The Northern Miner August 15 2016 Issue

BALMORAL RESOURCES Adds to land position in the Abitibi / 3

ODDS ‘N’ SODS

SILVER WHEATON

A surprise at ‘Camp Nowhere’ / 4 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

Boosts gold stream from Vale’s Salobo / 16

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AUGUST 15-21, 2016 / VOL. 102 ISSUE 27 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Odin Mining to buy Ecuador Gold and Copper ECUADOR

| Both juniors comfortable with the improving mining jurisdiction

Sandstorm CEO discusses impact of rising gold prices STREAMING

| Company has US$110M in capital

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

F

or streaming financiers like Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND), this year’s rising precious metal prices are a double-edged sword. The company’s existing streams, royalties and equity holdings have become more valuable, but closing deals has become more competitive, as reborn equity markets offer mining companies alternative capital.

On Aug. 3, Sandstorm reported its second-quarter results, which are headlined by operating cash flow of nearly US$9 million and net income of US$5.2 million. The company reported gold-equivalent sales of 12,500 oz., at average cash costs of US$261 per attributable See SANDSTORM / 2 PM40069240

Inspecting drill collars at the Santa Barbara gold-copper prospect, part of Ecuador Gold and Copper’s Condor property in Ecuador, from left (in orange vests): Marshall Koval, Odin Mining’s president and CEO, and Odin directors John Youle and Diego Benalcazar. ODIN MINING

BY TRISH SAYWELL tsaywell@northernminer.com

I

n a friendly all-share deal that knits together assets in southern Ecuador, Odin Mining and Exploration (TSXV: ODN), a junior that counts mining entrepreneur Ross Beaty as its largest shareholder, is acquiring Ecuador Gold and Copper (TSXV: EGX), whose Condor project contains millions of ounces of gold and is just 25 km south of Lundin Gold’s (TSX: LUG: US-OTC: LUG) Fruta del Norte project, one of the largest and highest grade undeveloped gold projects in the world.

Ecuador Gold and Copper’s concessions in southeastern Ecuador — containing six deposits — are also situated 50 km south of the Mirador copper-gold project, one of the few new sizeable copper

“WE’RE REALLY GOOD AT PORPHYRY COPPER DEPOSITS, AND THE FACT THAT THERE ARE PORPHYRY TARGETS MEANS WE’RE REALLY COMFORTABLE WITH THE GEOLOGY.” MARSHALL KOVAL PRESIDENT AND CEO, ODIN MINING

projects in the world nearing production. Mirador, formerly owned

by EcuaCorriente, is now owned by a China’s CRCC-Tongguan Investment, a joint venture between Tongling Nonferrous Metals Group and China Railway Construction Corporation.

Over the last two decades, US$50 million has been spent on exploration across Ecuador Gold and Copper’s 82.8 sq. km property, says Heye Daun, the company’s president and CEO, who joined the management team about a year ago “to breathe

new life and fresh vision into the company, restart exploration work and find a strategic partner,” which has culminated in the transaction with Odin Mining.

“We have proved up 8 million oz. gold resources but now, in order to take them to the next level, we need a partner with serious technical and financial capacity, and we found that with Odin Mining,” he says in an interview, noting that Odin’s management team stems from Beaty’s Lumina Copper group of companies. “Odin has the Lu-

mina expertise — as well as the financial capacity and technical ability — that’s going to be brought to bear on these projects, and that’s what these projects need. That’s the rationale for this deal.”

Condor’s flagship asset, Santa Barbara, is a gold-copper porphyry deposit that contains most of the resources that have been defined so far at the project. In addition to Santa Barbara, Condor hosts copper-molybdenum porphyry mineralization at the El Hito deposit; intermediate sulphidation epithermal gold-bearing diatremes, volcaniclastics and breccia bodies at the Los Cuyes, Emma and Soledad deposits; and the intermediate sulphidation, narrow-vein epithermal system in the Chinapintza deposit, north of Santa Barbara.

(Chinapintza was discovered by TVX Gold, a mining company See ECUADOR / 2

CAMECO: CUTS PRODUCTION AMID WEAK URANIUM PRICES / 11

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Odin Mining to buy Ecuador Gold and Copper ECUADOR From 1

founded by Brazilian former billionaire Eike Batista.)

Excluding Chinapintza, the Condor project has an indicated resource of 447.3 million tonnes grading 0.55 gram gold per tonne for 8 million oz. gold and an inferred resource of 197.6 million tonnes grading 0.40 gram gold for 2.6 million oz. gold.

Marshall Koval, Odin Mining’s president and CEO, tells The Northern Miner in an interview that in addition to the resources already defined at Condor, the geology of the area offers a lot of upside.

“There is significant exploration potential within the property that they control,” he says. “Over the last several years they haven’t been able to do much in the way of exploration, so one of the things we’re looking at is completing a review of all the geological potential of the property and focus on additional exploration.

We will continue to do some work on Santa Barbara as well.

“We’re really good at porphyry copper deposits, and the fact that there are porphyry targets means we’re really comfortable with the geology,” he continues, adding that Odin’s vice-president of exploration and development, Diego Benalcazar, used to be involved in the Condor project before Ecuador Gold and Copper’s ownership. “He knows this property very well, so we’re pretty comfortable with it.”

In addition to a management team with deep experience, Odin brings to the table an operating history in Ecuador dating to 1987.

In 1994, the company identified the Cangrejos area in the Andean foothills of El Oro province in southwestern Ecuador as the source of the Biron alluvial gold deposit, which produced 69,000 oz. gold. Its Cangrejos project is 30 km southeast of the port city of Machala and 40 km from Puerto Bolivar, a deepwater commercial port.

Meanwhile, Ecuador Gold and

The core shack at Ecuador Gold and Copper’s Condor gold-silver project in Ecuador. ODIN MINING

Copper’s f lagship Santa Barbara deposit, which the company also discovered itself, is sometimes compared with AngloGold Ashanti’s (NYSE: AU) La Colosa gold project in Colombia, Daun says. La Colosa, AngloGold’s largest greenfield discovery, sits in the Andean region of Tolima, 14 km from the town of Catamarca.

“La Colosa has received hundreds of millions of dollars of investment and the project now has what I believe is 24 million oz. of low-grade gold resource, and it’s defined as a world-class copper-gold deposit,” Daun says. “Some people say Santa Barbara has the potential to be another La Colosa.”

But of course that will require more time and money, and is an exercise the Namibian-born mining engineer is well qualified for. The former president and co-founder of Auryx Gold Corp. co-led that company through the initial public offering process, successive capital raising and project development, culminating in the $160-million sale to B2Gold (TSX: BTO; NYSE-MKT: BTG). The first 10 years of his career

“ODIN HAS THE LUMINA EXPERTISE — AS WELL AS THE FINANCIAL CAPACITY AND TECHNICAL ABILITY — THAT’S GOING TO BE BROUGHT TO BEAR ON THESE PROJECTS, AND THAT’S WHAT THESE PROJECTS NEED. THAT’S THE RATIONALE FOR THIS DEAL.” HEYE DAUN PRESIDENT AND CEO, ECUADOR GOLD AND COPPER

were spent building and operating mines in Africa for the likes of Rio Tinto (LSE: RIO), AngloGold and Gold Fields. He also has experience in mining project finance and portfolio management with Nedbank and Old Mutual.

“Most porphyry deposits require heavy capital investment in exploration and development,” he says.

“That form of capital investment is not easily raised by a junior. Odin has the fundraising ability to take these projects to the next level, so it made perfect sense.”

Ecuador Gold and Copper says it has a deep pool of support in Ec-

uador from long-term and patient investors. “EGX has a controlling group of Ecuadorean shareholders with deep and well-established local relationships,” Daun says. “They are local investors who have been funding the company throughout the recent mining downturn, with a lot of commitment and long-term vision.”

As for investing in Ecuador, he says, the government hopes to emulate Colombia’s success in attracting foreign investment into its mining sector and is taking steps to improve its regulations. (The government has hired Wood Mackenzie to advise

on mining law reforms to attract investment to mining sector, and Ecuadorian President Rafael Correa has expressed support for developing the country’s mining industry.)

“Over the last decade Colombia has attracted large amounts of money into mining — some say at least US$30 billion — and it’s been one of the outstanding stars for foreign direct investment in South America,” Daun says. “Ecuador recognizes this, and they’re trying to put in place the right fiscal and regulatory framework to attract similar quantums of investment.”

In April, Ecuador opened up new mining concessions to foreign investment for the first time, he notes.

“Everybody says it’s a rapidly improving jurisdiction and we can back up what Lundin has been saying publicly, which is that the government has become supportive and done everything it can to rectify what had previously been considered a difficult jurisdiction for foreign mining companies.”

Odin Mining’s Koval, agrees.

“We’re way more comfortable with Ecuador since they improved the fiscal regime and the Ministry of Mines and Energy has done a good job to help bring the investment climate forward,” he says. “Ecuador is coming along, and hopefully they’ll continue to make these improvements.”

Under the terms of the statutory plan of arrangement, Odin shareholders would own 65% of the company and shareholders of Ecuador Gold and Copper would own 35%. On a fully diluted basis, the transaction represents a premium to Ecuador Gold and Copper’s shareholders of 89%, based on the company’s 20-day, volume-weighted average share price. If approved, Odin would have 204 million shares outstanding and 211 shares on a fully diluted basis. Odin would have a $198-million market capitalization based on the company’s closing share price on Aug. 2. TNM

Sandstorm CEO discusses impact of rising gold prices SANDSTORM From 1

oz. gold.

Sandstorm is now debt free and has US$110 million in available capital to pursue opportunities.

“It’s clear that rising gold prices have increased the equity capital available to mining companies,” Sandstorm president and CEO Nolan Watson said during a conference call. He says this is “a good thing for us,” since it also leads to higher cash flows and higher exploration spending.

“The number of companies in desperate need of fixing their balance sheets has decreased,” he added. “There are still people looking at streaming deals to remedy debt problems, however, and we also see opportunities in terms of project financing to build mines.

That’s a scenario that we may not have seen 12 months ago.”

In early July, Sandstorm closed a US$57.5-million, bought-deal financing wherein it issued 12.9 million shares at U$4.45 each. Watson said the equity was raised to fund a potential deal that the company would not have had enough capital to complete. He said negotiations are ongoing, but that the opportunity is “not exclusive to Sandstorm.”

And there is plenty of competition in the streaming and royalty space, given the wealth of capital among the major players.

For example, Silver Wheaton (TSX: SLW; NYSE: SLW) recently offered Brazil’s Vale (NYSE: VALE) US$800 million to buy another 25% gold stream from the miner’s

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“OUR GROWTH OVER THE NEXT THREE YEARS DOES NOT REQUIRE NEW MINES.” NOLAN WATSON PRESIDENT AND CEO, SANDSTORM GOLD

Yamana Gold’s Chapada gold-copper mine in Brazil, where Sandstorm Gold holds a copper stream agreement. SANDSTORM GOLD

Salobo copper-gold mine in Brazil.

Meanwhile, Osisko Gold Royalties (TSX: OR; NYSE: OR) is on the hunt for deals with $424 million in cash, and Franco-Nevada (TSX: FNV; NYSE: FNV) finished the second quarter with US$226 million in cash, and no debt.

“Our growth over the next three years does not require new mines,” Watson pointed out. “We want to ensure the majority of our net asset value continues to be in this lowrisk profile. We do believe in this market, however. We can add one

or two development-stage assets to the pipeline.

“Precious metal companies have much greater access to equity capital in this environment,” he continued.

“We still see some deal flow on the base metal side, where prices have not recovered to the same degree.

The equity available to those companies has not rebounded much, so they still look to monetize precious metal by-product credits.

We’re looking at a couple of these potential deals.”

Sandstorm said its attributable

gold-equivalent production should total between 43,000 oz. and 50,000 oz. this year, and it expects annual production will hit 65,000 oz. by 2020.

The company’s shares have traded in a 52-week range of $2.82 to $7.92, and closed at $7.71 at press time.

Sandstorm has 150 million shares outstanding for a $1-billion market capitalization.

Scotiabank said in an Aug. 4 trading note that Sandstorm could face less competition from the larger streaming firms due to its “smaller-

scale approach.”

BMO Capital Markets analyst Andrew Kaip said that Sandstorm “has improved liquidity and enhanced transactional capacity following quarter-end.”

Watson added that “gold appears to finally be making a robust move higher … it trades like a currency, and so the value is set by supplydemand fundamentals that are dictated by a narrative about what is happening in the world. We are hearing more and more that there is risk everywhere people look.” TNM

2016-08-09 8:08 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 15–21, 2016

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Balmoral Resources CEO Darin Wagner (left) at the Martiniere gold project, 110 km west of Matagami in Quebec. BALMORAL RESOURCES

Balmoral stakes more ground near Detour Trend in the Abitibi QUEBEC GOLD

BY TRISH SAYWELL

B

tsaywell@northernminer.com

almoral Resources (TSX: BAR; US-OTC: BALMF) founder Darin Wagner has had his eye on the Hwy 810 property for years now as part of a corporate effort to plant the junior explorer’s flag over greater parcels of Quebec’s rich Abitibi greenstone belt.

“The Abitibi hosts the secondlargest accumulation of high-grade gold deposits on the planet, so it remains a primary focus of mergers and acquisitions activity in the gold sector,” says Wagner, a geologist and the company’s president and CEO. The 250 sq. km Hwy 810 property the company staked in early August is 35 km south of its Bug Lake and Martiniere West gold deposits (part of Balmoral’s larger Detour Trend project in northwestern Quebec), and just 15 km northeast of Hecla Mining’s (NYSE: HL) Casa Berardi, an underground gold mine that produced 127,900 oz. gold last year.

“There were a couple of bigger blocks at Hwy 810 that we thought would eventually come open, and

| New Hwy 810 property is 15 km north of Hecla’s Casa Berardi gold mine

with the way things have been over the last four or five years with the downturn, they eventually did, so the time to act was now,” he says.

“There are some upsides of the downturn — opportunities become available that wouldn’t necessarily otherwise.”

The property also happens to sit 18 km south of Selbaie — a mine that before it closed churned out 53 million tonnes of ore (at average grades of 1% copper, 1.9% zinc, 41 grams silver per tonne and 0.6 gram gold) — and 100 km west of Glencore’s (LSE: GLEN) Bracemac-MacLeod deposit in the Mattagami volcanogenic massive sulphide (VMS) camp.

“The property straddles the Mattagami domain, which has VMS deposits, and the domain that hosts Casa Berardi, which is what we liked about it,” Wagner says. “It has a little of both — there are clear indications of both styles of mineralization — but we’d say the gold mineralization probably outweighs the base metal potential. Still, you can’t ignore the fact that there was a 53-milliontonne base metal deposit sitting in your backyard.”

“THERE ARE SOME UPSIDES OF THE DOWNTURN — OPPORTUNITIES BECOME AVAILABLE THAT WOULDN’T NECESSARILY OTHERWISE.” DARIN WAGNER FOUNDER, PRESIDENT AND CEO, BALMORAL RESOURCES

Like Balmoral’s Detour Trend project to the north, historic exploration on the Hwy 810 property seems to have focused on the area’s base metal potential, and only minor effort was spent on the structurally controlled gold targets similar to Detour, Casa Berardi and Martiniere.

Wagner notes that the acquisition partly came from regional compilation work that used the company’s proprietary airborne and geological databases.

“In 2010, when we bought the

Martiniere and Fenelon properties, we also acquired a regional [magnetic and electromagnetic] airborne and geological data set that stretched from north of the Detour Trend project area to the south of Casa Berardi,” he says. “We’ve had a number of these other areas — like Highway 810 — that we’ve kept an eye on, and in some cases we’ve added a few small properties.”

As the name suggests, the property boasts excellent access via an extensive logging road network connected to regional Hwy 810, which cuts north–south through the property. The company uses Hwy 810 to access its Detour Trend project.

Initial testing on the property is likely to take place next winter and will not affect the company’s 2016 exploration plans. “The opportunity was too good to pass up, but we don’t want it to distract us from our other work,” he says. “It’s a 2017 project for us.”

The company has two drills working on Martiniere, and the first set of 2016 results should be out in the next couple of weeks. Drilling would continue through to October and possibly into November, weather permitting. The $5-million drill program this year (20,000 metres), is completely funded and the company should exit 2016 with more than $10 million in the treasury, which Wagner says is more than the company has ever spent in a single year.

The company has no debt.

“We never have and we never

will” have debt, he says.

(Wagner’s other accomplishments include cofounding West Timmins Mining, which was sold to Lakeshore Gold for $424 million.)

So far, 51% of the holes drilled into the Martiniere system have returned intercepts grading greater than 10 grams gold per tonne. The highest-grade sample came from the Bug Lake footwall zone, measuring 9.71 grams gold over 0.6 metre. The Martiniere gold system is 45 km east of Detour Gold’s (TSX: DGC) open-pit gold mine in Ontario.

Ninety-five percent of the drilling at Martiniere is less than 250 metres deep. The fully owned system is open at depth and spans at least 4 by 2 km.

The company has also discovered the Grasset deposit on its Martiniere property, 37 km from the project’s main gold deposits, which contains nickel, copper, cobalt and platinum.

Grasset has an indicated resource of 3.5 million tonnes grading 1.7% nickel-equivalent at a 1% nickelequivalent cut-off grade, for 136.28 million lb. nickel equivalent. Inferred resources add 91,100 tonnes grading 1.2% nickel equivalent for 2.39 million contained lb. nickel equivalent.

Over the last year, Balmoral’s shares have traded in a range of 33¢ to $1.09. At press time the company traded at $1.05.

Balmoral has 125 million shares outstanding for a $131-million market capitalization. TNM

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Your Technical Services Partner in Geochemistry and Metallurgy For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221

Drillers at Balmoral Resources’ Martiniere gold property in Quebec. BALMORAL RESOURCES

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E D I T O R IA L

O P- E D

Gold gains appeal in UK as interest rates hit 322-year low

Sake and rescue

| Bullion prices in sterling up 44% over last 12 months

ODDS ‘N’ SODS |

A chance encounter in the Barren Lands

BREXIT FALLOUT

O

ne of the features of the gold bull run from 2001 to 2011 was the divergence in enthusiasm for gold on either side of the Atlantic. Gold bugs taking in the gold price in U.S. dollars were in full frenzy in North and South America, while our mining cousins in the U.K. and continental Europe, looking at the often

BY JOHN CUMMING jcumming@northernminer.com flat gold price in pounds and euros, were more cool to gold’s appeal, and focused instead on building base metal giants like Glencore and BHP Billiton.

Well, this scenario has certainly changed for U.K. investors and miners in 2016’s gold run, with gold-price gains in pounds exceeding gains in U.S. dollars, and only accelerating after the surprise Brexit vote on June 23.

For instance, in the last 60 days, the gold price in U.S. dollars is up 4.9% to US$1,335 per oz., while in British pounds it is up 14.6% to £1,022 per oz. gold. Going back a year, the gold price in U.S. dollars is up 20.9%, while in U.K. pounds it is up a full 44.5%, with the first divergence in November 2015 and the second, massive divergence happening, of course, at the end of June 2016 with Brexit vote result.

The Brexit vote gave the U.K. pound the distinction of being 2016’s worst performing major currency among 31 global peers by early July, with more than a 12% decline — surpassing even the Argentine and Mexican pesos on the downside. (The Japanese yen, Brazilian real and Russian ruble were the best performers.) In early July, the U.K. pound hit a 31-year low of US$1.2798 on new concerns over U.K. real estate values, and consumer confidence level plunged the most in 21 years. (Ten years ago, the pound was worth US$2.)

By early August, the U.K.’s largest bank HSBC was warning the pound could trade as low as US$1.10 by the end of 2017, and the euro could strengthen to parity with the pound by then. HSBC’s analysts say the exchange rate would need to weaken to prevent the U.K.’s current-account deficit — already one of the largest in the developed world — from blowing out.

Indeed, many financial experts now say a weaker currency is desperately needed for the U.K. economy to get through the postBrexit economic turmoil, even if there won’t be a true currentaccount crisis.

In early August the Bank of England’s Monetary Policy Committee responded to fears of a homemade, Brexit-induced recession in the U.K. with more stimulus measures, including cutting interest rates from 0.5% to 0.25%. It’s the first rate cut since March 2009, and the lowest rate in the bank’s 322-year history. As recently as early 2008, rates were above 5%.

With no clear post-Brexit plans yet emerging, more interest rate cuts may be on the way, though bank governor Mark Carney said he “isn’t a fan” of negative interest rates. It’s a 180-degree change from a year ago, when people were expecting rates to gradually rise.

Rolling these macroeconomic factors together, it’s all a positive sign for U.K. gold investors, who may finally catch up with and even surpass the zeal of their gold bug cousins in the Americas.

As a sign of the newly buoyant precious metals market in the U.K., the Royal Mint recently tabled superb annual financial results for 2015–2016, which it described as “the highest revenue in the 1,100-year history of the organization in financial terms.”

The Royal Mint’s annual revenue soared 39% to £360.6 million, with revenue growth of at least 17% delivered by all three of its businesses: circulating coin, commemorative coin and bullion.

Operating profit was up 19% to £13.1 million — the highest since the company was vested in January 2010.

In its bullion business, revenue shot up 64% to £185.6 million, with the mint stating that among its precious metal trading activities, “it is the company’s increased share of the U.S. silver market that is at the core of this growth.” TNM

BY DARIN WAGNER Special to The Northern Miner

O

ne of the great parts of our business is the places we go and the interesting people we meet.

In the early ’90s, when diamond ma nia swept t hrough Canada, I was a field geologist for “Mother C” — or Cominco.

After a couple of years of telling us that Cominco wasn’t a diamond company, even as the discoveries in the Lac de Gras area of the Northwest Territories drew worldwide attention, senior management finally decided we should try our hand at it.

We teamed up with “Big Brother” Teck and acquired a vast land package on the extreme eastern edge of the Slave Province in the Northwest Territories from Gerle Gold, a Vancouver-based junior company. We joked that we were a decade walk from where the heart of the action was at that stage, but we were “in the business of diamond exploration.”

Thus we packed our kits out of Yellowknife, took the 3.5-hour f light to what by anyone’s definition is the middle of nowhere (and then some) and set up our camp on the shores of ClintonColden La ke, and began the daily chore of digging ice-cream pails full of dirt in a search for diamond indicator minerals.

We had helicopter support to move us from “target” (read: magnetic blob) to “target” (read: roundish magnetic anomaly).

Our only contact with the outside world was a weekly supply flight that brought the necessities of life — beer, bacon and TP —

THE NUMBER OF BODIES ON THE DOCK GREW AS THE CREW WOKE UP AND CAME TO SEE WHAT THE EXCITEMENT WAS ABOUT. and the SBX-11 radio signals in the evenings.

Along with some of the best northern lights I have seen in my career, one of the truly great things about that project was the fishing. The lake was wide and loaded with char and grayling, and it took little effort to catch a few. It thus became a bit of a habit to get up early each morning and, often with the camp cook, go out to the end of our “geo-special” dock and catch a couple of fish to have with breakfast.

On one particular sunny morning the cook and I were sitting on the dock catching breakfast when we noticed something way out on the lake that seemed to be headed our way. This was odd as there were no other camps, outfitters or bodies in this region that we were aware of, and from a distance it was hard to tell what it was.

O ver t he nex t 45 mi nutes the object on the horizon got closer and closer, and the number of bodies on the dock grew, as the crew woke up and came to s e e w hat t he e xc itement was about.

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DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 7

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX AngloGold Ashanti. . . . 2,3 B2Gold. . . . . . . . . . . . . . . . . 2 Balmoral Resources. . . . . . 3 Barrick Gold. . . . . . . . . . . 14 Cameco. . . . . . . . . . . . . . . 11 Detour Gold. . . . . . . . . . . . 3 Ecuador Gold and Copper.1

Franco-Nevada. . . . . . . . . . 2 Goldcorp. . . . . . . . . . . . . . 16 Lundin Gold. . . . . . . . . . . . 1 Mirasol Resources. . . . . . 13 Odin Mining and Exploration. . . . . . . . . . . . . . . . . . . . 1 Osisko Gold Royalties. . . . 2

Premier Gold Mines. . . . 14 Primero Mining. . . . . . . . 16 Sandstorm Gold. . . . . . . . . 1 Silver Wheaton. . . . . . . 2,16 Vale. . . . . . . . . . . . . . . . . 2,16 Yamana Gold . . . . . . . 13,14

The late Mike Casselman, senior geologist for Cominco and co-leader of the Doyle Lake project expedition at Clinton-Colden Lake, N.W.T. CREDIT: DARIN WAGNER

2016-08-09 8:08 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 15–21, 2016

The author Darin Wagner at the Doyle Lake diamond project near Clinton-Colden Lake in the Northwest Territories in 1993. CREDIT: DARIN WAGNER

Finally the object resolved itself into a single body in a kayak as it drifted into camp. The pilot was a somewhat haggard-looking fellow of East Asian background and he shakily made his way out of the kayak, onto the dock and in broken English explained his story.

Our new guest was an air traffic controller from Tokyo. For the last three years he had been coming to Canada on his vacation to take month-long kayak trips through the North to enjoy the silence and solitude of the Arctic, which was such a stark contrast to the stress, noise and hustle of his home.

Cominco and Teck’s “Camp Nowhere” diamond exploration camp beside Clinton-Colden Lake, N.W.T., in 1993. CREDIT: DARIN WAGNER

was adamant that he needed to move on and get back on schedule if he was going to complete his trip and get to his extraction point on time.

So we loaded him down with supplies, a recharged battery for his radio and shotgun shells for his gun, as he had used the last ones to chase away the bear who had raided his cache.

By mid-morning he was on his way again across the lake, slowly receding into the horizon just as he had appeared.

Unfortunately nobody I have reached out to has any pictures of the fellow. I think we were all so blown away by him being out

UNFORTUNATELY A BEAR HAD MADE SHORT WORK OF HIS LAST SUPPLY CACHE, NOT ONLY CLEARING OUT THE FOOD, BUT ALSO THE BATTERIES FOR HIS RADIO TO ALERT THE TOUR OPERATOR. Over the course of a much appreciated breakfast, he went on to explain — which for him took some serious effort — that he worked with a tour operator who had laid out a series of food and supply caches for him in advance, and that this trip was to be his longest yet at six weeks.

Unfortunately a bear had made short work of his last supply cache, not only clearing out the food, but also the batteries for his radio to alert the tour operator.

Thus he had been overjoyed when he spotted our camp on the horizon and had come almost a day out of his way to reach us.

He had been running on fumes, fish and canned beans for the last 10 days.

We offered to let him stay in the camp to recover a bit but he

5

The Aerodat geophysical crew at the Cominco-Teck diamond exploration camp on Clinton-Colden Lake in the Northwest Territories in 1993. CREDIT: DARIN WAGNER.

there that we failed to document it on film.

We didn’t see him again but did hear from the tour operator that he had completed his journey.

That should be the end of the story, but about a week after Christmas that year, a small box arrived in the office from our new friend in Tokyo with a note of thanks, Christmas wishes and a very nice bottle of sake.

So even in the middle of nowhere, our careers provide us the opportunities to make a difference for someone and to make a new friend. Even if they are a bit crazy.

— Darin Wagner is president and CEO of Balmoral Resources, a Canadian junior gold and base metals explorer active primarily in Quebec.

Published by:

A Teck senior geologist laying under his chopper flag to escape from the bugs while waiting for a helicopter at day’s end. CREDIT: DARIN WAGNER

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

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1 2 3 4 5 11 13 14 16_AUGUST15_Main .indd 5

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Call 1-888-502-3456 or email info@northernminer.com

2016-08-09 8:08 PM

6

WWW.NORTHERNMINER.COM

AUGUST 15–21, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / AUGUST 1–5 Disappointing employment numbers and a widening trade gap kept Canada’s benchmark index relatively flat at 14,648.77, up just 0.5% from the previous trading week.

Statistics Canada reported that the country’s unemployment rate in July increased to 6.9%, up from 6.8% in June, as full-time employment fell by 71,400 jobs, the largest drop in full-time positions in five years. Meanwhile, Canada’s merchandise trade deficit increased to $3.63 billion in June — the largest trade deficit on record — and up from $3.5 billion the previous month. The Canadian dollar ended at US75.96¢. On the mining front, the S&P/TSX Capped Diversified Metals & Mining Index fell 2.5% to 671.50, and the S&P/TSX Global Gold Index lost 0.3% to 273.06. Spot gold fell 1.1% to US$1,335.40 per oz. gold.

The first trading week of August saw Silver Wheaton post the largest gain, jumping $1.48 to $37.93 per share. The streaming company announced that it is acquiring more gold equal to 25% of the life-of-mine gold production from Vale’s Salobo mine in Brazil, which Vale says is the largest copper deposit in the country. The acquisition comes along with half of the gold production at Salobo that Silver Wheaton already is entitled to, bringing the total amount to 75%. (Salobo could produce 300,000 oz. gold a year between 2016 and

2020.) With the extra stream, Silver Wheaton forecasts that attributable gold production in 2016 will be 305,000 oz., up from 265,000 oz. previously. Over the next five years, Silver Wheaton says its average attributable gold production (including 2016) would be 330,000 oz. a year. Silver Wheaton president and CEO Randy Smallwood said the company “did not hesitate at the opportunity” to increase its exposure to the mine, which has “one of the lowest copper cash costs in the world, 50 years of mine life on reserves alone, and what we believe to be substantial exploration and expansion potential.”

