Market Overview

Tahoe Reports Second Quarter 2018 Financial and Operational Results; On Track to Meet 2018 Guidance

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Tahoe Resources Inc. ("Tahoe" or the "Company") (TSX:THO) (NYSE: TAHO) today announced financial and operating results for the second
quarter and first half ended June 30, 2018. The Company produced 102.6
thousand ounces of gold during the quarter at total cash costs and
all-in sustaining costs ("AISC") of $708 and $1,060 per ounce,
respectively.

Jim Voorhees, President and CEO of Tahoe: "Our gold business
performed well this quarter with notable improvements over the prior
period. We produced 102.6 thousand ounces and we remain on track to meet
our 2018 full-year production, cost and capital guidance. At Shahuindo,
we achieved record quarterly production of 24.5 thousand ounces and in
Timmins we achieved record quarterly mill throughput of 3,921 tonnes per
day (tpd). Construction at our two expansion projects, the Bell Creek
shaft and the Shahuindo Expansion, continue to progress nicely and both
remain on track for completion by the end of the year, positioning us to
achieve our target of approximately 500 thousand ounces of gold
production in 2019. We reported a loss of ($0.05) per share for the
quarter reflecting the continued impact of the Escobal mine suspension
and our ongoing care and maintenance costs to maintain readiness for
restart. While we are disappointed that the Constitutional Court
decision is still pending, we remain focused on those issues within our
control. We continue to have constructive dialogue at the Casillas
roadblock and we believe we are well-positioned to resume operations at
Escobal following a positive court ruling."

               

Key Financial and Operating Results

$ millions unless otherwise indicated   Q2 2018     Q2 2017      

Q2 YTD
2018

   

Q2 YTD
2017

Revenue $ 127.1 $ 209.6 $ 267.1 $ 460.6
Earnings (loss) and total comprehensive income (loss) $ (15.6 ) $ 33.5 $ (22.4 ) $ 108.2
Earnings (loss) per share $ (0.05 ) $ 0.11 $ (0.07 ) $ 0.35
Adjusted earnings (loss)(1) $ (15.1 ) $ 33.8 $ (22.3 ) $ 108.9
Adjusted earnings (loss) per share(1)   $ (0.05 )     $ 0.11       $ (0.07 )     $ 0.35
Cash provided by operating activities $

18.2

$

96.1

$

40.3

$

174.6

Cash provided by operating activities before changes in working
capital(1)
  $ 31.8       $ 99.4       $ 70.4       $ 232.3
 
Silver Production (moz)(3)

4.1

 

0.1 9.8
Gold production (koz) 103 112 193 231
Total cash cost per silver oz produced ($/oz)(1)(2) $ $ 6.73 $ $ 6.15
AISC per silver oz produced ($/oz)(1)(2) $ $ 10.00 $ $ 8.91
Total cash cost per gold oz produced ($/oz)(1)(2) $ 708 $ 601 $ 748 $ 587
AISC per gold oz produced ($/oz)(1)(2) $ 1,060 $ 925 $ 1,106 $ 892
Sustaining capital $ 24.9 $ 16.7 $ 32.6 $ 26.5
Project capital $ 51.8 $ 31.3 $ 87.9 $ 46.8
Exploration expense $ 4.4 $ 5.9 $ 7.2 $ 10.1
Corporate G&A $ 13.7 $ 11.4 $ 25.5 $ 23.1
Weighted average shares outstanding (basic, in millions)   313.25       312.79       313.22       312.43
    (1)     See "Cautionary Note on Non-GAAP Financial Measures" at the end of
this news release.
(2) Total cash costs and AISC are presented net of by-product credits.
(3) No silver was produced from Escobal during Q2 2018 while the mine
remained on care and maintenance.
Q2 2018 Summary & Highlights:

Gold production and costs on track during Q2 2018 to meet full-year
2018 guidance
– Q2 2018 gold production totaled 102.6 thousand
ounces at total cash costs and AISC of $708 and $1,060 per ounce,
respectively. The Company remains on track to be within all previously
published production, cost and capital guidance for the year 2018 with
gold production weighted to the second half of the year.

Shahuindo achieved record quarterly gold production of 24.5 thousand
ounces
– The Company achieved record production at Shahuindo during
the quarter as the mine continues to ramp up. The mine is currently
operating at a rate of 17,000 tpd and is scheduled to increase to 36,000
tpd by the end of 2018, using a combination of run-of-mine (ROM) and
crushing and agglomeration (C&A) to process the ore. During the quarter,
approximately 80% of the ore placed onto the leach pads was truck dumped
ROM and 20% was processed through the C&A circuit. As ore body knowledge
and operating experience is gained, ore characteristics are continually
assessed to determine amenability for ROM versus processing through C&A.

La Arena production weighted to second half of the year – The
quarterly production at La Arena was impacted by the 13-day labor strike
at the end of April. Although leaching continued throughout the quarter,
ore stacking was temporarily curtailed during the strike, and ounces
leached are slightly behind plan. Production at La Arena remains on
track to meet full year production and cost guidance.

Bell Creek Mill achieved record quarterly throughput of 3,921 tpd
Mill operations averaged a record 3,921 tpd in Q2 2018 as part of the
Company's efforts to optimize the Timmins operations. Once the Bell
Creek shaft project is complete and the mine ramps up, management
estimates that the mill will be able to achieve sustainable average
throughput of approximately 4,400 tpd with minimal additional capital
expenditure.

Earnings adversely impacted by the Escobal mine suspension – Loss
of $15.6 million ($0.05 per share) was negatively impacted by the
ongoing suspension of mining activities at the Escobal mine, which
resulted in no material revenue for the quarter, compounded by care and
maintenance costs of $8.1 million ($0.03 per share).

Positive cash flow of $18.2 million Cash flow provided
by operating activities was $18.2 million and cash flow provided by
operating activities before changes in working capital totaled $31.8
million for the quarter, despite the ongoing suspension at Escobal.

Net liquidity position of $119.7 million – Tahoe ended the
quarter with $69.7 million in cash and cash equivalents. During the
quarter, the Company drew $75.0 million on its revolving credit facility
and has a remaining available balance of $100.0 million undrawn plus a
$25.0 million accordion. The drawing on the credit facility in 2018 was
planned in order to support the completion of the two expansion projects
in Canada and Peru.

