The continued decline in gold and silver prices (the fourth year in a row), coupled with the challenge of efficiently mining the extensions of our Victoria orebody, made 2015 a difficult year. Gold prices averaged $1,145/oz., 10% lower than the previous year, while silver prices averaged $15.45/oz. versus $18.97 the previous year. We produced 21,190 ozs. gold, down from last year's 24,617 ozs., though silver production was slightly better at 49,938 ozs. versus 44,431 ozs. Selective mining based on higher cut-off grades reduced both metal production and operating costs. We ended the year with an operating loss of ₱ 777 million.
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