Shares of Karnalyte Resources fell 95¢, or 42% to $1.30, on news that negotiations had ended with Gujarat State Fertilizers & Chemicals for a US$700-million financing TSX MOST ACTIVE ISSUES

B2Gold Kinross Gold First Quantum Yamana Gold Teck Res Potash Corp SK Goldcorp Barrick Gold Eldorado Gold IAMGOLD

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO K FM YRI TCK.B POT G ABX ELD IMG

25418 4.49 3.98 4.38 + 0.29 25206 7.23 6.65 6.95 + 0.20 23621 11.62 10.86 11.47 + 0.18 23419 7.79 7.36 7.44 - 0.03 21604 20.97 19.44 20.93 + 0.12 20425 21.11 19.93 21.08 + 0.73 20349 23.85 22.82 22.98 - 0.35 19937 29.97 27.79 27.97 - 0.54 19084 5.74 5.19 5.25 - 0.10 16816 7.64 6.63 7.28 + 0.54

for the first phase of Karnalyte’s potash project in Wynyard, Sask. The talks ended after Karnalyte and GSFC couldn’t agree on terms of the transaction, including governance matters and how Karnalyte’s secondary minerals, including magnesium, would be developed to help Karnalyte shareholders benefit from untapped assets.

Endeavour Mining’s shares fell $2.66 to $22.71. The West Africa-focused gold producer

announced that mining entrepreneur Frank Giustra had stepped down from the board of directors. Giustra had served as a director since September 2013. Endeavour operates five mines in Côte d’Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto) and Ghana (Nzema). It expects to produce between 575,000 and 610,000 oz. gold this year at all-in sustaining costs of US$870 to US$920 per oz. gold. TNM

TSX GREATEST PERCENTAGE CHANGE

Mawson West Stonegate Agri Nthn Dynasty Freegold Vent Silver Bear Rs Heron Res Redhawk Res Potash Ridge Silver Bull Re Rio Novo Gold Anglo Pac Grp Karnalyte Res Vista Gold Metalore Res Primero Mng Rubicon Mnrls Kerr Mines Turquoise HIl Avalon Adv Mat Dundee Prec Mt

MWE ST NDM FVL SBR HER RDK PRK SVB RN APY KRN VGZ MET P RMX KER TRQ AVL DPM

1021 107 7614 930 1799 1047 78 5723 2074 133 1 1120 1329 8 6916 5673 1286 6841 1687 2132

0.01 0.02 0.93 0.25 0.39 0.17 0.08 0.32 0.28 0.28 0.75 2.30 2.28 2.50 3.06 0.09 0.14 4.68 0.23 4.10

0.01 0.02 0.67 0.20 0.29 0.14 0.06 0.24 0.21 0.22 0.00 0.78 1.54 1.90 2.25 0.06 0.11 4.05 0.20 3.44

0.01 0.02 0.93 0.25 0.35 0.17 0.07 0.29 0.26 0.28 0.75 1.30 1.57 1.90 2.29 0.06 0.12 4.13 0.20 3.50

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Silver Wheaton Franco-Nevada First Majestic Potash Corp SK New Gold IAMGOLD Orocobre MAG Silver North Am Pall Teck Res Endeavour Mng Karnalyte Res Labrador Iron Anglo Pac Grp Primero Mng Silver Std Res Detour Gold HudBay Mnls Richmont Mines Metalore Res

+ 100.0 + 33.3 + 32.9 + 19.5 + 19.0 + 17.9 + 16.7 + 16.0 + 15.9 + 14.6 - 50.0 - 42.2 - 25.2 - 24.0 - 22.9 - 15.4 - 14.8 - 11.2 - 11.1 - 10.9

VOLUME WEEK (000s) CLOSE CHANGE

SLW FNV FR POT NGD IMG ORL MAG PDL TCK.A EDV KRN LIF APY P SSO DGC HBM RIC MET

9194 37.93 1833 101.57 7215 23.46 20425 21.08 11284 7.33 16816 7.28 336 4.49 1020 20.87 38 5.77 15 21.00 1905 22.71 1120 1.30 1164 14.05 1 0.75 6916 2.29 4645 17.54 4863 33.50 10618 5.89 1315 13.92 8 1.90

+ 1.48 + 0.90 + 0.82 + 0.73 + 0.55 + 0.54 + 0.40 + 0.37 + 0.37 + 0.35 - 2.66 - 0.95 - 0.91 - 0.75 - 0.68 - 0.68 - 0.64 - 0.62 - 0.61 - 0.60

TSX VENTURE EXCHANGE / AUGUST 1–5 The S&P/TSX Venture Composite Index gained 10.52 points, or 1.3%, to an 806.69-point close. A strong U.S. jobs report for July drove spot gold prices down US$15.28, or 1.1%, to US$1,336 per oz. gold, as expectations mount for the U.S. Federal Reserve to raise interest rates this year.

Comex copper dropped 3.2% to US$2.15 per lb. copper.

Shares of Ascot Resources rose 65¢, or 52%, to $1.90 — its highest value since November 2007. The junior explorer recently closed a $20-million private placement with mining and exploration financier Eric Sprott. The investment gives Sprott 12.9% of Ascot’s outstanding shares on a non-diluted basis, and 18.2% on a partly diluted basis.

The financing is comprised of 17.4 million units consisting of one share and one-half warrant, at $1.15 per unit. Each warrant is exercisable within 24 months at $1.50 per unit. Ascot is in the midst of a 60,000-metre drill program at its flagship gold-silver Premier project, 20 km northeast of Stewart, B.C. The project hosts the historic Premier mine, which saw production of 2.1 million oz. gold and 44.2 million oz. silver, out of 8.6 million tonnes, from intermittent operations between 1918 and 1996.

Mineral bank First Mining Finance saw

26 million shares traded, before closing up 30¢, or 34.5%, to 1.17¢ per share. On July 21, the company announced plans to increase its $16-million private placement to $27 million, with the issue of 33.8 million units at 80¢ per unit. Each unit consists of one share and one-half warrant, with each whole warrant exercisable within 36 months at $1.10 per share.

HTI Ventures was a front-runner in the greatest percentage change category, with shares gaining 292% to 49¢. On July 25, the company announced plans to increase its private placement to 100 million shares at 35¢ per share due to excess demand. The inactive explorer was overhauled in July by mining and exploration financiers Frank Giustra and Neil Woodyer, who acquired TSX-V MOST ACTIVE ISSUES

Am Manganese AMY Canamex Res CSQ Metanor Res MTO Cascadero Copp CCD First Mg Fin FF NRM Noram Vent Nrthn Iron NFE MX Gold MXL Integra Gold ICG Nexus Gold NXS

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

18662 14963 11972 10380 9994 9635 9302 8131 7475 6695

0.14 0.08 0.11 0.17 1.25 0.13 0.06 0.26 0.96 0.10

0.03 0.04 0.09 0.13 1.06 0.11 0.03 0.23 0.86 0.05

0.10 + 0.07 + 0.11 + 0.15 unch 1.12 - 0.12 unch 0.04 - 0.25 + 0.90 + 0.09 +

0.07 0.03 0.02 0.00 0.06 0.00 0.01 0.02 0.02 0.04

10.5 million and 6.2 million shares, for a 29.6% and 17.4% stake in the company.

HTI plans to change its name to Leagold Mining, pending an annual general meeting in August.

Shares of Blue Sky Uranium rose 24¢, or 100%, to 48¢ after announcing a $2.5-million private placement of up to 6.5 million units at 38¢ per unit, which consists of

one share and a warrant. Each warrant is exercisable within 24 months for 50¢ per share, and subject to acceleration if the volume-weighted average price of the company’s shares stand at 80¢ or greater for 10 straight trading days. Blue Sky is exploring its 5000 sq. km land package in the Patagonia region of southern Argentina for uranium deposits. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Barksdale Cap Am Manganese Galway Mtls Redzone Res NV Gold Prism Res Cerro Mng Cdn Arrow Mukuba Res Baroyeca Go&Si New Destiny Mg Worldwide Res AM Gold Lago Dourado Q-Gold Res Red Tiger Mng Baja Mng Adex Mining Ross River Stratabd Mnr

BRO.H AMY GWM REZ NVX PRS CRX.H CRO MKU.H BGS NED WR.H AMG SDL QGR RMN BAJ ADE RRM.H SB

108 18662 4321 58 545 39 100 3221 78 476 1021 8 33 39 489 94 112 2584 3171 703

0.05 0.14 0.46 0.32 0.40 0.23 0.01 0.02 0.01 0.01 0.02 0.01 0.20 0.29 0.08 0.10 0.02 0.02 0.02 0.02

0.00 0.03 0.17 0.00 0.10 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.12 0.00 0.05 0.07 0.01 0.01 0.01 0.01

0.05 0.10 0.46 0.32 0.21 0.22 0.01 0.01 0.01 0.01 0.02 0.01 0.12 0.17 0.05 0.07 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 900.0 + 185.7 + 170.6 + 166.7 + 121.1 + 120.0 + 100.0 + 100.0 + 100.0 + 100.0 - 90.6 - 66.7 - 41.0 - 40.4 - 37.5 - 35.0 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Chesapeake Gld Ascot Res Till Capital Abitibi Royalt Galway Mtls Orex Mnrls Sirios Res K92 Mng Inc Ecuador Gold Redzone Res Anfield Nickel Brazil Res Kennady Diam Orla Mng Ltd New Destiny Mg Atacama Pac Gd Brixton Mtls Flinders Res Lago Dourado Avino Silver

CKG AOT TIL RZZ GWM REX SOI KNT EGX REZ ANF BRI KDI OLA NED ATM BBB FDR SDL ASM

346 1250 8 100 4321 1256 5200 4412 849 58 1040 2733 221 215 1021 1066 543 199 39 326

6.05 2.45 4.70 8.26 0.46 1.06 0.71 2.14 0.60 0.32 1.58 2.69 3.90 0.68 0.02 0.75 0.87 0.48 0.17 3.45

+ + + + + + + + + + - - - - - - - - - -

0.80 0.64 0.49 0.44 0.29 0.24 0.24 0.21 0.20 0.20 0.22 0.19 0.17 0.15 0.15 0.13 0.13 0.12 0.12 0.10

U.S. MARKETS / AUGUST 1–5 U.S. equities gained during the first week of August, helped by a positive jobs report, as companies reported earnings with mixed results. The Dow Jones Industrial Average rose 0.6% to 18,543.53 and the S&P 500 Index climbed 0.4% to 2,182.87. The Nasdaq gained 1.1% to finish at 5,221.12. The September contract for crude oil jumped 4.3% to US$41.80 per barrel, while spot gold fell 1.1%, or US$15, to US$1,335.40 per oz. gold.

The U.S. economy created 255,000 jobs in July, beating analysts’ expectations of 180,000. The jobless rate remained at 4.9%.

The economy added 292,000 jobs in June, instead of the previously reported 287,000, and 24,000 positions in May, instead of 11,000.

Iamgold gained 37¢ to finish at US$5.54 per share, as 54.1 million shares changed hands.

On Aug. 3, it reported adjusted second-quarter earnings of US$5.9 million, or 1¢ per share, compared to an 8¢-per-share adjusted loss a year ago. Analysts on average had expected a 2¢-per-share adjusted loss. Revenue grew nearly 3% to US$232.5 million, despite slightly lower sales of 187,000 oz., helped by a higher realized price of US$1,269 per oz. gold. Production totalled 197,000 oz. at all-in sustaining

6_AUGUST15_MarketNews.indd 6

costs of US$1,114 per oz., which is up US$38 per oz. from the earlier year, partly due to higher sustaining capital and lower sales.

Cash, equivalents and restricted cash ended June at US$625.5 million.

A day later, Iamgold said a contractor died in a bus accident, involving two Iamgold buses that were moving staff from the Essakane mine in Burkina Faso. Seven other employees received medical treatment for injuries.

Hecla Mining shares added a cent to finish at US$6.50 on 44.3 million shares traded. The miner reported record second-quarter sales of US$171.3 million, up 64% from the same U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 142638 6.07 5.39 6.02 + 0.27 Freeport McMo* FCX 135463 13.04 11.88 12.23 - 0.73 Barrick Gold* ABX 81087 22.94 21.07 21.24 - 0.62 Kinross Gold* KGC 71334 5.56 5.03 5.28 + 0.11 Alcoa* AA 63272 10.60 10.20 10.50 - 0.12 United States S* X 56055 27.35 25.10 26.49 - 1.00 Potash Corp SK* POT 54807 16.15 15.24 16.01 + 0.41 IAMGOLD* IAG 54101 5.87 5.06 5.54 + 0.37 Yamana Gold* AUY 49883 5.95 5.58 5.65 - 0.06 Hecla Mining* HL 44335 6.73 6.08 6.50 + 0.01

period last year, due to higher silver and gold production. Silver output rose 71% to 4.2 million oz., while gold output jumped 41% to 62,965 oz. gold. This helped drive down cash costs, after by-product credits, to US$3.80 per oz. silver and US$601 per oz. gold. Net

income totalled US$24 million, or 6¢ per share, compared to last year’s loss of US$26.6 million, or 7¢ per share. Cash, equivalents, and short-term investments were US$159 million, up US$25 million over the first quarter, but below last year’s US$190 million. TNM

U.S. GREATEST PERCENTAGE CHANGE

Natural Res Pt* Mechel* NACCO Ind* IAMGOLD* Sibanye Gold* Vale* Vale* Vedanta* Endeavr Silver* Silver Wheaton* Primero Mng* Turquoise HIl* HudBay Mnls* Freeport McMo* Alamos Gold* Dominion Diam* United States S* McEwen Mng* Black Hills* Barrick Gold*

NRP MTL NC IAG SBGL VALE.P VALE VEDL EXK SLW PPP TRQ HBM FCX AGI DDC X MUX BKH ABX

U.S. GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

597 28.84 23.92 27.47 + 12.7 738 1.65 1.55 1.58 + 8.2 135 61.05 53.51 60.52 + 7.6 54101 5.87 5.06 5.54 + 7.2 6005 20.64 18.77 19.94 + 6.9 40014 4.95 4.36 4.91 + 6.5 142638 6.07 5.39 6.02 + 4.7 836 10.17 9.23 10.11 + 4.0 13763 5.30 4.69 5.04 + 3.9 29079 29.59 27.88 28.81 + 3.4 10852 2.41 1.70 1.75 - 23.6 16740 3.57 3.07 3.14 - 11.8 1541 5.10 4.45 4.48 - 10.4 135463 13.04 11.88 12.23 - 5.6 5365 9.72 8.75 8.89 - 4.8 1011 9.44 8.67 8.85 - 3.7 56055 27.35 25.10 26.49 - 3.6 16238 4.65 4.18 4.28 - 3.6 2163 63.87 60.72 61.02 - 3.2 81087 22.94 21.07 21.24 - 2.8

NACCO Ind* Natural Res Pt* Sibanye Gold* Silver Wheaton* First Majestic* Buenaventura* Newmont Mng* Potash Corp SK* Vedanta* IAMGOLD* MartinMarietta* Black Hills* Chevron* United States S* Agrium* Freeport McMo* Barrick Gold* Primero Mng* HudBay Mnls* Alamos Gold*

VOLUME WEEK (000s) CLOSE CHANGE

NC NRP SBGL SLW AG BVN NEM POT VEDL IAG MLM BKH CVX X AGU FCX ABX PPP HBM AGI

135 60.52 597 27.47 6005 19.94 29079 28.81 22290 17.83 6990 15.13 35563 44.43 54807 16.01 836 10.11 54101 5.54 3181 198.31 2163 61.02 40680 100.51 56055 26.49 3629 89.91 135463 12.23 81087 21.24 10852 1.75 1541 4.48 5365 8.89

+ 4.25 + 3.09 + 1.29 + 0.94 + 0.49 + 0.48 + 0.43 + 0.41 + 0.39 + 0.37 - 4.34 - 2.03 - 1.97 - 1.00 - 0.85 - 0.73 - 0.62 - 0.54 - 0.52 - 0.45

2016-08-09 8:13 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / AUGUST 15–21, 2016

7

M E TA L S , M I N I N G A N D M O N EY M A R K E T S PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, August 9, 2016 Precious Metals Price (US$/oz.)

Change 1332.90 -25.25 Gold Silver $19.70 -1.01 Platinum $1143.00 -7.00 Palladium $692.00 -21.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10780.00 +20.00 $4776.50 -31.00 $1807.50 +13.50 $2273.00 -4.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 8, 2016 (change from August 8, 2016 in brackets): Aluminium Alloy 11520 (-80) 2259325 (-34475) Aluminium Copper 205025 (-5050) 188175 (+1100) Lead Nickel 369228 (-3726) 5270 (-270) Tin 429425 (-1775) Zinc

TSX WARRANTS

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$41.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.70 Coal: CME Group Central Appalachian Futures Sept. 2016: US$39.50 Oct. 2016: US$39.75 Cobalt: US$12.13/lb.

Copper: US$2.18/lb.

Copper: CME Group Futures Sept. 2016: US$2.15/lb.; Oct. 2016: US$2.15/lb Ferro-Chrome: US$1.94/kg Ferro Titanium: US$3.80/kg FerroTungsten: US$26.87/kg Ferrovanadium: US$19.33/kg Iridium: NY Dealer Mid-mkt US$575/tr oz.

Iron Ore 62% Fe CFR China-S: US$61.40/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.81/lb.

Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$7.26/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$625.00/tr. oz.

Ruthenium: Mid-mkt US$42.00/tr. oz.

Silver: Handy & Harman Base: US$19.83 per oz.; Handy & Harman Fabricated: US$25.78 per oz.

Tantalite Ore : US$132.01/kg Tin: US$8.24/lb.

Uranium: U3O8, Trade Tech spot price: US$25.90; The UX Consulting Company spot price: US$25.00/lb.

Zinc: US$1.03/lb.

Prices current August 9, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 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 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19

Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Goldstar Minerals Inc (GDM.RT) - 1 Rt to buy sh @ 0.04 ti Aug 17/16 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 18, 2016 (with changes from Jul 04, 2016) Largest short positions LUN 44627483 -300695 7/4/2016 Lundin Mng Potash Corp SK POT 37038874 2833644 7/4/2016 Kinross Gold K 24397756 887217 7/4/2016 New Gold NGD 23229239 -547706 7/4/2016 FM 20713831 -5394941 7/4/2016 First Quantum B2Gold BTO 20278539 196030 7/4/2016 GCM 19285800 18423100 7/4/2016 Gran Colombia Eldorado Gold ELD 18213852 -1245707 7/4/2016 SU 12310101 -2749539 7/4/2016 Suncor Energy Goldcorp G 10953117 994285 7/4/2016 Thompson Creek TCM 10684862 1691800 7/4/2016 HudBay Mnls HBM 9884344 -1515524 7/4/2016 Centerra Gold CG 9173873 6388692 7/4/2016 Detour Gold DGC 9093355 -1146313 7/4/2016 ABX 8812523 -54192 7/4/2016 Barrick Gold Largest increase in short position Gran Colombia GCM 19285800 18423100 7/4/2016 Centerra Gold CG 9173873 6388692 7/4/2016 AGI 8067270 2847793 7/4/2016 Alamos Gold Potash Corp SK POT 37038874 2833644 7/4/2016 MND 2327925 2074225 7/4/2016 Mandalay Res Largest decrease in short position Stornoway Diam SWY 311867 -15446928 7/4/2016 IAMGOLD IMG 7754674 -6207999 7/4/2016 Dundee Prec Mt DPM 1896413 -5420200 7/4/2016 First Quantum FM 20713831 -5394941 7/4/2016 Nemaska Lith NMX 431700 -4557800 7/4/2016

Short positions outstanding as of Jul 18, 2016 (with changes from Jul 04, 2016) Largest short positions FF 6540556 2270220 7/4/2016 First Mg Fin Westkam Gold WKG 2132000 -3876600 7/4/2016 Orezone Gold ORE 2122400 423900 7/4/2016 Integra Gold ICG 1720832 -47927 7/4/2016 BRI 954746 79146 7/4/2016 Brazil Res Bear Creek Mng BCM 922110 689210 7/4/2016 PE 911559 416922 7/4/2016 Pure Energy Gold Reserve GRZ 888900 -700 7/4/2016 Santacruz Silv SCZ 825400 -2159874 7/4/2016 Golden Dawn Ml GOM 551800 390300 7/4/2016 SGN 535000 535000 7/4/2016 Scorpio Gold Pure Gold Mg PGM 480143 126443 7/4/2016 Algold Res ALG 321369 319065 7/4/2016 Rye Patch Gold RPM 261376 -104352 7/4/2016 ATAC Res ATC 260500 -39900 7/4/2016 Largest increase in short position First Mg Fin FF 6540556 2270220 7/4/2016 Bear Creek Mng BCM 922110 689210 7/4/2016 Scorpio Gold SGN 535000 535000 7/4/2016 Orezone Gold ORE 2122400 423900 7/4/2016 PE 911559 416922 7/4/2016 Pure Energy Largest decrease in short position Westkam Gold WKG 2132000 -3876600 7/4/2016 Santacruz Silv SCZ 825400 -2159874 7/4/2016 SMD 8400 -249600 7/4/2016 Strategic Metl Alphamin Res AFM 3000 -247000 7/4/2016 RPX 165600 -152800 7/4/2016 Red Pine Expl

DAILY METAL PRICES Daily Metal Prices Date Aug 8 Aug 5 Aug 4 Aug 3 Aug 2 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1545/1565 1545/1565 1545/1565 1540/1565 1565/1590 Aluminum 1644/1651.50 1627/1637 1615.50/1630 1618/1629.50 1635/1641 Copper 4795/4809.50 4792/4810 4786.50/4807 4844/4856 4885/4898 Lead 1792/1800 1794/1804 1787/1794.50 1802/1808 1817.50/1828 Nickel 10780/10820 10575/10640 10435/10460 10640/10680 10790/10850 Tin 18150/18175 18400/18300 17915/17935 18030/17940 17965/17950 2279/2280 2270/2270 2257.50/2259 2265/2266 2280/2280 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1330.00 1362.60 1351.15 1364.40 1358.15 Gold PM 1336.80 1340.40 1362.75 1358.90 1363.75 Silver 19.66 20.22 20.16 20.59 20.71 Platinum 1149.00 1146.00 1157.00 1161.00 1175.00 Palladium 695.00 699.00 711.00 706.00 720.00

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

Aug 05 Aug 04 Aug 03 Aug 02 Aug 01 1.3173 1.3020 1.3067 1.3111 1.3123 0.7592 0.7681 0.7653 0.7627 0.7619

Exchange rates (Quote Media, August 05, 2016)

C$ to AUS C$ to EURO 0.995783 0.6846 C$ to UK Pound C$ to China Yuan 0.5808 5.0498

US to AUS US to EURO 1.3121 0.9018 US to UK Pound US to China Yuan 0.7651 6.6514

C$ to YEN 77.3040 C$ to India Rupee 50.7670 US to YEN 101.8190 US to India Rupee 66.8425

C$ to Mex Peso 14.2459 C$ to Swiss Franc 0.7445 US to Mex Peso 18.7535 US to Swiss Franc 0.9807

C$ to SA Rand 10.4195 C$ to S. Korea Won 847.3270 US to SA Rand US to S. Korea Won 1115.4500

52-week

Index Aug 05 Aug 04 Aug 03 Aug 02 Aug 01 High Low S&P/TSX Composite 14648.77 14528.78 14512.05 14477.01 14582.74 15527.30 12400.15 S&P/TSXV Composite 806.69 807.42 805.18 805.39 796.17 1050.26 883.52 S&P/TSX 60 850.09 841.99 843.09 840.22 847.40 896.74 709.99 S&P/TSX Global Gold 273.06 279.40 278.57 281.95 273.88 218.90 149.29 S&P/TSX Metals & Mining 671.50 666.68 669.13 677.42 688.92 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS AUGUST 1–5, 2016 354 New Highs

Aben Res Aben Res* African Gold Agave Silver Agave Silver* Agnico Eagle Agnico Eagle* Aldridge Mnrls Alexander Nubi Alexco Res Alexco Res* Alternative ER Am Manganese Am Manganese* Amarc Res Amarc Res* Amarillo Gold Americas Silvr Americas Silvr* AngloGold Ash* Apple Cap Inc Arcus Dev Grp Argentum Silvr Ascot Res Astorius Res Atacama Pac Gd* Atico Mng Atico Mng* Atlantic Gold Aura Silver Rs Aurcana Corp Aurcana Corp* Aurvista Gold* Auryn Res* Axiom Mng* Axmin Inc Azimut Expl B2Gold B2Gold* Balmoral Res Balmoral Res* Barksdale Cap Barsele Min* Bayhorse Silvr* BCGold BCGold* Bellhaven Cp&G Bellhaven Cp&G* Berkwood Res Big North Grap* Bitterroot Res Bitterroot Res* Blue Sky Uran Buenaventura* Cache Expl Cache Expl* California Gl* Canadian Zeol Canadian Zeol* Canamex Res Canamex Res* Canasil Res Cancana Res Canstar Res Cariboo Rose Cartier Res Carube Copper* Cascadero Copp Castle Mtn Mng Castle Res Cda Zinc Mtls Cdn Arrow Centamin Centenera Mng

Cerro Grande Chiboug Ind Mn* China Mnls Mng CMC Metals CMC Metals* Coeur Mng* Colombia Crest Colorado Res Colorado Res* Confedertn Mls Copper Lake Rs Copperbank Res Copperbank Res* Cordoba Mnls Cornerstone Ca Cornerstone Ca* Cruz Cap Corp* Currie Rose Rs Darnley Bay Darnley Bay* Defiance Silvr Defiance Silvr* Delrand Res* Dolly Vard Sil Dolly Vard Sil* DRDGOLD* East Africa * Ecuador Gold Ecuador Gold* Endeavour Mng Endeavour Mng* Endeavr Silver Endeavr Silver* Eros Res Corp Eskay Mng Eurasian Mnls Eurasian Mnls* Eureka Res Everton Res Everton Res* Evrim Res Excellon Res Excellon Res* Exeter Res Exeter Res* Finore Mng Firestone Vent First Majestic First Majestic* First Quantum Fortescue Mtls* Fortuna Silvr Fortuna Silvr* Full Metal Mnl Galway Mtls Galway Mtls* Genesis Mtls Giyani Gold* GMV Minerals GMV Minerals* Gold Fields* Gold Mtn Mng * Gold Reach Res Gold Resource* Golden Arrow Golden Arrow* Golden Cariboo Golden Tag Goldeye Expl GoldQuest Mng Goldstream Mnl Gowest Gold Gowest Gold* Grande Portage* Great Bear Res

A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico 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 Alternext U.S. * – Denotes price in U.S.$

7_AUGUST15_MMMM.indd 7

STAFF INVESTMENT POLICY 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

Newmont Mng* Nicola Mg Inc Nicola Mg Inc* North Am Ptash* Nrthn Vertex NSGold Nthn Dynasty Nthn Dynasty* NV Gold NV Gold* Odin Mng & Exp Odin Mng & Exp* Opawica Expl Orex Mnrls Orex Mnrls* Orezone Gold Orezone Gold* Oriental Non F Oroco Res* Orosur Mng Orvana Mnrls Osisko Gold Osisko Gold* Otis Gold Otis Gold* Pan Am Silver Pan Am Silver* Pan Global Res PanTerra Gold* Philippine Mtl Pinecrest Res Pistol Bay Mng Pistol Bay Mng* Prism Res Prize Mng Prospero Silvr Prospero Silvr* PUF Vent Inc PUF Vent Inc * Q-Gold Res* Quinto Real Rackla Mtls* Rainforest Res* Randsburg Int* Redstar Gold Redzone Res Reunion Gold Richmont Mines Richmont Mines* Rio Silver RJK Explor Rojo Res* Rouge Res Roxgold* Royal Gold* Rupert Res San Marco Res* Sandspring Res Sandspring Res* Sandstorm Gold Sandstorm Gold* Semafo Senator Mnrls Senator Mnrls* Serengeti Res Sibanye Gold* Silver Bear Rs Silver Bull Re Silver Bull Re* Silver Wheaton Silver Wheaton* Silvercorp Met Silvercorp Met* Sirios Res Sirios Res*

Skeena Res Skeena Res* Sky Ridge* Skyharbour Res Skyharbour Res* Solitario Ex&R Solitario Ex&R* Sona Res Source Expl Southern Silvr Southern Silvr* Spanish Mtn Gd Spanish Mtn Gd* Stakeholdr Gld Stakeholdr Gld* Starr Peak Exp* Stillwater Mg* Stone Ridge Ex Strategic Metl Strategic Res Stratton Res Sultan Mnrls Sunvest Mnrls Tanzania Rlty Tanzania Rlty* Teck Res Telson Res Telson Res * Tembo Gold Tembo Gold* Terraco Gold Terrax Mnrls Terrax Mnrls* Teuton Res* Thompson Creek* Thor Expl Timmins Gold* Tintina Res* TomaGold Torex Gold Torex Gold* Tower Res* Treasury Metal Trevali Mng Trevali Mng* TriStar Gold TriStar Gold* Vale* Valterra Res Walker River West Af Res Williams Creek Xtierra Yellowhead Mng Zincore Mtls

14 New Lows

Aida Minerals Cameco Corp Cameco Corp* Comstock Mtls * Duncan Park H DuSolo Fertil* Gold Mtn Mng * Kazax Mnls Peloton Mnrls Skyharbour Res* Starr Peak Exp* Stone Ridge Ex Weststar Res* XLI Tech Inc*