Shahuindo Expansion on track for 36,000 tpd ramp-up by year-end
Detailed engineering of the 24,000 tpd C&A circuit is significantly
advanced, procurement of critical items is substantially complete and
construction was focused on civil works during the quarter. Expansion of
the adsorption, desorption and refining (ADR) process plant is 84%
complete and progress on the electrical substation and transmission line
for the project continued during Q2 2018.

The Shahuindo Expansion project remains within original guidance. The
Shahuindo Expansion includes the 36,000 tpd C&A circuit (with estimated
capital guidance of $80 million) as well as the expansion of the ADR
plant to 36,000 tpd, the installation of a 220kv transmission line and
substation, leach pad 2B and other associated secondary projects such as
the water treatment facilities. Total estimated costs for the Shahuindo
Expansion (including the $80 million C&A circuit) is $170 to $180
million, of which $120.8 million has been spent through June 30, 2018
($34.3 million in Q2 2018) with an additional $23.2 million committed.
Approximately $30 to $35 million of the total Shahuindo Expansion
guidance is expected to be spent for the secondary projects in 2019.

Bell Creek shaft project progressing towards completion in early Q4
2018
– The Bell Creek shaft project continues to progress well. The
overall construction is expected to be complete by early Q4 2018 with
the final commissioning through the end of the year. All shaft
excavation is now complete. Construction activities underground are
progressing in the loading pocket, conveyor gallery and ore/waste chute
installations and at both truck dump stations. Surface construction
continued with the headframe and majority of structural steel work
substantially complete. The shaft project is estimated to be within 5%
of the original $80 million guidance. Approximately $71.4 million has
been spent through June 30, 2018 ($10.9 million spent in Q2 2018). Of
the remaining amount, the Company has made $5 million in project
commitments.

Organizational Changes On June 15, 2018, James S.
Voorhees assumed the position of President and CEO of Tahoe Resources
following the retirement of Ron W. Clayton. Mr. Voorhees has been a
director of the Company since its inception in 2010, and remains on the
Board of Directors. For additional information please refer to the news
release dated June 12, 2018 available on the Company's website at www.tahoeresources.com.

Guatemala Update:

Update on Escobal Mining License and Export Credential On
July 5, 2017, the Company was notified that the Supreme Court of
Guatemala issued a provisional decision in respect of the action against
the Ministry of Energy and Mines ("MEM") that suspended the Escobal
mining license of Minera San Rafael ("MSR") until the underlying civil
claim was fully heard on the merits. On September 10, 2017, the Supreme
Court issued a definitive decision on the merits of the underlying claim
and reinstated Escobal's mining license. The ruling allowed Escobal to
restart operations immediately and to continue to operate during
consultation. The ruling also ordered MEM to consult with the Xinka
indigenous communities within a certain geographic area within 12
months. In response to a motion for clarification filed by MSR, on
August 26, 2017 the Supreme Court confirmed that MEM must consult in
four municipalities in the region of the Escobal mine: Casillas, Nueva
Santa Rosa, Mataquescuintla and San Rafael Las Flores. CALAS and other
interested parties appealed the Supreme Court's decision reinstating the
Escobal license to the Constitutional Court which heard the matter on
October 25, 2017. The Constitutional Court was expected to rule on the
appeals before the end of 2017, but has not yet ruled.

On March 8, 2018, the Constitutional Court requested that additional
information in the case be provided by certain third parties, including
original copies of documents submitted in July 2017, as well as an
anthropological study of the surrounding communities to establish the
current populations of indigenous people in San Rafael las Flores and
several surrounding communities, a third-party review of the Escobal
Environmental Impact Study and the mitigation measures required by the
study, and a third-party review of the MEM's consultation process that
led to the initial mining license being granted in 2013. All requested
information was provided to the Constitutional Court by the third
parties by April 10, 2018.

On April 14, 2018, Dina Ochoa was appointed as the new Constitutional
Court President, an appointment which changes annually. Since her
appointment, Magistrate Ochoa publicly stated it was her priority to
resolve cases expeditiously, including the case related to the Escobal
license appeal.

In June 2017, the Company filed its annual request to renew the export
credential with MEM. However, MEM did not renew the credential because
its renewal had become contingent on the Supreme Court's reinstatement
of the Escobal mining license since a mining license is required in
order for an export credential to be issued. The credential therefore
expired in August 2017. The Company expects that MEM will renew the
export credential in the event of a positive ruling from the
Constitutional Court reinstating the license.

Update on Guatemala Roadblock Since June 7, 2017, a
group of protesters near the town of Casillas has blocked the primary
highway that connects Guatemala City to San Rafael Las Flores and the
Escobal mine. Operations were reduced between June 8 and June 19, 2017
and were fully suspended on July 5, 2017, following the Supreme Court's
provisional decision to suspend the Escobal mining license while the
case against MEM was heard on the merits.

The roadblock has limited the transport of necessary supplies and fuel
for the purpose of mine maintenance, although the Company's Guatemalan
subsidiary, Minera San Rafael ("MSR") has maintained sufficient supplies
to ensure compliance with environmental mitigation measures. The Company
believes these actions are being carried out by a small group of
protestors who are not representative of all community members. Further,
the blockade appears to be politically motivated and substantially
funded by anti-mining groups.

MSR representatives have continued to engage with community leaders,
indigenous groups, government agencies, and international mediation
experts to positive effect. The Company has recently seen progress aimed
at peacefully resolving the roadblock and constructive dialogue
continues today.

Conference Call

Tahoe's senior management will host a conference call and webcast to
discuss the Q2 2018 results on Thursday, August 2, 2018 at 10:00 a.m. ET
(7:00 a.m. PT). To join the call, please dial:

1-800-319-4610 (toll-free from Canada and the U.S.)

+1-604-638-5340 (from outside Canada and the U.S.)

The webcast will be available on the Company's website at http://www.tahoeresources.com/investor-relations/,
as will a recording of the call later in the day. Complete financial
results for Q2 2018 including the Company's Management Discussion &
Analysis and other filings will be posted on SEDAR (www.sedar.com)
and EDGAR (www.sec.gov)
and on the Company's website.

About Tahoe Resources Inc.

Tahoe Resources is a mid-tier precious metals company with a diverse
portfolio of mines and projects in Canada, Guatemala and Peru. Tahoe is
led by experienced mining professionals dedicated to creating
sustainable value for all of its stakeholders through responsible
mining. The company is listed on the TSX ("THO") and NYSE ("TAHO") and
is a member of the S&P/TSX Composite, the TSX Global Mining indices and
the Russell 2000 on the NYSE.

