2,141 |   |
| Common shares issued for deferred phantom units        |   |            | 31,920      |   |   |   | 224 |   |
| At December 31, 2014                                   |   |            | 716,564,524 |   |   |   | 5,318,950 |   |

| 19.   | Share-based payments |
|-----------------|----------------------|

|                    |   | 2014                                 |   |   | 2013             |   |
|-------------------------|--------|--------------------------------------|--------|--------|------------------|--------|
|                    |   | Weighted average exercise price Cdn$ |   |   | Number ofoptions |   |   | Weighted average exercise price Cdn$ |   |   | Number ofoptions |   |
| At January 1,           |   |                                 | 13.20  |   |             |   | 16,753,421 |   |   |   | 13.68 |   |   |   | 15,074,444 |   |
| Regular options granted |   |                                 | 7.78   |   |             |   | 6,365,824 |   |   |   | 10.28 |   |   |   | 5,792,130 |   |
| Exercised               |   |                                 | 7.23   |   |             |   | (315,914 | ) |   |   | 5.14 |   |   |   | (1,403,152 | ) |
| Forfeited               |   |                                 | 12.01  |   |             |   | (1,807,339 | ) |   |   | 13.81 |   |   |   | (2,710,001 | ) |
| At December 31,         |   |                                 | 11.75  |   |             |   | 20,995,992 |   |   |   | 13.20 |   |   |   | 16,753,421 |   |

----

| 19.   | Share-based payments (continued) |
|-----------------|----------------------------------|

| December 31, 2014         |
|---------------------------|
|                      |   |  Total options outstanding |   |  Exercisable options |
| Range ofexercisepriceCdn$ |   | Shares  |   | Weightedaverageremainingcontractuallife(years) |   | WeightedaverageexercisepriceCdn$ |   | Shares  |   | WeightedaverageexercisepriceCdn$ |
|                      |   |   |   |   |   |   |   |   |   |   |
| $6.00 to $6.99            |   | 282,227 |   | 4.6 |   | 6.41 |   | 94,075 |   | 6.41 |
| $7.00 to $7.99            |   | 5,935,900 |   | 4.1 |   | 7.82 |   | 2,002,519 |   | 7.81 |
| $8.00 to $8.99            |   | 45,405 |   | 3.3 |   | 8.19 |   | 30,270 |   | 8.19 |
| $10.00 to $10.99          |   | 5,142,441 |   | 3.1 |   | 10.43 |   | 3,482,562 |   | 10.44 |
|  $12.00 to $12.99    |   | 541,452 |   | 2.2 |   | 12.75 |   | 541,452 |   | 12.75 |
| $13.00 to $13.99          |   | 1,967,410 |   | 0.1 |   | 13.23 |   | 1,967,410 |   | 13.23 |
| $14.00 to $14.99          |   | 212,289 |   | 2.7 |   | 14.47 |   | 212,289 |   | 14.47 |
| $15.00 to $15.99          |   | 4,208,045 |   | 2.1 |   | 15.22 |   | 4,208,045 |   | 15.22 |
| $16.00 to $16.99          |   | 2,636,823 |   | 1.4 |   | 16.62 |   | 2,636,823 |   | 16.62 |
| $18.00 to $18.99          |   | 24,000 |   | 0.9 |   | 18.81 |   | 24,000 |   | 18.81 |
|                      |   |   |   |   |   |   |   |   |   |   |
|                      |   | 20,995,992 |   | 2.7 |   | 11.75 |   | 15,199,444    |   | 12.97 |

|                        |   | 2014                    |   | 2013                        |
|-----------------------------|--------|-------------------------|--------|-----------------------------|
|                        |   |                    |   |                        |
| Risk-free interest rate     |   |  1.01%             |   |  1.08%                 |
| Expected volatility (range) |   |  45% – 50%   |   |  47% – 57%       |
| Expected life (range)       |   | 0.83 – 2.83 years |   |  0.8 – 2.8 years |
| Expected dividends          |   | Cdn $0.12               |   | Cdn $0.15                   |
| Forfeiture rate             |   | 6%                      |   | 6%                          |

