MASBATE OPEN PIT

Masbate Mine – Philippines Three months ended March 31, 2021 2020 Gold revenue ($ in thousands) 98,455 74,414 Gold sold (ounces) 55,370 46,900 Average realized gold price ($/ ounce) 1,778 1,587 Tonnes of ore milled 1,948,369 1,871,060 Grade (grams/ tonne) 1.10 0.90 Recovery (%) 83.6 83.2 Gold production (ounces) 57,513 44,872 Cash operating costs(1) ($/ gold ounce sold) 578 661 Cash operating costs(1) ($/ gold ounce produced) 608 722 Total cash costs(1) ($/ gold ounce sold) 678 743 All-in sustaining costs(1) ($/ gold ounce sold) 818 908 Capital expenditures ($ in thousands) 6,564 4,761 Exploration ($ in thousands) 1,086 1,617 (1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. The Masbate Mine in the Philippines also had a strong start to the year with first quarter gold production of 57,513 ounces, wellabove budget by 14% (6,852 ounces). Gold production improved against budget mainly due to higher than budgeted mill recoveries (10% above budget) and included processed ore from two main sources. In the first quarter of 2021, recoveries relating to mill feed sourced from high-grade sulfide ore mined from Main Vein Pit Phases 4 and 5 in the quarter were 8% above budget, while recoveries relating to processed low-grade stockpile tonnage, originally mined from the Colorado Pit, were 7% above budget. In addition, oxide ore processed during the first quarter was 4% higher than budget, which also contributed to the higher recoveries. Compared to the first quarter of 2020, gold production in the first quarter of 2021 was higher by 28% (12,641 ounces), mainly due to higher mined ore grades in the quarter, as a result of mining through a higher-grade zone of the Main Vein Pit. For the first quarter of 2021, mill feed grade was 1.10 g/t compared to budget of 1.06 g/t and 0.90 g/t in the first quarter of 2020; mill throughput was 1.95 million tonnes compared to budget of 1.95 million tonnes and 1.87 million tonnes in the first quarter of 2020; and gold recovery averaged 83.6% compared to budget of 75.7% and 83.2% in the first quarter of 2020. Cash operating costs (refer to “Non-IFRS Measures”) for the first quarter of 2021 were $608 per ounce produced ($578 per gold ounce sold) compared to a budget of $688 per ounce produced and $722 per ounce produced for the first quarter of 2020. The lower cash operating costs per gold ounce produced in the first quarter of 2021 compared to budget and the first quarter of 2020 resulted from the higher than budgeted production discussed above coupled with savings in mining costs. All-in sustaining costs (refer to “Non-IFRS Measures”) for the first quarter of 2021 were $818 per ounce sold compared to a budget of $1,012 per gold ounce sold and $908 per gold ounce sold in the first quarter of 2020. All-in sustaining costs for the first quarter of 2021 were 19% lower than budget as a result of the lower than budgeted cash operating costs described above, 8 higher than budgeted gold ounces sold and lower sustaining capital expenditures (mainly due to the timing of rebuilds and prestripping). The lower sustaining capital expenditures are mainly a result of timing of expenditures and are expected to be incurred later in 2021. Capital expenditures in the first quarter of 2021 totalled $7 million, primarily consisting of mobile equipment acquisition costs and rebuilds of $2 million, $2 million for tailings storage facility projects and prestripping costs of $1 million. For full-year 2021, the Masbate Mine is expected to produce between 200,000 and 210,000 ounces of gold at cash operating costs of between $650 and $690 per ounce and all-in sustaining costs of between $955 and $995 per ounce. Masbate’s gold production is expected to be relatively consistent throughout each of the quarters in 2021.