Summary

• Commercial production commenced for the first phase of Lalor effective April 1, 2013
• First quarter operating cash flow before change in non‑cash working capital decreased to $12.3 million from $42.2 million in the first quarter of 2012, mainly due to lower sales volumes and realized metals prices and the impact of the precious metals stream transaction
• Profit and earnings per share in the first quarter of 2013 were $1.9 million and $0.01, respectively, compared to a profit and earnings per share of $3.4 million and $0.03 in the first quarter of 2012, primarily due to lower sales volumes and realized metals prices
• Full year 2013 guidance for production and operating costs remains unchanged