----

| 19.   | Share-based payments (continued) |
|-----------------|----------------------------------|

|            |   | 2014   |      |   | 2013   |   |
|-----------------|--------|--------|-----------|--------|--------|--------|
| At January 1,   |   |   | 774,845   |   |   |   | 465,832 |   |
| Granted         |   |   | 877,753   |   |   |   | 657,151 |   |
| Redeemed        |   |   | (566,075  | )      |   |   | (348,138 | ) |
| At December 31, |   |   | 1,086,523 |   |   |   | 774,845 |   |

| 20.   | Supplementary cash flow information |
|-----------------|-------------------------------------|

|                                     |   | December 31, 2014$ |    |   | December 31, 2013$ |   |
|------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
|                                     |   |               |    |   |               |   |
| Changes in non-cash working capital      |   |               |    |   |               |   |
| Accounts receivable and other            |   |               | (34,206 | )      |               |   | 17,705 |   |
| Inventories                              |   |               | 13,184  |   |               |   | (24,705 | ) |
| Accounts payable and accrued liabilities |   |               | (35,480 | )      |               |   | (18,669 | ) |
| Total                                    |   |               | (56,502 | )      |               |   | (25,669 | ) |
|                                     |   |               |    |   |               |   |   |   |
| Supplementary cash flow information      |   |               |    |   |               |   |   |   |
| Income taxes paid                        |   |               | 88,150  |   |               |   | 101,058 |   |
| Interest paid                            |   |               | 34,536  |   |               |   | 34,686 |   |

----

| 21.   | Financial risk management |
|-----------------|---------------------------|

|   | Eldorado’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and price risk), credit risk and liquidity risk. Eldorado’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on Eldorado’s financial performance. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Market risk |
|-----------------|-------------|

| (i)   | Foreign exchange risk |
|-----------------|-----------------------|

|                                     |   | Canadian dollar |    |   | Australian dollar |   |   | Euro   |   |   | Turkishlira |   |   | Chineserenminbi |   |   | Swedishkrona |   |     | Romanianlei |   |   | Great British pound |   |   | Brazilianreal |    |
|------------------------------------------|--------|-----------------|---------|--------|-------------------|--------|--------|--------|--------|--------|-------------|--------|--------|-----------------|--------|--------|--------------|--------|----------|-------------|--------|--------|---------------------|--------|--------|---------------|---------|
| Cash and cash equivalents                |   |            | 14,196  |   |              |   | 865    |   |   |   | 3,734       |   |   |            | 12,731 |   |         |   | 482,898  |        |   |   | 1,774               |   |   |          | 27,466  |   |   |   | 136 |   |   |   | 32,966 |   |
| Marketable securities                    |   |            | 4,933   |   |              |   | -      |   |   |   | -           |   |   |            | -      |   |         |   | -        |        |   |   | -                   |   |   |          | -       |   |   |   | - |   |   |   | - |   |
| Accounts receivable and other            |   |            | 4,632   |   |              |   | 1      |   |   |   | 28,735      |   |   |            | 21,642 |   |         |   | 228,055  |        |   |   | -                   |   |   |          | 13,092  |   |   |   | - |   |   |   | 25,875 |   |
| Accounts payable and accrued liabilities |   |            | (12,505 | )      |              |   | (99    | )      |   |   | (36,571     | )      |   |            | (6,973 | )      |         |   | (503,392 | )           |   |   | -                   |   |   |          | (18,047 | ) |   |   | - |   |   |   | (4,430 | ) |
| Debt                                     |   |            | -       |   |              |   | -      |   |   |   | -           |   |   |            | -      |   |         |   | (100,000 | )           |   |   | -                   |   |   |          | -       |   |   |   | - |   |   |   | - |   |
| Net balance                              |   |            | 11,256  |   |              |   | 767    |   |   |   | (4,102      | )      |   |            | 27,400 |   |         |   | 107,561  |        |   |   | 1,774               |   |   |          | 22,511  |   |   |   | 136 |   |   |   | 54,411 |   |
|                                     |   |            |    |   |              |   |   |   |   |   |        |   |   |            |   |   |         |   |     |        |   |   |                |   |   |          |    |   |   |   |   |   |   |   |   |   |
| Equivalent in U.S. dollars               |   | $               | 9,703   |   |              | $      | 628    |   |   | $      | (4,932      | )      |   | $               | 11,816 |   |         | $      | 17,577   |        |   | $      | 227                 |   |   | $             | 6,106   |   |   | $ | 212 |   |   | $ | 20,480 |   |

| (ii)   | Metal price risk and other price risk |
|------------------|---------------------------------------|