CANADIAN GOLD MUTUAL FUNDS

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

LEGEND

Great Bear Res* Great Western* Harmony Gold* Hecla Mining* Heron Res* Hochschild Mg* HTI Ventures Hycroft Mg* IAMGOLD IAMGOLD* IMPACT Silver Impala Platnm* Independence G Independence G* Integra Gold Integra Gold* INV Metals InZinc Mining* Iron South Mng Ivanhoe Mines Ivanhoe Mines* Jaguar Mng Jaguar Mng* K92 Mng Inc K92 Mng Inc* Kaizen Discvry Kincora Copper Kings Bay Gold Kingsmen Res* Klondex Mns Klondike Gold Klondike Silv Klondike Silv* Kootenay Silvr Lamelee Iron Lara Expl Lion One Mtls Lion One Mtls* Lions Gate Mtl Lorraine Coppr Lucara Diam Luna Gold Luna Gold* Lundin Mng Lydian Intl Lydian Intl* MAG Silver Malbex Res* Match Capital Maya Gold &Sil MDN Inc MDN Inc* Metals X* Midas Gold* Millrock Res Millrock Res* Mineral Mtn Mineral Mtn* Mines Manage* Mirasol Res Moneta Porcpn Moneta Porcpn* Monster Mng Monster Mng* Mountain Prov Mountain Prov* Natan Res Natural Res Pt* Nevada Zinc New Gold New Gold* New Jersey Mng* NewCastle Gold* Newmarket Gold Newmarket Gold*

Fund Aug 05 ($) AGF Prec Mtls Fd MF 30.26 BMO Prec Mtls Fd A 23.43 BMO ZGD 14.15 BMO ZJG 11.41 CIBC Prec Metal Fd A 14.58 Dyn Prec Metls Fd A 9.18 Horizons HEP IGMacGloPrecMetCl A 11.72 iShares XGD 17.05 Mac Prec Met Cl A 66.55 NB Prec Met Fd Inv 16.70 RBC GblPreMetFd A 40.50 Sentry Pre Met Fd A 52.84 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv 51.26

Jul 29 ($) 30.51 23.72 14.08 11.52 14.69 9.16 35.68 11.81 17.10 67.10 16.85 41.30 53.69 51.93 9.01 51.37

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.25 -0.82 79.83 2.78 213.50 -0.28 -1.20 82.40 2.40 79.26 0.07 0.47 92.70 0.63 38.10 -0.11 -0.93 106.65 0.60 79.66 -0.11 -0.78 68.46 2.62 68.81 0.02 0.22 99.51 2.66 471.14 1.07 3.06 83.61 0.80 -0.09 -0.76 99.80 2.76 109.60 -0.05 -0.31 95.09 0.61 836.51 -0.54 -0.81 102.40 2.51 151.26 -0.15 -0.89 92.70 2.46 46.35 -0.80 -1.94 92.02 2.13 475.31 -0.85 -1.58 93.18 2.90 271.54 2.27 4.49 92.35 3.19 288.29 0.81 9.25 119.85 3.23 81.27 -0.11 -0.21 88.24 2.26 183.88

2016-08-09 4:20 PM

8

WWW.NORTHERNMINER.COM

AUGUST 15–21, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: AUGUST 1–5, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abcourt Mines* O 149 Abcourt Mines V 648 Aben Res* O 257 Aben Res V 647 Aberdeen Intl* O 401 Aberdeen Intl T 1538 Abitibi Royalt V 100 ABT Holdings* O 4 Acme Res Inc V 5 Adamera Mnls V 948 Adamera Mnls* O 85 Adex Mining V 2584 Advance Gold V 20 African Gold V 1944 African Queen V 2200 Agave Silver* O 99 Agave Silver V 387 Agnico Eagle T 3244 Agnico Eagle* N 7911 N 3629 Agrium* Aguila Amer Gd V 291 Aida Minerals 15 O 72 Alabama Graph* Alacer Gold T 2752 Alamos Gold T 3971 Alamos Gold* N 5365 Alberta Star* O 9 Alcoa* N 63272 Alderon Iron* O 18 Alderon Iron T 271 Aldershot Res V 269 Aldever Res* O 19 Aldever Res V 304 Aldridge Mnrls V 371 Alexander Nubi* O 146 V 2730 Alexander Nubi Alexandria Min* O 1172 Alexandria Min V 2845 Alexco Res* X 4050 Alexco Res T 805 Algold Res V 1420 Alianza Min* O 10 Alianza Min V 504 Alix Res V 2387 Alix Res* O 152 Alliance Mng V 1387 Alliance Res* D 1675 Almaden Mnls T 296 Almaden Mnls* X 1528 Almadex Min V 383 Almadex Min* O 166 Almo Capital V 320 Almonty Ind V 450 Alphamin Res V 171 ALQ Gold V 97 Alset Energy V 3729 Alta Vista Vnt* O 15 Alta Vista Vnt 403 Altai Res V 311 168 Altair Res Inc V Alternative ER V 47 O 142 Alternative ER* Altius Mnrls T 231 Alto Vent V 405 Altura Mng Ltd* O 68 Alturas Mnrls V 1002 Alumina Inc* O 45 ALX Uranium V 264 109 Am CuMo Mng V 144 Am CuMo Mng* O AM Gold V 33 AM Gold* O 4 V 18662 Am Manganese Am Manganese* O 1156 Amarc Res* O 74 Amarc Res V 811 Amarillo Gold V 521 Amazing OG* O 13 Amer Vanadium* O 321 V 382 Amer Vanadium American Lith V 2988 Americas Petro V 1158 Americas Silvr T 7319 Americas Silvr* O 1969 Amerigo Res T 870 Amerigo Res* O 98 Amex Expl V 536 AMI Res V 23 Anaconda Mng T 1247 O 22 Anaconda Mng* Anconia Res V 272 Andes Gold* O 413 Anfield Nickel V 1040 Anfield Res* O 8 Angel Gold* O 86 Angel Gold V 212 Angkor Gold V 208 Anglo American* O 2 O 570 Anglo American* Anglo Pac Grp T 1 Anglo-Bomarc V 78 Anglo-Can Mng V 84 AngloGold Ash* O 0 AngloGold Ash* N 13804 Antioquia Gold* O 802 Antioquia Gold V 352 Antipodes Gold V 3 APAC Res Inc 350 Apogee Silver V 118 Apogee Silver* O 35 Appia Energy 50 Apple Cap Inc V 67 Applied Mrnls* O 55 Aquila Res* O 228 Aquila Res T 172 Arak Res V 26 Arch Coal* O 429 Arctic Star V 1297 Arcturus Vents V 126 Arcus Dev Grp V 1668 Arena Mnls V 945 Arena Mnls* O 13 Argentex Mng V 184 Argentex Mng* O 195 V 69 Argentum Silvr Argex Titanium T 3983 Argex Titanium* O 62 Argonaut Gold T 6542 Argonaut Gold* O 295 Argus Metals V 29 Arian Silver* O 287 Arianne Phosph V 196 Arianne Phosph* O 100 Armor Mnrls V 38 Arrowstar Res V 105 Asanko Gold T 3896 Asanko Gold* X 2095 Asante Gold 48 Asante Gold* O 21 Ascot Res V 1250 Ashburton Vent* O 248 Asian Minl Res V 567 Aston Bay V 782 Astur Gold V 517 ATAC Res V 1751 Atacama Pac Gd* O 9 Atacama Pac Gd V 1066 Athabasca Mnls V 305 Athabasca Mnls* O 23 Athabasca Nclr V 1202 Athena Silver* O 93 Atico Mng V 469 Atico Mng* O 67 Atlanta Gold* O 43 Atlanta Gold V 304 Atlantic Gold V 764 Atlatsa Res T 24 Atom Energy V 53 Augustine Vent 534 Augyva Mng V 430

8-10_AUGUST15_StockTables.indd 8

0.09 0.07 0.08 - 0.02 0.10 0.02 0.12 0.11 0.11 - 0.01 0.13 0.03 0.26 0.19 0.25 + 0.07 100.52 0.03 0.34 0.22 0.32 + 0.10 0.30 0.06 0.14 0.11 0.13 + 0.01 0.16 0.07 0.18 0.16 0.17 + 0.01 0.24 0.10 8.75 7.50 8.26 + 0.44 9.95 1.53 0.65 0.51 0.51 - 0.09 0.80 0.05 0.06 0.00 0.06 + 0.01 0.07 0.02 0.10 0.09 0.09 + 0.01 0.14 0.01 0.08 0.06 0.08 + 0.01 0.10 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.08 0.06 0.06 - 0.02 0.10 0.01 0.12 0.09 0.12 + 0.02 0.12 0.03 0.10 0.06 0.07 - 0.01 0.14 0.01 0.12 0.07 0.10 + 0.03 0.12 0.01 0.15 0.10 0.13 + 0.02 0.15 0.01 78.35 74.62 76.22 + 0.24 78.35 27.63 60.10 57.40 57.92 - 0.22 60.10 21.00 91.32 87.75 89.91 - 0.85 106.76 79.94 0.10 0.08 0.08 - 0.01 0.14 0.03 0.12 0.00 0.12 - 0.03 0.23 0.08 0.11 0.10 0.11 + 0.00 0.18 0.08 3.50 3.21 3.28 - 0.05 3.64 2.08 12.70 11.54 11.67 - 0.52 13.65 3.27 9.72 8.75 8.89 - 0.45 10.41 2.27 0.25 0.22 0.25 + 0.02 0.25 0.12 10.60 10.20 10.50 - 0.12 11.50 6.14 0.09 0.08 0.09 + 0.01 0.18 0.05 0.12 0.11 0.12 + 0.01 0.24 0.07 0.05 0.04 0.05 + 0.01 0.05 0.01 0.05 0.00 0.05 - 0.00 0.20 0.04 0.08 0.06 0.07 - 0.01 0.30 0.06 0.33 0.28 0.30 + 0.03 0.33 0.12 0.06 0.05 0.06 + 0.01 0.06 0.03 0.11 0.06 0.11 + 0.04 0.11 0.04 0.09 0.08 0.08 - 0.00 0.10 0.01 0.11 0.10 0.11 - 0.01 0.12 0.02 2.20 1.86 2.14 + 0.23 2.20 0.22 2.87 2.44 2.80 + 0.31 2.87 0.35 0.39 0.32 0.34 - 0.03 0.40 0.07 0.12 0.11 0.11 - 0.01 0.17 0.07 0.15 0.14 0.14 - 0.01 0.21 0.10 0.09 0.07 0.08 - 0.01 0.18 0.04 0.07 0.00 0.04 - 0.03 0.12 0.03 0.03 0.02 0.03 + 0.01 0.04 0.01 19.68 18.21 19.26 + 0.01 26.18 9.95 2.01 1.76 1.85 - 0.14 2.30 0.65 1.58 1.33 1.43 - 0.08 1.83 0.48 0.47 0.42 0.45 + 0.02 0.48 0.13 0.37 0.32 0.33 - 0.01 0.37 0.01 0.10 0.08 0.10 + 0.02 0.14 0.05 0.42 0.35 0.37 - 0.06 0.86 0.21 0.28 0.23 0.28 + 0.01 0.28 0.14 0.12 0.09 0.09 - 0.03 0.12 0.03 0.49 0.38 0.42 - 0.03 0.84 0.02 0.04 0.04 0.04 + 0.00 0.14 0.03 0.07 0.05 0.06 + 0.01 0.25 0.02 0.04 0.04 0.04 + 0.01 0.09 0.03 0.21 0.20 0.20 - 0.01 0.70 0.08 0.10 0.00 0.10 - 0.04 0.16 0.06 0.06 0.04 0.05 - 0.05 0.12 0.04 10.69 10.01 10.08 - 0.53 14.00 7.39 0.07 0.05 0.06 + 0.01 0.09 0.02 0.14 0.13 0.13 - 0.01 0.30 0.00 0.06 0.05 0.06 + 0.01 0.08 0.01 4.14 3.97 4.14 + 0.14 4.73 2.70 0.11 0.09 0.10 - 0.01 0.15 0.06 0.12 0.11 0.12 - 0.01 0.16 0.06 0.10 0.09 0.09 + 0.00 0.12 0.04 0.20 0.12 0.12 - 0.08 0.45 0.07 0.10 0.00 0.10 - 0.08 0.29 0.07 0.14 0.03 0.10 + 0.07 0.10 0.01 0.10 0.04 0.08 + 0.03 0.07 0.01 0.10 0.07 0.10 + 0.02 0.10 0.02 0.13 0.10 0.13 + 0.03 0.13 0.04 0.43 0.34 0.39 - 0.02 0.43 0.04 0.45 0.40 0.43 - 0.02 1.06 0.29 0.03 0.01 0.02 + 0.00 0.08 0.00 0.04 0.03 0.03 + 0.01 0.10 0.02 0.87 0.60 0.80 + 0.11 1.62 0.05 0.24 0.21 0.22 - 0.02 0.28 0.15 0.47 0.38 0.43 + 0.03 0.47 0.09 0.36 0.30 0.32 + 0.02 0.36 0.04 0.18 0.16 0.17 - 0.01 0.34 0.10 0.14 0.12 0.12 - 0.01 0.26 0.07 0.04 0.04 0.04 + 0.01 0.08 0.02 0.09 0.08 0.09 + 0.01 0.10 0.03 0.11 0.09 0.10 + 0.01 0.11 0.04 0.08 0.07 0.07 - 0.01 0.08 0.02 0.08 0.00 0.06 - 0.01 0.09 0.01 0.01 0.00 0.01 - 0.00 1.00 0.00 1.90 1.51 1.58 - 0.22 1.94 0.52 0.20 0.17 0.20 + 0.03 0.22 0.06 0.08 0.07 0.08 + 0.01 0.11 0.01 0.11 0.08 0.10 + 0.01 0.15 0.01 0.46 0.42 0.45 + 0.01 0.55 0.38 11.33 11.13 11.13 + 0.76 12.35 3.13 5.65 5.46 5.59 + 0.10 5.76 1.57 0.75 0.00 0.75 - 0.75 1.50 0.75 0.11 0.10 0.10 - 0.01 0.30 0.10 0.02 0.02 0.02 - 0.01 0.03 0.01 22.03 0.00 22.03 + 0.58 22.03 6.45 22.91 21.37 21.67 - 0.24 22.91 5.68 0.08 0.06 0.06 - 0.02 0.08 0.03 0.10 0.09 0.10 - 0.01 0.11 0.04 0.03 0.00 0.03 - 0.01 0.04 0.01 0.07 0.06 0.07 + 0.01 0.11 0.03 0.35 0.28 0.28 - 0.01 0.58 0.11 0.23 0.22 0.23 + 0.02 0.45 0.08 0.21 0.18 0.18 - 0.02 0.30 0.01 0.52 0.00 0.52 + 0.07 0.49 0.15 0.18 0.17 0.18 - 0.00 0.43 0.11 0.20 0.18 0.19 + 0.02 0.20 0.09 0.27 0.24 0.26 + 0.02 0.27 0.12 0.03 0.03 0.03 - 0.01 0.07 0.02 0.46 0.38 0.41 - 0.03 10.35 0.11 0.04 0.04 0.04 + 0.01 0.10 0.01 0.02 0.02 0.02 - 0.01 0.02 0.01 0.20 0.06 0.11 + 0.05 0.20 0.01 0.24 0.19 0.20 - 0.02 0.34 0.15 0.16 0.15 0.15 + 0.00 0.25 0.12 0.12 0.09 0.09 - 0.02 0.13 0.02 0.09 0.07 0.08 - 0.00 0.10 0.01 0.12 0.10 0.12 + 0.01 0.12 0.02 0.10 0.08 0.08 + 0.01 0.14 0.02 0.08 0.00 0.07 + 0.00 0.11 0.01 3.83 3.46 3.55 - 0.03 4.45 0.78 2.93 2.57 2.70 - 0.08 3.38 0.53 0.08 0.00 0.07 - 0.01 0.11 0.02 0.02 0.01 0.01 - 0.00 0.42 0.00 0.99 0.90 0.99 + 0.04 1.25 0.68 0.76 0.70 0.75 + 0.02 0.98 0.52 0.56 0.00 0.55 + 0.03 0.85 0.12 0.13 0.10 0.13 + 0.03 0.15 0.04 5.86 5.40 5.48 - 0.22 5.89 1.77 4.49 4.13 4.16 - 0.20 4.53 1.27 0.21 0.17 0.21 + 0.04 0.27 0.05 0.15 0.14 0.15 + 0.01 0.17 0.05 2.63 1.71 2.45 + 0.64 2.40 0.80 0.03 0.02 0.03 - 0.00 0.06 0.01 0.03 0.02 0.03 - 0.01 0.06 0.02 0.45 0.41 0.41 - 0.02 0.49 0.10 0.06 0.04 0.06 + 0.01 0.10 0.01 0.95 0.82 0.86 - 0.08 0.95 0.26 0.69 0.34 0.61 + 0.27 0.66 0.09 1.01 0.70 0.75 - 0.13 1.01 0.14 0.25 0.20 0.22 - 0.03 0.48 0.15 0.19 0.16 0.16 + 0.01 0.34 0.12 0.15 0.10 0.13 + 0.03 0.17 0.02 0.13 0.07 0.13 + 0.02 0.15 0.02 0.55 0.47 0.50 - 0.04 0.55 0.16 0.43 0.36 0.38 - 0.02 0.43 0.12 0.07 0.07 0.07 - 0.00 0.09 0.03 0.09 0.08 0.09 - 0.01 0.11 0.05 0.98 0.89 0.93 + 0.01 0.98 0.17 0.10 0.00 0.10 - 0.01 0.13 0.03 0.04 0.03 0.04 + 0.01 0.12 0.03 0.17 0.00 0.14 - 0.03 0.17 0.03 0.11 0.10 0.10 - 0.01 0.13 0.09

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aura Mnls T 263 Aura Silver Rs V 616 Auramex Res V 26 O 464 Aurcana Corp* Aurcana Corp V 1397 Aureus Mng T 9990 Aureus Mng* O 1017 AuRico Metals * O 668 AuRico Metals T 3927 Aurion Res V 968 Aurora Gold* O 326 Aurvista Gold* O 243 Aurvista Gold V 1771 Auryn Res* O 601 Avalon Adv Mat T 1687 340 Avalon Adv Mat* O Avarone Metals 675 Avino Silver* X 2176 Avino Silver V 326 Avnel Gold T 2094 AXE Expl V 766 Axiom Mng* O 11 Axmin Inc V 2590 Axmin Inc* O 222 AZ Mining T 1614 Azarga Uranium* O 45 T 107 Azarga Uranium Azimut Expl V 599 Azincourt Uran* O 43 Azteca Gold* O 78

0.27 0.22 0.25 + 0.02 0.31 0.06 0.05 0.04 0.05 + 0.01 0.05 0.01 0.03 0.00 0.03 + 0.01 0.03 0.01 0.50 0.37 0.42 + 0.04 0.50 0.07 0.67 0.49 0.55 + 0.06 0.67 0.09 0.09 0.08 0.08 - 0.01 0.55 0.05 0.07 0.05 0.05 - 0.02 0.31 0.03 0.88 0.78 0.79 - 0.08 0.91 0.37 1.15 1.02 1.03 - 0.10 1.22 0.52 0.37 0.33 0.34 - 0.02 0.40 0.04 0.01 0.00 0.01 + 0.00 0.02 0.00 0.29 0.22 0.28 + 0.04 0.29 0.02 0.38 0.28 0.37 + 0.05 0.39 0.03 3.18 2.82 2.89 - 0.14 3.18 0.70 0.23 0.20 0.20 - 0.03 0.33 0.10 0.18 0.15 0.16 - 0.00 0.26 0.07 0.07 0.06 0.07 - 0.01 0.14 0.02 2.80 2.52 2.63 - 0.11 3.14 0.71 3.70 3.29 3.45 - 0.10 4.05 1.03 0.39 0.35 0.35 - 0.03 0.39 0.18 0.03 0.00 0.03 - 0.01 0.04 0.01 0.23 0.21 0.23 + 0.05 0.23 0.01 0.10 0.04 0.08 + 0.04 0.09 0.01 0.06 0.02 0.06 + 0.04 0.04 0.00 1.88 1.62 1.66 - 0.15 1.94 0.22 0.23 0.22 0.22 - 0.00 0.29 0.19 0.30 0.00 0.28 - 0.02 0.40 0.26 0.45 0.38 0.44 + 0.05 0.45 0.10 0.06 0.04 0.06 + 0.02 0.07 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 21699 T 25418 B2Gold V 254 Bacanora Mnls Baja Mng* O 120 Baja Mng V 112 Balmoral Res* O 955 Balmoral Res T 1656 Bandera Gold V 632 Bannerman Res* O 66 Banro* X 5362 Banyan Gold V 82 Bard Vent V 309 Barisan Gold V 2242 Barisan Gold* O 95 Barker Mnrls V 35 O 160 Barkerville Go* Barkerville Go V 1204 V 108 Barksdale Cap Baroyeca Go&Si V 476 Barrick Gold T 19937 Barrick Gold* N 81087 Barsele Min V 785 Barsele Min* O 157 Batero Gold V 935 403 Battle Mtn Gld V 133 Battle Mtn Gld* O Bayhorse Silvr* O 153 Bayhorse Silvr V 1314 Bayswater Uran V 586 BC Moly V 10 BCM Res V 33 Bear Creek Mng V 1179 Bearing Res V 415 Beaufield Res V 1207 O 38 Beaufield Res* Beeston Ent* O 56 Bell Copper* O 57 Bell Copper V 138 Bellhaven Cp&G V 150 Bellhaven Cp&G* O 65 Belmont Res V 363 Benton Res V 1102 Berkeley Egy* O 170 Berkwood Res V 4078 Besra Gold* O 235 12 Big North Grap* O Big North Grap V 2756 46 Bison Gold Res V Bitterroot Res* O 235 Bitterroot Res V 186 Black Hills* N 2163 Black Iron T 240 Black Mam Mtls V 8 Blackheath Res V 268 33 Blind Crk Res V Blue Rvr Res V 943 140 Blue Sky Uran V Bold Vent V 958 BonTerra Res V 680 BonTerra Res* O 41 Bowmore Expl V 66 Bravada Gold* O 91 Bravada Gold V 474 Bravo Multinat* O 2558 Bravura Vent 62 Brazil Mnrls* O 399928 Brazil Res V 2733 BrightRock Gld* O 13 Britannia Mng* O 103 Brixton Mtls* O 163 Brixton Mtls V 543 Brookmount Exp* O 412 Brunswick Res V 42 Buenaventura* N 6990 Bullfrog Gold* O 855 Bullion Gld Res V 122

3.45 3.13 3.34 + 0.21 3.45 0.60 4.49 3.98 4.38 + 0.29 4.49 0.86 1.50 1.41 1.45 - 0.02 2.04 1.17 0.01 0.00 0.01 + 0.01 0.03 0.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.84 0.71 0.80 + 0.05 0.84 0.23 1.09 0.93 1.05 + 0.08 1.09 0.33 0.02 0.01 0.02 + 0.01 0.02 0.01 0.03 0.03 0.03 + 0.01 0.04 0.01 0.42 0.38 0.39 - 0.01 0.48 0.15 0.08 0.00 0.07 - 0.02 0.09 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.03 0.01 0.02 0.00 0.02 + 0.01 0.02 0.01 0.55 0.50 0.51 - 0.00 0.60 0.15 0.71 0.66 0.68 - 0.01 0.76 0.20 0.05 0.00 0.05 + 0.05 0.05 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 29.97 27.79 27.97 - 0.54 30.45 7.89 22.94 21.07 21.24 - 0.62 23.47 5.91 1.16 0.96 1.05 + 0.04 1.16 0.08 0.81 0.75 0.79 + 0.00 0.81 0.05 0.19 0.15 0.19 + 0.04 0.21 0.05 0.61 0.54 0.60 + 0.05 0.68 0.09 0.46 0.42 0.45 + 0.01 0.52 0.06 0.15 0.13 0.14 + 0.01 0.15 0.03 0.19 0.14 0.18 + 0.01 0.20 0.05 0.05 0.03 0.05 + 0.01 0.07 0.01 0.07 0.00 0.07 + 0.01 0.23 0.03 0.23 0.17 0.17 - 0.06 0.32 0.04 3.34 3.06 3.18 + 0.06 3.77 0.50 0.05 0.04 0.04 - 0.01 0.06 0.04 0.12 0.09 0.10 + 0.01 0.16 0.03 0.08 0.07 0.08 + 0.00 0.12 0.03 0.01 0.00 0.01 + 0.00 0.01 0.00 0.04 0.00 0.04 - 0.00 0.06 0.00 0.07 0.05 0.05 - 0.02 0.07 0.01 0.60 0.31 0.49 + 0.14 0.49 0.03 0.45 0.26 0.37 + 0.10 0.33 0.02 0.09 0.07 0.08 - 0.01 0.12 0.02 0.07 0.06 0.07 - 0.01 0.10 0.03 0.64 0.59 0.64 + 0.04 0.67 0.31 0.20 0.08 0.15 + 0.06 0.20 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.04 0.03 0.03 + 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.18 0.00 0.17 - 0.06 0.38 0.10 0.05 0.04 0.05 + 0.01 0.05 0.02 0.08 0.05 0.07 + 0.02 0.10 0.03 63.87 60.72 61.02 - 2.03 64.58 36.81 0.05 0.04 0.05 + 0.01 0.06 0.03 0.09 0.08 0.08 - 0.01 0.13 0.04 0.11 0.09 0.11 - 0.01 0.18 0.08 0.09 0.08 0.09 + 0.01 0.09 0.03 0.06 0.05 0.06 + 0.01 0.08 0.03 0.74 0.46 0.66 + 0.20 0.74 0.04 0.04 0.03 0.04 - 0.01 0.06 0.02 0.38 0.35 0.35 - 0.01 0.51 0.09 0.28 0.27 0.28 - 0.00 0.37 0.08 0.16 0.13 0.14 - 0.02 0.16 0.03 0.28 0.23 0.23 - 0.03 0.31 0.01 0.36 0.28 0.30 - 0.06 0.40 0.03 0.02 0.02 0.02 + 0.00 0.10 0.02 0.33 0.29 0.31 - 0.02 0.33 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 2.98 2.58 2.69 - 0.19 3.16 0.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.79 0.56 0.66 - 0.07 0.92 0.03 1.10 0.70 0.87 - 0.13 1.20 0.05 0.02 0.01 0.01 - 0.00 0.02 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 15.70 14.66 15.13 + 0.48 15.70 3.30 0.10 0.08 0.09 + 0.01 0.12 0.01 0.09 0.00 0.09 - 0.01 0.15 0.05

Cache Expl* O 2 Cache Expl V 66 Cadan Res V 33 Cairo Res V 4 Q 79 Caledonia Mng* Calibre Mng V 2571 California Gl* O 9 California Gld V 29 Callinex Mines V 390 Callinex Mines* O 351 Cameco Corp* N 11751 Cameco Corp T 8130 Cameo Res V 183 Camino Mnls V 68 Camino Mnls* O 7 Canada Coal V 122 Canadian Zeol* O 79 Canadian Zeol V 1202 CanAlaska Uran V 642 CanAlaska Uran* O 159 Canamex Res V 14963 Canamex Res* O 808 Canarc Res T 3093 Canarc Res* Q 553 Canasil Res V 1512 Cancana Res V 302 Candente Coppr T 518 Candente Gold* O 144 Candente Gold V 526 Canoe Mng Vent V 1024 Canstar Res V 558 Canterra Mnls V 137 Cantex Mn Dev V 399 Canyon Copper V 104 Canyon Gold* O 105 Capstone Mng T 2619 Caracara Silvr V 2006 Cardero Res* O 25 Cardero Res V 115 Cariboo Rose V 354 Carpathian Gld 3897 O 312 Carpathian Gld* Carube Copper V 172 Carube Copper* O 91 Castle Mtn Mng V 1895 Castle Peak Mg V 933 Castle Res 9 Cava Res V 99 Caza Gold* O 20 CB Gold V 254 Cda Carbon* O 44

0.13 0.10 0.13 + 0.03 0.13 0.06 0.21 0.12 0.20 + 0.08 0.21 0.06 0.05 0.00 0.05 - 0.01 0.09 0.03 0.23 0.18 0.18 - 0.05 0.30 0.08 1.21 1.14 1.20 + 0.04 1.23 0.48 0.20 0.18 0.18 - 0.02 0.27 0.06 0.56 0.43 0.56 + 0.06 0.56 0.43 0.65 0.60 0.61 - 0.02 1.80 0.25 0.39 0.34 0.38 + 0.03 0.54 0.23 0.30 0.23 0.29 + 0.03 0.44 0.17 9.68 9.08 9.52 - 0.04 14.79 9.08 12.84 12.12 12.54 + 0.06 19.32 12.12 0.05 0.05 0.05 - 0.01 0.10 0.04 0.27 0.24 0.24 - 0.02 0.28 0.07 0.21 0.00 0.21 - 0.00 0.21 0.05 0.03 0.03 0.03 - 0.01 0.05 0.01 0.33 0.31 0.33 + 0.01 0.33 0.06 0.45 0.35 0.43 + 0.03 0.45 0.08 1.35 1.01 1.23 + 0.14 1.55 0.09 1.00 0.78 0.95 + 0.12 1.20 0.06 0.08 0.04 0.07 + 0.03 0.08 0.03 0.06 0.03 0.06 + 0.03 0.06 0.02 0.11 0.09 0.10 - 0.01 0.15 0.04 0.08 0.07 0.07 + 0.00 0.12 0.03 0.60 0.47 0.58 + 0.10 0.60 0.03 0.36 0.29 0.29 - 0.03 0.36 0.13 0.17 0.14 0.16 + 0.02 0.18 0.03 0.05 0.04 0.05 + 0.01 0.06 0.00 0.07 0.06 0.07 + 0.01 0.09 0.01 0.04 0.04 0.04 + 0.01 0.09 0.02 0.15 0.10 0.12 + 0.03 0.15 0.04 0.10 0.08 0.08 - 0.01 0.10 0.03 0.13 0.09 0.11 + 0.01 0.15 0.03 0.03 0.00 0.03 + 0.01 0.03 0.01 0.17 0.15 0.17 - 0.01 0.54 0.02 0.89 0.80 0.82 - 0.04 0.97 0.27 0.03 0.02 0.02 - 0.01 0.03 0.01 0.12 0.00 0.12 - 0.00 0.18 0.05 0.16 0.12 0.16 + 0.02 0.26 0.08 0.12 0.08 0.11 + 0.03 0.11 0.03 0.07 0.06 0.06 + 0.01 0.09 0.01 0.05 0.00 0.05 + 0.01 0.07 0.00 0.18 0.12 0.13 - 0.04 0.20 0.05 0.14 0.12 0.12 - 0.00 0.14 0.07 0.91 0.81 0.90 + 0.05 0.91 0.18 0.07 0.05 0.05 - 0.01 0.07 0.01 0.30 0.00 0.30 + 0.09 1.50 0.05 0.50 0.43 0.50 + 0.05 0.60 0.04 0.06 0.05 0.05 - 0.01 0.06 0.01 0.13 0.10 0.12 + 0.02 0.15 0.04 0.22 0.21 0.22 + 0.00 0.28 0.18