Qualified Person Statement

Technical information in this news release has been approved by Thomas
F. Fudge, Vice President Operations, Tahoe Resources Inc., a Qualified
Person as defined by NI 43-101.

SELECTED OPERATIONAL RESULTS

Selected quarterly segmented operational information from continuing
operations for Q2 2018 and Q2 2017 was as follows:

     
    Q2 2018/Q2 2017
    Escobal     La Arena     Shahuindo    

Timmins
mines

    Total
Revenues ($ 000's)   $     $ 48,241     $ 28,150     $ 50,741     $ 127,132
$ 73,416 $ 56,741 $ 25,801 $ 53,618 $ 209,576
Silver produced (000's ozs) 5 25 5 35
4,078 7 31 5 4,121
Gold produced (000's ozs) 36 24 42 103
2 48 21 41 112
Silver sold (000's ozs) 6 24 5 35
4,247 5 31 5 4,288
Gold sold (000's ozs) 37 21 39 97
2 46 20 43 110
Average realized price (per oz)
Silver $ $ $ $ $
$ 15.72 $ $ $ $ 15.72
Gold $ $ 1,296 $ 1,315 $ 1,303 $ 1,303
$ 1,248 $ 1,241 $ 1,251 $ 1,255 $ 1,248
Costs per ounce produced(1)
Total cash costs net of by-product credits silver $ $ $ $ $
$ 6.73 $ $ $ $ 6.73
Total cash costs net of by-product credits gold $ $ 680 $ 678 $ 750 $ 708
$ $ 579 $ 590 $ 633 $ 601
All-in sustaining costs net of by-product credits silver $ $ $ $ $
$ 10.01 $ $ $ $ 10.01
All-in sustaining costs net of by-product credits gold $ $ 1,039 $ 1,036 $ 1,092 $ 1,060
$ $ 789 $ 1,020 $ 1,032 $ 925
Capital Expenditures
Sustaining Capital ($ 000's) $ 206 $ 8,686 $ 5,569 $ 10,601 $ 24,856
$ 9,147 $ 6,414 $ 4,870 $ 11,850 $ 16,736
Non-Sustaining Capital ($ 000's) $ $ $ 35,471 $ 16,292 $ 51,763
    $       $       $ 11,842       $ 19,507       $ 31,349
    (1)     Non-GAAP financial measures are described in the "Cautionary Note on
Non-GAAP Financial Measures" section of this news release.
(2) Numbers may not calculate due to rounding.
 

Selected quarterly segmented operational information from continuing
operations for Q2 YTD 2018 and Q2 YTD 2017 was as follows:

     
    Q2 YTD 2018/Q2 YTD 2017
    Escobal       La Arena       Shahuindo      

Timmins
mines

      Total
Revenues   $ (7 )       $ 112,707       $ 53,274       $ 101,100       $ 267,074
$ 186,523 $ 115,775 $ 45,250 $ 113,074 $ 460,622
Silver produced (000's ozs) 11 49 9 69
9,692 14 65 11 9,782
Gold produced (000's ozs) 79 43 72 193
4 101 41 85 231
Silver sold (000's ozs) 16 48 9 74
9,773 13 58 11 9,855
Gold sold (000's ozs) 86 40 77 203
4 95 36 92 226
Average realized price (per oz)
Silver $ $ $ $ $
$ 17.70 $ $ $ $ 17.70
Gold $ $ 1,309 $ 1,321 $ 1,314 $ 1,315
$ 1,281 $ 1,218 $ 1,232 $ 1,206 $ 1,222
Costs per ounce produced(1)
Total cash costs net of by-product credits silver $ $ $ $ $
$ 6.15 $ $ $ $ 6.15
Total cash costs net of by-product credits gold $ $ 680 $ 678 $ 750 $ 708
$ $ 544 $ 587 $ 639 $ 587
All-in sustaining costs net of by-product credits silver $ $ $ $ $
$ 8.91 $ $ $ $ 8.91
All-in sustaining costs net of by-product credits gold $ $ 1,039 $ 1,036 $ 1,092 $ 1,060
$ $ 733 $ 949 $ 1,052 $ 892
Capital Expenditures
Sustaining Capital ($ 000's) $ 1,670 $ 14,887 $ 10,646 $ 21,891 $ 32,554
$ 19,062 $ 12,319 $ 7,523 $ 26,436 $ 26,475
Non-Sustaining Capital ($ 000's) $ $ $ 55,411 $ 32,489 $ 87,900
    $         $         $ 17,508         $ 29,336         $ 46,844
    (1)     Non-GAAP financial measures are described in the "Cautionary Note on
Non-GAAP Financial Measures" section of this news release.
(2) Numbers may not calculate due to rounding.

CAUTIONARY NOTE ON NON-GAAP FINANCIAL MEASURES

The Company has included certain non-GAAP financial measures throughout
this document which include total cash costs, all-in sustaining costs
per silver and per gold ounce ("all-in sustaining costs"), adjusted
earnings, adjusted earnings per share, and cash provided by operating
activities before changes in working capital. These measures are not
defined under IFRS and should not be considered in isolation. The
Company's La Arena, Shahuindo and Timmins mines primarily produce gold
with other metals (primarily silver), produced simultaneously in the
mining process, the value of which represents a small percentage of the
Company's revenue from these mines and is therefore considered
"by-product". The Company's Escobal mine primarily produces silver in
concentrates with other metals (gold, lead and zinc), produced
simultaneously in the mining process, the value of which represents a
small percentage of the Company's revenue from the Escobal mine and is
therefore considered "by-product". The Company believes these measures
may provide investors and analysts with useful information about the
Company's underlying earnings, cash costs of operations, the impact of
by-product credits on the Company's cost structure and its ability to
generate cash flow, as well as providing a meaningful comparison to
other mining companies. Accordingly, these measures are intended to
provide additional information and should not be substituted for GAAP
measures. These non-GAAP financial measures may be calculated
differently by other companies depending on the underlying accounting
principles and policies applied.

The Company also reports total operating costs (cost of sales) per
ounce. The Company believes that this metric is important in assessing
the performance of each of the Company's sold metals and as a meaningful
GAAP-based comparison to other mining companies. Total operating costs
(cost of sales) per ounce sold is calculated by dividing the total
operating costs by gold ounces sold. Total operating costs (cost of
sales) includes production costs, depreciation and depletion and
royalties. The reconciliation of total operating costs (cost of sales)
to total cash costs is included in the total cash cost and total
production cost tables below.

