33 Ore Reserves and Mineral Resources Ore Reserves and Mineral Resources Competent Persons Statement In this report, information concerning Thailand  operations relates to Exploration Results,  Mineral Resources and Ore Reserve estimates  and is based on and fairly represents information  compiled by the following Competent Persons:  Ron James, Brendan Bradley, Kevin Woodward  and Suphanit Suphananthi who are employees  of the Kingsgate Group – all except Brendan  Bradley are members of The Australasian  Institute of Mining and Metallurgy. Brendan  Bradley is a member of the Australian Institute  of Geoscientists. These people qualify as  Competent Persons as defined in the  ‘Australasian Code for Reporting of Exploration  Results, Mineral Resources and Ore Reserves’  (the JORC Code, 2012 edition) and possess  relevant experience in relation to the mineralisa- tion being reported herein as Exploration  Results, Mineral Resources and Ore Reserves.  Each Competent Person has consented to the  public reporting of these statements and the  inclusion of the material in the form and context  in which it appears. In this report, the information concerning  Challenger operations that relates to Exploration  Results, Mineral Resources and Ore Reserves  estimates is based on and fairly represents  information compiled by Stuart Hampton and  Luke Phelps who are full-time employees of the  Kingsgate Group. Both are members of The  Australasian Institute of Mining and Metallurgy.  These persons have sufficient experience that is  relevant to the mineralisation and type of  deposit under consideration and to the activity  that they are undertaking to qualify as  Competent Persons as defined in the 2012  Edition of the ‘Australasian Code for Reporting  of Exploration Results, Mineral Resources and  Ore Reserves’. Stuart Hampton and Luke Phelps  consent to the inclusion in the report of the  matters based on their information in the form  in which it appears. The information in this report that relates to  Nueva Esperanza Mineral Resource estimation is  based on and fairly represents work completed  by Jonathon Abbott, Ron James and Maria  Muñoz. These people qualify as Competent  Persons as defined in the ‘Australasian Code for  Reporting of Exploration Results and Mineral  Resources’(the JORC Code, 2012 edition) and  possess relevant experience in relation to the  mineralisation being reported herein as  ‘Exploration Results, Mineral Resources and Ore  Reserves’. Mr Abbott, Mr James and Ms Muñoz  consent to the inclusion in the report of the  matters based on their information in the form  and context in which it appears. The information in this report that relates to  Bowdens Mineral Resource estimation is based  on and fairly represents work completed by  Jonathon Abbott who is a full-time employee of  MPR Geological Consultants and a member of  the Australasian Institute of Geoscientists, and  Ron James, who is a member of The Australasian  Institute of Mining and Metallurgy. Mr Abbott  and Mr James have sufficient experience that is  relevant to the style of mineralisation and type  of deposit under consideration and to the  activity that they are undertaking to qualify as a Competent Person as defined in the 2012  Edition of the ‘Australasian Code for Reporting  of Exploration Results, Mineral Resources and  Ore Reserves’. Mr Abbott and Mr James consent  to the inclusion in the report of the matters  based on their information in the form and  context in which it appears. Some rounding of figures may cause numbers  to not add correctly. (1)  Nueva Esperanza equivalent factors:  (2)  Bowdens equivalent factors: (3)  Chatree equivalent factors: (4)  Challenger equivalent factors: (5)   Cut-off grade for Chatree is 0.35g/t Au;  Nueva Esperanza is 0.5g/t AuEq;  Bowdens is 30g/t AgEq. For Challenger it  is 1.5 Au g/t for open cut resources, and  5.0 g/t for undeground resources. (6)   It is the Company's opinion that all the  elements included in the metal equiva- lents calculation have a reasonable  potential to be recovered. •   Calculated from prices of US$1,380/ oz Au and US$21.50/oz Ag, and  metallurgical recoveries of 70% Au  and 75% Ag estimated from test work  by Kingsgate, and metallurgical  recoveries of 85% Au and 78% Ag  estimated from test work by  Kingsgate and Laguna.  •   Calculated from prices of US$28/oz  Ag, US$1250/oz Au, US$2200/t Pb,  US$2200/t Zn and metallurgical  recoveries of 81% Ag, 73% Pb, and  83% Zn estimated from test work by  Silver Standard, and assuming  consistent metallurgical recoveries for  gold and silver of 81%.  •   Calculated from prices of US$1480/oz  Au and US$26/oz Ag and metallur- gical recoveries of 80.5% Au and  43.6% silver based on metallurgical  testwork and plant performance. •   Calculated from prices of US$1480/oz  Au and US$26/oz Ag and consistent  metallurgical recoveries for gold and  silver. Notes to the Ore Reserves and Mineral  Resources Table:  •   Silver equivalent: AgEq (g/t) = Ag (g/t)  + Au(g/t) x 60;  •   Gold Equivalent: AuEq (g/t) = Au (g/t)  + Ag (g/t) / 60;  •   Silver equivalent: AgEq (g/t) = Ag (g/t)  + 22.4 x Pb (%) + 25.5 x Zn (%);  •   Gold equivalent: AuEq (g/t) = AgEq  (g/t) /45 ; •   Chatree gold equivalent: AuEq/t = Au  (g/t) + Ag (g/t) /105; •   Silver equivalent: AgEq g/t = Au (g/t)  x 105 + Ag g/t; •   Silver equivalent: AgEq/t = Au (g/t) x 57;