The Northern Miner June 13 2022 Issue 12 by The Northern Miner Group

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Maureen Jensen on the ‘advent of digital finance’ GMS

| Miners must embrace change to access capital, says former OSC exec

BY HENRY LAZENBY

he brisk, sweeping changes Industry 4.0 brings to the financial landscape are forcing miners to rethink how they operate while regulators closely watch and prepare to implement new rules to curb fraud and criminal activity, says industry doyen Maureen Jensen. The former CEO of the Ontario Securities Commission (OSC) told The Northern Miner’s recent Global Mining Symposium that the scale of change has seen the digitizalization of every facet of our modern financial system, including how miners dig holes in the ground. “Everything is digital today. There are only one or two exchanges that still have open outcry floors. In North America, everything has gone digital,” she said. “But even more important than that, the financial markets have gone global. And that is a huge change.” According to Jensen, as a result, regional exchanges have lost prominence. Most large companies are now multi-listed in various jurisdictions, some of them even listed enough to trade almost 24 hours a day. “What we’re seeing today is the advent of digital finance. This includes crypto — most regulators are now looking at crypto assets of all kinds — and non-fungible tokens. All kinds of things can be listed and traded on an exchange. Fractional shares have turned into a large business,” Jensen said. The rise of sustainable investing is another way the financial landscape is evolving. The largest institutional shareholders have always driven markets, and Jensen pointed out that critical companies such Vanguard and BlackRock, with their significant positions in many funds, are changing the world via policy directives. “We’re also seeing new kinds of exchanges like the Neo Exchange. They’re constantly looking for new things. And there is a change in the type of exchanges, the listing criteria, and the amount of information you can collect daily.” Jensen said miners had traditionally been innovative “when they had to,” and the rise of the digital economy is one of those moments in time the industry would have to adapt to continue accessing reasonable financing since today, that comes with ESG strings on the side.

Ecuador positions itself as South America’s most promising mining frontier | ‘Romantic environmentalism’ fading as new mines provide local benefits POLITICS

Maureen Jensen, former CEO of the Ontario Securities Commission. TEMPO PHOTOGRAPHY

Amidst all this change, Jensen also noted that surveillance has caught up. “Today, surveillance is done with artificial intelligence and algorithms. It’s a different world,” she said.

“And it’s a world that mining is very involved with, and so people will see mining shares, over multiple markets, moving very See JENSEN / 19

BY TOM AZZOPARDI

ince taking office a year ago, President Guillermo Lasso has placed his chips firmly on mining to bring the investment and jobs needed to revitalize Ecuador’s economy. Under an action plan launched in August 2021, the government set out a wide-ranging to-do list to get the sector moving, from speeding up permitting and reopening the claims system to convincing a sometimes-skeptical public of the benefits mining can bring. The government’s aim is to push five priority projects —Atico Mining’s (TSXV: ATY; US-OTC: ATCMF) La Plata; Dundee Precious Metals’ (TSX: DPM; US-OTC: DPMLF) Loma Larga; Adventus Mining’s (TSXV: ADZN; US-OTC: ADVZF) Domo; Lumina Gold’s (TSXV: LUM; US-OTC: LMGDF) Cangrejo and SolGold’s (TSX: SOLG; LSE: SOLG) Cascabel) — into construction by the time it stands down in 2025. It’s a tall task, but Ecuador is

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not starting from scratch. The country’s first two industrial-scale mines (Ecuacorriente’s US$1.4-billion Mirador copper mine and Lundin Gold’s (TSX: LUN) US$700-million Fruta del Norte operation) entered production in 2019 and a slew of majors and minors have been scouring the country for a decade. Progress slowed amid a rise in anti-mining protests, bureaucratic and legal tangles and then a devastating pandemic, but things have started to change. Environmental licences, which once took close to two years to approve, now take less than a year, according to Andres Ycaza, a mining lawyer and partner at Quito-based Flor, Bustamante, Pizarro & Hurtado Abogados. See ECUADOR / 6

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GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

JOINT VENTURE ARTICLE

Cypress Development’s Clayton Valley lithium project in Nevada. CYPRESS DEVELOPMENT

Cypress Development aims to provide a domestic source of lithium for US battery manufacturers BY NORTHERN MINER STAFF

Lithium is a critical metal for the global push for decarbonization. It is needed to produce the rechargeable lithium-ion batteries used in electric vehicles (EVs) and energy storage technologies that promise more sustainable, low-carbon transportation systems and energy networks. The U.S. is positioning itself as a leader in this transition to a cleaner energy future. Last November, the Biden administration signed the Bipartisan Infrastructure Law, which sets a target of 50% EV sales share in 2030 and provides US$7.5 billion to build out a nationwide network of 500,000 EV charging stations. In addition, the previous administration designated lithium a critical mineral of strategic importance in 2017 and called for an increase in domestic lithium supplies across the supply chain by increasing exploration, processing, and streamlining of permitting for lithium projects. However, with more than 80% of the world’s lithium presently mined in Australia, Chile, and China — with China also dominating global supply chains for lithium-ion batteries — the U.S. will need far more lithium to achieve its goals as it seeks to reduce its reliance on foreign supplies. According to Benchmark Mineral Intelligence, lithium demand will reach 2.4 million tonnes of lithium carbonate equivalent (LCE) by 2030, almost 1.8 million tonnes more than the 600,000 tonnes of lithium Benchmark forecasts will be produced in 2022. Although the U.S. is estimated to hold almost 8 million tonnes in lithium reserves, ranking it among the top five countries globally, it currently produces less than 2% of the global lithium supply, according to the United States Geological Survey. Presently, the U.S. has only one producing lithium mine, Albemarle’s (NYSE: ALB) Silver Peak in Nevada, that has been producing lithium from brine for over 50 years. Canadian developer Cypress Development (TSXV: CYP; US-OTC: CYDVF) is aiming to become “a domestic producer of lithium for the growing electric vehicle and battery storage market,” says Bill Willoughby, the company’s president and CEO. The company is focused on advancing to production its 100%-owned Clayton Valley lithium project in southwest Nevada, which he says hosts “a substantial resource of lithium-bearing claystone immediately adjacent to the brine reservoirs at Silver Peak.” Cypress is conducting large-scale

Above: Sample material to be tested. Left: Cypress Development’s in-house assay laboratory in Amargosa Valley, Nevada. CYPRESS DEVELOPMENT

testing at its pilot plant using material from its lithium-bearing claystone deposit while progressing towards completing a feasibility study on the project and subsequent permitting for a mine and processing facility. The 22-sq.-km property comprises unpatented mining claims on public lands administered by the U.S. Bureau of Land Management in Esmeralda County, approximately 10 km east of the community of Silver Peak

and 56 km southwest of the mining town of Tonopah, and is subject to an underlying 3% net smelter return royalty. (It is also immediately adjacent to Pure Energy Minerals’ (TSXV: PE; US-OTC: PEMIF) Clayton Valley project.) Mineralization at Cypress’s Clayton Valley lithium project occurs in soft sedimentary rocks, predominantly comprised of illite and montmorillonite clays, which

“extend for multiple kilometres along trend and reach depths of around 125 metres,” says Willoughby, a mining engineer with over 40 years of experience in the industry, who took over as CEO of the company in September 2017. “I liked the characteristics of the deposit, and the initial drill results consistently returned over 1,000 parts per million lithium — you can go laterally and vertically and continue to see similar concentrations over relatively large distances.” With Nevada rated the top mining jurisdiction in the U.S. and third globally by the Fraser Institute, he says the project benefits greatly from its location and has access to existing infrastructure and a skilled workforce close at hand. The Clayton Valley project “can be accessed all-year round by paved and gravel roads that connect it to the communities of Tonopah and Silver Peak — the latter has a substation that could potentially provide power for the project,” Willoughby says. “It also has access to potential groundwater resources, and our baseline studies have shown there are not any threatened or endangered species currently on the property.” In May, Cypress consolidated its land position in the area, acquiring a 100%-ownership of Enertopia’s

(US-OTC: ENRT) Clayton Valley claystone project, immediately adjacent to Cypress’s property, which “is a continuation of the lithiumbearing claystone units with similar concentrations of lithium found on our project,” he notes. He says the land consolidation has the “potential to enhance the size and scale of our project significantly; we are currently incorporating data from the acquisition into the resource model for our ongoing feasibility study.” Mineral resources at the Clayton Valley project currently stand at 1.3 billion indicated tonnes grading 905 parts per million (ppm) lithium for 6.3 million tonnes of LCE. A prefeasibility study (PFS) for the project released in May 2020 (and amended March 2021) envisioned a mining operation with an average annual production of 27,400 tonnes of LCE over 40 years of mine life. The production figures were based on a probable reserve of 213 million tonnes grading 1,129 ppm lithium for 240,900 tonnes of lithium (1.3 million tonnes LCE). Initial capital costs were pegged at US$493 million, with operating costs averaging US$3,387 per tonne of LCE. The study estimated an after-tax net present value of US$1 billion, using an 8% discount rate and US$9,500 per tonne of LCE, and an after-tax internal rate of return of 25.8%. The initial capital outlay would be paid back in 4.4 years. The mining plan in the PFS was based on an average mill feed rate of 15,000 tonnes per day. The material is then processed onsite by leaching with dilute sulphuric acid leach, followed by filtration, solution purification, concentration, and electrolysis to produce a saleable lithium product. “Metallurgical testing on the mineralized material indicated that low-cost processing could be achieved by leaching with low-acid consumption and a high lithium recovery, with up to 80-85% projected recoveries,” Willoughby says. He says Cypress plans to complete the ongoing feasibility study by the end of the year, with permitting for the mine and processing plant taking around two years following the successful completion of the study and construction expected to be completed 12 months after the permitting. The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by CYPRESS DEVELOPMENT and produced in cooperation with The Northern Miner. Visit www.cypressdevelopmentcorp.com for more information.

JUNE 13 — 26, 2022 / THE NORTHERN MINER

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EDITORIAL

GLOBAL MINING NEWS • SINCE 1915

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Gold price may be set to rise – but so are risks for miners

PRESIDENT THE NORTHERN MINER GROUP: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: Alisha Hiyate, BA (Poli Sci, Hist) ahiyate@northernminer.com MULTIMEDIA SPECIALIST: Henry Lazenby hlazenby@northernminer.com STAFF WRITER: Naimul Karim nkarim@northernminer.com REPORTER AND PRODUCTION EDITOR: Daniel Sekulich dsekulich@northernminer.com COPY EDITOR: Blair McBride bmcbride@northernminer.com PHOTO EDITOR AND PODCAST HOST: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Robert Hertzman (416) 898-6654 rhertzman@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@northernminer.com CIRCULATION/CUSTOMER SERVICE: (416) 510-6789 | 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESS: Toronto Head Office 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$130.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: C$172.00 one year Foreign: C$222.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

mid the frenzied analyses of supply, demand and spiking prices for green metals and critical minerals, another metal may be preparing to steal the spotlight: gold. While the price of gold spiked earlier this year to US$2,068 per oz. (just shy of its August 2020 allBY ALISHA HIYATE time high) on Russia’s invasion of Ukraine, it hasn’t stayed at those elevated levels. At press time, the yellow metal was at a relatively modest US$1,850 per oz., just a touch above where it began the year at US$1,827.50 per oz. However, persistent inflation, rising recession risks, pandemic-stressed supply chains , the ongoing war in Ukraine (now entering 14 weeks), and Covid-19 shutdowns in China are all contributing to extreme market volatility. That should have more investors turning to safe haven gold, which saw a 34% surge in demand in the first quarter compared with the same period of 2021, according to World Gold Council figures. In its annual “In Gold We Trust” report, released on May 24, Liechtenstein-based investment firm Incrementum AG highlights many of these risks facing investors and more, but its primary theme is denoted by its subtitle, “Stagflation 2.0.” The 392-page tome warns of the rising risk of stagflation, and notes that gold, silver and mining stocks have historically outperformed in stagflationary times — marked by a painful combination of high inflation, stagnant growth or economic contraction, and high unemployment. The last time the world saw a significant period of stagflation was in the 1970s and early 1980s. Gold does well during stagflationary periods, as noted in a March blog post by World Gold Council analysts Johan Palmberg (senior quantitative analyst) and Krishan Gopaul (senior analyst, Europe, Middle East and Africa). “Of the four business cycle phases since 1973, stagflation is the one that is most supportive for gold and conversely the worst for risk assets,” write Palmberg and Gopaul. In their analysis of annualized average adjusted returns for several asset classes during stagflationary, deflationary, reflationary and “goldilocks” periods from 1973 to mid-2021, gold priced in U.S. dollars performed the best during stagflationary periods, returning 32.2%. The next best-performing asset during these periods was the S&P GSCI (commodity) Index, returning 17%, and U.S. corporate bonds at 6.1%, with the worst performance by EAFE (Europe, Australasia and Far/ Middle East) equities at -11.6%. The analysts note that the environment is still “reflationary” rather than stagflationary, and that the risk of stagflation is highest in Europe. While economists — including at the Conference Board of Canada — do point to a rising risk of stagflation, they generally believe it will be a milder version of what occurred in the 1970s. (One big difference is an unemployment rate at a record low of 5.2% in April in Canada and near record lows in the U.S.) Incrementum projects a long-term gold price of around US$4,800 per oz. by 2030, despite rising interest and a strong U.S. dollar.But even if gold continues to rise,, an inflationary or stagflationary environment is challenging for any business, including gold mining. Headwinds facing gold miners include: rising operating costs eating away at their margins; rising capital costs that are rendering feasibility study estimates completed only a year ago hopelessly out of date; jurisdictional risk and rising resource nationalism in much of the world, and global permitting issues and delays. Incrementum’s analysts recommend royalty and streaming companies as a way for investors to have their cake (exposure to strong gold prices) and eat it too (protection from rising costs). And although gold is not a critical or battery metal, the report does lay out how gold investing can fit into a climate friendly portfolio. Incrementum notes that gold miners have an advantage over miners of other metals in terms of carbon emissions. “Scope 3 emissions from gold mining companies are almost nonexistent, because their product, gold bars, will undergo very little transformation, mostly through jewelry making and minting. Also, and counterintuitively, gold has extremely low Scope 1 and 2 CO2 emissions per ounce of gold produced for such large operations.” This year’s “In Gold We Trust” report also calls for the creation of a new economic metric – all-in emissions costs (AIEC) — that will help investors measure climate impact of gold production, translating nonfinancial into financial, actionable costs. The formula for AIEC, as proposed by Incrementum, would be Scope 1 plus Scope 2 emissions multiplied by the projected regional carbon credit price, and divided by the total number of ounces produced, and would be a standalone metric apart from all-in sustaining costs. The investment firm believes the metric will be widely adopted by gold miners “in short order.” “This will become one of the most important metrics for new gold mining project financing, as it indicates long-term capital exposure and allows investors to easily translate CO2 emissions into U.S. dollars and incorporate the result into their financial models,” the report says. “AIEC will also allow investors to understand their current exposure and move capital according to the actual costs of emissions rather than solely on the basis of generic ESG scores regarding emissions.” TNM

COMPANY INDEX THE NORTHERN MINER is published biweekly by Glacier Resource Innovation Group, a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

Adventus Mining................................................. 1 Agnico Eagle Mines............................16, 21, 27 Alexco Resources.............................................19 Alpha Exploration ...........................................30 American Eagle Gold................................16, 22 Ameriwest Lithium........................................... 47 Angel Wing Metals..........................................54 AngloGold Ashanti ........................................... 5 Asante Gold......................................................55 Arizona Metals................................................. 47 Atico Mining......................................................... 1 Aton Resources.................................................51 Aurelius Minerals.............................................33 B2Gold.......................................................... 5, 33 BHP...............................................................21, 42 Barrick Gold......................................................54

Baselode Energy.............................................22 Buenaventura...................................................52 Centamin............................................................51 Centera Gold.....................................................16 Clean Air Metals...............................................35 Cornerstone Capital Resources..................... 6 Dundee Precious Metals.................................. 1 E3 Metals...........................................................48 Eco Oro Minerals............................................... 5 Eloro Resources...............................................54 Emgold Mining.................................................38 Equinox Gold.....................................................10 Eskay Mining.....................................................54 FPX Nickel.........................................................20 Filo Mining.........................................................42 Galway Metals..................................................35

A VIEW FROM ENGLAND COLUMN

| Cryptocurrency crash reminiscent of past bubbles

BY DR CHRIS HINDE Special to The Northern Miner

olders of cryptocurrencies are reeling after a brutal year-to-date, with a catastrophic April and May serving to remind investors of the dangers in relying upon such ephemeral stores of wealth. The Financial Times estimates that more than US$1 trillion has been wiped from the value of crypto assets in the five months to the end of May. Losers include Vitalik Buterin (creator of the Ethereum blockchain), hedge fund luminary Mike Novogratz (who backed Terraform Labs’ collapsed luna digital coin) and El Salvador. In 2021, El Salvador announced plans to adopt bitcoin as legal tender. The government is reported to have spent US$100 million on the cryptocurrency, with half of the Central American country’s 6.5 million population also apparently taking the president’s investment advice. The crypto store has since lost one-third of its value, which is a painful blow to an already parlous economy. For Europeans, it brings to mind the ill-advised investment in tulips and slaves in the 17th and 18th centuries, respectively. Dramatic stock market declines of the past 100 years have included the start of the Great Depression in 1929, Black Monday in October 1987, bursting of the dot-com bubble early in 2001, the financial crisis at the start of 2008 and the Covid-19 crash two years ago. None of these, however, are quite as memorable as the tulip-price crash of 1637 and the South Sea Bubble of 1720. The price of tulip bulbs reached extraordinary levels in Europe during the 1630s before dramatically collapsing in February 1637. This is generally considered to have been the world’s first speculative bubble for a commodity. Tulips had been introduced to Holland in 1593, and soon became a luxury item (it was considered bad taste to be without a collection of these fragile flowers). At the peak of tulip mania, the best bulbs were trading at today’s equivalent of over US$100,000. The inevitable crash, when it came, was abrupt as many people had purchased bulbs on credit, and were forced to liquidate when prices started to decline. Some 80 years later, the South Sea Bubble was perhaps the world’s first financial crash. Founded by Parliament in 1711, the South Sea Company was intended to consolidate the national debt and to help Britain increase its profit in the Americas. In 1713, the company

was granted a trading monopoly that included the ‘Asiento de Negros,’ which allowed South Sea an exclusive right to trade African slaves (not our finest moment). The slave trade had proved immensely profitable over the previous two centuries and there was huge public support for the scheme. Confidence was boosted in 1718 when King George himself took governorship of South Sea and, in 1720, Parliament arranged for the company to assume the £32 million national debt for £7.5 million. The idea was that South Sea would use the money generated by its ever-increasing stock sales to pay interest on the debt. By August 1720 the stock price had hit £1,000. However, the trade in the Americas never materialized, and the company lacked any fundamental value. The inevitable happened in September 1720 when the bubble burst and the share price collapsed to £124. Fast forward 300 years, and the biggest loser amongst cryptocurrencies has been the luna, which collapsed from US$85 in early May to a fraction of a cent. Luna’s collapse was caused by its forced uncoupling from an associated stable-coin called terraUSD (UST). This digital coin was designed to retain a value of US$1 but, unlike the tether stable-coin, wasn’t backed by reserves of U.S. dollars. Instead, UST used two-way blockchain exchanges with the luna to retain a fixed dollar value. The system broke on May 8, when US$2 billion was extracted from UST, and the mechanism of exchanging UST for luna couldn’t keep up. Investors lost confidence in the system, and both UST and luna crashed, wiping out over US$17 billion in crypto value. The Terraform saga has raised questions about the role of stable-coins, which are an integral part of the decentralized finance (DeFi) system that is supposed to allow investors to hedge against the volatility of the cryptocurrency market. The promoters of cryptocurrencies, tulips and slaves all made ill-advised promises. The investors of three and four centuries ago seem naïve, but perhaps historians of the future will be similarly incredulous when they look back at today’s digital marketplace. Gold suddenly seems rather attractive. TNM — Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm he set up in 2018 specializing in mining industry trends. He previously worked for S&P Global Market Intelligence’s Metals and Mining division.

COMPANY INDEX (CON’T) GCM Mining......................................................35 Glencore........................................................ 5, 21 Gold Fields.........................................................10 Horizonte Minerals..........................................46 Hudbay Minerals..............................................42 ION Energy........................................................48 Iamgold........................................................16, 32 Kinross Gold.....................................................55 Kootenay Silver................................................36 Labrador Uranium...........................................54 Lomiko Metals..................................................20 Lumina Gold......................................................... 1 Lundin Mining...................................................42 Lundin Gold.......................................................... 1 Marathon Gold.......................................... 27, 36 Matador Mining................................................ 27 Mawson Gold....................................................32 Mayfair Gold...................................................... 37 Metal Energy.....................................................22 Minto Metals......................................................19 Mistango River Resources............................22 Mkango Resources.........................................49 Nano One Materials........................................39 New Found Gold............................................. 27 New Gold............................................................16 Newcore Gold..................................................55 Newmont......................................................19, 21 Nexa Resources...............................................52 Nickel Creek Platinum....................................49

NioCorp Developments.................................52 Northern Graphite ..........................................50 O3 Mining..........................................................38 Oklo Resources................................................33 One World Lithium .........................................44 Orefinders Resources....................................22 Osisko Development......................................33 Paladin Energy.................................................54 Piedmont Lithium.............................................46 Puranium Energy.............................................56 Redpine Exploration.......................................38 Rio Tinto..............................................................21 Sable Resources..............................................56 Sandstorm Gold................................................10 Sayona Mining..................................................46 Sigma Lithium..................................................... 8 SilverCrest Metals...........................................34 Solaris Resources............................................45 SolGold................................................................. 1 South32............................................................... 5 Southern Cross Gold......................................32 Teck Resources................................................39 Tinka Resources..............................................52 ValOre Metals...................................................56 Vanstar Mining Resources............................32 Victoria Gold......................................................19 Wesdome Gold Mines....................................34 World Copper........................................... 20, 50 Yamana Gold ....................................................10

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

Colombia miners brace for environmental crackdown POLITICS

| Presidential contenders pledge stricter regulations on mining, criminalization of pollution their Gramalote gold project in Antioquia. Petro, who would be the first leftist president in Colombia’s history if he wins in June, wants the state to take control of all water basins used for energy generation and mining projects.

BY CECILIA JAMASMIE

iners operating in Colombia are bracing for tighter environmental rules as the two anti-establishment presidential candidates that made it to a runoff on June 19 have promised stricter environmental rules and controls over the industry. After no candidates were able to reach more than the 50% of votes required to win outright in the May 29 election, the South American nation will have to choose between Gustavo Petro, a leftist former guerrilla member and once mayor of Bogota and Rodolfo Hernández, a business magnate viewed as a conservative, populist outsider. Colombia, known for its vast reserves of coal, petroleum, emeralds, gold and copper, has seen its resources sector grow in the past decade. Mining exports in the first three months of the year jumped 44% from the same period of 2021 to US$3.8 billion, the best result in a decade. The industry is also on track to bring in a record 8.8 trillion pesos (US$2.3 billion) in taxes and royalties during 2022, according to the Colombian Mining Association (ACM). Assuming the new president doesn’t overhaul the sector, Colombia’s income from mining

Gustavo Petro. AHPERIODISTA/WIKIMEDIA COMMONS

Rodolfo Hernández. DERECK CAMACHO/WIKIMEDIA

would jump 69% this year from the previous 2021 record of 5.2 trillion pesos, the association said in late May, crediting rising prices for the projected increase. Petro, the 62-year-old left-wing candidate, is running on a platform that proposes radical changes to the country’s economic model to combat one of the highest inequality rates in the world. Petro has said that under his administration, coal and oil reserves will be left buried, while his government will search for ways to

finance the country’s decarbonization. He has also promised to ban large-scale, open-pit mining, but hasn’t specified whether this would apply to new projects only. Some of the open pit mines currently operating in Colombia include Glencore’s (LSE: GLEN) Cerrejón coal mine in La Guajira and South32’s (LSE: S32; ASX: S32) Cerro Matoso nickel mine in Cordoba. B2Gold (TSX: BTO; NYSE-AM: BTG) and AngloGold Ashanti (NYSE: AU; JSE: ANG) are in the feasibility study stage at

Community involvement Perhaps the most significant change under Petro, who obtained 40% of the votes, would be boosting people’s participation in decisions related to their land bases, which will be binding. Under the current rules, communities have a right to be consulted and to have a say in activities developed in their territories. They don’t, however, have an explicit or implied veto over mining projects. Petro has also vowed to increase environmental, labour and tax controls on ongoing mining operations. He plans to create a fund so the country’s energy transition is financed with resources from royalties and those from the elimination of some tax benefits for the hydrocarbons, coal mining and hydroelectric sectors. He said he’ll protect artisanal and small-scale miners, while making big companies responsible for environmental liabilities, including land rehabilitation and water sources clean-up.

Petro’s rival in the runoff will be billionaire Hernández, the self-proclaimed “King of TikTok” who adopted a confrontational stance with traditional media, drawing comparisons to that of former U.S. President Donald Trump and Brazil’s Jair Bolsonaro. When it comes to mining, Hernández offers fewer specifics than Petro. The 77-year-old, who obtained 28% of the vote, has said he’ll hold multinationals accountable to the same standards they must follow in their countries of origin. At the same time, he wants to attract investment in the sector with clear permitting rules that include strategic meetings with communities close to a project. Hernández also wants to modify the Penal Code to designate damages to the environment, including risks to public health, as a crime. The candidate is from Santander, a department where several largescale gold projects have been halted, including Eco Oro Minerals’ (CSE: EOM) Angostura gold project a decade ago and Sociedad Minera de Santander’s (Minesa) Soto Norte gold project. He proposes a special protection plan for the Colombian Amazon and the country’s biodiversity-rich areas, which today are affected by illegal extraction and deforestation. TNM

www.northernminer.com JOINT VENTURE ARTICLE

SRK Consulting helps miners maximize the value of resource drill programs BY NORTHERN MINER STAFF

Mineral exploration is at the front end of the mining industry, and the discovery of new orebodies is vital to meeting the increasing demands of a growing world population. However, finding new orebodies, particularly ones sufficiently enriched to become working mines, is hugely challenging. Even after a discovery has been made, “defining the size, grade, and continuity of the mineralization, and then estimating its mineral resource or reserve can be extremely costly and time-consuming,” says Justin Smith, principal consultant at SRK Consulting. “With exploration budgets continually being squeezed, geologists need to design and execute drill programs that maximize the value of exploration and resource drilling — usually as additional profitable resources or reserves.” Although there are various methods for ranking and prioritizing drill targets based on depth, expected grade, volume, and general continuity of a potential orebody, the quantification of the potential value of each planned drill hole “is rarely performed by companies,” he says. For many exploration companies, he adds, testing the effect of a drill hole “is simply considered unnecessary, as the most interesting geology can be seen on a cross section and then targeted.” However, he says this assumption can often “be risky and lead to wasted drilling dollars.” Smith, who has over a decade of experience in mine planning and

Exploration drill program at Yandera. ERA RESOURCES INC. (NOW PART OF FREEPORT RESOURCES INC.)

engineering, says that explorers should “view mining projects as a business” and, as such, should ensure that “expenditures maximize the potential profit.” He says that once a resource estimation is incorporated into a geological model, modern modelling software can perform pit or stope optimization runs, allowing drilling campaigns to be designed and tested “much faster today than even ten years ago.” “The impact a drill hole is likely to have on the value of a deposit can then be tested before any investment in actual drilling is made, potentially eliminating the cost of drilling a hole that adds no value to the deposit.” Smith says the process doesn’t require expensive software packages

supported by specialized consultants, with geological modelling software, like Seequent’s Leapfrog Geo, providing a quick and relatively inexpensive solution. “Provided a company has sufficient existing model data and reasonable geologic and grade models, a basic geological modelling package and optimization software can allow them to plan more cost-efficient and effective resource drilling campaigns.” To illustrate a real-world application of the process, he described its implementation at the Yandera copper project in Papua New Guinea, owned by Era Resources Inc. (In 2021, the Canadian junior exploration company Freeport Resources Inc. acquired Era.)

“Yandera is a large, low-grade porphyry copper deposit located in very steep mountains in the jungles of Papa New Guinea. The corporate focus was to bring more ore tonnes into the project’s resource to increase its value,” Smith explains. The terrain and scattered grade distribution, he says, led to numerous possible drill targets, with each target requiring drill pads cut into the side of mountains and helicopters to haul in equipment. In addition, he adds, the monsoon season was also approaching. “The number of drill targets, expensive drilling costs, and short drilling season, meant that a more sophisticated approach to prioritize the drill targets was required,” he says. Using planned hole data and

expected intercepts and grades provided by Yandera’s geologists, Smith modelled “virtual ore zones” and then fed these into automated resource estimation programs. “We then re-estimated the resource model, filling the newly defined virtual ore zones with grades, and a pit shell was generated,” he explains. “Each drill hole’s expected impact on the in-pit resource was then evaluated, and the drilling program prioritized accordingly.” He noted that the entire process, which included over 100 planned holes, took less than two days. As the drilling program progressed, Smith assessed sampling results in near real-time and the planned holes were adjusted to reflect the real-world drilling results. The model was then re-run, and target priorities adjusted. “In total, four modelling iterations were run, leading to changes to the planned drill program, with the subsequent investment in drilling increasing in areas that outperformed the virtual model and abandoned in underperforming areas.” He says the new approach yielded a 20% increase in the mineral resource by increasing the drilled metres by less than 5%. “Quantifying the possible value of a resource drilling campaign before drilling can reduce the risk associated with exploration and help to maximize the return on that investment,” Smith says. The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by SRK CONSULTING and produced in cooperation with The Northern Miner. Visit www.srk.com for more information.

JUNE 13 — 26, 2022 / THE NORTHERN MINER

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ECUADOR from 1

Access to authorities has also improved (the Ecuadorian Mining Chamber has met with President Lasso four times since he took office), and the appointment in April of mine engineer Xavier Vera as Minister of Energy and Mines, a post usually held by oilmen, also bodes well for the sector. Lasso’s efforts have not gone unnoticed. In the Fraser Institute’s annual survey of mining companies released in April, Ecuador’s score jumped to 72.79 points, making it the most attractive country in South America. That’s partly due to increased political uncertainty in Chile, Colombia, and Peru, but also real progress made in Ecuador over the last year. In May, the Environment Ministry granted an environmental licence to Atico’s La Plata underground gold project, which could begin construction next year. Similar announcements are expected on Loma Larga and Domo in the coming weeks. The government has also signed pioneering investment protection agreements with Lumina Gold and SolGold, offering legal certainty while the companies advance their projects in return for guaranteed investments totalling almost US$500 million. Development of these two large projects would put Ecuador firmly on the map as one of South America’s leading mineral producers. According to a prefeasibility study published in April, a US$2.7-billion underground project at SolGold’s Cascabel could produce almost 200,000 tonnes of copper, 680,000 ounces of gold, and 1.3 million oz. silver annually during its first five years in production.

A site tour of Adventus Mining’s Santiago project in Ecuador. ADVENTUS MINING

Above: Atico Mining’s La Plata project in Ecuador. ATICO MINING Right: A team meeting at Atico Mining’s La Plata project. ATICO MINING

suspension. It could reopen to new applications by the end of the year, Guillermo Flores, executive director of mining and energy regulator ARCERNNR, told The Northern Miner. With dozens of mining companies already in Ecuador and oth-

Potential rush for claims And while its registry of mining properties has been closed since 2018 following pressure from Indigenous communities, Lasso’s government has now begun to process applications made before the

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ers waiting to get a foothold, that could trigger a rush for claims and this time the agency will have the systems and staff in place to ensure transparency and greater legal certainty, some industry observers say. In the meantime, President Lasso has ordered state mining

company ENAMI EP to seek investors to develop its extensive portfolio of mining claims. “We have a huge number of opportunities from a geological point of view that we can offer,” says ENAMI executive director Julian Agurto. The company is also working to resolve a dispute with Chile’s Codelco, currently in arbitration proceedings, which has snagged the giant Llurimagua copper project. A greater challenge will be tackling illegal mining, a scourge in many parts of South America, which often leaves a trail of violent crime and environmental degradation. Lasso has promised to eradicate the problem, which taints public opinion about legal mining, but Flores admits his agency lacks the necessary manpower. A raid last February by police and inspectors on a gold rush in the Ecuadorean rainforest seized almost 150 backhoes. Opposition to mining Environmentalist and Indigenous movements that oppose mining in large parts of the country remain a potent force. Yaku Pérez, an anti-mining activist, won almost as many votes as Lasso in last year’s election and the Pachakutik Indigenous party he represented is the second largest bloc in the National Assembly. In a referendum last year, residents of Cuenca, Ecuador’s third largest city, voted overwhelmingly to ban mining near local watersheds, including part of Dundee’s Loma Larga project (although a court has said the result is not retroactive). Activists are now collecting signatures in Quito to hold a similar vote on the 2,860-sq.-km Choco Andino, a UNESCO biosphere reserve. Environmentalists have also become adept at using the courts to block projects. In December 2021,

the Constitutional Court revoked the permit granted to Cornerstone Capital Resources’ (TSXV: CGP; US-OTC: CTNXF) Rio Magdalena project in northwest Ecuador, arguing that proper consultations had not been carried out. But while some view these rulings as setbacks, others, including some lawyers, see the courts as clarifying the rules for mining companies in the face of deficient or absent legislation. Following a mandate from the Constitutional Court, the government is readying legislation to regulate the consultations that must be carried out for investment projects near Indigenous lands. Meanwhile, industry advocates hope that the economic benefits of mining will help to shift public opinion. With just two mines in production, minerals are already Ecuador’s fourth largest export behind oil, shrimp, and bananas. A study commissioned by the Ecuadorian Mining Chamber found that developing the 12 most advanced mining projects would attract US$16 billion of investment and add 1.2 million jobs by the end of the decade. The impact is even greater on the ground. Development of the Fruta del Norte and Mirador mines has transformed the southeastern province of Zamora Chinchipe from a sleepy backwater into one of Ecuador’s most dynamic economies, with hundreds of new jobs and businesses created over the last five years. Average incomes in the Yantzaza district, home to Fruta del Norte, are now the third highest in country, behind Quito and Guayaquil. People elsewhere in the country would like to share these benefits, Ycaza says. “This romantic environmentalism, which has won votes in recent elections, has lost momentum,” he says. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

JOINT VENTURE ARTICLE

Analyzing drilling rates, costs, and core photos in real-time. KRUX ANALYTICS

Krux Analytics offers better data-driven decision making for the mining industry BY NORTHERN MINER STAFF

Mining and mineral exploration companies are under increased pressure to improve drilling performance. More accurate drilling can benefit every aspect of a mining operation by making it smoother, safer, and more productive. Drill operators, however, are required to oversee streams of complex data, generate value from that data, and manage tasks in need of constant attention during operations, which can often impact the performance of the drilling. Consequently, many are increasingly automating their operations by adding equipment sensors to collect drill data and using technologies to process, analyze, and transmit this data across their organization to improve productivity, reduce costs, and increase return on investment while promoting more sustainable mining practices. Founded in 2016, Calgary-based Krux Analytics has developed an enterprise-level software platform that helps mining companies from tier one operations and juniors to singledrill outfits to track and improve their

drilling programs in real-time. Jody Conrad, Krux’s founder, president, and CEO, says the platform allows companies “to visualize their drilling programs in real-time, allowing geologists and drilling supervisors to make more informed and timely decisions that drive profitability and performance rather than having to focus on the administrative tasks of managing information.” “Krux enables mining companies and drill operators to target operational efficiencies, optimize performance on any scale, and add dollars directly to the bottom line. It does this by helping them to improve data-driven decision making by standardizing the collection and consistency of site data and allowing them to track drill programs, hole paths, and costs in real-time.” To date, Krux has helped companies with 211 exploration sites worldwide to track over 4 million metres of drilling. Conrad said the platform can also consolidate data from other thirdparty contractors, such as surveys, directional services, construction, geophysics, and flights, into a single

As an instrumentation agnostic solution, Krux provides a seamless data management experience through integrations with third parties. KRUX ANALYTICS

normalized dataset that allows for “consistent visibility and insightful analytics across a company’s entire operation.” A mechanical engineer by training who combines more than 18 years of experience in the drilling industry with operational data analytics and system implementations, she says that what sets Krux apart from other providers “is not only do we understand drilling operations and business reporting requirements, but we also provide expert and tailored customer support and training to our clients.” According to Conrad, for more effective data-driven decisionmaking data must be collected and integrated from various sources, with the instrumentation, drill type, data sources, and service provider all playing a role. “By providing this integrated data to drill operators in real-time, Krux helps them to make informed decisions when they count.” And because the software provides an instrumentation agnostic solution, she says that data from multiple sources can be captured, normalized, and stored on a single centralized platform to ensure consistent output and reporting

for companies, allowing them “to compare ‘apples with apples.’” “Just as Krux ensures integration of data entering the system, an API [Application Programming Interface] is provided so that the output from our platform can be taken to the next step or next platform in the process.” By offering a single platform with customizable dashboards that can simultaneously display multiple datasets, Conrad says these aggregated datasets can allow users to optimize their drilling campaigns and control costs on a global scale. “Krux is the only software that allows users to aggregate all their contracts together, enabling them to review costs and make meaningful comparisons.” She said that this allows the platform to provide an aggregated view of a company’s operational and financial performance in one place. “Our pre-configured and customizable dashboards allow for better decision making in real-time based on more accurate, robust, and comprehensive data. As a result, the Krux platform becomes the single source of truth at the site.” And for companies reluctant about storing information in the cloud and

Krux offers the ability to track drilling progress and budgets from anywhere. KRUX ANALYTICS

exposing themselves to cybersecurity risks, Krux is Service Organization Control 2 (SOC2) certified. SOC2 is a technical auditing process and certification for data security under the American Institute of Certified Public Accountants. It assures companies that their data is stored in a controlled and audited environment. “We know that data security is of the utmost importance to our clients and that there are years of experience that go into managing their operations,” Conrad said. “As part of our [SOC2] certification, our systems undergo vulnerability and penetration testing quarterly as well as annual audits and certifications to ensure that they are safe and secure.” She encourages people to contact Krux for demonstrations of how the software can help create operational efficiencies or “to stop by our booth to chat at events such as PDAC 2022 this June.” The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by KRUX ANALYTICS and produced in cooperation with The Northern Miner. Visit www.kruxanalytics.com for more information

Visualizing the deviation of a drillhole from the planned path. KRUX ANALYTICS

JUNE 13 — 26, 2022 / THE NORTHERN MINER

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Investment in recovery technology is the future, says Sigma Lithium CEO LITHIUM

| Company aims to start production at Grota do Cirilo project in Brazil in Q1 2023

BY NAIMUL KARIM

A computer rendition of the Grota do Cirilo lithium project. SIGMA LITHIUM

he next “boom” in the mining industry is going to be in recovery technology, as companies focus on making the most out of existing resources, says Ana Cabral-Gardner, co-CEO of Sigma Lithium (TSXV: SGML; NASDAQ: SGML), which is developing the large Grota do Cirilo lithium project in Brazil. While investing in technology that improves recoveries and allows existing resources to produce more may not seem as “sexy” as building the next big app, it is what is necessary to ensure that the planet isn’t stripped of resources, says the former investment banker. “(Sigma Lithium’s) recoveries are fantastic (about 66%). But they are not 100% because the technology isn’t there,” says Gardner, who spoke to The Northern Miner from Brazil in late May. “We are hoping that materials technology can eventually solve this. It just hasn’t been the focus yet… but some key actors have started doing that.” As the world looks to transition away from fossil fuels and meet its net-zero goals by 2050, the demand for electric vehicles has started to rise quickly. However, this has also led to a spike in the prices of metals like lithium and nickel, used to make batteries that power the transition, due to a lack of supply. Sigma’s Grota do Cirilo project, which is expected to become one of the world’s largest suppliers of lithium in the next few years, hopes to both tackle the supply deficit in the market and operate in an environmentally friendly way. “The key thing about lithium is it’s not exactly mining,” Gardner says. “Mining is the beginning of it, the real differentiation happens on the metallurgy. The lithium product in pre-chemical form is the

function of the metallurgical characteristics of what you produce.” Sigma has been able to improve on an existing technology for separation, purification and concentration of the lithium in the feedstock that’s mined, making the process greener. There are two technologies, in general, used to process lithium from its concentrate: via dense media separation (DMS) technology, which uses gravity, or flotation. Companies generally tend to use a combination of both, but Sigma will be depending upon DMS. ‘Superior’ technology The Vancouver-headquartered company built a demonstration plant about four years ago that allowed it to test the different stages of the DMS and become more confident about using the method. “We ended up perfecting the flowsheet design solely with DMS… We have been achieving 66% recoveries. So, it’s a superior technology to a certain extent for the mineralogy we have,” Gardner says. Katie Lachapelle, director of

equity Research at Canaccord Genuity Corp., who follows the company, echoes a similar sentiment and described Sigma’s recoveries as “quite impressive” in an interview with The Northern Miner. The technology, however, won’t work for every project since it depends on the characteristics of the lithium feedstock. In the case of Sigma, the feedstock has large crystals and lithium exists in large crystal form. “We do not have to crush to micron. We can actually crush to coarse and be successful in separation and purification,” Gardner explains. “The bonus of it is that it is an environmentally sustainable technology… It does not use chemicals to perform the separation. The flotation plant has fourteen stages and you have to grind to micron and use chemicals to perfect that.” In addition, the company aims to dry stack its tailings, use only renewable hydro power and completely recirculate and reuse the water in the plant. “The water we use comes from sewage-grade river. We have to

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treat it, which is expensive and that’s why we will also recirculate the water till it is used in full… We want to keep it till the last drop,” she says, adding that the company is working on a way to recycle its tailings for use in ceramics. In terms of sustainability, the weak spot or the “Achilles heel” of a hard rock operation like the Grota do Cirilo, as Gardner puts it, is the use of diesel in mining trucks that transfer the mined products. To tackle that the company hopes to increase the use of biodiesel up to 50%. According to Gardner, the company’s focus on clean energy and the project’s positive technical studies are some of the reasons why it was able to “bypass three steps” in the supply chain and and ink offtake agreements to sell lithium directly to battery makers like LG Energy and Mitsui. “The battery makers do not use our product, but they understood the quality and green value of it and they made processing arrangements… versus them receiving the final product from the supply

chain,” Gardner says. Analyst Lachapelle says that Sigma has put in a “lot of effort” to address environmental concerns. “Relative to peers, I would argue that a main focus for Sigma has always been ESG…the project is also located in Brazil, so it will benefit from being powered by 100% clean hydroelectricity.” Phased development The company is currently developing the first two phases of the project, located in the northeast Minas Gerais state, which will see mines built at its Xuxa and Barreiro deposits. Construction at the Xuxa deposit began in December and is likely to be completed by the end of this year. Based on a technical report released by the company on May 26, the two phases combined are expected to generate an after-tax net present value of US$5.1 billion and an internal rate of return of 589%. The study projected an average annual production runrate of 531,000 tonnes of battery grade lithium and a 13-year operating life. In the first phase, production is projected at about 270,000 tons of battery grade lithium per year over eight years at an average all-in sustaining cost of US$459 per tonne, according to the report. Construction of the second phase is expected to begin once commissioning of the initial project begins towards the end of the year. Pre-production capex for the first phase has been pegged at US$111 million, while phase 2 is expected to cost about US$76 million. The reason behind the “incredible” numbers, says Gardner, is Sigma’s strategy of investing in green technology during the early days of the project in the mid-2010s. “It looks easy looking backward, but it was really hard when we tried to connect those dots,” she says. While Lachapelle described the capital cost to build the project as “very low” compared to peers, she believes that one would have to wait until the company starts producing, early next year, to provide a final verdict on its success. In a research note to clients published on May 26, Lachapelle writes: “We continue to believe that Sigma is uniquely positioned with a Tier 1 asset, short timeline to production (<12 months), and substantial growth on the horizon. These attributes make the company a clear takeout target, in our view.” Gardner acknowledges that the demand for metals go through different cycles and that Sigma survived the low-lithium price phase, she expects the demand for critical minerals to continue to grow due to “structural changes” in the post-pandemic era. “There’s been a lot more climate consciousness coming out of this pandemic, which people believe was somehow caused by the lack of care,” says Gardner, adding that the boom has led to customers in Europe and the U.S. waiting for at least a year to buy an electric car. And in the long run, Gardner says that the winners in this supply chain that’s plagued by shortages will be the ones “who can produce these materials in accordance with the ethos of the consumer of that car, to whom we owe everything.” At press time in Toronto, Sigma shares traded at $21.54 within a 52-week trading range of $5.28 and $24.51. The company has a market cap of $2.2 billion. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

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JUNE 13 — 26, 2022 / THE NORTHERN MINER

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Equinox and Sandstorm create new royalty company M&A

| Sandbox Royalties to form in US$93M deal

BY CECILIA JAMASMIE

quinox Gold (TSX: EQX) and Sandstorm Gold (TSX: SSL; NYSE: SAND) are creating a new diversified metals royalty company — Sandbox Royalties — which will combine assets in the Americas and Europe. The US$93.4-million transaction will see the two Canadian gold producers sell a portfolio of royalties to privately held Rosedale Resources. Equinox Gold is offloading royalties worth US$28.4 million in common shares of Rosedale, while Sandstorm will sell US$65 million in royalties to the new firm. Sandstorm’s portion consists of US$32.1 million in common shares, and US$32.9 million via a promissory note that is convertible into common shares. Upon closing, Sandstorm and Equinox will hold 34% and 30% respective interests in Rosedale, which intends to change its corporate name to Sandbox Royalties and seek a public listing on a Canadian stock exchange. It also expects to undertake a non-brokered private placement financing at 70¢ per share for minimum proceeds of $5 million. The transaction and financing are expected to be completed by the end of June. “Equinox Gold has surfaced tremendous value as a significant

and supportive shareholder of Solaris Resources and i-80 Gold, our previous spin-out companies, and intends to continue that track record with Sandbox Royalties,” Equinox chief executive Christian Milau said in a statement. “With the creation of Sandbox… we are taking royalties that don’t currently receive their warranted value within Sandstorm’s existing portfolio and surfacing their value so that our shareholders can benefit now,” Sandstorm Gold president and CEO Nolan Watson said. The new firm will hold a total of 23 royalty assets, of which nine will come from Sandstorm, four from Equinox and one asset, Cuiu Cuiu, will overlap between the two firms. It will also own the existing royalties held by Rosedale Resources, the companies said. Sandbox will have exposure to a range of commodities including gold, silver, copper, zinc, graphite and uranium, as well as cash flow from producing royalties. The company will be led by Greg Smith as president and chief executive officer, and Marcel de Groot as chair. Smith would transition from Equinox Gold president to the new role at Sandbox and would continue to represent Equinox Gold on the boards of its previous spinout companies, Solaris Resources

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and i-80 Gold. Ross Beaty, Equinox Gold chairperson, said that Smith would focus on building Sandbox, while Equinox would slow its merger and acquisition activities to focus on developing its internal growth pipeline, including the new Santa Luz gold mine, in Brazil, and the large expansion projects at Los Filos in Mexico, Aurizona in Brazil and Castle Mountain in California, as well as the Greenstone construction project in Ontario. The creation of Sandbox Royalties mirrors a strategy used by Sandstorm in February this year, when it created Horizon Copper. This transaction saw the Vancouver-based royalty company sell a 30% interest in the Hod Maden copper project in Turkey and other assets, in exchange for a US$200-million gold stream on Hod Maden, together with equity and debt consideration. In early May, Sandstorm acquired Nomad Royalty as well as a package of royalties from Glencore’s affiliate BaseCore Metals Royalty, for a combined total of US$1.1 billion. As part of the deal, Sandstorm agreed to sell a 1.66% net profits interest on the Antamina copper mine in Peru to Horizon, while retaining a long-life silver stream on the mine. TNM

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Gold Fields to become world’s No. 4 gold miner with US$6.7B Yamana Gold buy M&A

| ‘Monster deal’ clinches high-quality assets in Canada, Chile and Brazil

Salares Norte is one of five gold projects set to begin operations in Chile by 2023. GOLD FIELDS

BY CECILIA JAMASMIE

outh African miner Gold Fields (NYSE: GFI; JSE: GFI) is buying Canada’s Yamana Gold (TSX: YRI; NYSE: AUY) in an all-share deal worth US$6.7 billion, which will make it the world’s fourth-largest gold producer. Under the terms of the deal, announced May 31, Yamana’s shareholders will receive 0.6 of a Gold Field share for each outstanding share in Yamana. That represents a 34% premium to its 10-day average share price of US$5.20 as of May 27, based on the 10-day average value of Yamana American depositary shares of US$11.59 each. The combined company, which will be based in Johannesburg, will have a market capitalization of US$15.9 billion. Gold Fields shareholders will own around 61% of the miner’s stock, while Yamana holders will own the remaining 39%. Gold Fields does not intend to keep Yamana’s listing on the Toronto Stock Exchange. The move fits Gold Fields’ ambitions of expanding across the Americas, particularly in the Southern Hemisphere, despite investor concerns over populist policies and risks of higher mining taxes there. Chief executive officer Chris Griffith, who described the acquisition of Yamana as a “monster deal,” said the transaction provided a solution to the relatively short lifespan of Gold Fields’ existing operations. Griffith also said Gold Fields has been looking for assets that would complement its growth strategy and provide operational synergies. “That’s what the Yamana assets do, they tick all those boxes for us. They bring high-quality assets in Canada, Chile and Brazil, with great pipeline projects in both Canada and Argentina in particular,” Griffith said in a presentation. The Toronto-based miner’s asset portfolio includes the development-stage Wasamac project in Quebec, Jacobina gold mine in Brazil, Cerro Moro gold-silver operation in Argentina, and two early-stage projects in Chile. It also holds a 50% stake in Malartic, Can-

ada’s largest operating open pit gold mine. Gold Fields, with operations in Australia, West Africa and the Americas, has only one mine left in the home country — South Deep. Its portfolio includes three operations in Ghana, the Cerro Corona mine in Peru, and the Salares Norte project in Chile, where the company has encountered some hiccups. First, the company had to deal with relocating a small population of endangered chinchillas and is now facing potential sanctions from the country’s environmental regulator due to the death of specimens of culpeo fox in the area. The company has said the project is on track to begin production in the first quarter of 2023. Apart from the Salares Norte mine in Chile, “we don’t have any projects in the pipeline or any way of countering the decline in production that is due to come from Gold Fields over the next number of years,” Griffith noted. The new Gold Fields could see its total output climb to 3.8 million oz. gold annually from 2024 as Salares Norte begins contributing to production, which would make the company the third-biggest gold miner, Griffith said. Within a decade, the CEO sees Gold Fields potentially increasing production to 4.8 million oz. per year. Analysts believe there won’t be a competing offer for Yamana. “The most logical potential interested bidder is Agnico Eagle, which has a joint venture with Yamana on the Canadian Malartic/Odyssey South mine and project in Quebec,” BMO metals and mining expert, Jackie Przybylowski, said in a note to investors. “Agnico Eagle’s recent merger with Kirkland Lake will likely occupy management’s time and limits the company’s bandwidth for another major transaction at this time,” Przybylowski wrote. Gold Fields said Yamana’s board has unanimously approved the deal, which is expected to close in the second half of 2022. The transaction is also subject to the approval of Yamana and Gold Fields shareholders. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

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JUNE 13 — 26, 2022 / THE NORTHERN MINER

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Scottish wisdom for Canada’s mining securities regulators COMMENTARY BY R. MOHAN SRIVASTAVA

y first half century on this planet was filled with the great joy, and occasional terror, of having a Scottish mother. Gladys brought to Canada an arsenal of words and phrases that explored gradations of foolishness, from “numpty” to “daft.” Once, when the vice-principal sent home a letter asking my mother to explain my recent absence — I’d skipped school with friends to watch our high-school basketball team play an away game — she wrote back: “Don’t be daft. He was at the basketball game. It was championships.” When she wanted to double down on something truly silly, she’d throw in the verb “haver,” which means something like “to babble foolishly.” Wagging her finger, she would say “Dinna haver daft,” making it clear you had no right of appeal, because you were a numpty. God, I miss her! The Canadian Securities Administrators (CSA) could use a bit of Scottish wisdom in the National Instrument 43-101 public consultation they opened in mid-April. They go through this about once every seven years, a kind of spiritual regrowth exercise in which they consult the public about how to improve the regulatory framework that governs public disclosure of Canadian mining companies. Their consultation paper, which is available at www.osc.ca/sites/default/ files/2022-04/ni_20220414_43101_consulation.pdf, explains the issues they hope to address in this rebirth. Anyone can provide feedback, even your Scottish grandmother, by sending comments, before mid-July, to: ccollins@bcsc. bc.ca, comments@osc.gov.on.ca, or

| CSA invites comment on the latest round of updates to NI 43-101

consultation-en-cours@lautorite. qc.ca. I have been an ally of the 43-101 system since its inception. As a consultant, I have encouraged clients to follow 43-101 both in letter and in spirit. As a senior executive in a mining company, I made sure that the company’s public disclosure conformed to 43-101. As lead writer of many 43-101 technical reports, I have toiled over tortured explanations written by my fellow geologists, trying to honour the 43-101 instruction that the audience is not experts, but interested non-expert investors. As a teacher in university courses, I have invited Canada’s securities regulators into my classrooms so that the next generation of our industry’s geologists and mining engineers can learn 43-101 from the horse’s mouth. I have shared pizza and beer with current and past securities regulators, talking through the wrinkles that arise from time to time when the real world throws a curveball. Judge, jury and executioner One of the numpty bits in the CSA’s consultation paper is their desire to be judge, jury and executioner on who can take responsibility for technical disclosure. Central to NI 43-101 is the notion that a Qualified Person (QP) must review all technical disclosure and approve its publication. The requirements for being a QP are clear: a degree in a relevant discipline; at least five years of relevant experience; and membership in one of the named professional organizations, all of which have the power to sanction members, including revoking their licence to practice. The CSA’s consultation paper notes that some people who claim to be QPs are, in the opinion of securities regulators, not qualified. They

A geologist’s notes on drill core at a mineral exploration project. R. MOHAN SRIVASTAVA

point out that they have informed mining companies that “the qualified person does not meet the requirements of NI 43-101 in the circumstance under review;” and they ask for feedback on additional criteria to strengthen their power to disqualify improper QPs. Here’s the feedback I’m going to send them: Disqualifying professionals from doing their work is not a power that securities regulators have; it’s a power that governments have given to the bodies responsible for professional accreditation, like PGO in Ontario, EGBC in British Columbia, AusIMM in Australia or IOM3 in the U.K. A solution already exists to the problem of someone misstating their QP qual-

ifications: file a complaint with the body that accredited them as a professional. For any professional body whose members can be QPs, it is a violation of their code of conduct to claim qualifications or expertise you don’t have. That’s why professional accreditation has been part of the QP definition from the earliest days of 43-101: so that people who falsely claim to be QPs can be properly sanctioned by their regulatory body: ordered to take specific classes, reprimanded, or have their licence suspended or revoked. There are three perils in allowing securities regulators to disqualify professionals from their livelihood: 1) They can (and have) abused this power; 2) They do not

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follow (or, perhaps, do not understand) the norms of professional discipline; and, 3) They are usurping a power granted specifically to another body. This past month, the BCSC has forced the retraction of a 43-101 Technical Report because, according to them, one of the QPs did not meet the requirements. The BCSC claims (as does the CSA in its consultation paper) that a QP must be a registered professional for at least five years. Since professional accreditation bodies typically require five years of relevant practical experience, as something like a Geoscientist-in-Training, the CSA is saying that you’ve got no hope of being a QP until you’re 10 years past graduation: the five you earned in order to be able to register as a professional, then five more as a professional before they’ll accept your claim that you meet the requirements of a QP. Unfortunately, National Instrument 43-101 does not say what the CSA and its individual regulators want it to say. What the Instrument does say, in Section 1.1, is that a QP must have “at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these, that is relevant to his or her professional degree or area of practice.” That wording, which the CSA wrote, does not say that you must be a registered professional while you acquire your five years of experience; the professional registration requirement is in a separate clause, later, and says nothing about a minimum period of time you must have worked as a professional. Their consultation paper makes it clear that the CSA is frustrated by people claiming to be QPs before they have five years of professional practice under their belt. But that’s not the fault of people who read the rules and who correctly understand the plain English words of NI 43-101. It’s the fault of the CSA, who did not create a definition that says what they want it to say. If they want to change the definition, they have the power to do that; it is, after all, their definition. But that’s a project for the future. There is zero fairness in already ruling according to an imagined alternate definition before new wording has been worked out and published. See REGULATORS / 22

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Lies, damn lies, and visual estimates ODDS ‘N’ SODS

| Geologists are best to channel their guestimate urges into Guess-The-Grade beer pools

BY RALPH RUSHTON

sk most professional geologists to define our rocky vocation and they’ll tell you that it’s made up of a large helping of science with a tasty dollop of art slathered on top. To me, that’s why exploration geology is a such lovely discipline. It combines the empirical beauty of observation with the subtlety of multi-disciplinary science. Like it or not though, our industry often bets the house on one person’s interpretation of what may (or may not) lie beneath our feet. It’s this reliance on gut feel and experience that so often leads to mistakes in exploration programs. But it takes a concerted team effort — or the accumulated errors of a single hapless individual — to get things so badly wrong that a company’s future prospects are screwed. As my old boss used to say, never underestimate the resourcefulness of a geologist hell bent on failure. And visual estimates of the grade of core or rock samples are a sure-fire way of damaging the collective reputation of a team, guaranteeing that the company is never taken seriously again. Exploration geologists take a lot of samples: drill core, percussion chips, grab samples, chip-channel samples, saw cut channels, stream sediment, run-of-mine ore samples, base of till, soil — the list goes on. If you work in remote locations, you’ll eventually end up collecting a different type of personal sample in a small plastic pot, but that’s for a different article. For all our science and academic learning, geologists always end up digging holes or smashing things. The samples we collect all end up looking the same: a greyish plastic bag full of muddy grey-brown chunks, sealed with a zip tie, proudly displaying a cryp-

Hand cobbing high grade arsenic ore at the Zarshuran mine in Iran. RALPH RUSHTON

Sulphide breccia in core from the Serbian project where Ralph Ruston correctly guessed the grade. RALPH RUSHTON

tic sample number that’s going to be the source of all error when the assay data base is found wanting by Dr. QA/QC. Then we ship them off to assay labs to measure the concentration of whatever elements the company is exploring for. And therein lies the temptation. We’re going to tell someone —someone in senior management — what the grade is because as the project geologist

we know the grade, right, ‘cos we understand the project better than anyone else don’t we? It’s one of the easiest ways for a young geologist to book themselves a dark, mouldy spot on the crowded wall of The Mining Hall of Infamy and guarantee a very short, painful career path to geo-obscurity: A quietly whispered number over the phone to management. Every so often a geologist will go

completely off the rails and include a “guess” in their news release at what the grade of said samples might be — yes, the dreaded visual grade estimate. Why would you do something so painfully stupid? Anyone with half a brain should know that in today’s regulatory environment it’s a short cut to the kind of slow professional castration that rarely ends well. Whether it’s core, or rock chips or a grab, the only certainties are that a) you’re going to be wrong, and b) if you do publish, expect the cold, dead, clammy hand of the securities regulators to come a-knocking on your door asking for a detailed retraction on pain of a jolly good

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spanking by a nasty person wearing a clown mask. This is followed up by Soviet-style re-education in a classroom gulag supervised by the professional body of whatever jurisdiction you’re in. The Ontario Securities Thingy politely notes in one of their 200-slide technical disclosure guideline presentations that reporting visual estimates of mineralization is “potentially misleading disclosure.” (As an aside, I can only guess what it must be like sitting through one of their information sessions at the PDAC. Hour after slow dragging hour of gripping regulatory guff, delivered through a cacophony of snoring. I’m sure some people find it interesting in the same way a colonoscopy lecture might appeal to a certain kind of medical professional but it ain’t my cup of tea.) Don’t do it I digress. However much the regulators bang on about not indulging in visual estimates, the folklore of our business is still awash with anecdotes about nose combers foolish enough to have tried it only to see their careers derailed. Despite the inherent risks, most geologists will try it at some point in their career because they can’t resist. It’s too much fun, and hey, they might be right, which would be brill and all their colleagues would worship them forever. So, to all you newbies out there, here’s some advice: if you feel the urge to try it and you really want to spout on to Dr Johnson PhD in head office about your can’t-miss visual estimates, ask a colleague to slap you half a dozen times before you hit send. DON’T DO IT. IT’S NOT WORTH IT. YOU WILL DIE A THOUSAND LONELY DEATHS. Over a beer at a reception at the recent Vancouver Resource Investment Conference, a buddy told me how as a junior geologist he ended up having to repeatedly lie to his management team about the project he was drilling. The first time he called in to his boss with a verbal progress report, which included a visual estimate of sulphides and possible grades for a massive sulphide intercept. To his horror, the estimates were “news released” the next day. And the second time too. In the end he See ODDS ‘N’ SODS / 25

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YMP Scholarship Fund grows to $200,000 WORKFORCE

| Industry-funded opportunities key to bringing new talent into mining

BY NORM TOLLINSKY

pplications for the 2022 Young Mining Professionals (YMP) Scholarship Fund are now open for students enrolled this coming September in an Earth Science or Mining Engineering program at a Canadian university. The value of the YMP Scholarship Fund, the largest mining scholarship fund in the world according to the YMP executive team, has grown from $12,000 when it was founded in 2018 by Stephen Stewart, chair of the ORE Group, and Anthony Moreau, CEO of American Eagle Gold (TSXV: AE), to a whopping $200,000 in five years. This year, there are a total of 44 individual scholarships funded by 23 different companies ranging in value from $500 to $15,000, each of which must be applied for individually online. The deadline for applications is Aug. 31 with successful applicants to be announced Oct. 1. Students may apply to as many scholarships as they qualify for. In addition to the cash awards, many of the scholarships include opportunities for internships, offering students valuable experience in the mining industry. Applicants will be considered based on academic achievement, extracurricular activities and submissions demonstrating innovative ideas and a commitment to a career in mining. The scholarship fund’s mandate

Alex Bateman at New Gold’s New Afton mine in Kamloops, B.C., where she was a mine operations planner. HOGHEAD MEDIA

is to attract young people to Canada’s exploration and mining industry by supporting their academic studies. Alex Bateman, a mining engineering student entering her fourth year at the British Columbia Institute of Technology (BCIT) in Vancouver, can vouch for the importance of the scholarship fund. Winner of Iamgold’s (TSX: IMG; NYSE: IAG) $4,000 Woman in Mining Scholarship in 2019, Alex took a circuitous route to a career in the mining industry after graduating with a degree in eco-

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nomics and math from Queen’s University. “I didn’t know about the mining industry when I was in high school because when you grow up in a city like I did you’re not exposed to the mining industry,” she said. It was a mine tour while working up north on a First Nation youth training program that convinced her to make a career change and apply to the mining engineering program at BCIT. “Living in Vancouver and going to school is very expensive, so winning the scholarship helped a lot

and served as validation that I was making the right decision. “I’m typically someone who gets pretty bored working at a mundane job and the mine tour opened my eyes to what everyone was doing, how dynamic it was and how everybody came together from different departments to achieve a common goal,” said Alex, explaining what appealed to her about the mining industry. “I knew immediately this was the career for me.” In addition to her immersion in academic studies, Alex has gained valuable experience working for the JDS Group on assignments for Centerra Gold (TSX: CG; NYSE: CGAU) and at New Gold’s (TSX: NGD; NYSE-AM: NGD) New Afton operation in Kamloops. Now a member of the YMP Scholarship Fund executive committee, Alex volunteers to help other students take advantage of the fund’s financial assistance and opportunities for internships, knowing how important they were for her. The YMP Scholarship Fund executive team is particularly proud of the $25,000 worth of funds donated by the ORE Group and Agnico Eagle Mines (TSX: AEM; NYSE: AEM) for Indigenous focused scholarships. Other notable scholarships aim to support women in mining and promote the study and advancement of environmental, social, and corporate governance principles. The fact that the fund is managed entirely by volunteers and that all of the money contributed goes to the students is also a factor in its success. The growth of the scholarship fund is largely attributed to mining companies that see it as a means of recruiting young talent. In its absence, most sponsors would likely spend just as much or more on recruitment expenses. The YMP Scholarship Fund is a registered Canadian charity offering tax receipts to donors. Individuals and companies interested in sponsoring a scholarship in future are encouraged to contact YMP by emailing scholarships@youngminingprofessionals.com. Full list of scholarships Following is a list of the YMP scholarships for the 2022-2023 academic year: n The Agnico Eagle Perseverance/Kajussissimainarniq Scholarship — 1 x $10,000 One $10,000 scholarship and an interview for an internship will be awarded to a Nunavut Inuit student pursuing a career in mining. n Alamos Gold’s Student in Mining (Northern Ontario) Scholarship — 1 x $5,000

One $5,000 scholarship will be awarded to a student enrolled in a mining-related program at a Canadian post-secondary educational institution. Students must either study at an institution located in Northern Ontario or reside in Northern Ontario. n Alamos Gold’s Student in Mining (Financial Need) Scholarship — 2 x $5,000 Two $5,000 scholarships will be awarded to a student enrolled in a mining-related program at a Canadian university. Students must provide a statement of financial need to be eligible for this scholarship. n Appian Capital Advisory Mining Scholarship — 1 x $15,000 One $15,000 scholarship will be provided to a student enrolled in an MSc or PhD degree program in Finance, Geology, or Engineering with a focus on the mining industry at a university in Canada. n Appian Capital Advisory Mining Scholarship — 2 x $5,000 Two $5,000 scholarships will be provided to students enrolled in Finance, Geology, Engineering or a mining-related Earth Sciences program. One scholarship will be awarded to a student enrolled in a Quebec post-secondary school and one scholarship will be awarded to a student enrolled in a post-secondary program elsewhere in Canada. n Barrick Gold’s Peter Munk Scholarship — 1 x $10,000 One $10,000 scholarship and an interview for an internship with Barrick will be awarded to a student who embodies Peter Munk’s entrepreneurial spirit. n B2Gold’s Women in Mining Scholarship — 1 x $10,000 One $10,000 scholarship will be awarded to a student enrolled in their third or fourth year of a mining-specific program in Canada. Students must demonstrate that they are pursuing a career in the mining industry and participate in activities or organizations that align with B2Gold’s vision and values of maintaining high environmental stewardship and social responsibility standards. n Equinox Gold’s BC Mining Scholarship — 1 x $5,000 One $5,000 scholarship will be awarded to a student who is a resident of British Columbia or enrolled in a mining-specific program for the 2022/2023 year at a post-secondary educational institution in British Columbia. n Equinox Gold’s Northwestern Ontario Mining Scholarship — 1 x $5,000 One $5,000 scholarship will go to a student enrolled in a mining-specific program at Lakehead University or who is a resident of the Kenora, Rainy River, or Thunder Bay districts. n IAMGOLD’s Woman in Mining Scholarship — 1 x $10,000 One $10,000 scholarship will be awarded to a female-identifying student currently enrolled in a mining-specific undergraduate program at a Canadian university. n JDS Mining Scholarship — 2 x $5,000 Two $5,000 scholarships (one for a male and one for a female) will be awarded to a student in a mining engineering program at a Candian post-secondary educational institution. The winner will also be eligible to interview for an internship with JDS. n Joan Margaret Stewart New Canadian Scholarship — 2 x $2,500 Two $2,500 scholarships will be awarded to new Canadian stuSee YMP / 22

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

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A way forward for mineral explorers and Indigenous Peoples COMMENTARY

| Juniors have a part to play in economic reconciliation

BY MICHAEL MCPHIE AND CHRISTY SMITH

elationships between the mineral exploration and mining sector and Indigenous peoples within Canada and around the world vary across a broad spectrum — from respectful and mutually beneficial to antagonistic and harmful. We see these diverse variations play out on a global stage and how companies navigate this increasingly complex socio-political environment is a primary factor in whether a project advances. Leading companies have embraced this reality and recognize the importance of effectively engaging, building and sustaining meaningful relationships with Indigenous communities. Getting it right is not easy though and, like the diversity of Indigenous history and cultures around the world, there is no one right way to pursue this goal. There are, however, some key ideas and examples of how to create conditions for positive relationships to be built with the foundation being respect, knowledge, understanding and the recognition of Indigenous rights. What is meant by economic reconciliation? In its 2015 final report, the Canadian Truth and Reconciliation Commission (TRC) defined reconciliation as “establishing and maintaining a mutually respectful relationship between Aboriginal and non-Aboriginal peoples in this country. For that to happen, there has to be awareness of the past, acknowledgement of the harm that has been inflicted, atonement for the causes, and action to change behaviour.” There has been harm inflicted on Indigenous Peoples worldwide through the unchecked exploitation of natural resources — without, in far too many cases, material benefits returning to them. These same communities have also had to, in some cases, endure legacies of environmental degradation and negative social impacts that continue to this day. This is not to say this has always been the case. But

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Christy Smith and Michael McPhie, principals of Falkirk Environmental, and authors of Weaving Two Worlds – Economic Reconciliation Between Indigenous Peoples and the Resource Sector.

there are far too many examples where this is the reality. As noted by the TRC economic reconciliation is about acknowledging this harmful past, showing that responsibility is taken, apologizing as needed and paying reparations where necessary. And, from there, taking concrete steps to change the behaviour and actions of those involved in industry today. These steps include addressing critical issues such as the recognition of pre-existing Indigenous rights, adhering to the principles of free, prior and informed consent, supporting a collaborative approach to decision-making, looking for ways to more equitably share in benefits and, ensuring sound environmental stewardship in all projects that are advanced. Where does mineral exploration fit in this discussion? The prospectors, geologists and geoscientists that form the foundation of the mineral exploration industry both within Canada and globally are almost always the first to “make contact” with local communities. Following on the scientific evaluation of mineral potential or an awareness of historical geological discovery, it is most often the people involved in the search for and discovery of minerals that begin the conversation with those whose lands on which they wish to explore. And, as the old saying goes, you never get another chance to make a first impression! This is long before there is any

confidence that there is the potential for an actual mine. And as those of us familiar with the elusiveness of exploration success, most exploration projects never advance beyond their early stages. However, often communities not aware of the nature of the business or whose only real knowledge of mineral exploration and mining comes from stories or examples they have seen or heard about do not distinguish between what is early stage and what might come. The footprint of mineral exploration is typically small and reversible. There are plenty of great guides and direction (for example “E3 — Plus” by the PDAC) for how the exploration industry can manage their activities in the least impactful manner. But, for Indigenous communities this seemingly small and low impact project can be viewed as a first step towards future exploitation and development that may or may not be welcomed. This can create real tension within a community that may fear the introduction of industry into their homelands and force discussions about future potential development long before what shape that might take is known. What is a mineral exploration company and team to do? Taking the idea of first contact, when engaging with an Indigenous community or communities, there are some meaningful things that an exploration team can do to set the company up for possible success. And, we say possible because it

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must be recognized, with UNDRIP and free, prior and informed consent being the obligation that a responsible company must now adhere to, that a hard reality for industry is — they may not be welcomed. And, if that is the case, for whatever reason, that view must be understood and respected. In the case that the Indigenous community is open to exploration activities to occur within their traditional territories then the question turns to: what steps can be taken to provide the best opportunity for a positive outcome? We do not have enough space in this column to fully explore these ideas, but some key steps companies can take in this journey include the following: n Self-Reflection — prior to beginning a dialogue with Indigenous communities, take the time to consider the beliefs, biases and experience of your own team and management. This is a critical step that is often overlooked. n Education and Learning — prior to making formal contact, take the time to learn about local Indigenous cultures and beliefs, the history of industry working in the area in which you want to explore, and know the important cultural, governance and community practices in place. n Land and water — in your quest for understanding, seek out knowledge on unique Indigenous perspectives regarding environmental stewardship, Indigenous knowledge, cultural connection, and time. n Effective engagement — take the time to learn how to engage in a harm-free way, on a community-by-community basis. There are some amazing people out there that can help you. Seek them out, get good guidance and prepare yourself properly. n Entering into agreements — We almost always recommend, if the community is willing, to enter into an agreement right at the beginning. A memorandum of under-

standing (MOU) or exploration agreement are great ways to start a positive relationship and provide confidence to both sides on what is expected of one another. Consider working with the community to have them become equity holders in your company. n Create a Reconciliation Action Plan — reconciliation is a journey, not a destination. And to be successful you and your company must constantly work on supporting a meaningful, respectful and productive relationship. An Action Plan that is endorsed by the board and senior management and implemented throughout the project team can be a great way in which to ensure that journey is successful over the long term.

