Segovia Operations

Underlying Asset:

SVI refining contract on GCM’s Segovia Mine production

Contract Jurisdiction

Ontario, Canada

Location:

Antioquia, Colombia

Type of Company:

Mining

Contract:

Refining Contract

Terms:

2% average Au discount for 11 years - 14% Ag discount for 11 years

Yearly Ounces:

~Au: 140,000 ~Ag: 150,000

Highlights

•Segovia operation has produced over 5 million ounces in the last 150 years

•2017 production outlook 140k Au Oz

•Recent mine extension plan up to 2026, upside potential remains

•Recent Cash Cost of USD 620/Oz