The Northern Miner May 30 2016 Issue

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ARGENTINA

PREMIER GOLD MINES

Silver Standard, Golden Arrow team up / 3

Takes minority stake in IDM Mining / 11

FALCO RESOURCES

Delivers PEA for Horne in Quebec / 14

MAY 30-JUNE 5, 2016 / VOL. 102 ISSUE 16 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Argentine tycoon Elsztain bets big on gold

CanAlaska attracts $20M DeBeers option

GOLD M&A

| Austral Gold to acquire Argentex Mining

SASK DIAMONDS

| De Beers could earn up to 90% in Athabasca basin project

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

P

rospect-generator CanAlaska Uranium (TSXV: CVV; USOTC: CVVUF) is not a name commonly associated with diamonds, but on May 18 it announced a $20.4-million option agreement with De Beers' Canadian subsidiary on 75 “kimberlite-style” targets staked on the Saskatchewan side of the northwestern portion of the Athabasca basin.

The junior acquired the claims after its vice-president of exploration Karl Schimann, reviewed a high-resolution airborne geophysical survey carried out by the Saskatchewan Geological Survey in 2011. The results revealed discrete magnetic anomalies with a shallow signature northeast of the Carswell structure and close to the large, crustal Grease River shear zone.

“This was a little bit of a rabbit out of the hat for us. Karl came to me one day and showed me these images, and we could see small dots on the greater survey,” CanAlaska president and CEO Peter Dasler said during an interview.

“We identified distinct magnetic anomalies in the middle of at least 1 km of barren sandstone, which shouldn’t return that sort of geophysical signature. We also knew that down-ice … there were a whole bunch of kimberlitic indicator minerals in Alberta. We staked what we thought were the best targets, and left some ground so we wouldn’t be lonely,” he said.

Historic exploration in the 170 sq. km area that De Beers has optioned is quite limited. The down-ice, kimberlitic tracer minerals found in Alberta include chromite with pyrope and eclogitic garnets.

Basement rocks below the Athabasca sandstone form part of the Rae See CANALASKA / 2

A field crew channel-sampling at Argentex Mining’s Pinguino silver-gold project in Santa Cruz, Argentina. ARGENTEX MINING

E

“IT TOOK US NEARLY A DECADE TO DEVELOP OUR FIRST MINE AND BUILD OUR MANAGEMENT TEAM ... A TEAM THAT IS UNIQUE IN LATIN AMERICA.”

BY TRISH SAYWELL AND ELENA MAYER

duardo Elsztain — one of Argentina’s richest men — has been buying and selling hard assets for the last 35 years.

His first real estate deal in 1982, when he was in his early twenties, was selling a piece of property in an affluent district of Buenos Aires to the government of Russia to use as its embassy in the Argentine capital.

Today Elsztain controls a business empire through private investment fund Inversiones Financieras del Sur, which has assets in agribusiness, real estate, banking and mining.

The empire includes the country’s largest real estate company (Inversiones y Representaciones S.A. [NYSE: IRS]), with shopping centres, luxury hotels, office buildings and residential properties; agriculture (through Cresud (NASDAQ: CRESY), one of Argentina’s leading agricultural companies with cattle, crops and dairy interests, and close to 1 million hectares under management, with operations in Argentina, Brazil, Bolivia, Paraguay and Uruguay); and banking

PM40069240

EDUARDO ELSZTAIN CHAIRMAN, AUSTRAL GOLD

(Elsztain holds a controlling stake in Banco Hipotecario, which is one of the country’s largest commercial banks, with a speciality in mortgages).

Repeated political and economic crises in Argentina, including its default on billions of dollars of sovereign debt in 2001–02, which ostracized the country from international markets for more than a decade, along with enduring hyperinflation, and repeated currency weakness, only intensified his belief in the importance of

owning hard assets.

“I remember when people asked my grandfather about how he measured his accounts in the depths of big inf lation, and he said that at the end of each year, he always knew whether he had one more square metre, one more cow or one more parking space — he measured it in basic things,” Elsztain says by phone from his office in Buenos Aires.

(Elsztain’s grandfather, Isaac See ELSZTAIN / 2

IVANHOE MINES: TABLES BIG ZINC ECONOMICS / 16

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2016-05-24 9:27 PM

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MAY 30–JUNE 5, 2016 / THE NORTHERN MINER

Argentine tycoon bets big on gold ELSZTAIN From 1

Elsztain, left Poland in 1917 to start a new life in Argentina and first invested in real estate. Today Elsztain’s offices are in a colonial building that his grandfather bought when Elsztain was five years old.)

Given his world view on the importance of owning hard assets it was almost inevitable that eventually he would turn to gold. Elsztain remembers the day in 2003 when he got a call to buy a past-producing gold mine in Chile called Guanaco that was owned by a subsidiary of Kinross Gold (TSX: G; NYSE: KGC).

It was during the middle of one of Argentina’s meltdowns when the banks were closed to prevent a run on deposits. “We had no experience in mining, but we bought the mine over the phone,” he recalls. “We had due diligence of less than a week.”

Elsztain acquired Gua naco through Austral Gold (ASX: AGD), with the vision of creating the region's next leading precious metals company.

Guanaco, a gold-copper-silver mine in northern Chile, is 220 km southeast of Antofagasta and 40 km east of the Pan-American Highway.

The high-sulphidation epithermal deposit is just south of Yamana Gold’s (TSX: YRI; NYSE: AUY) El Penon gold mine and BHP Billiton’s (NYSE: BHP) Escondida copper mine. (Before Austral Gold’s involvement, previous owners produced a combined 1.5 million oz. gold.)