What does ‘getting it right’ look like? There are many in industry who are advancing reconciliation today both within their own companies and industry wide and there are many Indigenous leaders who are charting a good path for their communities. Some recent examples include the Nisga’a Nation and Ascot Resources (TSX: AOT; US-OTC: AOTVF) working together in the development of the Premier Gold and Red Mountain projects in northwestern British Columbia; Osisko Development (TSXV: ODV; NYSE: ODV) working closely with the Lhtako Dene Nation, Williams Lake and the Xatśūll First Nations in the development of the Cariboo gold project in central B.C.; and Alamos Gold (TSX: AGI; NYSE: AGI), working with the Matachewan and Temagami First Nations at the Young-Davidson Mine in northern Ontario. These companies and communities are demonstrating how respectful and beneficial relationships can work. And there are many others. There is no one answer for defining what it takes to “get it right” when it comes to economic reconciliation though. As there are more than 600 recognized First Nations, Inuit and Metis communities across Canada and thousands around the world, “right” is a relative term that can only be defined by the community in which a project or relationship is being built. However, what is clear from recent examples of industry and Indigenous communities working together is that by starting relationships with respect and the recognition of rights, taking the time to understand different histories, perspectives, and beliefs, being adaptable and open to new ways of doing business, doors to shared opportunity are being opened for all involved. TNM — Michael McPhie, M.Sc., QEP, serves as co-chair and founding partner of Falkirk Environmental, is the former president and CEO of the Mining Association of British Columbia and is an officer and director of several publicly traded and private resource companies. — Christy Smith, B.NS., MBA, is a member of the K’ómok’s First Nation on Vancouver Island and is a partner and vice-president of indigenous and stakeholder engagement at Falkirk Environmental and vice-president of sustainability at TDG Gold. Together they are the authors of Weaving Two Worlds – Economic Reconciliation Between Indigenous Peoples and the Resource Sector (www.weavingtwoworlds.com).

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

Premier Sandy Silver sees role for Yukon in critical mineral production GMS

| Territory moves into top 10 in Fraser Institute’s 2022 ranking

BY ALISHA HIYATE

he Yukon may only have three hard rock mines in production — a gold mine, a silver mine, and a copper mine but Premier Sandy Silver believes the territory will have a big part to play in supplying the minerals needed for the energy transition, he said at The Northern Miner’s recent Q2 Global Mining Symposium. “Our whole history is based upon mining, since the gold rush in my riding of Dawson City and the Klondike,” he said at the virtual event in late May. “Through the years, the efforts of prospectors and explorers, we’ve identified in Yukon 2,900 different mineral occurrences... The potential with the critical minerals is amazing.” Silver is particularly excited about the federal government’s historic recent pledge, in its April budget, of $3.8 billion towards supporting development of critical minerals projects, local supply chains and R&D. “We’re very keen to work with Canada to ensure that we are well suited to move forward in that direction,” he said. “We believe we’ll play a very significant role in the search for a source for [the] critical minerals needed to transition into a more green economy.” Silver, who was elected premier in 2016 and won reelection last

Yukon Premier Sandy Silver in an appearance at the Q2 Global Mining Symposium in May. NORTHERN MINER

April, said the Yukon not only has the mineral endowment to capitalize on the burgeoning need for critical minerals, it also has an advantage in terms of Indigenous relationships. “I can’t see another jurisdiction better suited,” he said. “Especially when you take a look at our relationships with First Nations governments. We’ve always believed that the environment and the economy have to be mentioned in the same conversation together, and by having First Nations governments at that table, it really does ensure that seven generations of Yukon families are being considered in everything that we do. So whether it’s just our mineral wealth or

high volumes. How are these mining securities moving so quickly? Because of those third-party wholesalers, they were moving the markets themselves with their algorithms,” Jensen said.

necessary 100 years into the future as it was 100 years ago. “You’re just going to have to focus on how you get the social licence to do that. And you do that by being a good corporate citizen and having well-trained people who love working for you,” Jensen said.

World in flux Meanwhile, Jensen also pointed to a period of instability and volatility facing the macro landscape as the world bifurcates into two solitudes: Russia and China on one side and the rest on the other. “That is going to change everything,” Jensen said. “We’ve already seen what it does to the oil and gas price. Also, the oil and gas industry hadn’t been exploring much lately because of the price changes a while ago. And the fact is, there’s not a lot of people financing them for that. So, we can see that we’re going to have oil prices move up.” On the people front, Jensen noted a steady influx of a more diverse, inclusive set of mining executives. Still, she expects a talent war is brewing as the ‘Boomer time’ is coming to a close with fewer people in younger generations interested in working in mining. “I would suggest that the most important thing is to focus on your risks. And if there’s a way that a sustainability guideline or goal can help you address a risk, use it,” Jensen said. “Focus on what you can do, don’t focus on ‘happy talk.’ “You’re going to have to have a more diverse workforce; you’re going to train more. You will have to look at how you can interact with your communities better. “Given what’s happening on the macro side, think about diversifying your supply chain of critical products that you need access to because we’re going to have armed conflicts, I think, and that’s a scary thing to say.” The former OSC chief further explained that mining will be as

Distinguished career Jensen attended the University of Toronto, where she earned a B.Sc. in geology in 1979. She is perhaps best known for her role as the first female to head the OSC. She championed policies to improve investor protection and encourage diversity for executives and directors of public companies. Before joining the OSC, Jameson served as the Senior VP for surveillance and compliance at the Investment Industry Regulatory Organization of Canada and president of market regulation services. She also held senior positions at the Toronto Stock Exchange, including director of mining services during the aftermath of the Bre-X Minerals scandal. She was a TSX member of the mining standards task force that laid the groundwork for National Instrument 43-101. That measure became a globally recognized disclosure standard for mining projects. Jensen will be inducted into the Canadian Hall of Fame later this year. “For me, this is like getting an Oscar, this is that great,” she said. “If you look at that incredible list of people in the mining Hall of Fame, I thought: ‘No, I haven’t found a mine. But I’ve loved this business.’ It’s thrilling that the Mining Hall of Fame is looking broader than simply these incredible people who find mines and discover new processes,” Jensen said. “Mining is a life. It’s a calling. And now we’re seeing more people who have really changed rules and made certain that mining is part of the Canadian lifestyle.” TNM

JENSEN from 1

strong government-to-government relations, we are absolutely poised to seize the opportunity to move forward into a new era of mining.” The premier noted that Yukon has government-to-government relations with each of the territory’s 14 First Nations, 11 of which have modern self-government agreements and three whose affairs are still managed through the Indian Act. As a northern jurisdiction, higher costs and a lack of infrastructure can be obstacles to mine development. However, Silver says his government has a good relationship with the federal government both of which are Liberal. Ottawa has agreed to invest $248 million in the $470-million Yukon Resource Gateway Project to build and upgrade road infrastructure in mineral-rich areas of the territory, starting with the Carmacks Bypass project. The federal government is also contributing 75% of the $180-million cost of upgrades to the North Klondike Highway through the National Trade Corridors Fund. “The amount of capital projects that are being worked on in Yukon has gone through the roof,” said Silver, who added the territory was lucky it could keep investing in infrastructure even during the pandemic thanks to federal help and a strong economy. “During Covid, we had the best GDP in Canada and it’s in no small part because of miners looking after miners. Getting folks back to camp during [early] 2020, when folks really didn’t know what this pandemic was or where it was leading — we really saw the communities pull together.” While Silver was pleased with the

federal government’s recent support for critical minerals, there was one additional thing he would have liked to have seen. “With the international conflict that’s happening right now in Ukraine, the mention of Arctic security is on everybody’s mind,” he said. Nothing in the budget dealt specifically with that topic, but Silver said: “I believe there’s a commitment to Arctic security and the federal government has a responsibility for the military side of that, whereas the territorial governments and the First Nations governments [are] working in partnership making sure that we have resilient communities.” Staying in the Top 10 Yukon moved into the top ten of the Fraser Institute’s mining jurisdiction survey this year. It now ranks ninth globally, moving from the number 18 spot last year, and third in Canada for investment. “We’re happy to see the respondents indicated that they’ve seen a decrease in concerns with Yukon environmental regulations and also socioeconomic concerns and also an increase in certainty when it comes to working together on the geopolitical side of things, but we know that we still have a lot more to do.” Silver says that includes work his government is doing in partnership with the federal government and First Nations governments on a “reset” of the Yukon Environmental and Socio-economic Assessment Act (YESAA), which is key to staying in the top 10. “The YESAA oversight group is... working together to try to find efficiencies and to improve the YESAA process,” Silver says. “As part of that mandate, the oversight

group is considering changes to the Environmental Socioeconomic Assessment Act, and maybe some of its regulations as well in an effort to reduce some unnecessary assessments—the things that are redos,” he said. In those instances, previous environmental assessment processes have already been done and not much has changed, so companies don’t have to start from “Ground Zero” again. Silver’s government has also begun a modernization of Yukon mining legislation, seeking to update laws that in some cases haven’t changed since the late 1800s Klondike gold rush. After a year of consulting with First Nations governments, consultations have now started with the mining industry, with discussions centred on eliminating duplication in processes and ensuring alignment with the federal government’s critical minerals strategy. Under Silver’s government, three mines have come online in the Yukon — Victoria Gold’s (TSX: VGCX; US-OTC: VITFF) new Eagle mine (the largest gold mine in Yukon history); Minto Metals’ (TSXV: MNTO) Minto copper mine (a past producer); and Alexco Resource’s (TSX: AXU) Keno Hill (also a past producer). Newmont’s (TSX: NGT; NYSE: NEM) Coffee gold project was also approved earlier this year after a positive recommendation from the Yukon Environmental and Socio-economic Assessement Board. “Our GDP is humming along and the forecasts of our GDP are going through the roof as well as we build and get ready for exciting new projects like Newmont’s (Coffee), which again I’m very biased because it’s in my riding of Klondike.” TNM

JUNE 13 — 26, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Miners need to better connect with non-traditional investors, industry leaders say GMS

| Spending on public outreach, bringing ‘non-technical’ people into sector, could help

BY NAIMUL KARIM

ining companies must find ways to make owning a lithium or nickel stock ‘cool’ or ‘sexy’ to create more value for an industry struggling to produce enough critical minerals to meet rising demand for green products, industry experts said at The Northern Miner’s quarterly Global Mining Symposium. People want to see electric vehicles hit the road but aren’t aware of how “critical” a role the mining industry plays in producing the metals and minerals for those products, leaders on the “Turning Tesla investors into mining investors” panel said at the May 25-26 event. “We do a great job of talking to each other inside the industry and [there’s] a little bit of an echo chamber — we all know how important this is,” said Emily King, founder of Prospector Portal, a search engine that provides data on the mining industry. “But how we communicate outside of our industry can sometimes be really overwhelming, filled with jargon,” she said. Nearly all crucial battery metals will face supply deficits in the next decade as new mines struggle to come online, according to Benchmark Mineral Intelligence. The raw material disconnect is already impacting the end user as manufacturers announce cost increases, the research group said in April.

From left: Nolan Peterson, CEO and president of World Copper; Belinda Labatte, president and CEO of Lomiko Metals; Emily King, founder of Prospector Portal; and Martin Turenne, president and CEO of FPX Nickel. NORTHERN MINER

According to Martine Turenne, CEO of FPX Nickel (TSXV: FPX; OTC: FPOCF), mining companies ‘underspend’ on public outreach and advertising. He urged larger companies that have the budget — as opposed to junior miners — to invest more in this field. Turenne said that he often compares the current critical minerals scenario to the California gold rush of the 1850s to explain the situation to potential investors who don’t have much knowledge of mining. “The people who really made money in the gold rush were not the prospectors but the individuals who were smart enough to sell

the picks and shovels to those people who had ambitions of finding gold in California,” Turenne said. “We’re really in the picks and shovels business in that analogy. We are providing the underlying tools that are going to be used.” Nolan Peterson, CEO of World Copper (TSXV: WCU; US-OTC: WCUFF), said that the general public takes raw resources for granted since they aren’t “buying it on a store shelf or seeing the price go up in their hands. “They see it through the different products, and they think, ‘Oh! The car companies are making a boatload of money,’ but they’re

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not seeing the critical minerals that are feeding into that,” he said, adding that most people think one can just ‘flip’ on a switch to increase the supply of raw materials. With many investors pouring their money into start-ups, Peterson doesn’t see why people can’t be encouraged to invest in junior mining companies. “Investing in a tech company that’s not going to be generating profits …[or] doing raises for five or 10 years before profitability… that’s kind of what we’ve been doing for the last 30 to 40 years,” he said. Belinda Labatte, CEO of Lomiko Metals (TSXV: LMR; US-OTC:

LMRMF) echoed a similar sentiment and said that while people get excited about a Tesla, they aren’t aware of the more than 30 critical minerals needed to make such products function. Labatte urged the industry to bring “non-technical” people into the critical minerals business and change the vernacular around them as a source for new energy as opposed to mining. “The more we can tell the story around that… the more that resonates [with] people that there’s a purpose to mining the product,” she said, “and that purpose is a climate success story.” TNM

US must take steps to prevent being ‘shut out’ from critical minerals, says Duncan Wood GMS

| $3.8B allotted for mining in Canada’s budget a ‘tiny’ amount BY NAIMUL KARIM

he United States needs to streamline its mine permitting processes, conduct more geological surveys and make the most of its mining relationship with Canada to engage with a competitive critical minerals market, researcher Duncan Wood said at The Northern Miner’s quarterly Global Mining Symposium in late May. The vice-president for strategy and new initiatives at the Wilson Center, a non-partisan policy forum that tackles global issues through research, said there “simply isn’t enough critical minerals” being mined in the world today and that the U.S. needs to take urgent action to prevent being “shut out” from the supplies needed for energy transition. “It’s a dramatic… a very serious situation,” Wood told delegates at the virtual event. “One very simple thing that we need to do a heck of a lot more is geological surveys here… Whilst what’s happening right now is really encouraging, it’s horribly insufficient.” The demand for battery metals has increased globally as the world looks to meet its decarbonization goals by 2050. According to the World Bank, the supply of critical minerals needed for the energy transition is “more concentrated”

Duncan Wood, vice-president for strategy and new initiatives at the Wilson Center at the Global Mining Symposium. NORTHERN MINER

compared with fossil fuels. At the Q1 GMS, a World Bank expert noted the organization estimates half of the world’s battery metals to be concentrated in about three countries. In March, U.S. President Joe Biden authorized the Defense Production Act to increase battery metals production and reduce the country’s reliance on China and Russia. The act, which gives the president authority to prioritize the production of specific materials over others, was authorized to support the development of minerals like lithium, nickel, cobalt and manganese. See WOOD / 22

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

Quebec ready to partner with critical mineral explorers and developers GMS

| Province pledges assistance for companies at all stages in mine development process ing you a rough idea of how we can support sizeable mining projects in Quebec,” he said. Investissement Québec has strict investment criteria, including projects having solid management teams, good economic benefits for Quebec, social acceptability, partnership and profitability of the project being financed. “Over the last three years, we’ve contributed about $200 million for financing mining projects in Quebec,” Choquette said.

BY HENRY LAZENBY

acked by its recent actions in the critical minerals space, the Quebec government laid out a strong case for why mineral exploration and mining development in the francophone province is a good idea during The Northern Miner’s recent Q2 Global Mining Symposium. A panel of three government representatives, headlined by Nathalie Camden, Associate Deputy Minister of Mines, Energy and Natural Resources pledged a desire to work with proponents towards reaching favourable development decisions. The Quebec government has been proactive in positioning the economy to benefit from the energy transition. In October 2020, it was the first jurisdiction in Canada to launch a critical minerals action plan. “The plan sets clear priorities, and it covers all aspects from exploration to recycling. So far, it has generated great interest internationally, being commercial — with promoters and investors — and with different government officials,” Camden said. The minister also noted that Quebec is emerging as a lithium powerhouse, holding the largest lithium reserves in Canada and nearly half of the lithium projects currently underway. “And we also have rare earths deposits. We are one of the few jurisdictions globally with all the minerals required for batteries, namely lithium, nickel, cobalt, graphite, and manganese. And in addition, we have many aluminum smelters. So we have the potential to develop 38 of the 50 critical minerals that appear on the new February American list. “We can work closely and rapidly with promoters and other stakeholders. We certainly have a good ESG report as a reliable, sustainable and ethical partner. We have a plan. We have the resources needed. We have the political will and all the tools to position ourselves as a leader in developing critical minerals by helping companies and governments realize their projects or meet their concerns to secure their supply,” said the minister. “We are open for business in Quebec.” Camden pointed out Quebec ranked the sixth most attractive mineral jurisdiction globally, according to the Fraser Institute’s most recent Mining Survey, released in April. The province currently has 22 mines in operation, three in care and maintenance and 33 mining projects. Some are driven forward by major players such as Rio Tinto (NYSE: RIO; LSE: RIO), Glencore (LSE: GLEN), ArcelorMittal, Newmont (TSX: NGT; NYSE: NEM), Agnico Eagle Mines (TSX: AEM; NYSE: AEM), and BHP (NYSE: BHP; LSE: BHP). “Quebec offers a business environment that is stable and favourable to investments,” said Camden. The Quebec government has introduced various tax benefits and incentives tailored to mining exploration, production and manufacturing companies. “In Quebec, we want to assist companies at all stages in developing their mining project to reduce delays and share the risk,” Camden said. As part of its initiative, the provincial government has developed a

Nathalie Camden, Associate Deputy Minister of Quebec’s Mining, Energy and Natural Resources Ministry.

Amyot Choquette, CPA CA, Senior Director Investments, Ressources Québec. NORTHERN MINER

Tony Brisson, president and CEO, Soquem Inc. NORTHERN MINER

sible development are paramount in Quebec,” Camden said. “Our government has developed different approaches and tools to promote the establishment of relations with Indigenous people. And we want to favour the acceptance of projects. “We are fortunate enough to count on a large Indigenous population with whom, in some cases, we have established and signed modern treaties. And we have with them some sustainable partnerships, which gives predictability to proponents,” Camden said.

eign investment in Quebec by providing strategic information, comparative analysis and sector advantages, networking with local and international businesses and decision-makers, site selection services, and services to support recruitment. Choquette said it acts as the financial arm of the Quebec government. “We can provide several financial contributions to businesses in Quebec through Venture Capital Development capital loans, loan guarantees, investment funds, tax credit, and equity investments. We play a vital role in the economic development of Quebec by stimulating the growth of business productivity and diversification of markets.” Investissement Québec manages a portfolio of about $12 billion in investment across all sectors of the Quebec economy. Choquette said the investment agency had substantial financial firepower. “We can contribute financially at every stage of a project on exploration, development, construction and operations with a capital pool of about $1.6 billion. We can invest from $1 million up to $100 million-plus dollars. I suppose Quebec can provide financings and other financial instruments from $10 million up to $250 million, giv-

NORTHERN MINER

“WE ARE ONE OF THE FEW JURISDICTIONS GLOBALLY WITH ALL THE MINERALS REQUIRED FOR BATTERIES, NAMELY LITHIUM, NICKEL, COBALT, GRAPHITE, AND MANGANESE.” NATHALIE CAMDEN, ASSOCIATE DEPUTY MINISTER, QUEBEC MINISTRY OF MINING, ENERGY AND NATURAL RESOURCES

program to support companies that conduct mining exploration activities related to critical minerals. The minister also touted the province’s ample low-cost, renewable hydroelectricity supplies, with possible special rates available for the industrial sector. Camden underlined that Quebec generally has well-developed infrastructure, with firm plans to develop roads and power lines into the far-northern areas. “Social acceptability and respon-

Investissement Québec Other government officials also explained how their organizations could assist proponents. Amyot Choquette, Investissement Québec’s senior director of investment at Resources Québec said the organization’s core purpose was to participate in Quebec’s economic development activities and stimulate innovation and growth of local and international investment, all while supporting business creation and development. It has close to 1,000 employees located in 30 offices in Quebec and 12 offices abroad to fulfill its mandate. Through its division, IQ International, it has developed a ‘one-stop shop’ for for-

Soquem Meanwhile, Soquem Inc. president and CEO Tony Brisson said his organization’s job was to develop a high-quality government-owned exploration portfolio to make a significant discovery within the next five years. “Considering its financial structure, Soquem is less sensitive to market and metal price fluctuations than the average junior mining company, which creates a sustainable exploration process,” Brisson said. Soquem’s activities cover all aspects of exploration, from project generation and grassroots drilling resource estimates to pre-economic assessment. With the support of Investissement Québec, of which it is a subsidiary, Soquem can deploy its 12 staff geologists to support exploration initiatives over longer-term time frames up to 15 years. “It’s part of the DNA to partner with our company to share expenses, risk expertise, and develop a win-win scenario,” said Brisson. “Usually, we use two-way partnerships. Soquem may acquire an interest in a project owned by a company or individual, or we may sell an interest in one of our projects into a company or individual.” He said Soquem was well positioned in the provincial mining ecosystem, often acting as a ‘springboard’ and a project generator across several commodities. “For decades now, we have been buying, selling and participating in joint ventures like this. We have a lot of interesting projects available for sale,” Brisson said. TNM

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JUNE 13 — 26, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

REGULATORS from 12

Abuse of power Regulators are playing “gotcha” with individuals and companies who followed written, published rules. If, amongst themselves, regulators intend to continue ruling according to unwritten requirements for being a QP, then they should maintain, publish and update a list of people who are allowed to be QPs… because none of us can guess what new rule they might invoke. Tomorrow, it might be that your shoe size is wrong. The only thing we peasants can work with, outside the castle walls, is what was written down and presented as “the rules.” Regulators might complain that it’s not up to them to qualify people; but they seem fine with the notion that they can disqualify people… for any reason. This is an abuse of power, and not an imagined or hypothetical one; they are already doing this. The norms of professional sanction include the principle that people have the right to defend themselves when their qualifications are challenged, and to appeal any sanction. All professional accreditation bodies adhere to these principles; they are not kangaroo courts. In the aforementioned situation, when the regulator informed the company that one of their QPs was deemed to be unqualified, the regulator decided not to inform that individual. The only reason that person became aware they’d been kicked into the moat was that the company passed on the news. Running whispered smear campaigns behind someone’s back is the stuff of high school hallways and locker rooms; it has no place in a securities regulatory system that aims to be transparent and accountable. But the securities commissions act as if accountability does not apply to them: no explanations are necessary; they are not obliged to give cogent reasons. The only place where professional qualifications should be queried and challenged is in the professional organizations created by law to serve this function. Anyone who is a member of such an organization, globally, or who has an administrative or executive role in one, should make clear to the CSA that although they do have the power to create definitions, they do not have the authority to disqualify a professional from his or her livelihood. If the CSA is unhappy with someone’s claim of being a QP, they need to use the existing professional complaint system; the professional

Cartoon by Alexandra Newbould (www.alexandranewbould.com).

body handling the complaint will be more likely to sympathize with the complaint if the CSA can cite a rule that was clearly written and widely published. Need for appeals body The other feedback I will give to the CSA is that they should work with groups like the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the Prospectors & Developers Association of Canada (PDAC) to create a Dinna Haver Daft Committee to adjudicate technical disagreements. This is actually a serious suggestion, serious enough that I will consider other names for the committee; but, for the moment, it is the DHD Committee. A DHD Committee is needed because regulators sometimes haver daft on technical issues. As an example of regulatory decrees that made little technical sense, a Canadian regulator once ordered a company to change its public technical disclosure to suit the regulator’s wishes and then, mere months later, told the same company that the disclosure they ordered did not comply with NI 43-101. That same regulator has also said that calculating significant intervals in exploration drill holes is tantamount to estimating mineral resources, and that reporting calculated significant intervals

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before resource estimates have been published is misleading because it creates a false impression that the project has mineral resources. Think

YMP from 16

dents who are enrolled in an Earth Sciences program at a Canadian post-secondary educational institution and demonstrate a financial need. Applicants should be in their second, third or fourth year of study. n Kinross Student in Mining Scholarship — 2 x $5,000 Two $5,000 scholarships (one for a male and one for a female) will be awarded to full-time undergraduate students attending any Canadian university and studying a technical mining subject such as Mining Engineering, Geotechnical Engineering, Metallurgy, Geological Engineering or Geology. An internship interview opportunity will also be provided. n Ore Group Indigenous Mining Scholarships — 5 x $2,000 Five $2,000 scholarships will be awarded to exceptional Indigenous students registered at a Canadian post-secondary institution. Three scholarships will be awarded to students residing in British Columbia (American Eagle Gold), Saskatchewan (Baselode Energy) and Manitoba (Metal Energy) and two scholarships will be awarded to students in Ontario (Orefinders and Mistango). n O3 Quebec Mining Scholarship — 1 x $15,000 One $15,000 scholarship will be awarded to an exceptional student in their second, third or fourth year in a mining-related program

about that… well, actually don’t; it will make your head spin and your brain hurt. Instead, walk around the booths at PDAC and count up how many companies report calculated significant intervals; without doubt, there are hundreds. And all of them out of compliance, according to this one regulator, if the company has not yet reported mineral resources. It is hard to decide which is more alarming: that confusion can run so deep, or that one can be so blissfully unaware of one’s own confusion that this kind of statement goes into a letter. In a country respected for the know-how it brings to mining projects throughout the world, it’s an embarrassment to have a regulator who conflates calculated significant intervals with resource estimates. Daft, as my mother would say. No one expects every regulator to be knowledgeable, educated and experienced in every aspect of mining exploration, development and production. There are far too many specialized areas for any one person to know everything about everything. Regulators will err, from time to time, in their technical pronouncements; they’re not infallible. If the CSA does not want an individual regulator’s technical misunderstandings to cause disclosure to occasionally be uninformative or badly done, it needs a technical

review system: a DHD Committee that companies can use to appeal rulings when a disagreement exists on technical issues. All good regulatory systems have an appeals procedure; it’s surprising that the CSA has not yet developed one for technical matters arising out of 43-101. In an appeals procedure commonly used in such situations, the regulator and the company each choose their independent reviewer and those two choose a third, creating a panel that reviews submissions from both sides, then makes a decision that is binding on everyone. We need an appeals procedure of this type to deal fairly with technical misunderstandings. The regulator-always-wins system does not work well; it has, in the past, forced disclosure that is not fully informative to investors. Companies have been prohibited by regulators from disclosing information that investors find helpful as they weigh investment decisions. Dinna haver daft. TNM

at a French-language post-secondary institution in Quebec. n QC Copper & Gold Quebec Indigenous Mining Scholarship — 2 x $2,500 Two $2,500 scholarships will be awarded to exceptional Indigenous students enrolled in a mining-related program at a French-language post-secondary institution in Quebec. n QC Copper & Gold Northern Quebec Mining Scholarship — 2 x $2,500 Two $2,500 scholarships will be awarded to exceptional students enrolled in a mining-related program at a French-language post-secondary institution in Quebec. n Sprott Inc. Environment, Social, and Governance Scholarship — 1 x $10,000 One $10,000 scholarship will go to a student enrolled in Finance, Geology, Engineering or a mining-related Earth Sciences program at a post-secondary school in Canada. n The Northern Miner Scholarship — 1 x $5,000 One $5,000 scholarship will be provided to an exceptional student enrolled in a mining-specific program at a Canadian university. n TD Securities Mining Capital Markets Scholarship — 2 x $5,000 Two $5,000 scholarships will be awarded to exceptional students with a keen interest in capital markets who are currently in a mining-specific undergraduate

program at a Canadian university. n Triple Flag Young Mining Scholarship — 1 x $10,000 One $10,000 scholarship will be awarded to an exceptional thirdor fourth-year student enrolled in a mining-related undergraduate program at a Canadian university. Applicants should have a demonstratable involvement in activities aligned with environmental stewardship and social responsibility values. n Yamana Gold’s Student in Mining Scholarship — 2 x $5,000 Two $5,000 scholarships will be provided to an extraordinary, aspiring industry professional enrolled in a mining-related program via an innovative one-page creation. n The Kinross Gold and Sprott Inc. Mining Lottery Scholarship — 10 x $500 Ten $500 scholarships will be selected at random via lottery, with the sole requirement being that the applicant be a student enrolled in the 2022/23 academic year and studying engineering or a mining-related Earth Sciences program at a post-secondary school in Canada. Other companies contributing to the 2022 YMP Scholarship Fund include American Eagle Gold (TSXV: AE), Orefinders Resources (TSXV: ORX), Mistango River Resources (CSE: MIS), Metal Energy (TSXV: MERG), and Baselode Energy (TSXV: FIND). TNM

ter in terms of the greening of the value chain,” Wood said. He also described the 2022 Canadian federal budget’s $3.8-billion allocation for the critical minerals sector — praised by many miners in Canada — as a “tiny amount” compared to the investments that are required in the current situation. Furthermore, Wood believes that the U.S. should follow the lead of other mining jurisdictions and reduce the time required for mines to get permits. “In the United States, it takes about seven to 10 years to get permits for a mine, compared to an average of two years in Canada,” he said. “That’s because of a

complex permitting process.” The year 2022 saw several mining destinations including Chile, Honduras and Mexico look at introducing stronger rules to protect the environment and nationalize mines. While Wood believes that this is an important trend to watch, he doesn’t think more countries will look to nationalize their mines since state-owned projects tend to be less effective. Instead, he predicts we’ll see a lot more “playing off” of Chinese versus U.S. interests, with both countries looking to strike deals with mineral-rich nations, as the demand for critical elements increases in the future. TNM

— Mo Srivastava has been a geologist for 46 years and a geostatistician for 43 of those. He has run public short courses, been on industry panel discussions and podcasts hosted by The Northern Miner and taught in universities at both the graduate and undergraduate level. He currently works as a consultant with RedDot3D.

Properties

WOOD from 20

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But Wood believes that the U.S. needs to do a lot more, including having a more defined strategy instead of the current “piecemeal” approach. He also said the country’s joint action plans on critical minerals with Canada haven’t delivered on much. “The relationship with Canada is hugely important… because if we’re looking at the energy transition, Canada is a huge producer of renewable energy through its hydro resources… which means that being able to extract these critical minerals as environmentally friendly as possible is going to mat-

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

Wandering in the wilderness with gold and silver COMMENTARY BY JEFFREY M. CHRISTIAN

hese are bewildering times. The state of the economy seems more up in the air than usual. Some say a recession is already upon us. Others that one will come yet this year, or in 2023. Others, including CPM Group, state that a recession is inevitable and imminent, but it might be 2024, 2025, or even 2026 before it arrives. The reality is that there still is a lot of slack in major parts of the North American and global economies, more rope to run out. The same uncertainty permeates discussions of financial markets, mining capital formation, prices for gold, silver and other metals, oil market trends and conditions, interest rates, currency markets, and everything else in between. Social standards in the United States, Europe, and maybe even traditionally courteous Canada have frayed. And then there are politics, domestic and international. We won’t bore you with the list of issues hanging over our heads. In this environment investors and corporate chieftains struggle to have a vision of what the future holds, compounding efforts to make good investment decisions. It is not surprising then to read frequent excerpts from and allusions to William Butler Yeats’s poem, The Second Coming. “Things fall apart; the centre cannot hold…. The best lack all conviction, while the worst Are full of passionate intensity.” Yeats wrote that in 1919, in the immediate aftermath of the First World War, during the Influenza pandemic that struck the world, and weeks after revolution effectively broke out in his home country of Ireland. Since 1919 this poem has become one of the most oft quoted poems in the world, over and over again. The view is that the world was or is falling apart, that those who might know what to do are sidelined and rendered ineffectual with uncertainty, and the voices of passionate but misplaced nativism, anger, and hatred become deafening. But time and time again the centre did hold, things did not completely fall apart, calmer heads prevailed, the world came back and moved forward, and the voices of the worst — the doomsayers and snake oil salesmen — were quieted for a time, at least pushed into a corner. Sounds familiar to today’s population. This is where the world, and the metals markets, are today. Those that know are working hard to fix things, make them better. At the other end of the spectrum Yeats’ ‘worst’ rail against the Fed, the government, society in general, debt, the dollar, untold numbers of imagined conspiracies, a host of other things, and other people all wrapped up in a web of ignorance and hatred. The most preposterous and absurd theories of what is happening find wide acceptance among fearful people confused by the complexity of life. Thus it has been, and thus it always will be. Gold and silver So what does this mean for gold and silver? The key to answering that question, as always, is investment demand. An honest examination of trends in investment demand since

| Investment demand to rise as economic and political uncertainty reign more hostile political, economic, and financial conditions than we saw for two years in the late 1970s for decades to come. Decades. And, gold prices will rise far past US$850 per ounce. We see a Golden Renaissance, in which more investors in more parts of the world turn to gold as a portfolio diversifier, alternative asset, currency and inflation hedge, and form of savings for a longer time than ever before in history. Private investors will start this Golden Renaissance, a resuscitation of gold’s financial but not monetary roles. Central banks will join later.

“THE NEED FOR INVESTORS TO BE CONSISTENT NET BUYERS OF GOLD AND SILVER IS THE BASIS FOR RISING METALS PRICES. IN TURN, INVESTORS WILL TEND TO BUY MORE GOLD AND SILVER WHEN ECONOMIC AND POLITICAL CONDITIONS ARE MORE UNSETTLED AND SEEMINGLY MORE TREACHEROUS.”

Well, that happened. Investors have bought more gold for a longer time than ever before, in more parts of the world at higher prices. Silver lagged for a few years, as the net sales declined. By 2006 silver investors joined the rush, switching from a 15-year period of net investor sales to becoming net silver buyers once again, a condition that has continued since then into 2022.

JEFFREY CHRISTIAN CPM GROUP MANAGING PARTNER

the 1970s will provide insights into future trends in gold and silver prices. The 1970s Investment demand for gold was relatively nascent, in a way, in the 1970s. While investors in fact had actively invested in gold for millennia, surreptitiously during the period when gold ownership was banned, limited, or discouraged in most parts of the world, the reality was that the period of such strictures from the 1930s into the 1960s had limited investment demand for gold. Anglo American has estimated that around 344 million oz. were all that private investors held in 1966, when parts of the world were beginning to reopen private gold markets and ownership. Even in that environment, with gold as something of a ‘newly available’ investment, investors bought a lot of gold in the 1970s, facing major political upheavals around the world as well as nationally, high inflation, deregulation, and other problems. They drove gold prices from US$35 per oz. at the start of 1970 to US$850 at the start of 1980. Silver was different. It had been allowed as an investment and had been actively invested in all along. There were price pressures from rising industrial demand for silver in the 1950s, 1960s, and 1970s, so that the U.S. Treasury, which held around 3 billion oz. at one point in the 1950s sold off its silver and removed silver convertibility from U.S. currencies and circulating coinage. Silver prices rose sharply in the early 1970s, fell back some, and then rose to US$50 per oz. by the end of the decade. Investors had been net sellers of silver for most of the decade, until 1979. The 1980s During the first part of the 1980s investors continued to buy both gold and silver in large volumes. There was a general consensus that the stagflation, high inflation, low growth, and flat stock markets of the 1970s were continuing. They were not, but investors would not believe that until mid-decade. Other investors bought gold and silver because they had risen sharply to US$850 and US$50 per oz., respectively, in 1979 and early 1980 and then fallen back sharply.

Some investors assumed prices would rise back to those records or higher. As the 1980s progressed investors realized the economic, political, financial, and social fabrics were changing. Stocks and bonds generally did very well. Gold and silver prices meanwhile languished. In this environment investors bought less and less gold and silver, and prices subsided further. The 1990s During the 1990s economic conditions were very strong, as a combination of computerization, deregulation, globalization, containerized shipping, financial innovation, the internet, and more boosted productivity. Some mistakenly called it a “New Economic Paradigm” in which the stock market would rise forever and there would be no more recessions and inflation. In this environment gold initially did well but then fell below its then long-term sustainable price of US$320 per ounce. Silver did poorly throughout the decade as investors sold more than a billion ounces of silver disenchanted with its inability to rise back to US$50 or higher. The 2000s The “New Economic Paradigm” was laid bare as a bad joke on investors in 2000 and 2001. That and a range of hostile economic, financial, and political issues began to boost investment demand for gold and reduce the flow of net silver sales from investor holdings. In early November 2000 CPM released its 2000 Gold Survey (the predecessor to our annual Gold Yearbooks). At the briefing we stated: Since 1980 people have asked us whether we will see US$850 gold again. We have answered that question for two decades by saying that if you can make a convincing argument that we will see 14% inflation, 21% interest rates, the deepest recession since the Great Depression, a quadrupling of oil prices, 10%+ unemployment, Soviet troops in Afghanistan, and U.S. hostages in Iran, we will grant that we could see US$850 gold again. Today, November 2000, we are saying that we will see much

It is all about investors So what of the future, near and far? The need for investors to be consistent net buyers of gold and silver is the basis for rising metals prices. In turn, investors will tend to buy more gold and silver when economic and political conditions are more unsettled and seemingly more treacherous. Unfortunately for the world it seems most likely that the 22-year period since 2000 when we said the economic, political, financial, and social environment would be more hostile for humankind than it had been in the late 1970s will continue for at least a couple decades more. That is what we predicted in 2000, and pretty much everything that has transpired over the ensuing two decades is in line with those predictions. As a result, CPM assumes that the historically unprecedented period of more investors buying more gold and silver at higher prices for a longer period of time than ever before seems most likely to continue well into mid-century. Certainly there will be periods of greater security and less severe

strains on society and the economy. Gold and silver prices will rise and fall reflecting this cyclicality. Overall, however, they seem most likely to rise in the long run. The likely future arc of gold and silver investment demand and prices is a continuation of the arc that has been experienced since 2000. The noise And what about Yeats’ ‘worst’ voices? For most of the 1980s through to around 2016 they spoke to a fringe of the gold market, primarily in North America and Europe. Market studies showed that in the industrialized nations approximately 90% of the gold and silver was bought by investors as sober portions of diversified wealth and investment portfolios. The demographics were college educated or better, professional, upper income, age 40 to 65. Opinion polls showed they did not subscribe to the conspiracy theories and other garbage thrown out about gold and silver, and rather were embarrassed to mention to friends and colleagues that they invested in gold and silver lest they be assumed to be part of that whole dark corner of the market. That meant that the ‘guns and bunker’ crowd represented 10% or less of the gold and silver market. In recent years, in the United States, the guns and bunker crowd — the conspiracy believers — represent perhaps 25% - 30% of gold and silver demand. These figures should be expected to reverse in the years ahead, as mainstream investors continue to increase their demand for gold and silver while the “passionate intensity” of those expecting Armageddon dissipates once again. The centre most likely will hold. And that is good for gold and silver. TNM —Jeffrey M. Christian is the managing partner of CPM Group, a commodities research and management consulting and financial advisory firm in New York. He founded the company in 1986, spinning off the Commodities Research Group from Goldman Sachs & Co., and its commodities trading arm, J. Aron & Company.

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Volatile share prices for uranium equities should not distract from fundamental market changes COMMENTARY

| Nuclear energy looks set for robust, long-term growth

BY ANTHONY MILEWSKI

ew ETFs in Europe, billions of dollars raised and spent on physical uranium by Sprott, aggressive reactor construction programs, mine restarts, rising contract pricing, positive turns in public sentiment: Driven by powerful geopolitical and climate related trends, nuclear energy has finally moved out from the shadow cast by Fukushima and is bringing fundamental change to the uranium sector. The steady flow of positive news for the uranium sector also highlights its greatest peculiarity: uranium equities typically rise and fall based on the spot price, despite most uranium being bought and sold via term contracts that pay little attention to spot pricing. To compound matters, the spot price can be volatile because the sector is small and also opaque in many respects, since the main consumers are utility companies that are loathe to share details on stockpiles and purchasing plans. So, while the term price has trended upwards, the spot price has at times surged to levels not seen in over a decade, only to be hit by significant dips with no relation to the overall sentiment or fundamentals. Share prices across the board have followed suit in both directions. At what point are equities going to reflect the underlying growth trends, either by decoupling from the spot price or experiencing stronger, less erratic spot pricing? It’s a difficult question to answer but to begin with, it’s worth examining the increase in spot volatility. Firstly, this is an issue that was predicted by leading nuclear market research and analysis firm, UxC. The main catalyst has been the Sprott Physical Uranium Trust (SPUT) which took over Uranium Trading Corp. in 2021 and put in an at-the-market (ATM) funding mechanism. The ATM allows SPUT to sell stock into the market every single day from the Treasury, receive the funds and immediately purchase uranium. They have been highly active, raising and spending over $1.1 billion to date. Such action, in the famously thin spot market, has meant the trust has sucked up much of the loose supply and, as Sprott AM chief executive, John Ciampaglia, said: “We don’t sell any of it. It is a stockpiling fund.” However, SPUT can only use its ATM facility when its stock price is trading at its net asset value (NAV)

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and when that price is below — as it has been for several weeks at time of writing in early June— it cannot purchase. This has left the spot market particularly sensitive to traders, including one financial player that unloaded its 1.3 million lb. uranium inventory over a twoday period in May, pushing down prices aggressively. In contrast, term pricing has risen slowly but steadily. In February of 2020, just before the US$24.80 per lb. spot price began to leap forwards, the term price sat at US$32.50 per lb. At the end of April 2022, the term price was sitting at US$50 per lb. and experienced almost no negative price movement on the way to that level. Such is the confidence that this trend will continue, one of the world’s largest uranium miners, Cameco (TSX: CCO; NYSE: CCJ), will be restarting production at its McArthur River mine and Key Lake processing plant later this year. This is both more technically complex and more costly than many investors will realize, so it’s not a decision the company will have made lightly. More tellingly, Cameco and Orano Mining have recently partnered in order to increase their ownership of Cigar Lake, the world’s largest high-grade uranium mine, with a $187-million purchase of Idemitsu’s stake. On the financial side, money has also poured into two uranium ETFs launched this year in Europe. Research conducted and published by the Financial Times in May, shows global nuclear and uranium-focused funds are now sitting on more than US$3 billion in assets, six times more than in 2020. Underlying drivers All this growth is being driven by

powerful trends. Climate change has given rise to rapidly growing decarbonization efforts by governments and corporations around the world. Several countries, including the United Kingdom, France, New Zealand, and Sweden, have already gone as far as to enshrine decarbonization targets in law. These nations, together with many others, have reviewed their options for weaning off fossil fuels and the conclusion is clear: decarbonization is not possible in the required timeframe without expanding nuclear energy. Thus we have the European Union including nuclear in its green energy taxonomy despite opposition from Germany — the only anti-nuclear European nation; France announcing the overhaul and growth of its huge nuclear reactor fleet after years of political paralysis; and the U.K. recently announcing nuclear will be the backbone of its new energy policy. Even countries like Poland are planning to begin a multi-reactor program that will directly replace coal power, and in the U.S., the government has provided a US$6 billion fund to assist its reactor fleet. And let’s not forget that China’s nuclear program is so big that it will soon overtake the U.S. as the No. 1 generator of nuclear energy, and consumer of nuclear fuel. Of course, nuclear power stations do not get built overnight. These are high-capex, multi-year endeavors — factors that have long been a roadblock to wide-scale rollouts. This is why the recent milestones in small modular reactors (SMR) are so important. As the name suggests, SMRs are small reactors that are produced by factories as modular components for delivery and assembly onsite.

YOUR KEY TO

They have remarkable, built-in safety features, can be mass produced and are ideal for powering remote and small to mid-sized communities or large industrial installations. Most importantly for uranium investors, SMRs have the potential to send the nuclear energy sector into a realm of growth that is not yet fully appreciated. Granted, we do not yet have any mass rollout programs in place, nor indeed are there any completed factories capable of supplying such rollouts. However, several facts suggest this changing fast. Billions have been poured into SMR development over the last two years alone across countries including the U.S., China, U.K., and Canada. In January, China connected its first commercial SMR to the grid to “lay the foundation for the construction of industrialization and mass production.” More recently, another SMR front runner, U.S.-based NuScale, announced a partnership with South Korea’s Doosan Enerbility to begin manufacturing equipment this year for full-scale production of SMRs. And it looks like there won’t be a shortage of early customers, including the U.K., where the Prime Minister Boris Johnson, has boasted that the U.K. intends to build one nuclear plant every year. This would be inconceivable without SMR technology. Geopolitics and the danger of low stockpiles The knowledge that nuclear power is critical for the success of clean energy programs is now combined with a similarly powerful revelation: security of supply can no longer be ignored by nuclear utilities. The entire world knows that Russia is a major supplier of oil and gas, but it is also a big player when it comes to nuclear fuel. In addition, the world’s largest uranium producer is Kazakhstan, which sits firmly within the Russian sphere of

influence. Russia and its opponents have already shown their willingness and ability to weaponize energy supplies. The focus may currently be on oil and gas, but an extended uranium and processed nuclear fuel embargo is by no means off the table. In fact, a number of U.S. lawmakers are pushing the administration to implement just such an embargo. If that embargo, or a similar one initiated by Moscow, included Kazakhstan’s uranium, it would send a shockwave throughout the sector, particularly considering the current state of known utility stockpiles. Indeed, the International Atomic Energy Agency (IAEA), warned inventories held by U.S. and EU nuclear utilities were averaging at 16 and 24 months respectively, an incredibly vulnerable position to be in considering the rise of geopolitics. Utilities at risk after years of low uranium prices The underinvestment in uranium exploration and development over the past decade plus means any disruption to production is going to have a major effect on available supplies. Although there are advanced, well-funded projects in development with impressive economics – notably those owned by NexGen Energy (TSX: NXE) and Fission Uranium (TSX: FCU; US-OTC: FCUUF) in Saskatchewan – they have not yet begun construction and will not be delivering material anytime soon. Additionally, although Cameco’s McArthur River is coming back online, analysts at UxC have stated that established mines around the world are facing dwindling reserves and falling grades — so much so that the cost of production for most existing uranium miners will rise within the next three years. Nuclear energy looks set for robust, long-term growth, and it will take the uranium sector with it. For the near term, with the global economy and political landscape in such flux, there is increased potential for major supply disruption and extra volatility in the spot price. Past that, it is likely to be heavily influenced by new reactor build programs that could be greatly accelerated as SMR factories commence production, and new, primary supply — most likely from mines located in stable jurisdictions. A bumpy ride for utilities but a potentially exciting one for investors. TNM —Anthony Milewski is the co-founder of The Oregon Group research house and a director of International Consolidated Uranium (TSXV:CUR), which has optioned five uranium projects in Australia, Canada and Argentina.

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started giving them underwhelming estimates, which he knew they wouldn’t publish, to avoid seeing his verbal reports quoted in a company news release and to mitigate the inevitable catastrophe when the assays came back. Thankfully, like a particularly weird sexual proclivity, when we do try the visual method, most of us keep it to ourselves, nobody gets hurt and the mess is quickly cleaned up. You log the core, and the squeaky voice in the back of your head whispers, “17 grams gold per tonne or I’m a monkey’s uncle.” But what you actually do is write 17 grams gold per tonne on the log sheet with a large question mark to show that — no, you weren’t really serious.

Ralph Ruston celebrates his guess-the-grade win in a bar in Sofia, Bulgaria with David Volkert, former VP exploration for Fortuna Silver Mines (middle) and Dan James, former president of Medgold Resources. RALPH RUSHTON

that he could accurately tell the gold grade of a rock just by looking at it. He was working for a quasi-government mining company that was trying to muscle in on our gold project. The company actively mined arsenic as orpiment from the site (the resource ran about 4% arsenic) but had completely overlooked the gold potential of the deposit, which is a Getchell-type sediment hosted gold system. One summer while we were drilling on the coat tails of a dubious legal agreement with the Iranian government, the local company decided to mine the deposit and take it all away because we — the big Westerner company — were

clearly very interested in it so it must contain lots of gold. They had no plan to treat it; they were simply going to take it away before we could mine it. My nemesis had been sent to the project ahead of the haul trucks showing up to figure out the average gold grade for the ore, and in his wisdom he’d decided that assays weren’t necessary. I found him standing on a large pile of rock sticking in little red coloured flags here and there. He’d written numbers on the flags. Curious, I asked what he was doing and he told me that the numbers were the gold grades for each pile, which he could tell simply by looking at

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Lucky guess Undoubtedly, if you’re new to the game, the best way to try it is in the privacy of your own camp, by way of a friendly bet between the geologists, wagering a few bottles of wine or a case of beer when they get back home for whoever gets closest to the actual assay grade. I’ve taken part in Guess-The-Grade beer pools a handful of times. Twice I’ve been lucky enough to be closest to the assay number, and both times the gold grade was about 22 grams per tonne, funny enough. Must be my lucky grade. The first time was at the Golden Bear mine in northern B.C. in the early 1990s. My boss Doug and I spent half an hour sampling the ore piles by the plant; large mounds of sticky black sulphide gouge, scooped up from the open pit and trucked down to the stockpile near the mill to be blended. When we were done sampling, I scraped the mud of the bottom of my boots and bagged it up for assay at the mine lab. I figured my boots had probably collected a rough average grade for that section of the open pit (which was high). Doug and I bet a case of beer on the grade. I plumped for 22 grams per tonne and it turned out to be 22.5 grams gold, so I won. Sadly, Doug, the old skinflint was so reluctant to pay me my case of beers — a classic case of deep pockets and short arms — that he put my name at the top of the redundancy list when the mine shut down a few weeks later. I did point out to him that the large brown envelope they gave me was suspiciously devoid of a layoff cheque and couldn’t physically hold a case a beer, but to no avail. I’m still waiting. Doug? You there Doug? Come on mate, it’s only 24 beers and I know you’re much richer now... My second victory was on a project in southern Serbia. I was on the board of directors of a small ExploreCo which was drilling a gold-silver-base metal sulphide system. We had some lovely looking high-grade intercepts full of galena and sphalerite so we knew the silver was going to be high grade, and hoped that the gold might follow suit. One night, over a few ice-cold glasses of the local rakiya — which was delicious in a sado-masochistic tomorrow’s-going-to-hurt sort of way — six of us had a bet on the gold and silver grades of the core sample (pictured). The wager was a $50 bottle of wine from each of the losers to the lucky winner (me). I came within one decimal place of the actual gold grade and this time, I actually got most of my winnings because nobody in our pool was called Doug. There’s no moral here. All it proves is how talented I am at random guesses. My puny efforts at random estimation were put to shame years back on a gold project I was working on in Iran. I ran into an émigré Afghan geologist who swore blind

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the ore. I diplomatically told him that based on my years of mining and exploration experience he was a naive idiot for thinking he could guess sample grades better than an assay lab. Undeterred he ploughed onward, constructing an attractive rock garden of red flags blowing in the arsenic-laden breeze. A few weeks later some trucks and a digger showed up and removed 40-50 truck loads of high-arsenic rock, which they promptly dumped in a marshy field at the head waters of a small stream that the local village got its water from and used to feed a trout farm. My key takeaway from the encounter was never under

any circumstances have a heated argument with a dogmatic Afghan who’s holding a rock hammer. I learned that there’s a good reason the Brits left Afghanistan back in the day and it has nothing to do with visual grade estimation. TNM —Ralph Rushton is a geologist and has worked at mines and exploration projects around the world including stints in South Africa, Turkey, Bulgaria, Yemen, Iran and Pakistan. He is currently the president of Aftermath Silver, a silver development company with projects in Chile and Peru. In his spare time, he writes about mining and exploration for his popular blog, urbancrows.com.

JUNE 13 — 26, 2022 / THE NORTHERN MINER

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Multi-stakeholder collaboration needed to rise to meet the battery metal boom COMMENTARY

| Responsible producers of battery materials need to guard against ‘greenflation’ span mining companies, NGOs, public bodies and automakers, including Tesla, ERG, the OECD, and Volkswagen. The organization recently partnered with a German consortium to launch the “Battery Pass,”” which will provide a solution for securely sharing information and data across the battery value chain, providing the foundations for a new generation of sustainable batteries in Europe.

BY BENEDIKT SOBOTKA

or investors and companies involved in the extraction industries, it has been impossible to ignore the meteoric rise of battery materials in recent years. Over the course of 2021, cobalt prices more than doubled, rising by 119%, lithium prices surged almost 400% and copper prices also reached all-time highs. A significant driver of these price movements is the energy transition, which represents the biggest purchase order in history for the mining industry. In particular, the demand for electric vehicles, which already smashed expectations last year, is skyrocketing, with sales more than doubling between 2020 and 2021 to reach 6.6 million vehicles. The share of EVs in new automotive sales in key markets such as the U.S. or India could exceed 50% by 2030, above most analysts’ expectations of around 30%. As a result, the strategic focus of companies in this space is rapidly shifting in response to the challenges and opportunities associated with this demand, and there are several common trends emerging on the back of this. One of the first questions is, where are we going to get all the raw material that is needed to satiate demand? There are two main options: extract it from the ground or draw on the existing pool of material currently in circulation. Looking specifically at cobalt and copper, both markets are currently in a state of pronounced deficit, which has persisted since the second half of 2020 amid the stimulus-fuelled recovery from the coronavirus crisis. Logistical bottlenecks have hugely amplified the effect of the supply-demand deficits. Even if the supply-demand fundamentals balance, if the current logistical headwinds prevail, they will prevent material from getting to customers in a timely manner, making the market feel tighter for longer and supporting prices. There is no question that the number of new cobalt, copper and other battery material mining projects will rise in the coming years, particularly given that many resource-rich regions, such as Africa, are currently underexplored. At Eurasian Resources Group (ERG), we have already ramped up our Metalkol RTR production facility in the Democratic Republic of the Congo (DRC), a tailings reprocessing operation which is now the world’s second

Eurasian Resources Group’s Metalkol RTR reprocessing facility in the DRC, the world’s second-largest standalone cobalt producer. EURASIAN RESOURCES GROUP

Benedikt Sobotka.

largest standalone cobalt producer and a major copper producer. Role of recycling However, the catch to new projects is that they generally entail a long lead time of up to 12 years to develop, meaning that supply cannot immediately respond to large spikes in demand. This being the case, recycling will play an ever-growing role in balancing the market and prices. At the moment, only 5% of lithium-ion batteries are recycled, meaning that recy-

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cling has great potential in helping meet demand for materials like cobalt, if the regulatory environment, technology and industry members can facilitate it. In fact, high-performance recycling of EV batteries could supply around 10% of battery materials and could account for approximately $10 billion based on current values. Multi-stakeholder collaboration must play a major role in realizing this potential, with improvements needed in many areas including collection processes, policy alignment and processing technology. Meeting demand for these raw materials is clearly important, but it is also necessary to meet demand in a responsible way. Consumers are becoming increasingly interested in knowing that their products are sustainably sourced, with approximately 69% of consumers worldwide having changed the products and services they use due to climate concerns. For battery metals, and in particular, cobalt, there is going to be

additional scrutiny. For example, around 70% of cobalt is produced in the DRC, which is often linked to issues such as child labour and unethical working conditions. This takes us back to multi-stakeholder action. We need to implement more effective cross-border cooperation across the entire value chain for all critical minerals, with collaboration between upstream and downstream players. The pull factor, created by consumers demanding higher standards from producers, suppliers and manufacturers, has the effect of increasing vertical integration within the supply chain, meaning that raw material end-customers, such as automakers, are becoming ever more involved with ensuring the materials they use are responsibly sourced. This is already happening through initiatives like the Global Battery Alliance (GBA), the goal of which is to promote a circular, responsible and just battery value chain. The GBA’s 100+ members

Blockchain tracing solution Meanwhile, Re|Source, a blockchain solution to trace responsibly produced cobalt from the mine to the electric vehicle, is another example of the growing trend of vertical integration. Tesla, CMOC, ERG, Glencore (LSE: GLEN) and Umicore are working together to help end-customers assess the ESG performance of the metals they use for batteries. Using blockchain technology, we are tracing responsibly produced battery materials in real operating conditions from the mine to the electric vehicle. The industry may see a “greenium” (green premium) on materials that have been proven to be responsibly sourced, accelerating the greening of the sector by incentivizing more companies to operate in a sustainable way. However, we have to be careful that the rising cost of critical minerals for the energy transition will not lead to “greenflation,” eroding the expected reduction in green premiums achieved through innovation and scale. With the development of the battery market, there will also be more directions that battery technology will take in the future. More cathode options will of course be developed to meet the strong and growing demand in the EV industry. However, many new alternatives will also require significant amounts of cobalt, particularly battery chemistries with high-nickel intensity, which are currently under development. We expect lithium iron phosphate (LFP) and NCM (nickelmanganese-cobalt) battery chemistries and their derivatives to dominate the EV battery market in the mid-term future. NCM batteries and their derivatives have great potential for innovation and further improvement, particularly with regards to energy density, as a way of meeting the future expectations of consumers and manufacturers. Conversely, LFP batteries are likely to reach their maximum energy density and peak performance in the next three or four years, meaning there is less room for improvement and further technological advances. We therefore expect NCM batteries to continue to be the preferred choice for highend EVs in the future, with NCM battery chemistry set to dominate the market with a 64% of market share in 2025. It is clear that the battery metals market is booming, and the stage is set for demand and prices to continue to rise. However, the mining industry must ensure that these metals are supplied in a responsible and sustainable way. Meeting the supply and demand challenges of battery metals requires innovation, multi-stakeholder action, and an increased focus on recycling alongside new mining projects. TNM — Benedikt Sobotka is CEO of Eurasian Resources Group (ERG) and Co-Chair of the Global Battery Alliance (GBA).