Consolidated adjusted earnings and consolidated
adjusted earnings per share

The Company has adopted the reporting of consolidated adjusted earnings
("adjusted earnings)" and consolidated adjusted earnings per share
("adjusted earnings per share") as non-GAAP measures of a precious
metals mining company's operating performance. These measures have no
standardized meaning and the Company's presentation of adjusted measures
are not meant to be substituted for GAAP measures of consolidated
earnings or consolidated earnings per share and should be read in
conjunction with such GAAP measures. Adjusted earnings and adjusted
earnings per share are calculated as earnings excluding i) non-cash
impairment losses and reversals on mineral interests and other assets,
ii) unrealized foreign exchange gains or losses related to the
revaluation of deferred income tax assets and liabilities on
non-monetary items, iii) unrealized foreign exchange gains or losses
related to other items, iv) unrealized gains or losses on derivatives
other than provisionally priced trade receivables, v) gains or losses on
sale of assets and the related tax impact of these adjustments
calculated at the statutory effective rate for the same jurisdiction as
the adjustment. Adjustments from unusual events or circumstances are
reviewed periodically based on materiality and the nature of the event
or circumstance.

The Company calculates adjusted earnings and adjusted earnings per share
on a consolidated basis.

                       
$ thousands unless otherwise indicated   Q2 2018     Q2 2017    

Q2 YTD
2018

   

Q2 YTD
2017

Earnings (loss)   $ (15,553 )     $ 33,487     $ (22,415 )     $ 117,561
Unrealized foreign exchange loss (gain) 446 359 100 1,823
Adjusted earnings (loss) $ (15,107 ) $ 33,846 $ (22,315 ) $ 108,914
 
Weighted average common shares outstanding
Basic (000's) 313,253 312,787 313,222 312,430
Diluted (000's) 313,253 312,869 313,222 312,510
Adjusted earnings (loss) per share
Basic $ (0.05 ) $ 0.11 $ (0.07 ) $ 0.35
Diluted   $ (0.05 )     $ 0.11       $ (0.07 )     $ 0.35
 

Total cash costs before and net of by-product
credits

The Company reports total cash costs on a silver ounce and a gold ounce
produced basis for the Escobal mine and the La Arena, Shahuindo and
Timmins mines, respectively. The Company follows the recommendation of
the cost standard as endorsed by the Silver Institute ("The Institute")
for the reporting of total cash costs (silver) and the generally
accepted standard of reporting total cash costs (gold) by precious metal
mining companies. The Institute is a nonprofit international association
with membership from across the silver industry and serves as the
industry's voice in increasing public understanding of the many uses and
values of silver. This remains the generally accepted standard for
reporting cash costs of silver production by silver mining companies.
The Company believes that these generally accepted industry measures are
realistic indicators of operating performance and are useful in
performing year over year comparisons. However, these non-GAAP measures
should be considered together with other data prepared in accordance
with IFRS, and these measures, taken alone, are not necessarily
indicative of operating costs or cash flow measures prepared in
accordance with IFRS. Total cash costs are divided by the number of
silver ounces contained in concentrate or gold ounces recovered from the
leach pads to calculate per ounce figures. When deriving the total cash
costs associated with an ounce of silver or gold, the Company deducts
by-product credits from sales which are incidental to producing silver
and gold.

Total cash costs per ounce of produced silver net of by-product credits
incorporate all production costs, including adjustments to inventory
carrying values, adjusted for changes in estimates in reclamation which
are non-cash in nature, and include by-product gold, lead and zinc
credits, and treatment and refining charges included within revenue.

In addition to conventional measures, the Company assesses this per
ounce measure in a manner that isolates the impacts of silver production
volumes, the by-product credits, and operating costs fluctuations such
that the non-controllable and controllable variability is independently
addressed. The Company uses total cash costs per ounce of produced
silver net of by-product credits to monitor its operating performance
internally, including operating cash costs, as well as in its assessment
of potential development projects and acquisition targets. The Company
believes this measure provides investors and analysts with useful
information about the Company's underlying cash costs of operations and
the impact of by-product credits on the Company's cost structure and is
a relevant metric used to understand the Company's operating
profitability and ability to generate cash flow. When deriving the
production costs associated with an ounce of silver, the Company
includes by-product credits as the Company considers that the cost to
produce the silver is reduced as a result of the by-product sales
incidental to the silver production process, thereby allowing the
Company's management and other stakeholders to assess the net costs of
silver production.

                   

Total cash costs (silver)

Total cash costs per ounce of produced silver, net of
by-product credits

                             
$ thousands unless otherwise indicated   Q2 2018       Q2 2017      

Q2 YTD
2018

     

Q2 YTD
2017

Total operating costs (cost of sales)(1) $ $ 42,369 $ $ 95,854
Depreciation and depletion (14,451 ) (29,052 )
Change in product inventory 6,189 6,329
Treatment and refining charges           6,934                 16,205  
Total cash costs before by-product credits $ $ 41,041 $ $ 89,336
By-product credits(2)           (13,590 )               (29,740 )
Total cash costs net of by-product credits $ $ 27,451 $ $ 59,596
Silver ounces sold in concentrate (000's) 4,247 9,773
Silver ounces produced in concentrate (000's) 4,078 9,692
Total operating costs (cost of sales) per ounce sold $ $ 9.98 $ $ 9.81
Total cash costs per ounce produced before by-product credits   $         $ 10.06         $         $ 9.22  
Total cash costs per ounce produced net of by-product credits   $         $ 6.73         $         $ 6.15  
    (1)     Total operating costs (cost of sales) includes production costs,
depreciation and depletion and royalties.
(2) Gold, lead and zinc by-product credits are calculated as follows:
                 
    Q2 2018       Q2 2017
    Quantity    

Unit
Price

   

Total
Credit

   

Credit per
ounce

      Quantity     Unit Price    

Total
Credit

   

Credit per
ounce

Gold Ounces                     1,619     $ 1,248     $ 2,021     $ 0.50
Lead Tonnes 2,026 $ 2,147 $ 4,350 $ 0.95
Zinc Tonnes                     2,767     $ 2,609     $ 7,219     $ 1.48
             
    Q2 YTD 2018       Q2 YTD 2017
    Quantity    

Unit
Price

   

Total
Credit

   

Credit per
ounce

      Quantity    

Unit Price

   

Total
Credit

   

Credit per
ounce

Gold Ounces                     3,554     $ 1,281     $ 4,555     $ 0.47
Lead Tonnes 4,085 $ 2,369 $ 6,979 $ 1.00
Zinc Tonnes                     5,568     $ 2,785     $ 15,508     $ 1.60
    (3)     Numbers in tables may not calculate due to rounding.
 