After buying the mine, Austral Gold spent years building up its management team, refurbishing the existing mill and restarting production — first from an open-pit and later underground.

“We weren’t experts in the field, so we did it step by step,” Elsztain recalls. “It took us nearly a decade to develop our first mine and build our management team, and I’ll tell you that the team we have today is a team that is unique in Latin America. It is people who have decades of experience working together, a group of managers that have tremendous background.”

He points in particular to Stabro Kasaneva, the board’s executive director, as an example. The geologist has spent 20 years exploring for gold deposits focused on the Paleocene belt of Chile, and also served as head of production at Chile’s Penon mine, the lowest-cost gold producer

Goldrock Mines’ Lindero gold project in northern Argentina’s Salta province. GOLDROCK MINES

in the country.

Austral Gold eventually poured its first gold doré bar at Guanaco in October 2010, and last year the mine produced 46,254 oz. gold and 41,233 oz. silver at an average cash operating cost of US$626 per equivalent oz. gold — its fourth straight year of positive cash flow.

“This company was tiny, but it kept producing positive cash flow with low costs,” Elsztain says.

Since 2012, Austral Gold has used that cash flow to internally fund the company’s consolidation and growth strategy in Chile and Argentina, and acquire assets in sound jurisdictions and at different stages of development — production, advanced exploration and pre-construction.

In July 2014, the company acquired Yamana Gold’s Amancaya project — a low-sulphidation, epithermal deposit, 60 km southwest of Guanaco — for US$12 million in cash and a 2.3% net smelter return royalty, as part of its consolidation strategy in the region within the Paleocene-Eocene belt.

According to a 2008 report by Yamana Gold, Amancaya at that time hosted an inferred resource of 1.4 million tonnes grading 7.9 grams gold per tonne and 73 grams silver per tonne for 407,000 equivalent oz. gold.

Austral Gold’s focus at Amancaya has been to finish an environmental impact statement and evaluate scenarios on how to consolidate the project with Guanaco. The company

says there are many synergies between the two Chilean properties, and that Amancaya could increase the company’s production profile.

The miner is following a similar consolidation strategy in Argentina in three main regions: the north, central west and southern regions of the country. More recently, Austral Gold has ramped up its investments in Argentina and its platform for more asset consolidation after last year’s election of pro-business president Mauricio Macri.

In February, Austral Gold made a splash in Canadian mining circles when it entered into a definitive agreement to acquire Argentex Mining (TSXV: ATX; US-OTC: AGXMF) and its Pinguino silver-gold project in Argentina’s southern Santa Cruz province in a $5.8-million, allshare deal. Argentex shareholders voted in favour of the acquisition on May 17. (Austral Gold bought its first 19.9% stake in the company in March 2013 for $5 million.)

The 100 sq. km, advanced silver-gold exploration project has an indicated resource of 5.6 million tonnes grading 102.8 grams silver

per tonne and 0.59 gram gold per tonne for 23.6 million equivalent oz. silver, and an inferred resource of 1.5 million tonnes averaging 58 grams silver and 0.74 gram gold for 4.67 million equivalent oz. silver.

Mineralization starts at surface, improving the prospects for an openpit operation.

Polymetallic mineralization on the property also provides potential for more economic upside.

In light of the transaction with Argentex, Austral seeks to dual-list its shares on the TSX Venture Exchange, which will expose the company to North American markets.

Elsztain owns 94% of Austral Gold.

After the merger with Argentex, this shareholding will fall to 87%.

Elsewhere in Santa Cruz province, Austral Gold has owned 100% of the 8 de Julio project since 2008. The project consists of more than 670 sq. km in the Deseado Massif corridor controlled by Elsztain’s agricultural company, Cresud.

In the central western region of San Juan province, Austral Gold announced an agreement in March with Troy Resources (ASX: TRY)

CanAlaska attracts DeBeers CANALASKA From 1

province, which hosts diamondbearing kimberlites in Nunavut.

CanAlaska suspects the Buffalo Hills and Birch Mountain kimberlite fields in Alberta lie on the same structural trend as the project.

“The magnetic survey made a big difference, and I don’t think anyone thought of looking for diamonds,” Schimann said. “The presence of the Rae province hadn’t really been defined prior to work by the Saskatchewan Geological Survey because of the sandstone cover. So the work by the government has definitely been fruitful.”

The multi-stage option agreement could help De Beers earn up to 90% in the project within seven years.

De Beers can earn 51% by spending $1.4 million in the first year, and then it has two more years to

“WE IDENTIFIED DISTINCT MAGNETIC ANOMALIES IN THE MIDDLE OF AT LEAST 1 KM OF BARREN SANDSTONE.” PETER DASLER PRESIDENT AND CEO, CANALASKA URANIUM

spend another $2 million to bump its interest to 70%. Once the agreement hits this threshold, CanAlaska would have participation rights to prevent further dilution of its interest.

If DeBeers spends another $3 million over one additional year, its interest would jumps to 80%, and it could increase its stake to 90% by spending $14 million over the next three years.

Priority work could include a detailed airborne survey and diamond indicator sampling near the targets,

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to acquire a 70% stake in the Casposo gold-silver mine, 150 km from the city of San Juan, in San Juan province. Casposo will become Austral’s first production platform in Argentina, after implementing a re-engineering plan for the mine to achieve a profitable operation within 12 months.

Under the agreement, Austral acquired an initial 51% stake in the project for US$1 million and could buy another 19% for US$1 million within 12 months. The company could then buy the remaining 30% stake in increments over the next five years (10% for US$1.5 million in three years, 10% for US$2.5 million in four years and the last 10% for US$3 million in five years).