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New Found Gold probes ‘elephant’ potential of Queensway project EXPLORATION

| 400,000-metre drill program underway at orogenic gold deposit

BY DAVID KEATING

uccess begets success; in the mining industry, jurisdictions that continually reward exploration companies for their efforts will attract more attention and more exploration. In Newfoundland and Labrador, a number of gold projects in stages between initial drilling and mine development — including Matador Mining’s (US-OTC: MZZMF; ASX: MZZ) Cape Ray gold project and Marathon Gold’s (TSX: MOZ; UT-OTC: MGDPF) Valentine project — have spurred further exploration. In fact, Ed Moriarity, executive director of local industry association Mining NL, says the the number of active companies in the province has jumped to the mid-70s today from the mid-20s in 2017. Spending on drilling and exploration for this year is forecast at $150 million, comparable with historic highs. “There’s a whole group of companies that are very aggressively pursuing their claims here on the island, particularly. And you’ll see that in the numbers too,” Moriarity says. “The number of claims in good standing have gone [from] 90,000 last year or the year before to over 192,000.” Newfoundland and Labrador’s mining industry has seen the cycle of past booms like any other jurisdiction, says Moriarity — but this time is different. “I think the key thing this time around is the greater awareness of the opportunities here. The fact that we’ve had some really good success with a lot of the companies early on, that’s attracted attention.” Big expectations Leading the province’s discoveries attracting attention is New Found Gold’s (TSXV: NFG; NYSE-AM: NFGC) Queensway project near the community of Appleton in Central Newfoundland. Queensway’s orogenic gold deposit is hosted in middle Ordovician sediments, straddling two major faults in the area — Appleton and JBP. Results from the ongoing 400,000-metre drilling program have turned up results of up to 25.6 metres grading 146.2 grams gold starting at 291 metres depth (hole 21-182 in the Keats zone, reported in May 2021). That geological setting and ore grade, along with the scale of strike dis-

Drill rigs at the Queensway gold project in Newfoundland. NEW FOUND GOLD

tance, present new possibilities for discoveries in Newfoundland and Labrador. “Starting at the Queensway North, all the way down to the bottom of Queensway South, we control 100 kilometres of, essentially, the collision between two continental plates,” says Collin Kettell a cofounder and chairman of New Found Gold, who also stepped into the role of CEO in April. “Literally the first drill hole that we ever drilled went into the Keats zone, which just turned out to be a fantastic discovery. We drilled down into something that’s completely changed the narrative on what is possible and that’s what gets people so excited.” That first hole into Keats, drilled in late 2019 and reported in early 2020, returned 19 metres of 92.86 grams gold per tonne from 96 metres depth. Keats has continued to deliver standout results, most recently with a May 2022 near-surface intercept of 2.2 metres grading 275 grams gold. Prospecting dynasty The Keats zone derives its name from the Keats-Stares family, a fourth-generation prospecting dynasty in the province and winners of the 2007 Prospectors and Developers Association of Canada Bill Dennis Award for Canadian discovery or prospecting success. Kettell and New Found Gold cofounder and president Denis Laviolette, a production and exploration geologist, visited the future

Queensway project in 2016 to pan for gold with members of the Keats family, who were keen to show the property’s potential. “I had never panned gold before,” says Kettell, who is also founder and executive chairman of Pallisades Goldcorp. “Denis had many times, but I actually panned gold at the Dome showing... and we decided that that was what we were going to focus on.” Queensway’s potential has been compared to world-class orogenic gold deposits such as Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Fosterville mine, the largest gold producer in Australia’s Victoria state, namely by Eric Sprott. “Eric Sprott, the name synonymous with everything exploration and mining, has made his largest ever investment into New Found Gold,” Kettell says. “He became a billionaire through his investment in the Fosterville mine in Australia — and that’s recent in investor’s minds because it happened in 2015 to 2018. And that set Eric off on a mission to find another one.” Kettell says Sprott — who has invested $125.9 million in New Found Gold shares — believes Queensway has the potential to be “many times bigger” than Fosterville. New Found Gold has identified the Keats, Lotto and Golden Joint Zones at Queensway so far, and is working on expanding the zones through drilling. At Golden Joint and Lotto, drill results shared by the company in March both showed

Inside the core shack at the Queensway gold project in Newfoundland. NEW FOUND GOLD

gold at depth, with one 14.2-metre intercept at Golden Joint returning 69.15 grams gold per tonne from 225 metres depth. At Lotto, the main high-grade gold vein was intercepted over 2.2 metres grading 24.25 grams gold from 324 metres depth. “Despite the fact that we’ve already drilled 160,000 metres, we’ve hardly scratched the surface,” says Kettell. “So far, we’ve only focused on roughly three kilometers. We’re stepping off of the known zones to figure out how big they are and how many ounces they might contain. About half the drill rigs are step-

ping out into unknown territory and looking for other zones.” Kettell adds he’s always wanted to be associated with an “elephant” discovery, and in his view, Queensway seems to qualify as one. “We certainly did the right things, but it’s just an incredibly fortunate situation to be in,” he says. “We have more ground than we will ever be able to properly test, arguably within our lifetimes, but certainly within the lifetime of the company.” At press time, New Found traded at $7.29 per share in a 52-week range of $6.61 and $13.50. TNM

Gold and Silver in the Heart of the Yukon

The mining camp at the Queensway gold project in Newfoundland. NEW FOUND GOLD

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Learn about our silver discovery:

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JUNE 13 — 26, 2022 / THE NORTHERN MINER

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JOINT VENTURE ARTICLE

G2 Goldfields releases first resource estimate for its high-grade Oko-Aremu gold project in Guyana

Boaz Wade (middle), vice-president of exploration, hosting visitors. G2 GOLDFIELDS BY NORTHERN MINER STAFF

These are exciting times for Canadian explorer and developer G2 Goldfields (TSXV: GTWO; US-OTC: GUYGF) says Dan Noone, the company’s chief executive, as it advances the Oko-Aremu gold project in Guyana. “In less than two-and-half years, we’ve progressed from discovery to our first resource on the project, and this marks a major milestone in unlocking the full value of a project that has the potential to become a district-scale mining operation,” Noone says. In April, the Torontoheadquartered junior released its first mineral resource estimate for the Oko Main zone on the property. The resource stands at 793,000 indicated tonnes grading 8.63 grams gold per tonne for 220,000 contained oz. of gold and inferred resources of 3.3 million tonnes grading 9.25 grams gold per tonne for 974,000 gold ounces. Noone says the underground resource was estimated using 1,155 composites 1 metre in length that were selected from 98 intersecting diamond drill holes, and comprises mineralization hosted by three primary sub-parallel shear zones (S3, S4, and S5) that extend from 350-900 metres in length. “Presently, these shear zones have been explored to a depth of approximately 350 metres, with the bulk of the resources contained in S3 and S5. Both S4 and S5 remain open along strike to the north,

Drillhole OKD-115 returned 4.2 metres grading 37.2 grams gold per tonne from 421.3 metres downhole at Shear 5. G2 GOLDFIELDS

and all the shears are open down plunge,” he explained. He says that Oko Main “shows considerable visible gold in core samples, with bulk leach extractable gold testing averaging 98.4% gold recoveries. So, we believe that we’re in the right geological setting to add considerable ounces to the current estimate, and plan to release an updated resource by the end of the year or early into 2023.” The 111.7-sq.-km Oko-Aremu property covers approximately 17 km of highly prospective strike length along the Oko-Aremu trend on the northern Guyana greenstone belt, about 120 km west of Guyana’s capital, Georgetown. The region is considered one of the world’s most underexplored and prospective for large-scale gold discoveries and hosts several

gold deposits and discoveries. These include Reunion Gold’s (TSX: RGD) Oko West, which lies directly south of Oko-Aremu; Toroparu, approximately 90 km to the west, owned by American mid-tier miner GCM Mining (TSX: GCM; US-OTC: TPRFF); Omai Gold Mines’ (TSXV: OMG) Omai, 100 km southeast; and Karouni, about 100 km south, owned by Australian miner Troy Resources (ASX: TRY). G2 also holds 92.6 sq. km of claims in the Puruni district, approximately 38 km to southwest of Oko-Aremu, which hosts the past-producing Peters mine and the Jubilee mine, an open pit operation currently being worked by “mediumscale” miners. Guyana’s first producing gold mine, Peters produced 41,915 oz. of gold from 1905 to 1910. Aremu

‘In less than two-and-half years, we’ve progressed from discovery to our first resource on the project, and this marks a major milestone in unlocking the full value of a project that has the potential to become a district-scale mining operation.” — DAN DOONE, CEO OF G2 GOLDFIELDS

produced 6,488 oz. of gold at an ore grade of 15.6 grams gold per tonne between 1906 and 1911. Although Jubilee contains a vertical shaft sunk in 1907, there is no evidence of past production from the mine. Noone, who has more than 30 years of international mineral exploration and development experience, managing projects in Guyana, Papua New Guinea, Indonesia, Peru, Ecuador, and Argentina, says the company now intends “to build upon the initial resource estimate for Oko Main, increasing the size and upgrading the inferred resources to the indicated category.” He says the current resource “only includes drill results from one of several brownfields and grassroots targets so far identified across the district, with ongoing drilling expected to increase the resource estimate significantly.” Oko Main, he noted, is an orogenic-type gold deposit hosted in carbonaceous sediments. Like the Aurora gold mine, which China’s Zijin Mining acquired from Guyana Goldfields (TSX: GUY) in 2020, the Oko Main deposit is located on the margin of the Cuyuni Basin and shows “potential for significant mineralization at depth,” he says. G2’s founders, Noone noted, were involved in the discovery, financing

and development of Aurora. “Our executive chairman Patrick Sheridan was the founder and CEO of Guyana Goldfields who sank the discovery hole in 2004. We then took it to feasibility and built the mine in 2015.” He added that the Guyanese government has always been very supportive of mining. “When we built the Aurora gold mine with Guyana Goldfields, government ministers were always available to meet with our major shareholders, lenders, and engineering contractors.” G2’s relationship with the government and the Guyana Geology and Mines Commission, he says, has “carried over from the strong relationship we had when we ran Guyana Goldfields.” Noone says the company’s next round of drilling will target the down-plunge extensions of shear zones 3, 4, and 5 at Oko Main to depths of 700-800 metres to expand and upgrade the high-grade mineralization discovered at the zone. “In parallel with this, we have also started a district-wide exploration program designed to generate drill targets within the seven priority target areas along the 17-km-long Oko-Aremu trend. Each target area has the potential to host gold mineralization similar in size and grade to Oko Main. Around 10-20% of the drilling this year will focus on targets outside Oko Main.” He says the company is also conducting a geophysical survey to identify additional drill targets and has three diamond drill rigs operating on the property. G2 also plans to conduct a sixhole drill program at Peters, which Noone says is designed to test a southwest-plunging shoot containing high-grade flat lodes down to 500 metres, support an upgraded geological and mineralization model, develop a district-scale mineralization model, and generate additional drill targets. The company also plans to start an initial six-hole initial drill program at Jubilee to target a high-grade vein

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THE NORTHERN MINER / JUNE 13 — 26, 2022

Songela crew operating drill rig for hole OKD-112. G2 GOLDFIELDS

Oko Main zone high-grade corridor looking south. G2 GOLDFIELDS

system at the Jubilee shaft area, where historical exploration returned vein material up to 23 grams gold per tonne. To date, G2 has completed 141 drill holes totalling 34,090 metres on the property, with most of the drilling at Oko Main. Highlights from the drilling include hole OKD-103, which intercepted S3 at a depth of 396 metres and returned 14.3 metres grading 8.2 grams gold per tonne from 433 metres downhole. Hole OKD-106, which cut 15.5 metres grading 8.5 grams gold from 133.5 metres, extended highgrade gold mineralization in S5; and OKD-109, which intersected three significant intercepts within a 105-metre core length across S3, S4, and S5, returned 7.3 metres grading

7 grams gold from 108.2 metres, 5.6 metres of 8.9 grams gold from 197.4 metres, and 9.5 metres of 14.6 grams gold from 252 metres. The company also completed an 11-hole, 1,246-metre first pass reconnaissance drill program on Oko North-West, approximately 4 km northwest of Oko Main. Noone says the zone shows the same type of mineralization at Oko Main. The drilling tested multiple target areas along 500 metres of strike length. Assays are pending. “We also completed three drill holes targeting the Shepherd Vein on the western extent of the fourkilometre-long Aremu vein system,” says Noone, adding that the historic Aremu mine lies at the eastern extension of this system. G2 first started exploring

the property in February 2019, completing a surface sampling program comprising 2,081 soil samples, 164 grab samples, and 674 channel samples. Grab samples from the program returned gold levels ranging from 1.2-93.8 grams gold per tonne and channel samples 0.8-9.2 grams gold per tonne. Then, the company completed a 10-hole (1,520 metres) follow-up diamond drill program. “Our initial exploration of the property identified three areas of interest — Aremu North, which includes the Aremu mine, Aremu South, and the Oko Crusher Hill area,” says Noone. Highlights from the drilling included the discovery hole, OKD-1, which intersected 27 metres grading 5.22 grams gold per tonne from

63 metres downhole, including a higher-grade intercept of 6 metres at 15.8 grams gold. Hole OKD-9, drilled approximately 300 metres north of OKD-1, returned 10.5 metres grading 1.9 grams gold from 49.5 metres, including 2.3 metres at 7.8 grams gold; and OKD-5, drilled 250 metres to the south of OKD-1, cut 31.5 metres grading 2.9 grams gold from 40.5 metres, including 8.2 metres at 9.1 grams gold. G2 acquired the property in October 2019 through the acquisition of Bartica Investments Inc. Bartica held a suite of mineral exploration properties, including the Peters and Aremu mines and the Oko properties. Noone says that by the end of the year, the company aims “to enlarge

the resource area by drilling down to twice the current depth and find another Oko Main deposit among the other seven targets within the district, with the plan to develop Oko-Aremu into a tier-one asset.” In the longer term, and as Guyana increasingly opens up to mid-and top-tier miners, he says G2 will seek an appropriate producer to take Oko-Aremu to production rather than building the mine, as the company did with Aurora, and expects the project “to provide considerable value to our shareholders.” The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by G2 GOLDFIELDS and produced in cooperation with The Northern Miner. Visit www.g2goldfields.com for more information.

JUNE 13 — 26, 2022 / THE NORTHERN MINER

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New drill results from Kerkasha project in Eritrea suggest large gold discovery, says Alpha GOLD

| Highlights include 22 metres of 4.5 g/t gold starting at 47 metres

BY NAIMUL KARIM

rill results from Alpha Exploration’s (TSXV: ALEX) first campaign on the Aburna gold prospect, part of its Kerkasha project in Eritrea, indicate the possibility of “a large gold discovery,” the company reports. Highlights released in late May from its 19-hole reverse-circulation drill program that ended in March, included 22 metres grading 4.5 grams gold per tonne starting from 47 metres depth in drill hole ABR-018 and 5 metres grading 1.94 grams gold starting from 71 metres in hole ABR-017. “These results… continue to support the view that Alpha has found what could be a large gold discovery at Aburna with widespread gold mineralization,” the company’s CEO Michael Hopley said in a press release. “These positive results give… the team plenty of targets for the next round of drilling.” The Kerkasha project is located about 135 km away from Asmara, the capital of Eritrea and the Aburna gold prospect is located on the western side of the project. Gold was mined at Aburna in the 1920s by Italian colonial miners and more recently by local artisanal miners. Aburna has six prospective sub-areas: Hill 52, Saddle Workings, Channel 12 NE, Celebration

A view of the Kerkasha project in 2018. ALPHA EXPLORATION

Hill, Pad 2 and Aburna Centra. Alpha currently owns 100% of the Kerkasha project, which covers 771 sq. km. However, in 2017, the company signed an agreement with the Eritrean National Mining

Corp. (ENAMCO), which states that the Eritrean government has the right to a 10% free-carried interest in any mining project developed at Kerkasha. The government also has the

right to purchase a further 30% equity ‘participating interest’ in the Kerkasha project at any time from commencement of exploration to three months after completion of a bankable feasibility study.

To purchase this interest, ENAMCO will have to pay the equivalent percentage cost of exploration up to the point of acquisition and contribute to project spending thereafter. Highlights from the first 14 drill holes released from Aburna on May 3 included 15 metres grading 5.85 grams gold from 6 metres in hole ABR-005 and 10 metres grading 5.24 grams gold starting from 49 metres in hole ABR-008. The Kerkasha project also includes the Anagulu porphyry gold-copper and the Tolegimja volcanogenic massive sulphide prospects. Situated in the northeast of the property, the Tolegimja prospect witnessed “significant intervals of massive sulphide mineralization” in two out of the nine holes drilled covering about 1,862 metres, in a program that ended earlier this year. Assay results are pending. Drilling at the Anagulu prospect has intersected strong gold and copper mineralization in seven drill holes that returned 1 gram per tonne gold equivalent or greater over intervals ranging from 64 metres to over 100 metres, the company said. More drilling is planned to test the area later this year. At press time, shares of Alpha Exploration were trading at 70¢ within a 52-week trading range of 65¢ and 99¢. TNM

TSXV: EVER OTC: EVGUF

evergoldcorp.ca

HIGH GRADES FROM GOLDEN LION DRILLING ESTABLISH A BRIGHT OUTLOOK FOR 2022 After several seasons of searching, in our final 3 holes of the 2021 field season we discovered our first high-grade gold-silver domain within the large-scale footprint of the fault-bounded epithermal-style GL1 Main Zone, located on our Golden Lion property in the rich geology of northwestern B.C. The results included the highest grades of gold, silver, zinc and lead ever achieved in drilling on the property. The initial high-grade domain is open for expansion in all directions, and the nature of these systems suggests a high likelihood of finding more as we explore the system below and along strike. Join us as we target high grades in our high-priority follow-up drilling in the approaching 2022 field season.

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THE NORTHERN MINER / JUNE 13 — 26, 2022

JOINT VENTURE ARTICLE

Golden Arrow Resources aims to advance its flagship San Pietro project in Chile BY NORTHERN MINER STAFF

Canadian explorer Golden Arrow Resources (TSXV: GRG; US-OTC: GARWF) holds a portfolio of precious and base metal projects in Argentina and Chile. Golden Arrow is part of the Grosso Group of companies, which has been working successfully in Argentina since 1993, where it has been involved in several major discoveries, including the Chinchillas silver deposit, now owned by SSR Mining (TSX: SSRM; NASDAQ: SSR; ASX: SSR), and Blue Sky Uranium’s (TSXV: BSK) Amarillo Grande uranium-vanadium project. In March, Vancouverheadquartered Golden Arrow expanded its footprint in Chile following the acquisition, through its wholly-owned subsidiary New Golden Explorations Chile SPA, of the San Pietro iron-oxide gold-copper (IOGC) project, formerly owned by Sumitomo Metal Mining Chile Ltda. Brian McEwen, Golden Arrow’s vice-president of exploration and development, says the company “had spent a significant amount of time shopping around for projects to purchase but what was out there was very expensive and not worth pursuing.” “Then, in September, we received a call asking if we’d be interested in looking at San Pietro. The owners, Sumitomo Metal Mining Chile Ltda, were looking to offload the property. We did our due diligence on the project and then successfully bid for it, completing the acquisition in mid-March.” He says it was the sale of the company’s remaining interest in the Chinchillas project in Chile, a Golden Arrow discovery that was eventually sold to SSR Mining, which “left us with a healthy bank account and allowed us to make a cash payment of US$3.35 million for a 100% interest in San Pietro.” The 184.5-sq.-km property is located in the Atacama region of northern Chile, approximately 100 km north of the city of Copiapo, in a well-established mining district that boasts excellent infrastructure and hosts all of the country’s significant IOCG deposits. These include Capstone Copper’s (TSX: CS) Santo Domingo, immediately adjacent to and east of San Pietro, and Mantoverde, approximately 10 km to the southwest. San Pietro “sits right between these two projects (with Mantoverde a producing mine and Santo Domingo being developed into a mine), which contain over a billion tonnes of combined resources,” McEwen says. The project, he says, offers nearterm resource potential and multiple targets with significant exploration upside and “has seen little to no work conducted on the property since 2014.” He added that the project’s previous evaluations “were based mainly on copper only — since that time, the price of copper, gold, and especially cobalt have risen sharply.” “With cobalt now trading at around US$34 per pound, which is approaching nearly ten times the price of copper, and its importance to the clean energy transition where it’s used in lithium-ion batteries, we believe cobalt will play an increasingly important role in the overall economics of the project,” McEwen says. He noted, for instance, that

The 184.5-sq.-km San Pietro coppergold-cobalt project in Chile. GOLDEN ARROW RESOURCES

Four main targets being explored at San Pietro. GOLDEN ARROW RESOURCES

Capstone recently added a cobalt circuit to its operations at Santo Domingo. According to McEwen, San Pietro has had nearly US$15 million in exploration carried out by previous owners and hosts multiple targets and an extensive exploration database that includes 34,276 metres of drilling, over 1,000 surface samples, geological mapping, and findings from induced polarization, magnetic, transient electromagnetic, and gravity surveys. “The work identified four main areas of mineralization — Rodeo, Radiss Norte, Rincones, and Colla.

Of these, Rincones has been the primary focus of previous drilling campaigns, with 47 holes drilled on the target returning significant intervals of copper, gold, and cobalt mineralization.” Highlights from the drilling at Rincones included hole RA12DH-003, which intersected 28 metres grading 1.14% copper, 0.12 gram gold per tonne, and 335 parts per million (ppm) cobalt starting from 236 metres downhole; and RADH-02, which returned 34 metres of 1.2% copper, 0.21 gram gold, and 589 ppm cobalt from 370 metres. Drilling at Colla, 2.3 km southwest

of Rincones, returned significant cobalt intervals, with CO11DH-001 hitting 10 metres of 626 ppm cobalt from 211 metres and CO11DH-002 intersecting 32 metres of 414 ppm cobalt from 116 metres. The Rodeo target, 7.5 km northwest of Rincones, shows significant copper and cobalt mineralization, with RO12DH-005 intersecting 34 metres of 1.03% copper and 334 ppm cobalt from 120 metres. Located 2.7 km north of Rincones, Radiss Norte shows near-surface cobalt mineralization, with RADDH-05 returning 29 metres

of 306 ppm cobalt starting from surface. McEwen says that over the next six months the company plans to advance the project by re-logging much of the drill core to better define the existing targets, and undertake surface exploration and geophysics throughout the property to fill in gaps in the sampling coverage and identify additional targets. “This work will modernize and build the database for the main prospects, particularly Rincones, and refine the targets for a potential resource delineation drill program,” he explains. “We then plan to commence an approximate 40,000-metre follow up drilling campaign in early 2023 to delineate a resource for San Pietro.” Golden Arrow’s other asset in Chile is the Rosales copper project. In Argentina, its assets include Flecha de Oro gold, Caballos, Don Bosco, and Mogote copper-gold, Potrerillos gold-silver, and Yanso gold projects. The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by GOLDEN ARROW RESOURCES and produced in cooperation with The Northern Miner. Visit www.goldenarrowresources.com for more information.

JUNE 13 — 26, 2022 / THE NORTHERN MINER

Vanstar doubles drill program as it looks to go deep at Bousquet-Odyno in Quebec EXPLORATION

| Company increasing work at the site based on initial results

BY NAIMUL KARIM

anstar Mining Resources (TSXV: VSR; US-OTC: VMNGF) has reported “promising” partial high-grade results from its initial drill program at the Bousquet-Odyno project in Quebec, where it hopes to expand the gold system at depth. Highlights from the two reported drill holes included 21 metres grading 5.23 grams gold per tonne starting from 301 metres (hole BO-22-63); and 6.5 metres grading 2.1 grams gold starting at 104 metres (hole BO-22-64). Based on the results, Vanstar has decided to increase its drill program to 9,000 metres from 4,000 metres as announced in April. It will continue to test potential highgrade zones at depth. “These drill results are significant in that they demonstrate that high grade shoots continue at depth,” the company’s CEO, J.C. St-Amour, told The Northern Miner. “We will continue to test the project at depth and near surface along strike and we are expecting that our drill program will find more gold potential on the property. “This project is unique as it is located in a prolific greenstone belt (the Abitibi Greenstone belt) and has been drill tested historically but to relatively shallow depths (200 metres or less),” he added. “Even though we say we are drilling targets at depth, our targets are still relatively shallow (250-300 metres).” Located about 45 km east of the city of Rouyn-Noranda, the project covers about 14.9 sq. kilometres. Vanstar entered into an

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GOLD & PRECIOUS METALS

Mawson Gold rises on high-grade intersection at Sunday Creek project | Subsidiary Southern Cross Gold cuts 5.1 metres of 17.7 g/t gold

AUSTRALIA

BY NAIMUL KARIM

Winter drilling at Vanstar Mining’s Nelligan project in Quebec. VANSTAR MINING RESOURCES Core samples from the Nelligan gold project in Quebec, co-owned by Iamgold and Vanstar. VANSTAR MINING RESOURCES

option agreement on Mar. 11 with Iamgold (TSX: IMG; NYSE: IAG) to acquire 75% of the project by spending a minimum of $4 million on exploration over four years. Iamgold retains the option to earn back a 50% interest by spend-

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OTC: KYOOF

ONE OF THE LARGEST JUNIOR OWNED SILVER ASSET BASES IN MEXICO 15,000 meter drill program underway at Columba silver project, Chihuahua State Drill Highlights: 2,035 gpt silver over 6.0m 932 gpt silver over 6.0m 809 gpt silver over 2.6m 719 gpt silver over 6.0m

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ing four times the exploration expenditure in the future. Vanstar got interested in the project since it is located on the Cadillac Break, a structure that hosts some large gold producers, and because it is relatively underexplored, said St-Amour. “The Cadillac Break has produced over 100 million ounces of gold over the past 100 years... many of the mines that have operated along the Cadillac Break have been underground operations that followed high grades much deeper than what we are currently drilling. We believe we are only scratching the surface,” St-Amour said. Historical drilling on the property, prior to Iamgold, identified some gold zones, including the Calder-Bousquet Zones number 2, 4 and 5. Aside from the BousquetOdyno project, Vanstar also has a 25% interest in the Nelligan project, located about 60 km from Chibougamau in Quebec. The property won the “Discovery of the Year” award at the 2019 Quebec Mineral Exploration Association Xplor Gala. The project has an inferred mineral resource estimate of 96.9 million tonnes grading 1.02 grams gold per tonne for 3.2 million tonnes of gold. At press time in Toronto, shares of Vanstar Mining were trading at 40¢ within a 52-week trading range of 33¢ and 94¢. The company has 56.1 million common shares outstanding and a market capitalization of $23.1 million. TNM

awson Gold’s (TSX: MAW) shares rose by more than 50% on May 30 after its 60.3% owned subsidiary Southern Cross Gold (ASX: SXG) reported several high-grade intercepts from a hole drilled at its Sunday Creek project in Victoria, Australia. Highlights from drill hole SDDSC033 included 5.2 metres grading 14.7 grams gold per tonne starting from 189.9 metres; 5.1 metres grading 17.7 grams gold starting from 160.5 metres; 2.3 metres grading 26.2 grams gold starting from 184 metres; and 2.5 metres grading 5.8 grams gold starting from 151 metres. The project saw historic gold mining between 1880 to 1920 over an 11-km trend that produced 41,000 oz. gold at a grade of 33 grams gold per tonne. Drilling during the 1990s and 2000s focused on shallow, previously mined surface workings up to 80 metres in depth, because of which “the entire field remains open along strike and to depth,” Mawson said. Mawson acquired Southern Cross Gold as a 100%-owned private company in July 2021. Southern Cross started trading on the Australian Securities Exchange in May. “This result is unprecedented in terms of width of high-grade mineralization rarely, if ever, seen in the Victorian goldfields,” Michael Hudson, Southern Cross Gold’s managing director, said in a press release. “Continuity, with great width and grades, is now evident down to 335 metres vertical depth in the Apollo Shoot that remains open to depth, while multiple adjacent shoots remain to be drilled out.” Located about 60 km north of Melbourne, the Sunday Creek project covers about 170 sq. kilometres. In the last three months, Southern Gold has drilled 10 holes totalling 2,278 metres with one hole in progress at press time. While results from seven holes have been reported, three are yet to be released. Highlights from the project’s six diamond drill holes reported on May 25 included 1.4 metres grading 10.9 grams gold per tonne starting from 222.7 metres in drill hole SDDSC031 and 0.3 metre grading 81.2 grams gold starting from 61.5 metres in hole SDDSC032. Based on the results from hole SDDSC033, Mawson CEO Ivan Fairhall described the Sunday Creek project as a “standout” property in the region in terms of width and grade. “We’ve known for some time there are multiple zones of high grades, but the continuity that is developing over a large distance

At Southern Cross Gold’s Sunday Creek project in Australia. SOUTHERN CROSS GOLD

‘THE CONTINUITY THAT IS DEVELOPING OVER A LARGE DISTANCE HERE IS A VERY EXCITING DEVELOPMENT.’ IVAN FAIRHALL CEO, MAWSON GOLD

here is a very exciting development,” Fairhall told The Northern Miner. “We see publishing a resource as being an important milestone, but with the kitty full, Southern Gold is in the fortunate position to be able to take the time to fully process this development with regards to the best way to move Sunday Creek forward,” Fairhall added. Aside from the Sunday Creek project, Mawson is focused on developing its flagship Rajapalot gold-cobalt project in Finland and upgrading resources there. The project hosts an inferred resource of 10.9 million tonnes grading 2.5 grams gold per tonne and 443 parts per million (ppm) cobalt for 887,000 tonnes of gold and 4,836 tonnes of cobalt. Fairhall says the company is focused on delivering a preliminary economic assessment and planning the next stages of exploration in Finland this year. At press time in Toronto, shares of Mawson Gold were trading at 16¢ within a 52-week range of 9.5¢ and 29¢. The company has 294 million common shares outstanding for a market cap of $47 million. On the ASX, Southern Cross traded at A58¢. TNM

Drilling at Southern Cross Gold’s Sunday Creek project. SOUTHERN CROSS GOLD

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Osisko Development’s Cariboo PEA outlines low-cost gold mine with 12-year life BRITISH COLUMBIA

sisko Development (TSXV: ODV; NYSE: ODV) has released the results from its preliminary economic assessment (PEA) for the Cariboo gold project in central B.C. The study, which examines a large, low-cost underground mine, was prepared by BBA Engineering. The Cariboo mine is to be a phased development, averaging 75,000 oz. per year to begin and expanding to 286,000 oz. annually after four years. The base case calls for an initial capital requirement of $121.5 million plus an additional $716.1 million for expansion. That would create a mine with a 12-year life, with an initial processing rate of 2,000 tonnes per day growing to 8,000 tonnes per day. The initial gold pour is planned for the first quarter of 2024. Over the life of the mine, average annual production would be 236,000 oz. at an all-in sustaining cost of US$962 per ounce. According to the early stage study, the Cariboo mine has an estimated after-tax net present

value, at a 5% discount rate, of $764 million and an internal rate of return of 21.4%. The project has a payback period of six years. The PEA forecast annual after-tax free cash flow at $112 million over 12 years of commercial production. The study used a gold price of US$1,750 per ounce. The mine site is located southeast of the town of Quesnel. Three key deposits — Cow Mountain, Island Mountain and Barkerville Mountain — are to be mined. The project hosts measured and indicated resources totalling 27.1 million tonnes at 4 grams gold per tonne for a total of 3.3 million ounces. The inferred resource is 14.4 million tonnes grading 3.5 grams gold for 1.6 million ounces. Ore will be processed at the existing Quesnel River (QR) mill. Osisko indicated last year that it had successfully removed half of the waste rock from the mill feed using X-ray transmission techniques to sort the ore. The company estimated at the time that treating less material in the mill will save 30% in capital costs and 25% in operating costs. Process water

and power consumption in the mill will also be cut by as much as 50%. Osisko is currently completing the mine ramp in preparation for taking a 10,000-tonne bulk sample. In late May, the junior also released the final results from a 49,500-metre, 114-hole drill campaign conducted at the Valley Zone at Cariboo in 2021. Highlights included 10.5 metres of 164.92 grams gold per tonne starting at 200 metres depth in hole CM-21097; and 14.4 metres of 15.26 grams gold from 149.6 metres depth in hole CM-21-099, which intersected a vein corridor. True widths are estimated at 60-75% of reported lengths, and top cuts were not applied to high-grade assays. Valley Zone is one of seven important mineralized areas at Cariboo, with the recent drilling aimed at upgrading inferred resources in the zone. Osisko completed a three-forone stock consolidation in early May, ahead of its late May listing on the New York Stock Exchange. On the TSX Venture at press time, the company, which has a market cap of $526 million, traded at $8.80 per share. TNM

Investors not impressed by Aurelius Minerals’ first Aureus East resource

| PEA planned for project in Nova Scotia

BY HENRY LAZENBY

urelius Minerals (TSXV: AUL; US-OTC: AURQF) shares fell to a new 12-month low in late May, following the release of an initial resource estimate for its Aureus East gold project in Nova Scotia. The Toronto-based explorer posted an indicated resource for the project, located 140 km northeast of Halifax, outlining 985,000 tonnes grading 5.14 grams gold per tonne for 162,700 oz. of contained metal. Inferred resources were pegged at 4.2 million tonnes grading 2.88 grams gold for 387,600 oz. gold. The resource estimate holds 78,000 oz. of pit-constrained gold and another 84,700 oz. of underground material. The inferred material comprises 147,200 oz. of pit constrained and 240,400 oz. of underground constrained resources. Aurelius said it plans to increase resources in the near term by focusing subsequent phases of drilling on high-grade target zones. It plans to fold this work into an upcoming preliminary economic assessment. In a press release, Aurelius noted “tremendous” exploration potential remaining on the property, with several zones north and south of the deposit axis. The zones extend from the surface and are open at depth, with potential for surface extraction and near-surface resource growth, Aurelius said. According to the junior, most of the drilling is less than 500 metres deep and constrained to the western portion of the deposit, leaving a good amount of the property unexplored. CEO Mark Ashcroft hailed the initial resource as a “major milestone” for the company. “We

established this maiden resource estimate as a key milestone for the project, and we have delivered on that in 21 months. “We had exceptional success in validating the project’s potential, with our drill program intersecting significant intervals of gold at 100% of our drill holes. The result is a robust gold resource that unlocks tremendous value through the drill bit and demonstrates the potential for significant additional

resource growth in the near term.” Aurelius now has four distinct mineral resource estimates in Nova Scotia. The company is also advancing two district-scale gold projects in the Abitibi Greenstone Belt in Ontario. At press time, Aurelius stock traded at 18¢ per share, within a 52-week trading range of 17¢ and 80¢. The company has a market capitalization of about $8.7 million. TNM

B2Gold to buy Aussie junior Oklo Resources M&A

| First gold pour could be as soon as Q1 2024

BY MARILYN SCALES

GOLD

THE NORTHERN MINER / JUNE 13 — 26, 2022

GOLD & PRECIOUS METALS

| Acquisition expands company’s footprint in Mali

B2Gold staff at the Fekola gold mine in southwest Mali. B2GOLD BY CECILIA JAMASMIE

anada’s B2Gold (TSX, NYSE: BTO) is buying Australian explorer Oklo Resources (ASX: OKU) in a deal valued at A$90 million (US$64 million) or A17.25¢ per share, representing a 127% premium on Oklo’s closing price of A7.6¢ on May 25. As part of the transaction, B2Gold will give Oklo’s investors A5.25¢ cash per share and will issue up to roughly 10.8 million shares to the target company’s shareholders. The acquisition of Oklo expands B2Gold footprint in Mali, West Africa, with 1,405 sq. km covering the country’s highly prospective greenstone belts. This includes Oklo’s flagship Dandoko gold project, located 30 km east of B2Gold’s 7.1-million-ounce Fekola mine. For the past five years, B2Gold has been looking for new assets to grow its portfolio, which includes mines in Mali, Namibia and the Philippines. The mid-tier gold producer said in November it was weighing the acquisitions of gold assets in Zimbabwe, which needs fresh investment in its key mining sector to reboot a struggling economy.

Chief executive officer Clive Johnson noted at the time the company would consider buying operating assets, entering into joint ventures and would explore the potential to establish a milling plant in Zimbabwe. Other than Fekola, on the border between Mali and Senegal, B2Gold is developing its Anaconda project, located 20 km north of the Fekola mine licence area. The Vancouver-based gold producer recently increased global resources at the project more than fourfold — from 770,000 ounces of contained gold to 3.4 million ounces. Last year, B2Gold spent about US$12.7 million on exploring the Anaconda area to complete nearly 57,000 metres of combined reverse-circulation and diamond drilling. This year, the company plans to spend US$12 million more to explore the area with five drill rigs already present. In February, a new subsidiary of B2Gold received a new threeyear exploration permit covering the Menankoto permit, part of the Anaconda area. The licence brought an end to the company’s dispute with the government of Mali that began in March last year. TNM

JUNE 13 — 26, 2022 / THE NORTHERN MINER

SilverCrest Metals begins commissioning Las Chispas

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

Wesdome cuts new high-grade mineralization at Kiena gold mine QUEBEC

| Company plans to drill 80,000 metres in 2022

| Commercial production at gold-silver project expected later this year MEXICO

Wesdome Gold Mines’ Kiena mine in Val-d’Or, Que. WESDOME GOLD MINES BY NAIMUL KARIM

Construction at SilverCrest Metals’ Las Chispas gold-silver project in Sonora state in March 2022. SILVERCREST METALS

BY CECILIA JAMASMIE

ilverCrest Metals (TSX: SILV; NYSE-AM: SILV) has begun commissioning the processing plant at its Las Chispas gold-silver project in Sonora, Mexico, which is expected to reach commercial production in the fourth quarter. The Canadian precious metals exploration and development company said construction of the plant was completed ahead of the feasibility study schedule. It added it expects a more measured ramp-up of underground mining and increased operational flexibility over the first few years of production thanks to a significant amount of stockpiled ore. “I would like to thank the combined team of Ausenco and SilverCrest for their continued efforts over the past 17 months,” SilverCrest COO Pierre Beaudoin said in a statement. “Completing construction during the Covid-19 pandemic has tested everyone’s resilience and it is with great sat-

isfaction that I congratulate them for accomplishing an incredible trio of successes: No major accidents, below budget and ahead of schedule.” The company highlighted it expects the capital cost of Las Chispas to be lower than the $137.7 million budgeted in the feasibility study but said final costs of the project remain to be settled. Las Chispas is expected to produce 12.4 million silver equivalent oz. annually between 2023 and 2029 from a 1,250-tonne-perday operation with a first-quartile all-in sustaining cost estimated at US$7.07 per ounce. Proven and probable reserves at Las Chispas, 180 km northeast of Hermosillo, are estimated at 3.4 million tonnes grading 461 grams silver and 4.81 grams gold (879 g/t silver equivalent) per tonne for 94.7 million silver-equivalent oz. SilverCrest also has three drill rigs working at the high-grade, near-surface El Picacho deposit, 85 km away by road. TNM

esdome Gold Mines (TSX: WDO) reported high-grade results from its drill program at the Kiena mine complex in Val-d’Or, Que., as the company continues to move forward with its goal of boosting the project’s resources. Highlights from the drill results included 50.7 metres, with an estimated true width of 5.5 metres, grading 92.11 grams gold per tonne, starting from 94 metres in hole 6796W6; and 83.2 metres, true width still unknown, grading 13.94 grams gold starting from 748.9 metres in hole 6752W10. The latter hole intercepted new mineralization at the Kiena Deep A zone area, located about 100 metres below the known limit of the A zone resource, the company said. It also made a discovery in the south limb of the A zone, a lateral expansion of mineralization identified by multiple intercepts. “We are continuing to spend aggressively on exploration at Kiena with $17.7 million to be spent in 2022 that includes approximately 50,000 metres of underground drilling and 30,000 metres of surface drilling,” the company’s CEO Duncan Middlemiss said in a press release.

“It is evident that as we continue to explore and collect new information, we are able to discover traps for gold mineralization outside of the known zones, thereby demonstrating the prospectivity of this area and the entire property.” The Kiena Mine complex restarted production in May 2021 after operations were suspended in 2013 due to declining gold prices and lack of developed reserves. The integrated mining and milling infrastructure produced close to 1.8 million oz. gold between 1981 and 2013. The company expects the mine to produce about 64,000 to 73,000 oz. gold this year. In 2016, while exploring the deposit, Wesdome discovered the Kiena Deep A Zone, which continues to be drilled. Underground drilling since 2021 refocused on expansion drilling and a new highgrade zone was discovered in the footwall of the Kiena Deep A zone. The Footwall Zone is defined by gold mineralization located within a 50–metre-wide corridor adjacent to the footwall of the A2 Zone. It is interpreted that the Footwall Zone runs parallel to the A Zone and extends at least 300 metres down plunge. The project has proven and probable reserves of 1.8 million tonnes grading 11.1 grams gold

per tonne for 651,000 oz. of contained gold. Based on a prefeasibility study completed in 2021, the project is expected to produce an average of 84,000 oz. gold annually over a mine life of seven years at an all-in sustaining cost of $894 per ounce. BMO Capital Markets mining analyst Andrew Mikitchook described the discovery of new mineralization at the mine as positive, adding it is “testament to the prospectivity of Kiena and emphasizes Wesdome’s potential to add high-grade ounces near planned mine infrastructure.” In a note to clients on June 2, Mitkitchook wrote of the new discoveries: “The results highlight the exploration leverage at Kiena, where finding additional mineralization has the potential to add gold ounces that could be extracted at a low incremental cost.” Aside from Kiena, Wesdome also operates the Eagle River underground mine in Wawa, Ont., which is currently producing gold at a rate of 95,000 to 105,000 oz. per year. At press time, shares of Wesdome were trading at $12.83 each within a 52-week trading range of $9.76 and $16.77. The company has a market capitalization of $1.8 billion. TNM

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THE NORTHERN MINER / JUNE 13 — 26, 2022

GOLD & PRECIOUS METALS

GOLD & PRECIOUS METALS SNAPSHOT: EIGHT COMPANIES ADVANCING PROJECTS AROUND THE WORLD

The mining camp at Marathon Gold’s Valentine Lake project in Newfoundland. MARATHON GOLD BY CARL A. WILLIAMS

In recent years the uptick in the price of precious metals, particularly gold, has reinforced their reputation as a store of value and leading drivers of mining activity around the world. Here are eight companies exploring and developing precious metal projects. n CLEAN AIR METALS Canadian explorer Clean Air Metals (TSXV: AIR; US-OTC; CLRMF) is looking for platinum and palladium. The Toronto-headquartered junior is focused on advancing its flagship Thunder Bay North project in Ontario, approximately 50 km northeast of city of Thunder Bay and 60 km southeast of the Lac des Iles mine, owned by Impala Canada Ltd. (part of the Implats Group). In April, Clean Air Metals reported the latest assay results from its 2022 drilling campaign on the Escape platinum group elements-copper-nickel deposit on Thunder Bay North. Highlights from the drilling included drillhole ELR22-129, which intersected 90 metres grading 1.04 grams platinum per tonne, 1.33 grams palladium per tonne, 0.49% copper, and 0.28% nickel starting from 308 metres downhole, including 5 metres grading 2.38 grams platinum, 2.99 grams palladium, 1.12% copper, and 0.62% nickel. That hole, the company said, intercepted a structural corridor called the Sail zone, which transects the eastern edge of the Escape

Above: Kootenay Silver’s Columba camp in Mexico, in 2019. KOOTENAY SILVER Right: Setting up to drill at Columba. KOOTENAY SILVER

South High Grade zone and trends in a northwest orientation along the mineralized Escape deposit trend. A preliminary economic assessment for the project in December envisaged an underground mine with a mine life of 10 years producing 629,000 oz. platinum, 618,000 oz. palladium, 111 million lb. copper, 57 million lb. nickel, 38,000 oz. gold, and 850,000 oz. silver (2.9 million oz. platinum-equivalent) from the Escape and Current deposits. About 65.2% of total production would occur in the first five years. The production figures were based on an average rate of 4,450 tonnes per day (3,600 tonnes per day ore and 850 tonnes per day waste). It also includes a new standalone milling complex and tailings management facility. The mill would be fed from both Current and Escape. The early-stage study estimated an after-tax net present value of $378.4 million, using a 5% discount rate and metal prices of US$969 per oz. platinum, US$2,214 per oz. palladium, US$1,723 per oz. gold,

US$22 per oz. silver, US$3.09 per lb. copper, and US$6.86 per lb. nickel, and an after-tax internal rate of return of 29.8%. Payback from the start of commercial operation would take 2.4 years with the initial capital expenditure estimated at $367.2 million, including $60.2 million in contingency. Clean Air Metals has a market cap of $34.6 million. n GALWAY METALS Galway Metals (TSXV: GWM; US-OTC: GAYMF) holds a 100%-ownership of two projects in Canada — Clarence Stream, an emerging gold district in New Brunswick; and Estrades, a former producing, high-grade, goldrich polymetallic mine in Quebec, which produced 174,946 tonnes of ore grading 12.9% zinc, 1.1% copper, 6.4 grams gold per tonne, and 172.3 grams silver per tonne from 1990-91. In April, the Canadian junior announced an update to the mineral resource estimate for the 60.5

sq. km Clarence Stream property, approximately 70 km southwest of Fredericton. The project now contains open pit constrained resources of 12.1 million indicated tonnes grading 2.27 grams gold per tonne for 886,000 oz. contained gold and inferred resources of 11.8 million tonnes grading 1.93 grams gold per tonne for 731,000 oz. gold. Underground resources stand at 300,000 indicated tonnes at 4.10 grams gold for 36,000 oz. gold and 4.2 million inferred tonnes at 4.5 grams gold for 603,000 gold ounces. Galway said the new resource represents a 136% increase in the indicated category and a 382% increase in inferred from the previous estimate in 2017, and includes 337 holes (106,272 metres) drilled in the SW deposit on the property since then. “We believe that this resource can be significantly expanded and are optimistic about the potential for additional discoveries to further enhance this new gold district,” Mike Sutton, the Galway’s

vice president of exploration, commented in an Apr. 25 press release. In February, the company released the latest drill results from the 20 sq. km Estrades property, approximately 95 km north of the town of La Sarre. Highlights from the drilling included drillhole GWM-21E-85, which intersected 5.3 metres grading 14.3 grams gold per tonne, 192.2 grams silver per tonne, 18.1% zinc, 0.2% copper, and 1.6% lead (28 grams gold-equivalent per tonne or 51.5% zinc-equivalent) starting from 200 metres downhole, and 3.85 metres of 7.5 grams gold, 121.7 grams silver, 6.6% zinc, 0.2% copper, and 1.7% lead (14 grams gold-equivalent or 25.7% zinc-equivalent) from 192.1 metres. Galway Metals has a market cap of $77.2 million. n GCM MINING Canadian mid-tier gold producer GCM Mining (TSX: GCM;

See GOLD & PRECIOUS METALS SNAPSHOT / 36

JUNE 13 — 26, 2022 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

O3 Mining’s president & CEO, Jose Vizquerra (right), with other members of the O3 team at the Marban project in Quebec. O3 MINING

GOLD & PRECIOUS METALS SNAPSHOT From 35

US-OTC: TPRFF) has a portfolio of precious metals projects in South America. The Toronto-headquartered company owns the Segovia mining complex in the Department of Antioquia in northern Colombia, approximately 180 km northeast of Medellin. Segovia is a world-class, multi-million-ounce high-grade gold mine that has been producing for more than 150 years. Over the past 11 years, the mine has produced over 1.5 million oz. of gold with an average head grade of 13.6 grams gold per tonne. In 2021, it produced 206,389 oz. of gold at a head grade of 12.8 grams gold per tonne. In March, the mine produced 16,293 oz. of gold, bringing the total production to 49,951 oz. for the first quarter of 2022, up from 49,058 oz. for the same period last year. The mine also produced 89,782 oz. of silver over quarter one of this year, up from 57,315 oz. over the same period in 2021., and 252,000 lb. of zinc and 338,000 lb. of lead. GCM said the mine remains on track meet its 2022 production guidance of 210,000 gold ounces. Currently, Segovia is producing gold from four underground gold mines on the property: Providencia, El Silencio, Sandra K, and Carla. In 2022, the company plans to conduct a diamond drill program on the property comprising approximately 91,000 meters of drilling, with up to 52,000 meters of in-mine and near-mine drilling and 15,000 meters of underground in-fill drilling at the four mines. In addition, it plans to undertake 24,000 meters of brownfield drilling at high-priority targets within 24 known veins not being mined. The company also owns the Toroparu project in the highly prospective Upper Puruni River region of western Guyana, one of the largest undeveloped gold-copper projects in the Americas. In February, the company released an updated mineral resource estimate for the project.

The first drill hole at Mayfair Gold’s Fenn-Gib project in Ontario. Inset: Ryan Hoefs examines core from Fenn-Gib. MAYFAIR GOLD

It now contains 185 million measured and indicated tonnes grading 1.42 grams gold per tonne, 1.01 grams silver per tonne, and 0.097% copper for 8.4 million contained oz. gold, 6 million oz. silver, and 396.3 million lb. copper. Inferred resources add 13.8 million tonnes grading 2.74 grams gold, 0.4 gram silver, and 0.08% copper for 1.2 million oz. gold, 177,000 oz. silver, and 24.2 million lb. copper. GCM Mining has a market cap of $453 million. n KOOTENAY SILVER Kootenay Silver (TSXV: KTN; US-OTC: KOOYF) is a precious metals exploration company with a portfolio of projects in Mexico, including the Columba and La Cigarra silver projects in the state of Chihuahua, the Promontorio and La Negra silver projects in Sonora, and the Copalito silver-gold project

in Sinaloa. In May, Kootenay announced that the arrival of drill crews at the Columba, a past-producing highgrade silver mine that operated from 1900 to 1910, where the company has identified numerous epithermal high-grade veins that vary in widths of over six metres along more than 10 km of strike length. The company plans to drill 15,000 metres using two diamond core drills as part of its 2022 drill program on the property. It said initial drilling will focus on deeper testing of the F vein and expanding previous intercepts at the D and B veins. Highlights from its 2019 and 2020 drill programs include drillhole CDH-19-041, which was drilled on the F vein, intersected 39.9 metres grading 159 grams silver per tonne starting from 15 metres downhole, including 1.15

metres of 919 grams silver and 1 metre of 953 grams silver; CDH21-110, drilled on the D, returned 29.9 metres grading 453 grams silver from 178.2 metres, including 17.8 metres of 650 grams silver; and CDH-21-82, drilled on the B, cut 9 metres grading 691 grams silver from 183 metres, including 4.6 metres of 1,186 grams silver. The mineralized system at La Cigarra has been traced over approximately 9 km and outcrops at surface as a silver soil anomaly with numerous historic surface workings along strike. The project hosts 20.8 million measured and indicated tonnes grading 76 grams silver per tonne for 50.5 million oz. contained silver and inferred resources of 1.8 million tonnes grading 61 grams silver for 3.5 million oz. of silver. At Promontorio, Kootenay says that over 65,000 metres of drill-

ing has delineated an open-pittable resource of 44.5 million tonnes in the measured and indicated category grading 58.73 grams silver per tonne for 84 million oz. silver and 14.6 million inferred tonnes grading 46.34 grams silver for 21.7 million silver ounces. The company says that ongoing ground exploration within a 2-3 km radius of La Negra has identified two high priority mineralized trends with clear underlying geologic controls. Additional areas of silver and gold mineralization also being evaluated, it said. Kootenay Silver has a market cap of $44.6 million. n MARATHON GOLD Marathon Gold (TSX: MOZ) is a Toronto-based gold company

See GOLD & PRECIOUS METALS SNAPSHOT / 37

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

GOLD & PRECIOUS METALS

Clean Air’s Thunder Bay North site in Ontario. ETHAN BEARDY, CLEAN AIR METALS

Inside the core shack at Red Pine’s Wawa gold project in Ontario.

GOLD & PRECIOUS METALS SNAPSHOT From 36

advancing its 100%-owned Valentine gold project in central region of Newfoundland and Labrador, approximately 80 southwest of the mining communities of Millertown and Buchans. In April, the company released the latest drill results from the final 24 diamond drill holes completed as part of its 2021 infill campaign at the Berry deposit and an additional four holes from 2021 drilling at the Victory deposit. Highlights from the drilling at Berry included hole VL-21-1181, which intersected 83 metres grading 1.72 grams gold per tonne starting from 280 metres downhole, including 1 metre of 21.57 grams gold, and VL-21-1160, which returned 13 metres grading 7.18 grams gold 87 metres, including 2 metres of 95.07 grams gold. Drilling at Victory included VGD-21-083, which hit 16 metres grading 1.78 grams gold per tonne from 122 metres, 1 metre of 10 grams gold from 128 metres, and 26 metres of 1.7 grams gold from 176 metres. That same month, Marathon provided an update on its development plan for Valentine. The company said that, following completion of the provincial environmental assessment (EA) for the project, the federal EA is approaching a ministerial decision. Site-specific permitting pertaining to provincial jurisdiction, including acquisition of a mining lease, has already commenced, it said.

RED PINE EXPLORATION

Concurrently, Marathon has been notified by the Impact Assessment Agency of Canada (IAAC), which is overseeing the federal EA process, that it had completed its technical review of the project’s environmental impact statement. IAAC will then complete and issue a draft EA report for the Valentine project for a 30-day public comment period. Following this review period, the Minister of Environment and Climate Change Canada will decide on the acceptability of the project for development. Approval would represent the completion of the federal EA process. Subject to this regulatory schedule and receipt of sufficient permits, Marathon expects to start early works at the site in the third quarter, supporting full site mobilization by the end of the year. First gold pour is anticipated in late 2024. Marathon Gold has a market cap of $480.2 million. n MAYFAIR GOLD Canadian gold explorer Mayfair Gold (TSXV: MGF: US-OTC: MFGCF) is focused on advancing its 100%-owned Fenn-Gib gold project located in the Guibord and Munro Townships in northeast Ontario, approximately 80 km east of Timmins. The 48 sq. km property is part of the extensive and prolific Abitibi gold belt and sits in the Timmins gold camp, which has produced

See GOLD & PRECIOUS METALS SNAPSHOT / 38

An aerial view of Red Pine’s Wawa gold project. RED PINE EXPLORATION

Discovering and Developing World Class Silver and Gold Deposits in Bolivia

New Pacific is a Canadian exploration and development company with precious metals projects in Bolivia. The Company’s flagship is the Silver Sand Project.

CONTACT U.S. & Canada toll-free: 1-877-631-0593 info@newpacificmetals.com www.newpacificmetals.com

JUNE 13 — 26, 2022 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

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A mining shelter in the event of an emergency. GCM MINING/TWITTER

Galway Metals’ Clarence Stream gold project in New Brunswick. GALWAY METALS

GOLD & PRECIOUS METALS SNAPSHOT From 37

more then 80 million oz. of gold over the past 100 years. In May, Mayfair released further drill results from its resource expansion program on the property. Highlights from drilling on the Expansion zone below the central and eastern area of the current conceptual open pit included hole FG21-180, which intersected 122.8 metres grading 0.77 gram gold per tonne starting from 420 metres downhole, including 63.3 metres of 1.06 grams gold per tonne. Hole FG21-206 returned 134.2 metres grading 0.93 gram gold from 328 metres, including 24.3 metres of 2.06 grams gold, and FG21-213 hit 92.7 metres grading 1.02 grams gold from 328.5 metres, including 7.5 metres of 3.91 grams gold. “Our expansion drill program continues to return excellent gold results from holes drilled outside the current Fenn-Gib deposit,” Patrick Evans, Mayfair’s president and CEO, commented in a May 2 press release. “We have now completed 71,498 metres of the fully-funded 80,000 metres drill program, which is supported by three drill rigs and expected to be completed in Q2 2022.” The company, he added, expects to release an updated mineral resource for Fenn-Gibb in the

third quarter of 2022, with a preliminary economic assessment planned for the fourth quarter of this year. Mineral resources at the project currently stand at 70.2 million indicated tonnes grading 0.92 gram gold per tonnne for 2.08 million contained oz. gold and inferred resources of 3.77 million tonnes grading 0.62 gram gold per tonne for 74,967 gold ounces. Mayfair Gold has a market cap of $101.6 million. n O3 MINING Canadian gold explorer O3 Mining (TSXV: OIII; US-OTC: OIIIF) has a portfolio of projects spanning over 1,370 sq. km in Quebec. The Toronto-headquartered junior is focused on advancing its 100%-owned Marban gold project in the west of the province, about midway between the towns of Val D’Or and Malartic. In March, the company reported an updated mineral resource for the project. It now contains 67.2 million measured and indicated tonnes grading 1.07 grams gold per tonne for 2.32 million contained oz. gold and inferred resources of 2.1 million tonnes grading 1.2 grams gold for 80,000 oz. gold. The company said the new estimate represents a 29% increase in the open-pit resources from the previous estimate in September 2020, and includes drill results from 209 holes (39,207 metres) of

infill and expansion drilling. A preliminary economic assessment for the project in October 2020 outlined an 11,000-tonneper-day open-pit operation with a mine life of 15.2 years. The first 12 years will target annual production of more than 130,000 oz. of gold, peaking at 161,000 oz. in year nine, for an average annual output of 115,000 oz. for a total life-of-mine production of 1.8 million gold ounces. The study forecast cash costs of US$741 per oz. and all-in sustaining costs (AISCs) of US$822 per ounce. Initial capex was pegged at $256 million and would be paid back, after-tax, in four years. The after-tax net present value was estimated at $423 million, based on a 5% discount rate and a gold price of US$1,450 per oz., and an after-tax internal rate of return of 25.2%. O3 recently consolidated its land position at Marban by acquiring Emgold Mining’s (TSXV: EMR; US-OTC: EGMCF) EastWest property, which sits adjacent to Marban. Under the agreement, O3 will acquire a 100% interest in the property for a cash payment of $750,000, issuing 325,000 common shares in O3, and the grant of 1% net smelter returns (NSR) royalty to Emgold, which O3 has the right to buyback. O3 is also progressing its Alpha property, approximately 8 km east of Val-d’Or.

In 2022, the company plans to complete 33,000 metres of drilling focused on expanding the known deposits at Kappa and Bulldog, following up on Sigma-type veins in the Omega sector, and resource conversion of the Akasaba deposit. O3 Mining has a market cap of $140.4 million. n REDPINE EXPLORATION Redpine Exploration (TSXV: RPX; US-OTC: RDEXF) is a Canadian exploration company looking for precious metals’ deposits in Ontario. The Toronto-headquartered junior is focused on advancing its 100%-owned flagship Wawa gold project in the Michipicoten Greenstone belt of the province, approximately 2 km southeast of the town of Wawa and 225 km north of Sault Ste. Marie. The 69.9-sq.-km property has hosted numerous gold mines with historic production of over 120,000 ounces. While the property hosted numerous historical mines, Redpine says these were owned by different operators and were never geologically connected. Initial drilling and exploration by Redpine led to discoveries of significant new gold mineralization at the company’s two deposits – Surluga and Minto Mine South. In May, the company reported new results from its 2022 Phase 1 exploration program on Wawa,

which, it says, continues to support the expansion of current resources and the potential for additional centres of mineralization within the project. Highlights from drilling in the up-dip extension of the Sadowski zone in the Surluga South area included drillhole SD-22350, which intersected 0.37 metres grading 22.5 grams gold per tonne starting from 16.51 metres downhole, including 0.41 metres of 145.2 grams gold from 17.66 metres and 0.3 metres of 162.52 grams gold from 18.07 metres, and SD-21-309, which returned 2.29 metres grading 52.12 grams gold per tonne from 16.51 metres. Hole SD-22-337, drilled in the Jubilee Shear Zone in the Surluga North area, hit 0.81 metres grading 16.7 grams gold per tonne from 334.79 metres, including 0.83 metres of 24.9 grams gold from 337.75 metres. An August 2021 mineral resource estimate for Wawa’s two mineral deposits outlined an indicated resource of 230,000 oz. gold (1.2 million tonnes grading 5.31 grams gold per tonne at Surluga and 105,000 tonnes grading 7.5 grams gold at Minto Mine South) and inferred resources of 471,000 oz. gold (2.4 million tonnes grading 5.2 grams gold at Surluga and 354,000 tonnes grading 6.6 grams gold at Minto Mine South). Redpine Exploration has a market cap of $39.9 million. TNM

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BASE & BATTERY METALS YETI STUDIO/ADOBE

Lithium technology competition heats up

QUEBRADA BLANCA 2:

Teck’s ‘first big piece’ to realign its energy goals INTERVIEW

| COO Red Conger expects Teck’s biggest project yet to transform the company

| Nano One acquires 2,400 t/y lithium iron phosphate facility in Quebec

BATTERY SUPPLY CHAIN

Teck’s Quebrada Blanca copper mine in Chile. TECK RESOURCES BY NAIMUL KARIM

ith the aim of rebalancing its portfolio towards metals needed for the world’s energy transition, Teck Resources (TSX: TECK.A/ TECK.B; NYSE: TECK) will look to finish building its biggest ever project, the Quebrada Blanca phase 2 (QB2) in Chile, by the end of 2022 and double its copper production. In an interview with The Northern Miner, Teck’s COO Red Conger said the project, which had initially faced stoppages due to the Covid-19 pandemic, is nearly 85% complete and described it as a “generational asset” that would be in production for decades. “We see this project as a huge transformation for our company,” Conger said. “It’s by far the biggest thing that we have done from a construction standpoint and one of the biggest in the industry.” He added: “We have a stated objective strategy to be a large copper producer over the next 10 to 15 years and we have the mineral in the ground to do that — and the team and know-how.” The company, which aims to achieve net-zero scope 2 emissions by 2025, currently runs four steelmaking coal operations in British Columbia and holds a 21.3% interest in the Fort Hills Energy oilsands operation in Alberta, in addition to a couple of copper and zinc mines. In the first quarter of 2022, its steelmaking coal operations con-

‘IT’S BY FAR THE BIGGEST THING THAT WE HAVE DONE FROM A CONSTRUCTION STANDPOINT AND ONE OF THE BIGGEST IN THE INDUSTRY.’ RED CONGER COO OF TECK RESOURCES

tributed more than half ($2.7 billion) of its total revenues of $5 billion, while its copper and zinc operations constituted about $930 million and $920 million respectively. Located in Chile’s Región de Tarapacá, about 165 km from the region’s capital city of Iquique, QB2 will not only double Teck’s copper production, but Conger also expects it to play a crucial role in helping meet the world’s energy transition goals. Based on a technical report filed in 2019, the project has proven and probable reserves of 1.4 billion tonnes grading 0.48% copper for 6.7 million tonnes of copper metal and is expected to produce an average of about 250,000 tonnes of copper annually during a 28-year mine life. “There’ve been very few new copper mines developed over the

last 10 to 20 years and that coupled with new uses, new demand for copper is really a good set of circumstances for the commodity,” he said. QB2 construction The Quebrada Blanca (QB) deposit’s oxidized top layer was mined by Teck until 2018. After mining ceased, the operation shifted its focus to extracting secondary copper from previous leach piles. With QB2, Teck aims to dig further below to the primary mineralization. In order to extract the remaining copper in the deposit, it’s building an array of infrastructure ranging from a concentrator and tailing dams to a desalinization plant and pipelines as long as 150 km. The project will use desalinated sea water pumped by booster stations through one of the pipelines to the concentrator situated at an elevated altitude. Another pipeline will be used to transport the concentrate down to the port where it will be dried and loaded on to ships. According to Conger, construction hasn’t been impacted by rising inflation. “The world is in a high inflationary position right now, but all of the material required for this project was actually purchased before that phenomenon began so that’s been a very fortunate set of circumstances for this project,” he said. See TECK / 46

BY HENRY LAZENBY

ithium technology companies are jostling for a foot in the door of the rapidly accelerating North American integrated battery metals supply chain, whether becoming a battery precursor material manufacturer or a potentially disruptive lithium direct extraction tech provider. Vancouver-based Nano One Materials (TSX: NANO; US-OTC: NNOMF) announced two deals in late May — one to acquire lithium iron phosphate (LFP) cathode material maker Johnson Matthey Battery Materials Canada (JBMC) for $10.3 million and the other to partner with chemical giant BASF on the production of next-generation cathode active materials (CAM). The first announcement on May 25 included the facilities, team, equipment, land and other assets of JBMC. Its team contributes more than 360 years of scale-up and commercial production know-how. Nano One has a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. The company believes the acquisition will help it fast-track its commercialization strategy. “The rapidly expanding need for responsibly produced cathode materials in North America presents an opportunity for Nano One to deploy its technology and become a leader,” said Nano One CEO Dan Blondal in a release. Notably, the facility includes a 2,400-tonne-per-year LFP plant in Candiac, Que.

The company stresses the plant occupies one-tenth of the 400,000-sq.-ft. property, leaving ample room for expansion. Blondin described the initiative as a “critical link in the mines-to-mobility initiative.” The acquisition is fully funded and is on a cash-free, debt-free basis, subject to certain working capital adjustments. The transaction is expected to be completed by the end of the year, subject to JMBM Canada fulfilling contractual commitments and certain other customary closing conditions. Johnson Matthey acquired the Candiac facility in 2015, three years after it began operations in 2012. It supplies cathode material to the lithium-ion battery sector for automotive and non-automotive applications for a select group of customers. Nano One expects its strategic location in Quebec to provide it with the benefit of access to a North American ecosystem, which will serve the broader global community with cost-effective, resilient, and environmentally sustainable cathode materials. On May 31, Nano One announced it and BASF have agreed to co-develop a process with reduced byproducts for commercial production of next-generation cathode active materials (CAM). The process will be based on BASF’s HEDTM family of advanced CAM, using Nano One’s patented One-Pot process and metal direct to CAM (M2CAM) technologies. “Nano One has an advanced See LITHIUM / 44

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JOINT VENTURE ARTICLE

Stuhini Exploration weighs potential of Ruby Creek molybdenum project in BC

Stuhini team in Atlin preparing for another day in the field. Inset: Molybdenum specimen showing rosettes from Adanac bulk sample. Below: Proposed location for the Ruby Creek molybdenum pit. STUHINI EXPLORATION

BY NORTHERN MINER STAFF

Stuhini Exploration (TSXV: STU) is exploring and developing base and precious metal projects in Western Canada, where it controls over 809 sq. km of prospective mineral tenures. The Canadian junior’s focus is on advancing its flagship Ruby Creek property in the heart of the Atlin Gold camp in northwestern B.C., the largest active placer camp in Canada, approximately 15 km east of Atlin. Within the 286-sq.-km property lies the Ruby Creek Molybdenum deposit. Stuhini has an earn-in option agreement with Global Drilling Solutions to acquire 100% of the project, which Stuhini can exercise by making share and cash payments totalling 7.3 million common shares and $1.06 million over four years. Dave O’Brien, Stuhini’s president and chief executive, says Ruby Creek property benefits significantly from existing infrastructure. “The southwestern edge of the property is accessible by a 14 km paved road from Atlin, and the molybdenum deposit is another 20 km further into the tenures. It’s accessible by a gravel road that had a $22-million upgrade by the previous operators, Adanac Molybdenum Corp., and the town of Atlin is about 249 km by highway to the sea-port at Skagway, in Alaska.” Mineralization at Ruby Creek mainly consists of gold, silver, and molybdenum. The molybdenum deposit is located near the top of the property, whereas most of the gold

targets occur in the vicinity of seven significant placer creeks found within the tenures. The silver occurrences cover four highly prospective targets with highest-priority target Silver Surprise, where grab samples assayed at over 16,000 grams silver per tonne. O’Brien says that “the advancedstage molybdenum deposit, which remains open to depth and the southwest, was most recently developed by Adanac Molybdenum, who advanced it through feasibility, permitting, and funding and then into actual mine construction.” He added, however, that construction of the mine was derailed by the 2008 financial crisis, which led to a collapse in the price of molybdenum, with prices falling from the low US$30s per lb. in 2007 to

around US$8 per lb. by mid-2009. “Over the past 18 months, there has been a dramatic rally in molybdenum prices, which have almost doubled from around US$10 per pound in July 2020 to just under US$20 per pound today,” says O’Brien. “In response to this price increase, we decided to re-evaluate the economics of the Ruby Creek molybdenum deposit.” As a first step, he says the company released an updated mineral resource estimate for the porphyry deposit in March. Resources at the project now stand at 369.4 million measured and indicated tonnes grading 0.053% molybdenum for 433 million lb. contained molybdenum and inferred resources of 42 million tonnes grading 0.047% molybdenum for 43.7

million lb. of molybdenum. O’Brien says the estimate is based on a pit-constrained resource and used “a conservative moly price of US$15 per pound to model the pit, with a significant amount of the known resource lying outside this pit and that also returned some of the best historic drill intercepts.” He noted that the proposed pit for the Ruby Creek molybdenum deposit is very shallow and sits within a gentle caldera with a high-grade core near the surface. “It’s important to begin with a starter-pit that can pay back the capital outlay quickly when you build projects on the potential scale of the project.” Stuhini now plans to complete a preliminary economic assessment on the project to assess the deposit’s economics before moving onto a feasibility study. “As Adanac Molybdenum did a lot of the heavy lifting for us already, completing a feasibility study on the project, we won’t need to do bulk sampling or metallurgical work,” says O’Brien, adding that “most of the geotechnical drilling and the mine design have also been completed.” While most molybdenum today is used as a steel alloy, where it increases the steel’s strength, hardness, and resistance to corrosion, the silver-grey metal is considered critical for the global transition to a green energy future and is used in a wide variety of low-carbon energy generation and storage technologies. However, according to industry experts, in the absence of recycled and recovered sources of

molybdenum and with current rates of extraction from known resources, molybdenum resources could be exhausted within a century. “Unless new resources come online, this transition away from fossil-fuel generated energy could be in jeopardy,” says O’Brien, referencing a 2020 World Bank Group report, “Minerals for Climate Action — the mineral intensity of the Clean Energy Transition,” which projects that by 2050 nearly half (47.3%) of the demand for molybdenum will come from its use in wind turbines and 41.7% from its use in geothermal energy technologies. “These are exciting for us as we advance the project and consider various alternatives for the molybdenum deposit,” he says, adding that the Stuhini is seeking a strategic partner “who has the financial and technical ability to build a world-class mine of this scope.” The company’s other property in B.C. is the 100%-owned 50.9-sq.km Big Ledge zinc project, approximately 57 km south of Revelstoke. It holds a 100% interest in the 475.1 -q.-km South Thompson nickel project in Manitoba, 35 km northwest of the town of Grand Rapids, and has an option on the 42.4-sq.-km Que gold-zinc project in the Yukon Territory, about 70 km north of Johnson’s Crossing. The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by STUHINI EXPLORATION and produced in cooperation with The Northern Miner. Visit www.stuhini.com for more information.

