Management's Discussion and Analysis of Results of Operations and Financial Condition For the three months ended March 31, 2023 May 8, 2023 TABLE OF CONTENTS Page Introduction 1 Our Business 1 Summary 2 Key Financial Results 5 Key Production Results 6 Key Costs Results 6 Recent Developments 7 Peru Operations Review 12 Manitoba Operations Review 16 Financial Review 21 Liquidity and Capital Resources 29 Financial Risk Management 33 Trend Analysis and Quarterly Review 34 Non-IFRS Financial Performance Measures ...