Meanwhile, in northern Argentina’s Salta province, the junior miner has taken an 11% stake in Goldrock Mines (TSXV: GRM), which is developing its wholly owned Lindero property, an open-pit, heapleach gold project. (Austral Gold first bought a 15% stake in Goldrock in October 2013 in a cash-and-share deal worth $9.3 million.)

Elsztain believes in the value of hard assets and holds a positive long-term view on gold. This view has been bolstered by the global financial crisis in 2008, and massive rounds of quantitative easing by governments from Washington to Tokyo.

“We are in a period of monetization that has been exponential, and the biggest we have ever seen in economic history,” Elsztain says.

“You can’t print gold, because nobody has a machine to print gold.”

He also believes in Argentina’s geological potential.

“We share half the Andes with Chile, but Argentina hasn’t had the best environment, and that’s basically why it was not exploited as it was by our neighbours,” he says.

“But the potential of Argentina’s mining sector is enormous, and it’s one of the sectors that I am more bullish about these days … we have the reserves, good companies and good discoveries.” TNM

followed by drilling.

“The agreement allows us the opportunity evaluate early results and commit to jointly fund exploration between either the 70% or 80% levels,” Dasler said. “We really didn’t want to burn off our treasury on the project, and we had a lot of interest from people in the diamond industry. We are a uranium company that’s focused on that side of our portfolio, but we’d like to give our shareholders some benefit here. It’s just another arrow in our quiver that will continue to attract attention from the market.”

The agreement gives De Beers flexibility on expenses depending on results in recognition of the diamond prospects' very early stage of development.

CanAlaska shares have traded in a 52-week range of 9¢ to 65¢, and closed up 22% after the De Beers news at 58¢ per share. The junior has 22.5 million shares outstanding for a $12.4-million press-time market capitalization, and reported $1.1 million in working capital at the end of January. TNM

2016-05-24 9:27 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30–JUNE 5, 2016

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Silver Standard may use Chinchillas as feed for Pirquitas ARGENTINA |

Golden Arrow's silver-lead-zinc deposit could add years to Pirquitas’ mine life

Looking east above the Silver Mantos zone at Golden Arrow Resources’ Chinchillas silver-lead-zinc project in northern Argentina. PHOTO BY C. BRODIE

BY LESLEY STOKES

S

lstokes@northernminer.com VANCOUVER

ilver Standard Resources (TSX: SSO; NASDAQ: SSRI) is moving forward on pre-development studies that may lengthen mine life at its Pirquitas silver mine in northern Argentina’s Jujuy province, by combining material from Golden Arrow Resources’ (TSXV: GRG: US-OTC: GARWF) Chinchillas silver-lead-zinc project, located 35 km northeast.

Paul Benson, president and CEO of Silver Standard, tells The Northern Miner during a phone interview from the company’s headquarters in Vancouver that without Chinchillas, the 4,000-tonne-per-day, open-pit mine at Pirquitas — which has operated since December 2009 — would close at the end of 2017 or early 2018.

“We’ve looked around regionally to see if there were other options to extend the mine life, but outside of Chinchillas, there’s nothing,” Benson says.

The miner struck a deal with the junior explorer in October last year, committing up to US$12.6 million in total expenses towards the project’s evaluation. If the joint venture goes ahead, Silver Standard will become operator and 75% owner, whereas Golden Arrow will own the remaining 25%.

The decision to proceed at Chinchillas will be reached by year-end, Benson says, around the same time open-pit mining at Pirquitas will near completion.

According to Silver Standard’s first-quarter financial results, the company processed a record 4,590 tonnes of ore per day during the quarter at Pirquitas. It produced 2.6 million oz. silver at a record low cash cost of US$8.93 per payable oz. silver — down from US$10.96 per payable oz. silver in the fourth quarter of 2015, thanks in large part to the peso’s devaluation against the U.S. dollar.

All-in-sustaining-costs for the quarter were US$9.67 per payable oz. silver, compared to US$12.78 in fourth-quarter 2015.

The company expects to produce 8 million to 10 million oz. silver from the mine this year — down from 10.3 million oz. silver produced in 2015 — from remaining proven and probable reserves of 2.99 million tonnes of 171.9 grams per tonne silver for 16.5 million oz. silver,

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“WE’VE LOOKED AROUND REGIONALLY TO SEE IF THERE WERE OTHER OPTIONS TO EXTEND THE MINE LIFE, BUT OUTSIDE OF CHINCHILLAS, THERE’S NOTHING.” PAUL BENSON PRESIDENT AND CEO, SILVER STANDARD RESOURCES

assuming US$16 per oz. silver.

At year-end, the company plans to transition from open-pit mining to processing medium- to high-grade stockpiles, which are enough to keep the operation going until the end of 2017 to early 2018, Benson adds.

The stockpiles have 2.2 million proven and probable tonnes of 109.1 grams silver and 0.7% zinc for 7.7 million oz. silver, assuming US$16 per oz. silver.

“The stockpiles will keep the mill running at full capacity, with the caveat being that if the price of silver falls significantly, you wouldn’t treat as many stockpiles,” he says.

“But … with the silver price and exchange rate the way they are right now, we’ll process towards the end of the calendar year.”

Benson notes Pirquitas also has an underground resource of 2.3 million indicated tonnes of 241.1 grams silver and 4.1% zinc for 18.2 million oz. silver, assuming US$22.50 per oz. silver, but the company won’t proceed on its development unless Chinchillas comes online.