Total cash costs (gold)

Total cash costs per ounce of produced gold, net of
by-product credits

$ thousands unless otherwise indicated   Q2 2018
    La Arena     Shahuindo    

Timmins
mines

    Total
Total operating costs (cost of sales)(1) $ 36,499     $ 20,380     $ 47,944     $ 104,823
Depreciation and depletion (13,365 ) (4,461 ) (16,235 ) (34,061 )
Change in product inventory 1,316 962 (181 ) 2,097
Smelting and refining charges   191       96       36       323  
Total cash costs before by-product credits 24,641 16,977 31,564 73,182
Silver credit(2)   (79 )     (392 )     (89 )     (560 )
Total cash costs net of by-product credits 24,562 16,585 31,475 72,622
Gold ounces sold (000's) 37.4 21.2 38.9 97.5
Gold ounces produced (000's) 36.1 24.5 42.0 102.6
Total operating costs (cost of sales) per ounce sold $ 975 $ 963 $ 1,232 $ 1,075
Total cash costs per ounce produced before by-product credits   $ 682       $ 694       $ 752       $ 713  
Total cash costs per ounce produced net of by-product credits(3)   $ 680       $ 678       $ 750       $ 708  
     
    Q2 YTD 2018
    La Arena     Shahuindo    

Timmins
mines

    Total
Total operating costs (cost of sales)(1)   $ 80,070     $ 40,833     $ 98,738     $ 219,641
Depreciation and depletion (27,771 ) (10,319 ) (32,231 ) (70,321 )
Change in product inventory (1,621 ) 275 (2,716 ) (4,062 )
Smelting and refining charges   397       178       66       641  
Total cash costs before by-product credits 51,075 30,967 63,857 145,899
Silver credit(2)   (257 )     (802 )     (157 )     (1,216 )
Total cash costs net of by-product credits 50,818 30,165 63,700 144,683
Gold ounces sold (000's) 86.2 39.8 76.9 202.9
Gold ounces produced (000's) 78.5 42.7 72.1 193.4
Total operating costs (cost of sales) per ounce sold $ 929 $ 1,026 $ 1,284 $ 1,083
Total cash costs per ounce produced before by-product credits   $ 651       $ 725       $ 886       $ 754  

Total cash costs per ounce produced net of by-product credits

  $ 647       $ 706       $ 883       $ 748  
    (1)     Total operating costs (cost of sales) includes production costs,
depreciation and depletion and royalties.
(2) Consolidated silver by-product credits are calculated as follows:
                 
    Q2 2018       Q2 YTD 2018
    Quantity    

Unit Price

   

Total
Credit

   

Credit
per
ounce

      Quantity    

Unit Price

   

Total
Credit

   

Credit
per
ounce

Silver Ounces (000's)   39,651     $ 16.18     $ 560     $ 5.46       73,847     $ 16.47     $ 1,216     $ 6.29
    (3)     Numbers in tables may not calculate due to rounding.
     
$ thousands unless otherwise indicated   Q2 2017
    La Arena     Shahuindo    

Timmins
mines

    Total
Total operating costs (cost of sales)(1)   $ 33,772     $ 17,702     $ 41,448     $ 92,922
Depreciation and depletion (4,979 ) (3,871 ) (14,333 ) (23,183 )
Change in product inventory (1,247 ) (805 ) (890 ) (2,942 )
Smelting and refining charges   250       97       35       382  
Total cash costs before by-product credits 27,796 13,123 26,260 67,179
Silver credit(2)   (92 )     (539 )     (88 )     (719 )
Total cash costs net of by-product credits 27,704 12,584 26,172 66,460
Gold ounces sold (000's) 45.7 20.2 42.7 108.6
Gold ounces produced (000's) 47.9 21.3 41.4 110.6
Total operating costs (cost of sales) per ounce sold $ 739 $ 876 $ 971 $ 856
Total cash costs per ounce produced before by-product credits   $ 580       $ 616       $ 634       $ 607  
Total cash costs per ounce produced net of by-product credits $ 578     $ 591     $ 632     $ 601  
     
    Q2 YTD 2017
    La Arena     Shahuindo    

Timmins
mines

    Total

Total operating costs (cost of sales)(1)

  $ 65,347     $ 35,097     $ 85,870     $ 186,314
Depreciation and depletion (10,947 ) (9,975 ) (29,501 ) (50,423 )
Change in product inventory 127 (252 ) (1,794 ) (1,919 )
Smelting and refining charges   567       185       92       844  
Total cash costs before by-product credits 55,094 25,055 54,667 134,816

Silver credit(2)

  (221 )     (1,008 )     (191 )     (1,420 )
Total cash costs net of by-product credits 54,873 24,047 54,476 133,396
Gold ounces sold (000's) 94.6 35.9 92.1 222.6
Gold ounces produced (000's) 100.8 41.0 85.3 227.1
Total operating costs (cost of sales) per ounce sold $ 691 $ 978 $ 932 $ 837
Total cash costs per ounce produced before by-product credits   $ 547       $ 611       $ 641       $ 594  

Total cash costs per ounce produced net of by-product credits

  $ 544       $ 587       $ 639       $ 587  
    (1)     Total operating costs (cost of sales) includes production costs,
depreciation and depletion, royalties and smelting and refining
charges.
(2) Silver by-product credits are calculated as follows:
                 
    Q2 2017       Q2 YTD 2017
    Quantity     Unit Price    

Total
Credit

   

Credit
per
ounce

      Quantity     Unit Price    

Total
Credit

   

Credit
per
ounce

Silver Ounces   41,875     $ 16.72     $ 719     $ 6.50       82,020     $ 15.80     $ 1,422     $ 6.26
    (3)     Numbers in tables may not calculate due to rounding.

All-in sustaining costs

The Company has also adopted the reporting of all-in sustaining costs as
a non-GAAP measure of a precious metals mining company's ability to
generate cash flow from operations. This measure has no standardized
meaning and the Company has utilized an adapted version of the guidance
released by the World Gold Council ("WGC"), the market development
organization for the gold industry. The WGC is not a regulatory industry
organization and does not have the authority to develop accounting
standards or disclosure requirements.

