• Plant design modified to increase capacity from 250 tonnes per day (“tpd”) to 325 tpd as a result of the lower work index of the ore and utilizing the existing motor capacity on the mill
• Mine plan expanded from 200 tpd to 250 tpd using mechanized cut and fill mining method
• Potential to expand to 500 tpd with further plant refurbishment and more reserves and resources
• Ore grind size increased while maintaining metal recoveries to improve the tailings stability long term and decrease overall life of mine power costs
• Higher mine output, plant throughput and grind size should each have a beneficial impact on the on the El Compas PEA project economics
• Comparing the improved operating metrics to the PEA, production is expected to rise 25% to 1.175 million oz silver equivalent per year (using 75:1 silver:gold ratio)
• Capex will rise 13% to $11.3 million
• Cash costs in PEA of $9.09 per Ag Eq oz and all-in-sustaining costs of $9.64 per Ag Eq oz should improve with expanded production

• Net earnings increased 148% to $9.7 million ($0.08 per share), compared to $3.9 million ($0.03 per share)
• EBITDA decreased 8% to $25.6 million
• Cash flow from operations before working capital changes decreased 2% to $23.6 million
• Mine operating cash flow decreased 14% to $45.4 million
• Revenue decreased 4% to $150.5 million on 4,892,855 silver oz sold and 51,460 gold oz sold
• Realized silver price increased 2% to $17.24 per ounce (oz) sold (consistent with the 2017 average spot price)
• Realized gold price increased 3% to $1,285 per oz sold (2% above the 2017 average spot price)
• Cash costs increased 19% to $8.06 per oz silver payable (net of gold credits)
• All-in sustaining costs increased 36% to $16.96 per oz silver payable (net of gold credits)
• Bullion inventory at year-end included 209,337 oz silver and 487 oz gold
• Concentrate inventory at year-end included 31,984 oz silver and 739 oz gold
• Working capital decreased 19% to $66.2 million at year end
• No outstanding debt as of December 31, 2017

Disclaimer:

Dear reader,
Please read the complete disclaimer in the following pages carefully before you start reading this Swiss Resource Capital Publication. By using this Swiss Resource Capital Publication you agree that you have completely understood the following disclaimer and you agree completely with this disclaimer. If at least one of these point does not agree with you than reading and use of this publication is not allowed.

We point out the following:
Swiss Resource Capital AG and the authors of the Swiss Resource Capital AG directly own and/ or indirectly own shares of all companies mentioned and/or listed on our website and/or are described in the publication. 
Swiss Resource Capital AG has closed communication consultant contracts with Swiss Resource Capital AG and receives for their services compensation expenses.