“The geometry of the veins is such you can’t get enough ore out from underground to keep the mill full, so what we’d have are lower tonnes but higher grade, running at 400 tonnes per day,” he says. “If Chinchillas goes ahead, we’d consider mining a high-grade supplementary feed from underground, so in theory it should improve the economics.”

If the company proceeds with the Golden Arrow joint venture, Benson expects to see ore coming out of Chinchillas “around the same time we finish processing the stockpiles, so hopefully there would be fairly continuous production coming out of the plant.”

Since last October, Silver Standard has spent US$6.1 million for metal-

lurgical, engineering, permitting and environmental studies at Chinchillas, along with a 15,000-metre infill drill program to upgrade the resource.

Benson says the studies show Chinchillas would make “a simple, open-pit operation” that could carry the life of Pirquitas “into the next decade.”

He adds that “the upgrade has increased our certainty in the resource: the metallurgy appears favourable, and there have been no challenges … there’s nothing unusual about it.

We’d end up with slightly different products than we have now because Chinchillas has lead and zinc with the silver. But we don’t have to make major changes to the plant. Maybe more filter capacity, but that would be about it.”

Golden Arrow tabled the updated resource in April, which saw over 50 million equivalent oz. silver converted into the measured and indicated categories, for a total of 34.2 million tonnes of 91 grams silver, 0.8% lead and 0.6% zinc for 155 million equivalent oz. silver.

Inferred resources add 90 million equivalent oz. silver within 39.2 million tonnes of 42 grams silver, 0.4% lead and 0.8% zinc. Both calculations use 45 grams silver equivalent cutoff at US$19 per oz. silver, and US$1 per lb. lead and zinc.

The low-sulphidation, epithermal deposit is divided into four areas: the Silver Mantos and Mantos basement zones in the west, and the Socavon del Diablo and Socavon basement zones.

Mineralization is largely f latlying, near-surface and disseminated, within favourable volcanic tuff horizons, but it also includes cross-cutting mineralized structures and breccias.

Golden Arrow updated t he project’s preliminary economic assessment (PEA) in October 2014, modelling an 8,000-tonne-per-day, open-pit operation with a US$237million price tag.

The economics assumed US$22 per oz. silver and US$1 per lb. lead and zinc, returning a US$226-million after-tax net present value and a 24.3% internal rate of return, with a 3.4-year payback.

Golden Arrow's chairman, president and CEO Joseph Grosso says during a phone interview that Silver Standard has hired mining consultant firm SRK Consulting.

“We’ve done two PEAs at Chin-

chillas and both assume totally different operating scenarios than at Pirquitas, so we expect the outcome of this study to be different,” he says.

“It’s exciting times, because we feel we’ve reached the milestones necessary to drive this project forward.”

Grosso points out that if Silver Standard agrees to the joint venture, Golden Arrow will accrue 25% interest in Pirquitas’ cash equivalent earnings, less expenses, since Sept.

30, 2015.

“When we signed the agreement with Silver Standard we agreed we’d own 25% of all the assets the merger would bring, including the earnings that Pirquitas has produced from that day forward,” he says. “We could be in production right now.”

Grosso says that Golden Arrow’s

objective is to become cash-flow positive.

“If Silver Standard goes ahead with agreement, we wouldn’t have to raise any money, or little money, as we’ll change from an exploration company into producing cash flow.

So it’s a good deal for our shareholders,” he says.

Silver Standard has traded within a 52-week range of $5.28 to $12.96 per share, and closed at $12.92 at press time. The company has 80.83 million shares outstanding for a $1-billion market capitalization.

Golden Arrow has traded within a 52-week range of 17¢ to 83¢ per share, and closed at 81¢ at presstime. The company has 63.1 million shares outstanding for a $53-million market capitalization. TNM

Proposal Solicitation Process for the Purchase of Assets and Remediation of the Mine Siteof B.Y.G. Natural Resources Inc.(“BYG”) Price waterhouse Coopers Inc.(“PwC”) is the CourtAppointed Interim Receiver and Receiver-Manager of BYG (the “Receiver”).

BYG owned a gold-silver mine on Mount Nansen, located approximately 60 kilometres west of Carmacks, Yukon Territory (the“Mine”). The Mine has been under care and maintenance while a remediation plan could be developed.

A preliminary framework for a remediation plan has been developed and the Receiver is inviting parties interested in the (i) purchase of the remaining assets of BYG, and (ii) remediation of the Mine, to obtain a copy of the Request for Qualifications document by contacting the Receiver as detailed below: • Online, at www.pwc.com/ca/byg; • By email, at bygpsp@ca.pwc.com; or • By telephone, at +1(604)806-7237

2016-05-24 9:27 PM

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Gold, iron ore rallies fade MACROECONOMICS

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| US$ strength, sluggish Chinese market weigh on prices

O

h well, it was fun while it lasted. The big rallies seen in gold and iron ore prices in recent months have given back much of their gains as May progresses, with gold falling down to US$1,227 per oz. at press time and iron ore at US$51.22 a tonne.

Gold prices are now US$5 an oz. lower than 30 days ago, and only US$20 an oz.

BY JOHN CUMMING higher than a year ago. After rising a jcumming@northernminer.com heady US$70 in a week, prices peaked on May 3 at an intraday high of US$1,303.20 and an AM Fix in London of US$1,296.50 per oz., and it’s been a steady grind down ever since.

But the biggest single-day drop in gold happened on May 18, upon the release of the minutes of the April 26–27, 2016, meeting of the U.S. Federal Reserve’s Federal Open Market Committee (FOMC), which showed a renewed willingness on the part of the Fed to raise U.S. interest rates as early as June or July.