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cda Rare Earth V 1063 0.03 0.03 0.03 + 0.01 0.04 0.02 Cda Zinc Mtls V 2218 0.44 0.27 0.39 + 0.10 0.44 0.10 0.01 + 0.01 0.02 0.01 Cdn Arrow V 3221 0.02 0.01 0.06 0.04 0.05 + 0.01 0.13 0.01 Cdn Intl Mnrls V 2886 Cdn Metals 811 0.30 0.10 0.30 + 0.14 0.44 0.06 0.28 + 0.01 0.32 0.04 Cdn Zinc* Q 435 0.29 0.25 Centamin T 345 2.97 2.81 2.82 - 0.07 2.97 1.08 Centaurus Diam* O 109 0.20 0.14 0.19 - 0.02 0.34 0.02 7.45 - 0.25 8.67 5.64 Centerra Gold T 4033 8.06 7.40 V 940 0.10 0.08 0.08 - 0.02 0.18 0.04 Centurion Mnls Century Global T 2 0.22 0.00 0.22 + 0.01 0.36 0.15 Cerro Grande* O 26 0.04 0.02 0.04 + 0.02 0.05 0.00 0.03 - 0.01 0.06 0.01 Cerro Grande 232 0.06 0.02 Cerro Mng V 100 0.01 0.01 0.01 + 0.01 0.03 0.01 55 0.16 0.16 0.16 - 0.01 0.17 0.08 Chalice Gold M* O 437 0.21 0.19 0.20 + 0.01 0.21 0.09 Chalice Gold M T Champion Bear* O 3 0.06 0.06 0.06 - 0.02 0.08 0.02 Champion Iron* O 26 0.20 0.19 0.19 - 0.01 0.23 0.09 T 455 0.25 0.23 0.24 - 0.01 0.30 0.11 Champion Iron Chesapeake Gld V 346 6.24 5.21 6.05 + 0.80 6.50 1.39 Chesapeake Gld* O 259 4.69 4.04 4.58 + 0.54 5.03 1.05 Chevron* N 40680 102.10 97.91 100.51 - 1.97 107.58 69.58 Chiboug Ind Mn V 159 0.23 0.15 0.18 + 0.03 0.26 0.03 Chiboug Ind Mn* O 27 0.17 0.14 0.17 + 0.07 0.17 0.07 0.15 + 0.01 0.23 0.03 Chieftain Mtls V 310 0.17 0.14 Chilean Metals V 83 0.18 0.15 0.17 + 0.01 0.19 0.02 O 53 0.14 0.12 0.13 - 0.01 0.15 0.00 Chilean Metals* China Gold Int T 1368 2.54 2.37 2.37 - 0.10 2.72 1.60 China Mnls Mng* O 10 0.01 0.00 0.01 - 0.01 0.02 0.00 CKR Carbon V 902 0.09 0.07 0.08 - 0.01 0.13 0.06 Claim Post Res V 221 0.04 0.03 0.03 + 0.01 0.06 0.01 0.16 - 0.00 0.18 0.05 Clifton Mng* O 259 0.16 0.13 Cloud Peak En* N 10303 3.89 3.14 3.49 + 0.08 4.79 1.08 CMC Metals* O 29 0.13 0.10 0.13 + 0.03 0.11 0.07 CMC Metals V 672 0.20 0.13 0.17 + 0.03 0.32 0.05 Coeur Mng* N 26142 16.03 14.88 15.50 + 0.18 16.03 1.62 0.18 - 0.04 0.22 0.02 Colibri Res V 74 0.22 0.15 Colombia Crest V 2506 0.04 0.02 0.02 - 0.01 0.04 0.01 Colombian Mins V 144 0.21 0.17 0.17 - 0.03 0.23 0.02 Colorado Res* O 412 0.51 0.43 0.47 + 0.01 0.51 0.04 Colorado Res V 2511 0.67 0.54 0.61 + 0.02 0.67 0.05 Colt Res* O 170 0.06 0.04 0.04 - 0.00 0.15 0.04 V 2670 0.11 0.06 0.09 + 0.03 0.19 0.06 Colt Res Columbus Gold* O 360 0.62 0.58 0.61 + 0.02 0.63 0.23 Columbus Gold T 1429 0.82 0.74 0.80 + 0.02 0.82 0.32 Commerce Res V 858 0.08 0.07 0.07 - 0.01 0.13 0.06 Commerce Res* O 88 0.06 0.05 0.05 + 0.00 0.10 0.04 Comstock Mng* X 3210 0.47 0.39 0.41 + 0.03 0.70 0.33 V 254 0.35 0.28 0.32 + 0.04 0.37 0.05 Comstock Mtls Comstock Mtls * O 62 0.24 0.00 0.24 + 0.02 0.28 0.10 Condor Res V 584 0.09 0.08 0.08 - 0.01 0.12 0.02 Confedertn Mls V 88 0.75 0.00 0.72 + 0.08 9.00 0.64 Conquest Res V 972 0.05 0.04 0.04 - 0.01 0.07 0.01 N 17735 19.28 18.02 19.05 - 0.33 19.62 4.54 CONSOL Energy* 0.12 - 0.01 0.15 0.05 Constant Mtl V 706 0.14 0.10 Contintl Gold* O 62 3.07 2.69 2.69 - 0.29 3.31 0.88 Contintl Gold T 1573 3.98 3.50 3.58 - 0.28 4.32 1.28 Contintl Prec T 3 0.32 0.00 0.32 - 0.01 0.38 0.25 Copper Fox Mtl V 780 0.13 0.12 0.13 - 0.01 0.24 0.11 172 0.07 0.05 0.07 + 0.02 0.07 0.03 Copper Lake Rs V Copper Mtn Mng* O 31 0.41 0.40 0.41 + 0.00 0.66 0.23 Copper Mtn Mng T 1379 0.55 0.51 0.52 - 0.01 0.85 0.33 Copper North M V 84 0.18 0.00 0.17 + 0.01 0.50 0.13 Copper North M* O 2 0.14 0.00 0.13 - 0.01 0.15 0.10 Copper One * O 80 0.15 0.11 0.15 + 0.04 0.17 0.02 Copper One V 145 0.21 0.15 0.21 + 0.05 0.30 0.03 Copperbank Res* O 26 0.06 0.05 0.05 + 0.00 0.06 0.01 Copperbank Res 573 0.08 0.07 0.08 + 0.01 0.08 0.03 Coral Gold V 1263 0.39 0.35 0.35 - 0.02 0.39 0.05 Corazon Gold V 21 0.28 0.24 0.24 - 0.04 0.30 0.18 Cordoba Mnls V 1169 1.08 0.78 0.96 + 0.14 1.08 0.10 Cordoba Mnls* O 610 0.78 0.66 0.73 + 0.13 0.79 0.08 Corex Gold V 1016 0.17 0.14 0.14 - 0.01 0.21 0.03 V 1718 0.09 0.06 0.09 + 0.02 0.08 0.02 Cornerstone Ca Cornerstone Ca* O 538 0.06 0.04 0.05 - 0.00 0.06 0.01 Cornerstone Mt V 42 0.03 0.03 0.03 + 0.01 0.04 0.01 0.16 + 0.01 0.21 0.02 Coro Mining T 1908 0.16 0.14 Coronet Mtls* O 72 0.35 0.29 0.31 - 0.04 0.40 0.02 Corvus Gold T 173 1.38 1.17 1.23 - 0.09 1.38 0.33 0.96 - 0.07 1.05 0.25 Corvus Gold* O 124 1.05 0.89 Cougar Mnls V 57 0.49 0.46 0.46 - 0.03 0.82 0.08 0.04 0.02 0.03 + 0.01 0.07 0.01 Crazy Horse Res V 1301 Critical Elem V 781 0.66 0.62 0.63 - 0.01 0.75 0.14 Critical Elem* O 57 0.51 0.47 0.47 + 0.00 0.58 0.10 Crown Mining V 118 0.15 0.12 0.13 + 0.01 0.20 0.03 Cruz Cap Corp* O 174 0.35 0.34 0.35 - 0.00 0.35 0.20 Crystal Pk Min* O 54 0.22 0.20 0.22 + 0.02 0.32 0.11 Crystal Pk Min V 88 0.29 0.26 0.29 + 0.02 0.42 0.13 Currie Rose Rs V 754 0.05 0.02 0.04 + 0.02 0.05 0.01 Cypress Dev V 1374 0.18 0.15 0.18 + 0.01 0.20 0.02 Cypress Dev* O 56 0.14 0.12 0.13 + 0.01 0.16 0.01 0.07 - 0.02 0.15 0.06 Cyprium Mng V 767 0.10 0.07

D-F Dajin Res V 1551 Dajin Res* O 1394 Dakota Ter Res* O 46 Daleco Res* O 120 Dalradian Res* O 1129 Dalradian Res T 5736 Danakali* O 131 Darnley Bay V 1507 Darnley Bay* O 25 Debut Dmds 53 Defiance Silvr* O 357 Defiance Silvr V 1206 Del Toro Silvr* O 661 Denison Mines* X 1974 Denison Mines T 2218 Desert Star V 79 Detour Gold T 4863 Diamante Min* O 72 Diamcor Mng V 19 Dios Expl V 279 Discovery Gold* O 391 DNI Metals* O 12 Dolly Vard Sil* O 103 Dominion Diam* N 1011 Dominion Diam T 803 Double Crn Res* O 4175 Doubleview Cap V 278 DRDGOLD* N 4199 Dundee Prec Mt T 2132 Duran Vent * O 22 Duran Vent V 135 Durango Res V 1243 DuSolo Fertil* O 140 274 Dynacor Gld Mn T Dynasty Gold V 1464 O 28 Dynasty Met&Mn* Dynasty Met&Mn T 378 Eagle Graphite V 515 Eagle Graphite* O 44 Eagle Plains V 597 East Africa * O 23 Eastern Platin T 287 Eastfield Res V 333 Eastmain Res T 4399 Eco Oro Mnls T 82 Ecuador Gold V 849 Ecuador Gold* O 58 Edgewater Expl V 4671 El Capitan Prc* O 6744 El Nino Vent V 285 Elcora Res* O 21 Eldorado Gold* N 31496 Eldorado Gold T 19084 Eloro Mnrls V 81 Ely Gold & Mnl V 327 Ely Gold & Mnl* O 340 Elysee Dev V 49 Emerita Res V 739 Emgold Mng* O 43 Encanto Potash V 1578 Encanto Potash* O 173 Endeavour Mng* O 77 Endeavour Mng T 1905 Endeavr Silver* N 13763 Endeavr Silver T 2472 Energizer Res T 1719 Energizer Res* O 376

0.21 0.18 0.20 + 0.01 0.30 0.07 0.16 0.13 0.15 + 0.00 0.24 0.05 0.06 0.06 0.06 - 0.00 0.20 0.05 0.04 0.03 0.03 + 0.00 0.05 0.01 0.90 0.84 0.88 - 0.01 1.04 0.45 1.18 1.10 1.15 - 0.01 1.32 0.62 0.31 0.30 0.31 + 0.01 0.37 0.17 0.24 0.14 0.21 + 0.05 0.24 0.01 0.14 0.12 0.14 + 0.02 0.14 0.00 0.02 0.01 0.02 + 0.01 0.03 0.01 0.47 0.41 0.42 + 0.00 0.47 0.04 0.62 0.49 0.55 + 0.02 0.62 0.06 0.00 0.00 0.00 + 0.00 0.03 0.00 0.54 0.50 0.50 - 0.02 0.67 0.35 0.72 0.65 0.67 - 0.03 0.85 0.48 0.10 0.08 0.08 - 0.02 0.16 0.03 35.22 32.07 33.50 - 0.64 35.93 12.07 0.51 0.35 0.35 - 0.11 0.85 0.17 1.18 1.14 1.15 - 0.03 1.25 0.65 0.15 0.10 0.14 + 0.02 0.19 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.03 0.03 + 0.00 0.10 0.03 0.81 0.54 0.69 - 0.02 0.81 0.08 9.44 8.67 8.85 - 0.34 13.32 7.27 12.32 11.42 11.63 - 0.36 17.40 9.96 0.01 0.01 0.01 + 0.00 0.02 0.01 0.10 0.08 0.10 + 0.01 0.16 0.06 9.10 8.02 8.46 + 0.16 9.10 1.10 4.10 3.44 3.50 - 0.43 4.14 0.84 0.09 0.00 0.07 - 0.02 0.09 0.07 0.11 0.10 0.10 - 0.01 0.20 0.07 0.11 0.09 0.10 + 0.01 0.21 0.03 0.03 0.02 0.03 - 0.00 0.13 0.02 2.15 2.00 2.10 - 0.02 2.32 1.30 0.03 0.02 0.02 - 0.01 0.03 0.01 0.14 0.12 0.12 - 0.01 0.36 0.08 0.19 0.16 0.17 + 0.01 0.60 0.10 0.05 0.04 0.04 - 0.01 0.07 0.02 0.04 0.03 0.03 - 0.01 0.05 0.01 0.15 0.14 0.15 + 0.01 0.17 0.05 0.23 0.19 0.23 + 0.04 0.23 0.02 0.90 0.78 0.82 - 0.03 1.45 0.61 0.05 0.03 0.04 + 0.01 0.05 0.02 0.66 0.62 0.65 + 0.02 0.67 0.28 0.33 0.31 0.33 + 0.01 0.70 0.25 0.62 0.33 0.60 + 0.20 0.59 0.10 0.42 0.30 0.42 + 0.12 0.42 0.13 0.03 0.02 0.03 + 0.01 0.04 0.01 0.08 0.05 0.08 + 0.03 0.10 0.03 0.05 0.04 0.04 + 0.01 0.05 0.01 0.30 0.29 0.29 - 0.01 0.55 0.20 4.28 3.93 3.99 - 0.10 5.16 1.87 5.74 5.19 5.25 - 0.10 6.71 2.67 0.40 0.36 0.37 + 0.01 0.40 0.09 0.15 0.12 0.13 - 0.01 0.17 0.04 0.11 0.09 0.11 + 0.00 0.12 0.03 0.33 0.00 0.33 + 0.03 0.34 0.17 0.09 0.08 0.08 - 0.01 0.17 0.02 0.03 0.02 0.03 + 0.00 0.03 0.00 0.09 0.08 0.08 - 0.01 0.18 0.05 0.07 0.06 0.06 - 0.01 0.14 0.03 20.22 17.07 17.27 - 2.24 20.22 4.40 26.38 22.30 22.71 - 2.66 26.38 4.95 5.30 4.69 5.04 + 0.19 5.30 1.00 6.89 6.17 6.62 + 0.30 6.89 1.46 0.11 0.07 0.08 + 0.01 0.13 0.03 0.07 0.05 0.06 + 0.00 0.10 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

1.81 2.21 - 0.02 4.41 Energy Fuels* X 609 2.29 2.18 2.47 2.92 + 0.02 5.76 Energy Fuels T 257 2.95 2.83 0.17 0.30 - 0.01 0.40 Entree Gold* X 606 0.31 0.29 0.05 0.09 - 0.01 0.22 Equitas Res V 4177 0.11 0.09 0.02 0.07 - 0.01 0.17 Equitas Res* O 647 0.09 0.07 0.43 0.31 0.43 + 0.06 0.50 0.09 45 V Era Res Inc 0.34 0.29 0.32 + 0.02 0.55 0.11 491 Erdene Res Dev T 0.25 0.22 0.24 + 0.01 0.42 0.08 43 Erdene Res Dev* O 0.03 0.04 + 0.00 0.08 Erin Ventures* O 220 0.04 0.04 0.04 0.06 + 0.01 0.11 Erin Ventures V 574 0.06 0.04 0.21 0.18 0.21 + 0.03 0.21 0.09 316 Eros Res Corp V 0.21 0.18 0.21 + 0.03 0.21 0.09 316 Eros Res Corp V 0.14 0.35 - 0.01 0.41 Ethos Gold V 130 0.36 0.34 0.09 0.27 - 0.01 0.32 Ethos Gold* O 41 0.27 0.26 0.35 1.29 + 0.19 1.37 X 789 1.37 1.10 Eurasian Mnls* 0.48 1.63 + 0.18 1.75 Eurasian Mnls V 157 1.75 1.36 0.04 0.14 - 0.01 0.17 Eureka Res V 618 0.17 0.14 0.21 0.45 + 0.03 0.62 EurOmax Res T 50 0.45 0.42 0.15 0.34 + 0.00 0.46 O 18 0.34 0.31 EurOmax Res* 0.22 0.00 0.22 + 0.02 0.27 0.05 13 Europn Uran Rs V 0.03 0.08 - 0.01 1.00 V 8 0.08 0.00 Eurotin 0.09 0.70 - 0.01 0.95 Everest Vent V 25 0.71 0.00 0.01 0.10 + 0.04 0.08 Everton Res V 4971 0.12 0.06 0.00 0.09 + 0.03 0.07 Everton Res* O 1445 0.09 0.04 0.04 0.36 + 0.01 0.50 Evolving Gold 64 0.40 0.35 0.02 0.28 - 0.02 0.38 O 27 0.31 0.26 Evolving Gold* 0.10 0.39 + 0.07 0.43 Evrim Res V 863 0.43 0.31 0.01 0.10 - 0.01 0.11 Excalibur Res 528 0.11 0.07 0.00 0.07 - 0.01 0.09 O 96 0.09 0.06 Excalibur Res* 0.20 1.42 + 0.15 1.58 Excellon Res T 2349 1.58 1.25 0.14 1.09 + 0.14 1.22 Excellon Res* O 369 1.22 0.95 0.12 0.29 + 0.01 0.31 O 188 0.30 0.25 Excelsior Mng* 0.39 1.77 - 0.01 1.94 Exeter Res T 445 1.94 1.67 0.29 1.34 - 0.02 1.48 Exeter Res* X 1998 1.48 1.30 0.07 0.08 + 0.01 0.22 O 40 0.08 0.07 Expedition Mng* 0.03 0.10 - 0.03 0.18 Explor Res* O 150 0.14 0.10 0.04 0.14 - 0.03 0.24 Explor Res V 3088 0.17 0.12 0.02 0.13 - 0.02 0.23 Fairmont Res V 654 0.16 0.13 0.21 1.08 + 0.06 1.25 Falco Res V 862 1.12 1.00 0.01 0.08 + 0.06 0.08 Finore Mng 1203 0.08 0.02 0.01 0.04 + 0.01 0.05 Firebird Res V 52 0.04 0.00 0.01 0.06 + 0.01 0.06 Firestone Vent V 535 0.06 0.05 0.02 0.08 - 0.00 0.25 O 151 0.09 0.05 Firma Holdings* 0.03 0.06 + 0.01 0.08 First Bauxite V 129 0.06 0.05 23.46 + 0.82 24.38 3.50 First Majestic T 7215 24.38 21.77 17.83 + 0.49 18.68 2.40 First Majestic* N 22290 18.68 17.31 0.02 0.04 + 0.01 0.07 First Mexican V 315 0.04 0.04 1.25 1.06 1.12 - 0.06 1.31 0.25 V 9994 First Mg Fin 0.96 0.81 0.85 - 0.05 1.02 0.19 First Mg Fin * O 7205 0.04 0.09 - 0.01 0.14 First Point T 735 0.10 0.09 11.47 + 0.18 11.62 2.15 First Quantum T 23621 11.62 10.86 0.08 0.07 0.07 - 0.01 0.12 0.06 756 V Fission 3.0 0.53 0.69 - 0.04 0.86 Fission Uran T 1892 0.73 0.68 0.39 0.52 - 0.04 0.66 Fission Uran* O 951 0.58 0.51 0.01 0.10 + 0.01 0.17 Fjordland Exp V 1006 0.12 0.09 0.13 0.48 - 0.12 0.77 Flinders Res V 199 0.63 0.48 0.09 0.38 - 0.08 0.61 Flinders Res* O 150 0.50 0.38 0.07 0.14 + 0.01 0.30 V 998 0.15 0.13 Focus Graphite 0.04 0.11 + 0.00 0.23 O 227 0.12 0.09 Focus Graphite* 0.05 0.10 - 0.01 0.22 Focus Vent V 511 0.11 0.10 0.05 0.21 + 0.01 0.27 Foran Mng V 336 0.22 0.19 0.09 0.60 - 0.01 0.63 T 1212 0.61 0.46 Formation Mtls 0.05 0.07 + 0.01 0.20 Forsys Metals T 284 0.07 0.07 0.10 0.00 0.10 + 0.01 0.25 0.05 3 Fort St J Nick V 1.00 0.06 3.39 + 3.45 O 9 3.45 0.00 Fortescue Mtls* 11.56 + 0.18 12.73 2.65 Fortuna Silvr T 3761 12.73 11.20 2.00 8.77 + 0.05 9.75 Fortuna Silvr* N 6282 9.75 8.66 0.01 0.08 - 0.00 0.11 O 148 0.09 0.08 Fortune Mnrls* 0.03 0.07 + 0.00 0.14 O 311 0.07 0.07 Forum Uranium* 0.04 0.09 + 0.01 0.20 V 914 0.09 0.08 Forum Uranium 0.05 0.30 + 0.01 0.39 Four River V 65 0.30 0.00 39.05 77.11 + 0.08 80.22 N 2338 79.62 76.12 Franco-Nevada* Franco-Nevada T 1833 104.17 99.05 101.57 + 0.90 104.19 51.55 0.00 0.00 + 0.00 0.01 Franklin Mng* O 2 0.00 0.00 0.05 0.25 + 0.04 0.27 Freegold Vent T 930 0.25 0.20 12.23 - 0.73 14.20 3.52 135463 13.04 11.88 N Freeport McMo* 24.40 - 1.53 26.65 8.70 Fresnillo plc* O 15 26.10 24.40 0.12 0.06 0.09 + 0.03 0.12 0.02 37 Full Metal Mnl V 0.08 0.14 - 0.02 0.25 Fura Emeralds V 257 0.17 0.13

G-H G&S Minerals* O 145 G4G Res V 17 Gainey Capital V 363 Galane Gold V 2672 Galantas Gold V 243 62 Galena Intl Rs V Galway Gold V 1792 Galway Mtls* O 905 Galway Mtls V 4321 Garibaldi Res V 741 104 Garibaldi Res * O GB Minerals V 25 Gear Intl* O 50 186 V Gem Intl Res General Moly* X 371 Genesis Mtls V 900 V 627 Gensource Pot Geologix Expl V 1311 O 529 Geologix Expl* 372 Gespeg Cop Res V GFK Res V 127 Giyani Gold* O 446 Giyani Gold V 740 O 125 Gldn Predator* Gldn Predator V 456 273 Glen Eagle Res V Glencore Plc* O 540 66 Global Cop Grp V Global Gold* O 55 Global Mnrls V 1 O 3 GlobalMin Vent* Globex Mng* O 25 Globex Mng T 480 GMCI Corp* O 0 GMV Minerals V 894 O 107 GMV Minerals* GoGold Res T 2508 Gold & Silver* O 2849 272 Gold Bulln Dev* O Gold Bulln Dev V 2079 O 327 Gold Dynamics* 26877 Gold Fields* N 701 Gold Jub Cap V Gold Lakes* O 1895 314 Gold Mng USA* O 546 Gold Mtn Mng V 42 Gold Mtn Mng * O 363 Gold Reach Res V X 6918 Gold Resource* 666 Gold Ridge Exp V Gold Std Vents* X 4011 Gold Std Vents V 1531 Goldcliff Res V 929 T 20349 Goldcorp Goldcorp* N 33673 Golden Arrow V 3635 Golden Arrow* O 2363 V 140 Golden Cariboo Golden Dawn Ml V 2871 84 Golden Dawn Ml* O Golden Eagle* O 18 V 1612 Golden Goliath O 263 Golden Goliath* Golden Harp V 31 Golden Hope V 403 Golden Hope* O 55 Golden Matrix* O 7372 Golden Mnls* X 4262 Golden Mnls T 271 Golden Peak Mn V 4347 Golden Queen T 1138 O 1186 Golden Queen* Golden Reign V 1268 Golden Secret V 172 Golden Sh Mng V 1060 5 Golden Sh Mng* O Golden Star T 4795 25179 Golden Star* X Golden Tag V 2947 Golden Valley V 3116

0.00 0.00 - 0.00 0.00 0.00 0.00 0.03 0.09 + 0.01 0.11 0.09 0.00 0.10 0.20 + 0.02 0.30 0.20 0.17 0.03 0.13 - 0.02 0.19 0.15 0.12 0.07 0.14 - 0.01 0.17 0.17 0.13 0.14 0.12 0.12 - 0.02 0.15 0.02 0.04 0.09 + 0.03 0.10 0.09 0.06 0.06 0.35 + 0.22 0.34 0.35 0.14 0.09 0.46 + 0.29 0.45 0.46 0.17 0.05 0.09 - 0.01 0.18 0.10 0.08 0.08 0.06 0.07 - 0.01 0.13 0.03 0.02 0.08 - 0.01 0.12 0.08 0.08 0.00 0.00 - 0.00 0.00 0.00 0.00 0.15 0.12 0.15 + 0.02 0.15 0.04 0.15 0.34 + 0.01 0.53 0.36 0.30 0.05 0.26 + 0.03 0.26 0.27 0.22 0.04 0.09 - 0.01 0.12 0.10 0.09 0.02 0.13 + 0.02 0.14 0.13 0.11 0.01 0.09 + 0.01 0.11 0.10 0.08 0.05 0.04 0.04 - 0.01 0.06 0.02 0.03 0.14 + 0.02 0.14 0.14 0.10 0.02 0.20 - 0.04 0.27 0.27 0.20 0.06 0.28 - 0.04 0.36 0.35 0.23 0.06 0.64 - 0.04 0.79 0.68 0.64 0.07 0.85 - 0.03 1.03 0.90 0.84 0.11 0.10 0.10 - 0.01 0.16 0.03 1.95 4.95 + 0.07 6.45 4.99 4.82 0.05 0.04 0.05 + 0.01 0.06 0.04 0.00 0.03 + 0.01 0.04 0.03 0.02 0.03 0.26 - 0.03 0.30 0.26 0.00 0.07 0.07 - 0.00 0.17 0.07 0.07 0.14 0.30 - 0.02 0.38 0.32 0.30 0.17 0.39 - 0.02 0.51 0.43 0.39 0.20 2.20 - 0.10 2.51 2.20 0.00 0.05 0.55 + 0.12 0.53 0.55 0.44 0.06 0.41 + 0.04 0.39 0.41 0.35 0.94 1.15 - 0.02 1.65 1.25 1.15 0.01 0.01 0.01 + 0.00 478.00 0.00 0.10 0.08 0.08 - 0.01 0.11 0.01 0.13 0.11 0.11 - 0.01 0.16 0.02 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 6.14 - 0.07 6.56 6.56 6.09 0.18 0.16 0.18 + 0.02 0.28 0.07 0.01 0.68 - 0.01 1.02 0.87 0.31 0.01 0.01 0.01 + 0.00 0.19 0.00 0.35 0.28 0.34 + 0.01 0.49 0.02 0.26 0.00 0.26 + 0.03 0.24 0.23 0.25 0.17 0.24 + 0.04 0.25 0.08 1.14 6.45 + 0.83 6.88 6.88 5.49 0.10 0.08 0.10 + 0.01 0.14 0.01 1.63 1.35 1.42 - 0.08 2.10 0.32 2.11 1.78 1.87 - 0.08 2.73 0.42 0.01 0.03 - 0.01 0.04 0.04 0.03 13.55 22.98 - 0.35 26.56 23.85 22.82 17.46 - 0.42 20.38 9.46 18.28 17.33 0.17 1.20 - 0.03 1.48 1.48 1.16 0.13 0.92 - 0.03 1.30 1.30 0.87 0.03 0.11 - 0.03 0.15 0.15 0.09 0.39 0.35 0.36 - 0.01 0.44 0.07 0.30 0.26 0.26 - 0.03 0.32 0.06 0.00 0.02 - 0.01 0.03 0.03 0.02 0.01 0.08 - 0.02 0.14 0.11 0.08 0.00 0.07 - 0.01 0.10 0.08 0.06 0.03 0.17 + 0.01 0.28 0.20 0.16 0.16 0.30 + 0.03 0.60 0.32 0.27 0.12 0.24 + 0.03 0.47 0.25 0.21 0.00 0.00 0.00 - 0.00 3000.00 0.00 0.13 0.93 - 0.09 1.16 1.11 0.89 0.19 1.23 - 0.09 1.51 1.43 1.17 0.06 0.03 0.04 - 0.02 0.09 0.03 0.67 1.34 + 0.13 2.00 1.41 1.17 0.48 1.03 + 0.10 1.56 1.06 0.89 0.07 0.29 + 0.01 0.34 0.29 0.26 0.02 0.49 + 0.04 0.67 0.50 0.44 0.20 0.14 0.20 + 0.07 0.26 0.03 0.13 0.10 0.13 + 0.03 0.14 0.05 0.21 1.00 - 0.03 1.46 1.07 0.96 0.14 0.76 - 0.02 1.13 0.83 0.71 0.02 0.15 + 0.04 0.18 0.18 0.10 0.07 0.30 + 0.07 0.32 0.30 0.23

