Thorin is fatally wounded and reconciles with Bilbo before he dies. The dwarves, men, and elves band together, but only with the timely arrival of the eagles and Beorn do they win the climactic Battle of Five Armies.
Bilbo tries to ransom the Arkenstone to head off a war, but Thorin is intransigent. Thorin refuses and, having summoned his kin from the Iron Hills, reinforces his position. The Wood-elves and Lake-men besiege the mountain and request compensation for their aid, reparations for Lake-town's destruction, and settlement of old claims on the treasure.
When the dwarves take possession of the mountain, Bilbo finds the Arkenstone, an heirloom of Thorin's dynasty, and hides it away.His arrow finds the chink and slays the dragon. A thrush has overheard Bilbo's report of Smaug's vulnerability and reports it to Lake-town defender Bard. The enraged dragon, deducing that Lake-town has aided the intruder, sets out to destroy the town. The expedition travels to the Lonely Mountain and finds the secret door Bilbo scouts the dragon's lair, stealing a great cup and learning of a weakness in Smaug's armor.Nearing the Lonely Mountain, the travelers are welcomed by the human inhabitants of Lake-town, who hope the dwarves will fulfill prophecies of Smaug's demise. In Mirkwood, Bilbo first saves the dwarves from giant spiders and then from the dungeons of the Wood-elves. The company enters the black forest of Mirkwood without Gandalf.The goblins and Wargs give chase, but the company is saved by eagles. With the help of the ring, which confers invisibility, Bilbo escapes and rejoins the dwarves, improving his reputation with them. As a reward for solving all riddles Gollum will show him the path out of the tunnels, but if Bilbo fails, his life will be forfeit. Lost in the goblin tunnels, he stumbles across a mysterious ring and then encounters Gollum, who engages him in a game of riddles. Although Gandalf rescues them, Bilbo gets separated from the others as they flee the goblins. The group is caught by goblins and driven deep underground.Gandalf leads the group to the Elven settlement of Rivendell where they meet the Elvish leader, Elrond.
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