Many banks and investment houses are placing the odds of an imminent rate hike at 35–50%.

The adjective most used by Fed watchers to describe the tone of the FOMC’s latest comments was “hawkish,” as committee members noted improved U.S. labour-market conditions, coupled with inf lation rates below their traditional 2% target range.

More recently, the St. Louis Federal Reserve President James Bullard said that keeping the U.S. rates too low for too long could cause financial instability down the road and that stronger market expectations for a rate rise are “probably good,” even if there are shorter-term f luctuations in the U.S. dollar relating to the “Brexit” vote in the United Kingdom.

It’s quite a turnaround from the Fed’s general approval of negative interest rates as a legitimate policy tool — a view first expressed in mid-February by Fed chair Janet Yellen during testimony before the U.S. Congress.

Those words helped rein in the U.S. dollar and kick off a two-month rally in gold prices, with some of the most bullish sentiment for gold seen in five years.

But the renewed prospect in mid-May of a rate hike by the Fed naturally sent the U.S. dollar up, and commodity prices in U.S. dollars down.

Looking at this year’s charts of the gold price versus the U.S. dollar, it’s quite evident the two have had a very strong inverse correlation throughout 2016.

And so the last few weeks of dollar strength have firmly capped the rally in gold that began in early January, when gold broke above US$1,100 an ounce.

On the brighter side, gold prices are still up 16% this year.

Again showing the dominant inf luence of the U.S. dollar, the charts for the other precious metals show a similar pattern to gold over the past year, with silver now trading at US$16.18 an oz., platinum at US$996 an oz. and palladium at a mere US$551 an ounce. All have had rallies snuffed out in recent weeks, but still trade significantly above values seen at the start of 2016.

Meanwhile, iron ore — after having been one of the topperforming commodities in 2016 — saw spot prices fall back to 10-week lows in the US$50-per-tonne range on U.S. dollar strength and more mundane issues of oversupply in the market, particularly with respect to Chinese stockpiles.

Iron ore prices have pulled back 24% from the short-term peak of US$69 per tonne in mid-April, after having risen 79% from mid-January in a move that surprised analysts who had predicted another subdued year for iron ore prices in 2016.

These days, many base metal analysts think that the Chinese government’s vast credit injection into the Chinese economy will continue to translate into domestic, steel-consuming construction that will keep buoying prices for iron ore, especially when combined with slowing iron ore production growth from the worlds biggest iron ore miners Rio Tinto, BHP Billiton and Vale. TNM

O P- E D

World Gold Council: Demand up in Q1 FACTS ‘N’ FIGURES

| Investors pile into ETFs, pushing demand to 1,290 tonnes

The following is an edited summary of the World Gold Council’s Gold Demand Trends report for this year’s first quarter. For the full report, please visit www.gold.org.

G

lobal gold demand reached 1,290 tonnes in the first quarter of 2016 — a 21% increase, compared to the same period last year — making it the second-largest quarter on record.

This increase was driven by huge inflows into exchange-traded funds (ETFs), fuelled by investor concerns regarding economic fragility and an uncertain financial landscape.

Concurrently, global demand for jewellery was down 19%, as higher prices and industrial action in India and a softening of the economy in China meant many consumers delayed making purchases.

Inf lows into ETFs totalled 364 tonnes in the quarter — the highest level since first-quarter 2009 — compared to 26 tonnes in first-quarter 2015. Gold found favour as a risk diversifier due to the negative interest rate environment in Europe and Japan, combined with uncertainty over the Chinese economy, anticipation of slower interest rate rises in the U.S. and global stock market turmoil.

Total bar and coin demand was 254 tonnes, which is marginally higher than the same period last year. Weakness in price-sensitive markets was offset by strength elsewhere, with 5% growth in China (62 tonnes) and strong demand in the U.S. and the U.K., which grew 55% and 61%. Total investment demand was 618 tonnes, up 122% from 278 tonnes in the same period last year, which ignited a rally in the gold price that appreciated 17% in dollar terms during the quarter.

The strong investment performance was not reflected in the jewellery sector, though, with demand down in India and China.

While both countries had a slow start to the year as a result of con-

KEY FINDINGS • Overall demand for Q1 2016 increased 21% to 1,290 tonnes, up from 1,070 tonnes in Q1 2015.

• Total consumer demand was 736 tonnes, down 13%, compared to 849 tonnes in Q1 2015.

• Global investment demand was 618 tonnes, up 122% from 278 tonnes in the same period last year.

• Global jewellery demand fell 19% to 482 tonnes, versus 597 tonnes in Q1 2015.

• Central bank demand dipped slightly to 109 tonnes in Q1 2016, compared to 112 tonnes in the same period last year.

• Demand in the technology sector fell 3% to 81 tonnes in Q1 2016.

• Total supply was up 5% to 1,135 tonnes in Q1 2016, from 1,081 tonnes in the Q1 2015. Mine supply was up 8% to 774 tonnes.

sumer uncertainty and rising gold prices, the situation worsened after industrial action in India.

Central banks bought 109 tonnes in their twenty-first straight quarter as net purchasers of gold, as they continue to diversify away from the U.S. dollar.

Total supply for first-quarter 2016 saw a 5% increase to 1,135 tonnes, compared with 1,081 tonnes in the first quarter of 2015.

Increased hedging of 40 tonnes, coupled with slightly higher mine production of 734 tonnes (729 tonnes in first-quarter 2015), outweighed a marginal decline in recycling.