2016-08-09 11:52 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 15–21, 2016

9

S T O C K TA B L E S (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Goldex Res V 10 Goldex Res* O 2 Goldeye Expl V 1076 Goldgroup Mng* O 1934 GoldON Res V 170 V 2588 GoldQuest Mng Goldrea Res 168 Goldrea Res* O 26 O 1694 Goldsource Min* Goldsource Min V 2417 Goldstar Mnls V 608 Goldstream Mnl V 51 Goldstrike Res V 5377 Gossan Res V 350 GoviEx Uranium* O 126 V 600 GoviEx Uranium Gowest Gold V 4011 GPM Metals V 695 Gran Colombia* O 869 Gran Colombia T 13539 Grande Portage V 54 Graphite One V 3061 Graphite One* O 330 Great Atlantic V 440 Great Bear Res V 16 Great Panther T 3162 Great Panther* X 14587 Great Quest Fe V 62 O 390 Great Western* Green Swan Cap V 165 Green Valley M V 1252 Greencastle Rs V 294 Grizzly Discvr V 188 Grizzly Discvr* O 24 Grizzly Gold* O 84 GTA Res & Mng V 974 Guerrero Vents V 1466 Gungnir Res V 396 Guyana Gldflds T 3178 Handa Copper V 120 Happy Ck Mnrls V 226 N 20490 Harmony Gold* V 107 Hawkeye Gld&Di Heatherdale Rs V 95 Hecla Mining* N 44335 Helio Res V 338 Hellix Vent* O 124 Hemcare Health* O 4 Heron Res T 1047 Heron Res* O 907 Highbank Res V 191 Hochschild Mg* O 228 Homestake Res* O 322 Homestake Res V 2315 5 Hornby Bay Mnl V Houston Lake V 138 HTI Ventures V 949 HudBay Mnls* N 1541 HudBay Mnls T 10618 Hudson Res V 365 Hudson Res* O 16 Hunt Mng V 427 Hunt Mng* O 399

0.64 0.55 0.63 + 0.03 0.90 0.10 0.45 0.42 0.45 + 0.02 0.62 0.08 0.08 0.06 0.08 + 0.02 0.08 0.02 0.28 0.25 0.25 - 0.00 0.30 0.03 0.21 0.00 0.21 + 0.06 0.36 0.03 0.68 0.58 0.62 + 0.02 0.68 0.09 0.10 0.09 0.10 + 0.02 0.12 0.03 0.07 0.06 0.07 + 0.01 0.08 0.02 0.39 0.32 0.38 + 0.05 0.45 0.11 0.50 0.43 0.50 + 0.06 0.57 0.14 0.06 0.03 0.04 - 0.01 0.07 0.01 0.15 0.10 0.13 + 0.03 0.40 0.10 0.32 0.23 0.32 + 0.07 0.34 0.07 0.05 0.04 0.04 - 0.01 0.05 0.02 0.12 0.11 0.11 - 0.01 0.16 0.08 0.18 0.14 0.16 + 0.02 0.19 0.14 0.28 0.20 0.23 + 0.01 0.28 0.06 0.50 0.38 0.40 - 0.06 0.57 0.08 0.12 0.10 0.11 - 0.00 0.20 0.04 0.15 0.13 0.14 + 0.01 0.27 0.06 0.18 0.14 0.15 - 0.04 0.20 0.04 0.09 0.08 0.08 - 0.01 0.18 0.07 0.07 0.06 0.06 - 0.01 0.14 0.05 0.08 0.06 0.07 + 0.01 0.08 0.03 0.36 0.00 0.36 + 0.07 0.35 0.05 2.02 1.70 1.74 - 0.16 2.82 0.45 1.54 1.29 1.31 - 0.14 2.25 0.34 0.17 0.15 0.15 - 0.01 0.48 0.11 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.07 0.08 + 0.01 0.14 0.01 0.02 0.01 0.02 + 0.01 0.05 0.01 0.18 0.12 0.14 - 0.04 0.18 0.05 0.06 0.04 0.05 + 0.01 0.10 0.01 0.05 0.04 0.04 - 0.01 0.05 0.02 0.18 0.09 0.11 - 0.07 0.21 0.01 0.12 0.08 0.10 + 0.02 0.16 0.02 0.03 0.00 0.03 + 0.01 0.04 0.01 0.04 0.04 0.04 - 0.01 0.05 0.01 8.81 8.25 8.46 + 0.06 10.35 2.48 0.05 0.04 0.04 - 0.01 0.07 0.03 0.16 0.15 0.16 + 0.01 0.19 0.08 4.87 4.44 4.50 - 0.07 4.87 0.53 0.08 0.07 0.08 + 0.02 0.10 0.03 0.07 0.00 0.06 + 0.02 0.07 0.01 6.73 6.08 6.50 + 0.01 6.73 1.45 0.06 0.05 0.05 + 0.01 0.08 0.02 0.04 0.02 0.04 + 0.01 0.06 0.00 0.07 0.06 0.07 + 0.01 0.25 0.05 0.17 0.14 0.17 + 0.03 0.17 0.07 0.13 0.10 0.13 + 0.03 0.13 0.05 0.07 0.06 0.06 - 0.01 0.18 0.04 3.92 3.50 3.57 + 0.04 3.92 0.59 0.17 0.15 0.16 - 0.01 0.18 0.01 0.23 0.20 0.21 - 0.02 0.24 0.01 0.07 0.00 0.07 + 0.01 0.09 0.03 0.30 0.27 0.30 + 0.02 0.40 0.13 0.88 0.68 0.81 + 0.08 0.88 0.01 5.10 4.45 4.48 - 0.52 6.50 1.56 6.64 5.86 5.89 - 0.62 8.46 2.26 0.41 0.39 0.40 - 0.01 0.54 0.34 0.32 0.29 0.29 - 0.01 0.41 0.26 0.29 0.23 0.25 - 0.01 0.35 0.02 0.21 0.18 0.19 - 0.01 0.22 0.01

I-Minerals V 147 I-Minerals* O 167 54101 IAMGOLD* N IAMGOLD T 16816 IC Potash* O 30 Iconic Mnls V 602 Idaho North* O 76 IDM Mining* O 507 IDM Mining V 3354 IEMR Res V 474 IMPACT Silver V 952 Impala Platnm* O 224 Imperial Metal* O 21 Imperial Metal T 237 128 Inca One Gold* O Inception Mng * O 0 Independence G V 1064 O 31 Independence G* Infrastructure* O 181 Inspiration Mg 9 Inspiration Mg* O 9 Intact Gold* O 81 Intact Gold V 423 Integra Gold* O 2185 Integra Gold V 7475 Intgr Egy Sol* O 1499 Intigold Mines V 87 O 24 Intigold Mines* Intl Lithium* O 140 Intl Lithium V 462 Intl Millm Mng V 474 Intl Montoro V 832 Intl Samuel Ex V 89 Intl Tower Hil* X 1861 Intl Tower Hil T 545 Intrepid Pots* N 4876 INV Metals* O 75 INV Metals T 822 Inventus Mg * O 97 Inventus Mg V 348 InZinc Mining V 826 Ireland* O 716 90 Iron South Mng V Irving Res* O 28 Irving Res 64 166 Itoco Mg Corp* O Ivanhoe Mines* O 1098 Ivanhoe Mines T 8100 Jaguar Mng* O 1110 Jayden Res V 196 Jazz Res V 29 Jet Metal* O 5 K92 Mng Inc V 4412 K92 Mng Inc* O 1580 Kaizen Discvry V 566 O 102 Kaizen Discvry* Kapuskasing Gd V 932 Karnalyte Res T 1120 Katanga Mng T 104 Kazax Mnls V 398 Kenna Res V 272 Kennady Diam V 221 Kermode Res V 320 Kerr Mines* O 257 Kerr Mines T 1286 Kesselrun Res V 1049 Khalkos Expl V 444 Khan Res 53 Kilo Goldmines V 1903 Kilo Goldmines* O 80 Kincora Copper V 114 Kings Bay Gold V 89 Kingsmen Res* O 31 Kinross Gold T 25206 Kinross Gold* N 71334 Kirkland Lk Gd* O 158 Kirkland Lk Gd T 3290 Kiska Metals* O 286 Kiska Metals V 983 Kivalliq Enrgy V 1761 Klondike Gold V 891 Klondike Gold* O 103 Klondike Silv* O 32 Klondike Silv V 864 Kombat Copper V 395 Komet Resource V 46 Kootenay Silvr V 2697

0.34 0.28 0.32 + 0.03 0.37 0.16 0.26 0.22 0.26 + 0.04 0.28 0.14 5.87 5.06 5.54 + 0.37 5.87 1.15 7.64 6.63 7.28 + 0.54 7.64 1.66 0.08 0.06 0.06 - 0.02 0.12 0.03 0.38 0.30 0.33 - 0.02 0.45 0.03 0.08 0.07 0.07 - 0.00 0.10 0.06 0.18 0.16 0.17 + 0.01 0.21 0.04 0.23 0.20 0.22 + 0.01 0.26 0.07 0.02 0.02 0.02 - 0.01 0.06 0.01 1.28 1.00 1.08 + 0.03 1.28 0.11 4.95 4.50 4.75 + 0.27 4.95 1.45 6.21 5.78 5.80 + 0.02 6.52 2.81 8.00 7.48 7.61 - 0.08 8.82 3.92 0.04 0.04 0.04 - 0.01 0.11 0.03 0.80 0.00 0.80 + 0.25 1.00 0.20 0.50 0.38 0.49 + 0.09 0.49 0.06 0.37 0.31 0.37 + 0.06 0.37 0.04 0.01 0.01 0.01 + 0.00 0.02 0.01 0.10 0.07 0.10 + 0.01 0.10 0.02 0.06 0.00 0.04 - 0.02 0.10 0.01 0.07 0.04 0.07 + 0.01 0.14 0.04 0.08 0.07 0.08 + 0.02 0.18 0.02 0.76 0.65 0.68 + 0.01 0.76 0.18 0.96 0.86 0.90 + 0.02 0.96 0.23 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.00 0.08 + 0.01 0.21 0.06 0.06 0.05 0.06 + 0.01 0.13 0.05 0.17 0.15 0.17 - 0.00 0.55 0.02 0.22 0.20 0.20 - 0.02 0.38 0.03 0.09 0.08 0.09 + 0.01 0.10 0.05 0.03 0.02 0.03 - 0.01 0.08 0.02 0.09 0.08 0.09 - 0.01 0.15 0.05 1.30 1.06 1.11 - 0.14 1.40 0.18 1.68 1.42 1.42 - 0.15 1.82 0.26 1.38 1.16 1.31 + 0.02 8.74 0.65 0.76 0.62 0.69 + 0.07 0.77 0.08 1.10 0.83 0.91 + 0.06 1.10 0.08 0.20 0.20 0.20 - 0.00 0.28 0.20 0.29 0.26 0.29 + 0.02 0.35 0.02 0.17 0.14 0.15 - 0.01 0.18 0.04 0.23 0.19 0.20 - 0.02 0.38 0.13 0.21 0.00 0.21 + 0.01 0.21 0.04 0.26 0.18 0.26 + 0.06 0.27 0.09 0.35 0.22 0.31 + 0.06 0.35 0.11 0.11 0.09 0.09 - 0.01 1.10 0.08 1.19 1.03 1.11 - 0.00 1.19 0.36 1.55 1.28 1.46 + 0.03 1.55 0.53 0.65 0.52 0.56 + 0.01 0.65 0.09 0.16 0.15 0.16 + 0.01 0.23 0.03 0.10 0.08 0.08 - 0.02 0.23 0.08 0.05 0.00 0.00 - 0.00 0.12 0.00 2.24 1.92 2.14 + 0.21 2.24 0.87 1.72 1.52 1.65 + 0.14 1.72 0.75 0.29 0.21 0.29 + 0.05 0.29 0.08 0.19 0.16 0.19 + 0.02 0.19 0.06 0.05 0.04 0.05 - 0.01 0.07 0.02 2.30 0.78 1.30 - 0.95 4.15 0.52 0.15 0.14 0.15 + 0.01 0.23 0.13 0.02 0.00 0.02 + 0.01 0.05 0.01 0.25 0.23 0.25 + 0.01 0.27 0.12 4.19 3.90 3.90 - 0.17 4.40 2.35 0.02 0.01 0.02 + 0.01 0.02 0.01 0.11 0.08 0.10 - 0.01 0.12 0.01 0.14 0.11 0.12 - 0.02 0.16 0.02 0.36 0.27 0.28 - 0.06 0.43 0.02 0.17 0.12 0.15 - 0.01 0.26 0.05 0.83 0.78 0.78 - 0.05 0.88 0.34 0.17 0.12 0.13 - 0.01 0.17 0.04 0.12 0.10 0.10 - 0.01 0.13 0.03 0.38 0.00 0.35 + 0.02 0.55 0.15 0.10 0.00 0.10 + 0.01 0.15 0.05 0.11 0.06 0.11 + 0.01 0.10 0.02 7.23 6.65 6.95 + 0.20 7.56 1.79 5.56 5.03 5.28 + 0.11 5.82 1.31 8.83 8.16 8.37 - 0.18 9.62 3.12 11.50 10.69 11.02 - 0.13 12.39 4.51 0.09 0.07 0.08 - 0.01 0.09 0.01 0.11 0.10 0.10 - 0.01 0.12 0.01 0.09 0.00 0.09 - 0.02 0.10 0.06 0.45 0.37 0.45 + 0.06 0.42 0.08 0.31 0.28 0.31 + 0.00 0.32 0.06 0.09 0.06 0.09 + 0.02 0.09 0.01 0.13 0.10 0.11 + 0.02 0.13 0.01 0.06 0.05 0.05 - 0.01 0.10 0.02 0.37 0.35 0.36 + 0.01 0.50 0.29 0.60 0.46 0.52 + 0.02 0.60 0.17

Labdr Iron Mns* O 37 Labrador Iron T 1164 Lago Dourado V 39 Lake Victoria* O 26 Lamelee Iron V 1113 Lara Expl V 412

0.01 0.00 0.00 + 0.00 0.02 0.00 15.04 13.57 14.05 - 0.91 17.44 6.85 0.29 0.00 0.17 - 0.12 0.59 0.05 0.01 0.01 0.01 - 0.00 0.07 0.01 0.19 0.01 0.19 - 0.01 0.70 0.10 1.55 1.31 1.48 + 0.13 1.54 0.21

I-J-K

L

8-10_AUGUST15_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Laramide Res T 351 Largo Res* O 84 Largo Res T 121 Latin Am Mnls V 637 Latin Am Mnls* O 69 Legend Gold* O 88 Legend Gold V 109 Levon Res Ltd * O 97 Levon Res Ltd T 719 Lexam VG Gold* O 568 Lexam VG Gold T 737 Li3 Energy* O 454 Libero Mg Corp V 59 Liberty Star* O 7133 Lincoln Mng V 280 Lion One Mtls V 186 Lion One Mtls* O 119 Lions Gate Mtl 57 Lithium Amer* O 961 Lithium Corp* O 944 Lithium Expl* O 28721 LKA Gold* O 5 Lomiko Mtls* O 141 Loncor Res* O 5 Loncor Res T 45 Lone Star Gold* O 50 Lonmin plc* O 40 O 90 Lonmin plc* Lorraine Coppr V 327 Los Andes Copp V 641 Lucara Diam T 5425 Luna Gold* O 398 Luna Gold T 825 Lund Enterpr V 19 Lupaka Gold V 776 Lydian Intl T 3702 Lydian Intl* O 134 Lynas Corp* O 414

0.26 0.22 0.25 + 0.02 0.38 0.15 0.53 0.42 0.44 - 0.06 0.56 0.08 0.66 0.55 0.58 - 0.05 0.72 0.11 0.41 0.33 0.35 - 0.04 0.48 0.05 0.31 0.26 0.26 - 0.04 0.36 0.06 0.04 0.04 0.04 - 0.00 0.05 0.01 0.05 0.05 0.05 - 0.01 0.06 0.02 0.39 0.35 0.39 + 0.04 0.42 0.07 0.52 0.45 0.52 + 0.07 0.54 0.09 0.21 0.19 0.20 - 0.01 0.23 0.04 0.27 0.25 0.26 - 0.01 0.29 0.05 0.02 0.02 0.02 + 0.00 0.04 0.01 0.19 0.15 0.17 + 0.02 0.20 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.00 0.09 - 0.01 0.11 0.02 0.99 0.90 0.99 + 0.06 0.98 0.24 0.76 0.69 0.76 + 0.05 0.74 0.18 0.09 0.03 0.09 + 0.01 0.08 0.01 0.75 0.70 0.73 - 0.01 0.87 0.34 0.11 0.09 0.10 + 0.01 0.13 0.02 0.02 0.01 0.01 + 0.01 0.45 0.00 0.39 0.32 0.39 + 0.07 0.53 0.10 0.03 0.03 0.03 - 0.00 0.04 0.02 0.18 0.15 0.18 - 0.00 0.20 0.01 0.25 0.22 0.24 - 0.01 0.25 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 3.12 2.93 2.99 - 0.13 3.12 0.01 3.40 2.86 3.00 - 0.10 90.00 0.55 0.12 0.09 0.10 + 0.01 0.12 0.04 0.18 0.16 0.16 - 0.01 0.20 0.05 4.38 3.99 4.19 + 0.16 4.38 1.42 0.21 0.17 0.21 + 0.02 0.21 0.02 0.28 0.23 0.28 + 0.03 0.28 0.03 0.10 0.08 0.08 - 0.02 0.14 0.02 0.20 0.17 0.20 + 0.01 0.23 0.04 0.50 0.44 0.46 - 0.01 0.50 0.19 0.39 0.34 0.35 - 0.00 0.39 0.13 0.06 0.04 0.05 - 0.01 0.10 0.02

M Macarthur Mnl* O 166 0.06 0.04 0.06 + 0.01 0.14 0.02 0.07 + 0.01 0.18 0.02 Macarthur Mnl V 3248 0.08 0.06 MacDonald Mns V 2182 0.02 0.01 0.02 + 0.01 0.02 0.01 MacMillan Mnls V 273 1.18 1.05 1.08 + 0.03 1.44 0.16 MAG Silver T 1020 21.88 20.26 20.87 + 0.37 21.88 8.60 Magellan Gold* O 23 0.20 0.14 0.19 + 0.06 0.35 0.04 Majescor Res V 174 0.14 0.08 0.10 + 0.02 0.15 0.02 Makena Res* O 47 0.03 0.02 0.02 - 0.01 0.04 0.01 Malbex Res V 403 0.45 0.37 0.45 + 0.07 0.46 0.20 Mandalay Res T 1982 1.17 1.13 1.14 + 0.01 1.35 0.59 Mangazeya Mng V 121 0.04 0.00 0.04 + 0.01 0.06 0.01 Marathon Gold T 933 0.53 0.49 0.50 + 0.02 0.53 0.11 Margaux Res V 215 0.26 0.21 0.25 - 0.01 0.29 0.11 Mariana Res* O 1018 0.83 0.64 0.80 + 0.12 0.89 0.02 Mariana Res V 740 1.12 0.87 1.06 + 0.16 1.20 0.85 Maritime Res V 475 0.30 0.24 0.24 - 0.04 0.31 0.08 Marlin Gold* O 463 0.50 0.40 0.45 + 0.00 0.52 0.10 MartinMarietta* N 3181 200.99 192.51 198.31 - 4.34 206.36 108.31 Mason Graphite* O 124 0.81 0.76 0.80 + 0.04 0.96 0.21 Mason Graphite V 649 1.09 0.99 1.05 + 0.01 1.25 0.30 Matachewan Con V 97 0.33 0.27 0.33 + 0.06 0.49 0.20 Matamec Expl V 783 0.07 0.06 0.06 + 0.01 0.07 0.02 Matamec Expl* O 74 0.05 0.04 0.05 + 0.00 0.06 0.01 Maverix Mtls* O 2 16.33 0.00 0.90 + 0.05 16.33 0.80 Mawson Res* O 71 0.19 0.17 0.18 + 0.00 0.24 0.12 Mawson Res T 128 0.24 0.23 0.23 - 0.01 0.30 0.17 0.01 + 0.01 0.03 0.01 Mawson West T 1021 0.01 0.01 Maya Gold &Sil V 3777 0.24 0.15 0.21 + 0.06 0.24 0.10 MBAC Fertilizr* O 3 0.01 0.01 0.01 + 0.01 0.04 0.00 McEwen Mng* N 16238 4.65 4.18 4.28 - 0.16 4.92 0.70 McEwen Mng T 2674 6.06 5.52 5.65 - 0.14 6.44 0.93 MDN Inc* O 27 0.07 0.05 0.07 + 0.01 0.07 0.01 MDN Inc V 1907 0.10 0.06 0.09 + 0.03 0.09 0.01 Meadow Bay Gd T 865 0.10 0.08 0.10 + 0.01 0.24 0.06 Meadow Bay Gd* O 465 0.08 0.06 0.08 + 0.01 0.17 0.04 Mechel* N 738 1.65 1.55 1.58 + 0.12 2.48 1.23 Medgold Res V 220 0.16 0.00 0.15 - 0.01 0.25 0.05 Medinah Mnrls* O 3573 0.01 0.01 0.01 + 0.00 0.03 0.01 Mega Uranium T 2833 0.14 0.12 0.14 + 0.02 0.20 0.05 Mega Uranium* O 43 0.11 0.09 0.10 + 0.01 0.15 0.04 Megastar Dev V 185 0.07 0.05 0.06 + 0.01 0.08 0.02 Merrex Gold V 307 0.23 0.19 0.21 + 0.01 0.31 0.10 Merrex Gold* O 35 0.16 0.14 0.15 + 0.00 0.24 0.10 Mesa Expl* O 215 0.09 0.07 0.08 + 0.01 0.14 0.01 Metallis Res V 113 0.26 0.19 0.19 - 0.06 0.28 0.02 Metalore Res T 8 2.50 1.90 1.90 - 0.60 3.59 1.26 Metals Creek V 359 0.14 0.11 0.13 + 0.02 0.20 0.05 Metals X* O 3 1.35 0.00 1.32 + 0.13 1.27 0.68 Metanor Res V 11972 0.11 0.09 0.11 + 0.02 0.13 0.03 Mexus Gold* O 4015 0.07 0.05 0.06 + 0.00 0.07 0.00 MGX Minerals 904 0.20 0.16 0.19 + 0.02 0.70 0.08 0.81 - 0.01 0.90 0.16 Midas Gold* O 1656 0.90 0.79 Midas Gold T 2496 1.18 1.03 1.06 - 0.01 1.18 0.25 Midland Expl V 138 1.09 0.90 1.05 - 0.03 1.20 0.45 Midnight Sun V 234 0.14 0.12 0.14 + 0.02 0.24 0.08 Midway Gold* O 304 0.00 0.00 0.00 + 0.00 0.01 0.00 Millrock Res* O 384 0.43 0.37 0.37 - 0.02 0.43 0.11 Millrock Res V 1899 0.54 0.48 0.50 - 0.01 0.54 0.15 Minaurum Gold V 223 0.14 0.11 0.11 - 0.01 0.14 0.04 Minco Gold* X 1271 0.35 0.30 0.32 + 0.01 0.42 0.10 Minco Gold T 264 0.45 0.40 0.41 - 0.01 0.55 0.12 Minco Silver T 579 1.95 1.77 1.91 + 0.10 2.05 0.32 Minco Silver* O 137 1.50 1.34 1.43 + 0.05 1.54 0.26 Minera Alamos V 498 0.28 0.23 0.25 - 0.01 0.29 0.07 Mineral Mtn* O 146 0.38 0.30 0.34 + 0.06 0.38 0.04 Mineral Mtn V 206 0.49 0.38 0.44 + 0.04 0.49 0.08 X 575 1.49 1.36 1.47 + 0.07 1.49 0.11 Mines Manage* 1.91 + 0.09 1.98 0.17 Mines Manage T 15 1.93 1.82 Miranda Gold V 525 0.14 0.13 0.13 - 0.01 0.18 0.06 Mirasol Res V 525 3.38 2.82 3.00 + 0.07 3.38 0.72 Molycorp* O 2284 0.03 0.03 0.03 - 0.01 0.15 0.02 Monarques Res* O 98 0.46 0.36 0.39 - 0.00 0.48 0.04 V 1665 0.58 0.49 0.50 - 0.05 0.66 0.06 Monarques Res Moneta Porcpn* O 916 0.28 0.24 0.27 + 0.03 0.28 0.06 Moneta Porcpn T 2990 0.36 0.31 0.36 + 0.04 0.35 0.07 Monster Mng V 353 0.26 0.11 0.25 + 0.12 0.30 0.05 Monster Mng* O 60 0.20 0.09 0.20 + 0.09 0.20 0.04 0.08 + 0.01 0.13 0.02 Montan Mg V 3461 0.10 0.07 Montego Res 108 0.13 0.08 0.13 + 0.05 0.15 0.08 V 203 0.04 0.03 0.03 - 0.01 0.08 0.01 Montero Mg&Ex Monument Mng V 900 0.15 0.14 0.15 + 0.01 0.19 0.08 Mosaic* N 33755 28.06 25.98 27.27 + 0.27 45.36 22.02 Mountain Prov T 1813 6.70 5.85 6.28 - 0.19 6.70 3.38 Mountain Prov* D 818 5.13 4.45 4.78 - 0.16 5.13 2.47 Mukuba Res V 78 0.01 0.00 0.01 + 0.01 0.02 0.01 Mundoro Cap* O 115 0.10 0.08 0.10 + 0.01 0.13 0.03 Mundoro Cap V 861 0.15 0.11 0.13 + 0.01 0.18 0.04 Mustang Mnrls V 449 0.02 0.01 0.02 + 0.01 0.02 0.01 MX Gold* O 403 0.21 0.17 0.18 - 0.01 0.23 0.07 MX Gold V 8131 0.26 0.23 0.25 + 0.02 0.29 0.10

N-O NACCO Ind* N 135 Napier Vent V 26 Napier Vent* O 41 Natan Res V 160 Natural Res Pt* N 597 Nautilus Mnrls T 580 Nautilus Mnrls* O 565 Nemaska Lith* O 220 Nevada Copper T 274 Nevada Egy Mtl* O 1289 Nevada Egy Mtl V 1641 Nevada Expl * O 267 Nevada Expl V 664 Nevada Sunrise* O 294 Nevada Sunrise V 1020 Nevada Zinc V 798 Nevado Res V 1299 Nevsun Res* X 7931 Nevsun Res T 4043 New Carolin Gd V 2039 New Carolin Gd* O 169 New Colombia* O 2207 New Destiny Mg V 1021 New Dimen Res V 263 New Gold* X 30909 New Gold T 11284 New Gold* O 756 New Jersey Mng* O 1492 New Milln Iron* O 583

61.05 53.51 60.52 + 4.25 61.29 40.04 0.30 0.26 0.26 - 0.03 0.34 0.15 0.23 0.23 0.23 + 0.00 0.26 0.19 0.40 0.28 0.36 + 0.05 0.40 0.05 28.84 23.92 27.47 + 3.09 34.80 5.00 0.16 0.15 0.16 + 0.01 0.41 0.10 0.12 0.11 0.12 - 0.00 0.32 0.08 0.96 0.84 0.89 - 0.01 1.50 0.15 0.69 0.58 0.66 + 0.07 1.34 0.45 0.11 0.08 0.10 + 0.01 0.20 0.06 0.14 0.11 0.13 + 0.02 0.26 0.01 0.42 0.32 0.37 + 0.02 0.61 0.08 0.55 0.43 0.48 + 0.03 0.94 0.05 0.23 0.18 0.22 + 0.02 0.28 0.09 0.30 0.25 0.29 + 0.03 0.37 0.13 0.50 0.36 0.47 + 0.11 0.45 0.19 0.08 0.06 0.08 + 0.01 0.08 0.01 3.56 3.21 3.22 - 0.10 3.80 2.27 4.54 4.14 4.25 - 0.07 4.81 3.27 0.10 0.09 0.10 + 0.01 0.15 0.04 0.08 0.06 0.08 + 0.01 0.12 0.03 0.02 0.01 0.01 - 0.00 0.05 0.00 0.02 0.01 0.02 - 0.15 0.32 0.08 0.16 0.13 0.16 + 0.04 0.19 0.04 5.85 5.20 5.58 + 0.38 5.85 1.76 7.62 6.49 7.33 + 0.55 7.62 2.52 0.17 0.08 0.16 + 0.08 0.28 0.03 0.15 0.12 0.13 + 0.01 0.15 0.02 0.09 0.08 0.08 - 0.02 0.11 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

