GUYANA GOLDFIELDS INC. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

GUYANA GOLDFIELDS INC. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FIRST QUARTER 2018

Condensed Interim Consolidated Statements of Financial Position (Unaudited Expressed in thousands of U.S. Dollars) March 31, 2018 December 31, 2017 ASSETS Current assets Cash and cash equivalents (Note 3) $ 76,011 $ 75,725 Accounts receivable and other assets (Note 4) 7,478 6,743 Deposits with suppliers (Note 5) 3,117 879 Inventories (Note 6) 44,969 40,863 Derivative asset (Note 9) 1,676 1,535 Total current assets 133,251 125,745 Non current assets Restricted cash 2,202 2,193 Marketable securities (Note 2(c) &7) 30,724 41,100 Mineral properties, plant and equipment (Note 8) 292,444 287,852 Derivative asset (Note 9) 1,417 1,334 Deferred tax asset 13,401 13,792 Total assets $ 473,439 $ 472,016 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 14,838 $ 10,415 Current portion of long term debt (net) (Note 10) 19,551 19,508 Total current liabilities 34,389 29,923 Non current liabilities Long term debt (net) (Note 10) 34,656 39,562 Asset retirement obligations 5,064 5,049 Share based compensation (Note 12) 856 842 Deferred tax liability 17,216 15,654 Total liabilities $ 92,181 $ 91,030 EQUITY Share capital (Note 11) $ 501,261 $ 500,769 Stock options (Note 12) 7,088 6,697 Contributed surplus 26,824 26,824 Accumulated other comprehensive income 17,978 26,979 Accumulated deficit (171,893) (180,283) Total equity $ 381,258 $ 380,986 Total liabilities and equity $ 473,439 $ 472,016 The accompanying notes are an integral part of these condensed interim consolidated financial statements. Commitments (Note 17) 1

Condensed Interim Consolidated Statements of Comprehensive Income (Unaudited Expressed in thousands of U.S. Dollars, except share amounts) Three months ended March 31 Revenues Metal sales $ 50,734 $ 49,957 Cost of sales Production costs 23,232 21,003 Royalty 4,046 3,984 Depreciation 7,467 8,653 Earnings from mine operations 15,989 16,317 Corporate general and administrative expenses (Note 13) 2,859 2,904 Exploration and evaluation expenses (Note 14) 1,319 979 Earnings before finance expense and taxes 11,811 12,434 Net finance expense (Note 15) 363 2,043 Earnings before tax 11,448 10,391 Deferred tax expense (Note 16) 3,058 453 Net earnings 8,390 9,938 Other Comprehensive (Loss) Income Unrealized (loss) gain on available for sale security, net (Note 7) (9,001) 18,997 COMPREHENSIVE (LOSS) INCOME $ (611) $ 28,935 Net earnings per share Basic $ 0.05 $ 0.06 Diluted $ 0.05 $ 0.06 Weighted average number of shares outstanding Basic 173,124,113 171,535,049 Diluted 174,548,361 174,491,678 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 2

Condensed Interim Consolidated Statements of Cash Flows (Unaudited Expressed in thousands of U.S. Dollars) Cash provided by (used in) Three months ended March 31 Operating cash flows Net earnings $ 8,390 $ 9,938 Items not involving cash: Depreciation 6,491 8,663 Deferred tax expense 3,058 454 Finance expense (Note 15) 674 2,192 Share based compensation (Note 12) 733 1,111 Change in operating working capital balances: Change in inventory (4,106) (8) Accounts receivable and other assets (735) (777) Accounts payable and accrued liabilities 4,423 (4,655) Total cash provided by Operations $ 18,928 $ 16,918 Investing cash flows Additions to mineral properties, plant and equipment (11,083) (8,344) Deposits with suppliers (2,238) (3,195) Total cash used in Investing $ (13,321) $ (11,539) Financing cash flows Repayment of loan facility (Note 10) (5,000) (5,000) Interest on loan facility (Note 15) (813) (950) Proceeds from exercise of stock options 492 3,308 Total cash used in Financing $ (5,321) $ (2,642) Net change in cash and cash equivalents $ 286 $ 2,737 Effect of exchange rate on cash held in foreign currency (457) Cash and cash equivalents, beginning of period 75,725 73,151 Cash and cash equivalents, end of period $ 76,011 $ 75,431 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 3