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

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

COMPANY INDEX Agnico Eagle Mines. . . . . . . . . . . . . . . . . . . 13 Argentex Mining. . . . . . . . . . . . . . . . . . . . . . . 2 Austral Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . 2 BHP Billiton. . . . . . . . . . . . . . . . . . . . . . . . . . . 2 CanAlaska Uranium. . . . . . . . . . . . . . . . . . . . 1 Cementation. . . . . . . . . . . . . . . . . . . . . . . . . . . 5 De Beers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Endeavour Mining. . . . . . . . . . . . . . . . . . . . 13 Falco Resources. . . . . . . . . . . . . . . . . . . . . . 14 Geoscience BC. . . . . . . . . . . . . . . . . . . . . . . . . 5 Goldcorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Golden Arrow Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Goldrock Mines. . . . . . . . . . . . . . . . . . . . . . . . 2

Hecla Mining. . . . . . . . . . . . . . . . . . . . . . . . . . 5 IDM Mining. . . . . . . . . . . . . . . . . . . . . . . . . 11 Intrepid Potash. . . . . . . . . . . . . . . . . . . . . . . 16 Inversiones y Representaciones S.A. . . . . . . . . . . . . . . . . . 1 Ivanhoe Mines. . . . . . . . . . . . . . . . . . . . . . . 16 Kinross Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Premier Gold Mines. . . . . . . . . . . . . . . . . . 11 Richmont Mines . . . . . . . . . . . . . . . . . . . . . 11 Silver Standard Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Troy Resources. . . . . . . . . . . . . . . . . . . . . . . . . 2 Yamana Gold . . . . . . . . . . . . . . . . . . . . . . . 2,13

Pouring gold doré at Alamos Gold’s Mulatos gold mine in Mexico. ALAMOS GOLD

2016-05-24 9:27 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30–JUNE 5, 2016

5

Geoscience BC receives $5M from provincial government SURVEYING

| Agency's Search II project will cover 24,000 sq. km grid

Workers commemorate sinking the deepest mine shaft in the United States at Hecla Mining’s Lucky Friday silver-lead-zinc mine in Idaho. CEMENTATION

Cementation sinks deepest shaft in the US DIGGING DEEP

| New shaft at Hecla Mining’s Lucky Friday mine reaches 3 km below surface

M

ining contractor Cementation has sunk the deepest mine shaft in the United States. The record-setting #4 shaft at Hecla Mining’s (NYSE: HL) Lucky Friday silver-lead-zinc mine in northern Idaho and plunges 2,922 metres (9,587 ft) below the surface.

The shaft has a 5.5-metre (18-ft) diameter and should be completed with all furnishings and conveyances later this year.

The newest shaft will add 23 years of mine life to Lucky Friday, which has operated for 74 years to date.

The #4 shaft is a winze, which is a vertical shaft that begins underground, which Cementation describes as “an internal shaft that requires the equivalent of a shaft head frame and hoisting system … before excavation activities can occur.”

“Reaching the bottom of the #4 shaft is an accomplishment that the Hecla-Cementation project team should be proud of,” Cementation USA’s general manager of operations Eric Smith said in a release.

THE NEW SHAFT WILL ADD 23 YEARS OF MINE LIFE TO LUCKY FRIDAY, WHICH HAS OPERATED FOR 74 YEARS TO DATE. “The project team not only overcame many technical and logistical challenges, but also maintained an ethos of continuously identifying ways to enhance safety and project performance.”

George Sturgis, Hecla’s vicepresident of project development, pointed out that the shaft-sinking occurred during a milestone year for the miner. “Hecla’s 125th anniversary will be celebrated in many ways this year — reaching the bottom of the #4 shaft with Cementation is surely one of the best.”

Cementation is based in Salt Lake City, Utah, and is currently sinking 15 shafts across the globe. TNM

A worker in the #4 shaft at Hecla Mining’s Lucky Friday silver-lead-zinc mine in Idaho, which now extends almost 3 km below surface. CEMENTATION

1 2 3 4 5 11 13 14 16_MAY30_Main .indd 5

Student Haj Bains signals to helicopter pilot Michael King after collecting a treetop sample in west-central British Columbia, as part of Geoscience BC’s TREK survey. PHOTO BY BRUCE MADU

T

“THE AVAILABILITY OF CREDIBLE, PUBLIC GEOSCIENCE INFORMATION GIVES B.C. A COMPETITIVE ADVANTAGE OVER OTHER JURISDICTIONS.”

VANCOUVER

he B.C. government has announced $5 million in additional funding for Geoscience B.C. Over the past 10 years the non-profit organization has spearheaded more than 135 projects and generated earth-science data for more than half of the province.

G e o s c ienc e B C w a s e s tablished in 2005 through a $25-million government investment. Since then — and including the funding announced today — the province has provided more than $60 million to help mineral and energy geoscience initiatives.

Last year Geoscience BC completed a $2.4-million geophysical survey under its Search project that covered over 6,700 sq. km through Kitimat, Terrace and Smithers. Next the organization will launch its “largest airborne magnetic survey to date.” The Search II project will cover a 24,000 sq. km grid that extends north to Pathway Lake, south to Ootsa Lake and east–west from Fort Fraser to Smithers.

The area hosts the former Bell-Granisle porphyry copper-gold mines and Thompson Creek Metals’ (TSX: TCM; NYSE: TC) idled Endako mine.

Just beyond the survey’s extent are New Gold’s (TSX: NGD; NYSE-MKT: NGD) Blackwater gold project and Imperial Metals’ (TSX: III) Huckleberry copper mine. “[Search II] represents a new generation of airborne magnetic survey,” Geoscience B.C. vicepresident Bruce Madu stated.

