Management's Discussion and Analysis of Results of Operations and Financial Condition For the year ended December 31, 2022 February 23, 2023 TABLE OF CONTENTS Page Introduction 1 Our Business 1 Strategy 1 Summary of Results 4 Key Financial Results 8 Key Production Results 9 Key Costs Results 10 Recent Developments 10 Peru Operations Review 13 Manitoba Operations Review 18 Outlook 26 Financial Review 34 Liquidity and Capital Resources 44 Financial Risk Management 49 Trend Analysis and Quarterly Review 51 Non ...