Financial Highlights - 2004

	Q1	Q2	Q3	Q4	Year
Statement of Operations
(In Millions of US dollars)
Net revenue	9.04	6.91	9.06	10.23	35.24
Production costs	2.79	2.90	3.69	4.04	13.42
El Teniente Royalty	0.94	1.12	1.09	1.62	4.77
Depreciation, Amortization and ARO Cost	0.25	0.31	0.32	0.38	1.26
Administration and Transportation	0.36	0.34	0.36	0.45	1.51
Operating Profit	4.69	2.26	3.60	3.73	14.28
Earnings before taxes and minority interest	4.12	2.10	3.89	3.54	13.65
Net Earnings	3.78	1.62	2.96	1.69	10.05
Cash Flow from Operations	2.17	3.70	4.08	4.55	14.03
Financial Position
(In Millions of US dollars)
Cash and Cash Equivalents	5.28	8.04	8.11	8.24
Current Assets	10.63	11.32	12.24	13.47
Total Assets	37.74	38.88	42.72	49.75
Total Liabilities	9.04	8.50	9.12	13.98
Retained Earnings	1.53	3.15	6.11	7.80
Shareholders' Equity	28.70	30.38	33.60	35.77
Share Capital
(In millions)
Weighted average # shares	61.64	63.47	63.87	64.49	63.37
Per Share
(In US Dollars unless otherwise stated)
Basic earnings per share	0.0613	0.0256	0.0463	0.0262	0.1586
Diluted earnings per share	0.0435	0.0188	0.0340	0.0194	0.1156
Dividends paid (Cdn Dollars)	0.00	0.00	0.00	0.00	0.00
Book Value per share	0.4656	0.4787	0.5261	0.5547	0.5645