“The line spacing we will f ly will be much tighter than in previous surveys of this scale, providing a data resolution that is much more detailed and accurate.”

He added that the survey is

BILL BENNETT B.C. MINISTER OF ENERGY AND MINES

a “key piece of the puzzle that will bridge the gap between the search phase-one geophysical survey completed last year and the TREK survey in 2013. Together, these three adjoining projects will provide a continuous modern survey of highquality, magnetic data covering a 55,500 sq. km area — equivalent to the size of Nova Scotia.”

Search II will feature an aircraft equipped with a “sensitive magnetometer” over the survey area in a predetermined grid pattern. The instrument detects and records local disturbances in the earth’s magnetic field that are caused by

magnetic minerals in the upper regions of the earth’s crust. These magnetic signatures are plotted on multi-hued maps that explorers use to plan their ground activity.

“The funding provided to Geoscience BC represents an investment in the future prosperity of the province,” Minister of Energy and Mines Bill Bennett said. “The availability of credible, public geoscience information gives B.C. a competitive advantage over other jurisdictions in attracting investment to the province, so we can continue to create well-paying jobs and grow the economy.” TNM

GOLD PROPERTY FOR SALE — YUKON Aurchem Exploration Ltd. a Yukon based company holds 180 quartz claims, ~9000 acres, in the Mt.Nansen gold mining area, near Carmacks,YT. Recently discovered high grade area, the “Vic Project” (totally 93 claims) with gold concentrations averaging 70g/t as high as 325g/t with estimated resource value of 80,000 oz.

Interested? Call 867-333-3888.

2016-05-24 9:27 PM

6

WWW.NORTHERNMINER.COM

MAY 30–JUNE 5, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MAY 16–20 Canada’s benchmark index advanced ahead of the Victoria Day holiday weekend, rising 171 points, or 1.2%, to 13,919.58, as investors took in higher oil prices and the possibility that the U.S. Federal Reserve could increase interest rates in mid-June.

The S&P/TSX Global Mining Index added 0.6% to 56.38. The S&P/TSX Capped Diversified Metals & Mining Index jumped 2.8% to 506.91. The S&P/TSX Global Gold Index fell 1% to 224.04, as spot gold retreated US$20.90 per oz. to US$1,251.90.

The July contract for crude oil rose 4.8% to US$48.41 per barrel, and the July contract for Brent crude climbed 1.8% to US$48.72 per barrel, on the back of supply disruptions in Nigeria, Canada and Libya.

Coro Mining was the top percentage gainer, soaring nearly 28% to 12¢ per share.

On May 18, the junior reported that its 65% held Chilean subsidiary, SCM Berta, has optioned the Salvadora copper project in Chile. SCM Berta could acquire 100% of the property by paying US$3 million over the next three years, plus US$5,000 on signing the agreement. SCM Berta has also leased the Veronica property in Chile for five years in exchange for a production royalty. On May 24, Coro announced a $10-million private placement, where it will offer 100 million shares at 10¢ apiece

in two tranches. The proceeds would help fund Coro’s Marimaca exploration project and growth in its SCM Berta operations.

The junior also signed a term sheet with its major shareholder, Greenstone Resources, to whom it owes US$8.1 million in convertible debentures. Greenstone has agreed to convert the repayment amount at a higher price of 10¢ per share instead of the original 4¢ per share to lower dilution. Greenstone receives 106.7 million shares in the conversion and would own 53.9% of Coro.

Shares in Sierra Metals rose 24% to $1.64 on no new news. The week before, it reported weak first-quarter financials, including an adjusted net loss of US$2 million, or a cent per share, compared to an adjusted profit of TSX MOST ACTIVE ISSUES

Kinross Gold Yamana Gold B2Gold First Quantum Eldorado Gold Teck Res Barrick Gold IAMGOLD Lithium Amer Goldcorp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

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

41570 7.05 6.03 6.50 - 0.19 41465 6.70 5.75 6.22 + 0.05 38130 2.93 2.48 2.64 - 0.16 37165 9.25 8.09 8.62 + 0.24 31410 6.65 5.69 5.89 - 0.44 31090 13.63 11.90 12.93 + 0.74 28722 25.44 22.39 23.87 + 0.01 23454 5.22 4.42 4.73 - 0.17 20158 0.89 0.70 0.88 + 0.16 19895 24.25 21.66 22.77 - 0.48

US$4.1 million, or US3¢ per share, a year ago. The loss came from lower revenues of US$23.7 million due to declining metal prices, as well as lower head grades and recoveries at its Yauricocha and Bolivar mines in Peru and Mexico. The Cusi silver mine, also in Mexico, had record silverequivalent production and improved costs, despite lower silver recoveries.