JUNE 13 — 26, 2022 / THE NORTHERN MINER

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Court ruling allows Hudbay to move forward with its Copper World project in Arizona COPPER

BY CECILIA JAMASMIE

anada’s Hudbay Minerals (TSX: HBM; NYSE: HBM) has scored a small but key win in the United States after an Arizona judge ruled in favour of the company’s planned Copper World mine. The ruling dismissed a pair of lawsuits filed by three Native American tribes and a coalition of environmental groups, which aimed to stop ongoing work on Copper World. Their attempt was based on a separate ruling in mid-May preventing Hudbay from moving forward with the larger and neighbouring US$2-billion Rosemont open pit copper project. In his 16-page verdict released in late May, District Judge James A. Soto said that the proposed Rosemont and Copper World mines in the Santa Rita Mountains south of Tucson were not legally related. This means that the tribes do not get the restraining order they

| Judge rules that the project is not legally related to stalled Rosemont project requested and that the U.S. Army Corps of Engineers does not have an obligation to include Copper World as part of a mandated review of Rosemont, which remains stalled on environmental grounds. “Plaintiffs have gotten what they wanted: Rosemont no longer has the permit,” Soto wrote. “Consequently, there is no case or controversy left for the court to decide.” Hudbay has decided to focus on the initial development of Copper World, which is on private land rather than federal land. The company started early site works in April, with initial grading and clearing activities continuing at site. Hudbay aims to complete a preliminary economic assessment (PEA) of the copper project in the second quarter of this year, it said in a statement. The study will incorporate a two-phase mine plan, with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land.

Hudbay Minerals’ Copper World project. HUDBAY MINERALS

Mining will be conducted on portions of the deposits located on patented claims. This first phase is expected to need only state and local permits and would reflect an approximate 15-year mine life. The second phase of the plan would extend the operation’s pro-

ductive life and incorporate an expansion onto federal lands to mine the entire Rosemont and Copper World deposits. This phase would be subject to the federal permitting process. The split decision in mid-May on Rosemont upheld a 2019 ruling that blocked the project from

moving forward. In the most recent decision, the U.S. Court of Appeals for the Ninth Circuit held that the U.S. Forest Service had erred in approving Rosemont’s mining plan of operations, relying on incorrect assumptions around both its legal authority and the validity of Rosemont’s unpatented mining claims. Under the mine plan, Hudbay had proposed to dump 1.9 billion tons of waste rock on National Forest Land. The development of copper mines is considered critical for the world’s transition to a greener economy, in which electric vehicles (EVs) and renewable energy will take centre stage. Copper demand is expected to grow as a result, with analysts warning the global industry needs to spend more than US$100 billion to build mines able to close what could be an annual supply deficit of 4.7 million tonnes by 2030. At press time, Hudbay shares traded at $7.40 in a 52-week range of $6.48 and $11.17. TNM

Filo Mining rises on long copper intercept at its Filo del Sol project in South America COPPER

| Company drills one of the thickest, highest-grade intervals through the Aurora Zone

BY NAIMUL KARIM

hares of Filo Mining (TSX: FIL) reached an all-time high on May 24 as the company reported its best hole yet in terms of copper-equivalent and intercept length, drilled at its Filo del Sol project, which straddles the Argentina-Chile border. Drill hole FSDH055C from the Breccia 41 zone cut 1,337.5 metres grading 0.66% copper, 0.54 gram gold per tonne and 31.5 grams silver starting from 150 metres; and 8.6 metres grading 7.08% copper, 8.16 grams gold and 820.4 grams

silver starting from 742 metres. Jamie Beck, the company’s CEO said in a press release that hole 55C represents “one of the thickest, highest-grade intervals drilled through the Aurora Zone and confirms the continuity of the bonanza-grade Breccia 41 mineralization between holes 41 and 54 to the south, and hole 57 to the north.” He added: “At almost 1.5 km deep, and still strongly mineralized, hole 55C is a great reminder of not only the size and scale of the system, but also how much more there is to discover at Filo.” The Filo del Sol project is com-

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Above left: Copper sulphate mineralization at the Filo del Sol project straddling the border of Argentina and Chile. Right: The high-grade copper oxide zone at Filo del Sol. FILO MINING

prised of two adjacent land holdings: the Filo del Sol property in San Juan province, Argentina, and the Tamberias property in Region III, Chile. The project area is covered under the Mining Integration and Complementation Treaty between Chile and Argentina, which provides the framework for the development of cross-border mining projects. Based on a 2019 prefeasibility study, which used prices of US$3 per lb. copper, US$1,300 per oz. gold, and US$20 per oz. silver, it has an estimated after-tax net present value of US$1.3 billion at an 8% discount rate, and an internal rate of return of 23%. The asset is expected to produce an annual average of 67,000 tonnes of copper, 159,000 oz. gold and 8.7 million oz. silver over a mine life of 14 years. The study pegged the project’s initial capital cost at US$1.3 billion. Wide-spaced drilling over the

past two years led to the discovery of the high-grade Aurora zone. A section within that zone, named Breccia 41, was found to have “distinguishably elevated grades” last year after its discovery hole FSDH041 returned 163 metres at 5.43% copper equivalent (2.31% copper, 2.07 grams gold per tonne, and 183 grams silver) from a depth of 780 metres. The ongoing drilling program includes seven diamond drill rigs and a reverse-circulation rig and has been designed to explore the area around the FSDH041 drill hole. The company expects to continue drilling throughout the year. BHP investment In February, BHP (NYSE: BHP; LSE: BHP; ASX: BHP) invested $100 million in Filo Mining and in the process ended up owning 5% of the company. Lundin Mining (TSX: LUN) is Filo’s majority owner. Scotiabank mining analyst Eric

Winmill views Filo’s latest update as positive as the hole “encountered long and high-grade mineralized intervals including the highest grade-thickness at the project encountered to date,” he wrote in a research note to clients on May 24. “Filo continues to highlight success with the drill bit, especially with its long intersections, and as it better defines the structure, including the higher-grade section,” BMO Capital Markets mining analyst Rene Cartier wrote in a research note to clients on May 23. “Our target price (for the company) increases to $30.00 (from $28.00).” On May 24 on the news, Filo Mining shares reached a day high of $27.37 in Toronto, beating the company’s previous 52-week high of $24.81. At press time, the stock traded at $24.80. The company has 121.4 million common shares outstanding. TNM

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THE NORTHERN MINER / JUNE 13 — 26, 2022

JOINT VENTURE ARTICLE

Lomiko Metals aims to be a regional hub to supply the graphite essential to lithium-ion battery manufacturers BY NORTHERN MINER STAFF

Canadian explorer Lomiko Metals (TSXV: LMR; US-OTC: LMRMF) is looking for graphite and lithium — critical ingredients for the anode and cathode of lithium-ion batteries driving the global push towards decarbonization. The junior miner is advancing its wholly-owned flagship La Loutre graphite project in the Grenville graphite belt of southern Quebec, approximately 180 km northwest of Montreal. The project sits close to several other graphite projects, including Northern Graphite‘s (TSXV: NGC; US-OTC: NGPHF) Lac des Iles, about 50 km to the northwest, and Matawinie, owned by Nouveau Monde Graphite (TSXV: NOU; US-OTC: NMGRF), 100 km northeast. Lomiko is also exploring the highly prospective belt in search of additional graphite deposits to develop “a sustainable supply of large flake natural graphite for the emerging regional electric vehicle battery manufacturing market and wider markets for graphite,” says Gordana Slepcev, the company’s chief operating officer. According to Benchmark Mineral Intelligence, global demand for graphite from the battery manufacturing sector is expected to soar over the next decade, rising 30% annually. However, in the absence of new supplies, Benchmark forecasts a deficit of 8 million tonnes of graphite by 2040. At La Loutre, the company’s extensive resource expansion and upgrade drill program planned for summer 2022 will drill about 120 infill holes (18,000 metres) in two zones on the property, known as the Electric Vehicle and Battery zones. (To date, the company has drilled 49 holes (6,942 metres) on Electric Vehicle and 62 holes (8,218 metres) on Battery.) The drilling campaign is already underway and “we anticipate that it will help confirm the orebody’s shape and size and support an upgrade of the current inferred mineral resources Right: Structural map of the Bourier lithium project in the James Bay region of Quebec. LOMIKO METALS, GOLD SPOT AI, AND CRITICAL ELEMENTS LITHIUM

Below: Lomiko Metals’ La Loutre graphite project in Quebec. LOMIKO METALS

Core from the Electric Vehicle zone at La Loutre. LOMIKO METALS

to the measured and indicated category,” Slepcev says. “We expect the drilling campaign will take four to five months to complete, and the results will be used to generate an updated resource estimate, which we plan to release by end of the year or early in January, depending on the assays turnaround time.” She added that the updated resource will form the basis for a prefeasibility study on the project and “will include plans for a carbonneutral mine.” Mineral resources at La Loutre currently stand at 23.2 million indicated tonnes grading 4.51% graphitic carbon (Cg) for 1 million tonnes contained graphite and inferred resources of 46.8 million tonnes grading 4.01% Cg for 1.9 million tonnes of graphite. The estimate was based on a cut-off grade of 1.5% graphite. In July 2021, a preliminary economic assessment (PEA) for La Loutre outlined an open-pit mine with a 15-year mine life producing 97,400 tonnes of graphite concentrate annually for a total of 1.4 million tonnes over the life of the mine. All-in sustaining costs are expected to average US$406 per tonne of graphite concentrate over

the mine’s life. Initial capital costs stand at $236.1 million, with $37.7 million budgeted for sustaining capital over the mine life. The early-stage study estimated the after-tax net present value at $185.6 million, using an 8% discount rate and a graphite concentrate price of US$916 per tonne, and the after-tax internal rate of return at 21.5%. The initial capital would be paid back in just over four years. Lomiko is also conducting further metallurgical testing on graphitic material from La Loutre and has shipped samples of graphite concentrate to three independent laboratories to confirm the purity of the graphite. Earlier this spring, a testing program completed by Corem and ProGraphite laboratories yielded “encouraging results” from a 1.8kg graphite flotation concentrate evaluated as part of the company’s 2021 metallurgical program, which Slepcev says showed that the graphite concentrate could be “successfully upgraded from a purity of 98.4% graphitic carbon to greater than 99.9%.” “The additional testing conducted this year will provide greater certainty and confidence of the graphite’s suitability for anode battery

applications, which require graphite concentrates with purities as high as 99.95%.” The company has collected 1 tonne of core material that will be tested to confirm the results of the initial metallurgical test work during the PEA and the most recent test work on the graphite concentrate done by COREM and ProGraphite. “The results from the additional testing to be completed by SGS Laboratories are expected in the second half of this year and will be used to further define the process flowsheet that will inform the plant design as part of the proposed PFS,” Slepcev says. The concentrate generated during the flotation testing, she added, will be used for battery trials and other high-value testing as a continuation of the initial work completed by COREM and ProGraphite in early this year “but on a bigger concentrate sample.” As part of Lomiko’s proposed regional exploration program, it has already staked 236 claims on six projects covering 142.6 sq. km in the Laurentian region of Quebec. The claims lie within a 100-km radius of La Loutre, with 28 of them contiguous to La Loutre. Slepcev says the early-stage greenfield exploration program “will target numerous underexplored mineralized showings and comprise high-definition airborne magnetic and time-domain electromagnetic surveys.” The surveys, she added, will cover all six projects and provide the company with “a good indication of where to look next. Once the results of the surveys have been assessed, we will then follow up any identified targets with geological, prospecting, and sampling programs.” According to Slepcev, Lomiko currently has around $5.9 million in the treasury, which she says, “will fund the resource drilling campaign, metallurgical testing, and baseline data collection. However, to fund the proposed PFS, the company “will look to raise additional capital.” The company, she continues, “is looking to raise $5-7 million that would be used to complete all required studies including the resource estimate, mine planning, plant design, and infrastructure and geotechnical studies and designs at La Loutre and regional exploration program.” Lomiko’s lithium asset is the 102.5-sq.-km Bourier project in the James Bay region of Quebec, approximately 450 km northeast of Val-d’Or. Bourier is an early-stage exploration target that Lomiko optioned from Critical Elements Lithium (TSXV: CRE; US-OTC: CRECF). Currently, Lomiko is working towards the first stage of 49% ownership and consequently to the second stage of 70% in the property, Slepcev says. “At this point, we are reviewing the plans with Critical Elements for the upcoming 2022 exploration program on the property. We are looking forward to following up on the lithium-tantalum-caesium anomalies and targets outlined in 2021.” The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by LOMIKO METALS and produced in cooperation with The Northern Miner. Visit www.lomiko.com for more information.

JUNE 13 — 26, 2022 / THE NORTHERN MINER

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BASE & BATTERY METALS

LITHIUM From 39

technology with the potential to improve the product performance of our high-performance cathode active materials and to further simplify the synthesis of battery materials,” said Heiko Urtel, vice-president Global R&D Battery Materials, BASF SE, in a release. “We are looking forward to building a collaborative working relationship and advancing the business opportunities for our next-generation cathode active materials.” At $2.31 per share, Nano One’s TSX-quoted equity gained 42.2% in early trading on May 25. At press time it traded at $2.78 per share, giving it a market capitalization of more than $265 million. Direct extraction technology Meanwhile, physical chemist Jack Lifton, the man credited with coining the term ‘technology metals’ back in 2007, tells The Northern Miner he is excited about a direct lithium extraction technology a company he is involved with, One World Lithium (CSE: OWLI; US-OTC: OWRDF), has recently licenced from the U.S. Department of Energy. The scientist views the technology as vertically integrating the production of battery-grade lithium carbonate directly from brines in a single reactor. With the licencing deal just executed, One World is looking for an in-field brine source to test out its kit. “As a mining company, we remain focused on prospective properties of merit that may contain recoverable lithium at a commercial scale, from a wide range of concentrations,” said Lifton in an interview. “We can vertically integrate such

The Nano One Materials team. NANO ONE MATERIALS

a deposit into the company to include the highest value-added form of that commodity by focusing on an advanced direct lithium extraction process for the extraction and separation of lithium from natural brines, directly generating lithium carbonate,” he said. “In summary, we will focus on developing properties as assets that fuel our ability to offer low-cost lithium separation and direct production of battery-grade lithium

carbonate.” The extraction method uses unique carbon dioxide injection mixing techniques to precipitate lithium carbonate from brines. This process requires no solvent, electrodes, membranes, or sorbents. It only uses carbon dioxide from industrial waste, exhaust gas streams, or even ambient air. Lifton says it significantly reduces capital and operation costs, process time, energy requirements, and,

overall carbon dioxide emissions. According to Lifton, the process is fully deployable and operational at the brine source, eliminating the need to evaporate the brines and/ or transportation of brine concentrates to a chemical processing facility to form and purify lithium carbonate. Deployment of this technology will reduce dependence on foreign lithium sources. However, Nano One joins a widening circle of lithium tech-focused

companies hoping to commercialize their particular brand of direct extraction technology. The proof will lie in whether any of these companies can move beyond successfully bench-scale testing in the laboratory to demonstrate the economic value of the new technology in an in-field application. Trading at 5¢ per share at press time in a 52-week range of 3¢ to 12¢, One World’s market capitalization is $5.2 million. TNM

TSX.V: ETMC, FSE: OU7A, OTCQX: EEMMF

Contact: investor@e3lithium.ca

Unlocking a new source of Canadian lithium for a sustainable energy future

E3’s proprietary ion-exchange technology has been developed to extract lithium from Alberta brines

7.0 Mt of Inferred Lithium Mineral Resource1 with significant opportunities for growth in a world-class jurisdiction

Proposed Phase 1 Plan: 20,000 tonnes LHM/year Potential to expand up to 150,000 tonnes LHM/year PEA demonstrates

Global growth in Electric Vehicle (EV) usage Long-term robust market for lithium demand

USD $1.1B NPV8% with 32% IRR (Pre-Tax) at a $14,000 usd/tonne average selling price

Industry-leading ESG Characteristics Fundamental focus on minimal land footprint, limited freshwater use and carbon emissions 1: Inferred Minerals Resources outlined in NI 43-101 report for Clearwater Lithium Project PEA, Rocky Resource Area and Exshaw Resource Area

GLOBAL MINING NEWS

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Solaris expands near-surface zone flagged for starter pit potential at Warintza in Ecuador COPPER

| Drilling focused on upgrading and growing resources

BY NAIMUL KARIM

olaris Resources (TSX: SLS) has reported assay results from six holes aimed at upgrading and growing the resources at its Warintza copper porphyry project in southeastern Ecuador. Highlights from the drill results included 930 metres grading 0.62% copper, starting at 2 metres in drillhole SLS-61, and 926 metres grading 0.49% copper starting from surface in drillhole SLS 57. Hole 57 targeting the Northeast Extension zone, extended the mineralization by about 200 metres to the northeast. Solaris has flagged the zone as a potential starter pit. “Ongoing follow-up drilling from existing and newly constructed platforms aims to expand on the Northeast Extension zone and grow the high-grade indicative starter pit, while also targeting areas within Warintza Central where resource classification can be upgraded with targeted drilling,” said Jorge Fierro the company’s vice-president, exploration. The Warintza project covers about 268 sq. km. and is located about 60 km north of Lundin Gold’s (TSX: LUG) Fruta del Norte gold mine, which produced 428,514 oz. of gold in 2021, and about 30 km north of the Mirador copper-gold mine, which began production in 2019. It is situated within a mining district that has access to a highway, low-cost hydroelectric power, fresh water and is located at a low elevation. In April, Solaris posted an updated resource for the Warintza Central deposit that expanded inferred tonnage by seven times, included a first-ever indicated resource, and outlined a potential starter pit. The property has indicated resources of 579 million tonnes grading 0.47% copper, 0.03% molybdenum and 0.05 gram gold per tonne for 2.7 million tonnes of copper, 150,000 tonnes of molybdenum and 930,000 oz. of gold. Inferred resources add 887 million tonnes grading 0.39% copper, 0.01% molybdenum, 0.04 gram gold for 3.5 million tonnes of copper, 130,000 tonnes of molybdenum and 1.1 million oz. gold. The project’s previous resource estimate totalled 124 million tonnes grading 0.56% copper, 0.03% molybdenum and 0.1 gram gold per tonne in the inferred resource category. The potential starter pit resource totals 180 million indicated tonnes grading 0.67% copper and 107 million inferred tonnes grading 0.64% copper. Jacqueline Wagenaar, the company’s vice-president of investor relations, has described the resource update as globally significant. The company believes Warintza could play in important role to meet the globe’s increasing demand for copper in the coming years. “We estimate that, in addition to brownfield expansions, over 100 new copper mines must be built to address this gap by the end of the

‘WE VIEW THE LATEST DRILL RESULTS POSITIVELY, AS THEY CONTINUE TO RETURN HIGH-GRADE MINERALIZATION, INCLUDING NEAR-SURFACE... EXTENSIONS.’ ERIN WINMILL SCOTIABANK ANALYST

decade, which makes every new project, particularly projects of robust grades and great scale set within mining districts rich with infrastructure, like Warintza, very important,” Wagenaar said. Scotiabank analyst Erin Winmill described the latest assay results as positive in a research note to clients on May 26. “We view the latest drill results positively, as they continue to return high-grade mineralization, including near-surface, high-grade extensions,” he wrote. “Importantly, the latest drilling has expanded the growing northeast extension area, which Solaris indicates is a priority target for the ‘Indicative Starter Pit.’” In mid-May Solaris received $30.4 million from the exercise of share purchase warrants, providing enough cash to see it through to mid-2023. The junior currently has 12 drill rigs at work at Warintza. At press time in Toronto, Solaris Resources traded at $11.16 per share within a 52-week trading range of $10.16 and $17.17. The company has 108.8 million common shares outstanding. TNM

THE NORTHERN MINER / JUNE 13 — 26, 2022

Demand for green metals from recycling expected to grow REPORT

| Smelting scrap metal requires less energy than refining raw materials, generating less carbon dioxide

BY VALENTINA RUIZ LEOTAUD

s the ESG (environmental, social and governance) spotlight shifts onto the mining and metals sector, there is increased interest in recycling as a source of green metals, says a recent report by White & Case. According to the law firm, the ideas around the circular economy, where all materials are repurposed and/or reused, align well with recycling, while relatively high commodity prices also make the often resource-intensive process of sorting and processing scrap more economically viable. “Smelting scrap metal for recycling also requires significantly less energy than the initial process of refining raw minerals into metals, meaning lower emissions,” the document reads, highlighting the fact that the aluminum and steel industries are alone estimated to contribute 2% and 7% respectively of all global CO2 emissions. White & Case’s report also points out that the shake-up of global supply chains by Covid19 and geopolitical conflicts has shone a light on the downsides of interdependencies, leading countries to look inward for commodity supplies, including scrap metal. Strong demand Data collected by the New York-based firm show that global demand for scrap metal is expected to remain strong over the coming years, owing to increasing demand for metals across a range of industries, such as automotive and construction, as well as ESG considerations that favour the use of recycled materials to reduce carbon emissions. “For instance, the European aluminum industry in its Circular Aluminum Action Plan has established a target to satisfy 50% of EU demand for aluminum using recycled materials by 2030, compared to the current level of 36%,” the paper reads. “Given the strong demand for scrap metal

and its importance for metals production, several countries have sought to reserve their domestic scrap supplies for their own metals processing industries, including by taxing or prohibiting the exportation of scrap metal.” White & Case’s research indicates that approximately 40% of globally traded copper waste and scrap, 30% of aluminum and 20% of iron and steel waste and scrap are subject to some form of export restriction. The document says that the downside of these restrictions is that as they increase the domestic supply of raw materials and, thus, reduce their cost, some trade authorities believe they confer unfair benefits to downstream users of such raw materials. This has led to the imposition of countervailing duties on imports of the downstream products. “Whereas export restrictions on scrap metal are relatively common, few countries impose significant import restrictions on scrap metals. Apart from China, few countries have imposed import prohibitions or quotas on scrap metal, and applied most-favored nation (MFN) tariff rates on scrap metal are relatively low (averaging 3.1 per cent for aluminum scrap, 3.1 per cent for iron and steel scrap, and 3.3 per cent for copper scrap),” the report states. “Scrap metals have rarely been the target of trade remedy measures (i.e., anti-dumping, countervailing duty and safeguard measures), and are exempt from tariffs the U.S. has imposed on steel and aluminum imports on national security grounds.” Big challenges still need to be addressed In most countries, the smelting of metal from scrap continues to be dependent on fossil fuels, particularly coal or natural gas. Even if the process requires significantly less energy than creating metals from raw materials, White & Case’s study notes that consumers are increasingly look-

ing at metal products that have been manufactured in greener ways. Electrification of the smelting process and/or the substitution of gas for hydrogen are top of mind for consumers but certain obstacles need to be overcome first so that such processes can be more widely adopted. “While smelting using electricity or hydrogen has the attraction of not emitting at source (i.e., Scope 1 emissions), there is still the question of how the electricity and hydrogen have been sourced (i.e., Scope 2 emissions),” the dossier reads. “While the trend toward electrification is growing, and sources of green energy are increasing, the majority of power available on the grid in most countries continues to be sourced from fossil fuels. Green hydrogen is also not yet widely available.” In White & Case’s view, though not yet widely available, projects being designed today may benefit by planning for the inclusion of hydrogen, on the expectation that green hydrogen will become commercially available in the near term. “As consumers of metals products scrutinize the provenance of the metals in their products, it remains to be seen whether the market will distinguish between the ESG credentials of the scrap actually used in the recycling process,” the paper notes. “With the market currently placing a limited price premium on green metals (as certified by current guidelines), it remains to be seen whether the market will recognize, and be prepared to pay an additional premium for recycled metals that have had a completely green life cycle.” For the analysts at White & Case, even if consumers are willing to pay such a premium, as minerals/metals are mixed during the various stages of the mining, refining and recycling process, tracing and verifying a clear provenance of recycled metals will be impractical and difficult. TNM

• Wholly owned Nickel Shäw Project located in Canada’s Yukon Territory, with excellent infrastructure and route to market access. • Considered one of the world’s largest undeveloped nickel-copper sulphide and platinum-group metals deposits. M&I resource containing: • 1.9 billion pounds of nickel • 1.1 billion pounds of copper • 107 million pounds of cobalt • 5.8 million ounces of PGMs • Large 146 sq-km land package with multiple exploration targets along a highly prospective 18-km trend. • Management with proven experience in the nickel markets, project development and operations with solid long-term backing from large institutional shareholders.

TSX: NCP OTC: NCPCF

www.nickelcreekplatinum.com

JUNE 13 — 26, 2022 / THE NORTHERN MINER

Horizonte kicks off construction of nickel mine in Brazil NICKEL

BASE & BATTERY METALS

WWW.NORTHERNMINER.COM

Sayona raises $136M for Quebec lithium project’s restart in 2023 FINANCING

| May prefeasibility study outlines 27-year mine life

| Araguaia mine life pegged at 28 years

Inside the processing facilities at Horizonte Minerals’ Araguaia project in Brazil. HORIZONTE MINERALS

North American Lithium’s spodumene concentrator located in Quebec. IMAGE COURTESY OF BUSINESS WIRE

BY CECILIA JAMASMIE

n mid-May, Horizonte Minerals (TSX: HZM; AIM: HZM) kicked off construction of its Araguaia nickel mine in northern Brazil, which is set to produce 29,000 tonnes of the battery metal a year mostly destined to supply the stainless steel market. The fully funded nickel laterite project, which will take about two years to build, will initially generate 14,500 tonnes of nickel (in 52,000 tonnes of ferronickel) a year. Construction includes an open pit and a processing plant, which will produce ferronickel over an estimated 28-year period. Araguaia is considered a key project to diversify Brazil’s mining sector, which is centred on iron ore. “Whilst we are facing inflationary pressures along with all other global projects, to date we have been able to award approximately 50% of our pre-contingency project direct capex on budget, which is a very positive result,” chief executive Jeremy Martin said in a statement. Horizonte closed a US$633-million financing for construction of

the project in late 2021. Horizonte is also advancing a feasibility study for the Vermelho nickel-cobalt project, also in Pará state. The asset is expected to yield roughly 15,000 tonnes of nickel and 600 tonnes of cobalt a year in a first phase. Vermelho’s capacity could ramp up to 24,000 tonnes of nickel per year over a 38-year mine life. Brazil has estimated reserves of 16 million tonnes of nickel and is currently the world’s eighth largest producer, with output of 100,000 tonnes in 2021. Global nickel usage surged by 16.2% last year driven on the back of soaring demand from both the stainless steel and battery end-use sectors. The result was a supply shortfall of 168,000 tonnes, the largest production deficit in at least a decade, according to the International Nickel Study Group’s latest statistical snapshot on the market. Horizonte completed a 20 to 1 share consolidation in late May; it now has 190.4 million common shares outstanding. At press time its shares traded at $2.30 apiece in Toronto. TNM

BY BRUNO VENDITTI

risbane-based lithium developer Sayona Mining (USOTC: SYAXF; ASX: SYA) has announced a $136-million (A$190 million) institutional placement, with the majority earmarked for the 2023 restart of its North American Lithium (NAL) operations. “The planned restart at NAL remains on schedule for first spodumene concentrate production in Q1 2023, with critical long‐ lead items secured and senior staff recruited,” the company said in a release in late May. Sayona expects to begin commissioning of the NAL concentrator late in the third quarter or early in the fourth. The company published a positive prefeasibility study for the project the same week, confirming the NAL operation’s technical and financial viability over a 27-year mine life. Sayona holds a 75% interest in NAL, with Piedmont Lithium (ASX: PLL) holding 25%. The companies acquired the project in August 2021, after its owner sought creditor protection and suspended the operation, which consisted of an open pit spodumene mine and concentrator located in La Corne, Que.

As part of its plans to create a lithium mining hub in the Abitibi region of Quebec, Sayona aims to restore operations at NAL and integrate it with its wholly owned Authier project, which has already reached the feasibility stage and will provide supplementary ore feed to NAL. The restart of the NAL operation would allow Sayona to launch production ahead of other North American projects, generating sustainable cash flows and putting the company on a fast track to go downstream into value‐added lithium hydroxide or carbonate production, it said. The May 23 prefeasibility for NAL confirmed potential for this Abitibi lithium hub, adding to the company’s emerging northern Quebec hub and facilitating downstream processing, solidifying what would be North America’s largest lithium (spodumene) resource base. As shown in the study, NAL’s after-tax net present value (NPV) was estimated at approximately $751 million (A$844 million), using an 8% discount rate, and its internal rate of return (IRR) was pegged at 139%. The study forecast a capital payback period of about two years. Capital costs amounted to $91

million (A$100 million), with upgrades to improve operational efficiency, grade, quality and recovery. Long lead-time equipment has already been ordered to facilitate a restart in the first quarter of 2023. The project economics were based on proven and probable ore reserves (JORC compliant) of 29.2 million tonnes averaging 0.96% lithium oxide (Li2O). Along with an upgraded ore reserve, the concentrator mill throughput has increased to 4,200 tonnes per day from 3,800 tonnes per day since the acquisition in 2021, producing a 6% Li2O spodumene concentrate. The financing will see Sayona issue more than 1 million shares at A18¢ per share. Proceeds will go towards NAL refurbishment and studies (A$100 million); Authier development (A$35 million); and towards the evaluation and feasibility study update for its Moblan project in Quebec (A$25 million); with the rest (A$30 million) going to exploration, project evaluation, and working capital and offer costs. In late May, Sayona shares traded at A22¢ apiece on the Australian Securities Exchange. The company has a market value of A$1.6 billion ($1.1 billion). TNM

While Teck views QB2 as a project that will contribute to the world’s increasing demand for clean energy, it did find itself in trouble in April when Chile’s environmental regulator, the Superintendency of the Environment (SMA), filed charges against the company, claiming that it had failed to comply with measures to avoid impacts to vegetation and animals on its QB property. The SMA said that Teck has provided a response that includes making investments to correct the issues and comply with the regulations and that it would be monitoring the situation. Conger doesn’t expect Teck to face any environment-related issues in the future. “We work closely with the regulators, we have made a variety of adjustments as we have learned things on the ground,” he said. He added that the company works actively every day to ensure that it doesn’t “inadvertently” do any kind of harm. Aside from aiming to start pro-

ducing at QB2 by the end of this year, Teck is also expecting to complete studies on a possible expansion of the QB mill by the end of this year. This will increase the milling capacity by 50%, said Conger. “We have done engineering now that proves that all that infrastructure with only minor modifications can accommodate that increase in production. So, all we really need to do is add one SAG mill, two ball mills and another row of flotation and we can achieve a 50% increase in capacity,” he said. While Teck is currently advancing several copper projects including Zafranal in Peru, for which a feasibility study has been completed, San Nicolas in Mexico, where production is targeted for 2026, and Galore Creek in B.C., where the company expects to complete a prefeasibility study by next year, QB2 is expected to be the start of a big change for the company. As Conger puts it, “This is the first big piece of putting our copper growth efforts into place.” TNM

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The rate of absenteeism, which was on the rise in the last couple of years due to the pandemic, has also “greatly reduced,” providing the project the momentum it needs to complete its key milestones this quarter. “We are in the process of turning on all the major energy delivery parts of the project,” Conger said. “Another big milestone we are working on right now is getting first water into the desalinization plant… we should have first water going in there this quarter.” Clean energy Teck expects to power 50% of the QB2 project through a combination of solar and wind energy. It is in talks with providers to secure another tranche of renewable energy to feed the project’s electrical needs in the future, which is in line with its goal of reducing carbon intensity from its operations by 33% by 2030.

GLOBAL MINING NEWS

BASE & BATTERY METALS

THE NORTHERN MINER / JUNE 13 — 26, 2022

BASE AND BATTERY METALS SNAPSHOT: EIGHT COMPANIES TO WATCH BY CARL A. WILLIAMS

The Escalones copper project in Chile. WORLD COPPER

As the world continues to electrify and concerns escalate around the supply of raw materials, including copper, zinc, lithium, and PGMs, required for the transition away from fossil fuels, base and battery metal explorers and developers are attracting increasing interest from investors. Below are eight companies operating in the space. AMERIWEST LITHIUM Ameriwest Lithium (CSE: AWLI: US-OTC: AWLIF) is an exploration and development company with a portfolio of lithium projects in the southwest of America. These include Railroad Valley, Clayton Valley, and Edwards Creek Valley in Nevada, and Thompson Valley in Arizona. In March, the Vancouver-headquartered company announced the acquisition of a further 108 line-km of high-quality seismic data with the view to drilling at Railroad Valley this year. The greenfields project is located approximately 77 km northeast of Ely. The acquisition brings the total line-km of data acquired to date to approximately 135 km, it said, and was acquired to cover the recently expanded 61.9-sq.-km property, on which Ameriwest is searching for lithium. That same month, the company released results from a second-phase magnetotelluric (MT) geophysical survey completed on Railroad Valley. Incorporated with the findings from the company’s initial MT survey, the results demonstrated the potential for the property to host a large lithium deposit, Ameriwest says. While Railroad Valley is geologically similar to the nearby Clayton Valley project, the company says it represents a new and virtually unexplored target. It also announced the staking of an additional 414 claims at its Edwards Creek Valley property, increasing the number of claims to 1,243 and expanding the size of the project to about 903 sq. kilometres. The company believes Edwards Creek Valley, about 193 km east of Reno, has the potential to host a large lithium brine deposit based on geophysical studies completed on the project to date. “We are extremely excited to have discovered a large gravity low during our recent gravity geophysical program at the ECV [Edwards Creek Valley], and we have now expanded our claims to encompass the entire gravity low. We believe this low may have potential to host brine deposits similar in characteristics to those located in Clayton Valley, Nevada, subject to exploration success,” David Watkinson, Ameriwest’s chief executive, commented in a Mar. 2 press release. Ameriwest Lithium has a market cap of $45.5 million.

ARIZONA METALS Arizona Metals (TSXV: AMC; US-OTC: AZMCF) holds a 100% interest in the Kay polymetal-

The Lac des Iles graphite mine in Quebec was recently acquired by Northern Graphite. IMERYS GROUP

lic mine and Sugarloaf Peak gold projects in Arizona. The Toronto-based junior is focused on advancing its flagship

Kay copper-gold-zinc-silver mine in Yavapai County, immediately adjacent to the town of Black Canyon City and approximately 69 km

north of Phoenix. The mine lies in an established mining district with 60 past-producing operations within a 150-km radius.

In April, Arizona Metals released assays from two drill holes from its second-phase drill program on the project. Hole KM-21-60 intersected 93.3 metres grading 1.36% copper, 3.25% zinc, 5.65 grams gold per tonne, and 32.6 grams silver per tonne (8.3 grams gold-equivalent per tonne) starting from 557 metres downhole, including 17.5 metres of 5.22% copper, 4.71% zinc, 25.37 grams gold, and 100.6 grams silver (29.6 grams gold-equivalent). The company said the hole was drilled in the central portion of the deposit and demonstrated excellent continuity of mineralization between holes KM-21-26, KM-2128, KM-21-25A, KM-21-57A, and KM-21-40, and returned the highest-grade gold value yet on the project at 1.2 metres of 273 grams gold from 634.3 metres. See BASE & BATTERY METALS SNAPSHOT / 48

JUNE 13 — 26, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

BASE & BATTERY METALS

E3 Lithium is working to commercialize a low-cost method of recovering lithium from petro-brine resources in Alberta. E3 LITHIUM BASE & BATTERY METALS SNAPSHOT From 47

Hole KM-21-57B cut 125.3 metres grading 2.4% copper, 1.29% zinc, 0.9 gram gold, and 18.7 grams silver (3.2% copper-equivalent) from 736.7 metres, including 1.8 metres of 9.42% copper, 0.32% zinc, 2.37 grams gold, and 8.5 grams silver (9.9% copper-equivalent). That hole demonstrated continuity and extension of mineralization between holes KM-21-26, KM-21-28, KM-21-25A, KM-2140, and KM-21-58B, and inter-

sected the highest copper value to date, returning 1.5 metres of 20.7% copper from 802.2 metres, it said. Assays from an additional 20 holes are pending. The company now plans to drill up to 20 holes totaling 11,000 metres at the Central Target, approximately 200 metres west of the Kay mine deposit. Arizona Metals’ other project, the Sugarloaf Peak gold deposit in La Paz County, approximately 10 km southwest of the town of Quartzsite, contains a historic resource of 1.5 million oz. of gold

Ion Energy’s Baavhai Uul lithium project in Mongolia. ION ENERGY

at a grade of 0.5 gram gold per tonne. Arizona Metals has a market cap of $590.3 million. E3 LITHIUM E3 Lithium (TSXV: ETMC; US-OTC; EEMF), which is chang-

ing its name from E3 Metals, is an Alberta-focused emerging lithium and direct lithium extraction (DLE) technology developer. In April, the Calgary-based company announced that it had engaged an engineering firm to start design work for its field pilot

The Next Genera,on of Nickel NetZero Nickel™ is needed to power the electric vehicle revolu5on and feed the high growth stainless steel market. We're working on it.

plant, which utilizes its proprietary sorbent. It said the goal of the field pilot is to demonstrate the near-commercial-scale and modular design of the company’s ion-exchange DLE process under real world operating conditions. E3 said that the combination of its sorbent technology with a scaled-up ion-exchange system operating in real world conditions is an important step towards de-risking and demonstrating the DLE process and technology at a commercial scale. The company said the field pilot will be tied into an existing well that produces brine directly from the Leduc aquifer at its Clearwater lithium project in southern Alberta and will be a major milestone in unlocking the value of the project. E3 anticipates the design and final cost estimate to be completed within the next six months, with construction to follow soon after. The initial plan for the field pilot will be to operate in the Leduc aquifer over a six-month period to collect and analyze data to further validate the technology and operating parameters. An updated preliminary economic assessment (PEA) for Clearwater released in September 2021 envisaged a 20-year project producing 20,000 tonnes of lithium hydroxide per year. The early-stage study estimated an after-tax net present value of US$819.9 million, and after-tax internal rate of return of 27%. The study used an 8% discount rate and a lithium hydroxide monohydrate price of US$14,079 per tonne. The PEA pegged initial capital costs at US$602 million and average annual operating costs at US$73.2 million over the life of the project. Initial capital would be paid back in 3.4 years. E3 Metals has a market cap of $117.8 million. ION ENERGY Toronto-based ION Energy (TSXV: ION; US-OTC: IONGF) is focused on exploring and developing lithium salars (salt flats) in Mongolia, including its 100%owned Baavhai Uul and Urgakh Naran lithium brine projects. In May, the company announced a significant discovery at the highly prospective, 290-sq.-km Urgakh Naran property in the South Gobi Desert. The property covers an area 6 km wide and more than 20 km long in the central part of the Urgakj Naran basin, approximately 30 km from the Mongolia-China border. A lithium brine sample, collected from a surface evaporation

canadanickel.com | TSX-V:CNC

See BASE & BATTERY METALS SNAPSHOT / 48

GLOBAL MINING NEWS

BASE & BATTERY METALS

THE NORTHERN MINER / JUNE 13 — 26, 2022

Mkango Resources plans to build a rare earth separation plant in Poland with Grupa Azoty PULAWY. MKANGO RESOURCES BASE & BATTERY METALS SNAPSHOT From 48

pond, assayed 918 mg per litre lithium — the highest-grade lithium brine known to have been collected in Mongolia, according to ION. “These exceptional early results are extremely exciting for all stakeholders, they reinforce the company view that high-quality lithium brines could be discovered at the Urgakh Naran lithium project,” Ali Haji, ION’s chief executive, said in a May 9 press release announcing the discovery. The company has now completed 72 auger drill holes for a total of 820.5 metres and collected 427 geochemical samples including brine samples on the property. It has also completed seven of the eight planned transient electromagnetic (TEM) geophysical lines for a total of 88 line-km. ION now plans to complete an additional 38 auger holes and 8 line-km of TEM. Following completion of the current geophysical and shallow auger hole program, it plans to sink a series of targeted holes to test brine potential at depth. It also plans to advance its flagship 811-sq.-km Baavhai Uul project, which represents the largest and first lithium brine exploration licence awarded in Mongolia, the company says. In December, ION completed an initial drill program on the property comprising 222 auger drill holes totalling 1,304.5 metres. The drilling led to a new discovery at the White Wolf prospect. Highlights included drill hole AU-20, which returned an average 650 parts per million (ppm) lithium from between 4-6 metres in depth, with the last sample in the hole returning 860 ppm lithium. Ion Energy has a market cap of $19.3 million. MKANGO RESOURCES Canadian exploration and development company Mkango Resources (TSXV: MKA; US-OTC: MKNGF) is focused on advancing its 100%owned Songwe Hill rare earths project in southeastern Malawi, approximately 70 km from the country’s former capital Zomba and 90 km from the commercial centre of Blantyre. In March, Mkango announced that it had produced neodymium and praseodymium-enriched rare earth carbonate on a pilot basis from the project, where it is working towards finalizing a feasibility study. William Dawes, the company’s chief executive, said in a Mar. 7 press release that completion of piloting was another major milestone for the development of Songwe and the related Pulawy separation plant in Poland. Dawes said the milestone “puts Mkango in a rare class of having an independent rare earths project at this advanced stage of development.” He noted that through the company’s investments across the supply chain, Mkango “is uniquely

positioned to be a future producer of rare earth oxides, recycled alloys and magnets, the latter through its 42% strategic interest in short loop rare earth magnet recycler, HyProMag.” Songwe Hill is expected to have an 18-year mine life with an initial capex of US$216 million, according to a pre-feasibility study conducted in 2015. At a 10% discount rate, the project would generate a post-tax net present value of US$345 million and an internal rate of return (IRR) of 37%. The feasibility study, due out mid-year, will include processing of ore on site to produce rare earth carbonate, while the rare earth carbonate will be processed at Mkango’s proposed separation plant in Poland to produce separated neodymium and praseodymium oxides. The project contains 21 million measured and indicated tonnes grading 1.41% total rare earth (TREO) oxides in 297,400 tonnes of TREO and inferred resources of 27.54 million tonnes grading 1.33% TREO in 366,200 tonnes of TREO. Mkango Resources has a market cap of $75.3 million. NICKEL CREEK PLATINUM Nickel Creek Platinum (TSX: NCP; US-OTC: NCPCF) is focused on advancing its 100%-owned Nickel Shaw PGM-copper-nickel advanced exploration project in the Yukon, approximately 317 km northwest of Whitehorse. In April, the company announced that its 2022 exploration program is intended to provide data for the completion of a prefeasibility study on the project. It said the work will include PFS drilling on the Wellgreen deposit to support conversion of inferred resources to indicated resources and collect additional geotechnical and hydrogeological data. The program would also collect additional information to characterize proposed waste dump and tailings sites. Further drilling is also planned at the Arch exploration target to define the extent of mineralization. A 2018 mineral resource estimate for Nickel Shaw outlined 323.4 million measured and indicated tonnes grading 0.26% nickel, 0.16% copper, 0.015% cobalt, 0.255 gram palladium per tonne, 0.253 gram platinum, and 0.046 gram gold for 1.9 billion lb. contained nickel, 1.1 billion lb. copper, 107 million lb. cobalt, 2.6 million oz. platinum, 2.6 million oz. palladium, and 480,000 oz. gold. Inferred resources add 108.1 million tonnes grading 0.29% nickel, 0.15% copper, 0.016% cobalt, 0.256 gram platinum, 0.279 gram palladium, and 0.04 gram gold for 691 million lb. nickel, 357 million lb. copper, 38 million lb. cobalt, 890,000 oz. platinum, 907,000 oz. palladium, and 139,000 oz. gold. In November, Nickel Creek released results from its 2021 drilling and geophysics program on the

Drilling at Arizona Metals’ Kay mine project in Yavapai County, Ariz. ARIZONA METALS

property. The drilling consisted of 12 holes (1,247 metres), of which nine holes (974 metres) were drilled from two separate drill platforms approximately 100 metres

apart on Arch, and intercepted massive sulphide intervals. Highlights from the drilling included hole ASD21-008, which intersected 2.09 metres grad-

ing 3.68% nickel, 1.14% copper, 0.07% cobalt, 0.7 gram platinum See BASE & BATTERY METALS SNAPSHOT / 50

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JUNE 13 — 26, 2022 / THE NORTHERN MINER

BASE & BATTERY METALS

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Helicopter support during the 2020 exploration season at Nickel Creek Platinum’s Nickel Shaw project in Yukon. NICKEL CREEK PLATINUM

Ameriwest Lithium’s Edwards Creek Valley project in Nevada. AMERIWEST LITHIUM

BASE & BATTERY METALS SNAPSHOT From 47

per tonne, 1.3 gram palladium, and 0.02 gram gold starting from 86.17 metres downhole. The geophysics showed untested conductive plates down-dip and down-plunge of current drilling, the company said. Nickel Creek Platinum has a market cap of $36.9 million. NORTHERN GRAPHITE Northern Graphite (TSXV: NGC; US-OTC: NGPHF) owns a portfolio of assets in Canada and Namibia. The Ottawa-based junior’s focus is on its flagship 100%-owned Bissett Creek graphite project in Ontario, approximately 100 km east of North Bay and 140 km west of Ottawa. The company plans to make the project carbon neutral. In March, Northern Graphite announced an update to an ISO-compliant life cycle assess-

ment by raw materials experts Minviro Ltd. on the production of graphite concentrate from the project. The update includes the benefits of using an electric mining fleet at the property. Using electricity from the Ontario grid to power the mining fleet (rather than diesel) and the processing plant (instead of natural gas) could, Minviro estimated, reduce the global warming potential of Bissett Creek by approximately 80%, from 2.2 kg of carbon dioxide-equivalent per kg of graphite processed to 0.45 kg CO2 equivalent per kg. Minviro estimated that lithium-ion battery anode material, also called coated spherical purified graphite (CSPG), manufactured from Bissett Creek mine concentrates under the optimized scenario, would have a carbon footprint of 6.3 kg of CO2 equivalent per kg of product. In comparison, the carbon foot-

print of Chinese CSPG produced from natural graphite is estimated at 16.8 kg of CO2 equivalent, and 17 kg of CO2 equivalent if produced from synthetic graphite. (Northern Graphite noted that the Chinese estimates did not include the carbon footprint of transporting CSPG to North America.) A feasibility study for Bissett Creek outlined the establishment of a mine and mill that would produce 20,000 to 25,000 tonnes of concentrate annually. The deposit contains measured and indicated resources of 69.9 million tonnes grading 1.74% graphitic carbon or 1.2 million in situ tonnes of graphite. Inferred resources add 24 million tonnes grading 1.65% graphitic carbon for 396,000 tonnes of graphite. In April, the company also announced that it had acquired the Lac des Iles mine in Quebec, approximately 180 km northwest of Montreal, the only operating

graphite mine in North America, and the Okanjande graphite mine in Namibia, which is currently on care and maintenance. Northern Graphite has a market cap of $76.4 million. WORLD COPPER World Copper (TSXV: WCU; US-OTC; WCUFF) is an exploration and development company with two copper assets, one in Chile, and one in Arizona. The Vancouver-headquartered junior is focused on advancing its Escalones copper project in Chile, approximately 97 km southeast of Santiago and 9 km west of the border between Chile and Argentina. The 70-sq.-km property sits within the renowned Chilean porphyry copper belt that runs north-south in the central Andes Mountains. It is about 35 km from Codelco’s El Teniente mine, one of the world’s largest underground copper mines.

In March, World Copper received approval for the next phase of drilling on the project and is permitted to drill up to 11 diamond drill holes totaling up to 5,000 metres. The company released a preliminary economic assessment (PEA) for Escalones in February that outlined a 50,000 tonne-per-day open pit mine and heap-leach operation that will treat a total of 365.8 million tonnes of mineralized material over a 20-year mine life. Copper would be recovered from the pregnant leach solution using solvent extraction and electrowinning technologies, with an estimated copper recovery of 72.5%. The early stage study estimated average annual copper production during the first five years of operation will be 124.7 million lb. at an all-in sustaining cost (AISC) of US$1.42 per lb. of copper. At a copper price of US$3.20 per lb and using an 8% discount rate, the resulting after-tax net present value is estimated at US$1.5 billion, with an internal rate of return of 46.2%. Initial capital costs stand at US$428.4 million, with US$192.5 million budgeted for sustaining capital over the life of the mine. The initial capital outlay would be paid back in 2.2 years. The PEA was based on inferred resources of 426.2 million tonnes grading 0.367% copper for 3.4 million contained lb. of acid soluble copper. “Escalones has several attributes that make it attractive for development including robust economics, strong value metrics and the potential of rapid returns for a comparably low capital investment,” said Nolan Peterson, World Copper’s chief executive, in a press release. “These factors combine leading to a profitability index in the top quartile of peer group companies with a capital intensity in the bottom quartile. Furthermore, the project’s lowest quartile position on the global cash cost curve indicates profitability in even the weakest copper market scenarios.” World Copper has a market cap of $36.7 million. TNM

SPECIAL FOCUS

GLOBAL EXPLORATION PETMAL/ISTOCK

Aton hopes to develop Egypt’s second modern mine EXPLORATION

| Rodruin is country’s first significant greenfields discovery in a century, says CEO

BY NAIMUL KARIM

ton Resources (TSXV: AAN) continues to release ‘hugely encouraging’ results from exploration drilling at its Rodruin gold exploration project in eastern Egypt, as it eyes development of what could be Egypt’s second modern mine. The company’s shares reached their highest value in three years on May 10 on drill results from Rodruin. Highlights included 9.9 metres grading 39.4 grams gold per tonne, 261.7 grams silver, 0.84% copper, 0.02% tin and 3.55% zinc starting from 138.1 metres in hole ROD-071; and 5.7 metres of 4.21 grams gold, 14.6 grams silver, 0.11% copper, 0.07% tin and 1.64% zinc starting from surface in hole ROD-070. “To say that we are happy with these latest drilling results… would frankly be a bit of an understatement,” the company’s interim CEO Tonno Vahk said in a press release on May 10. “The sulphide intersection from hole ROD-071 is by some distance the best intersection Aton has ever drilled in Egypt and is hugely encouraging for the deeper sulphide potential at Rodruin.” Assays from two holes drilled to follow up on the sulphide mineralization in hole ROD-071 also returned encouraging results in early June, with hole 075 returning 36.9 metres of 7.04 grams gold, 47.2 grams silver, 0.63% copper and 7.18% zinc from 112.1 metres downhole, including 6.9 metres of 26.8 grams gold, 142.4 grams silver, 1.25% copper and 16.8% zinc. Hole ROD-074 and ROD-075 also returned oxide mineralization from surface: 36.9 metres of 2.94 grams gold, 6.4 grams silver and 5.14% zinc, and 19.3 metres of 1.65 grams gold, 3.7 grams silver and 5.29% zinc, respectively. Discovered in 2017, the Rodruin project is located on Aton’s 100%owned Abu Marawat concession in the central Eastern Desert of Egypt. The concession also hosts its more advanced Hamama West desposit, about 18 km west of Rodruin. The Abu Marawat concession is about 200 km north of Centamin’s (TSX: CEE; LSE: CEY) Sukari gold mine, which produced about 415,000 oz. gold in 2021 and has been in production for the last 13 years. The property also includes two past-producing mines, Semna and Sir Bakis, which were operational during the early 20th century. Another batch of results released in mid-May, tested the project’s North Ridge. Highlights included 124 metres grading 8.74 grams gold per tonne, 29.4 grams silver, 0.87% copper, 1.04% lead and 2.35% zinc starting from 53 metres in drill hole ROD-073; and 2 metres grading 4.71 grams gold, 62.9 grams silver, 0.07% copper and 0.03% zinc starting from 114.8 metres in hole ROD-072. “These latest results from the previously undrilled Death Slots area again show the fantastic potential of the entire Rodruin deposit area, and we are sure there is a lot more to come,” said Vahk on May 10.

Water being transported by truck up a mountain in Egypt. ATON RESOURCES

In an interview with The Northern Miner in May, Javier Orduña, the company’s exploration manager, described the geology of the deposit as “unusual,” with no “obvious analogues” anywhere else in the world. Aton decided to fast-track the project since the geological potential of the area was “completely unknown” and not recorded prior to the discovery, the company said. But Orduña says that there were certainly ancient miners who explored the region thousands of years ago and adds that the name of one of the project’s zones, Aladdin’s

Hill, came from old clay oil lamps that Aton found underground in some of the ancient workings. “Rodruin really is probably the first significant ‘new’ greenfields discovery in Egypt in over a hundred years, since the old British era of gold mining in the early 20th century,” Orduña said. In 2018, Aton conducted a reverse-circulation (RC) drill program consisting of 50 holes, which yielded an intercept of 56 metres grading 8.2 grams gold per tonne from surface. The ongoing second-phase drilling program began in November

and by mid-May had covered about 38 holes totalling 4,125 metres. The company plans to drill up to 7,000 metres before producing a resource estimate for the project in the first half of 2023. “We will crack into the mineral resource estimate as soon as we finish drilling, but the deposit is pretty structurally complex, so it’s going to take a while to really pull it together,” Orduña said. The project includes two distinct mineralization styles — the first hosted in sulphidic carbonates, which weather to gossans, and a second style of coarse gold-bear-

ing mineralization hosted in heavily altered sediments, Vahk said. He added that the identification of high-grade, sulphide-rich altered sediment mineralization at depth indicated the potential for Rodruin to become a “significant sized deposit.” Aside from Rodruin, the Abu Marawat concession also includes the Hamama deposit in the west and the Abu Marawat polymetallic deposit in the northeast. Aton began a 5,000-metre RC drill program in late May at Hamama West, which it plans to advance alongside Rodruin, and develop first. Hamama West, which is about 18 km west of Rodruin, has an indicated sulphide resource of 3.8 million tonnes grading 0.72 gram gold and 27.6 grams silver for 137,000 gold-equivalent oz. dating from 2017. Total inferred resources (combining oxide, transitional and sulphide material) add 8.2 million tonnes grading 0.87 gram gold and 29.7 grams silver for 341,000 gold-equivalent ounces. According to Orduña, Egypt is working hard to reform its mining policies and to make itself more attractive for foreign investment. “Aton has been working here for quite a long time now, and we can certainly see the very positive changes that are happening here now,” he said. Aton’s shares recently traded at 50¢ within a 52-week trading range of 16¢ and 69¢. The company has 56 million common shares outstanding. TNM

ADVANCING THE DASA URANIUM PROJECT The Dasa Project is: • the largest, highest-grade uranium deposit under development in Africa • fully-permitted and strongly supported by local government and communities • benefitting from existing infrastructure and a local experienced workforce • economically viable with AISC cost of US$21.93/lb as per the 2021 Feasibility Study • supported by cash flow from the Company’s zinc recovery business • recently completed the box cut to access the planned underground mine • on track for U3O8 production for the end of 2024

Dasa Uranium Project: First Blast, January, 2022

TSX:GLO, OTCQX:GLATF, Frankfurt:G12

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GLOBAL EXPLORATION

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NioCorp highlights rare earth potential at Elk Creek project in US NEBRASKA

BY NAIMUL KARIM

ioCorp Developments (TSX: NB; US-OTC: NIOBF) has posted an updated feasibility study for its Elk Creek niobium, titanium and scandium project in Nebraska that has confirmed the project also holds the second-largest indicated rare earth resource in the United States. The feasibility study, however, did not examine the economics of the resource, which have yet to be put in the reserve category. The indicated rare earth resource totals 188.8 million tonnes grading 0.0524% neodymium, 0.0143% praseodymium, 0.0012% terbium and 0.0048% dysprosium (or 0.335% total REO) for contained metal of 98,900 tonnes of neodymium, 26,900 tonnes of praseodymium, 2,300 tonnes of terbium and 9,100 tonnes of dysprosium. The deposit includes other rare earth elements (REE) as well. Inferred resources add 108.3 million tonnes grading 0.377% total REO for contained metal of 408,100 tonnes. “Given recent geopolitical events and the world’s ongoing global energy transition, we feel a strong imperative to produce more of the critical minerals that America and the Western world need to meet these challenges,” the company’s CEO Mark Smith said in a press release.

| Project has so far been advanced for niobium, titanium and scandium

“If we elect to add rare earths to our product offering, the Elk Creek project will represent a unique critical minerals project once financing is obtained,” he added. The resource was calculated using a US$180 per tonne net smelter return (NSR) cut-off that considered only niobium, scandium, and titanium. Elk Creek is located about 105 km southeast of Lincoln, Neb. and was acquired by NioCorp in 2010. The project has a probable reserve of 36.6 million tonnes grading 0.81% niobium, 2.92% titanium and 70.2 parts per million (ppm) scandium for contained metal of 297,278 tonnes of niobium, 1.1 million tonnes of titanium and 2,573 tonnes of scandium. Based on an increase in reserves, the study added two years to the project’s mine life for a total of 38 years, compared to the previous feasibility published in 2019. At an 8% discount rate, the new posttax net present value was pegged at US$2.8 billion up from US$2.6 billion, while the internal rate of return went up to 29.2% from 27.3%. The project’s upfront capital expenditure remained the same at US$1.1 million. However, the updated feasibility study did not take into account the impacts on the cost of materials and operating expenses from inflation, pandemic-caused supply chain

Drill rigs at NioCorp Developments’ Elk Creek project in southeastern Nebraska. NIOCORP DEVELOPMENTS

issues, and geopolitical unrest. Neither did it include the feasibility of adding REE production. The company’s next steps include determining the net impact of integrating rare earth operations into its current production plans. “There is potential for NioCorp’s REEs to be mined, crushed, and placed into solution as part of the process NioCorp plans to use to produce its primary niobium, scandium, and titanium products once project financing is secured,” the company said. “Depending upon the outcome of metallurgical testing on REE recovery rates from Elk Creek ore, now being conducted at a demonstration plant in Quebec… NioCorp could produce separated rare earths as a byproduct,” it added. China is the world’s biggest producer of rare earths, a group of 17 minerals employed in a range of applications including permanent magnets used in electric vehicles, renewable energy devices and military equipment. The Asian juggernaut controls about 85% to 90% of the world’s rare earths processing. NioCorp shares rose 50% on news of the resource on May 20. At press time, they traded at $1.10 within a 52-week trading range of 76¢ and $1.84. TNM

Tinka Resources receives $11M boost to advance its ‘globally significant’ Ayawilca zinc-tin project in Peru FINANCING

| Junior sees strategic investment from Nexa, Buenaventura

BY NAIMUL KARIM

hares of Peru-focused miner Tinka Resources (TSXV: TK) rose 25% in the afternoon on May 25 as the company announced investments worth $11 million from regional mining giants Nexa Resources (NYSE: NEXA) and Buenaventura (NYSE: BVN). One of the largest zinc producers in Latin America, Nexa will subscribe for 40.7 million common shares for proceeds of $9 million, increasing its total holding to 71.3 million shares in Tinka for about 18.2% of the company. Buenaventura will subscribe for 9.7 million shares for proceeds of $2.2 million and will hold about 75.6 million common shares — about 19.3% of Tinka — upon the deal’s closing at the end of May. “Nexa’s strategic investment in Tinka, and the co-investment by Buenaventura, is a strong endorsement of our globally significant Ayawilca zinc project and of Peru as an important long-term mining and investment jurisdiction,” the company’s CEO Graham Carman said in a press release. Proceeds from the investment will be used to develop Tinka’s flagship Ayawilca zinc-silver project including exploration and infill drilling programs, metallurgical programs, and other technical and environmental studies. “We look forward to kicking off

Drillers at Tinka Resources’ Ayawilca project in Peru. TINKA RESOURCES

our work programs at Ayawilca as soon as possible,” Carman said. Tinka’s 100%-owned Ayawilca project is located about 200 km northeast of Lima in the Pasco region of central Peru. The project’s zinc zone has indicated resources of 19 million tonnes grading 7.15% zinc and 16.8 grams silver per tonne for contained metal of 2.9 million lb. zinc and 10.3 million

oz. silver. Inferred resources add 47.9 million tonnes grading 5.36% zinc and 20 grams silver for contained metal of 5.6 million lb. zinc and 30.7 million oz. of silver. According to a preliminary economic assessment (PEA) filed in October 2021, the property’s zinc zone, which remains open in all directions, has the potential to be a global top 10 zinc producer, the

company said. Ayawilca’s tin zone lies beneath, and on the margins of, the zinc zone. The zone’s inferred resources total 8.4 million tonnes grading 1.02% tin for 189 million lb. of tin. According to a company security filing, Tinka hopes to capitalize on the rising prices of tin due to a shortage in “supply and strong demand” for the metal in electrical circuits.

The PEA outlined a 14.4-year project that is expected to produce an average of 155,000 tonnes of zinc annually using bulk underground mining methods, which Tinka says would make it the largest zinc producer in South America. At an 8% discount rate, the project would generate a post-tax net present value of US$433 million and an internal rate of return of 31.9% using metal prices of US$1.20 per lb. zinc, US95¢ per lb. lead and US$22 per oz. silver. The pre-production capex has been pegged at US$264 million. Due to the rising price of tin, the company aims to reassess the metallurgical flowsheet and recovery of the tin zone deposit, which wasn’t included in the PEA. It also expects to begin resource expansion drill program in June. Nexa CEO Ignacio Rosado said in a press release that the company’s investment in Tinka is in line with its strategy of “believing in the promising fundamentals for zinc and its important role in the green economy.” He added: “We believe the Ayawilca zinc project provides us a further option to grow, complementing our portfolio and allowing Nexa to secure its relevant position in the zinc market.” At press time in Toronto, shares of Tinka Resources were trading at 20¢ within a 52-week trading range of 13¢ to 28¢. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

GLOBAL EXPLORATION

JOINT VENTURE ARTICLE

Argentina Lithium & Energy aims to make new lithium brine discovery at Rincon West in Argentina

BY NORTHERN MINER STAFF

Canadian explorer Argentina Lithium & Energy (TSXV: LIT; US-OTC: PNXLF) aims to advance new sources of highquality lithium in Argentina to meet the growing demand for clean energy technologies powered by lithium-ion batteries. Argentina Lithium is part of the Grosso Group of companies, which has been a pioneer of mineral exploration in Argentina for nearly three decades. The Vancouver-headquartered junior holds a portfolio of lithium brine projects covering approximately 700 sq. km in Argentina’s Salta and Catamarca provinces. These include Rincon West, Pocitos, Antofalla North, and Incahuasi. The projects sit within the lithium triangle — an arid region of the Andes mountains encompassing parts of Argentina, Bolivia, and Chile — that produces around half of the global lithium supplies and hosts about 60% of known resources. Lithium “is the backbone of the world’s electrification, but demand for the mineral is rapidly outpacing supply. So new sources need to be discovered and developed to meet this global energy transition demand,” says Nikolas Cacos, Argentina Lithium’s vice-president of exploration. “Unlike Chile, which has a well-developed lithium industry, underinvestment over the past few decades in Argentina’s lithium sector has presented a tremendous opportunity to discover new sources of lithium in an area that is highly prospective but has been largely underexplored,” he says. Cacos notes that Chile currently accounts for roughly a quarter of global lithium production, whereas Argentina, although a top-five lithium producer, accounts for about only 10% of global supply. According to a World Bank report,

Argentina Lithium & Energy’s exploration team. ARGENTINA LTHIUM & ENERGY

The Incahuasi salar stretches 17 km north-south and extents 2.5 km east to west.