Risk Disclosure and Liability
Swiss Resource Capital AG is not a securities ser-vice provider according to WpHG (Germany) and BörseG (Austria) as well as Art. 620 to 771 obligations law (Switzerland) and is not a finance company according to § 1 Abs. 3 Nr. 6 KWG. All publications of the Swiss Resource Capital AG are explicitly (inclu-ding all the publications published on the website http://www.resource-capital.ch and all sub-websites (like http://www.resource-capital.ch/de ) and the website http://www.resource-capital.ch itself and its sub-websites) neither financial analysis nor are they equal to a professional financial analysis. Instead, all publications of Swiss Resource Capital AG are exclusively for information purposes only and are expressively not trading recommendations regarding the buying or selling of securities. All publications of Swiss Resource Capital AG represent only the opinion of the respective author. They are neither explicitly nor implicitly to be understood as guarantee of a particular price development of the mentioned financial instruments or as a trading invitation. Every investment in securities mentioned in publications of Swiss Resource Capital AG involve risks which could lead to total a loss of the invested capital and - depending on the investment – to further obligations for example additional payment liabilities. In general, purchase and sell orders should always be limited for your own protection.
This applies especially to all second-line-stocks in the small and micro cap sector and especially to exploration and resource companies which are discussed in the publications of Swiss Resource Capital AG and are exclusively suitable for speculative and risk aware investors. But it applies to all other securities as well. Every exchange participant trades at his own risk. The information in the publications of Swiss Resource Capital AG do not replace an on individual needs geared professional investment advice. In spite of careful research, neither the respective author nor Swiss Resource Capital AG will neither guarantee nor assume liability for actuality, correctness, mistakes, accuracy, completeness, adequacy or quality of the presented information. For pecuniary losses resulting from investments in securities for which information was available in all publications of Swiss Resource Capital AG liability will be assumed neither by Swiss Capital Resource AG nor by the respective author neither explicitly nor implicitly.
Any investment in securities involves risks. Political, economical or other changes can lead to significant stock price losses and in the worst case to a total loss of the invested capital and - depending on the investment – to further obligations for example additional payment liabilities. Especially investments in (foreign) second-line-stocks, in the small and micro cap sector, and especially in the exploration and re- source companies are all, in general, associated with an outstandingly high risk. This market segment is characterized by a high volatility and harbours danger of a total loss of the invested capital and - depending on the investment – to further obligations for example additional payment liabilities. As well, small and micro caps are often very illiquid and every order should be strictly limited and, due to an often better pricing at the respective domestic exchange, should be traded there. An investment in securities with low liquidity and small market cap is extremely speculative as well as a high risk and can lead to, in the worst case, a total loss of the invested capital and - depending on the investment – to further obligations for example additional payment liabilities. Engagements in the publications of the shares and products presented in all publications of Swiss Resource Capital AG have in part foreign exchange risks. The deposit portion of single shares of small and micro cap companies and low capitalized securities like derivatives and leveraged products should only be as high that, in case of a possible total loss, the deposit will only marginally lose in value.
All publications of Swiss Resource Capital AG are exclusively for information purposes only. All information and data in all publications of Swiss Resource Capital AG are obtained from sources which are deemed reliable and trustworthy by Swiss Resource Capital AG and the respective authors at the time of preparation. Swiss Resource Capital AG and all Swiss Resource Capital AG employed or engaged persons have worked for the preparation of all of the published contents with the greatest possible diligence to guarantee that the used and underlying data as well as facts are complete and accurate and the used estimates and made forecasts are realistic. Therefore, liability is categorically precluded for pecuniary losses which could potentially result from use of the information for one’s own investment decision.
All information published in publications of Swiss Resource Capital AG reflects the opinion of the respective author or third parties at the time of reparation of the publication. Neither Swiss Resource Capital AG nor the respective authors can be held responsible for any resulting pecuniary losses. All information is subject to change. Swiss Resource Capital AG as well as the respective authors assures that only sources which are deemed reliable and trustworthy by Swiss Resource Capital AG and the respective authors at the time of preparation are used. Although the assessments and statements in all publications of Swiss Resource Capital AG were prepared with due diligence, neither Swiss Resource Capital AG nor the respective authors take any responsibility or liability for the actuality, correctness, mistakes, accuracy, completeness, adequacy or quality of the presented facts or for omissions or incorrect information. The same shall apply for all presentations, numbers, designs and assessments expressed in interviews and videos.
Swiss Resource Capital AG and the respective authors are not obliged to update information in publications. Swiss Resource Capital AG and the respective authors explicitly point out that changes in the used and underlying data, facts, as well as in the estimates could have an impact on the forecasted share price development or the overall estimate of the discussed security. The statements and opinions of Swiss Capital Resource AG as well as the respective author are not recommendations to buy or sell a security.
Neither by subscription nor by use of any publication of Swiss Resource Capital AG or by expressed recommendations or reproduced opinions in such a publication will result in an investment advice contract or investment brokerage contract between Swiss Resource Capital AG or the respective author and the subscriber of this publication.
Investments in securities with low liquidity and small market cap are extremely speculative as well as a high risk. Due to the speculative nature of the presented companies their securities or other financial products it is quite possible that investments can lead to a capital reduction or to a total loss and - depending on the investment – to further obligations for example additional payment liabilities. Any investment in warrants, leveraged certificates or other financial products bears an extremely high risk. Due to political, economical or other changes significant stock price losses can arise and in the worst case a total loss of the invested capital and - depending on the investment – to further obligations for example additional payment liabilities. Any liability claim for foreign share recommendations, derivatives and fund recommendations are in principle ruled out by Swiss Resource Capital AG and the respective authors. Between the readers as well as the subscribers and the authors as well as Swiss Resource Capital AG no consultancy agreement is closed by subscription of a publication of Swiss Resource Capital AG because all information contained in such a publication refer to the respective company but not to the investment decision. Publications of Swiss Resource Capital AG are neither, direct or indirect an offer to buy or for the sale of the discussed security (securities), nor an invitation for the purchase or sale of securities in general. An investment decision regarding any security should not be based on any publication of Swiss Resource Capital AG.
Publications of Swiss Resource Capital AG must not, either in whole or in part be used as a base for a binding contract of all kinds or used as reliable in such a context. Swiss Resource Capital AG is not responsible for consequences especially losses, which arise or could arise by the use or the failure of the application of the views and conclusions in the publications. Swiss Resource Capital AG and the respective authors do not guarantee that the expected profits or mentioned share prices will be achieved.
The reader is strongly encouraged to examine all assertions him/herself. An investment, presented by Swiss Resource Capital AG and the respective authors in partly very speculative shares and financial products should not be made without reading the most current balance sheets as well as assets and liabilities reports of the companies at the Securities and Exchange Commission (SEC) under www.sec.gov or other regulatory authorities or carrying out other company evaluations. Neither Swiss Resource Capital AG nor the respective authors will guarantee that the expected profits or mentioned share prices will be achieved. Neither Swiss Resource Capital AG nor the respective authors are professional investment or financial advisors. The reader should take advice (e. g. from the principle bank or a trusted ad- visor) before any investment decision. To reduce risk investors should largely diversify their investments.
In addition, Swiss Resource Capital AG welcomes and supports the journalistic principles of conduct and recommendations of the German press council for the economic and financial market reporting and within the scope of its responsibility will look out that these principles and recommendations are respected by employees, authors and editors.