New Milln Iron T 1229 New Nadina V 26 New Oroperu V 31 New World Res V 18 NewCastle Gold* O 354 Newlox Gold 251 Newmarket Gold T 3690 Newmarket Gold* O 1654 Newmont Mng* N 35563 Newport Expl V 136 Nexgen Energy* O 66 Nexgen Energy T 1416 Next Gen Mtls 635 Next Gen Mtls* O 13 Nexus Gold V 6695 NGEx Res* O 7 NGEx Res T 317 Nickel One Res V 238 Nicola Mg Inc V 4576 Nicola Mg Inc* O 36 V 1845 Nighthawk Gold Niocorp Dev T 229 Niocorp Dev* O 376 Nippon Dragon V 895 Noble Mnl Expl V 653 Noka Res* O 13 Noka Res V 971 O 181 Noranda Alum* Noront Res V 591 Nortec Mnls V 433 North Am Nickl* O 31 753 North Am Nickl V North Am Pall T 38 North Am Pall* O 19 56 North Am Ptash V 2 North Arrow Mn* O North Arrow Mn V 86 North Springs* O 1059 Northcliff Res T 363 Northern Uran V 3509 Northisle C&G V 1319 Northn Empire V 948 Norvista Cap V 278 Nouveau Monde V 428 NovaCopper* X 399 NovaCopper T 33 NovaGold Res* X 11990 NovaGold Res T 1531 Novo Res V 364 Novo Res* O 173 NQ Explor V 395 NRG Metals V 606 NRG Metals* O 35 Nrthn Freegold V 324 Nrthn Freegold* O 90 O 77 Nrthn Graphite* Nrthn Iron V 9302 Nrthn Lion V 26 Nrthn Shield V 2013 Nrthn Superior V 2022 Nrthn Vertex V 758 V 17 NSGold Nthn Dynasty* X 11511 Nthn Dynasty T 7614 NuLegacy Gold* O 772 V 1423 NuLegacy Gold Nunavik Nickel V 7 NV Gold* O 34 V 545 NV Gold NX Uranium* O 78 O.T. Mining* O 35 OceanaGold T 9853 OceanaGold* O 39 Oceanic Iron O V 161 Oceanus Res V 288 696 Odin Mng & Exp V Odin Mng & Exp* O 25 Olivut Res* O 56 Olivut Res V 54 Opawica Expl V 320 Orbite Tech T 5868 Orbite Tech* O 69 Orca Gold V 235 Orca Gold* O 18 Oremex Silver V 582 O 384 Oremex Silver* Orestone Mng V 785 Orex Mnrls* O 449 Orex Mnrls V 1256 Orezone Gold V 1296 Orezone Gold* O 217 Organic Potash 87 Oriental Non F 18 Orla Mng Ltd V 215 Oro East Mg* O 468 Oroco Res V 1242 Oroco Res* O 67 Orocobre T 336 Oroplata Res* O 3519 Orosur Mng T 520 Orvana Mnrls T 1164 Orvana Mnrls* O 19 Osisko Gold* N 741 Osisko Gold T 1926 Osisko Mng Inc T 1045 Otis Gold* O 631 Otis Gold V 2122

0.11 0.10 0.10 - 0.01 0.18 0.05 0.13 0.00 0.10 - 0.01 0.18 0.05 0.44 0.00 0.44 + 0.08 0.52 0.09 0.11 0.00 0.11 + 0.03 0.11 0.01 0.70 0.65 0.67 + 0.02 0.70 0.14 0.05 0.03 0.05 + 0.03 0.05 0.02 4.71 4.06 4.31 - 0.02 4.71 1.00 3.64 3.28 3.28 - 0.06 3.64 0.77 45.91 42.95 44.43 + 0.43 45.91 15.39 0.21 0.19 0.21 + 0.01 0.38 0.19 1.81 1.70 1.76 - 0.02 2.25 0.41 2.35 2.25 2.35 + 0.03 2.86 0.56 0.16 0.11 0.15 + 0.05 0.18 0.01 0.12 0.07 0.12 + 0.04 0.14 0.07 0.10 0.05 0.09 + 0.04 0.14 0.04 0.89 0.88 0.88 - 0.01 1.00 0.37 1.20 1.09 1.20 + 0.05 1.35 0.44 0.09 0.07 0.09 + 0.01 0.18 0.07 0.21 0.17 0.20 + 0.03 0.21 0.05 0.15 0.13 0.14 + 0.01 0.15 0.03 0.38 0.33 0.38 + 0.04 0.40 0.04 0.99 0.95 0.99 + 0.01 1.14 0.51 0.77 0.72 0.76 + 0.00 0.87 0.37 0.11 0.09 0.10 + 0.01 0.15 0.03 0.02 0.02 0.02 + 0.01 0.03 0.01 0.09 0.08 0.09 + 0.00 0.15 0.02 0.11 0.09 0.10 - 0.01 0.21 0.03 0.07 0.04 0.04 - 0.01 4.82 0.02 0.35 0.33 0.34 + 0.01 0.51 0.28 0.06 0.05 0.06 + 0.01 0.08 0.02 0.08 0.06 0.06 - 0.01 0.18 0.05 0.10 0.08 0.08 - 0.02 0.23 0.07 5.90 5.20 5.77 + 0.37 8.00 3.85 4.50 3.95 4.40 + 0.31 8.00 2.71 0.10 0.08 0.08 - 0.01 0.15 0.03 0.15 0.15 0.15 - 0.01 0.28 0.11 0.21 0.18 0.21 + 0.03 0.46 0.12 0.05 0.04 0.05 - 0.01 40.00 0.02 0.12 0.00 0.12 + 0.01 0.15 0.06 0.02 0.02 0.02 - 0.01 0.04 0.01 0.12 0.10 0.12 + 0.01 0.14 0.02 0.23 0.20 0.22 - 0.01 0.27 0.06 0.21 0.19 0.21 + 0.01 0.24 0.08 0.30 0.28 0.30 + 0.02 0.38 0.13 0.57 0.53 0.55 - 0.02 0.86 0.15 0.76 0.00 0.72 - 0.03 1.08 0.20 7.27 6.70 6.77 - 0.19 7.29 2.94 9.49 8.81 8.90 - 0.18 9.56 3.90 0.99 0.85 0.85 - 0.04 1.30 0.48 0.76 0.65 0.65 - 0.04 1.00 0.35 0.02 0.02 0.02 - 0.01 0.02 0.01 0.12 0.10 0.10 - 0.01 0.18 0.02 0.09 0.08 0.08 - 0.01 0.11 0.01 0.28 0.22 0.25 - 0.02 0.29 0.04 0.20 0.18 0.20 - 0.01 0.23 0.02 0.31 0.28 0.30 + 0.01 0.47 0.12 0.06 0.03 0.04 - 0.01 0.06 0.01 0.14 0.09 0.13 + 0.04 0.16 0.03 0.20 0.17 0.19 + 0.01 0.26 0.01 0.04 0.03 0.03 + 0.01 0.04 0.01 0.52 0.38 0.47 + 0.04 0.50 0.13 0.12 0.08 0.12 + 0.04 0.12 0.03 0.70 0.55 0.70 + 0.15 0.70 0.20 0.93 0.67 0.93 + 0.23 0.90 0.28 0.24 0.21 0.23 + 0.01 0.32 0.06 0.30 0.27 0.30 + 0.01 0.39 0.08 0.12 0.00 0.12 - 0.03 0.27 0.03 0.15 0.09 0.15 + 0.06 0.15 0.08 0.40 0.10 0.21 + 0.12 0.40 0.03 0.02 0.01 0.02 - 0.00 0.04 0.01 0.05 0.04 0.05 + 0.00 0.09 0.02 4.89 4.45 4.46 - 0.26 5.56 1.79 3.76 3.47 3.52 - 0.08 4.26 1.43 0.20 0.17 0.18 - 0.03 0.25 0.08 0.28 0.22 0.26 + 0.01 0.35 0.14 0.97 0.82 0.86 + 0.04 0.97 0.23 0.74 0.65 0.65 + 0.02 0.74 0.19 0.24 0.21 0.23 + 0.02 0.30 0.05 0.32 0.27 0.31 + 0.01 0.42 0.08 0.16 0.13 0.13 + 0.01 0.16 0.02 0.44 0.34 0.38 - 0.05 0.53 0.20 0.32 0.26 0.30 - 0.03 0.40 0.15 0.40 0.36 0.37 - 0.02 0.45 0.12 0.32 0.26 0.29 + 0.00 0.34 0.08 0.07 0.05 0.05 - 0.01 0.10 0.01 0.08 0.04 0.05 + 0.01 0.10 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01 0.80 0.64 0.80 + 0.17 0.71 0.05 1.06 0.80 1.06 + 0.24 0.93 0.11 1.28 1.02 1.10 - 0.07 1.28 0.22 0.99 0.77 0.84 - 0.04 0.99 0.16 0.02 0.01 0.01 - 0.01 0.09 0.01 0.63 0.52 0.62 + 0.08 0.60 0.27 0.85 0.68 0.68 - 0.15 0.90 0.08 0.02 0.01 0.02 + 0.01 0.06 0.00 0.06 0.04 0.06 + 0.01 0.06 0.01 0.05 0.02 0.04 + 0.02 0.05 0.01 4.50 4.04 4.49 + 0.40 4.92 1.33 1.41 1.03 1.08 - 0.08 2.04 0.25 0.33 0.28 0.31 + 0.01 0.33 0.10 0.32 0.26 0.31 + 0.03 0.32 0.11 0.24 0.22 0.23 + 0.02 0.24 0.07 14.74 13.14 13.21 - 0.07 14.74 8.88 18.64 17.26 17.37 + 0.03 18.64 12.58 2.50 2.25 2.29 - 0.18 2.72 0.96 0.30 0.18 0.23 + 0.05 0.30 0.05 0.39 0.22 0.31 + 0.08 0.39 0.07

Pac Bay Mnrls V 12 Pac Booker Min* O 3 Pac Booker Min V 9 Pac Imperial V 340 Pac Iron Ore V 6 Pac North West* O 134 Pac Potash V 84 Pac Ridge Expl* O 23 Pac Ridge Expl V 88 Pac Topaz V 239 Paladin Energy T 2255 Palamina Corp V 37 Palamina Corp* O 1 Pan Am Silver* D 10750 Pan Am Silver T 1787 Pan Global Res V 301 Pancontinental V 319 Pancontinental* O 294 Panex Res* O 46 Pangolin Dia V 1526 PanTerra Gold* O 0 Pantheon Vent V 753 Para Resources V 735 Parallel Mng V 216 Paramount Gold* X 980 Parlane Res V 23 Patriot Gold* O 132 Peabody Enrgy* O 741 Peat Res V 135 Pelangio Expl V 607 Pelangio Expl* O 219 Pele Mtn Res* O 79 Peregrine Diam T 1652 Perseus Mng T 999 Pershimco Res V 728 Pershing Gold* D 709 Pershing Res* O 410 Peruvian Prc M* O 313 Petra Diamonds* O 6 Philippine Mtl V 31 Pilot Gold* O 836 Pilot Gold T 1854 Pine Cliff En* O 111 Pine Cliff En T 6958 Pinecrest Res V 54 Pistol Bay Mng V 4519 PJSC Polyus Gd* O 3 PJX Res V 206 Plateau Uran* O 231 Platinum Gp Mt* X 1479 Platinum Gp Mt T 352 Plato Gold V 131

0.06 0.00 0.05 - 0.01 0.10 0.03 0.81 0.81 0.81 - 0.01 1.93 0.45 1.10 1.00 1.01 - 0.08 2.50 0.63 0.04 0.03 0.04 + 0.01 0.05 0.01 0.16 0.15 0.15 - 0.01 0.39 0.11 0.04 0.03 0.03 - 0.00 0.06 0.00 0.06 0.05 0.05 - 0.01 0.07 0.03 0.06 0.06 0.06 + 0.00 0.07 0.01 0.08 0.07 0.08 - 0.01 0.10 0.02 0.28 0.23 0.27 - 0.01 0.29 0.07 0.20 0.18 0.18 - 0.02 0.27 0.15 0.18 0.17 0.17 - 0.01 0.20 0.06 0.11 0.00 0.11 - 0.02 0.15 0.08 20.31 18.89 19.22 - 0.28 20.31 5.38 26.50 24.78 25.29 - 0.19 26.50 7.77 0.05 0.04 0.05 + 0.01 0.05 0.01 0.06 0.04 0.06 + 0.02 0.06 0.01 0.03 0.03 0.03 - 0.00 0.04 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.12 0.14 + 0.02 0.22 0.03 0.09 0.00 0.09 + 0.03 0.09 0.04 0.27 0.10 0.26 + 0.06 0.26 0.10 0.25 0.21 0.21 - 0.03 0.36 0.06 0.16 0.13 0.14 - 0.03 0.16 0.05 2.35 2.04 2.25 + 0.14 2.93 0.93 0.17 0.00 0.14 - 0.04 0.21 0.01 0.20 0.18 0.18 - 0.01 0.23 0.03 1.63 1.40 1.44 - 0.17 41.10 0.55 0.05 0.04 0.05 + 0.01 0.07 0.01 0.07 0.05 0.06 - 0.01 0.08 0.01 0.05 0.05 0.05 + 0.01 0.06 0.01 0.03 0.02 0.03 - 0.00 0.04 0.02 0.25 0.22 0.23 - 0.03 0.32 0.09 0.66 0.59 0.59 - 0.04 0.67 0.27 0.25 0.22 0.23 - 0.01 0.25 0.09 4.75 4.15 4.19 - 0.53 5.50 3.04 0.05 0.03 0.04 + 0.01 0.06 0.02 0.07 0.05 0.06 - 0.00 0.10 0.02 1.57 1.54 1.57 + 0.03 2.41 0.86 0.18 0.00 0.07 + 0.01 0.18 0.01 0.62 0.55 0.57 - 0.00 0.64 0.06 0.81 0.71 0.76 + 0.02 0.83 0.22 0.75 0.65 0.75 + 0.05 0.95 0.51 1.02 0.83 0.99 + 0.12 1.36 0.61 0.30 0.24 0.29 + 0.05 0.30 0.03 0.14 0.07 0.11 + 0.01 0.14 0.01 36.00 34.75 36.00 + 1.00 37.59 13.90 0.19 0.15 0.19 + 0.03 0.23 0.13 0.20 0.18 0.18 - 0.01 0.35 0.18 3.56 3.12 3.18 - 0.12 4.04 0.96 4.63 4.12 4.15 - 0.13 5.25 1.35 0.02 0.00 0.02 + 0.01 0.03 0.01

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Polaris Mater T 95 PolyMet Mng* X 770 PolyMet Mng T 118 Portage Res* O 3387 Portofino Res V 23 Potash Corp SK* N 54807 Potash Corp SK T 20425 Potash Ridge T 5723 Potash Ridge* O 464 Precipitate Gl V 1531 Premier Gold M T 4950 Pretium Res* N 3823 Pretium Res T 2080 Prime Meridian V 118 Primero Mng T 6916 Primero Mng* N 10852 Prism Res V 39 Prize Mng V 8 Probe Metals* O 127 Probe Metals V 270 Prophecy Coal T 18 Prophecy Coal* O 6 Prosper Gold V 542 Prospero Silvr V 37 PUF Vent Inc 1553 PUF Vent Inc * O 36 Puma Expl V 235 Pure Energy* O 2171 Pure Energy V 2517 Pure Gold Mg* O 174 Pure Gold Mg V 2668 Pure Nickel* O 50 Purepoint Uran V 1040 Q-Gold Res V 489 QMC Quantum Ml V 117 QMX Gold* O 59 Quartz Mtn Res V 13 Quaterra Res V 746 Quaterra Res* O 154 Quest Rare Mnl* O 32 365 Quest Rare Mnl T Quinto Real V 103

1.49 1.29 1.38 - 0.01 2.25 1.00 0.82 0.73 0.82 + 0.07 1.28 0.55 1.07 0.95 1.06 + 0.08 1.71 0.76 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.07 0.08 + 0.01 0.08 0.06 16.15 15.24 16.01 + 0.41 27.39 14.64 21.11 19.93 21.08 + 0.73 36.10 19.93 0.32 0.24 0.29 + 0.04 0.50 0.03 0.24 0.18 0.21 + 0.04 0.38 0.02 0.35 0.28 0.33 + 0.02 0.37 0.06 5.05 4.72 4.78 - 0.18 5.05 1.99 12.19 11.32 11.57 - 0.31 12.41 4.00 15.87 14.95 15.22 - 0.29 16.17 5.74 0.15 0.12 0.12 - 0.03 0.18 0.05 3.06 2.25 2.29 - 0.68 4.41 1.94 2.41 1.70 1.75 - 0.54 3.38 1.41 0.23 0.00 0.22 + 0.12 0.23 0.04 0.04 0.00 0.04 + 0.01 0.04 0.02 0.85 0.82 0.83 + 0.01 0.95 0.24 1.12 1.06 1.08 + 0.01 1.26 0.34 4.49 3.65 3.80 - 0.39 6.00 1.00 3.25 0.00 3.03 - 0.19 4.05 1.25 0.32 0.26 0.30 + 0.01 0.39 0.06 0.24 0.22 0.24 + 0.02 0.24 0.05 0.10 0.05 0.09 + 0.04 0.20 0.04 0.07 0.05 0.07 + 0.02 0.16 0.03 0.07 0.06 0.06 - 0.01 0.12 0.03 0.72 0.66 0.69 + 0.03 0.91 0.27 0.93 0.83 0.89 + 0.03 1.15 0.36 0.57 0.48 0.55 + 0.01 0.60 0.05 0.74 0.63 0.72 + 0.01 0.76 0.07 0.02 0.02 0.02 + 0.01 0.03 0.00 0.08 0.07 0.08 - 0.01 0.13 0.02 0.08 0.05 0.05 - 0.03 0.14 0.01 0.06 0.05 0.05 - 0.01 0.08 0.01 0.06 0.06 0.06 + 0.01 0.08 0.01 0.04 0.04 0.04 - 0.01 0.06 0.01 0.10 0.08 0.08 - 0.01 0.12 0.05 0.07 0.05 0.06 - 0.00 0.09 0.04 0.11 0.00 0.11 + 0.01 0.20 0.03 0.14 0.13 0.14 + 0.01 0.25 0.06 0.20 0.00 0.20 + 0.05 0.20 0.01

R Rackla Mtls* O 5 0.12 0.10 0.11 + 0.00 0.12 0.03 Radisson Mng V 130 0.17 0.15 0.16 - 0.01 0.17 0.09 Rainforest Res* O 55 3.65 1.00 3.30 + 0.90 3.65 0.30 Rainy Mtn Royl* O 1 0.03 0.03 0.03 - 0.00 0.04 0.02 Rainy Mtn Royl V 19 0.05 0.00 0.05 - 0.01 0.08 0.03 Rambler Ml &Mg V 1476 0.09 0.07 0.07 - 0.01 0.25 0.05 Randgold Res* D 5611 120.72 109.00 109.49 - 8.12 126.55 54.88 Raptor Res* O 90 0.00 0.00 0.00 - 0.00 0.00 0.00 1 5.53 4.76 5.16 + 0.36 5.75 2.75 Rare Earth Mnl* O Rare Element* O 229 0.10 0.09 0.10 - 0.00 0.44 0.06 Red Eagle Mng V 1836 0.86 0.78 0.81 - 0.03 0.90 0.25 Red Eagle Mng* O 339 0.67 0.61 0.62 - 0.03 0.91 0.18 Red Hut V 79 0.19 0.15 0.15 - 0.04 0.29 0.01 Red Moon Potsh V 14 0.07 0.00 0.05 - 0.01 0.09 0.02 Red Pine Expl V 613 0.24 0.20 0.20 - 0.03 0.24 0.03 Red Tiger Mng V 94 0.10 0.07 0.07 - 0.04 0.10 0.02 Redhawk Res T 78 0.08 0.06 0.07 + 0.01 0.10 0.04 Redstar Gold V 2828 0.15 0.11 0.13 + 0.02 0.15 0.03 Redzone Res V 58 0.32 0.00 0.32 + 0.20 0.32 0.06 Regency Gold V 107 0.03 0.00 0.03 - 0.01 0.05 0.01 Regulus Res V 516 1.39 1.31 1.37 + 0.02 1.44 0.19 O 216 0.37 0.32 0.37 + 0.04 0.38 0.08 Renaissance Gd* Renaissance Gd V 279 0.49 0.42 0.49 + 0.07 0.49 0.11 Renforth Res 1346 0.03 0.02 0.02 - 0.01 0.05 0.01 Resolve Vent V 31 0.13 0.12 0.12 - 0.01 0.30 0.04 Resource Cap V 79 0.26 0.21 0.21 - 0.05 0.35 0.02 Resource Cap* O 17 0.19 0.17 0.19 + 0.01 0.21 0.02 Reunion Gold V 570 0.05 0.03 0.04 + 0.01 0.05 0.01 Revelo Res V 415 0.09 0.08 0.09 - 0.01 0.11 0.04 Revolver Res V 83 0.19 0.17 0.17 - 0.02 0.27 0.07 Richmont Mines* X 1806 11.48 10.34 10.57 - 0.55 11.48 2.41 Richmont Mines T 1315 14.99 13.65 13.92 - 0.61 14.99 3.19 Rio Novo Gold* O 40 0.22 0.15 0.22 + 0.05 0.23 0.06 133 0.28 0.22 0.28 + 0.04 0.30 0.07 Rio Novo Gold T Rio Silver V 278 0.11 0.09 0.11 + 0.02 0.10 0.02 Rio Tinto* N 19831 33.24 31.77 32.74 - 0.08 41.69 21.89 Rio Tinto* O 1 31.90 0.00 31.90 - 0.15 40.80 21.90 Rise Res Inc 141 0.20 0.16 0.20 + 0.04 0.23 0.11 Riverside Res* O 210 0.36 0.32 0.33 - 0.01 0.38 0.08 Riverside Res V 440 0.47 0.42 0.43 - 0.01 0.49 0.12 RJK Explor V 308 0.24 0.17 0.17 - 0.03 0.25 0.05 Rochester Res* O 5 0.07 0.07 0.07 + 0.00 0.09 0.01 Rochester Res V 23 0.10 0.09 0.10 + 0.01 0.11 0.03 Rock Tech Lith* O 4 0.49 0.43 0.47 + 0.04 0.53 0.02 Rock Tech Lith V 106 0.65 0.52 0.62 + 0.09 0.70 0.03 Rockcliff Cop V 712 0.09 0.07 0.07 + 0.01 0.10 0.02 0.07 + 0.01 0.75 0.02 Rockex Mng 21 0.07 0.00 Rockhaven Res V 428 0.29 0.26 0.27 + 0.01 0.29 0.10 Rockland Mnls V 59 0.09 0.07 0.07 - 0.02 0.11 0.01 Rockshield Cap 73 0.06 0.05 0.05 - 0.02 0.11 0.05 O 80 0.08 0.07 0.07 - 0.01 0.19 0.05 Rockwell Diam* Rockwell Diam T 358 0.11 0.09 0.10 - 0.01 0.25 0.07 Rodinia Lithm* O 97 0.01 0.00 0.01 + 0.00 0.03 0.00 Rojo Res V 31 0.13 0.11 0.13 + 0.02 0.15 0.04 V 442 0.04 0.03 0.03 - 0.01 0.05 0.01 Rokmaster Res Romios Gold Rs V 251 0.09 0.08 0.08 + 0.01 0.10 0.02 24 0.07 0.06 0.06 - 0.01 0.08 0.01 Romios Gold Rs* O RosCan Mrnls V 101 0.01 0.00 0.01 - 0.01 0.02 0.01 Rosita Mg Corp V 1443 0.12 0.10 0.12 + 0.01 0.14 0.01 Rosita Mg Corp* O 106 0.08 0.07 0.08 + 0.00 0.10 0.01 Ross River V 3171 0.02 0.01 0.01 - 0.01 0.03 0.01 0.67 + 0.20 0.70 0.03 Rouge Res V 1378 0.70 0.46 Roughrider Exp V 63 0.11 0.10 0.10 - 0.01 0.15 0.05 Roxgold* O 56 1.34 1.21 1.23 - 0.05 1.34 0.42 Roxgold V 2012 1.73 1.59 1.62 - 0.08 1.73 0.54 Royal Gold* D 3314 87.74 82.30 83.44 - 1.10 87.74 24.68 Royal Nickel T 2067 0.42 0.38 0.40 - 0.02 0.63 0.12 Royal Nickel* O 36 0.31 0.29 0.30 - 0.01 0.50 0.10 461 0.14 0.11 0.13 + 0.02 0.18 0.04 Royal Rd Mnrls V 0.62 + 0.04 0.70 0.33 RTG Mining T 6 0.62 0.00 Rubicon Mnrls* O 2800 0.06 0.04 0.05 - 0.01 0.99 0.01 Rubicon Mnrls T 5673 0.09 0.06 0.06 - 0.01 1.29 0.02 Running Fox Rs V 86 0.03 0.03 0.03 + 0.01 0.03 0.01 0.84 + 0.01 0.90 0.02 Rupert Res V 162 0.91 0.83 0.10 + 0.01 0.13 0.02 Rusoro Mng* O 106 0.11 0.09 Rusoro Mng V 613 0.14 0.12 0.13 + 0.01 0.19 0.03 Rye Patch Gold* O 877 0.32 0.26 0.27 - 0.04 0.37 0.08 Rye Patch Gold V 2178 0.41 0.34 0.35 - 0.04 0.47 0.11

S Sabina Gd&Slvr T 3048 Sabina Gd&Slvr* O 1260 Sage Gold V 522 Sage Gold* O 43 Salazar Res* O 6 Salazar Res V 369 Sama Res V 110 Samex Mng* O 144 San Marco Res* O 9 San Marco Res V 230 Sanatana Diam V 594 Sandspring Res* O 766 Sandstorm Gold* X 7658 Sandstorm Gold T 2674 Santa Fe Gold* O 1104 Santacruz Silv V 2422 Sarama Res V 1561 Satori Res V 87 Satori Res* O 33 Saturn Mnrls V 1130 Savary Gold V 1811 Savary Gold* O 786 Scandium Int M* O 871 Scientific Mts V 5733 Scorpio Gold V 1439 ScoZinc Mg V 2 Seabridge Gld* N 3246 Seabridge Gld T 411 Search Mnls V 138 Searchlight* O 273 Secova Mtls V 1691 Sego Res V 592 Select Sands V 538 Semafo T 7738 Senator Mnrls V 51 Sennen Potash V 37 Serengeti Res V 1068

1.33 1.16 1.18 - 0.07 1.87 0.32 1.03 0.88 0.90 - 0.07 1.55 0.24 0.11 0.09 0.09 - 0.01 0.11 0.03 0.08 0.06 0.06 - 0.01 0.08 0.03 0.09 0.00 0.09 + 0.01 0.11 0.03 0.14 0.12 0.13 + 0.01 0.16 0.03 0.11 0.10 0.10 + 0.01 0.20 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.13 0.16 + 0.03 0.16 0.01 0.22 0.18 0.19 - 0.02 0.23 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.72 0.61 0.65 + 0.01 0.72 0.08 6.09 5.58 5.77 + 0.09 6.09 1.94 7.92 7.13 7.60 + 0.19 7.92 2.82 0.07 0.05 0.05 - 0.02 0.07 0.00 0.48 0.42 0.43 - 0.03 0.63 0.09 0.55 0.37 0.40 - 0.10 0.55 0.05 0.16 0.13 0.16 + 0.01 0.18 0.02 0.12 0.11 0.12 + 0.01 0.13 0.02 0.13 0.11 0.11 - 0.02 0.22 0.08 0.13 0.12 0.13 + 0.01 0.15 0.02 0.10 0.09 0.10 - 0.00 0.12 0.06 0.12 0.10 0.12 + 0.00 0.17 0.06 0.10 0.09 0.10 + 0.01 0.10 0.07 0.10 0.08 0.10 + 0.02 0.11 0.05 0.90 0.00 0.90 - 0.05 1.25 0.40 13.78 12.94 13.23 - 0.01 15.88 3.62 17.96 16.77 17.40 + 0.13 20.71 4.78 0.08 0.07 0.08 - 0.01 0.11 0.04 0.07 0.05 0.07 - 0.00 0.42 0.01 0.06 0.06 0.06 + 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.25 0.22 0.23 - 0.02 0.49 0.20 7.46 6.69 6.88 - 0.15 7.46 2.51 0.66 0.52 0.58 - 0.03 0.66 0.04 0.11 0.10 0.10 - 0.01 0.28 0.09 0.16 0.14 0.14 - 0.01 0.16 0.02

2016-08-09 11:52 AM

10

WWW.NORTHERNMINER.COM

AUGUST 15–21, 2016 / THE NORTHERN MINER

S T O C K TA B L E S (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sherritt Intl T 3089 Shore Gold T 846 Sibanye Gold* N 6005 Sibanye Gold* O 5 O 140 Sidney Resrces* Sienna Res* O 62 Sienna Res V 3983 62 Sierra Iron Or V Sierra Metals* O 5 Sierra Metals T 79 Signal Expl V 124 Silver Bear Rs T 1799 Silver Bull Re* O 3053 Silver Bull Re T 2074 Silver Dragon* O 243 Silver Grail V 191 Silver Mtn Mns V 710 Silver Predatr V 176 Silver Range V 612 Silver Shield 114 Silver Spruce V 304 Silver Spruce* O 64 Silver Std Res T 4645 Silver Std Res* D 9383 Silver Wheaton T 9194 Silver Wheaton* N 29079 Silvercorp Met T 4155 Silvercorp Met* O 2294 SinoCoking Cl* D 133 Sirios Res V 5200 Sirios Res* O 125 Skeena Res* O 288 Skeena Res V 2485 Skyharbour Res V 703 Skyharbour Res* O 35 Slam Explor V 1001 Solitario Ex&R T 99 Solitario Ex&R* X 944 Sona Res V 751 Sona Res* O 16 Sonora Gld & S V 730 Sonoro Mtls V 253 Source Expl V 2430 Southern Arc V 124 Southern Arc* O 5 Southern Copp* N 6133 Southern Silvr* O 551 Southern Silvr V 3900 SouthGobi Res T 10 877 Spanish Mtn Gd* O Spanish Mtn Gd V 3761 Sparton Res V 286 Sparton Res* O 100 V 1506 Spearmint Res Spruce Ridge R V 566 St Augustine T 231 St-Georges Plt* O 18 Stakeholdr Gld V 395 O 41 Stakeholdr Gld* Standard Graph V 446 Standard Graph* O 52 Standard Metal* O 440 Stans Energy* O 54 Star Gold* O 4 Starcore Intl T 340 Starr Peak Exp V 59 Starr Peak Exp* O 5 Stellar Africa V 1055 Sterling Grp* O 200 Stillwater Mg* N 9418 Stina Res 345 Stockport Expl* O 20