“Minerals for Climate Action: The Mineral intensity of the Clean Energy Transition,” around five times more lithium than is mined currently will be needed by 2050 to meet the expected demand for clean energy technologies. Argentina Lithium recently expanded its footprint in Argentina, acquiring Rincon West under an exploration and purchase option agreement. Under the agreement, the company can earn a 100% interest in Rincon West, which covers approximately 23.7 sq. km of claims in a single mining concession located on the west side of the Salar del Rincon in in the Salta province, approximately 150 km west of the town of San Antonio de Los Cobres. The property lies approximately 3,760 metres above sea level and shares similar characteristics to other salars (salt flat) in the region, says Cacos. “It’s had very little exploration work and represents an exciting new opportunity to discover lithium at a salar known to host lithium-bearing

brines.” Cacos says the property is situated close to two significant lithium resource development projects operated by Rio Tinto (NYSE: RIO; LSE: RIO: ASX: RIO) and Argosy Minerals (ASX: AGY), both of which have achieved demonstration-scale production of lithium carbonate. Rincon West also benefits significantly from being in a miningfriendly jurisdiction, with both the provincial and federal governments “very supportive of mining, particularly lithium mining,” he notes. “It also benefits from existing infrastructure, with a railroad running right by the property. It can be accessed year-round via an existing road network, reducing the cost of exploration, and is just 17 km south of Provincial Route 51, which connects the region to Chile’s coastal ports. The InterAndes power corridor also runs within one km to the north,” Cacos says. Previous exploration included a geophysical survey that identified a conductive unit around 100 metres

ARGENTINA LTHIUM & ENERGY

below the central part of the property, which he says indicated that the basin was potentially very prospective for high-value lithium brines. “In light of this previous work, we decided to collect additional sub-surface resistivity data that would provide vital information to support drill testing on the project to validate the targets and assess the grade and estimate of the brine content of the host formations.” In May, Argentina Lithium completed a 36.4-line-km deepseeing transient electromagnetic soundings (TEM) survey to image the sub-surface. TEM soundings are an advanced reconnaissance technique frequently employed when exploring lithium salars. A total of 190 soundings were completed at 200-metre intervals along six east-west lines and two transecting lines, with a north-south line spacing of between 1,400 and 1,900 metres. The maximum depth of the soundings varied from 200 metres to up to 1,700 metres below surface.

The results from the survey “suggested there were enormous areas distributed underneath and throughout that property that appear to host brine aquifers that may contain significant amounts of lithium, and allowed us to identify target areas for drill testing,” Cacos explains. Later that month, Argentina Lithium commenced a five-hole drill program to test the potential aquifer quality and depth down to approximately 400 metres. “We’re permitted to nine holes and the drill results will determine whether we follow up with additional drilling,” he says. The drilling, he adds, is expected to be completed by the fall, with the results intended to support an initial resource estimate for Rincon West “expected towards the end of the first quarter next year.” Cacos says the company is in a “good cash position,” with around $4 million in the treasury, and “so we are well-positioned to fund the proposed work program.” Argentina Lithium also plans to conduct a 35-line-km TEM survey of Antofalla North, located less than 20 km west of Argentina’s largest lithium producing operation at the Salar de Hombre, and an approximate three-hole follow-up drill program on the property; a 50-line-km TEM survey of Pocitos; and a 50-line-km TEM survey of Incahuasi. The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by ARGENTINA LITHIUM & ENERGY and produced in cooperation with The Northern Miner. Visit www. argentinalithium.com for more information.

JUNE 13 — 26, 2022 / THE NORTHERN MINER

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GLOBAL EXPLORATION

GLOBAL EXPLORATION SNAPSHOT: EIGHT COMPANIES HUNTING FOR PRECIOUS METALS, URANIUM, AND MORE A helicopter flies over Eskay Mining’s Eskay-Corey property in B.C. ESKAY MINING

BY DAVID KEATING

As known resources are depleted and projected demand for key minerals increases, finding the next new deposits has become more urgent. Here are eight exploration companies that are focused on global discovery — with precious metals and uranium high on the list of sought-after commodities. ANGEL WING METALS In mid-May, Huntington Exploration became Angel Wing Metals (TSXV: AWX; US-OTC: HEXPF). The name change comes on the heels of the company’s March acquisition of the El Grande gold project in Nayarit state, Mexico. The Angel Wings prospect is one of five priority targets at El Grande. El Grande covers 550 sq. km in the southern extension of the prolific Sierra Madre Occidental gold-silver belt in Nayarit, and has demonstrated significant gold and silver mineralization. Located at the southern tip of the Sierra Madre Occidental belt, El Grande contains historically underexplored mineral occurrences hosted in a lower volcanic sequence. The property has no history of diamond drilling or modern exploration. Five high-priority mineral occurrences have been identified to date for immediate exploration follow-up and drilling. Other highlights of the property

Drilling at Eskay Mining’s Eskay-Corey property in B.C.’s Golden Triangle. ESKAY MINING

include the Los Torres epithermal vein, which has returned grab samples of 100 grams silver, 51.4 grams silver and trace gold. The company is also actively exploring two northern Ontario properties: the Winora gold project, where Angel Wings recently began an initial 1,800-metre drill program, and Quartz Lake. Following the completion of first phase drilling at Winora, the company plans to conduct ground geophysical magnetic and induced-polarization surveys before starting a second round of drilling. ELORO RESOURCES Eloro Resources (TSXV: ELO; US-OTC: ELRRF) is a Toronto-based company with properties in Peru, Bolivia and Quebec. The Iska Iska property, a silver-tin polymetallic epithermal-porphyry complex, in Potosi Department, southern Bolivia, has been the focus of the company’s 2022 exploration activities. Iska Iska is hosted in the same geological setting as the historic Cerro Rico de Potosí deposit, the

world’s largest silver deposit that has been producing since the sixteenth century and is still active to date. Estimates of Cerro Rico de Potosí historical silver output were in the range of 2.1 billion oz. in 2018. Today, 500 years after mining began, 500 million tonnes grading 100 grams silver and 0.2% tin are still in reserve. In May, Eloro announced the most recent assays from its ongoing drilling program at the Santa Barbara Target area within Iska Iska, with highlights including 251.9 metres of 160 grams silver equivalent per tonne (27.37 grams silver, 0.62% zinc, 0.52% lead and 0.11% tin); and 289.5 metres of 133.45 grams silver equivalent (19.1 grams silver, 0.2 gram gold, 0.42% zinc, 0.64% lead and 0.08% tin). Commenting on the drilling, general manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L., Osvaldo Arce, said that the results “continue to expand a large and robust tin-silver polymetallic likely feeder zone located to the southeast of the Santa Bar-

bara breccia pipe that is wide open at depth.” Eloro also holds the Lac Henri, Delta and Eastmain properties in Quebec. ESKAY MINING Toronto-based explorer Eskay Mining (TSXV: ESK; US-OTC: ESKYF) is active in British Columbia’s Golden Triangle, in the province’s northwest, where Barrick Gold’s (TSX: ABX; NYSE: GOLD) Eskay Creek deposit was the world’s highest-grade gold mine during its operation, with average grades of 45 grams gold per tonne. Eskay Mining currently holds 526 sq. km of ground in this area. An IP survey and drilling programs of the TV and Jeff zones within Eskay’s properties in 2020 and 2021 identified multiple shallow resistive bodies, with drill core suggesting the resistivity corresponds with hydrothermal silicification associated with the VMS system. A recent 4,500-metre drill program intercepted gold and silver mineralization in 18 of 20 drill holes. At least three signifi-

cant sulphide-mineralized horizons have been identified. Gold is hosted by electrum, and silver by electrum, pyrargyrite, freibergite, and acanthite. Recent highlights include 53.9 metres of 2.64 grams gold equivalent per tonne starting at 42 metres depth at TV; and 26.4 metres of 2.26 grams gold equivalent from 8.1 metres at Jeff. The company is planning a 30,000-metre program this year. In March, Eskay announced a new target area for 2022 exploration — named Excelsior — along strike of the TV and Jeff zones. Rock chip samples collected in 2021 returned results of 12.7 grams gold per tonne and 322 grams silver; and 14.9 grams gold and 21.2 grams silver. LABRADOR URANIUM Labrador Uranium (CSE: LUR; US-OTC: LURAF), which began trading on the Canadian Stock Exchange in March, holds a portfolio of prospective uranium properties in Labrador. Exploration and development activity is focused on the 260-km-long by 75-km-wide Central Mineral Belt uranium-copper project in central Labrador, as well as the Notakwanon project in northern Labrador. Labrador’s Central Mineral Belt hosts Paladin Energy’s (ASX: PDN) Michelin uranium deposit, among the largest uranium deposits in North America. Labrador Uranium holds 1,390 sq. km of ground in the area, including a sizeable portion of the Central Mineral Belt, where its Moran Lake and Mustang Lake projects are located. At the Notakwanon project, three main zones — Rumble, Old School and Notak-1 — have yielded traces of high-grade uranium min-

See GLOBAL EXPLORATION SNAPSHOT / 55

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

GLOBAL EXPLORATION

ValOre Metals’ Pedra Branca property in northeastern Brazil. VALORE METALS GLOBAL EXPLORATION SNAPSHOT From 54

eralization. Grab samples from the Rumble target returned up to 3.49% U3O8. Exploration plans for this year include the construction of an exploration field camp and initial drilling of key targets. Labrador Uranium CEO Ste-

phen Keith has pointed to the European Union’s pending declaration of nuclear power as “green energy” as a potential boom for uranium that is on the horizon, and notes the company has “put together an exceptional land package, controlling a significant known mineral belt in a mining friendly jurisdiction.”

NEWCORE GOLD In 2020, Pinecrest Resources rebranded as Newcore Gold (TSXV: NCAU; US-OTC: NCAUF). The new name came as the company decided to focus on its 100%-owned Enchi gold project in Ghana. Enchi is within 50 km of the Chirano gold mine, which Kinross Gold (TSX: K; NYSE: KGC)

recently sold to Asante Gold (CSE: ASE), and produced 165,000 oz. of gold in 2020. Chirano and Enchi are both located along the Bibiani Shear zone and hosted in the same geological setting, displaying lower grade gold at surface with higher grades extending to depth. Enchi hosts inferred resources of 70.4

million tonnes grading 0.62 gram gold per tonne for 1.4 million ounces. Within the 216-sq.-km property are several high-priority geochemical and geophysical anomalies that have yet to be drilled. Exploration See GLOBAL EXPLORATION SNAPSHOT / 56

JOINT VENTURE ARTICLE

Element 29 Resources advances its pipeline of porphyry copper projects in Peru BY NORTHERN MINER STAFF

Element 29 Resources (TSXV: ECU; US-OTC: EMTRF) is a Canadian explorer focused on advancing its 100%-owned Flor de Cobre and Elida copper properties in Peru. The projects are located in one of the world’s premier copper-producing jurisdictions with the second-lowest costs for copper production globally and the lowest cost of exploration in South America. Flor de Cobre and Elida “are two high-quality porphyry copper projects with significant growth potential in a top-tier mining jurisdiction,” says Steve Stakiw, Element 29’s president and CEO. “Both are situated at low-tomoderate elevations below 2,700 metres and do not compete with other types of land use. They also benefit from proximity to existing infrastructure, with public roads within five kilometres of each property, and are close to national electricity transmission networks.” In 2022, he says Element 29 will continue to evaluate low-cost, nearterm copper production opportunities at Flor de Cobre and has “a clear value creation plan through the delivery of initial mineral resource estimates for both Elida and Flor de Cobre, followed by engineering studies for both properties.” The 192.1-sq.-km Elida property in west-central Peru, approximately 85 km from the coastal city of Barranca, sits within the same region as Antamina, a large low-cost copperzinc mine and one of the country’s

Left: Paty Landeo, geologist with Element 29 resources, examining core from Flor de Cobrel. Right: Core from drill hole ELID024 at the Elida project in Central Peru. ELEMENT 29 RESOURCES

largest copper producers. The mine started commercial production in 2001. In December, the company completed a seven-hole (4,481.4 metres) drill program at Elida. The drilling focused on the Target 1 area (one of five porphyry centres on the project) and successfully intersected multiple, long intervals of very significant copper-molybdenum-silver mineralization down to more than 900 metres depth. The mineralization remains open at depth. Highlights from the drilling included hole ELID025, which intersected 908.8 metres grading 0.49% copper, 0.035% molybdenum, and 2.9 grams silver per tonne (0.55% copper equivalent) starting from 38.5 metres downhole. Paul Johnston, Elements 29’s

vice-president of exploration, says the company “is using the drill results to prepare an initial mineral resource estimate for Elida and is conducting metallurgical test work for a planned preliminary economic assessment for the project. “We are also planning a Phase 2 drill program to test the unexplored segments of the Target 1 mineralized zone and to undertake initial drilling of the Target 2 and 3 areas.” The company’s 19.3-sq.-km Flor de Cobre property in the Southern Peru Copper belt, approximately 45 km south of Arequipa, hosts the Candelaria zone, a well-known copper project identified in the 1930s that is the site of a historical smallscale mining operation and the large and highly prospective Atravesado porphyry target.

The project lies approximately 26 km southeast of Freeport-McMoRan’s (NYSE: FCX) Cerro Verde open-pit copper and molybdenum mining complex, which is one of Peru’s largest copper producers and a top 10 global producer, producing 887 million lb. of copper in 2021, and 5 km northwest of the Chapi copper mine, owned by Nexa Resources (NYSE: NEXA). Element 29 recently completed a 12-hole (4,500 metres) drill program on Candelaria. The drilling was designed to confirm a historical resource estimate (predating NI 41-101 standards) of 57.4 million tonnes grading 0.67% copper associated with a supergene enrichment blanket and test for primary copper sulphide mineralization beneath the enrichment zone to depths of over 500 metres. Highlights included hole FDC001, which intersected 349 metres grading 0.77% copper, 0.006% molybdenum, and 1.7 grams silver per tonne (0.81% copper-equivalent) starting from 78 metres downhole, and comprised 123 metres of 1.42% copper in the enriched sulphide zone followed by 226 metres of 0.42% copper in the primary sulphide zone below. Stakiw says the “assays returned from drilling to date are very similar to historical drill results from Candelaria and we are now receiving the remaining drill results from this program. “Once all the analytical data is

received and processed, we will assess and verify historical drill data, which we will then incorporate into a mineral resource estimate of the Candelaria enrichment zone. We plan to release an updated resource estimate later this year.” Meanwhile, at Atravesado, approximately 1.5 km northwest of Candelaria, the company is advancing permitting for an initial drill program to test the area, which he says is expected to start in 2023. “Atravesado is a large 1.5-km by 1.6-km target characterized by outcropping copper oxide mineralization, quartz vein stockworks, potassic alteration, and late-mineral porphyry dykes.” According to Johnston, Element 29’s three projects — Elida, Candelaria, and Atravesado — provide “considerable resource development options, with nearerterm development potential at Candelaria, significant resource delineation potential at Elida, and the potential for discovery of a largescale porphyry copper system at Atravesado.” The company had approximately $5.5 million at the end of the first quarter of 2022 in the treasury, which says Stakiw “is sufficient to fund our planned near-term work programs on the two properties.” The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by ELEMENT 29 RESOURCES and produced in cooperation with The Northern Miner. Visit www.e29copper.com for more information.

JUNE 13 — 26, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

GLOBAL EXPLORATION

GLOBAL EXPLORATION SNAPSHOT From 55

activity to date this year has been focused on a 90,000-metre drill program. Newcore most recently released results from first-pass reverse-circulation drilling at the Tokosea grassroots target. Highlights included 27 metres of 1.8 grams gold per tonne from 30 metres depth, including 3 metres of 4.13 grams gold; and 17 metres of 1.67 grams gold from 131 metres, including 1 metre of 18.17 grams gold. In an April update, Newcore Gold’s President and CEO Luke Alexander noted the potential for Enchi to grow further, noting the company has only tested a small portion of the 6-km long anomaly at the project, and defined mineralization across a strike length of 4 km. PURANIUM ENERGY Monterey Minerals changed its name to Puranium Energy (CSE: UX) in March, in tandem with the announcement that it had acquired an 85% interest in seven uranium exploration properties totalling 935 sq. km in Namibia’s Erongo province. The newly acquired properties are within the Central Zone of the Damara Belt, a proven uranium-producing jurisdiction that currently accounts for 8% of the world’s supply. In its presentation to investors, Puranium cites a forecasted growth in demand for uranium in the EU, the United States and China alongside a projected 50% drop in supply by 2030 due to the lack of investment in new mines. Located within 50 km of several producing mines, Puranium’s properties feature the same geological structure as the calcrete-hosted uranium deposits located at the nearby Rössing, Husab and Langer Heinrich mines. With airborne geophysics having previously highlighted potential uranium anomalies, Puranium Energy has scheduled a drill program to start in the second quarter. The Toronto-based junior also holds the Cobalt Mountain polymetallic project near the town of Smithers, B.C.

SABLE RESOURCES Sable Resources’ (TSXV: SAE; USOTC: SBLRF) portfolio includes active exploration projects in Mexico and Argentina. Its recent focus has been on exploration and drilling at its El Fierro project in San Juan, Argentina. In February, Sable announced results from its second phase of diamond drilling, with a highlight of 0.5 metre grading 592.8 grams gold equivalent per tonne within a 2-metre interval of 353.6

A miner at Eloro Resources’ Iska Iska silver-polymetallic project in southern Bolivia. ELORO RESOURCES

Sable Resources is an active explorer in Argentina and Mexico. SABLE RESOURCES

grams gold equivalent starting at 98 metres depth. The grassroots exploration company is planning 18,000 to 20,000 metres of drilling on seven targets at four of its projects in Argentina this year: El Fierro, Don Julio, La Poncha and Los Pumas. Don Julio and Los Pumas are both located near Barrick Gold’s Alturas deposit and Veladero mine

2022 EDITION of the Mines Handbook is here Quickly find the mining company facts you need

VALORE METALS Explorer ValOre Metals (TSXV: VO; US-OTC: KVLQF) is focused on precious metals and uranium projects in Canada and Brazil. Exploration highlights to date for 2022 include initial drill results from the Angilak uranium project in Nunavut. All seven holes recently drilled at the Dipole target on the property returned results showing near-surface radioactivity from multiple zones, expanding the prospective structure of the property. ValOre also released explora-

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in San Juan province. The area features gold-silver-copper mineralization in a combination of high-grade and low-grade environments. In a January 2021 update, Sable indicated that rock samples collected over a 6 by 4-km area at Los Pumas had returned multiple high-grade results of up to 103 grams gold per tonne, 2,650 grams silver, and 2.9% copper. Sable Resources also has gold exploration properties in Mexico, including Vinata, in Chihuahua state. The project hosts a low-sulphidation epithermal gold occurrence that saw its first drilling in 2019 with ten holes that identified anomalous gold, silver, arsenic, antimony, mercury, manganese, barium, and molybdenum in low-temperature silica textures and hydrothermal breccias.

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Sable is planning to drill four projects in Argentina this year. SABLE RESOURCES

Newcore Gold has started drill-testing deeper, high-grade targets at the Enchi project in Ghana. NEWCORE GOLD

tion results from its prospective Archean mafic-ultramafic Pedra Branca property in northeastern Brazil earlier this year. In March, ValOre updated its inferred mineral resource estimate for the project, doubling contained ounces from a 2019 resource. The project now hosts 2.2 million ounces of combined palladium, platinum, and gold in 63.6 million tonnes grading 1.08 grams combined palladium, platinum and gold (0.68 gram palladium, 0.36 gram platinum and 0.03 gram gold). Several zones that are part of the resource remain open for expansion, the

company says. Results from ongoing auger drilling in May highlighted a top result of 2 metres grading 8.58 grams combined palladium, platinum and gold from surface, with 1 metre grading 15.93 grams from surface. ValOre’s landholdings for Pedra Branca total 568.5 sq kilometres. Other ValOre projects include the 100%-held Baffin gold property on Baffin Island in Nunavut, as well as exploration interests in the Genesis and Hatchet Lake properties in Saskatchewan’s Athabasca Basin. TNM

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MARKET NEWS TORONTO STOCK EXCHANGE / MAY 30 — JUNE 3, 2022 Over the May 30 to June 3 trading period, the S&P/TSX Composite Index rose 42.15 points or 0.2% to 20,790.73. The S&P/TSX Global Mining Index edged up 1.03 points or 0.9% to 113.91 and the S&P/TSX Global Base Metals Index rose 0.91 points 0.5% to 197.96. The S&P/TSX Global Gold Index fell 4.18 points or 1.4% to 298.86 and spot gold ended the week down 0.2%, or US$3.79 per oz. lower, at US$1,851.17 per ounce. Shares of Sabina Gold & Silver rose 11.9% to $1.22 as the company reported high-grade results from the final drill holes of its 2022 spring drilling program at the Goose property on its 100%-owned Back River project in Nunavut. Highlights from drilling included 45.1 metres grading 12.59 grams gold per tonne starting from 123.6 metres in hole 22GSE607 and 20.4 metres grading 12.64 grams gold starting from 146.4 metres in hole 22GSE611. The eight-hole drill program was focused on the V2 Zone at Umwelt to better define continuity within the existing resource envelope near the interface of the planned open pit and upper portions of the underground. Drilling has demonstrated that the higher grades of the V2 zone extend up plunge into the lower portions of the open pit, Sabina said. “These results continue to demonstrate the exceptional gold endowment of the Umwelt

deposit and its potential for further optimization and growth,” Bruce McLeod, the company’s CEO said in a press release. “With the current advancement of our exploration ramp at Umwelt, we expect to be in a position to commence underground exploration drilling later this year.” Shares of Serabi Gold rose 20% to 72¢ as the company reported that it produced 2,919 oz. gold in April, its highest monthly total this year. It anticipates production for May to be similar. It also announced its unaudited financial results for 2021 and reported a 13% increase in revenue compared to the previous year, while its earnings per share increased to 13.85¢ from 11.92¢ in 2020. Serabi’s all-in sustaining cost for the year however, increased to US$1,429 per oz. gold from TSX MOST ACTIVE ISSUES VOLUME

Suncor Energy SU Yamana Gold YRI ABX Barrick Gold Kinross Gold K B2Gold Corp BTO Wallbridge Mng WM Denison Mines DML LUN Lundin Mng Copper Mtn Mng CMMC Nutrien NTR

(OOOs)

HIGH

66382 24044 19665 16677 15151 15095 12972 11555 11299 9938

53.17 7.44 26.63 5.94 5.44 0.25 1.70 11.49 3.00 125.73

WEEK LOW

CLOSE CHANGE

50.52 51.42 6.54 7.16 25.58 26.04 5.54 5.72 4.97 5.20 0.22 0.24 1.49 1.55 10.84 11.13 2.64 2.80 117.46117.75

+ + + + + -

0.24 0.58 0.14 0.07 0.06 0.01 0.03 0.08 0.11 3.82

US$1,374 per oz., reflecting the additional US$2.5 million spent on mine development. The company’s after-tax profit in 2021 was US$9.9 million compared to US$7 million in 2020. The company operates the Palito and Sao Chico gold mines in Brazil. Shares of Laramide Resources rose by 12.2% to 55¢ as the company announced the beginning of its diamond drill program at its Westmoreland uranium project in Queensland, Australia. Drilling is focused on TSX GREATEST PERCENTAGE CHANGE VOLUME (OOOs)

Horizonte Mnls Mawson Res Serabi Gold Sulliden Mng Trilogy Mtls Minco Silver Atalaya Mining Aura Minerals Laramide Res Sabina Gd&Slvr EurOmax Res Lithium Amer Northcliff Res Karnalyte Res Nickel Creek Excelsior Mng Silver Eleph Fortune Min Argonaut Gold Meridian Mg

HZM MAW SBI SMC TMQ MSV AYM ORA LAM SBB EOX LAC NCF KRN NCP MIN ELEF FT AR MNO

TSX GREATEST VALUE CHANGE

WEEK

HIGH

2 4029 18 315 81 18 3 214 1205 3566 6 5907 130 111 465 272 128 804 8466 671

an initial test of a potential satellite deposit called the Amphitheatre prospect, located about 16.5 km northeast of the Junnagunna deposit, one of the three mineralized zones comprising the Westmoreland mineral resource. “We are pleased to be drilling and actively exploring again in Australia and have been encouraged by the dramatic improvement in the uranium price,” the company’s CEO, Marc Henderson, said in a press release. TNM

VOLUME

LOW CLOSE CHANGE

2.33 0.00 2.33 +1926.1 0.24 0.15 0.18 + 29.6 0.72 0.00 0.72 + 20.0 0.08 0.00 0.08 + 14.3 1.38 1.21 1.38 + 13.1 0.26 0.00 0.26 + 13.0 6.99 0.00 6.99 + 12.7 11.65 10.26 11.65 + 12.5 0.57 0.50 0.55 + 12.2 1.28 1.06 1.22 + 11.9 0.06 0.00 0.06 - 14.3 37.10 28.10 30.91 - 13.6 0.04 0.00 0.04 - 12.5 0.59 0.52 0.52 - 11.9 0.09 0.08 0.08 - 11.8 0.26 0.24 0.24 - 11.1 0.68 0.56 0.57 - 10.9 0.10 0.09 0.09 - 10.5 1.26 1.09 1.12 - 9.7 0.75 0.68 0.68 - 9.3

(OOOs)

Turquoise HIl Horizonte Mnls First Quantum Aura Minerals SSR Mining Victoria Gold Endeavour Mng Wesdome Gold Atalaya Mining Pan Am Silver Lithium Amer Nutrien Newmont Corp Verde Potash Wheaton Prec Cameco Corp Teck Res Agnico Eagle Newcrest Mg Ero Copper

TRQ HZM FM ORA SSRM VGCX EDV WDO AYM PAAS LAC NTR NGT NPK WPM CCO TECK.A AEM NCM ERO

HIGH

2702 2 8430 214 1805 771 1784 1991 3 1830 5907 9938 582 1146 5130 6668 20 5287 123 1678

WEEK LOW CLOSE CHANGE

37.98 2.33 38.00 11.65 26.33 14.79 30.35 12.83 6.99 29.68 30.91 117.75 85.43 9.20 53.31 31.47 56.50 68.25 22.08 15.23

+ + + + + + + + + + -

2.45 2.22 1.66 1.29 1.14 1.07 0.95 0.88 0.79 0.79 4.87 3.82 2.00 0.66 0.66 0.64 0.50 0.50 0.42 0.42

TSX VENTURE EXCHANGE / MAY 30 — JUNE 3, 2022 Over the May 30 to June 3 trading week, the S&P/TSX Venture Composite Index fell 4.08 points or 0.6% to end at 720.11. Shares in Los Andes Copper gained $1.20 to $16.20 during the trading week. Los Andes has announced that it will issue 3,260 ordinary shares in the company at a deemed price of US$11.50 (C$14.77) as payment for US$37,490 (C$48,161) in interest owing on a US$5 million 8% convertible debenture issued to Queen’s Road Capital Investment on June 2, 2021. Under a trust indenture entered between the company and Computershare Trust Company of Canada on the same date, interest on the convertible debenture is payable quarterly, 5% in cash and 3% in shares. The issuance of the common shares as payment for interest owing on the convertible debenture is subject to the terms and conditions of the trust Indenture and other appovals. Artemis Gold shares gained 55¢ during the trading week to reach $6.05. The company has been on the rise since announcing on May 24 that it has executed binding agreements with Finning Canada to supply a primary and ancillary mining fleet for the company’s Blackwater gold project in central British Columbia. Finning is a dealer of Caterpillar equipment, and

through the deal, Artemis has the option to place orders for Caterpillar’s zero-emissions haul trucks, currently under development, for shipments beginning in 2029. The fleet transition will substantially reduce the carbon footprint of Blackwater’s operations, which could see first gold in the second half of 2024. The company has also executed a credit-approved commitment letter for an equipment lease facility with Caterpillar Financial Services. Shares in Prime Mining rose 38¢ during the period after announcing additional Phase 2 drill results from 12 step-out holes at the Guadalupe East deposit. Guadalupe East is one of eight known gold-silver deposits that comprise the current resource TSX-V MOST ACTIVE ISSUES VOLUME (OOOs) HIGH

Gold Line Res Strongbow Expl Blue Thunder Blue River Res Pure Gold Mg Saturn Mnrls X-Terra Res Atlas Salt Nexus Gold Arctic Star

GLDL CUSN BLUE BXR PGM SOIL XTT SALT NXS ADD

4796 4449 4422 4311 3757 3323 3322 3254 3098 2678

0.07 0.51 0.03 0.03 0.26 3.24 0.05 2.34 0.02 0.13

LOW

0.05 0.43 0.00 0.02 0.19 2.63 0.03 1.94 0.01 0.09

WEEK CLOSE CHANGE

0.05 - 0.02 0.47 + 0.03 0.02 + 0.01 0.02 unch 0.00 0.25 + 0.06 2.75 - 0.44 0.04 + 0.01 2.19 + 0.25 0.01 - 0.01 0.11 + 0.01

at the company’s Los Reyes project in Mexico’s Sinaloa state. Among the highlight intercepts were 61.99 grams per tonne of gold and 977.6 grams silver over 3.6 metres in hole 22GE53, and 2.93 grams gold and 61.6 grams silver over 6.1 metres in hole 22GE-48. Since the company’s inception in 2019, Prime has drilled about 75,002 metres and comTSX-V GREATEST PERCENTAGE CHANGE VOLUME (OOOs)

Highbank Res Tymbal Res Sterling Metal RT Minerals Stelmine Can Plata Latina Metalex Vent Mineral Hill Aurcana Silver Silver Predatr Karoo Expl Milner Con Slv Pac Imperial Discovery Harb Intl Iconic Cassius Vents Optimus Gold MacDonald Mns Akwaaba Mining Nexus Gold

HBK TYMB SAG RTM STH PLA MTX MHI AUN SPD ACR.H MCA.H PPM DHR ICON CZ.H OTS.H BMK AML NXS

TSX-V GREATEST VALUE CHANGE

WEEK

HIGH

160 2 813 1070 497 20 652 45 2151 5 1 1 441 1991 394 1 17 928 1 3098

pleted 283 holes at Los Reyes. As a result of greater efficiencies and operational successes, the second-phase program, planned initially at 50,000 metres, will be expanded as crews have now completed 49,350 metres, with drilling scheduled to continue until the end of October. To date, 161 drill holes have been completed in the current program, with eight drills continuing to operate. TNM

VOLUME

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0.01 0.01 0.39 0.02 0.23 0.04 0.08 0.20 0.12 0.13 0.43 0.06 0.04 0.02 0.04 0.05 0.11 0.03 0.01 0.02

0.00 0.00 0.27 0.00 0.16 0.00 0.05 0.00 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01

0.01 +100.0 0.01 +100.0 0.35 + 52.2 0.02 + 50.0 0.22 + 41.9 0.04 + 40.0 0.07 + 40.0 0.20 + 39.3 0.11 + 37.5 0.13 + 36.8 0.43 - 61.0 0.06 - 47.6 0.03 - 40.0 0.02 - 40.0 0.03 - 37.5 0.05 - 37.5 0.11 - 35.3 0.02 - 33.3 0.01 - 33.3 0.01 - 33.3

(OOOs)

Los Andes Universal Vent Artemis Gold Highwood Asset Prime Mining New Stratus Leeta Gold Atlas Salt Tanqueray Expl EMX Royalty Karoo Expl Saturn Mnrls Sigma Lithium Nouveau Monde Frontier Lith Eskay Mng American Lith Andean Prec E3 Metals Chesapeake Gld

LA MCLD ARTG HAM PRYM NSE HIVE SALT IPA EMX ACR.H SOIL SGML NOU FL ESK LI APM ETMC CKG

HIGH

WEEK LOW CLOSE CHANGE

21 16.20 66 4.35 228 6.05 0 10.50 1134 2.48 2565 1.28 2595 5.33 3254 2.19 74 7.02 89 2.70 1 0.43 3323 2.75 312 22.75 134 6.72 2262 3.02 315 1.88 1640 2.65 94 1.18 854 1.87 23 2.51

+ + + + + + + + + + -

1.20 0.66 0.55 0.50 0.38 0.32 0.28 0.25 0.22 0.22 0.67 0.44 0.43 0.38 0.31 0.30 0.23 0.23 0.22 0.21

U.S. MARKETS / MAY 30 — JUNE 3, 2022 The Dow Jones Industrial Average fell 313.26 points or 0.95% to 32,899.70 and the S&P 500 fell 49.7 points or 1.2% over the week to 4,108.54. First Majestic Silver rose 5.5% to US$8.85 per share on the release of drill results from its Jerritt Canyon gold mine in Elko County, Nev. Highlights included 29.7 metres grading 8.39 grams gold per tonne starting from 116.5 metres in hole SMI-LX-1112 and 13.7 metres grading 11.81 grams gold starting from 129.5 metres in hole WC-588. Since acquiring the mine in April 2021, the company has completed over 70,000 metres of drilling designed to increase the confidence of the resource, add ounces and test greenfield targets. In 2022, the company plans to drill about 135,000 metres. First Majestic also reported that the United States Forest Service (USFS) has approved an exploration permit to conduct activities across 179.76 sq. km. of USFS land at Jerritt Canyon. “We have identified a high-grade underground mineralized pod near current mining activities, and we plan to advance the area toward ore production in the coming quarters,” said Keith Neumeyer, First Majestic’s CEO in a press release. Shares of Seabridge Gold rose 3.9% to US$15.05 each as the company signed an

agreement for its 3 Aces project in the Yukon with Liard First Nation (LFN) that provides a framework for the two parties to advance the project together. “The agreement will support LFN in preparing for and participating in assessment and regulatory processes and community engagement,” said Seabridge in a release on May 24. “It will also allow LFN to ensure that Seabridge has the information it needs to design a project that protects the meaningful exercise of LFN citizens’ Kaska aboriginal rights into the future.” Seabridge acquired the early stage project in June 2020,. Shares of Sibanye-Stillwater fell 3.5% to US$12.66 apiece after affiliates of Appian Capital Advisory LLP filed a compensation claim against the company at the High U.S. MOST ACTIVE ISSUES VOLUME (OOOs) HIGH

Yamana Gold* Vale* Gold Fields* Cleveland-Clif* Freeport McMoR* Barrick Gold* Kinross Gold* United States S* Chevron Corp* Suncor Energy*

AUY 251997 VALE 145642 GFI 141194 CLF 114400 FCX 73951 GOLD 67692 KGC 65547 X 62314 CVX 54697 SU 41665

5.92 18.84 12.22 24.66 42.27 21.08 4.73 26.64 180.96 42.02

LOW

WEEK CLOSE CHANGE

5.16 5.68 + 17.82 18.54 + 9.29 9.70 22.54 22.98 38.69 41.33 + 20.23 20.68 + 4.38 4.55 unch 24.51 24.94 173.47177.60 39.57 40.87 +

0.51 0.45 2.50 1.59 1.68 0.08 0.00 1.64 0.68 0.26

Court of England and Wales for its “failure to close on a transaction” and other associated “material breaches,” according to Appian. Sibanye said that it terminated the share purchase agreements (SPA) with Appian for the acquisition of the Santa Rita and Serrote mines in Brazil, following a geotechnical event at Santa Rita, which it said was “reasonably expected to be material and adverse to U.S. GREATEST PERCENTAGE CHANGE VOLUME (OOOs)

Yamana Gold* Turquoise HIl* Alamos Gold* Gatos Silver* First Majestic* Endeavr Silver* Freeport McMoR* Seabridge Gld* Sandstorm Gold* CONSOL Energy* Gold Fields* Lithium Amer* Cleveland-Clif* United States S* Arch Resources* Nexa Resources* Alcoa* Nexgen Energy* Buenaventura* Sibanye-Stillw*

AUY TRQ AGI GATO AG EXK FCX SA SAND CEIX GFI LAC CLF X ARCH NEXA AA NXE BVN SBSW

HIGH

251997 2830 20123 4981 31581 16930 73951 1644 7403 3393 141194 26203 114400 62314 4251 559 36014 12186 9001 18351

the business, financial condition, results of operations, the properties, assets, liabilities or operations of Santa Rita.” Appian, however, said that the termination was based on the “incorrect assertion” that a geotechnical instability “constituted a material adverse effect under the terms of the SPA.” Appian said the event “had minimal impact on the mine.” TNM U.S. GREATEST VALUE CHANGE

WEEK

VOLUME

LOW CLOSE CHANGE

5.92 30.32 8.46 3.52 9.17 4.09 42.27 15.60 7.07 57.39 12.22 28.24 24.66 26.64 170.75 9.68 67.52 5.03 9.45 13.38

5.16 5.68 + 9.9 27.70 30.15 + 7.9 7.39 8.05 + 6.2 3.00 3.40 + 5.9 7.90 8.85 + 5.5 3.43 3.92 + 5.4 38.69 41.33 + 4.2 14.00 15.05 + 3.9 6.51 6.91 + 3.8 50.82 54.88 + 3.0 9.29 9.70 - 20.5 22.21 24.54 - 12.8 22.54 22.98 - 6.5 24.51 24.94 - 6.2 149.71 158.22 - 6.0 8.65 8.72 - 5.4 60.64 61.83 - 4.1 4.43 4.69 - 3.9 8.49 8.70 - 3.8 12.28 12.66 - 3.5

(OOOs)

Turquoise HIl* Freeport McMoR* Rio Tinto* CONSOL Energy* Franco-Nevada* Southern Copp* Teck Res* Seabridge Gld* Yamana Gold* Alamos Gold* Arch Resources* MartinMarietta* Lithium Amer* Alcoa* Gold Fields* Nutrien* Black Hills* United States S* Cleveland-Clif* NACCO Ind*

TRQ FCX RIO CEIX FNV SCCO TECK SA AUY AGI ARCH MLM LAC AA GFI NTR BKH X CLF NC

HIGH

2830 73951 13558 3393 2928 6707 20688 1644 251997 20123 4251 2338 26203 36014 141194 15700 1943 62314 114400 234

WEEK LOW CLOSE CHANGE

30.15 41.33 74.86 54.88 143.70 63.44 43.89 15.05 5.68 8.05 158.22 345.64 24.54 61.83 9.70 93.50 75.56 24.94 22.98 56.87

+ 2.21 + 1.68 + 1.67 + 1.61 + 1.13 + 0.68 + 0.68 + 0.57 + 0.51 + 0.47 - 10.02 - 3.81 - 3.60 - 2.67 - 2.50 - 2.07 - 1.75 - 1.64 - 1.59 - 0.95

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 13 — 26, 2022

METALS, MINING AND MONEY MARKETS LME WAREHOUSE LEVELS

PRODUCER AND DEALER PRICES Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$129.650 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: 15.450 Cobalt: US$33.28/lb. Copper: US$4.29/lb. Copper: CME Group Futures June 2022: US$4.43/lb.; July 2022: US$4.43/lb. Iridium: NY Dealer Mid-mkt US$6,100/tr oz. Iron Ore 62% Fe CFR China-S: US$ 143.7 Lead: US$0.97/lb. Rhodium: Mid-mkt US$20,250/tr. oz. Ruthenium: Mid-mkt US$750 per oz. Silver: Handy & Harman Base: US$ 21.90 per oz.; Handy & Harman Fabricated: US$27.38 per oz. Tin: US$15.99/lb. Uranium: U3O8, Trading Economics spot price: US$46.75 per lb. U308 Zinc: US$1.77 per lb. Prices current June 6, 2022

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening on June 1 2022 (change from May 26 2022 in brackets): Aluminium Alloy

2160

(0)

Aluminium

453,875

(-21,775)

Copper

145,950

(-16475)

Lead

38,800

(-50)

Nickel

71,472

(-828)

Tin

2,935

(+10)

Zinc

83,575

(-3,025)

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 15, 2022 (with changes from Apr 30, 2022) Largest short positions AR 20165909 2309901 Argonaut Gold Ivanhoe Mines IVN 19219845 -309270 Suncor Energy SU 17769447 -910315 K 15457282 2830178 Kinross Gold Barrick Gold ABX 15091858 195320 McEwen Mng MUX 13715629 422593 Lundin Mng LUN 11075727 -1152152 Fortuna Silvr FVI 10565928 -159452 IMG 9638198 -494072 IAMGOLD WPM 8626486 -771588 Wheaton Prec First Quantum FM 8385985 105122 Denison Mines DML 8293681 1705211 New Gold NGD 8004523 655518 NXE 7948897 -192005 Nexgen Energy Yamana Gold YRI 7614747 -877236 Largest increase in short position Kinross Gold K 15457282 2830178 Argonaut Gold AR 20165909 2309901 SBB 4900221 1991893 Sabina Gd&Slvr Sandstorm Gold SSL 3526001 1857117 B2Gold Corp BTO 4474294 1766987 Largest decrease in short position Nighthawk Gold NHK 145095 -2409426 OGC 2854919 -1890527 OceanaGold Turquoise HIl TRQ 583747 -1238512 Lundin Mng LUN 11075727 -1152152 Fission Uran FCU 6017005 -1022879

Short positions outstanding as of May 15, 2022 (with changes from Apr 30, 2022) Largest short positions Pure Gold Mg PGM 4861291 56704 GR Silver GRSL 3935873 283483 PTU 3172127 522510 Purepoint Uran GoviEx Uranium GXU 2424330 426779 Oroco Res OCO 2326791 801710 Canada Silver CCW 1870807 64268 Leeta Gold HIVE 1864353 3091 AUN 1729424 1172307 Aurcana Silver Cassiar Gold GLDC 1423984 214152 Eloro Res ELO 1314092 -163744 Artemis Gold ARTG 1236429 -50016 Giga Metals GIGA 1208062 -45412 GRAT 1133814 87382 Gratomic New Found Gold NFG 1076572 -24078 Frontier Lith FL 1040262 135824 Largest increase in short position Aurcana Silver AUN 1729424 1172307 AUU 922163 808006 Gold79 Mines Oroco Res OCO 2326791 801710 Azincourt Ener AAZ 969969 724280 Southern Silvr SSV 704669 567216 Largest decrease in short position BRC 374751 -1531711 Blackrock Silv Focus Graphite FMS 223119 -1442506 AbraSilver Res ABRA 276359 -904506 Emerita Res EMO 545858 -835745 Fission 3.0 FUU 391379 -664484

4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022

DAILY METAL PRICES DATE MAY 30 MAY 31 JUNE 1 JUNE 2 BASE METALS (London Metal Exchange — Midday official cash/3-month prices, US$ per tonne) Al Alloy 1900/1900 1950/1950 1950/1950 1950/1950 Aluminum 2862/2890 2816/2848 2701/2728 2701/2728 Copper 9520/9530 9500/9505 9450/9450 9450/9450 Lead 2183/2183.5 2175/2177 2142.5/2149 2142.5/2149 Nickel 29925/29950 28650/28750 27700/27750 27700/27750 Tin 34975/34650 34850/34575 35200/34950 35200/34950 Zinc 3974/3948 3976/3950 3895/3875 3895/3875 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1854.40 1829.70 1857.25 1838.70 1844.90 Gold PM 1854.95 Silver 22.035 21.77 21.61 Platinum 954 963 990 Palladium 2039 2032 2014

JUNE 3 1950/1950 2701/2728 9450/9450 2142.5/2149 27700/27750 35200/34950 3895/3875

1829.70 1844.90 21.61 990 2014

EXCHANGE RATES Date US$ in C$ C$ in US$

Jun 03 1.2592 0.7942

Jun 02 1.2571 0.7955

Exchange rates (Quote Media, June 03, 2022) C$ to AUS C$ to EURO 1.1019 0.7408 C$ to UK Pound C$ to China Yuan 0.6356 5.2883 US to AUS US to EURO 1.3875 0.9329 US to UK Pound US to China Yuan 0.8007 6.6603

Jun 01 1.2669 0.7894

May 31 1.2639 0.7912

C$ to YEN 103.9240 C$ to India Rupee 61.6273 US to YEN 130.8270 US to India Rupee 77.6944

May 30 1.2656 0.7901 C$ to Mex Peso 15.5273 C$ to Swiss Franc 0.7644 US to Mex Peso 19.5550 US to Swiss Franc 0.9621

C$ to SA Rand 12.3460 C$ to S. Korea Won 993.9324 US to SA Rand 15.5429 US to S. Korea Won 1251.8300

TSX WARRANTS Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry. eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry. Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry. Karora Resources Inc. (KRR.WT) - One

Warrant to purchase one common share of the Issuer at $0.50 until expiry. Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) - One Warrant to purchase one common share of the Issuer at $1.71 until expiry. Novo Resources Corp. (NOVO.WT.A) - One Warrant to purchase one common share of the Issuer at $3.00 until expiry. Novo Resources Corp. (NVO.WT.A) - One

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share. Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share. Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share. Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share. Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 per share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share. Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share. Cascadero Copper Corporation (CCD.RT) - One right and $0.015 are required to purchase one Share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share. Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share. Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share. Elevation Gold Mining Corporation (ELVT. WT) - One warrant to purchase one common

share at $4.80 per share. Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share. Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Freeman Gold Corp (FMAN.WT.U) - One warrant to purchase one common share at US$0.65 per share. Giga Metals Corporation (GIGA.WT) - One warrant to purchase one common share at $0.60 per share. Giga Metals Corporation (GIGA.WT.A) One warrant to purchase one common share at $0.45 per share. Giyani Metals Corp. (EMM.WT) - One warrant to purchase one common share at $0.60 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. Hot Chili Limited (HCH.WT) - One warrant to purchase one common share at $2.50 per share. Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share. LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share. Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share. LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share. Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share. Manganese X Energy Corp. (MN.WT) - One warrant to purchase one common share at $0.15 per share. Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Maple Gold Mines Ltd. (MGM.WT) - One

Warrant to purchase one common share of the Issuer at $3.00 until expiry. Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry. Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

TSX VENTURE WARRANTS warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share. Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share. Mineworx Technologies Ltd. (MWX.RT) One right to purchase one common share at $0.015 per share. Northern Vertex Mining Corp. (NEE.WT) One warrant to purchase one common share at $0.80 per share. Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share. Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share. Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share. Osisko Development Corp. (ODV.WT) - One warrant to purchase one common share at $10.00 per share. Sandfire Resources America Inc. (SFR.RT) - Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share. Sandfire Resources America Inc. (SFR. RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Silver Mountain Resources Inc. (AGMR. WT) - One warrant to purchase one common share at $0.70 per share. Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share. Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share. Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share. Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NORTH AMERICAN STOCKEXCHANGE INDICES 52 weeks

CANADIAN GOLD MUTUAL FUNDS FundName BMO Prec Mtls Fd A BMO ZGD BMO ZJG CANL Prec Mtl Fd A CI Pre Met Fd A CIBC Prec Metal Fd A Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A iShares XGD NBI PrecMetFd Invt NP Silver Equ A NPT Go&PrMinFd A RBC GblPreMetFd A TD Prec Mtl Fd Inv

Jun 03 ($) 24.52 70.66 66.85 18.15 52.48 14.54 12.40 25.78 27.17 15.22 18.82 18.36 7.55 50.50 54.33 47.95

May 27 ($) 24.50 69.92 65.24 18.35 51.86 14.57 12.22 25.61 27.05 15.38 19.04 18.23 7.41 50.36 53.71 48.19

Change ($) 0.03 0.73 1.61 -0.20 0.63 -0.03 0.18 0.17 0.32 -0.16 -0.22 0.13 0.14 0.14 0.61 -0.24

Change (%) 0.10 1.05 2.47 -1.07 1.21 -0.22 1.46 0.65 1.18 -1.06 -1.15 0.71 1.90 0.29 1.14 -0.50

YTDChange (%) 9.65 9.44 11.66 9.96 4.80 11.15 -1.02 3.62 8.02 9.57 13.23 6.17 -6.91 1.10 6.81 11.86

MER (%) 2.40 0.60 0.61 2.58 2.31 2.27 2.67 0.68 0.81 2.63 0.61 2.47 3.24 3.19 2.09 2.26

TotalAssets (M$) 55.43 49.44 82.55 20.20 354.65 62.36 611.27 4.15 22.02 1262.42 28.52 348.58 138.26

IndexNameJun 03 S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

Jun 02 20790.73 720.11 1256.72 298.86 265.61

Jun 01 21031.81 728.47 1271.13 305.26 265.61

May 31 20713.72 711.80 1253.84 294.49 265.61

May 30 20729.34 720.98 1254.79 293.61 265.61

High 20919.40 737.83 1265.36 303.12 265.61

Low 22213.07 1025.77 1344.63 379.45 338.35

19480.00 660.77 1179.92 257.81 229.83

NEW 52-WEEK HIGHS AND LOWS MAY 30-JUNE 3, 2022 28 New Highs Alliance Res* Atlas Salt Atlas Salt* Augusta Gold* Awale Res Bam Bam Res Bam Bam Res* Banyan Gold* BrightRock*

Chevron Corp* CONSOL Energy* Filo Mg Corp * Horizonte Mnls Matachewan Con Metalex Vent NACCO Ind* New Stratus Nippon Dragon* Northern Light

Sigma Lithium Sigma Lithium* Starcore Intl* Stevens Gold* Suncor Energy Suncor Energy* Teck Res Teck Res* Whitehaven Coa*

29 New Lows 1911 Gold Alexandra Cap* Altaley Mining* Anacortes Mg Argonaut Gold Bam Bam Res Bayhorse Silvr* Brascan Gold Cabral Gold

District Metal Excellon Res Focus Graphite* Fortune Min Fortune Min* Fury Gold Gold Line Res Kootenay Silvr* Labrador Gold Lomiko Mtls*

Marathon Gold Marathon Gold* North Bay Res * Novo Res Secova Metals Signature Res* Silver Viper* Strikepoint Gd Valorem Res Valterra Res*

Re-Publishing License Own your moment in the press with a Re-Publishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525 Contact: moliveira@northernminer.com OR 416-510-6768

LEGEND

STAFF INVESTMENT POLICY

A – Australian Securities Exchange C – Canadian Stock Exchange L – London Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE American * – Denotes price in U.S.$

The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.

CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds

1 (metric) tonne = 1.1023 (short) tons 1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

JUNE 13 — 26, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

MARKET NEWS

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 30 — JUNE 3, 2022 (100s) Stock

Exc Volume

Week High

Low

12-month

Last Change

High Low

A 1111 Explor C 1844 Resources V 1911 Gold* O V 1911 Gold 55 North C 79 Resources C 79North C A.I.S Res* O V A.I.S Res Abacus Mining* O Abacus Mining V Abcourt Mines V Abcourt Mines* O Aben Resources* O Aben Resources V AbraSilver Res V AbraSilver Res* O Academy Metals V ACME Lithium C Adamera Min V Adamera Min* O V Adex Mining Advance Gold V Advance United C V Adventus Adventus* O Adyton Res V V AEX Gold Affinity Metal* O African Energy* O African Gold* O African Gold V African Metals V African Rainbo* O Aftermath Silv* O Agnico Eagle T Agnico Eagle* N Aguila Amer Gd V Aguila Amer Gd* O O Aiml Res* AJN Resources C Akwaaba Mining V T Alamos Gold Alamos Gold* N Alcoa* N Aldebaran Res V Aldebaran Res* O Alerio Gold C Alexandra Cap* O Alexco Res T Alexco Res* X V Alianza Min Alianza Min* O All American* O Allegiant Gold V Allegiant Gold* O Alliance Mng V Alliance Res* D Allied Copper V Allied Copper* O Alma Gold C Almaden Min* X Almaden Min T Almadex Min* O Almadex Min V Almonty Ind * O T Almonty Ind Aloro Mining V Alpha Copper C Alpha Lithium V Alpha Lithium* O Alphamin Res * O Alphamin Res V Altai Resource V Altair Res Inc* O Altair Res Inc V Altaley Mining* O Altaley Mining V Altamira Gold* O Altamira Gold V Altan Nevada V Altiplano Met V Altiplano Met* O Altius Mnrls * O T Altius Mnrls Alto Ventures V Alto Ventures* O Altura Mining* O Alturas Min V Altus Strat V Altus Strat* O Alumina Ltd* O ALX Resources V ALX Resources* O AM Resources V Amani Gold* O Amarc Res V Amarc Res* O Amer Intl Vent* O American Creek* O American Creek V American CuMo V American CuMo* O American Eagle V American Lith V American Lith* O American Mang* O American Mang V American Pac C American Rare* O AmericanSierra* O Americas Silvr* X Americas Silvr T Amerigo Res T Amerigo Res* O Ameriwest Lith* O Ameriwest Lith C Amex Expl V Amex Expl* O AmmPower* O AmmPower C Amseco Expl V AMV Capital V Anaconda Mng* O Anaconda Mng T Anacortes Mg V Andean Prec* O Andean Prec V Anfield Energy* O Anfield Energy V Angel Gold V Angkor Gold* O Angkor Res V Anglo American* O Anglo American* O Anglo Pac Grp T AngloGold Ash* O AngloGold Ash* N Angold Res V Angold Res* O O Angus Gold* Angus Gold V Antioquia Gold* O Antioquia Gold V Antler Gold V Antler Hill V Antofagasta* O Apex Res V Apogee Min V Apollo Silver V Apollo Silver* O Appia Rare* O Appia Rare C Applied Min* O Arbor Metals V Arch Resources* N Archer Explor C Archon Mineral V Arcland Res V ArcPacific Res V

95 115 136 190 264 100 1910 222 621 187 92 809 21 76 406 2107 1171 1 78 199 351 54 398 85 353 60 89 147 300 16 65 1038 28 111 822 5287 13985 77 9 395 81 1 2993 20123 36014 77 14 70 91 1321 2955 547 346 4026 251 128 1 3142 47 34 237 1568 56 64 86 46 91 5 118 541 157 1044 2582 53 19 274 554 481 17 111 3 209 44 110 720 306 101 798 183 9 28 19 544 104 24 162512 101 8 1466 264 564 186 55 278 1640 1410 776 451 272 134 29 1672 641 917 205 1388 362 105 28 441 214 0 0 24 97 210 24 94 612 1395 0 150 100 4 1325 6 1 11315 1255 339 34 28 50 36 32 0 9 68 0 555 64 378 362 12848 33 4251 15 1 0 206

0.09 0.07 0.18 0.23 0.03 0.04 0.14 0.03 0.03 0.05 0.07 0.07 0.06 0.04 0.05 0.36 0.29 0.00 1.12 0.07 0.06 0.02 0.03 0.28 0.65 0.51 0.04 0.71 0.04 0.07 0.09 0.10 0.05 17.64 0.19 70.22 55.66 0.26 0.22 0.17 0.51 0.01 10.63 8.46 67.52 0.80 0.60 0.10 0.10 1.14 0.91 0.06 0.04 0.00 0.36 0.29 0.26 21.05 0.12 0.10 0.09 0.27 0.32 0.23 0.31 0.67 0.86 0.03 0.53 1.05 0.72 0.87 1.11 0.07 0.04 0.04 0.23 0.28 0.19 0.21 0.07 0.27 0.22 16.38 20.62 0.29 0.23 0.03 0.03 0.85 0.78 4.90 0.05 0.04 0.05 0.00 0.12 0.08 0.01 0.14 0.18 0.05 0.04 0.04 2.94 2.31 0.56 0.67 0.73 0.29 0.04 0.80 1.01 1.76 1.40 0.69 0.85 2.64 2.07 0.22 0.27 0.00 0.00 0.41 0.50 0.96 1.21 1.39 0.08 0.10 0.00 0.11 0.14 49.92 25.10 2.70 0.00 18.40 0.08 0.06 0.72 0.90 0.03 0.03 0.12 0.00 19.55 0.08 0.00 0.44 0.35 0.33 0.41 0.01 2.45 170.75 0.21 0.20 0.00 0.05

0.06 0.09 + 0.00 0.07 unch 0.17 0.17 0.21 0.22 0.03 0.03 + 0.00 0.04 unch 0.08 0.09 unch 0.02 0.02 0.00 0.02 unch 0.00 0.05 + 0.00 0.07 + 0.00 0.07 unch 0.05 0.05 0.00 0.04 + 0.00 0.05 + 0.33 0.34 unch 0.25 0.27 + 0.00 0.30 unch 1.03 1.05 0.00 0.07 unch 0.05 0.06 + 0.00 0.01 unch 0.02 0.03 unch 0.00 0.23 + 0.61 0.63 + 0.47 0.51 + 0.00 0.04 + 0.65 0.69 + 0.04 0.04 unch 0.05 0.07 + 0.07 0.08 + 0.09 0.10 + 0.00 0.05 unch 15.40 17.64 + 0.18 0.18 66.34 68.25 52.46 54.18 + 0.00 0.20 0.14 0.16 0.08 0.15 + 0.42 0.48 0.00 0.01 9.34 10.11 + 7.39 8.05 + 60.64 61.83 0.00 0.73 0.60 0.60 + 0.10 0.10 unch 0.07 0.08 0.95 1.06 + 0.76 0.85 + 0.05 0.05 unch 0.04 0.04 + 0.00 0.00 + 0.00 0.35 0.26 0.28 + 0.00 0.26 + 18.88 20.92 + 0.00 0.12 0.00 0.09 0.06 0.07 0.24 0.24 0.00 0.32 + 0.20 0.23 + 0.26 0.28 + 0.60 0.67 + 0.82 0.85 + 0.00 0.03 0.45 0.46 0.97 0.97 0.58 0.66 + 0.78 0.83 1.00 1.04 0.00 0.06 0.04 0.04 unch 0.04 0.04 0.20 0.22 0.25 0.27 0.15 0.15 0.00 0.19 0.00 0.07 0.25 0.25 unch 0.18 0.19 + 14.61 15.75 + 19.02 19.86 0.24 0.25 unch 0.19 0.20 + 0.02 0.02 0.00 0.03 + 0.00 0.76 0.52 0.62 4.75 4.88 + 0.04 0.05 + 0.03 0.04 + 0.00 0.05 unch 0.00 0.00 0.00 0.11 unch 0.08 0.08 unch 0.01 0.01 unch 0.13 0.14 + 0.15 0.18 + 0.00 0.04 0.03 0.03 0.04 0.04 + 2.55 2.65 2.01 2.11 0.42 0.49 + 0.57 0.62 + 0.63 0.68 0.25 0.26 + 0.03 0.03 0.72 0.75 + 0.91 0.93 unch 1.62 1.72 + 1.29 1.38 + 0.60 0.61 0.75 0.76 2.45 2.45 + 1.87 2.00 + 0.19 0.20 0.25 0.26 0.00 0.05 unch 0.00 0.15 unch 0.38 0.38 unch 0.46 0.46 0.90 0.93 unch 0.94 0.94 1.12 1.18 0.07 0.08 + 0.09 0.10 + 0.00 0.17 unch 0.10 0.10 unch 0.12 0.13 0.00 49.92 + 24.03 24.34 + 0.00 2.70 unch 0.00 16.75 unch 17.05 17.83 + 0.08 0.08 0.00 0.06 0.69 0.72 unch 0.00 0.90 unch 0.03 0.03 unch 0.00 0.03 unch 0.00 0.12 + 0.00 0.18 unch 18.33 18.33 0.00 0.08 + 0.00 0.11 unch 0.39 0.41 + 0.30 0.32 + 0.30 0.31 0.38 0.39 + 0.00 0.01 2.36 2.36 unch 149.71 158.22 0.00 0.21 unch 0.00 0.20 unch 0.00 0.15 unch 0.04 0.05 +

0.03 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.05 0.00 0.01 0.00 0.00 0.05 0.01 0.04 0.01 0.04 0.00 0.02 0.01 0.01 0.00 2.23 0.01 0.50 0.12 0.06 0.06 0.05 0.02 0.01 0.49 0.47 2.67 0.03 0.00 0.00 0.00 0.03 0.04 0.00 0.00 0.00 0.01 0.00 0.03 1.05 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.04 0.04 0.01 0.02 0.07 0.06 0.02 0.03 0.01 0.00 0.01 0.00 0.01 0.02 0.03 0.01 0.00 0.00 0.03 0.29 0.00 0.01 0.01 0.01 0.02 0.16 0.10 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.01 0.00 0.01 0.23 0.16 0.05 0.06 0.02 0.01 0.01 0.01 0.00 0.02 0.04 0.04 0.04 0.06 0.13 0.01 0.01 0.00 0.00 0.00 0.02 0.00 0.27 0.23 0.00 0.01 0.00 0.00 0.01 3.26 0.07 0.00 0.00 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.70 0.01 0.00 0.03 0.03 0.00 0.01 0.00 0.00 10.02 0.00 0.00 0.00 0.01

0.15 0.11 0.43 0.52 0.14 0.14 0.16 0.08 0.09 0.15 0.18 0.16 0.13 0.06 0.08 0.66 0.58 3.00 1.44 0.11 0.10 0.02 0.08 2.09 1.17 1.01 0.19 0.82 0.15 0.21 0.15 0.19 0.15 21.45 0.56 87.73 72.60 0.35 1.00 0.79 0.52 0.03 11.61 9.38 98.09 1.13 0.88 0.49 0.51 3.92 3.26 0.13 0.11 0.01 0.58 0.46 1.10 21.05 0.41 0.26 0.23 0.56 0.68 0.27 0.33 1.07 1.27 0.08 1.09 1.69 0.90 1.17 1.46 0.17 0.13 0.19 0.79 0.80 0.34 0.42 0.35 0.42 0.32 20.36 25.71 0.43 0.37 0.11 0.04 1.48 1.11 6.99 0.15 0.12 0.10 0.00 0.15 0.12 0.02 0.21 0.25 0.08 0.06 0.25 6.25 5.00 1.17 1.48 1.40 0.42 0.29 1.76 2.14 2.01 1.66 1.37 1.74 3.36 2.68 1.80 2.15 0.08 0.15 0.85 1.05 2.50 1.83 2.30 0.18 0.23 0.35 0.13 0.17 55.61 27.80 3.45 27.20 26.96 0.45 0.33 1.25 1.33 0.05 0.05 0.25 0.18 23.45 0.09 0.14 1.15 1.00 1.00 1.22 0.03 2.85 183.53 1.25 0.33 0.38 0.25

0.05 0.05 0.17 0.21 0.02 0.04 0.07 0.02 0.02 0.04 0.05 0.06 0.05 0.03 0.04 0.29 0.22 0.30 0.56 0.05 0.03 0.01 0.02 0.15 0.51 0.39 0.03 0.44 0.04 0.01 0.01 0.09 0.05 12.98 0.16 58.02 45.42 0.15 0.12 0.08 0.20 0.01 8.30 6.51 31.00 0.53 0.40 0.09 0.07 0.92 0.71 0.05 0.04 0.00 0.29 0.20 0.23 6.15 0.12 0.08 0.04 0.22 0.30 0.15 0.21 0.60 0.77 0.03 0.18 0.45 0.25 0.49 0.59 0.06 0.04 0.04 0.20 0.25 0.13 0.15 0.07 0.21 0.16 11.56 14.92 0.19 0.14 0.01 0.02 0.75 0.50 4.38 0.04 0.03 0.04 0.00 0.09 0.07 0.00 0.11 0.15 0.04 0.02 0.04 1.50 1.20 0.37 0.47 0.26 0.02 0.02 0.65 0.85 1.10 0.86 0.52 0.54 2.07 1.65 0.17 0.23 0.04 0.12 0.37 0.44 0.90 0.76 0.92 0.06 0.08 0.15 0.04 0.05 33.18 16.75 1.97 15.31 14.57 0.07 0.06 0.56 0.69 0.02 0.03 0.09 0.18 16.35 0.04 0.09 0.33 0.27 0.27 0.35 0.00 1.70 49.55 0.08 0.18 0.06 0.04

(100s) Stock

Exc Volume

ArcPacific Res* O Arctic Fox Ven C Arctic Star* O Arctic Star V Arcus Dev Grp V Arcwest Explor V Arcwest Explor* O Arena Min* O Arena Min V Argentina Lith V Argentina Lith* O Argentum Silvr V Argo Gold C O Argo Gold* Argonaut Gold* O Argonaut Gold T Arianne Phosph V Arianne Phosph* O Aris Gold T Arizona Gold* O T Arizona Gold Arizona Metals V Arizona Metals* O Arizona Silver* O Arizona Silver V V Armor Min Artemis Gold* O V Artemis Gold Asante Gold* O C Asante Gold Asbestos Corp V Ascendant Res* O Ascendant Res T Ascot Res T O Ascot Res * AsiaBaseMetals V O Aston Bay* Aston Bay V ATAC Res* O V ATAC Res Atacama Cop V Atacama Res* O Atalaya Mining T Athabasca Min* O Athabasca Min V Athena Gold* O Athena C Atico Mining* O Atico Mining V Atlas Salt* O V Atlas Salt Aton Resources* O Aton Resources V Augusta Gold* O Augusta Gold T Aura Minerals T Aura Minerals* O Aurania Res* O V Aurania Res Aurcana Silver V Aurcana Silver* O AurCrest Gold V Aurelius Min* O Aurelius Min V Aurion Res * O V Aurion Res Aurora Royal V C Aurwest Res AURYN Mining* O Aust Mines* O V Austin Res Austral Gold* O V Austral Gold Auxico Res* O Auxico Res C Avalon Advance* O Avalon Advance T Avarone Metals* O Avidian Gold* O V Avidian Gold X Avino Silver* Avino Silver T Avrupa Min V Avrupa Min* O V Awale Res V Axmin Inc Aya Gold* O Azarga Metals* O Azarga Metals V Azimut Explor* O Azimut Explor V Azincourt Ener* O Azincourt Ener V Aztec Minerals V Aztec Minerals* O Azucar Min V Azucar Min* O

60 0 19 2678 0 13 28 1156 1245 147 181 0 67 75 351 8466 431 667 154 467 775 966 383 80 46 11 27 228 3 301 0 14 296 1037 939 11 284 547 309 439 72 1989 3 80 403 139 14 96 81 73 3254 146 897 287 182 214 0 905 899 2151 1842 35 71 487 27 90 3 210 9 208 0 18 28 29 303 225 1069 42 105 243 1221 51 220 60 379 68 19 31 11 11 54 428 1080 282 79 40 79

Week

12-month

Low

Last Change

High Low

Stock

0.04 0.00 0.08 0.13 0.00 0.09 0.05 0.45 0.58 0.38 0.31 0.00 0.07 0.06 1.02 1.26 0.64 0.51 2.05 0.05 0.06 5.40 4.26 0.35 0.43 0.48 4.95 6.20 1.38 1.75 0.00 0.18 0.23 0.80 0.65 0.17 0.03 0.03 0.08 0.11 0.23 0.01 6.99 0.28 0.36 0.07 0.09 0.30 0.38 1.99 2.34 0.40 0.50 1.94 2.32 11.65 8.10 0.94 1.12 0.12 0.10 0.20 0.15 0.20 0.66 0.81 0.03 0.11 0.90 0.11 0.00 0.05 0.06 0.67 0.77 0.11 0.13 0.02 0.03 0.04 0.73 0.93 0.07 0.05 0.29 0.06 6.55 0.03 0.04 1.04 1.35 0.08 0.10 0.30 0.26 0.09 0.08

