If I eat 1500 calories/day and burn 500/day through exercise, will I lose weight?

I'm 5'4 and 117 pounds trying to get to 110. I've tried eating 1200 per day, but I always end up being so hungry. If I eat 1500 calories, but burn 500 per day, will I lose weight or just maintain?
If I eat 1500 calories/day and burn 500/day through exercise, will I lose weight?
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