0.89 0.78 0.82 - 0.04 1.38 0.53 0.21 0.20 0.20 - 0.01 0.25 0.13 20.64 18.77 19.94 + 1.29 20.64 4.07 4.80 4.80 4.80 + 0.32 4.80 1.50 0.01 0.01 0.01 + 0.00 0.02 0.00 0.17 0.14 0.16 + 0.03 0.19 0.01 0.23 0.20 0.22 + 0.02 0.25 0.01 0.35 0.28 0.35 + 0.05 0.50 0.22 1.26 1.16 1.23 + 0.07 1.40 0.69 1.70 1.51 1.70 + 0.15 1.80 0.84 0.17 0.09 0.17 + 0.08 0.30 0.01 0.39 0.29 0.35 + 0.06 0.35 0.02 0.21 0.16 0.20 + 0.04 0.21 0.02 0.28 0.21 0.26 + 0.04 0.28 0.04 0.03 0.02 0.03 - 0.00 0.05 0.01 0.16 0.11 0.11 - 0.03 0.16 0.02 0.04 0.00 0.04 + 0.01 0.05 0.01 0.06 0.05 0.06 - 0.01 0.09 0.01 0.22 0.19 0.19 - 0.02 0.24 0.02 0.08 0.06 0.08 + 0.01 0.17 0.01 0.09 0.07 0.08 - 0.01 0.10 0.04 0.06 0.05 0.05 + 0.00 0.08 0.02 18.92 17.00 17.54 - 0.68 19.53 5.28 14.53 12.91 13.34 - 0.60 14.93 3.66 38.65 35.62 37.93 + 1.48 38.65 14.51 29.59 27.88 28.81 + 0.94 29.59 10.04 4.34 3.81 4.09 + 0.22 4.34 0.60 3.32 2.93 3.12 + 0.16 3.32 0.41 0.41 0.34 0.38 - 0.03 1.11 0.26 0.79 0.46 0.71 + 0.24 0.79 0.07 0.58 0.35 0.52 + 0.16 0.58 0.07 0.15 0.10 0.15 + 0.02 0.15 0.04 0.20 0.15 0.19 + 0.03 0.20 0.06 0.42 0.32 0.40 + 0.03 0.42 0.08 0.32 0.00 0.30 + 0.03 0.32 0.25 0.09 0.07 0.09 + 0.01 0.14 0.01 1.16 0.95 1.06 + 0.07 1.16 0.57 0.94 0.76 0.83 + 0.07 0.94 0.40 0.10 0.00 0.10 + 0.02 0.10 0.01 0.07 0.05 0.05 - 0.02 0.07 0.00 0.08 0.06 0.06 - 0.02 0.08 0.01 0.12 0.11 0.12 + 0.01 0.13 0.04 0.05 0.03 0.04 + 0.02 0.05 0.01 0.75 0.69 0.75 + 0.01 1.00 0.24 0.53 0.51 0.53 + 0.01 0.66 0.17 26.83 25.29 26.22 + 0.23 31.31 21.55 0.46 0.35 0.37 + 0.02 0.46 0.02 0.59 0.41 0.49 + 0.03 0.59 0.03 0.27 0.26 0.27 + 0.01 0.60 0.21 0.17 0.12 0.14 + 0.01 0.17 0.01 0.22 0.15 0.18 + 0.03 0.22 0.02 0.08 0.06 0.06 - 0.02 0.08 0.01 0.05 0.04 0.04 - 0.00 0.06 0.00 0.03 0.03 0.03 - 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.13 0.12 0.13 + 0.01 0.14 0.07 0.04 0.03 0.03 - 0.01 0.04 0.01 0.70 0.45 0.63 + 0.16 0.70 0.04 0.54 0.33 0.50 + 0.17 0.54 0.05 0.07 0.07 0.07 + 0.01 0.13 0.01 0.05 0.05 0.05 + 0.01 0.09 0.00 0.12 0.08 0.12 - 0.02 0.90 0.01 0.02 0.01 0.01 + 0.00 0.03 0.01 0.06 0.06 0.06 + 0.00 0.15 0.05 0.83 0.71 0.75 - 0.04 0.91 0.25 0.08 0.07 0.08 + 0.01 0.19 0.05 0.06 0.00 0.06 + 0.01 0.06 0.06 0.06 0.04 0.04 - 0.01 0.08 0.01 0.03 0.03 0.03 + 0.00 0.04 0.01 15.91 14.76 15.17 - 0.13 15.91 4.99 0.16 0.12 0.16 + 0.03 0.19 0.11 0.01 0.01 0.01 + 0.00 0.04 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stone Ridge Ex 9 Stonegate Agri T 107 O 22 Stonegate Agri* Stornoway Diam T 3445 Stratabd Mnr V 703 Strategic Metl V 1000 Strategic Res V 1 Stratton Res V 231 Stria Lithium V 211 Strongbow Expl V 75 Sulliden Mng T 186 Sultan Mnrls V 303 Suncor Energy T 15481 Suncor Energy* N 16209 O 391 Sunridge Gold* Sunvest Mnrls V 126 Sutter Gold* O 50 Syrah Res* O 2

0.15 0.08 0.15 + 0.05 0.15 0.08 0.02 0.02 0.02 + 0.01 0.04 0.01 0.01 0.01 0.01 + 0.00 0.03 0.00 1.14 1.08 1.09 - 0.03 1.20 0.65 0.02 0.01 0.01 - 0.01 0.02 0.01 0.81 0.63 0.79 + 0.16 0.81 0.24 0.20 0.00 0.20 + 0.05 0.20 0.08 0.66 0.60 0.65 + 0.05 0.66 0.07 0.11 0.09 0.11 + 0.02 0.18 0.02 0.21 0.18 0.20 - 0.02 0.25 0.05 0.46 0.40 0.46 + 0.04 0.47 0.19 0.15 0.12 0.13 - 0.02 0.20 0.05 35.19 33.76 35.03 - 0.11 40.35 27.32 26.75 25.77 26.59 - 0.32 30.70 18.71 0.03 0.02 0.02 - 0.00 0.29 0.01 0.16 0.00 0.16 + 0.06 0.55 0.01 0.05 0.04 0.05 + 0.00 0.13 0.02 3.56 3.36 3.55 - 0.01 4.90 1.81

Tahoe Res* N 6921 Tahoe Res T 4396 Tajiri Res V 285 Takara Res V 149 Taku Gold 51 Talon Metals T 102 Tamino Mnrls* O 1151 Tango Mining V 2397 Tantalex Res 277 Tanzania Mnls V 1454 Tanzania Rlty T 527 Tanzania Rlty* X 3397 Taranis Res V 267 Tasca Res V 202 Taseko Mines* X 1237 Taseko Mines T 609 Tasman Metals* O 80 Tasman Metals V 87 T 15 Teck Res Teck Res* N 27258 Teck Res T 21604 Telson Res V 22 Telson Res * O 1 Tembo Gold* O 242 Tembo Gold V 653 Teras Res V 85 Terraco Gold V 2881 Terrax Mnrls* O 96 Terrax Mnrls V 1109 451 Teslin Rvr Res V Teuton Res V 573 Teuton Res* O 100 Thompson Creek* O 2231 T 4062 Thompson Creek Thunder Mtn Gd* O 117 29 Thunder Mtn Gd V Till Capital V 8 Till Capital* D 21 V 70 Timberline Res Timberline Res* O 168 Timmins Gold T 6658 Timmins Gold* X 12207 Tinka Res* O 263 Tinka Res V 1165 Tintina Res V 53 Tintina Res* O 129 Tirex Res* O 276 Tirex Res V 515 Titanium Corp V 344 TMAC Resource* O 61 TMAC Resources T 231

15.99 15.10 15.30 - 0.26 16.84 6.48 20.84 19.71 20.16 - 0.11 22.05 9.45 0.03 0.03 0.03 - 0.01 0.06 0.01 0.09 0.08 0.09 + 0.01 0.10 0.02 0.16 0.14 0.15 + 0.01 0.22 0.02 0.10 0.09 0.10 - 0.01 0.15 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.05 0.06 + 0.01 0.08 0.01 0.07 0.06 0.06 - 0.01 0.11 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 1.95 1.24 1.62 - 0.11 1.95 0.24 1.49 1.02 1.21 - 0.11 1.49 0.17 0.11 0.09 0.09 - 0.02 0.15 0.04 0.15 0.10 0.11 + 0.01 0.15 0.00 0.62 0.50 0.53 - 0.04 0.70 0.23 0.81 0.66 0.70 - 0.02 0.88 0.35 0.28 0.24 0.27 + 0.01 0.41 0.06 0.38 0.31 0.36 + 0.03 0.54 0.09 21.00 18.85 21.00 + 0.35 20.86 5.69 15.94 14.81 15.90 - 0.03 15.97 2.56 20.97 19.44 20.93 + 0.12 20.81 3.65 0.32 0.26 0.32 + 0.06 0.32 0.04 0.25 0.15 0.25 + 0.09 0.25 0.07 0.06 0.04 0.05 + 0.01 0.06 0.01 0.07 0.04 0.06 + 0.01 0.07 0.01 0.17 0.13 0.13 - 0.04 0.18 0.03 0.19 0.17 0.18 - 0.01 0.19 0.07 0.63 0.58 0.63 + 0.03 0.62 0.17 0.83 0.74 0.83 + 0.06 0.82 0.23 0.30 0.26 0.27 - 0.02 0.43 0.20 0.44 0.37 0.44 + 0.06 0.44 0.04 0.34 0.28 0.31 + 0.02 0.34 0.03 0.58 0.52 0.54 - 0.01 0.73 0.07 0.77 0.69 0.72 - 0.01 0.95 0.16 0.11 0.11 0.11 + 0.00 0.15 0.02 0.16 0.11 0.11 - 0.05 0.23 0.07 4.82 3.92 4.70 + 0.49 5.90 3.28 3.80 3.40 3.70 + 0.30 4.77 2.76 0.58 0.45 0.54 + 0.10 0.72 0.16 0.42 0.33 0.41 + 0.05 0.55 0.08 0.75 0.66 0.69 + 0.02 0.75 0.11 0.62 0.50 0.52 - 0.00 0.62 0.07 0.19 0.17 0.17 - 0.00 0.22 0.07 0.25 0.22 0.22 - 0.01 0.27 0.09 0.15 0.14 0.14 - 0.01 0.15 0.04 0.12 0.11 0.11 + 0.03 0.12 0.03 0.10 0.08 0.09 + 0.00 0.16 0.05 0.12 0.10 0.10 - 0.02 0.22 0.07 0.88 0.64 0.73 + 0.05 1.54 0.31 12.53 11.97 12.34 + 0.09 13.63 9.26 16.30 15.64 16.16 + 0.23 17.73 5.30

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TNR Gold V 245 Toachi Mg Inc V 80 TomaGold V 3828 Tombstone Expl* O 1381 Tonogold Res* O 166 Torex Gold* O 83 Torex Gold T 2528 Transatlan Mng V 281 Transition Mtl V 83 Treasury Metal T 1362 Trecora Res* N 104 Tres-Or Res V 218 Trevali Mng* O 379 Trevali Mng T 6338 Tri Origin Exp V 537 TriMetals Mng* O 119 O 75 TriMetals Mng* TriMetals Mng T 356 TriStar Gold* O 213 TriStar Gold V 496 Troy Res* O 8 Troymet Expl V 1497 436 True North Gem V Trueclaim Expl V 897 Tsodilo Res V 12 Tudor Gold V 38 Tungsten Corp* O 13145 Turquoise HIl* N 16740 Turquoise HIl T 6841 TVI Pacific* O 12 Tyhee Gold* O 104

0.06 0.05 0.05 - 0.01 0.09 0.01 0.38 0.37 0.38 + 0.01 0.43 0.03 0.17 0.14 0.16 + 0.01 0.17 0.04 0.02 0.01 0.02 - 0.00 0.02 0.01 0.04 0.03 0.04 + 0.01 0.07 0.01 21.18 19.70 20.11 - 0.69 21.18 7.97 27.65 26.00 26.51 - 0.57 27.65 10.70 0.06 0.00 0.06 + 0.01 0.15 0.03 0.24 0.20 0.20 - 0.04 0.25 0.06 0.85 0.67 0.75 + 0.05 0.85 0.32 11.52 10.75 11.35 - 0.08 14.96 8.17 0.05 0.04 0.04 - 0.01 0.06 0.01 0.73 0.67 0.70 + 0.04 0.73 0.18 0.97 0.85 0.91 + 0.04 0.97 0.25 0.07 0.06 0.07 - 0.01 0.08 0.02 0.25 0.21 0.22 - 0.02 0.28 0.04 0.24 0.21 0.23 - 0.01 0.32 0.06 0.33 0.28 0.29 - 0.01 0.36 0.05 0.36 0.32 0.36 + 0.03 0.35 0.10 0.48 0.39 0.46 + 0.05 0.48 0.10 0.41 0.40 0.40 + 0.01 0.56 0.13 0.05 0.03 0.05 + 0.01 0.05 0.01 0.09 0.07 0.08 + 0.01 0.20 0.07 0.04 0.03 0.03 - 0.01 0.05 0.01 0.68 0.00 0.66 - 0.02 1.03 0.50 1.99 1.58 1.80 + 0.11 2.50 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 3.57 3.07 3.14 - 0.42 3.67 1.55 4.68 4.05 4.13 - 0.52 4.72 2.30 0.02 0.01 0.02 - 0.00 0.03 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00

U.S. Lithium* O 308 U3O8 Corp* O 519 Ucore Rare Mtl* O 267 Ucore Rare Mtl V 511 UEX Corp T 1928 Ultra Lithium* O 19 Ultra Lithium V 96 Umbral Enrgy 1754 Unigold V 626 Unigold* O 111 United Res Hdg* O 52 United Silver* O 151 United States A* X 1960 United States S* N 56055 Unity Energy V 166 Ur-Energy* X 1043 Uracan Res* O 94 Uracan Res V 482 Uragold Bay Rs V 1416 X 4795 Uranium Energy* Uranium Res* D 1262 Uranium Valley V 29 Uravan Mnrls V 446 US Energy* D 119 US Precious M* O 8181 US Rare Earths* O 5 US Tungsten* O 89 USCorp* O 12 Vale* N 40014 N 142638 Vale* ValGold Res V 433 Valterra Res V 162 Vanadiumcorp* O 155 Vanadiumcorp V 591 Vanstar Mng Rs V 152 Vantex Res V 1231 Vatic Vent V 58 Vedanta* N 836

0.06 0.02 0.06 - 0.00 0.15 0.01 0.03 0.02 0.03 - 0.00 0.04 0.01 0.32 0.29 0.30 - 0.02 0.35 0.15 0.41 0.38 0.40 - 0.01 0.45 0.20 0.23 0.20 0.23 + 0.02 0.29 0.11 0.15 0.14 0.15 + 0.01 0.27 0.06 0.20 0.17 0.18 - 0.02 0.35 0.05 0.06 0.05 0.05 - 0.02 0.10 0.02 0.64 0.55 0.59 - 0.01 0.69 0.08 0.49 0.42 0.47 - 0.02 0.51 0.06 0.03 0.02 0.02 - 0.01 0.08 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.36 0.24 0.33 + 0.09 0.63 0.16 27.35 25.10 26.49 - 1.00 27.64 6.15 0.19 0.16 0.16 - 0.02 0.48 0.08 0.58 0.52 0.54 - 0.02 0.77 0.44 0.06 0.04 0.06 + 0.01 0.06 0.00 0.08 0.05 0.08 + 0.01 0.08 0.01 0.30 0.26 0.27 - 0.02 0.31 0.02 1.11 0.90 0.99 + 0.03 1.47 0.65 1.53 1.26 1.32 - 0.11 16.08 1.26 0.18 0.11 0.15 - 0.01 0.35 0.04 0.34 0.27 0.29 - 0.02 0.39 0.05 2.12 1.85 1.96 + 0.05 4.74 0.67 0.01 0.01 0.01 - 0.01 0.10 0.00 0.14 0.13 0.13 - 0.01 1.50 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.01 0.01 - 0.00 0.03 0.00 4.95 4.36 4.91 + 0.30 4.86 1.55 6.07 5.39 6.02 + 0.27 6.26 2.13 0.05 0.04 0.05 + 0.01 0.07 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.03 0.04 + 0.00 0.05 0.01 0.05 0.04 0.04 - 0.01 0.06 0.02 0.07 0.06 0.06 - 0.01 0.10 0.03 0.03 0.03 0.03 + 0.01 0.04 0.01 0.14 0.12 0.14 + 0.01 0.24 0.04 10.17 9.23 10.11 + 0.39 10.20 3.52

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Vena Res V 223 Vendetta Mng V 357 Vendome Res V 421 Venture Mnrls* O 78 Verde Potash T 49 Victory Res V 554 Viscount Mng V 683 13052 Vista Gold* X Vista Gold T 1329 Volcanic Mtls V 11 Voltaic Min V 107 VVC Expl V 505

0.04 0.09 + 0.02 0.10 0.10 0.08 0.05 0.10 + 0.01 0.13 0.12 0.09 0.01 0.01 - 0.01 0.03 0.02 0.01 0.01 0.03 + 0.01 0.04 0.03 0.03 0.13 0.35 - 0.03 0.48 0.37 0.31 0.02 0.04 - 0.01 0.09 0.05 0.04 0.19 0.68 - 0.02 0.91 0.70 0.68 0.25 1.19 - 0.42 2.09 1.72 1.16 0.33 1.57 - 0.53 2.73 2.28 1.54 0.04 0.14 - 0.01 0.17 0.15 0.00 0.03 0.38 - 0.02 0.52 0.40 0.38 0.01 0.03 - 0.01 0.05 0.04 0.03

Walker River V 2355 T 490 Wallbridge Mng O 559 Walter Energy* WCB Res V 34 Wealth Mnrls* O 312 Wealth Mnrls V 1405 O 575 Wellgreen Plat* Wellgreen Plat T 1209 T 1869 Wesdome Gold V 2431 West Af Res 90 West High Yld V West Kirkland V 402 339 West Red Lake* O 1999 West Red Lake X 335 Western Copper* T 438 Western Copper 265 Western Pac Rs V 300 Western Pac Rs* O Western Uran 32 Western Uran* O 17 V 578 Westhaven Vent O 12 Westhaven Vent* O 379 Westkam Gold* Westmoreland* D 1357 White Energy* O 3 287 White Metal Rs V 185 White Mtn Engy* O Wildcat Expl V 283 V 230 Williams Creek 106 Winston Gld Mg Wolfden Res V 691 V 63 Wolverine Mnls V 8 Worldwide Res WPC Res V 1977 X-Terra Res V 164 Xander Res V 197 Ximen Mng* O 61 XLI Tech Inc* O 15196 V 505 Xtierra Xtra-Gold Res T 82 O 86 Xtra-Gold Res* Yamana Gold T 23419 49883 Yamana Gold* N Yanzhou Coal* N 121 Yorbeau Res T 1403 36 O Zadar Vent * Zadar Vent V 2468 Zazu Metals T 367 Zazu Metals* O 15 O 18 Zenyatta Vent* Zephyr Mnls V 94 Zephyr Mnls* O 92 Zimtu Capital V 105 Zincore Mtls V 47 Zonte Mtls V 62

0.02 0.09 + 0.01 0.09 0.09 0.08 0.02 0.08 - 0.01 0.10 0.08 0.07 0.01 0.05 - 0.00 0.15 0.07 0.05 0.02 0.07 + 0.03 0.15 0.07 0.04 0.10 0.72 - 0.01 0.83 0.77 0.69 0.14 0.93 - 0.01 1.06 0.99 0.89 0.12 0.35 - 0.01 0.46 0.38 0.35 0.16 0.46 - 0.02 0.62 0.50 0.45 0.89 1.77 - 0.17 2.20 2.05 1.75 0.35 0.26 0.33 + 0.05 0.33 0.05 0.20 0.17 0.20 + 0.02 0.39 0.17 0.04 0.12 - 0.02 0.15 0.14 0.12 0.21 0.16 0.19 - 0.01 0.26 0.02 0.27 0.22 0.25 - 0.01 0.34 0.01 0.20 0.85 - 0.06 1.04 0.95 0.85 0.29 1.12 - 0.07 1.35 1.25 1.11 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.02 0.03 + 0.01 0.04 0.00 1.20 2.40 - 0.10 5.00 2.56 2.10 1.19 1.79 + 0.10 2.67 2.00 1.60 0.04 0.12 - 0.02 0.16 0.14 0.10 0.08 0.11 - 0.01 0.12 0.11 0.11 0.01 0.04 + 0.00 0.07 0.05 0.04 9.70 7.68 8.61 - 0.94 16.54 3.44 0.23 0.28 + 0.05 0.89 0.28 0.23 0.10 0.06 0.08 + 0.02 0.13 0.02 0.09 0.07 0.07 + 0.00 0.40 0.07 0.02 0.08 - 0.01 0.16 0.09 0.08 0.01 0.05 + 0.01 0.04 0.05 0.04 0.40 0.20 0.20 - 0.20 0.40 0.10 0.05 0.13 + 0.01 0.19 0.14 0.12 0.07 0.10 - 0.03 0.23 0.13 0.10 0.01 0.01 - 0.02 0.06 0.01 0.00 0.03 0.08 - 0.01 0.12 0.09 0.07 0.06 0.24 - 0.03 0.31 0.27 0.24 0.21 0.47 - 0.01 0.48 0.48 0.46 0.01 0.11 + 0.02 0.13 0.11 0.10 0.01 0.00 0.01 - 0.00 1.50 0.00 0.01 0.08 + 0.02 0.08 0.08 0.05 0.18 0.45 - 0.01 0.56 0.46 0.00 0.12 0.37 + 0.02 0.43 0.37 0.33 1.89 7.44 - 0.03 7.87 7.79 7.36 1.38 5.65 - 0.06 5.99 5.95 5.58 3.66 6.36 + 0.10 7.02 6.41 6.19 0.06 0.11 + 0.01 0.12 0.12 0.11 0.13 0.00 0.13 + 0.02 0.20 0.06 0.01 0.16 + 0.01 0.26 0.17 0.14 0.09 0.26 + 0.01 0.33 0.27 0.23 0.08 0.20 + 0.01 0.24 0.20 0.19 0.47 0.52 - 0.02 1.33 0.53 0.49 0.08 0.31 + 0.02 0.42 0.35 0.28 0.15 0.23 - 0.00 0.30 0.23 0.22 0.12 0.25 - 0.04 0.38 0.28 0.00 0.03 0.21 - 0.04 0.25 0.29 0.00 0.02 0.07 - 0.01 0.15 0.08 0.07

W-Z

BID-ASK — AUGUST 1–5, 2016

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp Active Growth Afrasia Mnls Aftermath Slvr Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alpha Nat Res* Altan Rio Mnls Altiplano Mnls Altitude Res Amanta Res Amato Expl Anthem United Arch Coal* Archon Mineral Arco Res Ardonblue Vent Arrowhead Gold Artha Res Asbestos Corp AsiaBaseMetals Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Aurania Res Aurgent Gold Balto Res Bama Gold Banks Island BE Res Bearclaw Cap Benz Cap BHK Mining Big Bar Res Big Wind Cap Bird River Res Black Bull Res BlackEagle Dev Bluenose Gold Bluestone Res Boss Power Buccaneer Gold Bullman Mnls Canuc Res Carrie Arran Cartier Iron Cascade Res Cassidy Gold Cassius Vents Celtic Minrls Central Iron Chantrell Vent Chimata Gold Chinapintza Mg Cicada Vents CIM Intl Grp Cliffs Nat Res* Clydesdale Res CNRP Mng Comet Inds Compliance Egy Crestwell Res Cresval Cap Cricket Res CWN M’g Acq DGS Mnls Discovery Harb DV Resources E-Energy Vent Endurance Gold Enfield Expl European Metal Explorex Res Finlay Minrls Fire River Gol

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

8-10_AUGUST15_StockTables.indd 10

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0.58 15.00 1.75 1.80 1.75 2.10 0.06 0.07 0.06 0.08 0.05 0.09 0.05 0.06 0.01 ...

0.03 0.05 0.13 0.15 0.12 0.20 0.15 0.30 0.14 0.30 0.30 0.35 0.35 0.35 0.10 ...

0.10 0.10 ... 0.01 0.01 0.01 0.01 0.05 0.01 0.01 ... ...

0.06 0.45 0.60 ...

0.60 0.60 0.07 0.09 0.07 0.11 0.02 0.03 0.02 0.03 0.06 0.10 0.10 0.20 0.01 0.01 0.01 0.17 ... 0.34 0.35 0.04 0.08 0.06 0.06 0.02 0.03 0.02 0.08 0.03 0.06 0.06 0.10 0.08 0.50 0.10 0.10 0.19 0.19 0.19 ...

0.05 0.05 0.07 ...

0.01 0.01 0.01 0.05 0.05 0.10 0.02 0.03 0.01 0.03 0.14 0.22 0.14 0.23 0.17 0.20 0.17 0.03 0.03 0.03 0.04 0.05 0.09 0.09 0.09 0.23 0.29 0.25 0.27 0.05 ...

0.05 0.07 0.06 0.06 0.06 0.11 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.03 0.05 0.04 0.04 ... ...

0.01 0.01 0.02 0.02 0.02 0.10 0.25 0.10 0.19 0.02 0.03 0.02 0.06 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.50 1.02 1.01 1.50 1.45 3.20 1.43 7.17 0.04 0.10 0.05 0.08 0.01 0.04 0.01 0.01 1.85 2.50 2.00 2.00 0.03 0.03 0.03 0.25 0.04 0.10 0.13 0.14 0.04 0.05 0.05 0.06 0.01 0.04 0.01 0.03 0.16 0.23 0.24 0.25 0.04 0.09 0.04 0.06 0.02 0.03 0.02 0.04 0.03 0.04 0.04 0.06 ... 0.01 0.01 0.06 0.07 0.07 0.08 ... ...

0.01 0.01 ... 0.01 0.01 0.01 0.12 0.21 0.13 0.15 0.07 0.08 0.08 0.08 0.03 0.07 0.09 0.75

LOW

STOCK

0.05 0.02 0.01 0.02 0.01 0.01 0.16 0.12 0.03 0.01 0.20 0.01 0.04 0.02

V First Idaho Freeport Res V Galore Res V General Moly T GFM Res V Global Cobalt V God’s Lake Res C Gold Reserve V Goldbelt Emp V V Golden Band Gonzaga Res V Granite Ck Gld V Gravis Energy C Gray Rock Res V Greatbanks Res V V Green Arrow Greenshield Ex V Grenville Gold V Greywacke Expl C C Hadley Mng Harvest Gold V HFX Holding V Highbury Proj V Highvista Gold V Highway 50 Gld V Homeland Egy V Indigo Expl V Interconnect V Intl Bethl Mng V Jasper Mng V Jaxon Mnls V C JDF Explor Inc Jet Gold V Jet Metal V Jiulian Res V Kairos Cap V Karmin Expl V V Karoo Expl Kestrel Gold V Kitrinor Mtls V C La Imperial Lancaster Cap V Lateral Gold V Leeta Gold V Leo Res C V Lions Bay Cap Logan Res V Lowell Copper V Lucky Mnls V Maccabi Vent C Madeira Mrnls V MAG Silver* X Mainstream Mnl V Manado Gold V Martina Mnls V MAX Res V MaxTech Vent C McChip Res V McLaren Res C Metallum Res V Mezzotin Mnrls V Midasco Cap V MillenMin Vent V Minfocus Expl V Minsud Res V Mistango River C Moag Copper C Montana Gold C Morgan Res V Morumbi Res V Mountain Lake C Navy Res V Nebu Res V Network Expl V New Klondike V Newstrike Res V Nickel North V Niocan Inc V Noble Metal Gr V Norsemont Cap C

0.01 0.14 0.58 1.30 0.03 0.05 0.03 0.01 0.13 0.04 0.09 0.01 0.01 0.06 0.30 0.02 0.01 0.05 0.01 0.02 0.01 0.03 0.01 0.02 0.03 0.01 0.05 0.02 0.03 0.05 0.05 0.01 0.02 0.01 0.01 0.01 0.06 0.01 0.01 0.01 1.00 0.98 0.01 0.01 1.20 0.03 0.11 0.01 0.01 0.11 0.04 0.01 0.03 0.02 0.01 0.01 0.05 0.02 0.03

12-MONTH

EXC BID ASK LAST HIGH LOW

0.08 0.14 0.12 0.12 0.05 0.06 0.06 0.09 0.03 0.03 0.03 0.03 0.35 0.50 0.42 0.65 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.05 ...