0.04 0.00 0.08 0.09 0.00 0.00 0.05 0.39 0.49 0.35 0.27 0.00 0.07 0.05 0.87 1.09 0.56 0.44 1.85 0.04 0.06 5.00 3.96 0.28 0.36 0.00 4.05 5.45 0.00 1.68 0.00 0.17 0.22 0.69 0.55 0.00 0.02 0.03 0.08 0.10 0.19 0.01 0.00 0.26 0.30 0.05 0.07 0.28 0.35 1.32 1.94 0.27 0.37 1.62 2.05 10.26 0.00 0.46 0.58 0.08 0.05 0.00 0.12 0.16 0.61 0.77 0.00 0.09 0.00 0.07 0.00 0.04 0.00 0.50 0.60 0.10 0.13 0.02 0.03 0.04 0.67 0.86 0.00 0.04 0.17 0.00 5.39 0.03 0.00 1.01 1.27 0.07 0.09 0.27 0.21 0.00 0.06

0.04 unch 0.13 unch 0.08 + 0.11 + 0.03 unch 0.09 + 0.05 + 0.40 0.50 0.37 0.30 0.13 unch 0.07 unch 0.06 unch 0.90 1.12 0.56 0.44 1.97 unch 0.05 0.06 5.13 4.08 0.29 0.37 0.48 4.78 + 6.05 + 1.38 + 1.70 0.88 unch 0.17 0.22 0.77 + 0.61 + 0.17 0.03 + 0.03 unch 0.08 0.10 0.20 0.01 unch 6.99 + 0.26 0.35 + 0.07 + 0.08 + 0.29 0.37 1.73 + 2.19 + 0.31 0.50 + 1.71 2.16 11.65 + 8.10 unch 0.56 + 0.70 unch 0.11 + 0.09 + 0.16 0.12 0.16 0.63 0.78 0.03 0.09 + 0.81 0.09 + 0.06 unch 0.05 + 0.06 unch 0.51 0.68 0.10 unch 0.13 0.02 unch 0.03 + 0.04 0.71 0.87 0.06 0.04 unch 0.17 0.06 unch 5.97 + 0.03 0.04 unch 1.01 1.29 0.07 0.10 unch 0.28 0.23 + 0.08 0.06 -

0.52 0.20 0.18 0.22 0.04 0.12 0.09 0.60 0.68 0.96 0.77 0.26 0.24 0.18 3.23 4.09 0.82 0.65 2.51 0.11 0.14 6.98 5.60 0.48 0.60 0.87 6.23 7.93 1.80 2.29 0.98 0.25 0.31 1.41 1.18 0.24 0.06 0.09 0.16 0.19 0.65 0.04 8.48 0.54 0.70 0.21 0.30 0.58 0.69 1.99 2.34 0.48 0.69 1.94 2.40 17.50 14.31 2.82 3.43 0.99 0.85 0.39 0.49 0.59 1.09 1.36 0.07 0.21 1.05 0.27 0.09 0.14 0.17 1.68 1.85 0.19 0.24 0.04 0.22 0.19 1.37 1.64 0.11 0.09 0.88 0.08 9.44 0.12 0.17 1.98 2.49 0.19 0.29 0.41 0.32 0.19 0.15

Black Mammoth V Black Mountain V Black Mountain* O Black Tusk Res C Black Tusk Res* O Blackrock Silv V Blackrock Silv* O Blackwolf Cop V Blackwolf Cop* O Blind Creek V Blue Lagoon* O Blue Lagoon C Blue Moon V O Blue Moon* Blue River Res V Blue River Res* O Blue Sky Uran* O Blue Sky Uran V Blue Star Gold V Blue Thunder V BlueBird Batt V BlueBird Batt* O Bluejay Mining* O Bluestone Res V Bluestone Res* O V BMEX Gold BMEX Gold* O Bold Ventures* O Bold Ventures V O Bolt Metals* C Bolt Metals Bonanza Gold* O Bond Resources C BonTerra Res V Boreal Metals V Boreal Metals* O Borneo Res Inv* O Boundary Gold* O Boundary Gold V Brascan Gold C Bravada Gold V Bravada Gold* O Braveheart Res V Braveheart Res* O Bravo Multinat* O Brazil Min* O Brigadier Gold* O Brigadier Gold V BrightRock* O Brixton Metals* O Brixton Metals V Brookmount Exp* O Brunswick Expl V O Bryn Res* BTU Metals* O V BTU Metals Buenaventura* N Buffalo Coal V V Bullet Explor Bullion Gold* O Bunker Hill C Burrell Res C V BWR Explor

0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.03 0.05 0.01 0.00 0.00 0.00 0.00 0.08 0.12 0.03 0.03 0.00 0.00 0.01 0.15 0.08 0.02 0.03 0.11 0.45 0.55 0.08 0.01 0.00 0.02 0.01 0.05 0.05 0.01 0.00 0.00 0.00 0.01 0.03 0.00 0.79 0.02 0.01 0.01 0.01 0.01 0.01 0.18 0.25 0.05 0.04 0.10 0.13 1.29 0.00 0.01 0.00 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.01 0.01 0.09 0.02 0.00 0.00 0.00 0.13 0.13 0.00 0.01 0.00 0.00 0.01 0.01 0.03 0.01 0.00 0.02 0.00 0.58 0.00 0.00 0.03 0.03 0.00 0.00 0.01 0.01 0.02 0.01

0.02 0.12 0.04 0.05 0.03 0.06 0.05 0.09 0.10 0.14 0.11 0.13 0.06 0.05 0.85 1.09 0.29 0.23 1.21 0.04 0.05 3.05 2.39 0.13 0.17 0.49 3.40 4.86 0.24 0.30 0.50 0.12 0.17 0.62 0.48 0.13 0.02 0.03 0.07 0.09 0.19 0.00 4.71 0.12 0.15 0.05 0.05 0.24 0.31 0.48 0.58 0.12 0.16 0.71 0.89 8.39 6.50 0.42 0.52 0.05 0.04 0.12 0.13 0.17 0.49 0.65 0.03 0.08 0.49 0.07 0.06 0.04 0.06 0.25 0.50 0.07 0.09 0.01 0.03 0.04 0.57 0.76 0.05 0.04 0.17 0.03 4.40 0.03 0.03 0.85 1.11 0.06 0.09 0.22 0.16 0.07 0.06

B B2Gold Corp T 15151 B2Gold Corp* X 65250 Baden Res C 0 Bald Eagle V 716 Balto Res V 0 Bam Bam Res* O 1398 Bam Bam Res C 825 Bannerman Egy* O 2712 Banyan Gold V 1171 Banyan Gold* O 441 Barksdale Res* O 11 Barksdale Res V 79 Baroyeca Gold V 436 Baroyeca Gold* O 113 Barrick Gold T 19665 Barrick Gold* N 67692 Barsele Min* O 30 Barsele Min V 115 Baru Gold V 1129 O 112 Baru Gold* Baselode Egy* O 650 Baselode Egy V 1530 Basin Uranium C 227 Batero Gold V 4 Batero Gold* O 56 Bathurst Met V 2 Bathurst Metal* O 5 Bayhorse Silvr V 419 Bayhorse Silvr* O 505 BC Moly V 0 BCM Res V 374 BCM Res* O 143 V 0 BE Res 102 Bear Creek Mng V Bear Creek Mng* O 169 Bearclaw Cap V 1 Bearing Lith V 36 Bearing Lith* O 54 Beauce Gold V 54 Bell Copper V 437 Bell Copper* O 396 Belmont Res V 725 Belo Sun Mng T 260 Belo Sun Mng* O 1429 BeMetals * O 248 BeMetals V 120 114 Benchmark Met* O Benchmark Met V 353 Benjamin Hill C 337 Benjamin Hill* O 125 Benton Res* O 57 Benton Res V 37 Benz Mining* O 2 Benz Mining V 154 Bessor Min V 1 Bird River Res C 68 Bitterroot Res* O 314 Bitterroot Res V 464 Black Dragon* O 3 Black Hills* N 1943 Black Iron* O 12 Black Iron T 572 Black Mammoth* O 2

(100s)

High

5.44 4.97 5.20 + 0.06 6.39 4.21 4.33 3.92 4.14 + 0.08 5.16 3.30 0.00 0.00 0.20 unch 0.00 0.23 0.12 0.11 0.10 0.10 unch 0.00 0.12 0.04 0.00 0.00 0.05 unch 0.00 0.22 0.04 0.40 0.02 0.32 + 0.29 0.40 0.02 0.50 0.00 0.45 + 0.15 3.50 0.20 0.17 0.14 0.16 + 0.01 0.33 0.09 0.51 0.50 0.50 + 0.01 0.51 0.23 0.42 0.38 0.40 + 0.01 0.42 0.19 0.53 0.00 0.43 - 0.08 0.54 0.22 0.68 0.53 0.53 - 0.17 0.70 0.26 0.28 0.24 0.24 - 0.03 0.50 0.16 0.22 0.00 0.22 + 0.01 0.49 0.12 26.63 25.58 26.04 - 0.14 33.50 22.30 21.08 20.23 20.68 + 0.08 26.07 17.27 0.21 0.20 0.20 - 0.01 0.60 0.20 0.26 0.00 0.26 unch 0.00 0.76 0.25 0.09 0.07 0.08 + 0.01 0.13 0.06 0.07 0.06 0.06 - 0.00 0.10 0.04 0.90 0.73 0.85 + 0.08 1.23 0.32 1.12 0.98 1.08 + 0.11 1.54 0.40 0.25 0.23 0.25 + 0.01 1.08 0.21 0.07 0.00 0.07 + 0.01 0.15 0.06 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.07 0.00 0.07 unch 0.00 0.16 0.05 0.06 0.06 0.06 unch 0.00 0.53 0.03 0.06 0.05 0.05 - 0.01 0.23 0.05 0.04 0.03 0.04 + 0.00 0.20 0.03 0.00 0.00 0.19 unch 0.00 0.40 0.08 0.27 0.24 0.26 - 0.02 0.35 0.10 0.22 0.18 0.21 + 0.01 0.34 0.07 0.00 0.00 0.20 unch 0.00 0.20 0.20 1.00 0.91 0.96 + 0.03 1.96 0.91 0.78 0.71 0.77 + 0.02 1.62 0.71 0.20 0.00 0.20 unch 0.00 0.29 0.18 0.27 0.00 0.26 + 0.01 0.44 0.14 0.20 0.19 0.20 + 0.00 0.35 0.11 0.08 0.00 0.08 + 0.01 0.32 0.07 0.35 0.31 0.33 - 0.03 0.73 0.11 0.29 0.25 0.27 - 0.02 0.58 0.09 0.08 0.00 0.07 - 0.01 0.11 0.05 0.36 0.32 0.34 - 0.01 0.88 0.29 0.32 0.25 0.27 - 0.00 0.73 0.22 0.14 0.12 0.14 + 0.02 0.34 0.10 0.18 0.00 0.18 + 0.02 0.43 0.15 0.66 0.56 0.62 - 0.03 1.07 0.55 0.85 0.74 0.77 - 0.05 1.34 0.73 0.34 0.16 0.22 - 0.08 0.67 0.26 0.26 0.14 0.16 - 0.10 0.50 0.21 0.13 0.10 0.10 - 0.02 0.21 0.07 0.15 0.00 0.14 unch 0.00 0.25 0.12 0.51 0.46 0.46 - 0.06 0.79 0.35 0.65 0.00 0.60 - 0.04 0.92 0.44 0.04 0.00 0.04 unch 0.00 0.09 0.02 0.17 0.00 0.12 unch 0.00 0.22 0.11 0.06 0.05 0.05 - 0.00 0.15 0.04 0.08 0.00 0.08 + 0.01 0.18 0.06 0.00 0.00 0.03 unch 0.00 0.05 0.03 77.41 74.28 75.56 - 1.75 80.95 61.95 0.07 0.07 0.07 - 0.00 0.41 0.07 0.10 0.09 0.10 + 0.01 0.50 0.09 0.11 0.11 0.11 unch 0.00 0.18 0.06

Exc Volume

4 2 0 206 36 623 1059 34 5 35 318 271 62 35 4311 86 226 778 87 4422 139 102 480 460 106 87 0 4 65 92 24 1750 48 153 262 62 2892 4 0 231 39 203 345 713 23 11341 255 159 652 337 304 20 598 152 61 797 9001 85 3 21 198 5 8

Week

12-month

Low

Last Change

High Low

Stock

0.14 0.31 0.25 0.03 0.02 0.77 0.62 0.68 0.53 0.05 0.36 0.46 0.03 0.02 0.03 0.02 0.16 0.19 0.65 0.03 0.04 0.04 0.08 1.67 1.30 0.08 0.05 0.09 0.12 0.08 0.15 0.00 0.03 1.16 0.08 0.06 0.00 0.03 0.00 0.09 0.04 0.03 0.11 0.09 0.04 0.01 0.03 0.02 0.17 0.13 0.16 0.09 0.25 0.02 0.04 0.04 9.45 0.03 0.04 0.06 0.30 0.22 0.03

0.00 0.00 0.00 0.02 0.01 0.65 0.51 0.54 0.00 0.00 0.33 0.41 0.00 0.02 0.02 0.01 0.13 0.17 0.60 0.00 0.00 0.03 0.07 1.35 1.08 0.00 0.05 0.09 0.00 0.00 0.00 0.00 0.00 1.07 0.00 0.05 0.00 0.03 0.00 0.00 0.00 0.03 0.09 0.07 0.03 0.01 0.01 0.00 0.12 0.11 0.14 0.06 0.22 0.00 0.03 0.04 8.49 0.00 0.00 0.04 0.23 0.22 0.00

0.14 0.31 + 0.25 + 0.03 0.01 0.75 + 0.60 + 0.54 0.53 unch 0.04 0.33 0.43 + 0.03 + 0.02 + 0.02 unch 0.02 + 0.14 0.17 0.64 + 0.02 + 0.04 0.03 0.07 1.43 1.11 0.08 unch 0.05 unch 0.09 unch 0.12 + 0.08 unch 0.15 unch 0.00 + 0.03 1.13 + 0.08 + 0.05 unch 0.00 + 0.03 unch 0.03 unch 0.08 0.04 + 0.03 + 0.10 + 0.08 + 0.03 0.01 + 0.02 + 0.02 unch 0.17 + 0.12 + 0.15 0.06 + 0.22 unch 0.01 0.03 0.04 unch 8.70 0.03 0.04 0.05 + 0.29 + 0.22 unch 0.03 unch

0.22 0.60 0.51 0.04 0.03 1.30 1.08 1.39 1.14 0.13 0.61 0.74 0.07 0.06 0.03 0.02 0.29 0.37 0.90 0.06 0.13 0.10 0.24 2.30 1.79 0.26 0.21 0.10 0.17 0.34 0.43 0.04 0.10 1.53 0.30 0.23 0.02 0.05 0.06 0.69 0.11 0.10 0.13 0.11 0.18 0.02 0.11 0.13 0.16 0.20 0.24 0.80 0.29 0.06 0.19 0.17 12.44 0.06 0.16 0.20 0.42 0.53 0.08

Champion Bear* O Champion Bear V Champion Iron* O Champion Iron T Chatham Rock V Chatham Rock* O Chesapeake Gld V Chesapeake Gld* O Chevron Corp* N Chiboug Ind Mn V Chiboug Ind Mn* O Chilean Metals V Chilean Metals* O China Gold Int T Churchill Res V Cipher Mining* D Clarity Gold* O Clarity Gold C Class 1 Nickel C Clean Air Met V Clean Comm* O Cleghorn Min V Cleveland-Clif* N Cliffmont Res V O Clifton Mng* Clydesdale Res V CMC Metals* O V CMC Metals CMX Gold & Sil C C CNRP Mng Coast Copper V Cobalt Block V Cobalt Block* O Coeur Mng* N Collective Mg* O Colombia Crest V Colombia Crest* O Colonial Coal V Comet Inds V Commander Res V Commander Res* O Commerce Res V Commerce Res* O Compass Gold V Comstock Mng* X Comstock Mtls V Comstock Mtls * O Condor Gold* O Condor Gold T Condor Res V O Condor Res* Conquest Res * O Conquest Res V Cons Uranium* O Cons Uranium V Cons Woodjam V CONSOL Energy* N CONSOL Energy* N Constantine Mt* O Constantine Mt V Contact Gold* O Contact Gold V V CopAur Min CopAur Min* O Copper Fox Mtl* O Copper Fox Mtl V Copper Lake Rs V Copper Mtn Mng T Copper Mtn Mng* O Copper One * O Copperbank Res C Cordoba Mnls V Cordoba Mnls* O Core Assets C Cornerstone Ca V Cornerstone Ca* O Corsa Coal * O V Corsa Coal Cortus Metals V CoTec Holdings V Crest Resource C Crest Resource* O Crestview Expl C Critical Elem* O V Critical Elem O Cross River* Cross River C Crown Mining V Crown Mining* O Cruz Battery* O Cruz Battery C Currie Rose Rs V CWN M’g Acq V Cyntar Venture C Cypress Dev* O Cypress Dev V

0.01 0.05 0.02 0.01 0.01 0.06 0.06 0.15 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.02 0.04 0.01 0.01 0.01 0.01 0.19 0.18 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.01 0.02 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.02 0.01 0.02 0.01 0.00 0.00 0.01 0.00 0.34 0.01 0.01 0.01 0.06 0.00 0.00

0.08 0.25 0.19 0.02 0.01 0.60 0.46 0.45 0.25 0.04 0.26 0.33 0.02 0.01 0.01 0.00 0.11 0.15 0.31 0.02 0.03 0.03 0.07 1.28 1.01 0.05 0.05 0.05 0.07 0.07 0.10 0.00 0.03 0.93 0.06 0.04 0.00 0.02 0.03 0.07 0.04 0.03 0.07 0.05 0.02 0.00 0.01 0.02 0.02 0.09 0.13 0.02 0.11 0.01 0.03 0.04 6.11 0.01 0.04 0.00 0.17 0.20 0.03

C C2C Gold* O 32 C3 Metals V 2327 Cabral Gold* O 104 V 457 Cabral Gold Caledonia Mng* X 112 Calibre Mng T 3632 Calibre Mng* O 891 V 20 Califfi Cap 20 Callinex Mines* O Callinex Mines V 16 Cameco Corp* N 28183 Cameco Corp T 6668 V 287 Camino Min Camino Min* O 42 2 Camrova Res* O 198 Canada Carbon V Canada Carbon* O 36 574 Canada Nickel V Canada Nickel* O 230 Canada One V 0 V 117 Canada Rare Canada Rare* O 246 Canada Silver V 719 Canada Silver* O 275 Canadian Metal* O 15 Canadian Metal C 72 Canadian Prem V 4 Canadian Silv V 91 156 Canagold Res T Canagold Res* O 89 CanAlaska Uran V 429 CanAlaska Uran* O 196 Canamera Energ C 3 V 156 Canasil Res Candelaria Mg* O 6 Candelaria Mg V 59 Candente Coppr T 113 Candente Gold* O 35 Candente Gold V 379 CANEX Metals * O 2 CANEX Metals V 349 CaNickel Mng V 6 CaNickel Mng* O 0 Canoe Mng Vent V 2 Canstar Res V 401 Canstar Res* O 198 Canterra Min* O 34 Canterra Min V 69 Cantex Mn Dev* O 55 Cantex Mn Dev V 281 Canuc Res V 93 Canuc Res* O 282 Capella Min V 182 Capella Min* O 50 Capitan Mining V 45 Capitan Mining* O 84 Capstone Mng T 6858 Cariboo Rose V 20 Carlin Gold V 42 Carlyle Comm* O 255 Carrara Explor C 934 Cartier Iron C 130 Cartier Res* O 968 V 1111 Cartier Res Casa Minerals V 44 Casa Minerals * O 14 Cascada Silver C 77 Cascadero Copp V 182 V 1320 Cassiar Gold Cassius Vents V 1 CAT Strategic C 1131 CAT Strategic* O 72 CAVU Mining* O 13 CAVU Mining C 161 Cdn Goldcamps C 42 Cdn Manganese 101 CDN Maverick* O 3 Cdn Palladium C 367 Cdn Palladium* O 471 Centamin T 149 Centerra Gold T 2587 Central Afric V 147 Central Iron V 56 Centurion Mnls V 0 Century Cobalt* O 193 Century Global* O 0 Century Global T 3 Cerrado Gold V 84 Cerro de Pasc * O 125 Cerro de Pasc C 104 20 Cerro Grande C Cerro Mng* O 0 Ceylon Graph* O 105 Ceylon Graph V 333 Chakana Copper V 171 Chakana Copper* O 161 Chalice Gold M* O 21

(100s)

High

0.15 0.14 0.15 + 0.01 0.48 0.09 0.08 0.06 0.07 + 0.01 0.25 0.05 0.27 0.23 0.25 + 0.00 0.52 0.18 0.34 0.29 0.32 + 0.01 0.60 0.29 13.99 13.13 13.51 + 0.22 18.23 10.51 1.30 1.17 1.20 - 0.03 2.36 1.02 1.03 0.90 0.97 - 0.00 1.95 0.78 0.12 0.00 0.12 + 0.02 0.18 0.09 1.94 1.83 1.86 - 0.01 3.90 1.61 2.58 0.00 2.37 - 0.02 4.80 2.12 26.20 23.92 25.00 - 0.24 32.49 15.34 32.96 30.33 31.47 - 0.64 41.05 19.68 0.08 0.00 0.07 unch 0.00 0.20 0.04 0.06 0.05 0.05 - 0.00 0.16 0.03 0.02 0.01 0.02 unch 0.00 0.12 0.00 0.07 0.05 0.06 - 0.01 0.18 0.05 0.14 0.04 0.05 - 0.10 0.14 0.00 2.06 2.00 2.02 - 0.02 4.01 1.95 1.63 1.57 1.58 - 0.02 3.19 1.52 0.00 0.00 0.12 unch 0.00 0.12 0.05 0.05 0.00 0.05 unch 0.00 0.10 0.04 0.04 0.03 0.04 + 0.00 0.08 0.03 0.17 0.16 0.17 unch 0.00 0.46 0.15 0.14 0.12 0.13 - 0.00 0.38 0.11 0.09 0.09 0.09 unch 0.00 0.30 0.00 0.14 0.11 0.11 - 0.03 0.39 0.10 0.35 0.00 0.34 - 0.06 0.63 0.27 0.04 0.00 0.04 + 0.01 0.11 0.03 0.30 0.27 0.27 - 0.01 0.70 0.27 0.23 0.21 0.21 - 0.01 0.55 0.21 0.44 0.40 0.42 unch 0.00 0.84 0.32 0.35 0.31 0.33 + 0.00 0.67 0.25 0.34 0.34 0.34 unch 0.00 0.50 0.32 0.09 0.07 0.09 + 0.02 0.18 0.07 0.08 0.08 0.08 unch 0.00 0.49 0.08 0.13 0.00 0.12 - 0.01 0.64 0.12 0.17 0.16 0.17 unch 0.00 0.26 0.11 0.07 0.00 0.07 unch 0.00 0.12 0.04 0.11 0.09 0.11 + 0.02 0.20 0.05 0.18 0.15 0.18 + 0.07 0.20 0.07 0.18 0.16 0.18 + 0.02 0.20 0.09 0.10 0.00 0.10 + 0.01 0.23 0.09 0.00 0.00 0.12 unch 0.00 0.17 0.09 0.06 0.00 0.06 unch 0.00 0.20 0.06 0.15 0.13 0.13 - 0.01 0.61 0.14 0.12 0.11 0.11 - 0.00 0.51 0.11 0.13 0.09 0.11 + 0.00 0.37 0.10 0.14 0.00 0.12 - 0.03 0.44 0.12 0.20 0.20 0.20 unch 0.00 0.53 0.19 0.32 0.00 0.32 + 0.07 0.71 0.23 0.09 0.00 0.08 - 0.01 0.25 0.08 0.08 0.06 0.08 + 0.01 0.20 0.06 0.07 0.00 0.06 unch 0.00 0.12 0.05 0.05 0.05 0.05 unch 0.00 0.10 0.01 0.58 0.00 0.49 + 0.01 0.74 0.18 0.42 0.31 0.39 + 0.03 0.65 0.13 5.28 4.70 5.08 + 0.19 7.79 4.26 0.06 0.00 0.06 - 0.01 0.08 0.04 0.03 0.00 0.03 + 0.01 0.06 0.03 0.04 0.02 0.04 + 0.02 0.12 0.02 0.03 0.03 0.03 unch 0.00 0.03 0.02 0.07 0.00 0.06 + 0.01 0.15 0.02 0.15 0.11 0.13 + 0.01 0.27 0.01 0.15 0.14 0.15 - 0.01 0.32 0.12 0.15 0.00 0.12 - 0.02 0.35 0.09 0.10 0.10 0.10 - 0.00 0.27 0.08 0.04 0.04 0.04 unch 0.00 0.13 0.03 0.02 0.00 0.01 - 0.01 0.04 0.01 0.70 0.58 0.70 + 0.14 1.48 0.35 0.05 0.00 0.05 - 0.03 0.17 0.05 0.03 0.02 0.02 + 0.00 0.06 0.02 0.02 0.02 0.02 - 0.00 0.06 0.00 0.23 0.19 0.22 + 0.01 1.18 0.17 0.30 0.23 0.25 - 0.03 0.70 0.23 0.41 0.40 0.40 unch 0.00 1.40 0.35 0.28 0.25 0.25 - 0.03 0.50 0.10 0.17 0.17 0.17 unch 0.00 0.25 0.15 0.09 0.07 0.08 + 0.01 0.16 0.05 0.07 0.05 0.06 + 0.00 0.13 0.04 1.40 1.28 1.37 + 0.03 2.07 1.26 10.77 9.76 10.30 + 0.04 13.52 8.46 0.08 0.00 0.06 - 0.02 0.28 0.05 0.05 0.00 0.05 - 0.01 0.08 0.04 0.00 0.00 0.07 unch 0.00 0.07 0.07 0.05 0.03 0.04 + 0.00 0.07 0.01 0.13 0.13 0.13 unch 0.00 0.33 0.13 0.18 0.00 0.18 + 0.01 0.42 0.14 1.72 1.55 1.70 + 0.08 1.96 1.23 0.18 0.18 0.18 unch 0.00 0.31 0.15 0.23 0.21 0.23 + 0.01 0.39 0.19 0.02 0.00 0.02 unch 0.00 0.03 0.01 0.00 0.00 0.15 unch 0.00 0.29 0.15 0.15 0.14 0.14 - 0.01 0.22 0.09 0.21 0.18 0.18 - 0.02 0.27 0.12 0.16 0.00 0.16 + 0.02 0.45 0.11 0.13 0.10 0.13 + 0.01 0.38 0.09 4.53 0.00 4.24 - 0.23 7.69 3.60

Exc Volume

10 8 35 1817 143 4 23 18 54697 0 0 1020 53 195 170 1892 13 181 404 564 69 0 114400 0 18 0 276 244 129 267 140 14 128 26667 0 1411 77 304 1 198 56 232 56 15 3057 0 1 30 12 92 5 22 210 175 458 94 18883 3393 48 28 4 240 488 242 27 608 737 11299 295 283 47 133 8 162 25 5 706 713 160 2 655 0 65 132 472 110 1139 151 156 724 386 196 0 10 836 732

Week High

Low

12-month

Last Change

High Low

0.16 0.16 0.16 unch 0.00 0.18 0.05 0.20 0.00 0.19 - 0.01 0.25 0.08 5.71 5.28 5.66 + 0.29 6.02 2.94 7.19 6.61 7.07 + 0.22 7.59 3.71 0.35 0.00 0.29 - 0.04 0.46 0.09 0.15 0.15 0.15 unch 0.00 0.26 0.08 2.82 0.00 2.51 - 0.21 4.71 2.25 2.16 2.00 2.08 - 0.01 3.92 1.75 180.96 173.47 177.60 - 0.68 180.96 92.86 0.00 0.00 0.18 unch 0.00 0.35 0.14 0.13 0.13 0.13 unch 0.00 0.29 0.13 0.16 0.13 0.15 + 0.02 0.30 0.12 0.12 0.11 0.12 + 0.01 0.23 0.09 4.28 4.04 4.04 - 0.03 5.45 3.02 0.23 0.00 0.23 + 0.04 0.45 0.16 2.57 2.13 2.30 + 0.04 15.39 1.29 0.11 0.00 0.10 + 0.02 0.88 0.08 0.13 0.12 0.13 + 0.01 1.06 0.11 0.31 0.20 0.31 + 0.13 0.65 0.10 0.22 0.20 0.21 + 0.01 0.35 0.17 0.08 0.07 0.07 - 0.01 0.39 0.00 0.00 0.00 0.09 unch 0.00 0.17 0.08 24.66 22.54 22.98 - 1.59 34.04 15.81 0.00 0.00 0.10 unch 0.00 0.23 0.06 0.18 0.18 0.18 unch 0.00 0.28 0.13 0.00 0.00 0.10 unch 0.00 0.10 0.05 0.18 0.13 0.14 - 0.01 0.21 0.03 0.20 0.17 0.18 - 0.02 0.25 0.08 0.12 0.00 0.11 + 0.03 0.12 0.05 0.15 0.11 0.14 + 0.01 0.42 0.09 0.09 0.00 0.08 unch 0.00 0.16 0.07 0.03 0.00 0.03 unch 0.00 0.07 0.02 0.02 0.02 0.02 + 0.00 0.05 0.01 4.32 3.81 4.17 + 0.11 11.14 3.01 2.49 2.49 2.49 unch 0.00 3.50 1.89 0.77 0.70 0.71 - 0.02 0.97 0.10 0.59 0.56 0.56 - 0.01 0.75 0.08 1.80 1.60 1.77 + 0.11 3.73 0.50 4.00 0.00 4.00 unch 0.00 4.00 2.85 0.12 0.00 0.11 + 0.01 0.25 0.10 0.09 0.07 0.07 - 0.02 0.18 0.08 0.27 0.23 0.24 unch 0.00 0.32 0.19 0.21 0.00 0.21 + 0.05 0.25 0.15 0.14 0.00 0.14 + 0.02 0.23 0.11 0.84 0.72 0.77 - 0.03 4.77 0.72 0.00 0.00 0.07 unch 0.00 0.11 0.07 0.06 0.06 0.06 unch 0.00 0.09 0.06 0.35 0.35 0.35 unch 0.00 0.79 0.35 0.49 0.00 0.49 - 0.01 0.96 0.44 0.14 0.00 0.12 - 0.01 0.24 0.11 0.10 0.09 0.09 - 0.01 0.19 0.01 0.04 0.03 0.04 + 0.00 0.16 0.03 0.06 0.05 0.05 unch 0.00 0.20 0.04 1.73 1.49 1.66 + 0.14 2.67 1.16 2.20 1.95 2.14 + 0.20 3.29 1.51 0.11 0.00 0.11 - 0.01 0.20 0.08 22.92 21.59 22.65 + 0.17 23.33 10.41 57.39 50.82 54.88 + 1.61 57.39 15.89 0.29 0.25 0.27 + 0.01 0.60 0.17 0.34 0.00 0.33 - 0.01 0.77 0.22 0.03 0.03 0.03 - 0.00 0.08 0.02 0.05 0.00 0.04 + 0.01 0.10 0.04 0.74 0.66 0.69 - 0.02 1.70 0.66 0.60 0.54 0.56 - 0.01 1.34 0.53 0.22 0.18 0.22 + 0.04 0.48 0.15 0.28 0.24 0.28 + 0.05 0.59 0.19 0.09 0.07 0.08 unch 0.00 0.21 0.04 3.00 2.64 2.80 + 0.11 4.39 2.02 2.36 2.03 2.24 + 0.14 3.84 1.52 0.06 0.03 0.04 + 0.00 0.20 0.03 0.90 0.82 0.83 - 0.05 1.00 0.35 0.84 0.00 0.75 + 0.11 1.02 0.35 0.62 0.46 0.62 + 0.16 0.84 0.01 0.72 0.65 0.65 - 0.05 0.88 0.07 4.23 3.82 3.82 - 0.03 5.28 3.46 3.24 2.97 3.02 + 0.06 4.10 0.65 0.34 0.26 0.30 + 0.02 0.87 0.18 0.43 0.34 0.39 + 0.04 1.10 0.24 0.06 0.05 0.06 + 0.01 0.18 0.05 0.64 0.00 0.64 unch 0.00 0.80 0.16 0.06 0.00 0.06 + 0.02 0.29 0.04 0.10 0.00 0.10 unch 0.00 0.25 0.04 0.18 0.15 0.18 + 0.02 0.50 0.15 1.14 1.06 1.10 - 0.03 1.65 0.87 1.45 1.34 1.40 - 0.04 1.98 1.13 0.06 0.05 0.06 unch 0.00 0.31 0.05 0.07 0.05 0.07 + 0.01 0.21 0.05 0.05 0.00 0.05 - 0.01 0.28 0.04 0.05 0.03 0.04 + 0.01 0.24 0.03 0.16 0.14 0.15 - 0.00 0.27 0.06 0.20 0.18 0.19 - 0.01 0.34 0.09 0.04 0.00 0.04 - 0.02 0.15 0.03 0.00 0.00 0.08 unch 0.00 0.10 0.07 0.38 0.36 0.37 + 0.01 0.99 0.32 1.11 0.98 1.02 - 0.02 2.13 0.73 1.41 1.25 1.29 - 0.05 2.61 0.91

D-F Dajin Lithium* O 54 Dajin Res V 118 Damara Gold* O 250 Damara Gold V 348 Danakali* O 10 Decade Res V 847 Decade Res* O 436 Deep-South Res* O 66 Deep-South Res V 497 DeepRock Min C 442 Defense Metals* O 195 Defense Metals V 328 Defiance Silvr V 614 Defiance Silvr* O 478 Delrand Res V 23 Denarius Metal V 133 Denison Mines T 12972 Denison Mines* X 27464 Desert Gold* O 15 Desert Gold V 515 Desert Mtn Egy V 403 50 Diamante Min* O Diamcor Mng V 89 Diamcor Mng* O 195 Diamond Fields V 0 Dios Expl V 326 1991 Discovery Harb V Discovery Silv V 1167 Discovery Silv* O 486 Discovery-Corp V 0 District Cop* O 5 V 224 District Cop District Metal* O 43 District Metal V 186 District Mines V 2 Dixie Gold V 213 DLP Resouces V 114 DLP Resouces* O 50 Dolly Vard Sil V 487 Dolly Vard Sil* O 331 V 55 Dore Copper Doubleview Gld V 168 Doubleview Gld* O 69 DRDGOLD* N 761 Dundee Prec Mt T 1961 Durango Res* O 364 Durango Res V 135 DV Resources V 0 Dynacor Gld Mn T 152 Dynacor Gld Mn* O 51 DynaResource* O 21 Dynasty Gold V 5 Dynasty Gold* O 1 E2Gold Inc V 1912 E2Gold Inc* O 233 E3 Metals* O 142 E3 Metals V 854 E79 Resources C 97 E79 Resources* O 34 Eagle Graphite V 37 Eagle Graphite* O 53 Eagle Plains V 124 Earl Res V 0 East Africa * O 1

0.64 0.72 0.04 0.05 0.23 0.04 0.03 0.04 0.07 0.04 0.21 0.25 0.42 0.33 0.04 0.30 1.70 1.32 0.09 0.12 3.18 0.03 0.25 0.20 0.00 0.07 0.02 1.53 1.21 0.00 0.13 0.15 0.13 0.15 0.10 0.11 0.21 0.14 0.76 0.61 0.61 0.30 0.21 7.23 7.98 0.06 0.07 0.00 3.25 2.63 2.00 0.16 0.12 0.08 0.06 1.66 2.11 0.39 0.30 0.14 0.12 0.17 0.00 0.16

0.52 0.00 0.04 0.05 0.21 0.03 0.03 0.04 0.00 0.00 0.18 0.24 0.37 0.29 0.00 0.00 1.49 1.17 0.00 0.09 2.92 0.03 0.00 0.18 0.00 0.00 0.00 1.31 1.04 0.00 0.11 0.12 0.11 0.00 0.00 0.09 0.00 0.14 0.66 0.52 0.60 0.24 0.19 6.57 7.39 0.05 0.00 0.00 3.12 2.46 1.83 0.00 0.12 0.06 0.00 1.50 1.87 0.34 0.00 0.00 0.11 0.00 0.00 0.16

0.55 0.71 0.04 unch 0.05 + 0.21 0.03 0.03 unch 0.04 + 0.06 + 0.04 + 0.19 + 0.24 unch 0.42 + 0.32 + 0.04 unch 0.26 1.55 1.24 unch 0.09 + 0.11 + 2.97 0.03 + 0.24 + 0.18 0.19 unch 0.06 + 0.02 1.47 + 1.16 + 0.08 unch 0.11 0.13 0.12 + 0.14 0.10 + 0.10 0.18 0.14 unch 0.69 0.56 0.60 unch 0.24 0.19 6.87 + 7.70 0.05 0.06 0.08 unch 3.24 + 2.55 + 1.85 0.15 + 0.12 unch 0.07 + 0.05 + 1.50 1.87 0.37 + 0.30 + 0.13 + 0.12 unch 0.17 0.45 unch 0.16 unch

0.06 0.03 0.00 0.01 0.02 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.01 0.00 0.01 0.03 0.00 0.03 0.02 0.17 0.00 0.01 0.01 0.00 0.01 0.01 0.09 0.06 0.00 0.02 0.03 0.00 0.01 0.02 0.01 0.02 0.00 0.02 0.01 0.00 0.03 0.00 0.17 0.12 0.01 0.01 0.00 0.12 0.09 0.06 0.01 0.00 0.01 0.01 0.15 0.22 0.01 0.00 0.01 0.00 0.01 0.00 0.00

2.45 1.31 0.10 0.12 0.42 0.06 0.05 0.19 0.22 0.11 0.28 0.36 0.98 0.81 0.09 0.73 2.64 2.14 0.15 0.19 4.95 0.06 0.52 0.43 0.32 0.13 0.11 2.70 2.23 0.11 0.34 0.45 0.53 0.51 0.40 0.35 0.32 0.26 0.88 0.70 1.03 1.18 1.22 13.18 9.65 0.08 0.09 0.15 3.50 2.80 2.45 0.27 0.20 0.30 0.24 2.82 3.49 1.65 1.34 0.22 0.16 0.19 0.45 0.27

0.00 0.50 0.00 0.04 0.18 0.03 0.01 0.03 0.04 0.03 0.15 0.20 0.34 0.26 0.02 0.26 1.17 0.92 0.06 0.08 1.65 0.03 0.15 0.12 0.16 0.04 0.02 1.14 0.88 0.07 0.09 0.11 0.08 0.12 0.08 0.10 0.17 0.14 0.42 0.33 0.53 0.20 0.16 6.12 6.99 0.03 0.04 0.07 2.35 1.90 0.10 0.14 0.11 0.05 0.04 1.24 1.53 0.31 0.27 0.10 0.00 0.14 0.45 0.16

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

East Africa V 72 Eastern Platin T 44 Eastern Platin* O 17 Eastfield Res V 514 Eastfield Res* O 4 Eco Oro Min C 45 Eco Oro Min* O 10 372 Edgemont Gold C Edgewater Expl V 5 Edison Battery* O 575 Edison Battery V 196 EEE Explor C 620 El Nino Vent V 2 Elcora Adv Mat V 166 O 10 Elcora Res* Eldorado Gold* N 8974 Eldorado Gold T 1871 Element 29* O 17 Element79 C 75 190 Elevation Gold* O 320 Elevation Gold V V 442 Eloro Res Eloro Res* O 162 V 4 Elysee Dev Elysee Dev * O 3 Emerita Res V 1692 O 228 Emerita Res* 4 Emgold Mining* O Emgold Mining V 8 Eminent Gold V 22 5 Eminent Gold* O EMP Metals C 758 EMP Metals* O 56 Emperor Metals C 8 V 89 EMX Royalty EMX Royalty* X 448 Encanto Potash V 303 EnCore Energy V 1821 Endeavour Mng T 1784 Endeavr Silver* N 16930 Endeavr Silver T 1831 82 Endurance Gold* O 218 Endurance Gold V Enduro Metals V 245 Enduro Metals* O 80 T 2653 Energy Fuels Energy Fuels* X 16858 Engineer Gold V 68 5 Engineer Gold* O 27 Engold Mines V Engold Mines* O 6 Entree Res* O 32 T 87 Entree Res Equinox Gold* X 7939 Equinox Gold T 3035 753 Equity Metals* O Equity Metals V 1602 306 Erdene Res Dev T Erdene Res Dev* O 58 2 Erin Ventures* O 541 Erin Ventures V T 1678 Ero Copper Ero Copper* N 481 Eros Res Corp* O 0 3 Eros Res Corp V Eros Res Corp V 3 O 106 Eskay Mng* Eskay Mng V 315 125 Essex Minerals V Ethos Gold* O 155 V 126 Ethos Gold Etruscus Res* O 20 C 223 Etruscus Res Euro Manganese V 373 Euro Manganese* O 25 T 110 Euro Sun Mg 60 Euro Sun Mg* O 6 EurOmax Res T EurOmax Res* O 29 5 European Elect V 6 European Elect* O European Metal* O 38 V 101 Evergold Evergold* O 55 415 EVI Global Grp C Evrim Res V 617 Excellon Res T 205 147 Excellon Res* X Excelsior Mng* O 53 272 Excelsior Mng T ExGen Res Inc* O 125 25 ExGen Res Inc V Exploits Disc* O 233 Fabled Silver V 154 Fabled Silver* O 81 4 Fairchild Gold V Fairmont Res* O 250 Falco Res V 168 Falco Res * O 4 Falcon Gold V 457 Falcon Gold* O 397 Fancamp Expl V 755 Fathom Nickel C 246 Fathom Nickel* O 297 FenixOro Gold* O 261 FenixOro Gold C 214 Fidelity Min V 151 Filo Mg Corp T 3896 Filo Mg Corp * O 114 Finlay Minrls V 201 FireFox Gold* O 120 FireFox Gold V 205 0 Firestone Vent V Fireweed Zinc* O 21 Fireweed Zinc V 156 First Cobalt V 81 First Energy C 152 First Energy* O 131 First Idaho V 0 First Majestic* N 31581 First Majestic T 3107 First Mg Fin T 1683 First Mg Fin * O 1491 First Point* O 489 First Quantum T 8430 First Tellur C 114 O 267 First Tellur* Fission 3.0 V 1168 Fission 3.0* O 645 Fission Uran* O 1109 Fission Uran T 6105 6 Five Star Diam V Five Star Diam* O 73 Fjordland Exp V 3 Flow Metals C 151 Focus Graphite* O 1003 Focus Graphite V 1450 Fokus Mining V 46 Foran Mining* O 38 Foran Mining V 1687 Foremost Lith C 1928 Foremost Lith* O 118 Forsys Metals T 516 Fort St James V 1 Fortescue Met* O 8 Fortuna Silvr T 2764 Fortuna Silvr* N 24365 Fortune Bay V 24 Fortune Bay* O 21 Fortune Min* O 504 Fortune Min T 804 Forty Pillars C 711 Forum Energy* O 589 Forum Energy V 1028 Fosterville V 239 Founders Metal V 0 Four Nines C 41 Fox River Res C 194 FPX Nickel V 241 Franco-Nevada* N 2928 Franco-Nevada T 3346 Franklin Mng* O 692 Fredonia Mg V 0 Freegold Vent T 1554 Freeman Gold* O 241 Freeport McMoR* N 73951 Freeport Res V 248 Fremont Gold V 155 Fresnillo plc* O 9 Frontier Lith V 2262

THE NORTHERN MINER / JUNE 13 — 26, 2022

Week High

0.25 0.25 0.20 0.06 0.05 0.09 0.07 0.06 0.15 0.08 0.12 0.13 0.02 0.06 0.04 8.65 10.90 0.30 0.74 0.18 0.23 3.67 2.91 0.71 0.53 1.77 1.35 0.14 0.15 0.52 0.39 0.54 0.43 0.10 2.76 2.21 0.05 1.33 30.96 4.09 5.13 0.31 0.40 0.24 0.18 8.69 6.87 0.03 0.02 0.20 0.19 0.72 0.94 6.38 8.02 0.10 0.11 0.39 0.31 0.03 0.06 16.34 12.96 0.00 0.08 0.08 1.95 2.19 0.03 0.42 0.49 0.09 0.11 0.31 0.24 0.18 0.17 0.06 0.04 0.04 0.04 0.04 0.11 0.09 0.04 0.45 0.79 0.62 0.22 0.26 0.08 0.10 0.19 0.10 0.07 0.12 0.05 0.31 0.23 0.10 0.08 0.14 0.25 0.20 0.16 0.20 0.11 26.58 21.10 0.10 0.13 0.18 0.00 0.46 0.62 5.04 0.18 0.15 0.00 9.17 11.52 0.26 0.21 0.50 39.27 0.18 0.14 0.12 0.10 0.66 0.85 0.04 0.03 0.09 0.03 0.04 0.05 0.07 2.01 2.61 0.24 0.21 0.64 0.13 15.33 4.70 3.74 0.57 0.48 0.09 0.10 0.08 0.12 0.15 0.45 0.00 0.65 0.46 0.64 147.53 185.55 0.02 0.00 0.37 0.39 42.27 0.06 0.16 10.18 3.35

Low

12-month

Last Change

0.00 0.24 0.00 0.25 + 0.19 0.19 0.00 0.06 unch 0.05 0.05 + 0.00 0.09 + 0.07 0.07 unch 0.00 0.06 0.00 0.15 0.07 0.08 + 0.00 0.10 unch 0.10 0.10 unch 0.00 0.02 unch 0.00 0.05 0.00 0.04 7.92 8.39 + 10.01 10.55 + 0.28 0.29 + 0.63 0.63 0.17 0.17 0.21 0.21 3.34 3.59 + 2.62 2.88 + 0.00 0.69 0.53 0.53 unch 1.47 1.47 1.16 1.20 unch 0.00 0.14 + 0.00 0.15 0.00 0.52 + 0.39 0.39 unch 0.35 0.50 + 0.28 0.38 + 0.09 0.10 + 2.45 2.70 + 1.90 2.16 + 0.04 0.05 1.09 1.22 28.80 30.35 + 3.43 3.92 + 4.34 4.92 + 0.00 0.31 + 0.32 0.40 + 0.22 0.22 0.17 0.18 7.74 8.27 6.11 6.56 0.00 0.03 unch 0.02 0.02 unch 0.00 0.18 0.15 0.19 unch 0.68 0.72 + 0.00 0.94 + 5.77 6.12 + 7.31 7.71 + 0.07 0.08 + 0.09 0.11 + 0.37 0.39 unch 0.29 0.31 + 0.03 0.03 unch 0.00 0.06 unch 15.02 15.23 11.87 12.10 0.00 0.06 unch 0.00 0.08 unch 0.00 0.08 unch 1.50 1.50 1.88 1.88 0.00 0.03 0.33 0.33 0.41 0.41 0.08 0.08 unch 0.10 0.10 0.27 0.28 0.00 0.22 0.17 0.18 + 0.12 0.14 + 0.00 0.06 0.04 0.04 unch 0.00 0.04 0.00 0.04 0.00 0.04 + 0.00 0.10 unch 0.06 0.07 0.03 0.03 0.40 0.45 + 0.62 0.73 + 0.50 0.56 + 0.19 0.20 0.24 0.24 0.06 0.08 unch 0.00 0.09 + 0.17 0.17 0.08 0.09 unch 0.07 0.07 0.00 0.12 0.05 0.05 unch 0.29 0.30 0.00 0.23 + 0.08 0.08 0.07 0.07 0.00 0.14 + 0.22 0.24 + 0.16 0.20 + 0.14 0.15 0.17 0.19 unch 0.00 0.11 unch 24.02 25.45 + 19.06 20.20 + 0.08 0.08 0.11 0.11 0.15 0.15 0.00 0.10 unch 0.42 0.44 0.55 0.57 4.77 4.82 0.16 0.17 + 0.13 0.14 + 0.00 0.09 unch 7.90 8.85 + 9.99 11.14 + 0.24 0.25 + 0.18 0.20 + 0.43 0.47 35.48 38.00 + 0.16 0.16 0.12 0.14 0.11 0.11 0.08 0.08 0.58 0.61 0.74 0.76 0.00 0.04 unch 0.02 0.02 0.00 0.09 unch 0.02 0.02 0.03 0.03 0.04 0.04 0.00 0.07 + 1.77 1.97 + 2.28 2.48 + 0.21 0.24 + 0.14 0.18 + 0.58 0.58 0.00 0.13 + 14.22 15.33 + 4.12 4.46 + 3.25 3.52 + 0.00 0.57 + 0.00 0.47 + 0.07 0.07 0.09 0.09 0.07 0.07 0.10 0.11 + 0.13 0.14 unch 0.40 0.41 + 0.00 0.40 unch 0.56 0.57 0.39 0.39 0.55 0.59 140.74 143.70 + 177.92 180.98 0.01 0.01 0.00 0.16 unch 0.33 0.36 + 0.34 0.36 + 38.69 41.33 + 0.00 0.06 0.00 0.15 unch 9.30 9.36 2.84 3.02 -

0.02 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.23 0.15 0.00 0.06 0.02 0.02 0.17 0.21 0.02 0.00 0.05 0.00 0.01 0.01 0.03 0.00 0.15 0.09 0.02 0.22 0.24 0.01 0.07 0.95 0.20 0.18 0.03 0.07 0.02 0.01 0.18 0.08 0.00 0.00 0.03 0.00 0.04 0.08 0.17 0.13 0.00 0.01 0.00 0.01 0.00 0.00 0.42 0.19 0.00 0.00 0.00 0.22 0.30 0.01 0.04 0.07 0.00 0.01 0.03 0.02 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.05 0.04 0.02 0.02 0.03 0.00 0.01 0.00 0.00 0.00 0.02 0.00 0.01 0.05 0.01 0.01 0.01 0.02 0.04 0.01 0.00 0.00 0.39 0.59 0.01 0.00 0.04 0.00 0.02 0.01 0.16 0.01 0.01 0.00 0.46 0.46 0.02 0.01 0.01 1.66 0.02 0.00 0.01 0.00 0.02 0.04 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.17 0.21 0.03 0.02 0.01 0.01 1.05 0.04 0.04 0.07 0.08 0.01 0.01 0.01 0.00 0.00 0.02 0.00 0.06 0.05 0.01 1.13 0.18 0.00 0.00 0.01 0.01 1.68 0.01 0.00 0.82 0.31

High Low

0.45 0.38 0.31 0.10 0.09 0.20 0.16 0.30 0.22 1.00 0.23 0.25 0.05 0.15 0.12 12.49 15.73 0.59 1.65 2.11 2.43 5.44 4.46 0.88 0.74 4.14 3.35 0.16 0.75 0.97 1.00 0.71 1.00 0.29 4.23 3.50 0.21 2.27 35.94 7.56 9.16 0.37 0.45 0.32 0.25 14.33 11.39 0.07 0.51 0.45 0.52 0.95 1.19 9.44 11.46 0.23 0.28 0.50 0.41 0.14 0.18 29.12 22.30 0.10 0.14 0.14 2.93 3.55 0.21 0.57 1.80 0.30 0.38 0.72 0.68 0.44 0.39 0.12 0.08 0.23 0.19 0.12 0.39 0.33 0.12 0.58 3.60 3.00 0.55 0.68 0.11 0.14 1.33 0.20 0.17 0.20 0.20 0.47 0.37 0.13 0.15 0.16 0.88 0.44 0.32 0.40 0.13 27.37 21.10 0.20 0.35 0.40 0.30 0.73 0.91 7.65 0.39 0.32 0.10 18.67 22.52 0.50 0.42 0.75 45.38 0.71 1.00 0.30 0.24 1.00 1.25 0.07 0.05 0.14 0.07 0.10 0.12 0.22 2.42 3.09 0.44 0.42 1.30 0.50 19.55 8.61 7.16 1.05 0.86 0.13 0.16 0.76 0.47 0.56 1.67 0.55 0.79 0.82 0.96 169.32 216.32 0.04 0.37 0.73 0.47 51.99 0.25 0.40 13.38 3.89

0.14 0.23 0.17 0.06 0.04 0.07 0.06 0.05 0.15 0.01 0.05 0.10 0.02 0.04 0.03 7.46 9.52 0.23 0.53 0.16 0.20 3.06 2.40 0.58 0.49 0.71 0.59 0.11 0.15 0.42 0.35 0.22 0.20 0.08 2.25 1.72 0.04 0.95 25.61 3.06 3.99 0.15 0.19 0.18 0.14 5.55 4.32 0.03 0.02 0.18 0.01 0.57 0.71 5.25 6.83 0.06 0.08 0.35 0.28 0.03 0.05 13.12 10.03 0.06 0.08 0.08 1.32 1.74 0.03 0.14 0.38 0.07 0.10 0.26 0.21 0.15 0.12 0.06 0.04 0.04 0.04 0.02 0.08 0.01 0.03 0.33 0.62 0.50 0.18 0.23 0.06 0.08 0.16 0.07 0.05 0.10 0.00 0.22 0.11 0.06 0.04 0.09 0.15 0.13 0.12 0.15 0.05 7.81 6.07 0.06 0.09 0.13 0.06 0.39 0.50 4.40 0.14 0.12 0.09 7.24 9.46 0.21 0.16 0.05 20.67 0.05 0.02 0.08 0.06 0.35 0.45 0.03 0.03 0.07 0.02 0.03 0.04 0.06 1.45 1.85 0.10 0.07 0.39 0.12 10.25 3.48 2.66 0.45 0.00 0.07 0.09 0.07 0.08 0.11 0.38 0.26 0.44 0.25 0.42 124.95 158.27 0.01 0.13 0.32 0.24 30.02 0.05 0.13 8.35 0.73

(100s) Stock

Week

12-month

High

Low

Last Change

259 5 503 132 351 311 417

0.02 0.07 0.10 0.77 0.62 0.05 0.05

0.00 0.07 0.00 0.72 0.56 0.03 0.05

0.02 unch 0.07 unch 0.10 unch 0.76 unch 0.62 + 0.04 0.05 -

0.00 0.00 0.00 0.00 0.03 0.01 0.01

G2 Goldfields* O 16 G2 Goldfields V 354 Gabriel Res* O 49 Gabriel Res V 117 Galane Gold V 1044 Galane Gold * O 876 Galantas Gold* O 71 Galantas Gold V 54 T 144 Galiano Gold Galiano Gold* X 1344 V 84 Galleon Gold V 43 Galore Res Galway Gold V 0 186 Galway Mtls* O Galway Mtls V 710 479 Gambier Gold V Gambier Gold* O 23 21 Garibaldi Res * O Garibaldi Res V 136 Gatling Explor V 1005 Gatling Explor* O 2 T 148 Gatos Silver N 4981 Gatos Silver* GCM Mining T 1847 GCM Mining* O 281 General Gold C 5 367 Generation Min T Generation Min* O 70 29 Generic Gold C Genesis Mtls* O 153 V 110 Genesis Mtls Gensource Pot V 360 V 0 Gentor Res 166 Geomega Res V Geomega Res* O 44 71 Getchell Gold C Getchell Gold * O 76 89 Getty Copper V GFG Resources V 246 GFG Resources* O 1032 V 1 GFM Res V 23 GGL Res O 72 GGL Res* GGX Gold* O 5 GGX Gold V 26 V 88 Giga Metals O 225 Giga Metals* 0 Gitennes Expl V Gitennes Expl * O 2 O 237 Giyani Gold* Giyani Gold V 581 GK Resources V 1 Glacier Lake V 12 0 Gladiator Met V Glen Eagle Res V 202 Glencore Plc * O 125 Glencore Plc* O 2810 782 Global Atomic* O Global Atomic T 1256 Global Battery V 125 83 Global Battery* O Global Energy* O 36 Global Energy V 4 Global Li-Ion C 338 118 Global Li-Ion* O GlobalMin Vent* O 0 Globex Mng* O 201 T 121 Globex Mng 121 GMV Minerals V GMV Minerals* O 9 GNCC Capital* O 252774 C 46 Go Cobalt V 0 GobiMin GoGold Res T 2028 C 30 Golcap Res 11 Gold Basin Res* O Gold Bull Res* O 208 Gold Bull Res V 320 O 10 Gold Fields* Gold Fields* N 141194 Gold Finder Ex* O 254 Gold Finder Ex V 1577 75 Gold Hunter Rs C Gold Line Res V 4796 Gold Lion Res* O 5 146 Gold Lion Res C Gold Mountain* O 82 Gold Mountain T 478 Gold Reserve* O 5 Gold Reserve V 11 Gold Resource* X 2882 Gold Royalty* X 2027 Gold State Res* O 3 Gold State Res V 339 Gold Std Vents T 297 Gold Std Vents* X 1702 Gold’n Futures C 89 Gold79 Mines V 168 Gold79 Mines* O 26 Goldbank Mng V 0 Goldcliff Res* O 5 Goldcliff Res V 101 Golden Arrow* O 132 Golden Arrow V 60 Golden Dawn Ml* O 1 Golden Dawn Ml V 42 37 Golden Goliath* O Golden Goliath V 153 Golden Harp V 0 Golden Hope V 233 Golden Hope* O 19 9 Golden Indepen C Golden Indepe* O 5 Golden Lake C 1028 Golden Mnls T 64 Golden Mnls* X 1451 Golden Pursuit* O 0 Golden Pursuit V 153 139 Golden Ridge V Golden Secret V 140 Golden Share V 0 Golden Spike C 2 Golden Star* O 1 V 582 Golden Tag Golden Tag* O 346 Goldex Res* O 6 V 108 Goldex Res Goldflare Expl V 82 Goldgroup Mng* O 51 Goldgroup Mng T 166 GoldHaven Res* O 280 Goldhills Hldg V 0 GoldMining T 1114 GoldON Res V 36 GoldON Res* O 34 Goldplay Min V 267 GoldQuest Mng V 673 Goldrea Res C 141 Goldrea Res* O 28 Goldrich Mng* O 823 Goldseek Res C 57 Goldseek Res* O 1 Goldshore Res* O 100 Goldshore Res V 138 Goldsource Min* O 1 Goldsource Min V 47 Goldstar Mnls V 80 Goliath Res* O 92 Goliath Res V 484 Gossan Res V 24 GoviEx Uranium* O 304 GoviEx Uranium V 1925 Gowest Gold V 61 GPM Metals* O 2 GPM Metals V 51 GR Silver* O 254 GR Silver V 807 Granada Gold* O 14 Granada Gold V 415 Grande Portage* O 43

0.54 0.69 0.19 0.24 0.14 0.11 0.47 0.55 0.54 0.44 0.40 0.02 0.00 0.36 0.45 0.04 0.05 0.36 0.43 0.33 0.26 4.41 3.52 4.55 3.62 0.24 0.80 0.63 0.27 0.12 0.15 0.30 0.00 0.27 0.22 0.40 0.32 0.06 0.15 0.12 0.07 0.13 0.10 0.08 0.11 0.35 0.27 0.00 0.02 0.31 0.39 0.17 0.12 0.00 0.06 6.77 13.57 2.67 3.26 0.17 0.14 0.16 0.20 0.07 0.06 0.06 1.00 1.27 0.12 0.10 0.00 0.17 0.00 2.59 0.20 0.23 0.09 0.10 10.65 12.22 0.03 0.04 0.20 0.07 0.04 0.05 0.62 0.77 0.81 0.95 1.89 3.26 0.03 0.03 0.50 0.40 0.04 0.05 0.04 0.00 0.12 0.16 0.14 0.17 0.07 0.09 0.04 0.04 0.00 0.10 0.11 0.06 0.05 0.15 0.50 0.40 0.00 0.10 0.13 3.77 0.00 0.21 2.00 0.25 0.20 0.06 0.08 0.05 0.02 0.04 0.11 0.00 1.60 0.15 0.18 0.08 0.22 0.03 0.03 0.05 0.07 0.06 0.38 0.45 0.47 0.63 0.06 0.93 1.11 0.16 0.26 0.33 0.12 0.07 0.09 0.16 0.21 0.04 0.05 0.30

0.54 + 0.66 + 0.19 + 0.24 + 0.12 0.10 0.40 0.50 0.54 + 0.44 + 0.40 0.02 0.12 unch 0.35 + 0.44 + 0.04 + 0.05 + 0.33 + 0.41 0.33 unch 0.26 unch 4.26 + 3.40 + 4.29 3.41 0.24 + 0.74 0.60 + 0.27 + 0.11 0.15 + 0.28 unch 0.06 unch 0.27 + 0.20 + 0.39 unch 0.31 + 0.05 0.14 0.11 0.07 0.13 + 0.10 + 0.08 unch 0.11 + 0.33 0.25 0.03 unch 0.02 unch 0.31 + 0.39 + 0.17 0.11 0.20 unch 0.06 + 6.69 + 13.28 2.43 unch 3.07 0.15 0.12 + 0.16 + 0.20 + 0.07 unch 0.05 0.06 0.98 + 1.22 unch 0.12 + 0.10 + 0.00 unch 0.17 + 0.22 unch 2.47 + 0.19 + 0.21 + 0.07 0.09 9.20 9.70 0.02 0.03 0.20 unch 0.05 0.04 0.05 + 0.61 + 0.76 unch 0.80 0.88 1.84 3.13 + 0.03 unch 0.03 0.50 + 0.39 + 0.04 0.04 unch 0.03 0.10 unch 0.11 0.14 0.14 + 0.17 + 0.07 unch 0.08 0.04 + 0.04 unch 0.15 unch 0.09 0.06 0.06 0.05 0.14 + 0.49 0.39 0.12 unch 0.10 unch 0.13 + 3.65 + 0.09 unch 0.21 unch 2.00 + 0.23 + 0.18 + 0.06 + 0.07 + 0.05 + 0.02 + 0.03 unch 0.06 0.17 unch 1.50 0.14 0.11 + 0.06 0.22 + 0.03 + 0.03 0.05 + 0.06 0.06 unch 0.33 0.42 0.47 + 0.60 + 0.06 unch 0.78 0.98 0.12 0.24 0.31 0.12 unch 0.07 unch 0.09 + 0.15 0.19 0.03 0.05 + 0.27 +

0.04 0.65 0.32 0.01 0.83 0.39 0.01 0.29 0.12 0.01 0.34 0.17 0.01 0.24 0.10 0.00 0.20 0.08 0.00 0.74 0.26 0.06 0.94 0.34 0.02 1.64 0.48 0.04 1.38 0.37 0.01 1.30 0.36 0.01 0.03 0.02 0.00 0.23 0.10 0.05 0.86 0.29 0.07 1.00 0.37 0.01 0.26 0.03 0.03 0.22 0.01 0.01 0.53 0.05 0.02 0.65 0.21 0.00 0.44 0.20 0.00 0.35 0.15 0.16 24.93 3.45 0.19 20.26 2.68 0.22 6.13 4.13 0.11 4.96 3.20 0.02 0.63 0.16 0.01 1.23 0.57 0.02 1.02 0.45 0.08 0.62 0.14 0.01 0.17 0.06 0.01 0.21 0.08 0.00 0.48 0.21 0.00 0.14 0.06 0.01 0.38 0.23 0.02 0.33 0.18 0.00 0.81 0.37 0.00 0.63 0.28 0.01 0.09 0.03 0.01 0.22 0.12 0.00 0.18 0.10 0.02 0.15 0.08 0.02 0.22 0.10 0.02 0.17 0.01 0.00 0.17 0.08 0.01 0.21 0.10 0.01 0.60 0.26 0.01 0.49 0.20 0.00 0.11 0.03 0.00 0.08 0.02 0.03 0.56 0.18 0.03 0.61 0.28 0.03 0.30 0.15 0.01 0.40 0.11 0.00 0.44 0.18 0.01 0.18 0.05 0.04 7.00 3.98 0.04 14.00 7.91 0.00 4.07 1.81 0.03 5.10 2.30 0.01 0.45 0.13 0.00 0.38 0.10 0.00 0.27 0.12 0.01 0.33 0.15 0.00 0.13 0.06 0.00 0.10 0.01 0.01 0.70 0.01 0.03 1.34 0.71 0.00 1.69 0.90 0.03 0.44 0.09 0.02 0.35 0.07 0.00 0.00 0.00 0.04 0.85 0.13 0.00 0.37 0.19 0.15 3.79 2.03 0.02 1.26 0.15 0.03 0.39 0.13 0.01 0.53 0.07 0.02 0.61 0.09 2.77 16.97 8.22 2.50 17.20 7.75 0.01 0.12 0.02 0.01 0.16 0.02 0.00 0.60 0.20 0.02 0.37 0.06 0.00 0.20 0.03 0.01 0.24 0.04 0.02 2.65 0.52 0.00 3.12 0.66 0.01 1.79 0.61 0.08 2.22 0.82 0.01 2.99 1.50 0.01 7.08 2.75 0.00 0.17 0.03 0.01 0.20 0.02 0.05 0.74 0.42 0.04 0.61 0.31 0.01 0.15 0.03 0.00 0.09 0.04 0.00 0.10 0.03 0.00 0.19 0.07 0.01 0.14 0.05 0.02 0.18 0.07 0.01 0.16 0.11 0.01 0.21 0.14 0.00 0.24 0.08 0.02 0.31 0.08 0.01 0.09 0.01 0.00 0.09 0.04 0.00 0.21 0.14 0.01 0.41 0.08 0.04 0.33 0.06 0.01 0.32 0.05 0.00 0.27 0.04 0.03 0.49 0.10 0.02 0.92 0.41 0.00 0.75 0.31 0.00 0.12 0.09 0.00 0.20 0.09 0.02 0.41 0.11 0.10 5.30 2.70 0.00 0.18 0.08 0.00 0.49 0.21 0.99 2.99 0.70 0.02 0.46 0.20 0.01 0.38 0.16 0.01 0.56 0.00 0.01 0.10 0.06 0.01 0.20 0.04 0.00 0.06 0.02 0.00 0.08 0.03 0.04 0.50 0.06 0.00 0.32 0.17 0.02 2.59 1.24 0.01 0.33 0.13 0.00 0.64 0.02 0.02 0.19 0.06 0.05 0.36 0.11 0.01 0.06 0.03 0.00 0.04 0.02 0.00 0.10 0.03 0.01 0.21 0.06 0.00 0.16 0.08 0.01 1.75 0.26 0.01 0.98 0.39 0.02 1.12 0.39 0.03 1.41 0.51 0.00 0.21 0.04 0.10 1.31 0.49 0.14 1.62 0.62 0.06 0.30 0.11 0.00 0.47 0.15 0.01 0.59 0.19 0.00 0.28 0.11 0.00 0.13 0.07 0.01 0.15 0.08 0.00 0.61 0.12 0.02 0.73 0.16 0.00 0.15 0.03 0.01 0.18 0.04 0.00 0.65 0.22