----

| 21.   | Financial risk management (continued) |
|-----------------|---------------------------------------|

|   | (iii) Interest rate risk |
|--------|--------------------------|

| (b)   | Credit risk |
|-----------------|-------------|

| (c)   | Liquidity risk |
|-----------------|----------------|

|   | 21.2 | Capital risk management |
|--------|------|-------------------------|

----

| 21.   | Financial risk management (continued) |
|-----------------|---------------------------------------|

|   | 21.3 | Fair value estimation |
|--------|------|-----------------------|

| ●     | Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | Level 2 – Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs (i.e.,quoted prices for similar assets or liabilities). |
|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●     | Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.   | Commitments |
|-----------------|-------------|

|                                      |   | 2015$  |   | 2016$ |   | 2017$ |   | 2018 and later$ |
|-------------------------------------------|--------|--------|--------|-------|--------|-------|--------|-----------------|
| Operating leases and capital expenditures |   | 6,361  |   | 5,153 |   | 2,845 |   | 12,114          |
| Purchase obligations                      |   | 73,103 |   | 931   |   | 249   |   | 496             |
| Totals                                    |   | 79,464 |   | 6,084 |   | 3,094 |   | 12,610          |

| 23.   | Contingencies |
|-----------------|---------------|

----

| 24.   | Related party transactions |
|-----------------|----------------------------|

|                                            |   | 2014                                                                                                  | 2013                                                                                                  |
|-------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|
|                                            |   | $                                                                                                     | $                                                                                                     |
| Salaries and other short-term employee benefits |   |               13,199            |               11,660            |
| Defined benefit pension plan                    |   |                 1,620 |                 2,478 |
| Share based payments                            |   |               12,514            |               11,766            |
|                                            |   |               27,333            |               25,904            |

| 25.   | Financial instruments by category |
|-----------------|-----------------------------------|

|                                                 | December 31, 2014                                                                                                                                         |                                                                                                | December 31, 2013 |
|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-------------------|
|                                                 | Carrying amount                                                                                                                                           | Fair value                                                                                          |              | Carrying amount | Fair value |
|                                                 |            $                                                                                       |               $               |              |            $ |               $ |
| Financial Assets                                     |                                                                                                                                                      |                                                                                                |              |   |   |
|                                                 |                                                                                                                                                      |                                                                                                |              |   |   |
| Available-for-sale                                   |                                                                                                                                                      |                                                                                                |              |   |   |
|   Marketable securities                    |                       4,251                 |             4,251                       |              |                     4,387 |             4,387 |
|                                                 |                                                                                                                                                      |                                                                                                |              |   |   |
| Loans and receivables                                |                                                                                                                                                      |                                                                                                |              |   |   |
|   Cash and cash equivalents                |                  498,514                                             |         498,514                                             |              |                589,180 |         589,180 |
|   Term deposit                             |                       2,800                 |             2,800                       |              |                  34,702 |           34,702 |
|   Restricted cash                          |                          262 |                 262 |              |                        262 |                 262 |
|   Accounts receivable and other            |                    77,617                                  |           77,617                                  |              |                  78,502 |           78,502 |
|   Other assets                             |                    21,893                                  |           21,893                                  |              |                  20,287 |           20,287 |
|                                                 |                                                                                                                                                      |                                                                                                |              |   |   |
| Financial Liabilities at amortized cost              |                                                                                                                                                      |                                                                                                |              |   |   |
|   Accounts payable and accrued liabilities |                  184,712                                             |         184,712                                             |              |                211,406 |         211,406 |
|   Debt                                     |                  603,544                                             |         600,221                                             |              |                601,408 |         593,530 |
|   Other non-current liability              |                    49,194                                  |           49,194                                  |              |                           - |                    - |

| 26.   | Production costs |
|-----------------|------------------|

|                                             | 2014                                                                                                  | 2013                                                                                        |
|--------------------------------------------------|-------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
|                                             | $                                                                                                     | $                                                                                           |
|                                             |                                                                                                  |                                                                                        |
| Labor                                            |             104,118                       |             110,048             |
| Fuel                                             |               51,152            |               42,038  |
| Reagents                                         |               48,570            |               48,983  |
| Electricity                                      |               34,865            |               40,694  |
| Mining contractors                               |               46,745            |               63,532  |
| Operating and maintenance supplies and services  |             144,281                       |             104,915             |
| Site general and administrative costs            |               28,664            |               31,518  |
| Inventory change                                 |                 3,238 |               (3,737) |
| Royalties, production taxes and selling expenses |               46,647            |               43,901  |
| Total production costs                           |             508,280                       |             481,892             |