0.08 0.10 5.43 5.70 5.74 8.00 0.04 0.08 0.06 0.10 ... 0.01 0.01 0.01 0.05 0.08 0.04 0.06 0.04 0.06 0.06 0.06 ... 0.02 0.01 0.07 0.07 0.07 0.09 0.03 0.07 0.03 0.04 0.03 0.03 0.04 0.10 0.03 0.05 0.03 0.05 0.14 0.17 0.15 0.18 0.06 ...

0.06 0.06 0.01 0.01 0.01 0.03 0.04 0.12 0.04 0.05 0.04 0.05 0.04 0.15 0.18 ...

0.20 0.20 ... 0.16 0.17 0.19 0.24 0.24 0.25 ... 0.01 0.01 0.01 0.03 0.03 0.03 0.04 0.09 0.14 0.08 0.14 0.03 0.04 0.03 0.10 0.05 0.08 0.06 0.08 0.06 0.08 0.07 0.09 0.01 0.05 0.01 0.02 0.04 0.08 0.06 0.06 0.10 0.10 0.09 0.15 0.02 0.05 0.02 0.03 0.02 0.04 0.02 0.03 0.25 0.32 0.32 0.35 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.02 0.03 0.05 0.05 0.05 0.13 0.28 0.28 0.32 0.11 0.16 0.14 0.18 0.04 0.10 0.04 0.05 0.01 0.03 0.01 0.01 0.04 0.06 0.04 0.04 0.15 0.15 0.12 0.15 0.25 0.31 0.31 0.39 0.05 0.08 0.07 0.11 0.07 0.10 0.08 0.14 0.02 0.10 0.03 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.01 0.01 0.03 0.04 0.06 0.10 0.06 0.06 0.07 0.09 0.08 0.11 0.24 0.30 0.24 0.26 0.60 0.78 0.60 0.85 ... 0.01 0.01 0.01 0.03 0.06 0.12 0.01 0.02 0.01 0.01 0.07 0.09 0.07 0.13 0.09 0.20 0.11 0.14 0.03 0.04 0.03 0.05 0.06 ...

0.06 0.09 0.02 0.03 0.02 0.07 ... ...

0.08 0.12 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.03 0.04 0.04 0.04 0.07 ... 0.01 0.01 0.01 0.23 0.30 0.24 0.30 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.02 0.05 0.06 0.05 0.08 0.02 0.03 0.02 0.02 0.08 0.09 0.09 0.18 0.01 0.02 0.01 0.01 0.26 0.32 0.26 0.31

0.05 0.01 0.01 0.22 0.02 0.01 0.01 3.06 0.02 0.01 0.01 0.01 0.02 0.01 0.03 0.01 0.06 0.01 0.01 0.01 0.01 0.10 0.05 0.01 0.01 0.05 0.02 0.02 0.02 0.01 0.03 0.04 0.01 0.01 0.15 0.01 0.01 0.01 0.01 0.06 0.07 0.03 0.01 0.01 0.04 0.12 0.05 0.08 0.02 6.12 0.03 0.02 0.05 0.05 0.40 0.01 0.01 0.07 0.01 0.01 0.06 0.01 0.08 0.02 0.01 0.02 0.01 0.06 0.01 0.02 0.01 0.02 0.01 0.04 0.01 0.07

STOCK

North Am Tung NSS Res Inc Open Gold Oracle Mng Oronova Res Oxford Res Pac Arc Res Pac Cascade Pac Link Mng Paget Mrnls Palisades Vent Phoenix Gold Phoenix Metals Planet Mng ProAm Expl Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Red Rock Enrgy Redhill Res Reliant Gold Remington Res Remo Res Rheingold Expl Rhyolite Res Rift Valley River Wild Exp Rockridge Cap Rodinia Lithm Romulus Res Royal Sapphire RT Minerals Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Shamrock Ent Signature Res Silver Phoenix Silvermet Sky Ridge Sniper Res Spada Gold Stelmine Can Strata Mnls Sunrise Res Sunset Cove Mg Swift Res Talmora Diamd Tearlach Res Terreno Res Teryl Res Corp Theia Res Tintina Mines Tri-River Vent Trident Gold Trigen Res Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vangold Res Vela Minerals Velocity Mnrls Venerable Vent Wabi Expl Wescan Gldflds West Melville Westridge Res Weststar Res Winston Res Wolfeye Res Zara Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

V C V V V V V V V V V V V V V X C C V V V V V V C V C C V V V V V X V V C V V C V C V V V V V V V V V C V V V V V V V V V V V C V V V V V C V V V C C V C V V

...

0.01 0.01 0.02 ... ...

0.20 0.20 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.08 0.11 0.08 0.08 0.02 0.03 0.03 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.02 0.01 0.08 0.02 0.03 0.07 0.09 0.09 0.09 0.05 0.06 0.05 0.08 ... 0.01 0.01 0.01 0.19 0.20 0.21 0.21 0.04 0.05 0.05 0.08 0.02 0.03 0.02 0.02 0.11 0.16 0.15 0.89 0.02 ...

0.02 0.02 ...

0.05 0.05 0.08 0.01 0.03 0.01 0.03 0.01 0.02 0.01 0.03 0.75 0.80 0.80 0.80 0.03 0.04 0.03 0.04 0.06 0.08 0.06 0.06 0.09 0.15 0.09 0.10 0.03 0.05 0.05 0.05 0.23 0.35 0.27 0.27 0.01 0.04 0.01 0.04 0.01 ...

0.01 0.01 0.26 0.35 0.25 0.57 0.02 0.02 0.01 0.05 0.12 0.20 0.12 0.17 0.04 0.06 0.06 0.07 0.13 0.18 0.18 0.30 ... ...

0.03 1.35 0.01 0.02 0.01 0.04 ... ...

0.16 0.36 0.57 0.36 0.54 0.11 ...

0.09 0.20 0.02 0.02 0.02 0.05 0.05 0.06 0.05 0.05 0.07 0.08 0.08 0.10 0.01 0.24 0.10 0.10 0.03 0.04 0.04 0.06 0.27 0.39 0.27 0.30 0.01 0.01 0.01 0.07 0.20 0.45 0.20 0.60 0.16 0.17 0.16 0.18 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.01 0.03 0.10 0.03 0.05 0.01 0.05 0.05 0.05 0.08 0.15 0.08 0.16 0.06 0.08 0.06 0.08 0.01 0.02 0.02 0.02 0.12 0.20 0.12 0.16 0.06 0.17 0.06 0.12 0.03 0.06 0.03 0.17 0.01 0.02 0.01 0.02 0.08 0.15 0.08 0.08 0.02 0.07 0.02 0.05 0.01 0.05 0.01 0.03 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.01 0.02 0.02 0.02 0.04 0.09 0.05 0.08 0.12 0.20 0.09 0.20 0.01 0.04 0.02 0.02 0.05 0.10 0.05 0.06 0.05 0.09 0.05 0.10 0.28 0.32 0.28 0.45 0.01 0.03 0.01 0.02 0.04 0.06 0.06 0.06 0.01 0.02 0.01 0.08 0.25 ...

0.25 0.01 0.02 0.01 0.10 0.06 0.10 0.06 0.10 0.05 0.07 0.05 0.08

0.01 0.20 0.01 0.03 0.01 0.01 0.01 0.01 0.03 0.01 0.02 0.02 0.01 0.06 0.01 0.01 0.01 0.01 0.06 0.01 0.01 0.04 0.01 0.09 0.01 0.01 0.05 0.01 0.07 0.03 0.05 0.03 0.01 0.26 0.05 0.01 0.01 0.01 0.01 0.02 0.03 0.01 0.20 0.05 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.05 0.04 0.03 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.05 0.01 0.03 0.02 0.08 0.01 0.01 0.01 0.01 0.05 0.01

2016-08-09 11:52 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 15–21, 2016

Cameco’s Cigar Lake uranium mine in northern Saskatchewan. CAMECO

11

The Rabbit Lake uranium mine in Saskatchewan that Cameco has put on care and maintenance. CAMECO

Cameco CEO Gitzel laments ‘toughest market in the last decade’ URANIUM

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

D

espite a renaissance in some subsectors of the mining industry — predominantly precious metals — Canadian uranium leader Cameco (TSX: CCO; NYSE: CCJ) is feeling the pain. The nuclear market has yet to recover from the Fukushima disaster in Japan in 2011, while oversupply conditions have depressed uranium oxide (U3O8) spot prices to an 11year low.

On July 28, Cameco reported what easily qualifies as its worst quarterly performance since 2005.

The company registered an adjusted net loss of $57 million, or 14¢ per share, and saw its sales plummet 20% quarter-on-quarter and 40% year-on-year. Cameco sold just 4.6 million lb. U3O8 over the past three months, which equates to its lowest level in 10 years.

“I can say that this [second quarter] has probably been the toughest quarter in the toughest market we’ve seen in the last decade, and our results reflect just how challenging the environment is … uranium demand remains low and prices are very depressed,” president and CEO Tim Gitzel said during a conference call.

“Primary supply has simply not responded to decreased demand, and, coupled with an abundance of secondary material available today, the market is simply oversupplied,” he added.

The company also attributed the weak results to “allowable customer discretion,” with respect to the timing of deliveries under contracts.

Utilities may select a quarter for deliveries within a calendar year, and many opted to defer to the fourth quarter due to the falling price environment.

The spot price for uranium has fallen 66% since the Fukushima disaster, including a 25% decline over the past year. The commodity traded for US$25 per lb. at press time, though Cameco expects contract commitments for the rest of 2016 will total between 19.5 million lb. and 21.5 million lb. U3O8 .

In addition, the company was hit with a $124-million impairment

1 2 3 4 5 11 13 14 16_AUGUST15_Main .indd 11

| Weak financials overshadow strong operational quarter

charge after announcing its intention to suspend uranium production at its Rabbit Lake mine in northern Saskatchewan in late April. As a result, Cameco expects to incur $35 million in care and maintenance and $19 million in one-time severance costs this year.

The company also disclosed that it has agreed to end a long-term U3O8 supply agreement with a customer for cash proceeds of $47 million, because future deliveries were contracted at prices “well above current levels.” Cameco did not reveal the utility that cancelled its contract, and the situation raises the spectre of more contractual difficulties in major markets like Japan and the United States.

“I assume this is a bit of a one-off,” Gitzel said. “This certainly isn’t a pattern we’re seeing right now. We’ve talked about it in the past on calls, and we’ve done some deferrals, but

“OUR STRATEGY IS TO KEEP OUR PRODUCTION FLEXIBLE AND FOCUS ON OUR LOWEST-COST ASSETS.” TIM GITZEL PRESIDENT AND CEO, CAMECO

we haven’t seen anything else lately in that regard.”

Cameco modestly boosted its annual production guidance to 25.8m lb. U3O8 after “stronger than expected” production at Rabbit Lake. Despite weak results over the past six months, the company reaffirmed its full-year sales guidance of between 30 million and 32

million lb. U3O8 .

The weak markets overshadowed Cameco’s strong operating quarter.

The company produced 7 million lb. uranium, which represents a 30% year-on-year jump in quarterly production. In addition, cash costs were down 23% quarter-onquarter to US$15.96 per lb. U3O 8 .

The improvement is even starker

A worker readies U3O8 drums to ship from Cameco’s Key Lake uranium mill in Saskatchewan. CAMECO

when compared to second-quarter 2015 costs, which were pegged at US$26.53 per lb. U3O8 .

“Our strategy is to keep our production flexible and focus on our lowest-cost assets. That strategy led to the production curtailments we announced last quarter,” Gitzel said. “We expect these decisions will help us remain competitive in an uncertain market, where we simply don’t know how long weak conditions will persist. But over time, we believe it will change. China’s new build program is going strong, as are programs in South Korea and India. So far this year five new reactors have started up.”

The company is focused on three operations: Cigar Lake and McArthur River in Saskatchewan, and Inkai in Kazakhstan.

One overhang on Cameco’s valuation is its ongoing dispute with the Canada Revenue Agency over $3.4 billion earned by a European subsidiary from 2003 to 2010. The company has indicated another $3.6 billion in earnings may come under review. Initial court hearings are scheduled in October, and longterm proceedings could result in a $2-billion tax bill.

In early August, Cameco also hit a wall at its Yeelirrie deposit in Australia after environmental regulators recommended a rejection of its mine proposal over concerns about “underground fauna.”

The company’s shares have traded in a 52-week range of $12.12 to $19.32 per share, and last closed at $12.38.

Cameco has 396 million shares outstanding for a $4.9-billion market capitalization.

It reported cash of $132 million and $1.7 billion in debt at the end of the second quarter.

Scotibank cut its 12-month price target on Cameco by $2 to $13.50 per share after the quarterly results.

“The very weak volumes, combined with new disclosure of a [long-term] contract cancellation by a utility, provides more evidence that uranium fundamentals are extremely weak,” analyst Orest Wowkodaw noted. “We believe there is significant downside risk to street expectations, as a material near-term price recovery is unlikely to materialize.” TNM

2016-08-09 8:06 PM

12

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2016-08-09 11:51 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 15–21, 2016

13

Diamond drillers working the night shift at Mirasol Resources and AngloGold Ashanti’s Claudia joint-venture gold-silver project in Argentina’s Santa Cruz province. MIRASOL RESOURCES

Mirasol hunts for gold in Argentina, Chile

SPROTT SYMPOSIUM

BY LESLEY STOKES

I

lstokes@northernminer.com VANCOUVER

n a hallway at the Sprott Natural Resource Symposium in Vancouver in July, Mirasol Resources (TSXV: MRZ) president and CEO Stephen Nano thumbs through a number of geological and geophysical maps, and lists off the scientific criteria that drew his company to acquire ground in Argentina’s Santa Cruz province and Chile’s Puna mineral district belt.

Mirasol has already reported positive drill results from its greenfields Claudia gold-silver project, 150 km northwest of Puerto San Julian in Santa Cruz province. Claudia is a joint venture with Cerro Vanguardia S.A. (CVSA), which is 92.5% owned

by AngloGold Ashanti (NYSE: AU) and 7.5 %-owned by Santa Cruz provincial mining company Fomicruz.

The project is beside CVSA’s Cerro Vanguardia open-pit and underground gold mine, which produced a record 278,000 oz. gold in 2015 at a total cash cost of US$625 per oz. gold, and has reserves of 14.9 million tonnes of 2.55 grams gold for 1.2 million oz. gold.

The JV partners reported assays for 18 of the 26 drill holes that tested a 2 km long vein in Claudia’s Curahue prospect. The low sulphidation, epithermal-style vein is one of five prospects that occur in a 15 km vein corridor, as defined by surface sampling and geophysical anomalies.

Drilling at Claudia intercepted 66.5 metres of 0.42 gram gold, including 1 metre of 5.15 grams gold, as well as 39.5 metres of 0.7 gram gold. (Nano cautions the assays come from reverse-circulation drill holes that found groundwater at depth, which means water could flush through the hole and smear gold grades over longer intervals.)

He says that CVSA still has 2,000 metres of drilling left to finish its

1 2 3 4 5 11 13 14 16_AUGUST15_Main .indd 13

| Partners with AngloGold near Cerro Vanguardia, Yamana in Puna region

earn-in requirements this year, and is drilling diamond holes to confirm mineralization width.

“I’m not doing the discovery dance quite yet, but these are the kinds of grades you’d want to see,” Nano says. CVSA “is after high-grade and heap-leachable material because they’re in a hurry to find a satellite deposit to support their Cerro Vanguardia operation. So far, our work at Claudia meets that criteria, and our geophysics reliably suggest that the mineralization has a lot more room to grow.”

“I’M NOT DOING THE DISCOVERY DANCE QUITE YET, BUT THESE ARE THE KINDS OF GRADES YOU’D WANT TO SEE.” STEPHEN NANO PRESIDENT AND CEO, MIRASOL RESOURCES

Under the joint venture signed in March, CVSA can earn 51% of the project by drilling 12,000 metres, spending US$5 million and paying US$1 million in stages over two years. CVSA can earn 75% over six years by reaching a production decision to mine a minimum 350,000 oz. gold resource, and funding Mirasol’s remaining 25% interest.

Nano says Mirasol’s other jointventure partner, Yamana Gold (TSX: YR I; NYSE: AU Y), has similarly encouraging results at their Gorbea gold-silver property in Chile, following a 5,500-metre drill program targeting mineralization at the property’s Atlas prospect.

In April, the partners released assays of 40 metres of 1.38 grams gold and 17.9 grams silver, plus 54 metres of 0.35 gram gold and

5.5 grams silver. Mirasol expects Yamana will ramp up its second field season at Atlas by November.

“The intersections are deep but they’re the right kind of grades, and we haven’t tested what’s above, so we could very much be drilling into a large and oxidized epithermal deposit,” Nano says. “We’re making ore-grade-like intersections, and that’s a great step forward.”

Yamana signed on with Mirasol in June 2015 by committing to spend US$10 million on exploration and US$2 million in cash payments over four years to earn a 51% interest in the property. Yamana would then have two years to earn 65% by delivering a preliminary economic assessment on an indicated resource of more than 1 million oz. gold.

Yamana can earn 75% the next

year by completing a feasibility study and reaching a production decision and funding Mirasol’s 25% interest to production..

As of May, Mirasol had $18.7 million in cash. Shares of the company have traded within a 52-week range between 72¢ and $3.38 per share.

With 44.7 million shares outstanding, the company has a $128-million market capitalization. TNM

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AUGUST 15–21, 2016 / THE NORTHERN MINER

Downie’s Premier Gold to buy Mercedes in Mexico for US$140M GOLD-SILVER

| Junior’s new South Arturo gold mine in Nevada to help Hardrock in Ontario

BY SALMA TARIKH

P

Yamana Gold’s Mercedes gold-silver mine in Sonora state, Mexico. YAMANA GOLD

starikh@northernminer.com

remier Gold Mines (TSX: PG; US-OTC: PIRGF) has offered to buy Yamana Gold’s (TSX: YRI; NYSE: AUY) Mercedes mine in Mexico’s Sonora state for US$140 million, in a move that will transform the company into a precious metals producer.

“The acquisition of the Mercedes mine is a compelling and transformative transaction,” Premier’s president and CEO Ewan Downie writes on the company’s blog.

The underground gold-silver mine is set to become Premier’s first fully owned operating asset.

Cash flows from Mercedes and Premier’s upcoming South Arturo gold mine in Nevada should help fund development of the Hardrock

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RESERVES AT THE MERCEDES MINE STAND AT 333,000 OZ. GOLD GRADING 4.33 GRAMS GOLD PER TONNE AND 3.75 MILLION OZ. SILVER AT 48.8 GRAMS SILVER. asset in northern Ontario.

Premier holds 40% of South Arturo, with partner Barrick Gold (TSX: ABX; NYSE: ABX) owning the rest. The mine should start production later this year.

Ya ma na broug ht Mercedes online in 2011, and is mining three underground gold-silver deposits. From 2012 to 2015, the 2,000-tonne-per-day operation delivered an average 109,000 oz. gold a year.

This year, Mercedes should churn out 85,000 to 90,000 oz. gold and 345,000 to 365,000 oz. silver at estimated all-in sustaining costs of US$935 per oz. gold, on a coproduct basis.

At the end of 2015, reserves at Mercedes stood at 2.4 million tonnes grading 4.33 grams gold per tonne and 348.8 grams silver per tonne. Measured, indicated and inferred resources added 7 million tonnes at lower gold grades.

The Thunder Bay, Ont.-based firm will pay Yamana US$122.5 million in cash, plus 6 million shares and 3 million warrants for the Mercedes mine and exploration properties in Sonora’s Cucurpe municipality. With the warrants, Yamana could buy 3 million Premier shares for $4.75 per share over two years.

On a recent conference call, Yamana’s CEO Peter Marrone said he was “pleased” with the deal, noting the proceeds would help pay down debt. “This is the first of a series of steps this year to decrease our overall debt,” he says.

The miner will also receive a 1% net smelter return royalty on the Mercedes mine on the earlier of either 450,000 equivalent oz. gold produced after the transaction closes or six years after the transaction close. The deal should conclude around Sept. 30.

Premier intends to fund the cash component of the acquisition from available sources of capital. The company had $49 million in cash at the end of March, a US$45-million debt facility with Orion Mine Finance, and the potential to access up to US$400 million from Orion for acquisitions, notes Rob Chang, an analyst at Cantor Fitzgerald.

“While our back-of-the-envelope calculations yield a net neutral impact to our net asset value, the result depends in large part to the financing package that Premier obtains to pay for the cash portion of this deal,” Chang writes.

But the analyst positively views the transaction, as it advances Premier into the producer category, and sets the stock up for a higher re-rating.

On the acquisition news, Premier jumped 6% to close July 29 at $4.96 per share. TNM

2016-08-09 8:11 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 15–21, 2016

15

www.northernminerjobs.com

Senior Mine Engineer Dubreuilville, Ontario, Canada

Metallurgist Dubreuilville, Ontario, Canada

Engineer – Projects & Planning Dubreuilville, Ontario, Canada

Reporting to the Chief Engineer, the Senior Mine Engineer, will be

Reporting to the Superintendent – Projects & Planning, the Engineer –

Reporting to the Mill Superintendent, the Metallurgist will be accountable

responsible for overseeing activities related to supporting the operations

Projects & Planning role will be responsible for planning, coordinating

for providing metallurgical expertise and technical support to ensure

and to ensure service and/or operating standards are met. The Senior

and monitoring site engineering activities; lead the design and develop-

efficient and optimum plant performance to meet production objectives

Mine Engineer will also design and develop processes, practices and

ment of engineering projects, ensuring completion on time and within

of the Island Gold Mine.

methodologies, and planning in mine engineering.

budget. They also review production plans to ensure targets are met and goals achieved, developing alternate plans when required.

Manager, Mine Rehabilitation, Inspection and Compliance Sudbury, ON. Canada

District Geologist Sudbury, ON. Canada

Maintenance Planner Dubreuilville, Ontario, Canada

The Ministry of Northern Development and Mines is committed to mini-

Bring your geoscience, analytical and customer services expertise to the

mizing the impacts of mineral exploration and mining activities affecting

Ontario Geological Survey’s Resident Geologist Program and join the

Reporting to the Mechanical Superintendent the Maintenance Planner

public health and safety and the environment, and to do this, we need

Ministry of Northern Development and Mines’ exciting team in Sudbury’s

provides leadership and is responsible to develop, implement and main-

an individual who possesses the drive and leadership qualities to deliver

world-renowned mining district.

tain reliability based maintenance strategies based on preventive and

the ministry’s Mine Rehabilitation and Compliance Program.

predictive maintenance to ensure maximum availability and production.

Assay Laboratory Manager Calgary, Canada

Assistant or Associate Professor (Economic Geology) Ottawa, ON. Canada

Regional Resident Geologist Kirkland Lake, ON. Canada

The Department of Earth Sciences at Carleton UniBring your geoscience, analytical and customer service/communication

versity invites applications from qualified candidates

The successful candidate will have a firm grasp of the managerial skills

expertise to the Ontario Geological Survey’s Resident Geologist Program

for a preliminary (tenure-track) appointment in eco-

required to run an assay laboratory. This includes wet chemistry, fire

and play a key role with the Ministry of Northern Development and Mines

nomic geology at the rank of Assistant or Associate Professor beginning

assay, ICP and AA spectrometry, and an all-round knowledge of lab

geoscience team operating out of Kirkland Lake, Ontario.

in 2017. Applicants must have a Ph.D. in Earth Sciences, have demon-

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strated excellence in teaching, possess a strong commitment to research and scholarship, as reflected in peer-reviewed publications, have strong connections with industry, and be engaged in a research area that has a strong field component.

Ontario Ministry of Northern Development & Mines Aggregate/ Industrial Mineral Specialist Ontario, Canada

Technologist II, Metallurgy Saskatoon, Saskatchewan, Canada

Chief Mine Engineer Timmins, ON. Canada Working with a core team you will be responsible for life-of-mine planning,

Reporting to the metallurgists, you will be responsible for the operation and

The Ministry of Northern Development and Mines is seeking a talented

engineering quality controls, and integrity of the plans and planning

maintenance of an ICP-MS radium analyser, as well as other field and

professional with sand, gravel and bedrock aggregates expertise to

process. The role includes the short term mine planning process, production

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become part of its Earth Resources and Geoscience Mapping team.

forecast evaluations, annual budgeting and production performance

must. You will conduct test work and report findings in an accurate and

Bring your technical expertise in geology to the Ontario Geological

measurement; focused on ounces produced not tons, cost savings rather

consistent manner.

Survey, Earth Resources and Geoscience Mapping Section, where you

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optimization influence, equipment utilization and manpower distribution

program.

optimization, capital expenditure validation and reconciliation.

Community Relations Liaison Saskatoon, Saskatchewan, Canada Cameco Corporation and AREVA Resources Canada Inc., as part of its Athabasca Community Relations program, are seeking a full-time Community

RECRUIT SMARTER WITH MINING JOBS The Northern Miner’s new section dedicated to recruiting in mining

Liaison to work out of the community of Fond du Lac Denesuline First Nation.

This position is one of three Community Liaison positions for Black Lake Denesuline First Nation, Fond du Lac Denesuline First Nation, Hatchet Lake Denesuline First Nation, Wollaston, Stony Rapids, Camsell Portage and Uranium City. This position’s primary responsibility will be to the Fond

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du Lac Denesuline First Nation, Camsell Portage and Uranium City.

4 INDUSTRY JOB BOARDS

Lab Manager Langley, BC. Canada

The lab manager’s job will be to schedule the staffs’ time to ensure efficient use of lab equipment. You will train lab technicians and assistants on the correct use of lab equipment, as well as ensuring that employees

CANADIAN Mining Journal

follow industry standards and safety regulations for handling and disposing of test samples.

EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND S TA R T R E C R U I T I N G S M A R T E R T O D AY For full job details visit www.northernminerjobs.com and enter the Job Name in the search field

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2016-08-09 6:43 PM

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16

Silver Wheaton paying US$800M to raise Salobo gold stream to 75% M&A

| Vale granted reduced strike price of US$43.75 on Silver Wheaton warrants

Vale’s Salobo copper-gold mine in Brazil’s Para state. VALE

BY SALMA TARIKH

S U B S C R I P T I O N

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ilver Wheaton (TSX: SLW; NYSE: SLW) is offering a subsidiary of Vale (NYSE: VALE) US$800 million to buy another 25% gold stream from the Salobo copper-gold mine in Brazil.

Vancouver-based Silver Wheaton already has a 50% gold stream on Salobo’s life-of-mine production, with the latest acquisition giving the company access to 75% of the mine’s gold by-product.

The transaction should immediately increase Silver Wheaton’s consolidated production and cash flow, as Salobo should deliver 300,000 oz. gold a year between 2016 and 2020, of which Silver Wheaton will receive three-fourths as of July 1, 2016.

As a result, the precious metal streaming firm has updated its 2016 gold production guidance to 305,000 oz., from 265,000 oz. previously.

It forecasts average annual gold production from 2016 to 2020 of 330,000 oz. gold, versus 260,000 oz. earlier.

Silver Wheaton, however, has trimmed its 2016 silver forecast to 32 million oz., from 32.8 million oz., due to lower expected output from Primero Mining’s (TSX: P; NYSE: PPP) San Dimas mine and

Goldcorp’s (TSX: G; NYSE: GG) Penasquito mine, both in Mexico, which should be partly offset by higher expected output from the Antamina mine in Peru.

Average annual silver production over the next five years, including 2016, remains at 31 million oz. a year.

Silver Wheaton will pay US$800 million in cash for the increased gold stream, using cash-on-hand and proceeds available under its US$2-billion revolving credit facility. The company will also pay Vale either US$400 per oz., plus a 1% annual inflation starting in 2019, or the spot market price for gold, depending on whichever is lower. The spot price closed Aug. 1 at US$1,352.40 per oz. gold.

Silver Wheaton has also sweetened the transaction by lowering the exercise price on the 10 million warrants it offered Vale in 2013. The Brazilian miner could exchange each warrant, which expires in early 2023, to buy one Silver Wheaton share for US$43.75, instead of US$65 previously.

Vale commissioned the large Salobo copper-gold mine in Para state in late 2012 with a design throughput capacity of 12 million tonnes a year. It doubled the mill capacity in mid-2014. If Vale increases the capacity within a predetermined

period, Silver Wheaton will need to make more payments to Vale. For example, if it increases throughput to 36 million tonnes a year between 2021 and 2025, the expansion payment would range between US$514 million and US$692 million.

Silver Wheaton estimates Salobo has a 50-year life based on reserves of 1.2 billion tonnes grading 0.7% copper and 0.35 gram gold, plus exploration potential. The transaction gives Silver Wheaton another 3.2 million oz. gold in reserves, 700,000 oz. in measured and indicated, and 400,000 oz. in inferred.

Meanwhile, Vale said the acquisition should help it pay down its net debt, which totalled US$27.5 billion at the end of June. It has a US$4.3billion cash position.

Analysts see the transaction as a positive for both companies. BMO analyst David Gagliano, who covers Vale, has increased his target price to US$4 from US$2, after the acquisition and Vale’s second-quarter earnings improved the outlook for the miner. BMO analyst Andrew Kaip, who covers Silver Wheaton, notes the stream should increase earnings before interest, taxes, depreciation and amortization (EBITDA) by 10% annually, with Salobo representing 30% of EBITDA, instead of 20% earlier. Kaip has bumped his target price to $31 from $25 per share. TNM

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Lodgings at Vale’s Salobo copper-gold mine in Brazil. VALE

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2016-08-09 8:25 PM