Frontline Gold Full Metal Mnl* Full Metal Mnl Fury Gold Fury Gold* Fuse Cobalt* Fuse Cobalt

Exc Volume

V O V T X O V

High Low

0.04 0.57 0.64 1.77 1.46 0.09 0.11

0.02 0.06 0.09 0.72 0.56 0.03 0.05

G-H 0.48 0.59 0.17 0.00 0.12 0.09 0.37 0.00 0.48 0.38 0.40 0.00 0.00 0.30 0.39 0.04 0.03 0.31 0.39 0.32 0.26 3.79 3.00 4.24 3.35 0.00 0.71 0.57 0.00 0.11 0.00 0.27 0.00 0.26 0.19 0.38 0.30 0.00 0.00 0.11 0.00 0.00 0.08 0.08 0.00 0.00 0.24 0.00 0.02 0.27 0.35 0.00 0.00 0.00 0.05 6.50 12.96 2.33 2.95 0.15 0.11 0.15 0.00 0.06 0.05 0.00 0.92 1.13 0.00 0.08 0.00 0.00 0.00 2.21 0.00 0.00 0.07 0.09 9.20 9.29 0.02 0.03 0.20 0.05 0.04 0.00 0.59 0.75 0.00 0.00 1.70 2.85 0.03 0.00 0.44 0.34 0.03 0.00 0.03 0.00 0.11 0.14 0.12 0.00 0.07 0.00 0.03 0.00 0.00 0.07 0.06 0.00 0.00 0.10 0.46 0.36 0.00 0.09 0.00 3.29 0.00 0.21 1.01 0.20 0.16 0.00 0.00 0.00 0.02 0.00 0.06 0.00 1.45 0.00 0.11 0.00 0.16 0.03 0.02 0.03 0.06 0.06 0.33 0.00 0.45 0.55 0.00 0.78 0.98 0.00 0.23 0.29 0.00 0.07 0.00 0.15 0.19 0.03 0.04 0.26

(100s) Stock

Exc Volume

Week High

Low

Grande Portage V 54 Granite Creek V 176 Granite Creek* O 253 Graphano Egy V 3 Graphite One* O 129 Graphite One V 180 Gratomic* O 184 Gratomic V 1410 Graycliff Exp C 224 Great Atlantic V 442 Great Panther* X 10941 Great Panther T 719 Great Quest Fe V 62 Green Battery V 386 O 10 Green River* Green River C 374 Green Swan Cap V 457 Green Valley M V 9 Greencastle Rs V 27 7 Greenhawk Res C 399 Greenland M&En* O 676 Greenland Res Greenshield Ex V 0 V 237 Grid Metals Grid Metals* O 55 Grizzly Discvr* O 272 228 Grizzly Discvr V 0 Grosvenor Res V Group Eleven V 755 Group Ten Mtls* O 713 251 Group Ten Mtls V GSP Resource V 32 Guanajuato Sil V 1173 Guanajuato Sil* O 781 22 Guardian Exp V Gungnir Res* O 60 Gungnir Res V 297 Gunpoint Expl* O 2 5 Gunpoint Expl V Guyana Goldstr V 0 Hanna Capital V 3 168 Hannan Metals V 216 Hannan Metals* O Hanstone Gold V 2 Happy Ck Mnrls V 20 92 Harfang Explor V Harmony Gold* N 25907 Harvest Gold V 724 433 Harvest Gold* O 40 Hawkeye Gld&Di* O Hawkeye Gld&Di V 294 Hawkmoon Res C 662 415 Headwater Gold C Headwater Gold* O 270 Hecla Mining* N 30027 85 Heliostar Met* O Heliostar Met V 154 O 1 Hemlo Expl* Hemlo Expl V 16 V 1 HFX Holding 160 Highbank Res V 0 Highbury Proj V HighGold V 724 HighGold* O 45 73 Highland Copp V Highland Copp* O 306 25 Highway 50 Gld V Highwood Asset V 0 78 Hochschild Mg* O Homerun Res V 27 261 Honey Badger V Honey Badger* O 83 2 Horizonte Mnls T Horizonte Mnls* O 55 HudBay Min* N 6678 T 5049 HudBay Min V 312 Hudson Res O 21 Hudson Res* Hunt Mng* O 95 V 57 Hunt Mng V 2 Hylands Intl i-80 Gold* O 104 T 5301 i-80 Gold

0.36 0.12 0.10 0.30 1.21 1.44 0.39 0.49 0.21 0.15 0.19 0.24 0.04 0.10 0.07 0.07 0.05 0.15 0.10 0.12 0.05 0.73 0.00 0.19 0.14 0.08 0.09 0.00 0.10 0.24 0.30 0.12 0.42 0.34 0.09 0.09 0.10 0.41 0.60 0.00 0.02 0.25 0.20 0.15 0.05 0.35 3.71 0.09 0.06 0.01 0.02 0.05 0.16 0.13 5.18 0.20 0.25 0.13 0.18 0.04 0.01 0.00 0.82 0.69 0.13 0.11 0.19 10.50 1.49 0.18 0.07 0.06 2.33 0.09 6.20 7.82 0.05 0.04 0.04 0.04 0.02 2.60 3.44

0.33 0.11 0.09 0.00 0.95 1.26 0.32 0.41 0.20 0.11 0.16 0.21 0.03 0.09 0.05 0.06 0.04 0.00 0.00 0.00 0.04 0.53 0.00 0.17 0.13 0.07 0.08 0.00 0.08 0.22 0.28 0.00 0.36 0.28 0.00 0.08 0.09 0.41 0.00 0.00 0.00 0.19 0.00 0.00 0.00 0.00 3.28 0.00 0.05 0.01 0.00 0.04 0.13 0.10 4.66 0.17 0.22 0.13 0.00 0.00 0.00 0.00 0.72 0.58 0.00 0.10 0.00 0.00 1.34 0.11 0.00 0.05 0.00 0.09 5.61 7.10 0.00 0.03 0.02 0.00 0.00 2.46 3.06

I-Minerals V 1 I-Minerals* O 1 IAMGOLD T 5695 N 41535 IAMGOLD* Icon Explor* O 0 O 497 Iconic Mnls * Iconic Mnls V 304 431 Idaho Champion C Idaho Champion* O 258 IEMR Res V 32 iMetal Res V 161 iMetal Res* O 31 IMPACT Silver V 443 2 Impala Platnm* O Imperial Metal T 133 Imperial Metal* O 23 Imperial Mg Gr* O 609 Imperial Mg Gr V 2386 Inca One Gold* O 13 Inca One Gold V 32 Inception Mng * O 6195 Independence G V 179 Independence G* O 178 Indiana Res* O 1 Indigo Expl V 3 Infield Min V 0 Infinite Ore V 386 O 13 Infinite Ore* Inflection Res C 109 Inomin Mines V 315 Intact Gold V 0 Integra Res V 155 X 245 Integra Res* Inter-Rock Mnl V 0 Interconnect V 0 Interra Copper* O 27 Interra Copper C 90 Intl Battery C 431 Intl Bethl Mng V 14 Intl Iconic* O 103 V 394 Intl Iconic Intl Lithium V 752 Intl Lithium* O 1458 Intl Prospect V 63 Intl Prospect * O 14 Intl Star* O 282574 Intl Tower Hil* X 349 49 Intl Tower Hil T Intl Zeolite* O 21 Intl Zeolite V 122 Intrepid Pots* N 2961 442 Inventus Mg * O Inventus Mg V 28 InZinc Mining V 142 InZinc Mining* O 22 Ion Energy* O 22 Ion Energy V 30 Irving Res C 29 Irving Res* O 74 IsoEnergy Ltd V 248 Itafos* O 188 Itafos V 599 Itoco Inc* O 94 Ivanhoe Mines* O 580 Ivanhoe Mines T 9763 Ivor Explor C 222 Jade Leader V 9 Jaeger Res V 43 Jaguar Mng T 363 Jaguar Mng* O 92 Japan Gold V 167 Japan Gold* O 23 Jasper Mining V 31 Jaxon Mining V 144 Jayden Res V 191 Jazz Res V 74 Jervois Mining V 359 Jervois Mining* O 947 Joshua Gold* O 386 Jourdan Res V 513 Jubilee Gold V 0 Jubilee Metals* O 5 Juggernaut Exp* O 179 Juggernaut Exp V 277

0.02 0.01 3.06 2.44 0.00 0.10 0.12 0.06 0.05 0.02 0.29 0.21 0.39 13.75 3.36 2.65 0.08 0.10 0.20 0.27 0.00 0.10 0.08 0.04 0.04 0.00 0.09 0.07 0.10 0.14 0.00 1.55 1.27 0.00 0.00 0.42 0.57 4.97 0.03 0.03 0.04 0.11 0.09 0.08 0.07 0.01 0.74 0.95 0.11 0.15 69.53 0.12 0.14 0.07 0.05 0.28 0.35 1.10 0.87 3.70 2.28 3.06 0.14 8.35 10.50 1.38 0.04 0.02 3.34 2.66 0.28 0.22 0.11 0.03 0.23 0.80 0.78 0.60 0.03 0.06 0.00 0.19 0.11 0.14

12-month

Last Change

Stock

0.78 0.27 0.23 1.20 2.00 2.54 1.40 1.74 0.85 0.84 0.72 0.88 0.16 0.24 0.08 0.10 0.08 1.10 0.17 0.35 0.11 1.02 1.98 0.26 0.22 0.09 0.11 0.17 0.18 0.39 0.48 0.50 0.72 0.56 0.14 0.25 0.32 0.59 0.75 0.13 0.08 0.40 0.35 0.47 0.08 1.03 5.50 0.24 0.19 0.04 0.04 0.15 0.65 0.27 9.44 1.47 1.81 0.30 0.38 0.07 0.02 0.35 2.08 1.65 0.17 0.13 0.47 19.00 2.95 0.21 0.14 0.12 2.32 0.16 8.75 11.17 0.17 0.14 0.23 0.11 0.04 3.28 4.03

Jupiter Gold* K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kalo Gold Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Metals* Kenadyr Metals Kenorland Min Kermode Res Kesselrun Res Kesselrun Res* Kestrel Gold KGL Resources Kincora Copper* Kincora Copper King Global* King Global Kingfisher Met* Kingfisher Met Kingman Min Kings Bay Res Kingsmen Res Kinross Gold Kinross Gold* Kintavar Exp Kiplin Metals Kiplin Metals* Klondike Gold* Klondike Gold Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kore Mining Kore Mining * Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

O 0 V 55 O 175 T 3621 O 520 V 12 V 0 V 835 V 388 C 173 T 111 V 1 O 550 O 30317 O 29 V 13 V 27 V 3 V 85 O 200 V 187 V 23 O 5 V 4 O 16 V 116 O 30 V 72 V 121 V 113 V 52 T 16677 N 65547 V 141 V 175 O 0 O 10 V 94 O 223 V 311 O 106 O 63 V 407 O 407 V 697 C 190 V 315 O 129 O 95 C 38 O 122 C 8548 O 32

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl Laramide Res Laredo Res* Largo Res Largo Res* Latin Metals* Latin Metals Laurion Mnl Ex Laurion Mnl Ex* Leading Edge Leading Edge* Leeta Gold Legion Metals Leo Res* Leocor Gold Leocor Gold* Leopard Lake Leviathan Gold Leviathan Gold* Li-Metal Libero Copper* Libero Copper Liberty Gold* Liberty One Li Lido Minerals Lightspeed Dis Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi* Lithium Energi Lithium South* Lithoquest Res* Lithoquest Res Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes Los Andes* Lovitt Res Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lynas Corp* Lynas Corp*

O 262 V 540 O 165 O 29 T 1910 O 4518 V 94 T 1205 O 1146 T 316 D 368 O 2 V 15 V 522 O 54 V 91 O 107 V 2595 C 2096 O 0 C 68 O 47 C 0 V 134 O 98 C 66 O 488 V 723 O 645 V 0 C 86 V 29 V 18 V 394 O 107 T 5907 N 26203 V 1001 O 328 O 1059 O 280 V 115 O 249 O 375 V 126 V 54 V 383 O 311 O 79 T 493 O 27129 V 21 O 2 V 40 T 374 O 325 V 667 O 49 V 65 O 86 V 129 V 225 T 1268 O 311 T 11555 O 8 V 253 O 329 O 491

0.35 + 0.11 0.09 + 0.30 1.03 1.28 0.33 0.42 0.20 0.12 + 0.18 0.23 0.04 + 0.09 0.07 + 0.07 + 0.04 0.15 + 0.10 unch 0.12 0.04 0.68 1.95 unch 0.17 unch 0.14 + 0.07 0.09 unch 0.14 unch 0.08 0.22 0.28 0.10 + 0.41 + 0.32 + 0.09 0.08 0.09 0.41 unch 0.60 unch 0.13 unch 0.02 0.25 + 0.19 + 0.15 unch 0.05 unch 0.35 + 3.57 0.07 0.06 0.01 unch 0.02 + 0.05 + 0.14 0.11 + 5.01 + 0.19 + 0.24 + 0.13 unch 0.18 + 0.04 unch 0.01 + 0.35 unch 0.74 0.58 0.13 + 0.10 + 0.19 + 10.50 + 1.38 0.15 0.07 unch 0.05 2.33 + 0.09 unch 5.88 + 7.40 0.05 unch 0.03 0.04 + 0.04 + 0.02 unch 2.48 unch 3.19 -

0.01 0.01 0.00 0.02 0.07 0.16 0.04 0.07 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.00 0.02 0.00 0.02 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.02 0.01 0.03 0.03 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.02 0.02 0.00 0.00 0.08 0.10 0.01 0.00 0.00 0.01 0.02 0.01 0.00 0.11 0.02 0.01 0.00 0.01 0.00 0.01 0.00 0.12 0.11 0.01 0.00 0.01 0.50 0.11 0.05 0.00 0.00 2.22 0.00 0.07 0.01 0.00 0.00 0.02 0.01 0.00 0.00 0.14

0.29 0.11 0.08 0.27 0.70 0.89 0.30 0.39 0.20 0.11 0.16 0.21 0.03 0.09 0.02 0.03 0.05 0.13 0.09 0.06 0.04 0.30 0.17 0.09 0.07 0.02 0.03 0.14 0.08 0.18 0.25 0.09 0.33 0.25 0.05 0.03 0.05 0.40 0.53 0.10 0.02 0.16 0.12 0.14 0.03 0.26 3.00 0.06 0.00 0.01 0.01 0.04 0.13 0.10 4.07 0.16 0.20 0.13 0.14 0.03 0.01 0.20 0.73 0.57 0.08 0.06 0.18 9.25 1.16 0.04 0.06 0.04 0.10 0.05 4.96 6.48 0.04 0.03 0.02 0.03 0.02 1.88 2.33

0.02 + 0.01 2.90 + 2.30 + 0.02 unch 0.09 + 0.11 + 0.06 + 0.04 + 0.02 unch 0.23 0.19 0.38 + 13.50 unch 3.34 + 2.65 + 0.07 + 0.08 unch 0.19 0.24 0.00 unch 0.08 0.07 0.04 unch 0.04 0.04 unch 0.08 0.06 0.08 0.12 0.05 unch 1.40 1.10 0.48 unch 0.08 unch 0.39 + 0.52 + 3.83 0.03 0.02 0.03 0.10 0.07 0.08 unch 0.07 + 0.01 0.69 0.87 0.11 + 0.14 + 63.99 0.12 + 0.13 unch 0.07 + 0.05 unch 0.28 + 0.34 1.06 unch 0.84 + 3.39 2.09 2.65 0.11 8.17 + 10.27 + 1.19 0.04 unch 0.02 3.17 + 2.52 + 0.27 0.21 0.11 unch 0.03 unch 0.21 + 0.76 0.70 0.56 0.02 0.05 0.84 unch 0.19 unch 0.10 + 0.13 unch

0.01 0.04 0.02 0.00 0.03 0.01 0.03 4.74 2.52 0.04 3.85 1.96 0.00 0.08 0.00 0.01 0.23 0.07 0.01 0.28 0.09 0.00 0.16 0.04 0.00 0.13 0.04 0.00 0.04 0.02 0.05 0.58 0.14 0.02 0.50 0.10 0.03 0.78 0.31 0.00 18.65 10.38 0.04 5.08 2.95 0.04 4.17 2.27 0.00 0.19 0.06 0.00 0.22 0.08 0.01 0.42 0.16 0.03 0.45 0.22 0.00 0.02 0.00 0.02 0.15 0.05 0.01 0.13 0.04 0.00 0.07 0.03 0.02 0.10 0.04 0.00 0.42 0.04 0.02 0.28 0.06 0.01 0.21 0.04 0.02 0.40 0.08 0.02 0.72 0.08 0.00 0.08 0.03 0.13 4.10 1.13 0.09 3.41 0.86 0.00 0.65 0.40 0.00 0.10 0.08 0.02 2.09 0.05 0.10 2.70 0.32 0.91 7.52 0.47 0.01 0.10 0.02 0.01 0.13 0.02 0.02 0.16 0.03 0.02 0.15 0.05 0.02 0.12 0.03 0.00 0.25 0.07 0.01 0.36 0.04 0.00 0.02 0.00 0.03 1.23 0.62 0.03 1.56 0.79 0.01 0.24 0.10 0.01 0.33 0.13 0.41 121.72 27.43 0.02 0.16 0.09 0.00 0.22 0.12 0.01 0.09 0.03 0.00 0.05 0.01 0.01 0.58 0.24 0.01 0.59 0.31 0.00 2.00 0.92 0.01 1.67 0.72 0.12 6.61 1.95 0.09 3.13 0.88 0.14 3.94 1.05 0.02 0.35 0.08 0.40 10.32 6.09 0.32 13.15 7.69 0.18 1.90 0.30 0.00 0.11 0.04 0.01 0.05 0.02 0.16 6.57 2.65 0.14 5.55 2.05 0.01 0.41 0.25 0.00 0.32 0.18 0.00 0.14 0.04 0.00 0.09 0.03 0.01 1.05 0.17 0.07 0.99 0.33 0.03 0.95 0.40 0.01 0.77 0.25 0.00 0.06 0.01 0.01 0.10 0.03 0.00 0.87 0.59 0.00 0.29 0.18 0.00 0.27 0.09 0.00 0.33 0.09

I-J-K 0.00 0.01 2.73 2.15 0.00 0.08 0.00 0.05 0.04 0.00 0.00 0.19 0.33 13.50 3.04 2.41 0.06 0.08 0.19 0.00 0.00 0.00 0.06 0.04 0.00 0.00 0.08 0.06 0.08 0.11 0.00 1.37 1.06 0.00 0.00 0.37 0.42 3.61 0.00 0.02 0.00 0.09 0.07 0.00 0.06 0.00 0.67 0.87 0.10 0.13 59.12 0.10 0.00 0.00 0.05 0.25 0.00 1.00 0.80 3.02 2.06 2.58 0.11 7.53 9.50 1.17 0.00 0.00 2.90 2.30 0.00 0.21 0.00 0.00 0.00 0.75 0.65 0.51 0.02 0.05 0.00 0.19 0.10 0.09

(100s)

High Low

Exc Volume

Week

12-month

High

Low

Last Change

High Low

0.00 0.17 0.11 9.67 7.68 0.12 0.00 0.08 0.71 0.30 0.59 0.43 3.89 0.00 0.07 0.09 0.71 0.03 0.06 0.05 0.08 0.13 0.06 0.09 0.03 0.05 0.21 0.27 0.03 0.10 0.08 5.94 4.73 0.09 0.57 0.00 0.12 0.16 0.07 0.06 1.14 0.18 0.23 0.13 0.15 0.02 0.25 0.19 0.35 0.76 0.61 0.06 0.04

0.00 0.00 0.09 8.61 6.79 0.00 0.00 0.07 0.69 0.00 0.52 0.00 3.47 0.00 0.07 0.00 0.00 0.00 0.00 0.05 0.08 0.00 0.06 0.00 0.03 0.00 0.20 0.24 0.00 0.00 0.00 5.54 4.38 0.00 0.00 0.00 0.12 0.00 0.04 0.05 0.99 0.13 0.21 0.10 0.13 0.01 0.22 0.19 0.31 0.65 0.50 0.05 0.04

0.80 unch 0.16 0.11 + 9.39 + 7.45 + 0.12 unch 0.34 unch 0.07 0.70 0.27 0.52 0.43 3.69 0.00 0.07 0.09 unch 0.70 0.03 + 0.06 0.05 unch 0.08 0.12 0.06 0.08 0.03 + 0.04 0.21 unch 0.25 0.03 unch 0.09 + 0.08 unch 5.72 4.55 unch 0.07 0.52 unch 0.38 unch 0.12 + 0.15 unch 0.04 0.06 1.14 + 0.13 0.22 0.12 + 0.14 unch 0.02 + 0.23 0.19 0.31 0.70 + 0.59 + 0.06 + 0.04 unch

1.50 0.40 0.66 10.52 8.33 0.38 0.80 0.59 1.25 0.75 1.35 2.82 6.25 0.02 0.32 0.30 1.30 0.06 0.26 0.21 0.17 0.23 0.56 0.30 0.08 0.09 2.38 0.65 0.09 0.17 0.19 9.91 8.23 0.24 1.10 2.40 0.21 0.27 0.12 0.09 1.68 0.48 0.61 0.27 0.32 0.18 0.86 0.71 0.93 2.14 1.79 0.10 0.08

0.00 0.01 0.01 0.50 0.46 0.00 0.00 0.01 0.01 0.03 0.07 0.67 0.18 0.00 0.01 0.00 0.02 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.07 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.12 0.04 0.01 0.01 0.00 0.01 0.02 0.01 0.03 0.03 0.06 0.01 0.00

0.49 0.14 0.09 5.75 4.42 0.09 0.25 0.07 0.68 0.10 0.12 0.43 2.35 0.00 0.06 0.09 0.65 0.02 0.05 0.05 0.06 0.10 0.06 0.07 0.03 0.04 0.10 0.15 0.02 0.05 0.08 5.09 3.92 0.07 0.10 0.09 0.10 0.14 0.00 0.05 0.80 0.01 0.18 0.10 0.13 0.01 0.22 0.16 0.26 0.60 0.45 0.02 0.00

L 0.41 0.36 0.38 - 0.03 1.50 0.36 0.53 0.46 0.48 - 0.05 1.85 0.47 0.12 0.05 0.10 + 0.01 0.28 0.02 27.23 25.30 27.03 + 0.66 42.40 21.76 34.43 31.89 33.70 + 0.10 51.00 28.28 1.12 0.95 1.03 - 0.03 1.97 0.20 0.77 0.74 0.77 + 0.02 0.85 0.48 0.57 0.50 0.55 + 0.06 1.12 0.37 0.01 0.00 0.01 + 0.00 0.02 0.00 11.75 10.90 11.24 + 0.07 21.53 8.85 9.42 8.54 8.91 + 0.10 17.11 6.77 0.09 0.00 0.09 + 0.00 0.15 0.08 0.11 0.00 0.11 unch 0.00 0.18 0.10 0.98 0.94 0.96 - 0.01 1.14 0.43 0.77 0.75 0.76 + 0.01 0.92 0.37 0.37 0.32 0.32 - 0.01 0.72 0.19 0.29 0.24 0.25 - 0.01 0.57 0.15 6.18 5.00 5.33 + 0.28 32.85 4.55 0.12 0.09 0.10 - 0.01 0.34 0.09 0.00 0.00 0.01 unch 0.00 0.36 0.00 0.38 0.33 0.33 - 0.02 1.00 0.31 0.30 0.23 0.26 - 0.02 1.47 0.22 0.00 0.00 0.13 unch 0.00 0.16 0.07 0.07 0.06 0.07 unch 0.00 0.49 0.06 0.06 0.05 0.05 + 0.01 0.65 0.05 0.83 0.74 0.80 + 0.06 3.75 0.65 0.37 0.30 0.35 - 0.01 0.83 0.27 0.46 0.38 0.45 + 0.02 1.05 0.34 0.51 0.44 0.48 + 0.01 1.50 0.39 0.00 0.00 0.40 unch 0.00 0.61 0.33 0.20 0.17 0.19 + 0.02 0.41 0.15 0.08 0.00 0.06 + 0.01 0.12 0.05 0.05 0.00 0.05 - 0.01 0.25 0.05 1.15 1.00 1.14 + 0.12 1.34 0.88 0.91 0.79 0.91 + 0.10 1.08 0.67 37.10 28.10 30.91 - 4.87 53.09 16.03 28.24 22.21 24.54 - 3.60 41.56 12.56 0.75 0.65 0.67 - 0.04 1.21 0.26 0.58 0.51 0.54 - 0.01 0.95 0.21 0.29 0.23 0.25 - 0.01 1.09 0.18 0.27 0.13 0.20 - 0.08 0.41 0.01 0.30 0.00 0.25 - 0.03 0.38 0.08 0.52 0.44 0.44 - 0.06 0.86 0.29 0.13 0.12 0.13 unch 0.00 0.14 0.07 0.16 0.00 0.15 unch 0.00 0.18 0.08 0.19 0.00 0.18 unch 0.00 0.30 0.14 0.07 0.06 0.06 unch 0.00 0.17 0.04 0.06 0.04 0.05 + 0.01 0.15 0.04 0.41 0.39 0.39 - 0.02 0.67 0.32 0.50 0.48 0.48 - 0.04 0.86 0.40 0.03 0.02 0.02 - 0.01 4.20 0.01 16.30 0.00 16.20 + 1.20 17.73 6.63 12.60 0.00 12.60 + 0.78 14.00 5.55 0.13 0.00 0.13 - 0.02 0.24 0.09 0.64 0.60 0.64 + 0.03 0.84 0.50 0.08 0.06 0.06 - 0.01 0.13 0.04 0.09 0.07 0.08 - 0.01 0.15 0.05 0.16 0.15 0.16 - 0.00 0.80 0.15 0.22 0.00 0.20 - 0.02 0.80 0.18 0.42 0.40 0.41 + 0.01 0.67 0.36 0.52 0.00 0.50 - 0.03 0.82 0.50 0.42 0.00 0.39 + 0.03 0.90 0.33 10.70 9.78 10.53 + 0.05 12.93 8.82 9.14 8.54 8.85 + 0.18 11.25 6.66 11.49 10.84 11.13 + 0.08 14.00 8.56 0.02 0.01 0.01 unch 0.00 0.06 0.00 0.03 0.00 0.03 + 0.01 0.07 0.02 7.07 6.53 6.88 + 0.16 8.63 3.92 7.18 6.45 6.79 - 0.04 8.73 4.00

M Macarthur Min V Macarthur Min* O MacDonald Mns* O MacDonald Mns V Madeira Mrnls V Madoro Metals* O Madoro Metals V MAG Silver T Magna Gold* O Magna Gold V Magna Mining V Magna Terra V Magnum Goldco V Majestic Gold V Major Precious* O Makara Mining C Makara Mining* O Makena Res* O Mako Mining V Mako Mining* O Mammoth Res V Mammoth Res * O Mandalay Res* O Mandalay Res T Manganese X V Manganese X* O Mangazeya Mng V Manitou Gold V Manitou Gold * O Manning Vent* O Manning Vent C Mansa Explor C Mantaro Prec V Mantaro Prec* O Maple Gold V Maple Gold* O Marathon Gold* O Marathon Gold T Margaret Lake* O Margaret Lake V Marimaca Cop* O Marimaca Cop T

28 6 69 928 0 2 71 629 246 1161 70 51 1062 95 105 208 105 55 552 206 35 75 6 52 326 163 0 1153 71 301 2299 670 160 347 690 781 265 4130 1 199 4 26

0.31 0.25 0.03 0.03 0.00 0.04 0.07 19.83 0.38 0.48 0.44 0.11 0.07 0.06 0.08 0.05 0.04 0.18 0.33 0.26 0.05 0.03 2.52 3.21 0.36 0.28 0.00 0.04 0.03 0.12 0.09 0.13 0.13 0.11 0.24 0.20 1.48 1.86 0.14 0.18 3.06 3.94

0.00 0.23 0.02 0.00 0.00 0.04 0.00 17.47 0.25 0.29 0.00 0.00 0.05 0.00 0.07 0.05 0.00 0.16 0.30 0.22 0.05 0.03 0.00 2.89 0.30 0.24 0.00 0.00 0.03 0.07 0.06 0.10 0.00 0.09 0.19 0.15 1.30 1.67 0.14 0.00 3.00 3.79

0.29 0.25 + 0.02 0.02 0.03 unch 0.04 unch 0.07 + 18.97 + 0.33 + 0.40 + 0.44 + 0.10 + 0.06 0.06 unch 0.07 0.05 + 0.04 + 0.16 0.33 + 0.26 + 0.05 + 0.03 unch 2.44 3.18 + 0.31 0.25 0.04 unch 0.03 unch 0.03 + 0.07 0.07 0.11 unch 0.13 + 0.10 0.24 + 0.19 + 1.43 1.79 0.14 unch 0.17 + 3.05 + 3.86 +

0.01 0.60 0.28 0.02 0.50 0.22 0.01 0.06 0.01 0.01 0.07 0.02 0.00 0.03 0.03 0.00 0.10 0.04 0.01 0.13 0.05 0.05 29.28 15.75 0.03 1.12 0.23 0.02 1.12 0.29 0.05 0.58 0.30 0.01 0.19 0.08 0.01 0.18 0.04 0.00 0.08 0.05 0.00 1.95 0.01 0.01 0.33 0.05 0.00 0.30 0.03 0.01 1.09 0.12 0.04 0.43 0.29 0.03 0.36 0.22 0.01 0.18 0.03 0.00 0.15 0.01 0.06 3.03 1.43 0.05 3.86 1.82 0.03 0.58 0.22 0.03 0.47 0.18 0.00 0.10 0.02 0.00 0.09 0.03 0.00 0.09 0.02 0.05 0.12 0.06 0.01 0.22 0.06 0.00 0.28 0.08 0.01 0.57 0.11 0.01 0.50 0.09 0.03 0.49 0.16 0.03 0.42 0.12 0.01 3.00 1.30 0.03 3.73 1.67 0.00 0.24 0.14 0.02 0.75 0.15 0.05 3.75 2.70 0.02 4.70 3.24

JUNE 13 — 26, 2022 / THE NORTHERN MINER

(100s) Stock

Exc Volume

Maritime Res V 628 Martina Mnls V 0 MartinMarietta* N 2338 Marvel Discov* O 356 290 Marvel Discov V Mas Gold V 11 Mascota Res* O 45 129 Masivo Silver V Masivo Silver* O 39 34 Mason Graphite* O Mason Graphite V 98 Matachewan Con V 4 C 60 Matica Ent Maverix Metals T 466 1104 Maverix Metals* X Mawson Res* O 503 Mawson Res T 4029 V 1334 MAX Res MaxTech Vent C 10 MaxTech Vent* O 77 5 Maxwell Res* O Mayfair Gold* O 32 Mayfair Gold V 246 Mazarin V 9 McChip Res V 5 593 McEwen Mng T McEwen Mng* N 15151 C 10 McLaren Res MDN Inc* O 3 89 Medallion Res V 248 Medallion Res* O Medaro Mining C 458 319 Medaro Mining* O Medgold Res* O 200 44 Medgold Res V 697 Medinah Mnrls* O Mega Copper V 0 Mega Uranium T 1736 Mega Uranium* O 410 MegaWatt Lith C 551 90 MegaWatt Lith* O MegumaGold* O 37 1168 MegumaGold C Melkior Res* O 13 V 38 Melkior Res T 671 Meridian Mg Meridian Mg * O 36 Metal Energy V 228 MetalCorp V 11 MetalCorp* O 60 652 Metalex Vent V Metalex Vent * O 1 105 Metallic Mnrls V Metallic Mnrls* O 173 1 Metallica Met* O 72 Metallica Met C Metallica Min* O 2 V 238 Metallis Res Metallum Res V 136 4 Metalo Manuf C 1 Metalore Res V Metalore Res* O 0 50 Metals Creek* O Metals Creek V 255 Metals X* O 317 Metron Capital V 910 67 Mexican Gold* O V 0 Midasco Cap Midland Expl V 23 389 Midnight Star C Midnight Sun* O 75 23 Midnight Sun V Millbank Mg V 0 MillenMin Vent V 0 V 473 Millennial Pr 359 Millennial Pr* O 29 Millennium Sil V 236 Millrock Res* O Millrock Res V 271 1 Milner Con Slv V Minaurum Gold V 695 Minaurum Gold* O 770 50 Minco Silver* O Minco Silver T 18 855 Minera Alamos * O Minera Alamos V 1204 O 48 Minera IRL* C 66 Minera IRL Mineral Hill V 45 Mineral Mtn V 362 Mineral Mtn* O 380 O 3 Mineral Res* 1119 Mineworx Tech* O Mineworx Tech V 1496 132 Minfocus Expl V Minnova Corp V 221 V 14 Minsud Res Mirasol Res V 65 Mistango River C 554 Mkango Res V 65 ML Gold Corp V 488 Monarca Mnrls* O 428 Monarca Mnrls V 800 Monarch Min* O 132 Monarch Mining T 121 Moneta Porcpn T 249 Moneta Porcpn* O 18 Mongoose Mg C 10 Monitor Vent V 4 Montage Gold V 416 Montage Gold* O 63 Monterey Min C 69 Montero Mg&Ex * O 22 Montero Mg&Ex V 32 Monument Mng V 204 Monument Mng* O 36 Monumental Min V 871 O 137 Morien Res* Morien Res V 179 Mosaic* N 38154 Mosaic Min C 60 Mountain Boy* O 3 249 Mountain Boy V Mountain Prov T 1678 Mountain Prov* O 485 MPV Explor C 406 Mundoro Cap V 128 71 Mundoro Cap* O Murchison Min* O 224 Murchison Min V 380 Musk Metals C 170 Musk Metals* O 77 Muzhu Mining C 100

Week High

Low

Last Change

12-month High Low

0.08 0.07 0.08 unch 0.00 0.23 0.07 0.00 0.00 0.07 unch 0.00 0.07 0.07 349.72 330.62 345.64 - 3.81 446.46 316.73 0.10 0.09 0.10 + 0.00 0.20 0.05 0.13 0.00 0.11 - 0.02 0.22 0.07 0.08 0.00 0.08 unch 0.00 0.13 0.08 2.75 2.14 2.22 + 0.02 3.45 1.10 0.09 0.00 0.08 - 0.01 0.13 0.06 0.07 0.06 0.06 - 0.00 0.10 0.04 0.41 0.37 0.39 + 0.01 0.65 0.32 0.51 0.48 0.48 - 0.01 0.78 0.40 0.26 0.00 0.26 + 0.02 0.26 0.17 0.25 0.00 0.22 + 0.01 1.35 0.20 5.84 5.39 5.65 - 0.07 7.45 5.00 4.65 4.26 4.50 - 0.02 6.14 3.83 0.15 0.10 0.14 + 0.03 0.24 0.07 0.24 0.15 0.18 + 0.04 0.29 0.10 0.72 0.60 0.71 + 0.05 0.90 0.14 0.05 0.05 0.05 unch 0.00 0.40 0.04 0.04 0.03 0.03 - 0.01 0.30 0.03 0.19 0.00 0.19 unch 0.00 0.38 0.01 1.04 0.93 1.03 + 0.09 2.06 0.40 1.33 1.20 1.28 - 0.01 1.67 0.49 0.14 0.00 0.14 unch 0.00 0.19 0.08 1.15 0.00 0.80 + 0.07 1.45 0.62 0.82 0.71 0.76 - 0.01 2.07 0.60 0.65 0.57 0.62 + 0.00 1.71 0.46 0.06 0.05 0.06 unch 0.00 0.09 0.04 0.12 0.00 0.12 + 0.01 0.69 0.12 0.10 0.00 0.09 unch 0.00 0.42 0.08 0.08 0.07 0.07 + 0.00 0.35 0.06 0.60 0.49 0.55 + 0.02 1.43 0.45 0.49 0.40 0.43 - 0.01 1.81 0.32 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.02 0.00 0.02 + 0.01 0.06 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.16 unch 0.00 0.16 0.14 0.26 0.24 0.25 unch 0.00 0.42 0.18 0.21 0.18 0.20 + 0.01 0.34 0.14 0.12 0.10 0.10 - 0.01 0.36 0.08 0.10 0.08 0.08 - 0.01 0.29 0.07 0.02 0.02 0.02 - 0.00 0.06 0.02 0.03 0.03 0.03 + 0.01 0.08 0.02 0.21 0.19 0.21 + 0.02 0.39 0.18 0.27 0.25 0.27 + 0.01 0.49 0.23 0.75 0.68 0.68 - 0.07 1.34 0.39 0.60 0.55 0.55 - 0.05 1.08 0.30 0.10 0.09 0.09 + 0.01 0.25 0.08 0.03 0.00 0.03 - 0.01 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.08 0.05 0.07 + 0.02 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.38 0.33 0.34 unch 0.00 0.66 0.31 0.30 0.26 0.27 + 0.00 0.55 0.24 0.04 0.04 0.04 unch 0.00 0.26 0.03 0.05 0.00 0.05 unch 0.00 0.33 0.03 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.24 0.00 0.22 - 0.03 0.54 0.19 0.06 0.00 0.06 unch 0.00 0.12 0.06 0.13 0.00 0.13 + 0.02 0.69 0.11 2.73 0.00 2.73 unch 0.00 3.20 2.15 0.00 0.00 1.98 unch 0.00 2.48 1.73 0.13 0.11 0.11 - 0.01 0.19 0.06 0.15 0.00 0.13 - 0.02 0.23 0.10 0.38 0.33 0.35 - 0.01 0.60 0.15 0.22 0.19 0.20 + 0.02 0.39 0.17 0.02 0.00 0.02 + 0.00 0.13 0.02 0.00 0.00 0.10 unch 0.00 0.12 0.10 0.46 0.42 0.42 - 0.04 0.75 0.40 0.30 0.27 0.29 - 0.01 0.54 0.25 0.15 0.13 0.14 + 0.01 0.33 0.00 0.18 0.00 0.18 + 0.01 0.40 0.17 0.00 0.00 0.25 unch 0.00 0.60 0.25 0.00 0.00 0.05 unch 0.00 0.05 0.05 0.42 0.39 0.39 - 0.02 0.74 0.30 0.34 0.30 0.31 - 0.02 0.94 0.27 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.04 0.04 0.04 - 0.00 0.08 0.03 0.05 0.00 0.05 - 0.01 0.10 0.04 0.06 0.00 0.06 - 0.05 0.11 0.07 0.32 0.23 0.30 + 0.06 0.50 0.21 0.25 0.18 0.24 + 0.05 0.41 0.15 0.18 0.00 0.18 + 0.01 0.47 0.17 0.26 0.00 0.26 + 0.03 0.57 0.23 0.50 0.44 0.45 unch 0.00 0.60 0.37 0.63 0.56 0.56 - 0.02 0.73 0.49 0.07 0.07 0.07 - 0.00 0.09 0.01 0.10 0.09 0.10 + 0.01 0.11 0.07 0.20 0.00 0.20 + 0.06 0.30 0.12 0.09 0.07 0.09 + 0.01 0.24 0.07 0.07 0.06 0.07 + 0.01 0.20 0.05 45.77 41.86 42.18 - 1.72 48.27 27.13 0.07 0.05 0.06 - 0.01 0.08 0.05 0.09 0.07 0.09 - 0.01 0.11 0.07 0.09 0.00 0.09 - 0.01 0.43 0.08 0.07 0.00 0.06 - 0.01 0.31 0.06 0.27 0.00 0.27 + 0.02 0.37 0.04 0.69 0.00 0.69 unch 0.00 0.86 0.31 0.09 0.07 0.09 + 0.01 0.23 0.06 0.37 0.00 0.37 + 0.01 0.70 0.28 0.06 0.04 0.06 - 0.02 0.15 0.04 0.02 0.01 0.02 - 0.00 0.13 0.01 0.02 0.02 0.02 unch 0.00 0.16 0.02 0.49 0.38 0.44 + 0.06 0.88 0.34 0.54 0.48 0.54 + 0.05 1.02 0.44 2.32 2.15 2.20 + 0.01 2.97 1.55 1.83 1.70 1.80 + 0.08 2.36 1.25 0.16 0.16 0.16 - 0.01 0.50 0.13 0.19 0.00 0.14 unch 0.00 0.24 0.10 0.73 0.68 0.70 + 0.02 0.98 0.58 0.58 0.52 0.58 + 0.04 0.85 0.45 0.27 0.24 0.27 + 0.03 1.20 0.21 0.07 0.03 0.07 + 0.04 0.86 0.01 0.09 0.00 0.08 unch 0.00 0.25 0.06 0.11 0.10 0.10 - 0.02 0.18 0.09 0.08 0.07 0.07 - 0.01 0.14 0.01 0.49 0.30 0.44 + 0.10 0.79 0.27 0.23 0.21 0.22 - 0.01 0.51 0.11 0.30 0.28 0.28 - 0.01 0.64 0.16 64.62 56.55 59.69 - 0.16 79.28 28.26 0.10 0.08 0.10 + 0.01 0.19 0.06 0.10 0.00 0.10 - 0.00 0.19 0.09 0.13 0.11 0.12 - 0.02 0.24 0.12 0.73 0.67 0.68 - 0.05 0.99 0.40 0.58 0.54 0.55 - 0.02 0.79 0.32 0.07 0.06 0.06 - 0.01 0.71 0.06 0.20 0.00 0.20 unch 0.00 0.23 0.16 0.15 0.14 0.15 + 0.00 0.18 0.13 0.08 0.07 0.08 - 0.00 0.15 0.05 0.11 0.00 0.10 - 0.01 0.17 0.06 0.06 0.05 0.05 unch 0.00 0.13 0.05 0.05 0.04 0.04 - 0.01 0.11 0.01 0.14 0.11 0.13 + 0.01 0.21 0.10

N-O NACCO Ind* N 234 V 22 Namibia Crit Namibia Crit* O 113 112 Natural Res Pt* N Navis Res Corp* O 2 NEO Battery V 1046 NEO Battery* O 42 Neometals* O 26 Network Expl V 39 Network Expl* O 23 Nevada Canyon* O 2 Nevada Copper* O 288 Nevada Copper T 1681 Nevada Expl V 113 500 Nevada Expl * O Nevada King* O 286 Nevada King V 270 Nevada Lithium C 141 Nevada Lithiu* O 153 Nevada Silver V 1059 Nevada Sunrise V 1316 Nevada Sunrise* O 1749 Nevada Zinc V 267 Nevado Res V 0 NevGold V 670 NevGold* O 523 New Age Metals V 379 New Age Metals* O 228 New Destiny Mg V 1 New Energy Met* O 1 New Energy Met V 2 New Found Gold V 422 New Gold T 5079 New Gold* X 18090 New Pac Metals T 1660

WWW.NORTHERNMINER.COM

63.19 55.77 56.87 - 0.95 63.19 23.30 0.19 0.00 0.18 unch 0.00 0.40 0.17 0.16 0.13 0.13 - 0.02 0.40 0.08 49.10 46.28 47.85 - 0.71 50.82 19.07 0.44 0.00 0.36 - 0.08 2.46 0.27 0.33 0.29 0.29 - 0.03 1.31 0.20 0.27 0.23 0.23 - 0.02 1.21 0.15 0.98 0.88 0.93 + 0.00 1.50 0.36 0.23 0.00 0.19 - 0.01 0.96 0.16 0.19 0.16 0.16 + 0.00 0.83 0.13 1.00 0.90 1.00 + 0.01 1.07 0.32 0.47 0.35 0.39 + 0.00 0.99 0.35 0.57 0.48 0.49 + 0.01 2.70 0.45 0.07 0.00 0.06 unch 0.00 0.22 0.06 0.05 0.05 0.05 + 0.00 0.17 0.04 0.37 0.33 0.34 + 0.00 1.50 0.23 0.45 0.42 0.43 + 0.01 0.72 0.27 0.17 0.14 0.17 + 0.02 0.78 0.12 0.23 0.10 0.13 + 0.01 0.75 0.10 0.28 0.23 0.24 - 0.02 0.60 0.22 0.26 0.20 0.26 - 0.01 0.30 0.05 0.21 0.16 0.20 + 0.00 0.23 0.04 0.12 0.00 0.10 unch 0.00 0.16 0.05 0.00 0.00 0.12 unch 0.00 0.15 0.10 0.72 0.56 0.70 + 0.14 0.85 0.34 0.58 0.44 0.56 + 0.12 0.65 0.27 0.09 0.08 0.08 + 0.01 0.17 0.07 0.06 0.06 0.06 - 0.00 0.15 0.05 0.05 0.00 0.05 unch 0.00 0.08 0.04 0.07 0.07 0.07 unch 0.00 0.10 0.04 0.09 0.00 0.08 - 0.02 0.12 0.07 7.50 6.90 7.16 - 0.03 13.50 6.61 1.82 1.61 1.74 + 0.06 2.68 1.29 1.45 1.27 1.39 + 0.07 2.23 1.01 4.30 3.88 4.24 + 0.24 6.89 3.08

(100s) Stock

Exc Volume

New Pac Metals* X 756 New Placer V 388 New Placer* O 93 New Stratus V 2565 1 New Target Mng V New Tech Min* O 0 New Tech Min C 1430 13 New World Res* O Newcore Gold V 235 52 Newcore Gold* O Newcrest Mg T 123 Newcrest Mg* O 44 C 678 Newlox Gold Newmac Res V 0 Newmont Corp* N 26108 Newmont Corp T 582 Neworigin Gold V 2 422 Newport Expl V NewRange Gold* O 157 NewRange Gold V 310 559 Nexa Resources* N Nexgen Energy T 6415 Nexgen Energy* N 12186 NextSource Mat T 513 Nexus Gold* O 246 V 3098 Nexus Gold Nfld Discovery C 104 12 Nfld Discovery* O NGEx Minerals V 960 2 NGEx Minerals* O V 399 Nickel 28 Nickel 28* O 16 93 Nickel Creek* O Nickel Creek T 465 V 178 Nickel North V 71 Nickel Rock Nickel Rock* O 166 294 Nicola Mg Inc V Nicola Mg Inc* O 10 Nighthawk Gold* O 26 334 Nighthawk Gold T Niobay Metals V 193 V 705 Niocan Inc Niocorp Dev T 330 646 Niocorp Dev* O 285 Nippon Dragon V Nippon Dragon* O 168 Nobel Res V 605 Nobel Res* O 181 V 232 Noble Metal 1130 Noble Mineral V Noble Mineral* O 39 O 19 Noka Res* Noram Vent V 78 O 86 Noram Vent* V 379 Norra Metals Norrland Gold V 14 V 0 Norse Gold Norseman Silv V 73 50 Norsemont Cap C 48 Norsemont Cap* O Nortec Mnls V 699 O 80 Nortec Mnls* North Am Nickl V 0 North Arrow Mn* O 42 North Arrow Mn V 127 North Bay Res * O 91091 114 North Peak Res* O North Peak Res V 122 C 4 North Valley Northcliff Res T 130 180 Northern Light C Northern Light* O 12 Northern Uran V 322 367 Northisle C&G V 32 Northisle C&G * O 101 Northstar Gold C 44 Northstar Gold* O Northwest Cop* O 27 434 Northwest Cop V Norvista Cap V 74 NorZinc T 1084 O 72 NorZinc* Nouveau Monde V 134 181 Nouveau Monde* N NovaGold Res T 893 NovaGold Res* X 8024 T 1096 Novo Res Nrthn Graphite V 132 Nrthn Graphite* O 115 Nrthn Lion V 3 44 Nrthn Mnrls &E* O V 1322 Nrthn Shield Nrthn Superior V 47 106 Nrthn Superior* O NSJ Gold C 37 C 70 NSS Res Inc Nthn Dynasty* X 12914 Nthn Dynasty T 1124 Nubian Res V 1465 Nubian Res* O 1473 Nuinsco Res* O 102 Nuinsco Res C 1102 NuLegacy Gold V 2274 NuLegacy Gold* O 1503 Nutrien* N 15700 Nutrien T 9938 NV Gold V 162 NV Gold* O 623 O2Gold V 336 O3 Mining V 41 OceanaGold* O 2 OceanaGold T 5650 Oceanic Iron O V 106 Oceanus Res* O 501 Oceanus Res V 1070 Odyssey Res V 12 V 0 Olivut Res Olivut Res* O 120 Omai Gold V 747 Omai Gold* O 117 Omineca Mining* O 140 299 Omineca Mining V One World Lith* O 122 One World Lith C 797 Opawica Expl* O 17 Opawica Expl V 320 V 110 Ophir Gold Ophir Gold* O 96 Optimum Vent V 52 Optimum Vent* O 49 Optimus Gold V 17 Opus One Gold V 233 Orca Gold* O 160 V 0 Orca Gold Ord Mountain V 0 Orea Mining T 1187 Orea Mining* O 740 Orefinders Res V 617 Orestone Mng V 142 O 52 Orex Mnrls* Orex Mnrls V 104 Orezone Gold T 236 Orezone Gold* O 243 Orford Mining V 152 Origen Res* O 8 Origen Res C 403 Orla Mining T 1964 Oroco Res V 318 Oroco Res* O 247 Orsu Metals* O 3 Orsu Metals V 0 Orvana Mnrls* O 9 Orvana Mnrls T 20 Osino Res* O 156 Osino Res V 159 Osisko Gold* N 3686 Osisko Gold T 1637 Osisko Metals* O 133 Osisko Metals V 572 Osisko Mng Inc T 2672 Outback Gold* O 24 Outcrop S&G V 574 Outcrop S&G* O 216 Oz Lithium C 169 Oz Lithium* O 2 OZ Minerals* O 165

Week High

Low

3.42 0.09 0.07 1.45 0.13 0.00 0.04 1.75 0.42 0.33 22.87 18.20 0.20 0.00 69.88 88.45 0.09 0.46 0.03 0.04 9.68 6.42 5.03 2.42 0.01 0.02 0.18 0.14 2.96 2.35 1.59 1.11 0.07 0.09 0.05 0.10 0.09 0.09 0.07 0.50 0.63 0.16 0.08 1.20 0.99 0.03 0.05 0.13 0.09 0.01 0.07 0.05 0.33 0.73 0.59 0.04 0.11 0.00 0.18 0.73 0.57 0.01 0.01 0.00 0.10 0.12 0.00 0.75 0.91 0.07 0.04 0.09 0.06 0.03 0.31 0.28 0.14 0.12 0.42 0.54 0.06 0.03 0.03 7.33 5.87 7.80 6.20 0.75 0.67 0.52 0.18 0.10 0.03 0.78 0.63 0.15 0.05 0.33 0.43 0.10 0.09 0.01 0.02 0.06 0.04 99.50 125.73 0.09 0.08 0.03 2.15 2.41 3.16 0.14 0.33 0.41 0.03 0.00 0.04 0.08 0.07 0.11 0.14 0.04 0.05 0.24 0.30 0.07 0.06 0.38 0.29 0.11 0.04 0.67 0.00 0.00 0.07 0.05 0.05 0.03 0.06 0.06 1.45 1.14 0.11 0.19 0.27 5.57 1.36 1.08 0.10 0.00 0.27 0.35 0.90 1.15 12.05 15.18 0.39 0.48 4.10 0.15 0.18 0.15 0.16 0.08 17.51

3.03 0.08 0.06 0.95 0.00 0.00 0.04 0.00 0.37 0.29 22.07 17.43 0.16 0.00 66.63 84.26 0.00 0.44 0.02 0.00 8.65 5.60 4.43 2.15 0.01 0.01 0.00 0.00 2.66 2.19 1.30 0.96 0.06 0.08 0.00 0.09 0.06 0.08 0.00 0.44 0.56 0.15 0.07 1.06 0.84 0.00 0.01 0.09 0.07 0.00 0.06 0.05 0.26 0.65 0.53 0.03 0.00 0.00 0.00 0.68 0.53 0.00 0.01 0.00 0.00 0.09 0.00 0.63 0.80 0.07 0.00 0.07 0.00 0.02 0.27 0.22 0.14 0.10 0.38 0.49 0.00 0.03 0.02 6.66 5.30 6.98 5.51 0.65 0.60 0.48 0.00 0.10 0.00 0.00 0.58 0.00 0.04 0.29 0.37 0.00 0.06 0.01 0.01 0.05 0.03 93.18 117.46 0.00 0.06 0.00 2.04 2.41 2.91 0.00 0.30 0.37 0.00 0.00 0.03 0.08 0.00 0.09 0.00 0.03 0.04 0.16 0.23 0.00 0.00 0.34 0.26 0.00 0.00 0.65 0.00 0.00 0.05 0.04 0.04 0.00 0.04 0.00 1.30 0.99 0.10 0.19 0.22 4.71 1.24 0.98 0.10 0.00 0.25 0.31 0.84 1.07 11.16 14.12 0.34 0.43 3.61 0.11 0.14 0.11 0.00 0.00 0.00

12-month

Last Change

3.38 + 0.09 unch 0.06 unch 1.28 + 0.13 unch 0.04 unch 0.04 unch 1.63 + 0.41 + 0.33 + 22.08 17.96 + 0.17 0.29 unch 67.82 85.43 0.09 unch 0.44 0.03 0.04 unch 8.72 5.92 4.69 2.27 0.01 0.01 0.17 + 0.13 2.71 2.19 1.33 + 1.08 + 0.06 0.08 0.05 0.09 unch 0.07 0.08 0.07 0.48 + 0.60 + 0.15 unch 0.07 1.10 unch 0.87 + 0.02 0.02 + 0.12 + 0.09 + 0.01 unch 0.06 0.05 0.26 0.67 0.54 0.03 0.09 + 0.05 unch 0.16 0.69 + 0.55 + 0.01 unch 0.01 unch 0.58 unch 0.10 + 0.09 0.00 unch 0.63 0.80 0.07 unch 0.04 0.07 + 0.06 + 0.03 unch 0.28 0.22 0.14 unch 0.10 0.41 + 0.50 + 0.05 unch 0.03 unch 0.03 + 6.72 5.41 7.51 + 5.96 + 0.73 + 0.63 unch 0.48 0.18 0.10 unch 0.02 unch 0.72 0.59 0.13 0.04 0.31 + 0.39 + 0.08 0.06 0.01 + 0.02 unch 0.05 0.04 93.50 117.75 0.08 0.06 0.02 unch 2.07 2.41 unch 3.01 + 0.14 + 0.30 0.38 0.03 0.05 unch 0.04 unch 0.08 0.07 0.10 0.12 0.04 + 0.05 unch 0.24 + 0.28 + 0.06 0.05 0.36 + 0.28 0.11 0.04 0.65 unch 0.83 unch 0.20 unch 0.06 0.04 0.04 0.03 0.05 + 0.06 unch 1.41 + 1.10 + 0.10 unch 0.19 unch 0.25 + 5.51 + 1.34 + 1.06 + 0.10 unch 0.13 unch 0.27 + 0.33 + 0.86 1.08 11.77 + 14.80 unch 0.35 + 0.43 4.00 + 0.15 + 0.17 + 0.14 + 0.16 unch 0.08 unch 17.51 +

0.22 0.00 0.00 0.32 0.00 0.00 0.00 0.11 0.03 0.02 0.42 0.36 0.01 0.00 0.89 2.00 0.00 0.01 0.00 0.00 0.50 0.28 0.19 0.04 0.00 0.01 0.01 0.00 0.17 0.16 0.03 0.11 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.04 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.02 0.02 0.00 0.01 0.00 0.03 0.04 0.04 0.01 0.01 0.00 0.02 0.01 0.01 0.00 0.00 0.00 0.10 0.01 0.00 0.12 0.16 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.03 0.03 0.00 0.00 0.01 0.38 0.09 0.17 0.20 0.01 0.00 0.01 0.06 0.00 0.00 0.04 0.02 0.02 0.01 0.01 0.01 0.02 0.03 0.00 0.00 0.01 0.01 2.07 3.82 0.01 0.01 0.00 0.01 0.00 0.04 0.02 0.01 0.02 0.01 0.00 0.00 0.01 0.00 0.01 0.02 0.00 0.00 0.08 0.06 0.01 0.01 0.03 0.01 0.06 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.05 0.03 0.00 0.00 0.03 0.39 0.07 0.06 0.00 0.00 0.02 0.02 0.01 0.04 0.13 0.00 0.01 0.02 0.20 0.05 0.03 0.03 0.00 0.00 1.17

High Low

5.73 0.18 0.14 1.45 0.28 0.07 0.08 4.10 0.74 0.61 28.00 22.40 0.61 0.29 86.37 108.98 0.19 0.52 0.17 0.22 12.86 8.30 6.56 4.90 0.06 0.07 0.63 0.52 4.22 5.00 1.79 2.00 0.13 0.16 0.07 0.23 0.18 0.15 0.13 1.10 1.35 0.81 0.17 1.84 1.48 0.08 0.05 1.03 0.87 0.02 0.12 0.14 0.74 1.05 0.88 0.10 0.39 0.09 0.48 1.11 0.86 0.06 0.05 0.65 0.12 0.15 0.00 4.60 5.85 0.10 0.06 6.50 0.90 0.09 0.55 0.46 0.45 0.36 0.84 1.10 0.15 0.09 0.07 15.58 12.98 12.58 10.44 2.68 0.94 0.77 0.45 0.35 0.10 1.34 1.11 0.25 0.16 0.62 0.78 0.45 0.37 0.02 0.03 0.20 0.16 117.25 147.93 0.37 0.31 0.27 2.79 2.70 3.41 0.24 0.64 0.78 0.05 0.08 0.06 0.19 0.27 0.26 0.32 0.10 0.12 0.54 0.65 0.22 0.20 0.80 0.62 0.32 0.06 0.80 1.00 0.20 0.31 0.26 0.10 0.08 0.13 0.16 1.81 1.43 0.27 0.33 0.43 6.59 3.66 2.98 0.24 0.30 0.42 0.54 1.33 1.61 15.12 18.59 0.55 0.69 5.02 1.22 0.36 0.31 0.35 0.24 21.04

2.38 0.08 0.05 0.25 0.13 0.04 0.04 1.41 0.35 0.27 19.11 14.81 0.15 0.29 52.60 66.25 0.08 0.41 0.02 0.03 6.50 4.44 3.47 1.77 0.01 0.01 0.16 0.12 0.53 0.43 0.83 0.59 0.05 0.07 0.03 0.07 0.06 0.07 0.06 0.34 0.45 0.14 0.05 0.76 0.59 0.02 0.00 0.08 0.06 0.01 0.06 0.04 0.20 0.47 0.38 0.04 0.08 0.05 0.16 0.45 0.36 0.01 0.01 0.23 0.00 0.07 0.00 0.25 0.36 0.06 0.03 0.05 0.02 0.01 0.16 0.00 0.14 0.10 0.38 0.47 0.05 0.02 0.01 6.36 4.92 6.82 5.22 0.65 0.33 0.28 0.18 0.07 0.02 0.54 0.43 0.06 0.04 0.28 0.37 0.08 0.06 0.01 0.01 0.03 0.02 57.08 71.40 0.08 0.06 0.01 1.89 1.48 1.79 0.10 0.28 0.37 0.03 0.04 0.03 0.07 0.00 0.09 0.12 0.02 0.03 0.15 0.19 0.06 0.04 0.31 0.23 0.11 0.03 0.32 0.40 0.20 0.05 0.03 0.04 0.03 0.04 0.06 0.99 0.77 0.10 0.15 0.14 3.71 1.15 0.88 0.02 0.12 0.21 0.25 0.76 0.98 10.18 13.30 0.27 0.35 2.33 0.09 0.12 0.10 0.09 0.01 15.21

P-Q P2 Gold*

141

0.52

0.33 0.46

0.10

1.60 0.28

(100s) Stock

Exc Volume

Week High

Low

12-month

Last Change

High Low

P2 Gold V 271 Pac Arc Res V 0 Pac Bay Mnrls V 25 Pac Booker Min* O 27 1 Pac Booker Min V Pac Imperial V 441 Pac Ridge Expl V 259 147 Pac Ridge Expl* O Pacific Empire V 326 V 0 Pacific Silk Pacton Gold V 26 Paladin Energy* O 2232 20 Palamina Corp V Palamina Corp* O 0 286 Palayan Res* O Paleo Resource V 4 Palladium One* O 311 Palladium One V 1209 Pampa Metals C 219 Pampa Metals* O 30 Pan Am Silver* D 9013 Pan Am Silver T 1830 Pan Global Res* O 92 Pan Global Res V 529 Pancontinental V 55 3 Pancontinental* O Pangolin Dia V 51 390 Panoro Mnrls V Panoro Mnrls* O 308 94 Pantera Silver V 75 PanTerra Gold* O Pantheon Vent V 1277 52 Para Resources V Paramount Gold* X 292 V 962 Parlane Res C 170 Pasinex Res Pasofino Gold* O 20 18 Pasofino Gold V Patriot Gold C 48 Patriot Gold* O 414 Peabody Enrgy* N 29283 Pegasus Res V 281 243 Pegasus Res* O Pelangio Expl* O 123 71 Pelangio Expl V 102 Peloton Mnrls C Peloton Mnrls* O 164 PepinNini Lith* O 11 Perpetua Res T 30 703 Perpetua Res* D T 4736 Perseus Mng Pershimex Res V 4 483 Pershing Res* O Peruvian Metal* O 20 455 Peruvian Metal V 0 Petra Diamonds* O Petrolympic V 18 O 51 Petrolympic* Phenom Res* O 154 V 182 Phenom Res 1 Phoenix Global* O Phoenix Metals V 51 O 274 Pine Cliff En* Pine Cliff En T 5550 Pivit Explor C 166 PJX Res V 56 V 20 Plata Latina C 366 Platinex Inc Platinum Gp Mt T 416 Platinum Gp Mt* X 4106 Plato Gold V 633 V 213 Playfair Mng Playfair Mng* O 4 PNG Copper C 60 541 PolyMet Mng* X T 18 PolyMet Mng 495 Portofino Res V 247 Portofino Res* O Power Group V 0 587 Power Metals V Power Metals* O 283 PPX Mining* O 91 V 5 PPX Mining Precipitate Gl* O 466 273 Precipitate Gl V Prime Meridian V 1468 44 Prime Mining* O 1134 Prime Mining V Prism Res V 5 Prismo Metals C 362 ProAm Expl V 3 102 Probe Metals* O 117 Probe Metals V Prog Planet V 133 O 27 Prog Planet* Prospect Ridge C 61 40 Prosper Gold V Provenance Gld C 651 Providence V 131 Providence Gld* O 63 Pucara Gold V 26 PUF Vent Inc * O 1814 Puma Expl* O 90 Puma Expl V 398 Pure Alumina* O 2 Pure Energy* O 103 Pure Energy V 65 Pure Gold Mg* O 2520 Pure Gold Mg V 3757 Purepoint Uran V 1994 Q-Gold Res* O 2 Q-Gold Res V 0 QC Copper V 439 QC Copper* O 360 QC Precious * O 25 QC Precious V 72 QcX Gold V 24 61 QMC Quantum Ml*O QMC Quantum Ml V 83 QNB Metals C 23 Quadro Res* O 150 Quadro Res V 188 0 Quantum Batt* O Quantum Batt C 183 Quartz Mtn Res* O 0 Quartz Mtn Res V 0 Quebec Nickel C 411 287 Quebec Silica C Questex Gold* O 3 Questex Gold V 131