Condensed Interim Consolidated Statements of Changes in Equity (Unaudited Expressed in thousands of U.S. Dollars) Three months ended March 31 Share capital Balance, beginning of year $ 500,769 $ 490,600 Issued on exercise of stock options 492 3,308 Fair value of options exercised 269 1,985 Deferred tax recovery on share issuance costs (269) 3,014 Balance, end of period 501,261 498,907 Stock options Balance, beginning of year 6,697 5,999 Fair value of options exercised (269) (1,985) Share based compensation 660 851 Balance, end of period 7,088 4,865 Contributed surplus Balance, beginning of year 26,824 26,824 Expired options Balance, end of period 26,824 26,824 Comprehensive income Balance, beginning of year 26,979 20,698 Other comprehensive loss (income) (9,001) 18,997 Balance, end of period 17,978 39,695 Deficit Balance, beginning of year (180,283) (207,277) Net earnings for the period 8,390 9,938 Balance, end of period (171,893) (197,339) Total equity $ 381,258 $ 372,952 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 4

NATURE OF OPERATIONS Guyana Goldfields Inc. (the "Company" or "Guyana Goldfields") is a company domiciled in Canada and was incorporated on December 12, 1994, under the Canadian Business Corporations Act. The Company shares are publicly traded on the Toronto Stock Exchange (TSX:GUY). The Company s head office is registered at 141 Adelaide Street West, Suite 1608, Toronto, Ontario, Canada. Guyana Goldfields Inc. and its wholly owned subsidiaries are engaged in the acquisition, exploration, development and operation of precious metal mineral properties, principally in Guyana, South America. The Company s primary asset is its wholly owned Aurora Gold Mine, located in Guyana South America. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation and measurement The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ) and Interpretations of the International Financial Reporting Interpretations Committee ( IFRIC ) which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook Accounting including IAS 34 Interim financial reporting. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2017. The Company s presentation currency is United States dollars. Some figures in these statements have been expressed in Canadian Dollars (Cdn$) for information purposes and have been denoted as such. The preparation of these condensed interim consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities and expenses. See Note 4 for significant judgements, estimates and assumptions. The condensed interim consolidated financial statements were authorized for issue by the Board of Directors on April 30, 2018. (b) Critical accounting estimates and judgments Areas of judgement that have the most significant effect on the amounts recognized in the financial statements are disclosed in Note 4 of the Company s consolidated financial statements for the year ended December 31, 2017. 5

(c) Changes in significant accounting policies Except as described below, the accounting policies applied in these condensed interim consolidated financial statements are the same as those applied in the Company s consolidated financial statements for the year ended December 31, 2017. The changes in accounting policies are also expected to be reflected in the Company s consolidated financial statements for the year ending December 31, 2018. IFRS 15 Revenue from contracts with customers The Company has adopted IFRS 15 (Revenue from Contracts with Customers) effective January 1, 2018 using the cumulative effect method; therefore, the comparative information has not been restated and continues to be reported under IAS 18 Revenue ( IAS 18 ) and IAS 11 Construction Contracts ( IAS 11 ). The Company concluded that no adjustments were required to its opening accumulated deficit and no changes were required in the amounts of revenue recognized or in the timing of revenue recognition as a result of the adoption of IFRS 15. Due to the nature of the Company s sales, the timing of revenue recognition did not change as a result of adopting IFRS 15. Results would have been the same under either IAS 18 or IFRS 15 for the periods presented in these condensed interim consolidated financial statements. There was no impact on equity as at January 1, 2018 and no changes in the timing or measurement of revenue resulted from the adoption of IFRS 15. Accordingly, the information presented for 2017 is not restated but certain additional disclosures have been made: 1. Nature of goods and services The Company enters into contracts with one customer (a select financial institution) to sell its gold on a per shipment basis. 2. Timing of satisfaction of performance obligations The customer obtains control of gold when it has been deposited into the customer s account with the refinery approved by the customer. From time to time, the Company chooses to sell its gold in the form of gold doré bars to the same customer. The customer obtains control of gold when gold doré bars are dispatched from the mine. The Company provides a written sales confirmation to the customer and an irrevocable request to the refinery to deposit further refined gold to the customer s vault at the same refinery. 3. Significant payment terms and contract balances The sales price is fixed based on the gold spot price agreed with the customer. The payments are due and collected when the customer obtains control of gold. There is no outstanding receivable balance from the customer as at March 31, 2018 (2017 $nil). 4. Disaggregation of revenue 6