All-in sustaining costs include total cash costs incurred at the
Company's mining operations, sustaining capital expenditures, corporate
administrative expense, exploration and evaluations costs, and
reclamation and closure accretion. The Company believes that this
measure represents the total costs of producing silver and gold from
current operations, and provides the Company and other stakeholders of
the Company with additional information of the Company's operational
performance and ability to generate cash flows. AISC, as a key
performance measure, allows the Company to assess its ability to support
capital expenditures and to sustain future production from the
generation of operating cash flows. This information provides management
with the ability to more actively manage capital programs and to make
more prudent capital investment decisions.

All-in sustaining costs (silver)

Total all-in sustaining costs per ounce of produced silver, net of
by-product credits

The following tables reconciling total all-in sustaining costs per ounce
of produced silver, net of by-product credits to the consolidated
financial statements should be read in conjunction with the prior tables
which reconcile total cash costs net of by-product credits to total
operating costs.

                       
$ thousands unless otherwise indicated   Q2 2018     Q2 2017    

Q2 YTD
2018

   

Q2 YTD
2017

Total cash costs net of by-product credits   $     $ 27,451     $     $ 59,596
Sustaining capital(1) 9,147 19,062
Exploration 243 498
Reclamation cost accretion 62 123
General and administrative expenses         3,894             7,032
All-in sustaining costs $ $ 40,797 $ $ 86,311
Silver ounces produced in concentrate (000's)         4,078             9,692
All-in sustaining costs per ounce produced net of by-product
credits
  $       $ 10       $       $ 8.91
    (1)     Sustaining capital includes underground development and surface
sustaining capital expenditures.
(2) Numbers in table may not calculate due to rounding.
 

All-in sustaining costs (gold)

Total all-in sustaining costs per ounce of produced gold,
net of by-product credits

$ thousands unless otherwise indicated   Q2 2018
    La Arena   Shahuindo  

Timmins
mines

  Total
Total cash costs net of by-product credits $ 24,562   $ 16,585   $ 31,475   $ 72,622
Sustaining capital 8,686 5,569 10,601 24,856
Exploration 374 901 783 2,058
Reclamation cost accretion 345 104 50 499
General and administrative expenses   3,558     2,193     2,934     8,685
All-in sustaining costs $ 37,525 $ 25,352 $ 45,843 $ 108,720
Gold ounces produced (000's)   36.1     24.5     42.0     102.6
All-in sustaining costs per ounce produced net of by-product
credits
  $ 1,039     $ 1,036     $ 1,092     $ 1,060
           
    Q2 YTD 2018
    La Arena     Shahuindo    

Timmins
mines

    Total
Total cash costs net of by-product credits   $ 50,818     $ 30,165     $ 63,700     $ 144,683
Sustaining capital 14,887 10,646 21,891 47,424
Exploration 687 1,703 1,931 4,321
Reclamation cost accretion 691 209 98 998
General and administrative expenses   6,799     4,400     5,339     16,538
All-in sustaining costs $ 73,882 $ 47,123 $ 92,959 $ 213,964
Gold ounces produced (000's)   78.5     42.7     72.1     193.4
All-in sustaining costs per ounce produced net of by-product
credits
  $ 941     $ 1,103     $ 1,289     $ 1,106
    (1)     Numbers in tables may not calculate due to rounding.
     
$ thousands unless otherwise indicated   Q2 2017
    La Arena     Shahuindo    

Timmins
mines

    Total
Total cash costs net of by-product credits   $ 27,704     $ 12,584     $ 26,172     $ 66,460
Sustaining capital 6,414 4,870 11,850 23,134
Exploration 481 1,795 2,290 4,566
Reclamation cost accretion 336 220 34 590
General and administrative expenses   2,841     2,302     2,372     7,515
All-in sustaining costs $ 37,776 $ 21,771 $ 42,718 $ 102,265
Gold ounces produced in doré (000's)   47.9     21.3     41.4     110.6
All-in sustaining costs per ounce produced net of by-product credits   $ 789     $ 1,022     $ 1,032     $ 925
   
  Q2 YTD 2017
  La Arena     Shahuindo    

Timmins
mines

    Total
Total cash costs net of by-product credits $ 54,871     $ 24,047     $ 54,476     $ 133,394
Sustaining capital 12,319 7,523 26,436 46,278
Exploration 555 2,796 4,317 7,668
Reclamation cost accretion 687 430 58 1,175
General and administrative expenses 5,490     4,121     4,403     14,014
All-in sustaining costs $ 73,922 $ 38,917 $ 89,690 $ 202,529
Gold ounces produced in doré (000's) 100.8     41.0     85.3     227.1
All-in sustaining costs per ounce produced net of by-product credits $ 733     $ 949     $ 1,051     $ 892
    (1)     Numbers in tables may not calculate due to rounding.

Cash provided by operating activities before
changes in working capital

Cash provided by operating activities before changes in working capital
represents the cash flows generated by operating activities after
adjusting for interest expense, income tax expense and financing fees as
well as items not involving cash but before changes in working capital.
Net cash provided by operating activities represents the cash flows
generating by operating activities after changes in working capital and
income taxes paid. Management believes that these measures provide
useful information to investors to evaluate the Company's ability to
generate cash flows from its mining operations.

The non-GAAP measures described above do not have standardized meanings
prescribed by IFRS. As such, there are likely to be differences in the
method of computation when compared to similar measures presented by
other reporting issuers.

                       
$ thousands unless otherwise indicated   Q2 2018     Q2 2017     Q2 YTD 2018     Q2 YTD 2017
Cash provided by operating activities before changes in working
capital
(1)
  $ 31,842     $ 99,446     $ 70,351     $ 232,296
Net cash provided by operating activities(1) $ 18,201 $ 96,068 $ 40,348 $ 174,646
Basic weighted average common shares outstanding   313,253     312,787     313,222     312,430
    (1)     Refer to the condensed interim consolidated statements of cash flows
in the Company's interim financial statements for a detailed
reconciliation from earnings and total comprehensive income to cash
provided by operating activities before changes in working capital
and net cash provided by operating activities.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release contains "forward-looking statements" within the
meaning of Section 27A of the United States Securities Act of 1933, as
amended, Section 21E of the US Exchange Act, the United States Private
Securities Litigation Reform Act of 1995, or in releases made by the
United States Securities and Exchange Commission, all as may be amended
from time to time, and "forward-looking information" under the
provisions of applicable Canadian securities legislation, concerning the
business, operations and financial performance and condition of the
Company. All statements, other than statements of historical fact, are
forward-looking statements. Generally, these forward-looking statements
can be identified by the use of forward-looking terminology such as
"plans", "expects", "is expected", "guidance", "scheduled", "estimates",
"forecasts", "intends", "anticipates", "believes", or variations or
comparable language of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "should", "might" or
"will be taken", "occur" or "be achieved" or the negative connotation
thereof.