Forward-looking Information
Information and statements in all publications of Swiss Resource Capital AG especially in (translated) press releases that are not historical facts are forward-looking information within the meaning of applicable securities laws. They contain risks and un- certainties but not limited to current expectations of the company concerned, the stock concerned or the respective security as well as intentions, plans and opinions. Forward-looking information can often contain words like “expect”, “believe”, “assume”, “goal”, “plan”, “objective”, “intent”, “estimate”, “can”, “should”, “may” and “will” or the negative forms of these expressions or similar words suggesting future events or expectations, ideas, plans, objectives, intentions or statements of future events or performances. Examples for forward-looking information in all publications of Swiss Resource Capital AG include: production guidelines, estimates of future/targeted production rates as well as plans and timing regarding further exploration, drill and development activities. This forward-looking information is based in part on assumption and factors that can change or turn out to be incorrect and therefore may cause actual results, performances or successes to differ materially from those stated or postulated in such forward-looking statements. Such factors and assumption include but are not limited to: failure of preparation of resource and reserve estimates, grade, ore recovery that differs from the estimates, the success of future exploration and drill programs, the reliability of the drill, sample and analytical data, the assumptions regarding the accuracy of the representativeness of the mineralization, the success of the planned metallurgical test work, the significant deviation of capital and operating costs from the estimates, failure to receive necessary government approval and environmental permits or other project permits, changes of foreign exchange rates, fluctuations of commodity prices, delays by project developments and other factors.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual events to differ materially from those indicated in the forward-looking statements. Such factors include but are not limited to the following: risks regarding the inaccuracy of the mineral reserve and mineral resource estimates, fluctuations of the gold price, risks and dangers in connection with mineral exploration, development and mining, risks regarding the creditworthiness or the financial situation of the supplier, the refineries and other parties that are doing business with the company; the insufficient insurance coverage or the failure to receive insurance coverage to cover these risks and dangers, the relationship with employees; relationships with and the demands from the local communities and the indigenous population; political risks; the availability and rising costs in connection with the mining contributions and workforce; the speculative nature of mineral exploration and development including risks of receiving and maintaining the necessary licences and permits, the decreasing quantities and grades of mineral reserves during mining; the global financial situation, current results of the current exploration activities, changes in the final results of the economic assessments and changes of the project parameter to include unexpected economic factors and other factors, risks of increased capital and operating costs, environmental, security and authority risks, expropriation, the tenure of the company to properties including their ownership, increase in competition in the mining industry for proper- ties, equipment, qualified personal and its costs, risks regarding the uncertainty of the timing of events including the increase of the targeted production rates and fluctuations in foreign exchange rates. 
The shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties both general and specific that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Neither Swiss Resource Capital AG nor the referred to company, refer- red to stock or referred to security undertake no obligation to update publicly otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
48f Abs. 5 BörseG (Austria) and Art. 620 to 771 obligations law (Switzerland)
Swiss Resource Capital AG as well as the respective authors of all publications of Swiss Resource Capital AG could have been hired and compensated by the respective company or related third party for the preparation, the electronic distribution and publication of the respective publication and for other services. Therefore the possibility exists for a conflict of interests.
At any time Swiss Resource Capital AG as well as the respective authors of all publications of Swiss Resource Capital AG could hold long and short positions in the described securities and options, futures and other derivatives based on theses securities.
Furthermore Swiss Resource Capital AG as well as the respective authors of all publications of Swiss Resource Capital AG reserve the right to buy or sell at any time presented securities and options, futures and other derivatives based on theses securities. Therefore the possibility exists for a conflict of interests.
Single statements to financial instruments made by publications of Swiss Resource Capital AG and the respective authors within the scope of the respective offered charts are not trading recommendations and are not equivalent to a financial analysis.
A disclosure of the security holdings of Swiss Re- source Capital AG as well as the respective authors and/or compensations of Swiss Resource Capital AG as well as the respective authors by the company or third parties related to the respective publication will be properly declared in the publication or in the appendix.
The share prices of the discussed financial instruments in the respective publications are, if not clarified, the closing prices of the preceding trading day or more recent prices before the respective publication.
It cannot be ruled out that the interviews and estimates published in all publications of Swiss Resource Capital AG were commissioned and paid for by the respective company or related third parties. Swiss Resource Capital AG as well as the respective authors are receiving from the discussed companies and related third parties directly or indirectly expense allowances for the preparation and the electronic distribution of the publication as well as for other services.