The Company has only one operating mine and sells only gold at a point in time to only one customer in one country as its only source of revenue. Therefore, no disaggregation is required. 5. Assets recognized to obtain or fulfill a contract No assets were recognized to obtain or fulfill a contract. 6. Significant judgements in the application of the standard Areas of significant judgements are only present when the Company sells gold in the form of gold doré bars. The assumptions include assays on the gold doré bars shipped to the refinery are not materially different than final assays when gold doré bars are refined and the refinery will transfer gold doré bars over to the customer as promised. There has been no history in the past suggesting the assumptions are not valid. As a result of the adoption of IFRS 15, the Company s accounting policy for revenue recognition has been updated as follows: Revenue from the sale of gold is measured based on the agreed gold price related to spot gold price specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control of its gold over to a customer, either in the form of refined gold or gold doré bars, and no further performance obligation is required from the Company. IFRS 9 Financial Instruments The Company has adopted IFRS 9 effective January 1, 2018 and elected not to retroactively restate comparative periods. The adoption of this standard did not have an impact on the Company s consolidated financial statements but resulted in marketable securities being presented as non current asset and certain additional disclosures. There was no impact on carrying values and equity as at January 1, 2018 as a result of the adoption of the standard and no measurement differences as a result of adopting IFRS 9. The approach in IFRS 9 is based on how an entity manages its financial instruments and the contractual cash flow characteristics of the financial asset. Most of the requirements in IAS 39 Financial Instruments: Recognition and Measurement ( IAS 39 ) for classification and measurement of financial liabilities were carried forward in IFRS 9. IFRS 9 introduced a single expected credit loss impairment model, which is based on changes in credit quality since initial application. The adoption of the expected credit loss impairment model had no impact on the Company s financial statements. The Company s financial instruments are accounted for as follows under IFRS 9 as compared to the Company s previous policy in accordance with IAS 39: IAS 39 IFRS 9 Cash and cash equivalents Fair value through profit or loss Fair value through profit or loss Restricted cash Fair value through profit or loss Fair value through profit or loss Accounts receivables Loans and receivables, measured at amortized cost Amortized cost 7