Forward-looking statements include, but are not limited to, statements
related to the following: in regards to the status of the appeals to the
Guatemalan Constitutional Court (i) of the decision by the Supreme Court
of Guatemala ordering MEM to conduct consultation with indigenous
populations in certain designated locations in and around the Escobal
Mine, (ii) of the decision by the Supreme Court of Guatemala reinstating
the Company's mining license in respect of the Escobal mine, and (iii)
relating to Escobal's export credential, the timing for such appeals to
be decided and the likelihood of adverse decisions by the Constitutional
Court; the timing and results of other court proceedings and pending
litigation; the timing and likelihood of resolving the road blockage
affecting the Escobal mine; the future price of gold, silver, copper,
lead and zinc, the estimation of Mineral Reserves and Mineral Resources,
the realization of Mineral Reserve estimates; production, cost and
capital targets for the Company's gold operations in 2018, and the
expectation of meeting such targets; growing gold production to
approximately one half million ounces in 2019; the timing and cost of
the overall expansion at Shahuindo, including the expansion of the
adsorption, desorption and refining (ADR) plant, the power transmission
line and substation, leach pad 2B and associated ancillary projects, the
design, procurement, construction and commissioning of the 24,000 tpd
crushing and agglomeration circuit at Shahuindo, as well as the
expansion of the Shahuindo mine to a production capacity of 36,000 tpd,
with construction expected to be completed in Q4 2018 and commissioning
to be completed by year-end; the estimated cost and timing of completion
of the Bell Creek shaft project and tailings pond expansion, with
construction expected to be completed in early Q4 2018 and final
commissioning through the end of the year; management's estimate that
the Bell Creek mill can achieve sustainable average throughput of
approximately 4,400 tpd with minimal additional capital expenditure;
care and maintenance plans at Escobal; and expected working capital
requirements.

Forward-looking statements are based on the reasonable assumptions,
estimates, analyses and opinions of management made in light of its
experience and its perception of trends, current conditions and expected
developments, as well as other factors that management believes to be
relevant and reasonable in the circumstances at the date that such
statements are made, but which may prove to be incorrect. Management
believes that the assumptions and expectations reflected in such
forward-looking statements are reasonable. Assumptions have been made
regarding, among other things: the Company's performance and ability to
operate and implement operational improvements at the Escobal, La Arena,
Shahuindo and Timmins Mines; studies and development efforts on the La
Arena II deposit; the Company's ability to carry on exploration and
development activities, including land acquisition and construction; the
availability and sufficiency of power and water for operations; the
timely receipt and renewal of permits and other approvals; the
successful outcomes of consultations with indigenous populations; the
price of silver, gold and other metals; prices for key mining supplies,
including labor costs and consumables, remaining consistent with the
Company's current expectations; production meeting expectations and
being consistent with estimates; plant, equipment and processes
operating as anticipated; there being no material variations in the
current tax and regulatory environment; the Company's ability to operate
in a safe, efficient and effective manner; the exchange rates among the
Canadian dollar, Guatemalan quetzal, Peruvian sol and the USD remaining
consistent with current levels; the ability to resolve the protests and
road blockages of the Escobal Mine; the timing and amount of foregone
taxes and royalties; the timing and likelihood of further workforce
reductions; the timing and possible outcome of the pending appeal with
the Constitutional Court; the timing and ability of the Company to
resume operations in the event the suspension of the mining license to
Minera San Rafael for the Escobal Mine is lifted and all licenses,
permits and credentials affecting the operation of the Company's mines,
including the Escobal Mine, are renewed or re-issued and all roadblocks
are resolved, and relationships with the Company's partners, including
employees, vendors and community populations are maintained or
effectively managed; the Company's ability to obtain financing as and
when required and on reasonable terms; and the Company's ability to
continue to comply with the terms of the credit agreements with its
lenders. Readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used.

Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from those expressed or implied by such
forward-looking statements. Such risks, uncertainties and other factors
include but are not limited to: the fluctuation of the price of silver
and gold; opposition to development and mining operations by one or more
groups of indigenous people; actions that impede or prevent the
operations of the Company's mines; the inability to develop and operate
the Company's mines; social unrest and political or economic instability
and uncertainties in the jurisdictions in which the Company operates;
the timing and ability to maintain and, where necessary, obtain
necessary permits and licenses; changes in national and local government
legislation, taxation and controls or regulations; environmental and
other governmental regulation compliance; un-appealable judicial
decisions; the uncertainty in the estimation of Mineral Resources and
Mineral Reserves; fluctuations in currency exchange rates;
infrastructure risks, including access to roads, water and power; and
the timing and possible outcome of pending or threatened litigation and
the risk of unexpected litigation. For a more detailed discussion of
risks relevant to the Company, see "Description of Tahoe's Business -
Risk Factors Relating to Tahoe's Business" and "- Risk Factors Relating
to Tahoe's Shares" in the Company's Annual Information Form and Form
40-F, available on SEDAR at www.sedar.com,
on EDGAR at www.sec.gov
or on the Company's website at www.tahoeresources.com.

Although management has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such forward-looking statements. Accordingly, readers
should not place undue reliance on forward-looking statements.
Forward-looking statements are made as of the date hereof and,
accordingly, are subject to change after such date. Except as otherwise
indicated by the Company, these statements do not reflect the potential
impact of any non-recurring or other special items or of any
disposition, monetization, merger, acquisition, other business
combination or other transaction that may be announced or that may occur
after the date hereof. Forward-looking statements are provided for the
purpose of providing information about management's current expectations
and plans and allowing investors and others to get a better
understanding of the Company's operating environment. The Company does
not intend or undertake to publicly update any forward-looking
statements that are included in this document, whether as a result of
new information, future events or otherwise, except as, and to the
extent required by, applicable securities laws.

