Activities Report for the quarter ended 31 December 2015

• Cash operating costs reduced 8% from $1.40/lb in Q3 2015 to $1.29/lb in Q4 2015; all-in sustaining cash cost2 of $1.50 /lb ($1.63/lb Q3 2015)
• Quarterly production of 6,557 tonnes, with 5,972 tonnes sold at a realised copper price of $4,878/t
• Full year production 26,151 tonnes, exceeding 2015 production guidance by 5%

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