IAS 39 IFRS 9 Marketable securities Fair value through other Financial asset at fair value through comprehensive income other comprehensive income Accounts payable and accrued financial liabilities, measured at liabilities amortized cost Amortized cost Long term debt financial liabilities, measured at amortized cost Amortized cost Derivative assets and liabilities Fair value through profit or loss Fair value through profit or loss As a result of the adoption of IFRS 9, the Company s accounting policy for financial instruments has been updated as follows: 1. Financial assets Financial assets are classified as either financial assets at fair value through profit or loss ( FVTPL ), amortized cost, or fair value through other comprehensive income ( FVOCI). The Company determines the classification of its financial assets at initial recognition. (1.1) FVTPL Financial assets are classified at FVTPL if they are acquired for the purpose of selling in the near term. Gains or losses on these items are recognized in net earnings or loss. (1.2) Amortized cost Financial assets are classified at amortized cost if both of the following criteria are met and the financial assets are not designated as at FVTPL: 1) the object of the Company s business model for these financial assets is to collect their contractual cash flows and 2) the asset s contractual cash flows represent solely payments of principal and interest. The Company s accounts receivables are recorded at amortized cost as they meet the required criteria. A provision is recorded when the estimated recoverable amount of the financial asset is lower than the carrying amount. At each statement of financial position date, the Company assesses on a forward looking basis the expected credit losses associated with its financial assets carried at amortized cost and fair value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk. When sold or impaired, any accumulated fair value adjustments previously recognized are included in profit or loss. (1.3) FVOCI For equity securities that are not held for trading, the Company can make an irrevocable election at initial recognition to classify the instruments at FVOCI, with all subsequent changes in fair value being recognized in other comprehensive income ( OCI ). This election is available for each separate investment. Under this new FVOCI category, fair value changes are recognized in OCI while dividends are recognized in profit or loss. On disposal of the investment, the cumulative fair value change remains in OCI and is not recycled to net earnings or loss. 8

(1.4) Reclassifications Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Company changes its business model for managing financial assets. 2. Financial liabilities For financial liabilities, IFRS 9 retains most of the IAS 39 requirements and since the Company does not have any financial liabilities designated at FVTPL, the adoption of IFRS 9 did not impact the Company's accounting policies for financial liabilities. Accounts payable and accrued liabilities, as well as long term debt are accounted for at amortized cost. Transaction costs associated with financial instruments, carried at FVTPL, are expensed as incurred, while transaction costs associated with all other financial instruments are included in the initial carrying amount of the asset or the liability. The amortization of debt issue costs is calculated using the effective interest method. (2.1) Derivative financial instruments The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations in commodity prices, including the Company s final product, consumables and other currencies compared to the USD. Derivative financial instruments are measured at fair value at each reporting period. (2.2) Non hedged derivative financial instruments All derivative instruments not designated in a hedge relationship that qualifies for hedge accounting are classified as financial instruments at FVTPL. Changes in fair value of non hedged derivative financial instruments are included in net earnings or loss as non hedged derivative gains or losses. (d) Recent Accounting Pronouncements The following new standards, new interpretations and amendments to standards and interpretations have been issued but are not effective until financial years beginning on or after January 1, 2019 and have not been early adopted. Pronouncements that are not applicable to the company have been excluded from those described below. IFRS 16 (Leases) In January 2016, the IASB issued IFRS 16 Leases which establishes the principles that an entity should use to determine the recognition, measurement, presentation and disclosure of leases for both parties to a contract: the customer ( lessee ) and the supplier ( lessor ). IFRS 16 replaces the previous leases Standard, IAS 17, Leases, and related Interpretations. IFRS 16 is effective from January 1, 2019 though a company can choose to apply IFRS 16 before that date but only in conjunction with IFRS 15 Revenue from Contracts with Customers. The Company is currently assessing the impact of this standard. 9

CASH AND CASH EQUIVALENTS At March 31, 2018, the Company held $76.0 million of cash (December 31, 2017 $75.7 million) with approximately $71.6 million (December 31, 2017 $72.0 million) denominated in United States dollars, with the remaining predominantly in Canadian dollars. Cash is deposited primarily in Canadian chartered banks and financial institutions. ACCOUNTS RECEIVABLE AND OTHER ASSETS March 31, December 31, Accounts receivable and other receivables $ 115 $ 150 Value added tax 4,541 4,002 Prepaid expenses 2,822 2,591 Total $ 7,478 $ 6,743 Value added taxes consists of amounts owing from the Government of Guyana. DEPOSITS WITH SUPPLIERS Deposits with suppliers represents deposits placed on mining and logistics equipment for which delivery is expected in 2018. INVENTORIES March 31, December 31, Ore stockpiled $ 4,068 $ 5,122 In circuit 1,949 1,766 Finished goods 3,985 3,521 Materials and supplies 34,967 30,454 Total $ 44,969 $ 40,863 The increase in materials and supplies from prior year balance is a result of growing equipment fleet requiring servicing, as well as risk mitigation through having available spares on hand, given the remote location of the Aurora mine site. The amount of depreciation included in inventory at March 31, 2018 is $1.3 million (December 31, 2017 $2.4 million). 10