CAUTIONARY NOTE TO INVESTORS IN THE UNITED STATES REGARDING RESERVES
AND RESOURCES

The Mineral Resource and Mineral Reserve estimates contained in this
news release have been prepared in accordance with the requirements of
the securities laws in effect in Canada, which differ from the
requirements of United States securities laws and use terms that are not
recognized by the United States Securities and Exchange Commission
("SEC"). Canadian reporting requirements for disclosure of mineral
properties are governed by NI 43-101. The definitions used in NI 43-101
are incorporated by reference from the CIM Definition Standards adopted
by CIM Council on May 10, 2014 (the "CIM Definition Standards"). U.S.
reporting requirements are governed by the SEC Industry Guide 7
("Industry Guide 7") under the United States Securities Act of 1933, as
amended. These reporting standards have similar goals in terms of
conveying an appropriate level of confidence in the disclosures being
reported, but embody difference approaches and definitions. For example,
the terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable
Mineral Reserve" are Canadian mining terms as defined in NI 43-101, and
these definitions differ from the definitions in Industry Guide 7. Under
Industry Guide 7 standards, a "final" or "bankable" feasibility study is
required to report reserves and the primary environmental analysis or
report must be filed with the appropriate governmental authority.
Further, under Industry Guide 7, mineralization may not be classified as
"reserve" unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time the
reserve determination is made.

While the terms "Mineral Resource", "Measured Mineral Resource",
"Indicated Mineral Resource" and "Inferred Mineral Resource" are defined
in and required to be disclosed by NI 43-101, these terms are not
defined terms under Industry Guide 7 and are normally not permitted to
be used in reports and registration statements filed with the SEC.
United States readers are cautioned not to assume that any part or all
of mineral deposits in these categories will ever be converted into
reserves. In addition, "Inferred Mineral Resources" have a great amount
of uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. A significant amount of exploration must
be completed in order to determine whether an Inferred Mineral Resource
may be upgraded to a higher category. Under Canadian regulations,
estimates of Inferred Mineral Resources may not form the basis of
feasibility or pre-feasibility studies, except in rare cases. United
States readers are cautioned not to assume that all or any part of an
Inferred Mineral Resource exists or is economically or legally mineable.
Disclosure of "contained ounces" in a resource is permitted disclosure
under Canadian regulations if such disclosure includes the grade or
quality and the quantity for each category of Mineral Resource and
Mineral Reserve; however, the SEC normally only permits issuers to
report mineralization that does not constitute "reserves" by SEC
standards as in place tonnage and grade without reference to unit
measures.

Accordingly, information contained in this news release containing
descriptions of the Tahoe's mineral deposits may not be comparable to
similar information made public by United States companies subject to
the reporting and disclosure requirements under the United States
federal securities laws and the rules and regulations thereunder.

SELECTED QUARTERLY CONSOLIDATED FINANCIAL RESULTS

Selected quarterly consolidated financial information from continuing
operations is as follows:

                               
$ thousands unless otherwise indicated     Q2 2018       Q2 2017       Q2 YTD 2018      

Q2 YTD 2017

Metal Sold          
Silver (000's ozs) 35 4,289 74 9,855
Gold (000's ozs) 97.5 110.3 202.9 231.4
Lead (000's t) 2.0 4.2
Zinc (000's t) 2.8 6.1
Realized Price
Silver in concentrate (per oz) $ $ 15.72 $ $ 17.70
Gold in doré (per oz) $ 1,303 $ 1,248 $ 1,315 $ 1,281
Lead (per t) $ $ 2,138 $ $ 2,359
Zinc (per t) $ $ 2,601 $ $ 2,778
LBMA/LME Price(1)
Silver (per oz) $ 16.53 $ 17.21 $ 16.65 $ 17.32
Gold (per oz) $ 1,306 $ 1,257 $ 1,318 $ 1,238
Lead (per t) $ 2,388 $ 2,161 $ 2,456 $ 2,221
Zinc (per t) $ 3,112 $ 2,596 $ 3,268 $ 2,690
Revenues $ 127,132 $ 209,576 $ 267,074 $ 460,622
Total operating costs $ 113,855 $ 135,291 $ 239,801 $ 282,168
Earnings from operations $ 13,277 $ 74,285 $ 27,273 $ 178,454
Earnings (loss) $ (15,553 ) $ 33,487 $ (22,415 ) $ 108,183
Earnings (loss) per common share
Basic $ (0.05 ) $ 0.11 $ (0.07 ) $ 0.35
Diluted $ (0.05 ) $ 0.11 $ (0.07 ) $ 0.35
Adjusted earnings (loss)(2) $ (15,107 ) $ 33,846 $ (22,315 ) $ 108,918
Adjusted earnings (loss) per common share(2)
Basic $ (0.05 ) $ 0.11 $ (0.07 ) $ 0.35
Diluted $ (0.05 ) $ 0.11 $ (0.07 ) $ 0.35
Weighted average shares outstanding - Basic 313,253 312,787 313,222 312,430
Weighted average shares outstanding - Diluted 313,253 312,869 313,222 312,510
Dividends paid $ $ 18,740 $ $ 37,435
Cash flow provided by operating activities $ 18,201 $

96,068

$

40,348

$

174,646

Cash flow provided by operating activities before changes in
working capital
$ 31,842 $

99,446

$ 70,351 $

232,296

Cash and cash equivalents $ 69,744 $ 190,636 $ 69,744 $ 190,636
Total assets $ 3,097,976 $ 3,129,228 $ 3,097,976 $ 3,129,228
Revolving Debt $ 75,000 $ $ 75,000 $
Total long-term liabilities $ 365,942 $ 316,510 $ 365,942 $ 316,510
Costs per silver ounce produced(2)
Total cash costs net of by-product credits $ $ 6.73 $ $ 6.15
All-in sustaining costs per silver ounce net of by-product credits $ $ 10.01 $ $ 8.91
Costs per gold ounce produced(2)
Total cash costs net of by-product credits $ 708 $ 601 $ 748 $ 587
All-in sustaining costs per gold ounce net of by-product credits   $ 1,060     $ 925     $ 1,106     $ 892
    (1)     London Bullion Market Association (LBMA)/London Metal Exchange (LME)
average closing prices for each quarter presented.
(2) Non-GAAP financial measures are described in the "Cautionary Note on
Non-GAAP Financial Measures" section of this news release and
include a reconciliation to total operating costs from the Company's
interim financial statements.
(3) Numbers may not calculate due to rounding.

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