Exploitation and distribution rights
Publications of Swiss Resource Capital AG may neither directly or indirectly be transmitted to Great Britain, Japan, USA or Canada or to an US citizen or a person with place of residence in the USA, Japan, Canada or Great Britain nor brought or distributed in their territory. The publications and their contained information can only be distributed or published in such states where it is legal by applicable law. US citizens are subject to regulation S of the U.S. Securities Act of 1933 and cannot have access. In Great Britain the publications can only be accessible to a person who in terms of the Financial Services Act 1986 is authorized or exempt. If these restrictions are not respected this can be perceived as a violation against the respective state laws of the mentioned countries and possibly of no mentioned countries. Possible resulting legal and liability claims shall be incumbent upon that person, but not Swiss Resource Capital, who has published the publications of Swiss Resource Capital AG in the mentioned countries and regions or has made available the publications of
Swiss Resource Capital AG to persons from these countries and regions.
The use of any publication of Swiss Resource Capital AG is intended for private use only. Swiss Re- source Capital AG shall be notified in advance or as- ked for permission if the publications will be used professionally which will be charged.
All information from third parties especially the estimates provided by external user does not reflect the opinion of Swiss Resource Capital AG. Consequently, Swiss Resource Capital AG does not guarantee the actuality, correctness, mistakes, accuracy, completeness, adequacy or quality of the information. 
Note to symmetrical information and opinion generation Swiss Resource Capital AG can not rule out that other market letters, media or research companies are discussing concurrently the shares, companies and financial products which are presented in all publications of Swiss Resource Capital AG. This can lead to symmetrical information and opinion generation during that time period.

No guarantee for share price forecasts
In all critical diligence regarding the compilation and review of the sources used by Swiss Resource Capital AG like SEC Filings, official company news or interview statements of the respective management neither Swiss Resource Capital AG nor the respective authors can guarantee the correctness, accuracy and completeness of the facts presented in the sources. Neither Swiss Resource Capital AG nor the respective authors will guarantee or be liable for that all assumed share price and profit developments of the respective companies and financial products respectively in all publications of Swiss Resource Capital AG will be achieved.

No guarantee for share price data
No guarantee is given for the accuracy of charts and data to the commodity, currency and stock mar- kets presented in all publications of Swiss Resource Capital AG.

Copyright
The copyrights of the single articles are with the respective author. Reprint and/or commercial dissemination and the entry in commercial databases is only permitted with the explicit approval of the respective author or Swiss Resource Capital AG.
All contents published by Swiss Resource Capital AG or under http://www.resource-capital.ch – websi- te and relevant sub-websites or within http://www.resource-capital.ch – newsletters and by Swiss Resource Capital AG in other media (e.g. Twitter, Face- book, RSS-Feed) are subject to German, Austrian and Swiss copyright and ancillary copyright. Any use which is not approved by German, Austrian and Swiss copyright and ancillary copyright needs first the written consent of the provider or the respective rights owner. This applies especially for reproduction, processing, translation, saving, processing and re- production of contents in databases or other electronic media or systems. Contents and rights of third parties are marked as such. The unauthorised reproduction or dissemination of single contents and complete pages is not permitted and punishable. Only copies and downloads for personal, private and non commercial use is permitted.
Links to the website of the provider are always welcome and don’t need the approval from the web- site provider. The presentation of this website in external frames is permitted with authorization only. In case of an infringement regarding copyrights Swiss Resource Capital AG will initiate criminal procedure.