MARKETABLE SECURITIES In 2016 the Company purchased a combined 103.1 million shares of SolGold Plc ( SolGold ) for total consideration of $10 million pursuant to SolGold s capital raises that closed on September 2, 2016 and October 17, 2016. SolGold is listed on the Main Market of the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX) under the ticker symbol SOLG. Fair market value of the shares as at March 31, 2018 is $30.7 million (December 31, 2017 $41.1 million), resulting in accumulated other comprehensive income of $18.0 million (December 31, 2017 $27.0 million) recorded in equity, net of tax. The USD: GBP exchange rate used to calculate the fair value was 1.00 : 0.71 (December 31, 2017 1.00 : 0.74). MINERAL PROPERTIES, PLANT AND EQUIPMENT Assets under construction Mineral Properties Buildings, plant and mobile equipment Cost At December 31, 2016 $ 14,199 $ 101,199 $ 204,932 $ 320,330 Additions 36,987 7,765 5,477 50,229 Disposals (477) (477) Transfers (out) in (26,602) 3,026 23,576 Development cost recovery (200) (200) At December 31, 2017 $ 24,584 $ 111,790 $ 233,508 $ 369,882 Additions 9,035 1,916 132 11,083 Disposals (302) (302) At March 31, 2018 $ 33,619 $ 113,706 $ 233,338 $ 380,663 Accumulated depreciation At December 31, 2016 $ $ 6,024 $ 38,936 $ 44,960 Depreciation 9,118 28,539 37,657 Disposals (587) (587) At December 31, 2017 $ $ 15,142 $ 66,888 $ 82,030 Depreciation 2,091 4,400 6,491 Disposals (302) (302) At March 31, 2018 $ $ 17,233 $ 70,986 $ 88,219 Total Net book value At December 31, 2017 $ 24,584 $ 96,648 $ 166,620 $ 287,852 At March 31, 2018 $ 33,619 $ 96,473 $ 162,352 $ 292,444 During the current quarter ended March 31, 2018, the Company capitalized $1.9 million (2017 $3.3 million) of deferred stripping costs to mineral properties. 11

DERIVATIVE INSTRUMENTS The Company has entered into diesel swap contracts to mitigate risk associated with volatility in diesel price. The Company has not applied hedge accounting to these derivative contracts. The swap contracts are fair valued at each statement of financial position date, with the movement in fair value recognized through net finance income (expense) in net earnings (loss). The mark to market fair values of all contracts is determined by using inputs that are observable and determined using standard valuation techniques. Derivative instruments are classified within Level 2 of the fair value hierarchy. The diesel commodity swap forward contracts are secured under the Loan Facility and documented in the form of an International Swap and Derivatives Association ( ISDA ) master agreement. The following is a summary of the Company s commitments for diesel forward contracts at March 31, 2018: Year Contracted operating expenses Number of litres hedged Average rate per litre (US cents/litre) 2018 $ 4,928 12,000,000 $ 0.41 2019 8,104 18,000,000 0.45 2020 2,700 6,000,000 0.45 Total $ 15,732 36,000,000 $ 0.44 See Note 15 for unrealized and realized gain or loss recorded on derivative instruments during the current quarter. DEBT FACILITY The debt facility outstanding consists of the following as at March 31, 2018: Movement in Debt Facility Principal outstanding as at December 31, 2016 $ 80,000 Principal repayment during 2017 (20,000) Principal outstanding as at December 31, 2017 $ 60,000 Principal repayment during 2018 (5,000) Unamortized deferred financing costs (793) Net debt position as at March 31, 2018 (net of deferred financing costs) $ 54,207 Less: Current portion, net of deferred financing costs 19,551 Non current portion as at March 31, 2018 (net of deferred financing costs) $ 34,656 12