----

| 27.   | Interest and financing costs |
|-----------------|------------------------------|

|                               |   | 2014                                                                                                        | 2013                                                                                                        |
|------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
|                               |   | $                                                                                                           | $                                                                                                           |
|                               |   |                                                                                                        |                                                                                                        |
| Interest expense                   |   |                23,039            |                34,101            |
| Financing fees                     |   |                  5,740 |                  6,311 |
| Total interest and financing costs |   |                28,779            |                40,412            |
|                               |   |                                                                                                        |                                                                                                        |

| 28.   | Earnings per share |
|-----------------|--------------------|

|                                                               | December 31, 2014                                                                                                                                                    | December 31, 2013                                                                                                                                                                                       |
|--------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                               | (in thousands)                                                                                                                                                       | (in thousands)                                                                                                                                                                                          |
|                                                               |                                                                                                                                                                 |                                                                                                                                                                                                    |
| Weighted average number of ordinary shares used in the calculation |                                                                                                                                                                 |                                                                                                                                                                                                    |
|     of basic earnings per share                |                  716,288                                                        |                       715,181                                                             |
| Diluted impact of stock options                                    |                            12 |                                  - |
|                                                               |                                                                                                                                                                 |                                                                                                                                                                                                    |
| Weighted average number of ordinary shares used in the calculation |                                                                                                                                                                 |                                                                                                                                                                                                    |
|     of diluted earnings per share              |                  716,300                                                        |                       715,181                                                             |

| 29.   | Segment information |
|-----------------|---------------------|

|   | 29.1 | Geographical segments |
|--------|------|-----------------------|

----

| 29.   | Segment information (continued) |
|-----------------|---------------------------------|

|                                                                        |   | 2014  |    |
|-----------------------------------------------------------------------------|--------|------------|---------|
|                                                                        |   | Turkey     |    |   | China |   |   | Brazil |   |   | Greece |   |   | Romania |   |   | Other |   |   | Total |   |
|                                                                        |   |       | $       |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |
| Information about profit and loss                                           |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Metal sales to external customers                                           |   |       | 524,919 |   |   |   | 460,343 |   |   |   | 31,619 |   |   |   | 51,018 |   |   |   | - |   |   |   | - |   |   |   | 1,067,899 |   |
| Production costs                                                            |   |       | 207,809 |   |   |   | 227,958 |   |   |   | 29,926 |   |   |   | 42,587 |   |   |   | - |   |   |   | - |   |   |   | 508,280 |   |
| Inventory write-down                                                        |   |       | -       |   |   |   | - |   |   |   | 13,469 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 13,469 |   |
| Depreciation                                                                |   |       | 55,420  |   |   |   | 107,365 |   |   |   | 4,928 |   |   |   | 8,782 |   |   |   | 1 |   |   |   | 731 |   |   |   | 177,227 |   |
| Gross profit (loss)                                                         |   |       | 261,690 |   |   |   | 125,020 |   |   |   | (16,704 | ) |   |   | (351 | ) |   |   | (1 | ) |   |   | (731 | ) |   |   | 368,923 |   |
|                                                                        |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other material items of income and expense                                  |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exploration expenses                                                        |   |       | 3,415   |   |   |   | 2,682 |   |   |   | 3,796 |   |   |   | 1,395 |   |   |   | 2,092 |   |   |   | 2,850 |   |   |   | 16,230 |   |
| Income tax expense                                                          |   |       | 74,959  |   |   |   | 37,263 |   |   |   | 2,761 |   |   |   | 6,085 |   |   |   | 201 |   |   |   | - |   |   |   | 121,269 |   |
|                                                                        |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions to property, plant and   equipment during the year |   |       | 88,844  |   |   |   | 50,410 |   |   |   | 5,399 |   |   |   | 253,685 |   |   |   | 18,730 |   |   |   | 404 |   |   |   | 417,472 |   |
|                                                                        |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Information about assets and liabilities                                    |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment (*)                                           |   |       | 895,035 |   |   |   | 1,407,558 |   |   |   | 205,091 |   |   |   | 2,817,855 |   |   |   | 636,134 |   |   |   | 1,938 |   |   |   | 5,963,611 |   |
| Goodwill                                                                    |   |       | -       |   |   |   | 52,514 |   |   |   | - |   |   |   | 473,782 |   |   |   | - |   |   |   | - |   |   |   | 526,296 |   |
|                                                                        |   |       | 895,035 |   |   |   | 1,460,072 |   |   |   | 205,091 |   |   |   | 3,291,637 |   |   |   | 636,134 |   |   |   | 1,938 |   |   |   | 6,489,907 |   |
|                                                                        |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt                                                                        |   |       | -       |   |   |   | 16,343 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 587,201 |   |   |   | 603,544 |   |