Notes from Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority)
You will find in brochures of BaFin (see links) additional notes that should contribute to protect against dubious offers:
Investment – how to recognize dubious sellers: www.bafin.de/SharedDocs/Downloads/DE/Bro- schuere/dl_b_geldanlage.pdf?__blob=publicationFile Security transactions – what to watch out for as an investor: www.bafin.de/SharedDocs/Downloads/DE/Broschuere/dl_b_wertpapiergeschaeft.pdf?__blob=-publicationFile
https://www.bafin.de/DE/PublikationenDaten/publikationen_node.html

 
Further legal texts of BaFin:
http://www.bafin.de/DE/DatenDokumente/Doku- mentlisten/ListeGesetze/liste_gesetze_node.html

Liability limitation for links
The http://www.resource-capital.ch – website and all sub-websites and the http://www.resource-capital.ch – newsletter and all publications of Swiss Resource Capital AG contain links to websites of third parties (“external links”). These websites are subject to liability of the respective operator. Swiss Resource Capital AG has reviewed the foreign contents at the initial linking with the external links if any statutory violations were present. At that time no statutory violations were evident. Swiss Resource capital AG has no influence on the current and future design and the contents of the linked websites. The placement of external links does not mean that Swiss Resource Capital AG takes ownership of the contents behind the reference or the link. A constant control of these links is not reasonable for Swiss Resource Capital AG without concrete indication of statutory violations. In case of known statutory violations such links will be immediately deleted from the websites of Swiss Resource Capital AG. If you encounter a web- site of which the content violates applicable law (in any manner) or the content (topics) insults or discriminates individuals or groups of individuals, please contact us immediately.
In its judgement of May 12th, 1998 the Landgericht (district court) Hamburg has ruled that by placing a link one is responsible for the contents of the linked websites. This can only be prevented by explicit dissociation of this content. For all links on the homepage www.resource-capital.ch and its sub-websites and in all publications of Swiss Resource Capital AG applies: Swiss Resource Capital AG is dissociating itself explicitly from all contents of all linked websites on www.resource-capital.ch – website and its sub-websites and in the www. resource-capital.ch – newsletter as well as all publications of Swiss Resource Capital AG and will not take ownership of these contents.”

Liability limitation for contents of this website
The contents of the website http://www.resource-capital.ch and its sub-websites are compiled with utmost diligence. Swiss Resource Capital AG howver does not guarantee the accuracy, completeness and actuality of the provided contents. The use of the contents of website http://www.resource-capital.ch and its sub-websites is at the user’s risk. Specially marked articles reflect the opinion of the respective author but not always the opinion of Swiss Resource Capital AG.

Liability limitation for availability of website
Swiss Resource Capital AG will endeavour to offer the service as uninterrupted as possible. Even with due care downtimes can not be excluded. Swiss Re- source Capital AG reserves the right to change or discontinue its service any time.
Liability limitation for advertisements
The respective author and the advertiser are exclusively responsible for the content of advertisements in http://www.resource-capital.ch – website and its sub-websites or in the http://www.resource-capital.ch – newsletter as well as in all publications of Swiss Resource Capital AG and also for the content of the advertised website and the advertised products and services. The presentation of the advertisement does not constitute the acceptance by Swiss Resource Capital AG.

No contractual relationship
Use of the website http://www.resource-capital.ch and its sub-websites and http://www.resource-capital.ch – newsletter as well as in all publications of Swiss Resource Capital AG no contractual relations- hip is entered between the user and Swiss Resource Capital AG. In this respect there are no contractual or quasi-contractual claims against Swiss Resource Capital AG.

Protection of personal data
The personalized data (e.g. mail address of contact) will only be used by Swiss Resource Capital AG or from the respective company for news and information transmission in general or used for the respective company.

Data protection
If within the internet there exists the possibility for entry of personal or business data (email addresses, names, addresses), this data will be disclosed only if the user explicitly volunteers. The use and payment for all offered services is permitted – if technical possible and reasonable – without disclosure of these data or by entry of anonymized data or pseudonyms. Swiss Resource Capital AG points out that the data transmission in the internet (e.g. communication by email) can have security breaches. A complete data protection from unauthorized third party access is not possible. Accordingly no liability is assumed for the unintentional transmission of data. The use of contact data like postal addresses, telephone and fax numbers as well as email addresses published in the im- print or similar information by third parties for trans- mission of not explicitly requested information is not permitted. Legal action against the senders of spam mails are expressly reserved by infringement of this prohibition.
By registering in http://www.resource-capital.ch – website and its sub-websites or in the http://www.resource-capital.ch – newsletter you give us permission to contact you by email. Swiss Resource Capital AG receives and stores automatically via server logs information from your browser including cookie information, IP address and the accessed websites. Reading and accepting our terms of use and privacy statement are a prerequisite for permission to read, use and interact with our website(s).