SHARE CAPITAL The Company is authorized to issue an unlimited number of common shares. The issued and outstanding common shares consist of the following: Number of Shares Amount At December 31, 2016 171,053,473 $ 490,600 Issued on exercise of options 2,017,325 4,474 Fair value of options exercised 2,681 Deferred tax recovery on share issuance costs 3,014 At December 31, 2017 173,070,798 $ 500,769 Issued on exercise of options 240,003 492 Fair value of options exercised 269 Deferred tax recovery on share issuance costs (269) At March 31, 2018 173,310,801 $ 501,261 SHARE BASED PAYMENTS The following share based payments have been recognized in the consolidated statements of comprehensive income: Stock option plan (equity settled) RSU plan (cash settled) DSU plan (cash settled) Total Production Costs $ 64 $ (49) $ $ 15 Corporate administration 569 143 (22) 690 Exploration and evaluation 27 1 28 Three months ended March 31, 2018 $ 660 $ 95 $ (22) $ 733 Production Costs $ 87 $ 73 $ $ 160 Corporate administration 749 185 934 Exploration and evaluation 15 2 17 Three months ended March 31, 2017 $ 851 $ 260 $ $ 1,111 (a) Stock option plan The stock option plan of the Company (the Option Plan ) was approved by the shareholders on May 15, 2015, amended and restated as of February 4, 2016. The exercise price of stock options granted in accordance with the plan will be not less than the closing price of the common shares on the trading day immediately prior to the effective date of grant. All option exercises to be settled in the Company s shares. 13

The following table shows the continuity of stock options during the periods presented: Number of Options Amortized Value Weighted Average Exercise Price (Cdn$) At December 31, 2016 8,351,507 $ 5,999 $ 3.75 Stock based compensation issued this period 25,000 17 5.99 Stock based compensation issued prior period 3,362 Exercised (2,017,325) (2,681) 2.97 Forfeited (21,667) 2.73 At December 31, 2017 6,337,515 $ 6,697 $ 4.02 Stock based compensation issued prior period 660 Exercised (240,003) (269) 2.64 At March 31, 2018 6,097,512 $ 7,088 $ 4.06 The following are the stock options outstanding and stock options exercisable as at March 31, 2018: Range of exercise price (Cdn$) Stock Options Outstanding Weighted average exercise price (Cdn$) Weighted average remaining contractual life (years) Stock Options Exercisable Weighted average exercise price (Cdn$) Weighted average remaining contractual life (years) Number of options Number of options $1.48 $3.00 2,503,510 2.64 1.7 2,463,506 2.64 1.7 $3.01 $4.00 300,002 3.27 2.5 199,996 3.27 2.5 $4.01 $10.00 3,294,000 5.21 1.9 1,132,000 5.19 1.9 Total 6,097,512 $ 4.06 1.8 3,795,502 $ 3.44 1.8 (b) Restricted share units ( RSUs ) In February 2018, the Company issued 897,200 RSUs to its Directors, Senior Officers and Key Employees of the Company according to Company s revised RSU plan approved on February 23, 2017 by the Board of Directors. The fair value of the RSU liability at March 31, 2018 was $0.9 million (December 31, 2017 $0.8 million). The following table is a continuity of RSU activity for the period ended March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 RSU's outstanding, beginning of period 305,000 210,000 Granted 897,200 132,076 Vested and redeemed (28,383) (3,333) Forfeited (19,726) (33,743) RSU's outstanding, end of period 1,154,091 305,000 14