0.60 0.44 0.57 + 0.12 0.83 0.34 0.00 0.00 0.21 unch 0.00 0.26 0.14 0.08 0.00 0.07 unch 0.00 0.17 0.07 0.66 0.00 0.57 unch 0.00 3.90 0.43 0.90 0.00 0.79 - 0.12 4.99 0.53 0.04 0.00 0.03 - 0.02 0.06 0.02 0.41 0.35 0.38 + 0.04 0.58 0.10 0.31 0.25 0.30 + 0.04 0.47 0.08 0.05 0.00 0.04 unch 0.00 0.07 0.02 0.00 0.00 0.03 unch 0.00 0.04 0.02 0.36 0.00 0.36 + 0.02 0.88 0.27 0.57 0.51 0.54 + 0.01 0.80 0.27 0.15 0.00 0.14 - 0.01 0.37 0.13 0.00 0.00 0.11 unch 0.00 0.36 0.10 0.07 0.05 0.07 + 0.00 0.32 0.03 0.02 0.00 0.02 + 0.01 0.04 0.01 0.15 0.13 0.13 - 0.01 0.30 0.12 0.18 0.16 0.17 - 0.01 0.36 0.16 0.25 0.21 0.23 - 0.01 0.60 0.21 0.24 0.16 0.16 - 0.02 1.07 0.09 24.21 21.74 23.57 + 0.82 33.64 20.59 30.45 27.49 29.68 + 0.79 40.60 26.52 0.46 0.41 0.45 + 0.04 0.70 0.02 0.64 0.00 0.57 + 0.03 0.87 0.45 0.05 0.00 0.05 unch 0.00 0.18 0.05 0.04 0.03 0.03 - 0.01 0.15 0.03 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.18 0.15 0.16 - 0.01 0.21 0.11 0.15 0.13 0.14 - 0.01 0.18 0.08 0.18 0.14 0.17 + 0.04 0.34 0.12 0.05 0.00 0.05 unch 0.00 0.07 0.04 0.14 0.08 0.10 + 0.02 0.28 0.05 0.28 0.00 0.28 + 0.02 0.44 0.24 0.55 0.50 0.54 + 0.02 1.10 0.45 0.05 0.04 0.04 - 0.01 0.33 0.04 0.07 0.00 0.06 - 0.02 0.07 0.02 0.78 0.78 0.78 unch 0.00 1.39 0.46 0.90 0.00 0.90 unch 0.00 1.68 0.61 0.06 0.00 0.06 - 0.01 0.17 0.05 0.05 0.04 0.05 - 0.01 0.15 0.04 26.93 23.33 25.41 + 0.28 33.29 6.78 0.06 0.06 0.06 unch 0.00 0.11 0.04 0.05 0.04 0.05 + 0.01 0.10 0.01 0.05 0.04 0.04 - 0.01 0.13 0.04 0.07 0.00 0.06 - 0.01 0.16 0.06 0.05 0.04 0.05 - 0.01 0.12 0.04 0.04 0.04 0.04 - 0.00 0.09 0.03 0.35 0.34 0.34 - 0.01 0.73 0.19 4.58 4.00 4.48 + 0.02 11.45 3.79 3.66 3.16 3.54 + 0.06 9.42 2.94 1.77 1.66 1.72 + 0.03 1.88 1.11 0.03 0.00 0.03 - 0.01 0.07 0.03 0.04 0.03 0.04 + 0.01 0.09 0.01 0.10 0.00 0.07 - 0.02 0.18 0.02 0.15 0.10 0.11 - 0.01 0.22 0.09 0.00 0.00 1.31 unch 0.00 1.80 0.01 0.06 0.00 0.06 - 0.01 0.10 0.04 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.41 0.34 0.34 - 0.05 0.68 0.25 0.49 0.42 0.42 - 0.06 0.85 0.35 0.53 0.00 0.53 unch 0.00 1.29 0.47 0.10 0.00 0.10 + 0.01 0.55 0.08 1.60 1.48 1.51 - 0.01 1.60 0.27 2.02 1.87 1.90 - 0.05 2.05 0.33 0.13 0.10 0.10 - 0.02 0.35 0.10 0.19 0.00 0.19 + 0.01 0.24 0.14 0.04 0.00 0.04 + 0.01 0.05 0.02 0.06 0.05 0.06 + 0.01 0.07 0.04 2.53 2.22 2.43 - 0.12 5.18 1.58 2.12 1.76 1.93 - 0.07 4.32 1.21 0.04 0.00 0.04 - 0.01 0.05 0.02 0.08 0.00 0.07 - 0.01 0.30 0.07 0.05 0.02 0.05 + 0.03 0.29 0.00 0.06 0.00 0.05 - 0.02 0.17 0.05 3.08 2.74 2.96 - 0.09 4.79 2.41 3.90 3.49 3.71 - 0.13 6.15 3.05 0.09 0.08 0.08 - 0.01 0.17 0.08 0.07 0.00 0.07 - 0.01 0.14 0.05 0.00 0.00 0.02 unch 0.00 0.16 0.02 0.22 0.20 0.20 unch 0.00 0.34 0.17 0.17 0.15 0.16 + 0.01 0.27 0.13 0.03 0.03 0.03 unch 0.00 0.50 0.00 0.03 0.00 0.03 unch 0.00 0.05 0.02 0.08 0.00 0.06 - 0.01 0.13 0.05 0.09 0.08 0.09 - 0.01 0.17 0.07 0.09 0.00 0.07 unch 0.00 0.14 0.06 2.01 1.60 2.01 + 0.40 4.15 1.60 2.60 2.06 2.48 + 0.38 5.24 2.04 0.08 0.00 0.08 unch 0.00 0.22 0.07 0.18 0.14 0.16 - 0.01 0.42 0.12 0.05 0.00 0.05 - 0.02 0.10 0.05 1.45 0.00 1.43 unch 0.00 1.85 1.25 1.83 0.00 1.79 - 0.02 2.33 1.52 0.32 0.29 0.29 - 0.02 0.60 0.25 0.22 0.22 0.22 unch 0.00 0.48 0.19 0.33 0.28 0.30 + 0.02 2.75 0.24 0.37 0.00 0.30 - 0.08 2.28 0.31 0.12 0.09 0.11 + 0.03 0.18 0.08 0.06 0.00 0.06 + 0.01 0.10 0.06 0.05 0.04 0.04 - 0.01 0.16 0.00 0.10 0.00 0.10 unch 0.00 0.27 0.08 0.06 0.04 0.06 + 0.01 3.68 0.03 0.28 0.23 0.25 - 0.01 0.50 0.22 0.33 0.28 0.32 unch 0.00 0.64 0.26 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.89 0.76 0.82 - 0.03 2.11 0.59 1.08 1.00 1.02 - 0.06 2.60 0.83 0.21 0.15 0.20 + 0.04 1.50 0.11 0.26 0.19 0.25 + 0.06 1.81 0.14 0.09 0.07 0.07 - 0.01 0.17 0.07 0.06 0.06 0.06 unch 0.00 0.22 0.05 0.00 0.00 0.05 unch 0.00 0.26 0.04 0.24 0.21 0.24 + 0.03 0.47 0.15 0.20 0.16 0.19 + 0.02 0.37 0.11 0.10 0.08 0.10 + 0.02 0.27 0.08 0.14 0.13 0.13 + 0.01 0.33 0.10 0.03 0.00 0.03 - 0.01 0.25 0.03 0.18 0.16 0.17 - 0.00 0.33 0.14 0.23 0.21 0.21 - 0.01 0.39 0.18 0.09 0.08 0.09 + 0.01 0.25 0.05 0.03 0.02 0.02 - 0.00 0.13 0.01 0.04 0.00 0.04 unch 0.00 0.16 0.02 0.37 0.00 0.37 + 0.12 5.85 0.25 0.50 0.45 0.45 - 0.05 5.85 0.33 0.00 0.00 0.25 unch 0.00 0.29 0.00 0.00 0.00 0.23 unch 0.00 0.39 0.18 0.20 0.13 0.18 + 0.03 0.41 0.10 0.06 0.04 0.06 + 0.01 0.23 0.04 0.77 0.77 0.77 unch 0.00 0.98 0.43 0.98 0.00 0.97 - 0.01 1.18 0.54

Rackla Metals Rackla Metals* Radisson Mng Radius Gold Rain City Raindrop Vent Rainy Mtn Royl Rare Element* Rathdowney Res Ready Set Gold Recharge Res* Red Pine Expl Regulus Res Remington Res Renforth Res* Renforth Res Resolve Vent Reunion Gold Reunion Gold* Revival Gold Revival Gold * Rex Res Reyna Silver* Reyna Silver Rhyolite Res Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold* Riley Gold Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited* Rio2 Limited

0.00 0.00 0.15 unch 0.00 0.00 0.10 unch 0.14 0.12 0.13 0.32 0.28 0.30 + 0.05 0.00 0.05 unch 0.45 0.40 0.42 + 0.00 0.00 0.12 unch 0.90 0.82 0.85 0.03 0.00 0.03 unch 0.10 0.07 0.09 + 0.25 0.02 0.17 + 0.34 0.00 0.33 1.10 1.02 1.06 + 0.00 0.00 0.16 unch 0.04 0.04 0.04 + 0.06 0.05 0.05 unch 0.06 0.00 0.05 unch 0.33 0.28 0.29 0.26 0.22 0.23 0.56 0.54 0.56 + 0.45 0.42 0.45 + 0.10 0.00 0.10 0.36 0.28 0.29 0.44 0.35 0.36 0.46 0.00 0.46 + 0.05 0.00 0.05 + 0.35 0.29 0.32 + 0.01 0.01 0.01 0.02 0.00 0.02 unch 0.12 0.11 0.12 + 0.14 0.00 0.14 + 0.00 0.00 0.05 unch 0.07 0.03 0.07 unch 76.03 72.50 74.86 + 73.74 0.00 73.74 + 84.36 0.00 82.60 + 0.49 0.42 0.46 + 0.62 0.52 0.58 +

R V 0 O 0 V 1275 V 211 C 2177 C 21 V 0 O 435 V 39 C 172 O 385 V 171 V 219 V 0 O 130 C 552 V 386 V 828 O 155 V 280 O 113 V 51 O 1203 V 1042 V 268 V 5 V 309 O 100 V 56 O 14 V 684 V 0 O 155 N 13558 O 2 O 4 O 232 V 651

0.00 0.41 0.12 0.00 0.12 0.01 0.01 0.31 0.11 0.01 0.40 0.20 0.00 0.12 0.01 0.04 1.00 0.27 0.00 0.26 0.10 0.04 2.75 0.73 0.00 0.06 0.02 0.02 0.25 0.06 0.10 0.53 0.00 0.01 0.82 0.32 0.06 1.50 0.70 0.00 0.25 0.16 0.00 0.08 0.04 0.00 0.10 0.05 0.00 0.13 0.04 0.03 0.36 0.06 0.01 0.29 0.04 0.01 0.83 0.49 0.01 0.67 0.37 0.02 0.39 0.09 0.05 0.80 0.24 0.09 0.93 0.31 0.03 1.70 0.40 0.01 0.06 0.03 0.03 0.77 0.27 0.00 0.09 0.01 0.00 0.11 0.01 0.01 0.61 0.11 0.01 0.74 0.10 0.00 0.08 0.04 0.00 0.11 0.01 1.67 90.70 59.58 2.91 89.49 57.41 0.18 100.31 63.01 0.05 0.75 0.39 0.05 0.87 0.50

(100s) Stock

Exc Volume

Week High

Low

12-month

Last Change

High Low

Rise Gold Corp Rise Gold Corp* Riverside Res Riverside Res* RJK Explor RJK Explor* Robex Res Rochester Res Rochester Res* Rock Tech Lith* Rock Tech Lith Rockcliff Met Rockcliff Met* Rockhaven Re* Rockhaven Res Rockland Res Rockridge Res Rockwealth Res Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RooGold* RooGold RosCan Gold* RosCan Gold Ross River Rover Metals* Rover Metals Royal Fox Gold Royal Fox Gold* Royal Gold* Royal Rd Mnrls RT Minerals* RT Minerals RTG Mining Rugby Mng Running Fox Rs Rupert Res* Rupert Res Rusoro Mng* Rusoro Mng

C O V O V O V V O O V C O O V C V V V O O V V O O C O V V O V V O D V O V T V V O V O V

5 34 463 381 13 18 310 0 116 20 52 45 160 2 206 401 329 888 6 256 712 1069 438 203 310 298 238 107 0 74 723 1363 181 2539 156 3 1070 27 229 75 14 99 120 338

0.50 0.00 0.49 - 0.01 0.99 0.36 0.41 0.37 0.40 + 0.02 0.80 0.28 0.18 0.13 0.14 - 0.01 0.20 0.13 0.12 0.10 0.11 - 0.00 0.18 0.10 0.10 0.00 0.09 - 0.01 0.25 0.08 0.09 0.08 0.08 + 0.00 0.40 0.01 0.40 0.00 0.39 + 0.04 0.43 0.26 0.00 0.00 0.05 unch 0.00 0.10 0.04 0.04 0.03 0.04 unch 0.00 0.07 0.03 3.98 3.74 3.90 unch 0.00 7.53 3.10 5.25 4.72 4.81 - 0.12 9.38 3.96 0.06 0.05 0.06 + 0.01 0.08 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.06 0.06 0.06 unch 0.00 0.13 0.00 0.09 0.00 0.09 + 0.01 0.15 0.08 0.11 0.09 0.10 + 0.01 0.28 0.09 0.07 0.00 0.07 unch 0.00 0.17 0.07 0.30 0.27 0.27 unch 0.00 0.45 0.10 0.08 0.00 0.08 + 0.01 0.16 0.07 0.33 0.28 0.29 - 0.01 1.01 0.24 0.17 0.12 0.16 + 0.03 0.46 0.12 0.23 0.16 0.20 + 0.03 0.58 0.16 0.05 0.00 0.04 - 0.01 0.07 0.04 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.07 0.06 0.06 - 0.01 0.41 0.06 0.08 0.07 0.08 - 0.01 0.43 0.07 0.27 0.22 0.24 - 0.01 0.48 0.11 0.33 0.31 0.32 - 0.01 0.51 0.23 0.00 0.00 0.26 unch 0.00 0.26 0.26 0.03 0.02 0.02 - 0.01 0.10 0.03 0.04 0.00 0.04 unch 0.00 0.12 0.03 0.07 0.06 0.06 - 0.01 0.09 0.04 0.06 0.05 0.05 - 0.01 0.11 0.03 118.73 112.13 116.06 + 0.73 147.70 92.01 0.23 0.21 0.23 unch 0.00 0.38 0.16 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.02 0.00 0.02 + 0.01 0.10 0.01 0.07 0.00 0.07 - 0.01 0.17 0.07 0.15 0.00 0.14 unch 0.00 0.24 0.09 0.02 0.00 0.02 unch 0.00 0.05 0.02 4.57 4.10 4.22 + 0.12 5.37 3.30 5.65 5.10 5.30 + 0.03 6.77 4.19 0.06 0.05 0.05 + 0.00 0.06 0.03 0.08 0.07 0.07 unch 0.00 0.08 0.04

S2 Minerals Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res* Sable Res Sailfish Rylty Salazar Res* Salazar Res Sama Res Sama Res* San Lorenzo Sanatana Res* Sanatana Res Sandfire Res Sandfire Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama Res Sassy Res* Sassy Res Satori Res Saturn Mnrls Savannah Min Saville Res Scandium Intl Scandium Intl* Scorpio Gold * Scorpio Gold Scotch Creek Scotch Creek* Scottie Res* Scottie Res ScoZinc Mg* ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold Search Mnls Search Mnls* Searchlight* SearchlightRes Secova Metals* Secova Metals Sego Res Select Sands Sennen Potash Serabi Gold Sherritt Intl Shine Minerals Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res Sienna Res* Sierra Madre G* Sierra Madre G Sierra Metals Sierra Metals* Sigma Lithium* Sigma Lithium Signature Res Signature Res* Silver Bear Rs* Silver Bear Rs Silver Bull Re Silver Bull Re* Silver Dollar Silver Dollar* Silver Eleph Silver Grail Silver Hammer Silver Hammer* Silver One* Silver One Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands* Silver Sands Silver Spruce* Silver Spruce Silver Valley Silver Viper* Silver Viper Silver Wolf Silver Wolf* Silver X Silver X* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverstock Silverton Met* Silverton Met Sirios Res Sirios Res* Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res SKRR Explor Sky Gold* Sky Gold Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Slave Lake Zn* Snowline Gold Snowy Owl Sokoman Min Sokoman Min* Solaris Res SolGold plc* SolGold plc SolidusGold Solitario Ex&R Solitario Ex&R* Solstice Gold

C O T O V V O V V O V O V V O T N V V O C V V V V T O O V C O O V O V T N C V O O V O C V V V T T V O N O V O O V T X D V V O O T T O C O T V C O O V O V O V O C O V V O V V O V O T X X T C O V V O C O C O T V O V V O O V C O C C V O T O T V T X V

495 1154 3566 300 522 67 5 153 100 166 38 29 230 26 171 1379 7403 1085 73 51 811 48 3323 0 127 564 140 155 202 391 793 285 687 1 12 376 1644 3 900 45 147 153 34 4277 388 406 0 18 2459 0 3 18351 395 74 181 121 0 232 849 4623 312 207 392 70 0 130 442 218 133 128 12 268 355 1358 1021 5 5 6 10 98 72 40 796 166 930 1121 88 32 1171 428 1107 5354 2934 1100 0 157 64 55 25 737 58 317 49 2302 1010 17 35 693 339 30 434 107 1 262 120 185 241 1117 129 17 0 5 442 49

0.20 1.02 1.28 0.25 0.29 1.34 0.20 0.24 0.20 0.14 0.12 0.11 0.16 0.15 0.12 8.90 7.07 0.45 0.21 0.27 0.36 0.14 3.24 0.00 0.03 0.10 0.08 0.07 0.10 0.51 0.42 0.16 0.20 0.47 0.65 19.62 15.60 0.37 0.18 0.13 0.06 0.08 0.05 0.06 0.09 0.10 0.00 0.72 0.63 0.00 3.69 13.38 0.16 0.08 0.06 0.57 0.00 1.24 0.98 19.99 25.05 0.06 0.04 0.03 0.00 0.29 0.21 0.60 0.48 0.68 0.14 0.47 0.41 0.26 0.31 0.07 0.13 0.14 0.12 0.07 0.08 0.02 0.03 0.20 0.23 0.29 0.15 0.12 0.28 0.22 3.83 3.05 7.99 10.05 0.00 0.11 0.14 0.07 0.07 0.14 0.12 0.05 0.04 9.66 0.07 0.05 0.05 0.48 0.37 0.02 0.05 0.13 0.09 0.93 0.04 0.33 0.27 11.75 0.42 0.52 0.00 0.93 0.77 0.12

S 0.00 0.84 1.06 0.20 0.25 1.24 0.19 0.00 0.17 0.13 0.00 0.09 0.00 0.00 0.10 8.23 6.51 0.36 0.00 0.21 0.27 0.12 2.63 0.00 0.00 0.09 0.07 0.06 0.00 0.48 0.36 0.14 0.18 0.47 0.00 17.72 14.00 0.37 0.14 0.11 0.06 0.00 0.04 0.04 0.07 0.00 0.00 0.00 0.56 0.00 0.00 12.28 0.15 0.07 0.05 0.48 0.00 1.09 0.85 14.06 17.88 0.00 0.04 0.03 0.00 0.00 0.19 0.50 0.38 0.56 0.00 0.42 0.33 0.21 0.27 0.00 0.00 0.08 0.00 0.05 0.00 0.02 0.00 0.00 0.16 0.20 0.00 0.09 0.20 0.16 3.42 2.70 7.04 8.92 0.00 0.10 0.00 0.00 0.07 0.13 0.10 0.04 0.03 8.60 0.06 0.04 0.00 0.43 0.34 0.02 0.00 0.10 0.01 0.85 0.04 0.30 0.24 10.84 0.39 0.50 0.00 0.84 0.66 0.00

0.14 0.97 + 1.22 + 0.22 0.28 unch 1.34 + 0.19 0.22 0.18 unch 0.14 0.12 unch 0.11 + 0.16 + 0.15 + 0.12 8.68 + 6.91 + 0.40 + 0.20 + 0.27 + 0.35 + 0.12 2.75 0.26 unch 0.03 0.10 + 0.07 0.06 unch 0.08 + 0.50 + 0.40 + 0.14 0.18 0.47 unch 0.57 18.95 + 15.05 + 0.37 unch 0.16 + 0.12 0.06 0.08 0.04 0.05 + 0.07 0.09 0.45 unch 0.72 + 0.58 0.10 unch 3.69 + 12.66 0.15 0.07 0.06 + 0.56 unch 0.74 unch 1.17 unch 0.93 + 18.07 22.75 0.05 0.04 0.03 unch 0.05 unch 0.27 + 0.21 + 0.60 + 0.48 + 0.57 0.11 0.46 0.35 0.23 0.28 0.07 unch 0.13 + 0.11 0.12 0.06 0.08 unch 0.02 0.03 0.16 0.19 + 0.24 + 0.14 + 0.11 0.22 0.18 unch 3.68 + 2.91 7.70 + 9.69 + 0.12 unch 0.11 0.14 + 0.07 + 0.07 unch 0.13 0.10 0.05 0.03 9.46 + 0.06 unch 0.04 0.05 unch 0.45 0.35 0.02 unch 0.04 0.11 + 0.01 0.85 0.04 unch 0.30 0.25 11.17 0.40 + 0.52 + 0.11 unch 0.93 + 0.72 + 0.12 unch

0.06 0.11 0.13 0.00 0.00 0.05 0.01 0.01 0.00 0.00 0.00 0.02 0.01 0.02 0.00 0.21 0.25 0.01 0.01 0.06 0.08 0.02 0.44 0.00 0.01 0.01 0.00 0.00 0.01 0.02 0.01 0.02 0.01 0.00 0.09 0.58 0.57 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.12 0.04 0.00 1.02 0.46 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.23 0.43 0.01 0.00 0.00 0.00 0.01 0.01 0.08 0.07 0.07 0.01 0.01 0.02 0.03 0.04 0.00 0.04 0.03 0.03 0.01 0.00 0.00 0.01 0.03 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.15 0.09 0.00 0.00 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.19 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.08 0.06 0.00 0.02 0.01 0.24 0.01 0.02 0.00 0.06 0.01 0.00

0.30 1.58 1.93 0.30 0.36 1.65 0.32 0.42 0.28 0.22 0.22 0.15 0.20 0.24 0.20 11.61 9.31 0.57 0.28 0.74 0.90 0.18 4.49 0.35 0.06 0.26 0.21 0.14 0.17 0.98 2.88 0.22 0.27 0.55 0.75 28.00 22.22 1.05 0.33 0.27 0.11 0.14 0.22 0.22 0.15 0.14 0.45 1.40 0.85 0.16 5.15 20.64 0.28 0.15 0.12 0.79 0.90 4.38 3.61 19.99 25.05 0.19 0.16 0.15 0.15 1.55 1.25 1.12 0.91 4.05 0.25 1.08 0.86 0.65 0.78 0.19 0.19 0.23 0.25 0.21 0.25 0.09 0.11 0.33 0.66 0.79 0.57 0.50 0.52 0.41 7.90 6.54 10.40 12.99 0.29 0.64 0.79 0.11 0.10 0.20 0.15 0.09 0.07 17.11 0.20 0.21 0.25 0.87 0.70 0.12 0.16 0.32 0.38 1.34 0.16 0.78 0.64 17.17 0.52 0.67 0.12 1.20 0.98 0.25

0.13 0.80 1.04 0.12 0.16 1.09 0.15 0.21 0.12 0.09 0.08 0.06 0.07 0.11 0.08 6.86 5.31 0.22 0.15 0.21 0.25 0.10 2.20 0.21 0.03 0.08 0.01 0.03 0.05 0.40 0.18 0.12 0.16 0.44 0.45 17.49 13.42 0.20 0.12 0.09 0.03 0.06 0.00 0.04 0.07 0.04 0.45 0.51 0.36 0.09 0.00 10.51 0.11 0.06 0.05 0.31 0.39 1.01 0.77 4.60 5.62 0.05 0.04 0.00 0.04 0.23 0.18 0.49 0.37 0.50 0.11 0.36 0.29 0.19 0.26 0.07 0.07 0.03 0.09 0.05 0.07 0.02 0.02 0.11 0.16 0.20 0.11 0.08 0.20 0.00 3.22 2.46 5.99 7.84 0.12 0.08 0.09 0.06 0.04 0.08 0.06 0.04 0.03 8.60 0.06 0.03 0.05 0.31 0.24 0.00 0.03 0.06 0.05 0.24 0.04 0.24 0.18 10.16 0.29 0.39 0.07 0.53 0.41 0.09

GLOBAL MINING NEWS

(100s) Stock

Week

Exc Volume

Sonora Gld & S Sonoro Gold* Sonoro Gold SOPerior Fert South Atlantic* South Atlantic South Star Bat South Star Bat* South32* Southern Copp* Southern Emp* Southern Emp Southern Silvr Southern Silvr* SouthGobi Res Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res* SPC Nickel SPC Nickel* Spearmint Res Spearmint Res* Sphinx Res Spruce Ridge R SRG Mining SSR Mining* SSR Mining St Augustine St-Georges Eco St-Georges Eco* St. James Gold St. James Gold* Stakeholdr Gld Stallion Gold Standard Graph* Standard Metal* Standard Uran* Standard Uran Stans Energy Star Diamond* Star Diamond Star Gold* Starcore Intl* Starcore Intl Starr Peak* Starr Peak Stellar Africa Stellar Africa* Stelmine Can Stelmine Can* Steppe Gold Steppe Gold* Sterling Metal Sterling Metal* Stevens Gold* Stevens Gold Stinger Res Stinger Res* Stone Gold Straightup Res Straightup Re* Stratabd Mnr* Stratabd Mnr Strategic Metl* Strategic Metl Strategic Res Strategic Res* Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor Stuve Gold Sulliden Mng Summa Silver* Summa Silver Sun Peak Metal Sun Summit Sun Summit* Suncor Energy Suncor Energy* Superior Gold* Superior Gold Superior Mng Surge Battery* Surge Battery Surge Copper Surge Copper* Sylla Gold Syrah Res*

V 0 O 17 V 303 V 1547 O 1 V 59 V 101 O 120 O 9 N 6707 O 2 V 21 V 490 O 616 T 73 V 49 V 128 O 239 V 189 O 122 V 17 O 21 C 1490 O 1304 V 0 V 280 V 146 D 7667 T 1805 T 255 C 536 O 675 V 64 O 6 V 6 V 0 O 555 O 1 O 97 V 558 V 64 O 108 T 657 O 17 O 6 T 245 O 75 V 272 V 607 O 50 V 497 O 523 T 101 O 18 V 813 O 570 O 150 C 1668 V 48 O 24 V 362 C 99 O 16 O 23 V 140 O 29 V 107 V 58 O 50 V 43 V 638 O 512 V 4449 O 443 V 23 V 63 V 15 T 315 O 372 V 369 V 93 V 123 O 28 T 66382 N 41665 O 116 V 469 V 125 O 145 V 94 V 1460 O 265 V 54 O 253

Tajiri Res Talisker Res Talisker Res* Talmora Diamd Talon Metals Tanqueray Expl Tantalex Res Tanzanian Gold Tarachi Gold*

V T O C T V C T O

THE NORTHERN MINER / JUNE 13 — 26, 2022

High

Low

12-month

Last Change

High Low

0.00 0.00 0.09 unch 0.00 0.09 0.09 0.12 0.12 0.12 - 0.00 0.32 0.10 0.17 0.14 0.15 - 0.02 0.39 0.13 0.05 0.04 0.04 unch 0.00 0.11 0.02 0.01 0.01 0.01 unch 0.00 0.11 0.01 0.07 0.00 0.06 unch 0.00 0.10 0.04 0.14 0.13 0.14 + 0.01 0.38 0.10 0.11 0.10 0.11 + 0.00 0.30 0.08 3.59 0.00 3.59 + 0.32 4.09 2.03 64.52 61.15 63.44 + 0.68 79.32 53.36 0.08 0.08 0.08 unch 0.00 0.49 0.08 0.10 0.00 0.09 unch 0.00 0.25 0.09 0.28 0.23 0.26 unch 0.00 0.55 0.21 0.23 0.19 0.20 + 0.00 0.45 0.16 0.21 0.19 0.20 + 0.01 1.36 0.12 0.03 0.00 0.03 - 0.01 0.07 0.03 0.19 0.00 0.18 - 0.02 0.36 0.16 0.16 0.12 0.15 - 0.01 0.29 0.12 0.09 0.00 0.08 - 0.01 0.18 0.07 0.08 0.07 0.07 - 0.01 0.15 0.01 0.10 0.00 0.10 - 0.01 0.26 0.07 0.12 0.00 0.09 - 0.04 0.15 0.00 0.11 0.09 0.10 unch 0.00 0.21 0.08 0.09 0.07 0.09 + 0.01 0.19 0.05 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.08 0.00 0.07 unch 0.00 0.15 0.06 0.89 0.00 0.86 + 0.09 0.95 0.37 21.48 19.22 20.94 + 1.16 24.58 14.19 27.01 24.30 26.33 + 1.14 31.00 18.08 0.08 0.07 0.08 + 0.01 0.19 0.07 0.25 0.22 0.22 - 0.01 0.58 0.19 0.19 0.17 0.18 - 0.01 0.46 0.15 0.43 0.38 0.43 + 0.01 5.58 0.38 0.36 0.31 0.36 + 0.02 4.45 0.29 0.64 0.00 0.60 unch 0.00 1.12 0.59 0.00 0.00 0.27 unch 0.00 0.60 0.24 0.00 0.00 0.00 + 0.00 0.50 0.00 6.93 0.00 6.93 + 1.23 18.00 1.01 0.10 0.09 0.10 - 0.00 0.39 0.08 0.13 0.12 0.12 - 0.01 0.51 0.10 0.01 0.00 0.01 unch 0.00 0.06 0.01 0.23 0.00 0.23 + 0.00 0.37 0.13 0.29 0.26 0.28 + 0.02 0.49 0.17 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.23 0.21 0.23 + 0.03 0.23 0.13 0.29 0.27 0.29 + 0.01 0.31 0.19 1.00 0.82 0.99 + 0.17 3.29 0.73 1.27 1.07 1.20 + 0.12 3.92 1.01 0.06 0.05 0.06 + 0.01 0.08 0.04 0.05 0.04 0.04 - 0.00 1.00 0.01 0.23 0.16 0.22 + 0.07 0.35 0.13 0.20 0.12 0.18 + 0.05 0.31 0.11 1.30 1.13 1.30 + 0.10 2.24 1.08 1.03 0.93 1.01 + 0.06 1.84 0.83 0.39 0.27 0.35 + 0.12 0.69 0.20 0.31 0.18 0.28 + 0.10 0.56 0.15 0.21 0.14 0.21 + 0.06 0.25 0.06 0.28 0.18 0.25 + 0.07 0.30 0.08 0.10 0.00 0.10 + 0.02 0.30 0.08 0.14 0.07 0.07 - 0.07 0.24 0.01 0.25 0.20 0.20 - 0.04 0.30 0.07 0.11 0.08 0.11 + 0.01 0.32 0.08 0.14 0.09 0.09 - 0.00 0.26 0.07 0.04 0.04 0.04 + 0.00 0.25 0.04 0.06 0.00 0.05 - 0.01 0.19 0.05 0.26 0.24 0.25 - 0.00 0.36 0.21 0.32 0.00 0.32 - 0.01 0.43 0.28 0.34 0.00 0.32 + 0.05 0.45 0.19 0.23 0.23 0.23 unch 0.00 0.28 0.19 0.23 0.00 0.22 + 0.02 0.65 0.15 0.08 0.00 0.07 - 0.01 0.25 0.06 0.06 0.06 0.06 - 0.00 0.23 0.05 0.51 0.43 0.47 + 0.03 0.58 0.18 0.40 0.31 0.39 + 0.07 0.44 0.13 0.42 0.00 0.42 + 0.05 0.80 0.24 0.66 0.62 0.64 - 0.01 0.99 0.50 0.12 0.00 0.10 - 0.01 0.30 0.10 0.08 0.00 0.08 + 0.01 0.28 0.07 0.76 0.66 0.74 + 0.00 1.41 0.62 0.93 0.83 0.92 unch 0.00 1.60 0.80 0.21 0.00 0.19 - 0.02 0.42 0.18 0.30 0.28 0.29 + 0.01 1.35 0.26 0.22 0.21 0.21 unch 0.00 1.09 0.20 53.17 50.52 51.42 - 0.24 53.17 21.90 42.02 39.57 40.87 + 0.26 42.02 17.10 0.70 0.64 0.68 + 0.03 0.94 0.35 0.88 0.83 0.85 + 0.03 1.20 0.45 0.33 0.00 0.30 - 0.03 0.71 0.25 0.07 0.05 0.06 - 0.00 0.35 0.05 0.08 0.00 0.07 - 0.01 0.38 0.07 0.24 0.21 0.23 + 0.01 0.47 0.20 0.19 0.17 0.18 - 0.00 0.38 0.15 0.22 0.00 0.17 - 0.02 0.30 0.17 1.37 1.15 1.18 - 0.12 2.48 0.71

T 40 900 519 30 2318 74 1289 74 36

0.05 0.25 0.19 0.02 0.62 7.12 0.15 0.44 0.08

0.00 0.22 0.17 0.02 0.56 6.53 0.10 0.40 0.07

0.05 + 0.01 0.09 0.04 0.24 + 0.01 0.38 0.22 0.19 + 0.01 0.31 0.17 0.02 unch 0.00 0.04 0.02 0.58 + 0.01 0.89 0.44 7.02 + 0.22 20.20 4.52 0.13 + 0.04 0.19 0.05 0.41 - 0.02 0.75 0.35 0.08 + 0.01 0.31 0.06

(100s) Stock

Exc Volume

Tarachi Gold C 450 Taranis Res V 19 Taranis Res* O 100 Tarku Res V 28 Tarku Res* O 125 Tartisan Nick C 302 Tartisan Nick* O 97 Taseko Mines T 7278 Taseko Mines* X 7846 TDG Gold V 26 Teck Res T 20 Teck Res* N 20688 Teck Res T 9348 74 Tectonic Metal* O Tectonic Metal V 1780 Temas Res* O 195 Temas Res C 168 Tembo Gold V 272 Tembo Gold* O 21 20 Tempus Res* O Tempus Res V 92 Teras Res V 42 O 89 Teras Res* Terrax Mnrls V 352 Terrax Mnrls* O 223 Terreno Res V 0 Tesoro Mnrls V 0 Teuton Res V 102 Teuton Res* O 36 148 Texas Mineral* O Themac Res V 0 Thesis Gold V 124 O 2 Theta Gold* Thor Explor V 245 O 44 Thor Explor* Three Valley* O 47 Three Valley V 312 Thunder Mtn Gd* O 60 0 Thunder Mtn Gd V 106 Thunderstruck V Thunderstruck* O 63 Tier One Silv V 408 Timberline Res V 141 275 Timberline Res* O Tinka Res* O 256 Tinka Res V 245 Tintina Mines V 3 O 4 Tisdale Res* Tisdale Res V 12 T 53 Titan Mining Titan Mining* O 10 117 Titanium Corp V TNR Gold V 250 Tocvan Venture C 335 0 Tocvan Venture* O TomaGold V 149 450 Tombill Mines V 339 Tombill Mines* O Tombstone Expl* O 6 Tonogold Res* O 3867 O 59 Torex Gold* Torex Gold T 1171 1 Torq Resources* O Torq Resources V 290 O 26 Tower Res* Tower Res V 585 Traction Uran* O 16 Traction Uran C 1150 Trailbreaker* O 2 V 1 Trailbreaker Trans Canada V 49 Transatlantic* O 80 V 623 Transatlantic Transforma Res V 9 Transition Met V 33 47 Transition Met* O Treasury Metal T 774 143 Treasury Metal* O Trecora Res* N 5098 Tres-Or Res V 2 Trevali Mining T 1016 Tri-River Vent V 0 V 0 Trident Gold Trifecta Gold* O 62 V 47 Trifecta Gold Trillium Gold* O 388 Trillium Gold V 726 Trilogy Mtls T 81 Trilogy Mtls* X 555 116 TriMetals Mng* O Trinity Res* O 0 Triple Flag T 30 TriStar Gold V 72 O 621 TriStar Gold* 75 Triumph Gold V Triumph Gold* O 10 Troilus Gold* O 151 Troilus Gold T 259 Troubadour Res V 0 TRU Precious V 289 TRU Precious* O 51 5 True North Gem V X 3929 TRX Gold* Tudor Gold * O 71 Tudor Gold V 224 31 Turmalina Met V

Week High

Low

12-month

Last Change

High Low

0.10 0.09 0.10 + 0.01 0.38 0.08 0.12 0.00 0.12 - 0.01 0.15 0.08 0.10 0.10 0.10 unch 0.00 0.11 0.07 0.06 0.00 0.06 - 0.02 0.16 0.05 0.05 0.05 0.05 unch 0.00 4.84 0.01 0.44 0.34 0.40 + 0.04 0.56 0.30 0.34 0.27 0.32 + 0.03 0.46 0.20 2.22 1.99 2.08 - 0.04 3.03 1.71 1.75 1.57 1.65 - 0.01 2.52 1.30 0.37 0.00 0.34 - 0.03 0.75 0.37 58.74 53.56 56.50 - 0.50 62.75 28.70 45.47 41.40 43.89 + 0.68 45.47 19.32 57.21 52.39 55.30 + 0.31 57.21 24.84 0.04 0.00 0.04 + 0.00 0.15 0.03 0.06 0.05 0.06 + 0.01 0.18 0.05 0.08 0.07 0.08 + 0.01 0.50 0.05 0.10 0.09 0.10 + 0.01 0.60 0.07 0.27 0.00 0.25 unch 0.00 0.36 0.12 0.22 0.19 0.21 + 0.02 0.24 0.09 0.05 0.00 0.05 unch 0.00 0.42 0.05 0.07 0.07 0.07 unch 0.00 0.28 0.07 0.04 0.00 0.03 - 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.20 0.19 0.20 unch 0.00 0.30 0.16 0.16 0.15 0.15 - 0.00 0.24 0.13 0.00 0.00 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.03 unch 0.00 0.06 0.03 1.70 1.56 1.65 + 0.04 2.75 1.48 1.72 1.00 1.40 + 0.14 2.42 1.00 1.86 1.68 1.73 + 0.02 2.55 1.30 0.00 0.00 0.06 unch 0.00 0.12 0.06 2.03 1.95 2.00 - 0.02 3.08 1.10 0.09 0.09 0.09 unch 0.00 0.25 0.06 0.30 0.00 0.30 + 0.02 0.40 0.20 0.22 0.22 0.22 + 0.00 1.00 0.17 0.03 0.03 0.03 - 0.00 0.59 0.02 0.04 0.04 0.04 unch 0.00 0.67 0.03 0.10 0.00 0.09 - 0.03 0.19 0.06 0.00 0.00 0.10 unch 0.00 0.19 0.10 0.07 0.00 0.07 + 0.01 0.13 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.47 0.42 0.45 + 0.01 1.90 0.42 0.26 0.22 0.24 + 0.02 0.39 0.15 0.20 0.18 0.19 + 0.01 0.35 0.11 0.15 0.14 0.15 + 0.00 0.21 0.10 0.21 0.18 0.18 - 0.02 0.28 0.13 0.05 0.00 0.05 - 0.01 0.08 0.03 0.23 0.23 0.23 unch 0.00 0.55 0.20 0.34 0.00 0.30 - 0.07 0.70 0.02 0.67 0.00 0.67 + 0.03 0.79 0.28 0.53 0.53 0.53 + 0.04 0.74 0.10 1.40 1.24 1.25 - 0.12 2.00 0.20 0.05 0.04 0.04 unch 0.00 0.07 0.04 0.94 0.82 0.94 + 0.10 1.67 0.67 0.00 0.00 0.70 unch 0.00 1.18 0.58 0.07 0.06 0.07 unch 0.00 0.08 0.05 0.09 0.07 0.09 + 0.01 0.29 0.04 0.08 0.06 0.07 + 0.01 0.35 0.03 0.99 0.60 0.99 + 0.06 2.80 0.51 0.11 0.09 0.09 - 0.02 0.22 0.09 10.55 9.75 10.24 + 0.07 15.00 8.99 13.30 12.33 12.89 - 0.02 18.09 11.78 0.58 0.00 0.57 + 0.06 0.85 0.43 0.75 0.62 0.75 + 0.10 1.08 0.55 0.26 0.23 0.24 + 0.01 0.27 0.03 0.33 0.29 0.30 - 0.02 0.33 0.04 0.38 0.00 0.38 + 0.08 1.00 0.24 0.48 0.37 0.47 + 0.11 1.08 0.20 0.18 0.18 0.18 unch 0.00 0.38 0.14 0.25 0.00 0.25 + 0.01 0.49 0.17 0.06 0.00 0.06 unch 0.00 0.26 0.06 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.02 0.00 0.02 unch 0.00 0.05 0.01 0.07 0.00 0.07 unch 0.00 0.20 0.06 0.13 0.00 0.13 + 0.01 0.22 0.12 0.10 0.09 0.10 + 0.01 0.20 0.07 0.48 0.44 0.44 - 0.02 0.97 0.44 0.38 0.35 0.35 - 0.01 0.80 0.34 9.79 9.67 9.74 + 0.06 9.79 7.46 0.07 0.00 0.07 unch 0.00 0.15 0.06 0.72 0.63 0.65 - 0.02 2.70 0.57 0.00 0.00 0.04 unch 0.00 0.04 0.04 0.00 0.00 0.18 unch 0.00 0.18 0.09 0.05 0.05 0.05 + 0.00 0.24 0.00 0.06 0.00 0.06 unch 0.00 0.13 0.06 0.27 0.23 0.25 + 0.03 1.12 0.21 0.34 0.29 0.30 - 0.01 1.34 0.27 1.38 1.21 1.38 + 0.16 3.65 1.09 1.10 0.93 1.09 + 0.14 3.03 0.83 0.14 0.14 0.14 - 0.01 0.21 0.08 0.00 0.00 0.19 unch 0.00 0.75 0.00 16.43 15.85 16.39 + 0.27 20.83 10.50 0.17 0.00 0.17 + 0.01 0.31 0.14 0.14 0.12 0.13 unch 0.00 0.25 0.11 0.09 0.00 0.08 - 0.01 0.23 0.07 0.07 0.06 0.06 - 0.00 0.19 0.06 0.54 0.00 0.52 - 0.01 1.03 0.45 0.69 0.62 0.64 - 0.05 1.23 0.60 0.00 0.00 0.15 unch 0.00 0.61 0.12 0.12 0.00 0.12 + 0.02 0.44 0.10 0.10 0.00 0.10 + 0.02 0.41 0.02 0.09 0.00 0.07 - 0.02 0.12 0.07 0.35 0.31 0.35 + 0.02 0.60 0.26 1.35 1.15 1.25 - 0.04 2.49 1.05 1.65 1.56 1.57 - 0.04 2.81 1.58 0.51 0.00 0.49 unch 0.00 1.13 0.34

(100s) Stock

Week

Exc Volume

Turmalina Met* Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tymbal Res

O N T V O V

High

52 2830 2702 782 14 2

Low

12-month

Last Change

0.41 0.34 0.40 30.32 27.70 30.15 38.12 35.03 37.98 0.04 0.03 0.03 0.03 0.02 0.02 0.01 0.00 0.01

High Low

+ 0.01 0.98 0.27 + 2.21 30.89 9.75 + 2.45 38.91 12.15 - 0.01 0.06 0.03 - 0.00 0.05 0.02 + 0.01 0.02 0.01

U-V U.S. Gold* D 76 U3O8 Corp V 149 Ubique Mineral C 139 O 2382 UC Res* Ucore Rare Mtl V 115 Ucore Rare Mtl* O 156 UEX Corp T 2483 Ultra Resource* O 135 Ultra Resource V 380 Umbral Enrgy* O 168 O 221 Unigold* Unigold V 505 93 United Battery C United Battery* O 223 11 United Res Hdg* O United States A* X 869 United States S* N 62314 40 Universal Cop* O Universal Cop V 357 66 Universal Vent V Ur-Energy* X 7951 Ur-Energy T 643 896 Uragold Bay Rs V Uranium Energy* X 93306 Uranium Hunter* O 931 Uranium Res* X 2525 494 Uranium Roylty V Uranium Roylty* D 1937 Uravan Mnrls V 95 USCorp* O 140 O 45 Usha Res* Usha Res V 522 V 111 Val-d’Or Mg Val-d’Or Mg* O 200 N 145642 Vale* ValOre Metals* O 155 ValOre Metals V 566 Valorem Res C 302 Valterra Res* O 84 V 31 Valterra Res Vanadian Enrgy* O 8 Vanadian Enrgy V 65 Vanadiumcorp V 95 139 Vanstar Mng Rs* O Vanstar Mng Rs V 400 Vantex Res V 1 Vatic Vent V 152 7 Velocity Mnrls V Velocity Mnrls* O 4 11 Vendetta Mng* O Vendetta Mng V 654 Venerable Vent V 0 50 Venture Mnrls* O Verde Potash T 1146 O 119 Verde Res* Vertical Expl V 216 Victoria Gold* O 71 Victoria Gold T 771 O 168 Victory Res* Victory Res C 1080 35 Virginia Enrgy* O Virginia Enrgy V 63 130 Viscount Mng V Visible Gold M V 95 19 Visible Gold M* O Vision Lithium V 518 Vision Lithium* O 244 147 Visionary Gold V T 3 Vista Gold X 618 Vista Gold* Viva Gold* O 141 Viva Gold V 47 58 Vizsla Copper V Vizsla Silver V 702 Volatus Cap C 4 Volcanic Gold* O 54 Volcanic Gold V 96 O 128 Volt Carbon* Volt Carbon V 75 Voyager Metals V 75 86 Voyager Metals* O Voyageur Min V 818 119 Voyageur Min C Voyageur Min* O 122 80 VR Resources* O VR Resources V 187 141 Vulcan Mnrls* O Vulcan Mnrls V 1421 VVC Expl V 402 VVC Expl* O 195

5.30 0.20 0.10 2.91 0.83 0.66 0.29 0.18 0.23 0.06 0.08 0.09 0.31 0.29 0.04 0.45 26.64 0.05 0.07 4.76 1.35 1.68 0.49 4.22 0.02 1.31 4.05 3.20 0.15 0.01 0.27 0.35 0.11 0.08 18.84 0.36 0.44 0.03 0.02 0.02 0.03 0.04 0.12 0.33 0.41 0.23 0.18 0.27 0.21 0.05 0.06 0.00 0.03 9.92 0.08 0.06 11.76 14.82 0.04 0.05 0.34 0.43 0.31 0.14 0.10 0.12 0.09 0.08 1.06 0.85 0.08 0.10 0.12 1.97 0.09 0.26 0.32 0.12 0.13 0.12 0.10 0.12 0.31 0.09 0.21 0.26 0.26 0.34 0.15 0.12

4.70 0.00 0.10 2.30 0.75 0.59 0.26 0.17 0.21 0.04 0.06 0.08 0.28 0.19 0.00 0.40 24.51 0.04 0.00 3.66 1.15 1.46 0.42 3.52 0.01 1.18 3.69 2.91 0.00 0.00 0.23 0.30 0.00 0.08 17.82 0.30 0.39 0.00 0.01 0.00 0.02 0.00 0.00 0.30 0.00 0.00 0.00 0.00 0.21 0.04 0.06 0.00 0.03 8.90 0.07 0.00 9.98 13.00 0.00 0.03 0.31 0.00 0.28 0.00 0.08 0.11 0.08 0.00 1.00 0.78 0.07 0.00 0.00 1.70 0.00 0.24 0.30 0.06 0.09 0.12 0.08 0.10 0.30 0.09 0.18 0.23 0.23 0.28 0.12 0.09

5.03 + 0.20 unch 0.10 + 2.44 0.81 unch 0.66 + 0.27 0.18 + 0.22 unch 0.05 + 0.07 + 0.08 0.28 0.23 0.04 + 0.42 24.94 0.05 + 0.06 unch 4.35 + 1.31 + 1.63 + 0.43 3.94 + 0.02 + 1.25 unch 3.80 3.03 + 0.15 unch 0.01 + 0.27 + 0.34 + 0.11 + 0.08 unch 18.54 + 0.32 0.41 0.03 + 0.02 0.02 unch 0.02 0.03 unch 0.12 unch 0.32 + 0.40 + 0.23 0.18 unch 0.27 unch 0.21 + 0.05 + 0.06 unch 0.12 unch 0.03 unch 9.20 0.07 + 0.06 + 11.70 + 14.79 + 0.02 0.03 0.32 0.38 0.30 0.13 0.09 + 0.11 unch 0.09 + 0.08 + 1.03 0.83 unch 0.08 + 0.10 + 0.11 1.89 + 0.09 + 0.24 0.31 0.09 + 0.12 + 0.12 0.09 0.12 + 0.30 unch 0.09 + 0.18 0.23 0.26 + 0.32 + 0.12 0.10 -

0.08 13.20 3.91 0.00 0.70 0.11 0.02 0.10 0.04 0.09 20.97 2.02 0.00 1.25 0.71 0.03 1.03 0.54 0.01 0.60 0.24 0.01 0.34 0.11 0.00 0.45 0.13 0.00 0.12 0.01 0.01 0.17 0.06 0.01 0.21 0.08 0.02 1.04 0.28 0.02 0.89 0.06 0.00 0.25 0.01 0.00 1.15 0.34 1.64 39.25 17.98 0.01 0.15 0.01 0.00 0.15 0.06 0.66 8.25 2.60 0.06 2.15 1.01 0.05 2.72 1.28 0.04 0.85 0.28 0.06 6.60 1.89 0.00 0.07 0.01 0.00 5.70 1.00 0.02 7.31 2.75 0.03 5.95 2.25 0.00 0.65 0.11 0.00 0.07 0.00 0.04 0.34 0.15 0.04 0.40 0.18 0.01 0.21 0.10 0.00 0.29 0.03 0.45 23.18 11.16 0.02 0.50 0.16 0.01 0.63 0.22 0.01 0.44 0.02 0.00 0.05 0.01 0.00 0.06 0.02 0.01 0.10 0.02 0.00 0.13 0.03 0.00 0.65 0.11 0.02 0.69 0.25 0.03 0.83 0.33 0.03 0.26 0.16 0.00 0.31 0.15 0.00 0.50 0.25 0.01 0.41 0.18 0.01 0.07 0.01 0.00 0.08 0.04 0.00 0.12 0.12 0.00 0.12 0.03 0.66 11.54 0.88 0.00 0.27 0.03 0.01 0.20 0.05 0.89 18.50 9.50 1.07 22.54 12.72 0.00 0.11 0.02 0.01 0.14 0.03 0.01 0.79 0.14 0.05 0.98 0.18 0.01 0.55 0.27 0.01 0.21 0.07 0.01 0.25 0.00 0.00 0.34 0.10 0.00 0.27 0.07 0.02 0.24 0.05 0.04 1.72 0.77 0.00 1.40 0.59 0.01 0.20 0.06 0.01 0.25 0.08 0.01 0.70 0.09 0.18 3.45 1.43 0.05 0.17 0.02 0.02 0.55 0.03 0.03 0.67 0.24 0.03 0.19 0.06 0.03 0.24 0.07 0.02 0.28 0.11 0.01 0.30 0.00 0.01 0.20 0.08 0.00 0.50 0.30 0.00 0.23 0.03 0.02 0.55 0.19 0.02 0.68 0.24 0.02 0.35 0.10 0.03 0.42 0.17 0.02 0.30 0.09 0.01 0.50 0.07

W-Z Walker River Walker River* Wallbridge Mng* Wallbridge Mng

V 487 O 113 O 965 T 15095

0.07 0.07 0.20 0.25

0.06 0.07 unch 0.00 0.03 0.05 - 0.02 0.18 0.19 - 0.00 0.22 0.24 + 0.01

0.14 0.14 0.57 0.67

0.04 0.01 0.18 0.22

(100s) Stock

Exc Volume

Waraba Gold C 41 Warrior Gold* O 274 Warrior Gold V 202 Waseco Res V 0 Wealth Mnrls V 499 Wealth Mnrls* O 745 Wedgemount Res C 9 231 Wescan Gldflds V Wesdome Gold* O 629 Wesdome Gold T 1991 131 West High Yld V West Mining* O 46 C 221 West Mining West Oak Gold C 140 West Red Lake* O 104 398 West Red Lake C West Vault V 26 Western Alaska V 42 Western Areas* O 1 Western Atlas V 548 Western Copper T 512 Western Copper* X 848 Western Gold V 4 Western Mag* O 1598 Western Mag V 333 Western Potash T 297 3 Western Res* O Western Troy C V 50 395 Western U&V C Western U&V* O 313 Westgold Res* O 1 301 Westhaven Gold V Westhaven Gold* O 24 Westkam Gold* O 35 Westkam Gold V 6 Westminster Rs V 37 378 Westward Gold C Wheaton Prec T 5130 Wheaton Prec* N 10928 White Energy* O 27 White Gold* O 34 White Gold V 155 White Metal R* O 1 White Metal Rs V 1417 White Mtn Engy* O 339 Whitehaven Coa* O 89 Whitehorse GC V 196 Wildsky Res* O 0 V 57 Wildsky Res Winshear Gold V 207 Winston Gold* O 813 Winston Gold C 374 Winston Res C 1778 9 Wolfden Res* O Wolfden Res V 2038 Wolfeye Res V 55 146 World Copper V Worldwide Res V 0 V 3322 X-Terra Res X-Terra Res* O 34 Xanadu Mines T 165 13 Xanadu Mines* O Xander Res* O 46 Xander Res V 140 Ximen Mining V 786 Ximen Mining* O 7 Xplore Res V 219 Xtierra Inc V 57 Xtra-Gold Res T 16 Xtra-Gold Res* O 24 Yamana Gold T 24044 Yamana Gold* N 251997 Yanzhou Coal* O 3 3 Yorbeau Res* O Yorbeau Res T 46 York Harbour V 952 111 York Harbour* O Zacatecas Silv V 221 104 Zacatecas Silv* O ZEB Nickel V 9 Zena Mining V 53 Zephyr Mnls V 169 Zephyr Mnls* O 68 Zimtu Capital V 28 Zincore Mtls V 0 ZincX Res V 509 ZincX Res* O 2 Zonte Metals V 28

Week High

Low

12-month

Last Change

High Low

0.12 0.12 0.12 unch 0.00 0.21 0.01 0.06 0.00 0.06 + 0.04 0.08 0.01 0.06 0.00 0.06 + 0.01 0.09 0.04 0.00 0.00 0.03 unch 0.00 0.05 0.03 0.27 0.24 0.27 unch 0.00 0.70 0.21 0.22 0.19 0.21 + 0.01 0.56 0.16 0.13 0.10 0.10 - 0.03 0.79 0.10 0.10 0.00 0.09 + 0.01 0.12 0.06 10.52 9.06 10.21 + 0.82 13.23 7.77 13.25 11.45 12.83 + 0.88 16.77 9.76 0.55 0.54 0.54 - 0.01 1.22 0.17 0.05 0.04 0.05 - 0.00 0.24 0.04 0.07 0.06 0.06 unch 0.00 0.28 0.05 0.10 0.10 0.10 - 0.01 0.19 0.10 0.04 0.03 0.04 - 0.00 0.07 0.03 0.05 0.05 0.05 unch 0.00 0.09 0.05 1.15 0.00 1.14 - 0.01 1.46 0.90 1.72 1.62 1.64 - 0.06 2.08 0.70 2.75 0.00 2.75 unch 0.00 2.96 1.59 0.06 0.00 0.05 - 0.01 0.13 0.05 2.29 2.10 2.12 - 0.05 3.14 1.63 1.82 1.65 1.68 - 0.02 2.62 1.26 0.15 0.00 0.15 - 0.04 0.40 0.14 0.25 0.21 0.22 + 0.00 0.76 0.15 0.31 0.28 0.28 - 0.01 0.96 0.18 0.38 0.36 0.36 - 0.02 0.48 0.15 0.29 0.29 0.29 unch 0.00 1.88 0.07 0.12 0.00 0.12 - 0.01 0.23 0.12 1.50 1.25 1.50 + 0.26 4.18 1.11 1.17 0.96 1.17 + 0.17 3.28 0.90 1.01 0.00 1.01 - 0.01 1.75 0.91 0.64 0.56 0.57 - 0.08 0.80 0.33 0.50 0.45 0.45 - 0.05 0.66 0.27 0.10 0.10 0.10 unch 0.00 0.18 0.08 0.12 0.00 0.12 unch 0.00 0.22 0.10 0.11 0.00 0.10 + 0.01 0.39 0.09 0.14 0.11 0.11 - 0.03 0.33 0.10 54.78 51.75 53.31 - 0.66 65.45 45.76 43.56 40.93 42.33 - 0.11 51.91 36.39 0.01 0.01 0.01 - 0.00 0.12 0.01 0.41 0.00 0.40 + 0.03 0.66 0.33 0.51 0.49 0.49 + 0.02 0.85 0.45 0.01 0.01 0.01 unch 0.00 0.11 0.01 0.07 0.05 0.05 - 0.01 0.12 0.04 0.02 0.01 0.02 + 0.00 0.05 0.01 3.94 3.63 3.87 + 0.18 3.83 1.32 0.59 0.50 0.59 + 0.07 1.62 0.43 0.00 0.00 0.18 unch 0.00 0.28 0.01 0.23 0.00 0.23 + 0.03 0.32 0.11 0.09 0.00 0.08 + 0.01 0.13 0.05 0.03 0.02 0.02 - 0.00 0.09 0.02 0.04 0.03 0.03 - 0.01 0.11 0.03 0.21 0.16 0.18 + 0.01 0.61 0.09 0.19 0.18 0.19 + 0.01 0.30 0.00 0.24 0.00 0.23 - 0.01 0.34 0.15 0.21 0.00 0.20 + 0.01 0.80 0.18 0.39 0.37 0.38 unch 0.00 1.05 0.33 0.00 0.00 0.04 unch 0.00 0.07 0.04 0.05 0.03 0.04 + 0.01 0.11 0.03 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.00 0.08 0.05 0.06 + 0.01 0.18 0.04 0.07 0.00 0.06 - 0.01 0.23 0.06 0.12 0.10 0.12 unch 0.00 0.33 0.10 0.11 0.10 0.10 - 0.01 0.26 0.08 0.07 0.00 0.07 unch 0.00 0.13 0.04 0.04 0.00 0.04 + 0.01 0.10 0.03 0.94 0.00 0.94 + 0.07 1.28 0.84 0.75 0.70 0.75 + 0.05 1.06 0.65 7.44 6.54 7.16 + 0.58 8.05 4.78 5.92 5.16 5.68 + 0.51 6.40 3.65 3.40 3.40 3.40 unch 0.00 3.40 1.33 0.04 0.00 0.04 - 0.01 0.05 0.03 0.05 0.00 0.05 unch 0.00 0.07 0.04 1.15 0.98 1.10 - 0.04 1.49 0.25 0.95 0.72 0.89 + 0.03 1.25 0.03 0.81 0.73 0.77 - 0.05 1.33 0.52 0.66 0.59 0.61 - 0.05 2.02 0.45 0.23 0.00 0.22 + 0.02 0.75 0.16 0.17 0.00 0.15 - 0.01 0.25 0.08 0.15 0.00 0.15 unch 0.00 0.18 0.12 0.12 0.12 0.12 unch 0.00 0.16 0.10 0.21 0.00 0.18 - 0.02 0.30 0.18 0.00 0.00 0.05 unch 0.00 0.05 0.05 0.13 0.00 0.12 - 0.01 0.21 0.10 0.10 0.10 0.10 unch 0.00 0.17 0.08 0.15 0.00 0.15 unch 0.00 0.27 0.13

BID-ASK — MAY 30 — JUNE 3, 2022 12-MONTH STOCK

Aftermath Silv Alacer Gold Altan Rio Min Amilot Capital Aquila Res Arctic Fox Ven Arcturus Vent Ashanti Sanko Atlanta Gold AUQ Gold Aurelius Min Aurex Energy Aust Goldfield Avarone Metals Aya Gold Banro Corp* Battery Min Boss Power Brunswick Res Bullion Gold Burrell Res C2C Gold Cache Explor Cadillac Vent Canamera Energ Cerro de Pasc Cirrus Gold Cliffs Nat Res* Colibri Res Corvus Gold* Crystal Peak Electra Stone Equitorial Ex Everton Res Evolution Glob Evolving Gold Excalibur Res Exploits Disc Explorex Res Finore Mng GAR Limited General Moly*

EXC

BID

V T V V T C V V V V V V C C T X V V V V C C V V C C C N V D V V V V C C C C C C C X

0.24 9.41 ... ... ... 0.13 0.02 0.03 0.03 0.33 0.13 0.04 ... ... 1.94 0.11 ... 0.17 ... 0.06 0.22 ... 0.16 0.05 0.21 ... 0.20 1.45 ... ... 0.01 0.01 0.08 0.10 0.50 0.30 0.09 ... ... 0.12 ... ...

ASK

0.25 9.52 ... ... ... 0.25 0.03 0.03 0.04 0.40 0.14 0.06 ... ... 2.19 0.11 ... 0.20 0.05 0.15 0.50 ... 0.17 0.06 ... ... 0.35 3.20 ... ... 0.02 0.02 0.08 0.10 4.00 0.59 0.10 ... 6.50 0.12 ... ...

LAST

HIGH

0.25 0.33 9.47 10.82 0.10 0.20 0.04 0.08 0.09 0.14 0.13 0.20 0.03 0.03 0.04 0.03 0.04 0.40 0.14 0.15 0.05 0.47 0.47 0.04 0.15 2.01 2.50 0.11 2.10 0.33 0.85 0.17 0.03 0.10 0.28 0.22 0.53 0.11 0.15 0.16 0.05 0.09 0.34 0.50 0.29 0.34 0.30 0.30 1.43 7.17 0.07 0.17 3.21 3.30 0.01 0.10 0.01 0.08 0.11 0.03 2.00 0.35 0.80 0.10 0.11 0.59 0.62 2.85 9.95 0.11 0.15 4.13 0.11 100.00

12-MONTH

LOW

STOCK

0.05 3.50 0.09 0.04 0.06 0.12

Genius Metals Gespeg Res Gldn Predator Global Cop Grp Gold Hunter Rs Gold Port Goldbelt Emp Goldblock Cap Golden Cariboo Golden Spike GoldHaven Res Goldshore Res Green Arrow Handa Mining Highvista Gold Indico Res Inspiration Mg Intercontinent Intl Battery Intl Cobalt Iron South Mng K9 Gold Karora Res Kirkland Lake* Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lithium South MAG Silver* MaxTech Vent Mechel* Meryllion Res MGX Minerals Mich Resources Minecorp Egy Montana Gold Montego Res Navis Res Corp New Klondike New Tech Min

0.02 0.03 0.03 0.42 0.03 0.82 0.10 0.33 0.01 0.20 0.03 0.05 0.32 0.12 0.12 0.98 0.07 2.53 0.01 0.08 0.28 0.01 0.13 2.85 0.13 0.10

EXC

C V V V C C V C V C C V V V V V C V C C V V T N V C V C C V X C N C C C V C C C V C

BID

... 0.06 0.15 0.07 0.20 0.07 0.02 ... 0.10 0.19 ... ... 0.02 0.04 ... ... ... ... ... 0.20 0.24 0.17 0.47 ... 0.05 0.04 0.03 ... ... 0.31 12.52 0.04 ... ... 0.05 0.37 ... 0.09 0.01 ... 0.01 0.04

ASK

... 0.06 0.17 0.08 0.21 0.09 0.02 ... 0.12 0.22 ... 375.00 0.03 0.05 ... 0.01 ... ... ... 0.25 0.27 0.24 0.48 ... 0.06 0.05 0.04 ... ... 0.34 13.30 0.05 ... ... 0.05 0.50 ... 0.10 0.02 ... 0.01 0.04

LAST

HIGH

0.22 0.28 0.06 0.16 0.36 0.08 0.11 0.20 0.60 0.09 0.17 0.02 0.02 0.32 0.32 0.10 0.15 0.21 0.49 0.42 0.45 0.11 1.20 0.02 0.04 0.04 0.04 0.17 0.01 0.03 0.09 0.21 0.31 0.26 0.34 0.24 0.28 0.24 0.28 0.48 0.73 38.92 46.98 0.05 0.13 0.04 0.10 0.03 0.16 1.09 0.24 0.27 0.31 0.66 12.52 14.40 0.05 0.40 2.25 5.19 0.08 0.17 0.05 0.16 0.37 0.48 0.12 0.20 0.10 0.10 0.02 0.05 0.30 0.01 0.04 0.08

12-MONTH

LOW

STOCK

0.18

Nexco Res North Valley O2Gold Orocobre Otso Gold Patriot Batt Phenom Res Primary Energy Prospero Silvr Quaterra Res Quinto Res Rare Element* Razore Rock Res Reliant Gold Rockex Mng Rockland Mnls Samco Gold Seahawk Gold Sierra Grande Silver Phoenix Silverstock Snowy Owl Southern Arc Southstone Min Standard Lith Supernova Met Talmora Diamd Tiger Intl Trench Metals TriMetals Mng Trinity Valley Tsodilo Res Vale* ValOre Metals Victory Nickel Waraba Gold Whitemud Res Winshear Gold Xiana Mng Zara Res Zinc One Res Zinco Mng

0.12 0.04 0.20 0.09 0.02 0.26 0.02 0.21 0.06 0.48 0.02 0.04

0.09 0.20 0.04 0.16 0.20 31.72 0.04 0.03 0.02 0.13 0.24 6.12 0.04 1.88 0.05 0.04 0.27 0.07 0.02 0.01 0.04

EXC

BID

C C V T V V V C V V V X C C C V V C C C C C V V V V C V V T V V N V C C V V V C V V

... 0.06 0.23 ... 0.04 0.09 0.68 ... 0.55 0.15 0.05 0.11 0.11 ... 0.04 0.07 ... 0.33 0.20 0.30 0.13 0.04 0.32 0.01 6.65 0.05 0.02 ... 0.55 0.11 ... ... ... 0.06 0.02 0.09 0.01 0.12 0.07 ... ... 0.05

ASK

... 0.07 0.27 ... 0.04 0.10 0.71 ... 1.18 0.17 0.07 0.16 ... 0.10 0.05 0.08 ... 0.37 0.33 0.38 0.20 0.05 0.90 0.01 6.95 0.06 0.03 0.17 0.55 0.12 ... ... ... 0.07 0.03 0.13 0.02 0.14 0.08 ... ... 0.07

LAST

HIGH

0.30 0.07 0.10 0.23 0.37 8.28 9.30 0.04 0.10 0.10 0.18 0.69 0.76 0.17 0.82 0.56 1.35 0.16 0.30 0.08 0.15 0.89 0.11 0.16 0.02 0.04 0.05 0.08 0.11 0.05 0.05 0.37 1.05 0.20 0.90 0.31 0.70 0.12 0.29 0.04 0.16 0.89 0.93 0.01 0.04 6.95 6.95 0.06 0.02 0.04 0.15 0.20 0.55 0.22 0.12 0.12 0.04 0.14 0.51 1.46 10.24 11.10 0.07 0.13 0.02 0.07 0.12 0.21 0.02 0.03 0.14 0.15 0.08 0.08 0.07 0.22 0.67 1.59 0.05

LOW

0.06 0.06 3.89 0.03 0.08 0.24 0.16 0.51 0.06 0.06 0.11 0.03 0.01 0.05 0.20 0.20 0.23 0.12 0.04 0.24 0.01 1.02 0.02 0.07 0.04 0.03 0.04 0.50 6.57 0.07 0.01 0.01 0.01 0.05 0.07 0.07 0.40

JUNE 13 — 26, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Mid-Tier Producer

Over 200,000 ozs of gold /yr at Segovia Path to >400,000 ozs by 2024 with Toroparu

Diversified Portfolio Operations in Colombia Project in Guyana, operating in 2024 Equity investment in Spain: Denarius (DSLV) Adding copper, zinc and lead to existing gold and silver production

Shareholder Return

Paying a MONTHLY DIVIDEND

Committed to ESG It’s part of our DNA

www.gcm-mining.com

@gcm_mining @GCM.Mining

@GCMGold

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GCM Mining Corp.

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