|                                                                               |   | 2013  |    |
|------------------------------------------------------------------------------------|--------|------------|---------|
|                                                                               |   | Turkey     |    |   | China |   |   | Brazil |   |   | Greece |   |   | Romania |   |   | Other |   |   | Total |   |
|                                                                               |   |       | $       |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |   |   | $ |   |
| Information about profit and loss                                                  |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Metal sales to external customers                                                  |   |       | 608,117 |   |   |   | 418,810 |   |   |   | 46,445 |   |   |   | 50,620 |   |   |   | - |   |   |   | - |   |   |   | 1,123,992 |   |
| Production costs                                                                   |   |       | 188,800 |   |   |   | 218,438 |   |   |   | 29,604 |   |   |   | 45,050 |   |   |   | - |   |   |   | - |   |   |   | 481,892 |   |
| Depreciation                                                                       |   |       | 42,373  |   |   |   | 89,996 |   |   |   | 4,518 |   |   |   | 10,592 |   |   |   | 1 |   |   |   | 1,588 |   |   |   | 149,068 |   |
| Gross profit (loss)                                                                |   |       | 376,944 |   |   |   | 110,376 |   |   |   | 12,323 |   |   |   | (5,022 | ) |   |   | (1 | ) |   |   | (1,588 | ) |   |   | 493,032 |   |
|                                                                               |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other material items of income andexpense                                          |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impairment loss on property, plant and   and equipment and goodwill |   |       | -       |   |   |   | 808,414 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 808,414 |   |
| Exploration expenses                                                               |   |       | 13,377  |   |   |   | 5,337 |   |   |   | 7,012 |   |   |   | 1,307 |   |   |   | 1,624 |   |   |   | 6,029 |   |   |   | 34,686 |   |
| Income tax expense                                                                 |   |       | 109,256 |   |   |   | (90,177 | ) |   |   | 3,202 |   |   |   | 121,904 |   |   |   | 122 |   |   |   | 55 |   |   |   | 144,362 |   |
|                                                                               |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions to property, plant and equipment during the year                    |   |       | 196,332 |   |   |   | 97,172 |   |   |   | 10,370 |   |   |   | 164,122 |   |   |   | 22,839 |   |   |   | 1,717 |   |   |   | 492,552 |   |
|                                                                               |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Information about assets and liabilities                                           |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment (*)                                                  |   |       | 854,893 |   |   |   | 1,461,592 |   |   |   | 201,791 |   |   |   | 2,546,935 |   |   |   | 616,906 |   |   |   | 2,265 |   |   |   | 5,684,382 |   |
| Goodwill                                                                           |   |       | -       |   |   |   | 52,514 |   |   |   | - |   |   |   | 473,782 |   |   |   | - |   |   |   | - |   |   |   | 526,296 |   |
|                                                                               |   |       | 854,893 |   |   |   | 1,514,106 |   |   |   | 201,791 |   |   |   | 3,020,717 |   |   |   | 616,906 |   |   |   | 2,265 |   |   |   | 6,210,678 |   |
|                                                                               |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt                                                                               |   |       | -       |   |   |   | 16,402 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 585,006 |   |   |   | 601,408 |   |

----

| 29.   | Segment information (continued) |
|-----------------|---------------------------------|

|   | 29.2 | Economic dependence |
|--------|------|---------------------|

| TJS  Mine | Henan Zhongyuan Gold Smelter Factory Co. Ltd.of Zhongjin Gold Holding Co. Ltd. |
|---------------------|--------------------------------------------------------------------------------|
| Jinfeng Mine        | China National Gold Group                                                      |
| White Mountain Mine | Refinery of Shandong Humon Smelting Co. Ltd.                                   |

|   | 29.3 Seasonality/cyclicality of operations |
|--------|--------------------------------------------|

|   | Management does not consider operations to be of a significant seasonal or cyclical nature. |
|--------|---------------------------------------------------------------------------------------------|

----