CORPORATE GENERAL AND ADMINISTRATIVE EXPENSES Three months ended March 31 Salaries and benefits 1 $ 2,044 $ 2,026 Professional fees 132 235 Office, administration and other 426 395 Shareholder related fees 182 238 Depreciation 75 10 Total Corporate general and administrative expenses $ 2,859 $ 2,904 1 Salaries and benefits includes share based payments (Note 12) EXPLORATION AND EVALUATION EXPENSES Three months ended March 31 Salaries and benefits 1 $ 446 $ 646 Exploration supplies 166 168 Drilling and assaying 347 48 Other 360 117 Total exploration and evaluation expenses $ 1,319 $ 979 1 Salaries and benefits includes share based payments (Note 12) 15

NET FINANCE EXPENSE (INCOME) Three months ended March 31 Finance expense (income) Realized (gain) loss on derivative instrument $ (314) $ 54 Realized foreign exchange (gain) loss (3) 6 Other finance (income), net (106) (209) Unrealized foreign exchange loss (gain) 60 (215) Unrealized (gain) loss on derivative instrument (224) 1,287 Deferred financing amortization expense 137 170 Interest expense on long term debt 813 950 Total finance expense (income) $ 363 $ 2,043 Non cash Finance Expense Unrealized foreign exchange loss (gain) $ 60 $ (215) Unrealized (gain) loss on derivative instrument (224) 1,287 Other finance gain (112) Interest expense on long term debt 813 950 Deferred financing amortization expense 137 170 Total non cash finance expense $ 674 $ 2,192 INCOME TAXES On an interim basis, income tax expense is recognized based on management s estimate of the weighted average annual income tax rate expected for the full financial year. The following is the breakdown of income tax expense: Three months ended March 31 Deferred income tax (recovery) expense $ 1,953 $ 3,502 Deferred income tax expense (recovery) on investment 1,105 (3,048) Deferred tax expense $ 3,058 $ 453 16

COMMITMENTS The Company has the following capital commitments as at March 31, 2018: 2018 $ 5,732 2019 2020 Total $ 5,732 RELATED PARTY TRANSACTIONS Remuneration of key management personnel of the Company was as follows: Three months ended March 31 Compensation salaries and related benefits $ 761 $ 520 Directors fees 94 69 Share based compensation 502 544 Total $ 1,357 $ 1,133 Key management personnel are defined as the senior management team and members of the Board of Directors. All the above related party transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. SEGMENTED INFORMATION As at March 31, 2018, the Company s operations comprise a single reporting operating segment engaged in mineral exploration, development and production in Guyana. As the operations comprise a single reporting segment, amounts disclosed in the condensed interim consolidated financial statements also represent segment amounts. Previous segment disclosure has been provided on a geographical basis, however the Company feels that segmented information by nature of activity (operating, exploration and corporate overhead) provides users more relevant information for assessing and understanding these consolidated financial statements. The following segmented supplemental information is provided to further describe the Company s activities as they pertain to operations, exploration and corporate overhead: 17

For the three months ended March 31, 2018 Aurora Operations Exploration Corporate and others Total Revenue $ 50,734 $ $ $ 50,734 Cost of sales 34,745 34,745 15,989 15,989 Corporate administrative 231 2,628 2,859 Exploration and evaluation 405 914 1,319 Finance expense (income) 340 23 363 Deferred tax expense 1,562 1,496 3,058 Net earnings (loss) $ 13,451 $ (914) $ (4,147) $ 8,390 For the three months ended March 31, 2017 Aurora Operations Exploration Corporate and others Total Revenue $ 49,957 $ $ $ 49,957 Cost of sales 33,640 33,640 16,317 16,317 Corporate administrative 1,242 1,662 2,904 Exploration and evaluation 293 686 979 Finance expense (income) 2,451 (408) 2,043 Deferred tax expense 2,920 (2,467) 453 Net earnings (loss) $ 9,411 $ (686) $ 1,213 $ 9,938 18