Kinross Gold was the most traded stock,

with 41.6 million shares changing hands. It slipped 19¢ to finish at $6.50 per share, on no news. On May 24, the miner announced that its unionized employees at Tasiast were on strike, following a strike notice announced on May 10. The company says it remains open to restarting negotiations with union representatives and does not anticipate the strike will affect the mine’s phase-one expansion. TNM

TSX GREATEST PERCENTAGE CHANGE

Coro Mining Sierra Metals Northcliff Res Lithium Amer RTG Mining Marathon Gold Lydian Intl Orvana Mnrls Mountain Prov Horizonte Mnls Namibia Rare E Yellowhead Mng NovaCopper U3O8 Corp GoGold Res Golden Mnls Dynasty Met&Mn Intl Tower Hil Lexam VG Gold Cdn Zinc

COP SMT NCF LAC RTG MOZ LYD ORV MPV HZM NRE YMI NCQ UWE GGD AUM DMM ITH LEX CZN

7842 85 32 20158 41 2268 3253 1023 428 176 89 201 124 4798 2161 522 1517 294 871 1946

0.14 1.80 0.14 0.89 0.68 0.30 0.40 0.19 6.32 0.04 0.11 0.07 0.97 0.03 1.58 0.65 0.19 0.85 0.27 0.24

0.09 1.26 0.11 0.70 0.50 0.24 0.29 0.16 5.50 0.00 0.00 0.05 0.74 0.02 1.10 0.49 0.12 0.68 0.22 0.18

0.12 1.64 0.14 0.88 0.68 0.30 0.35 0.19 6.28 0.04 0.08 0.05 0.74 0.02 1.17 0.51 0.16 0.72 0.23 0.19

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Potash Corp SK First Majestic Teck Res Mountain Prov Agnico Eagle TMAC Resources Teck Res Guyana Gldflds Osisko Gold Royal Gold Franco-Nevada Pan Am Silver Kirkland Lk Gd Detour Gold Tahoe Res Goldcorp Eldorado Gold New Gold Dominion Diam

+ 27.8 + 24.2 + 22.7 + 22.2 + 21.4 + 20.0 + 16.9 + 15.6 + 14.6 + 14.3 - 31.8 - 28.6 - 22.1 - 20.0 - 19.3 - 19.0 - 18.4 - 15.3 - 14.8 - 14.0

VOLUME WEEK (000s) CLOSE CHANGE

AGU POT FR TCK.A MPV AEM TMR TCK.B GUY OR RGL FNV PAA KGI DGC THO G ELD NGD DDC

1768 115.29 11936 21.68 12254 15.04 7 15.09 428 6.28 5550 60.44 171 13.27 31090 12.93 5154 8.22 2268 16.44 117 72.79 3749 86.00 6598 19.27 4441 11.00 5143 28.16 6579 16.12 19895 22.77 31410 5.89 10187 5.54 787 13.38

+ 3.40 + 1.38 + 1.21 + 1.09 + 0.80 + 0.79 + 0.78 + 0.74 + 0.59 + 0.46 - 1.91 - 1.66 - 0.98 - 0.71 - 0.61 - 0.50 - 0.48 - 0.44 - 0.41 - 0.40

TSX VENTURE EXCHANGE / MAY 16–20 The S&P/TSX Venture Composite Index climbed towards one-year highs despite a drop in commodity prices, gaining 1%, or 6.46 points, to a 686.14-point close.

Spot gold fell 1.9%, or US$24.35, to US$1,249.13 per oz. gold.

Three-month London Metal Exchange copper contracts were down US$32 per tonne — or 0.7%, to US$4,622 per tonne — restricted by a firmer U.S. dollar and uncertainty over Chinese demand.

Kennady Diamonds was a front runner in the value-added category, gaining 54¢ to a $4.10-per-share close after announcing drill results at its Kennady North diamond project in the Northwest Territories. The company intercepted more kimberlite at its Faraday 1 and 3 targets during infill and exploration drilling, and suggested the bodies could be linked at depth. Results included 15.2 metres of kimberlite from 21.1 metres down hole at Faraday 1, and 35.3 metres of kimberlite from 96.2 metres down hole at Faraday 3.

Exploration drilling at its Hobbes anomaly, 150 metres south of its flagship Kelvin kimberlite, returned 3.4 metres of kimberlite from 37.4 metres down hole.

The company expects results from a 580-tonne bulk sample from Kelvin North,

a 40-tonne sample from Kelvin South and a 23-tonne sample from Faraday 2 in this year’s third quarter.

Explorer Victoria Gold saw 13 million shares traded before closing up 6¢ at 47¢-pershare on news of metallurgical and heapleach test work at its Shamrock gold zone, 2 km from the proposed infrastructure at its wholly owned Eagle Gold project in the Yukon. The company achieved 93% gold recovery during a 96-hour bottle-roll test on oxide material, along with up to 88% gold recovery after 43 days during leach tests. Metallurgical testing last year suggests that Shamrock and the adjacent Olive gold zone could act as satellite deposits to its more advanced Eagle gold project. The company is carrying out a 4,800-metre, TSX-V MOST ACTIVE ISSUES

Alset Energy Victoria Gold Integra Gold Spearmint Res Electra Stone Kaminak Gold Nemaska Lith Troymet Expl Intact Gold Encanto Potash

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ION VIT ICG SRJ ELT KAM NMX TYE ITG EPO

26240 13012 12658 12628 12476 9847 9838 9771 9353 9058

0.16 0.54 0.74 0.05 0.11 2.61 1.61 0.05 0.15 0.14

0.12 0.44 0.65 0.03 0.08 2.31 1.21 0.03 0.10 0.10

0.13 - 0.47 + 0.70 + 0.04 unch 0.09 + 2.46 - 1.61 + 0.04 + 0.10 - 0.10 -

0.02 0.06 0.02 0.00 0.01 0.04 0.42 0.02 0.05 0.03

30-hole drill program on both targets, and expects to finish by June.

Shares of Chesapeake Gold gained 26¢ to $3.71 per share on no news. The company launched an incentive stock grant in March, whereby directors, officers and employees can buy up to 2.2 million shares at $2.15 per share over five years. The company is focused on its wholly owned Metates gold-

silver project in Durango state, Mexico.

Nevada-focused Gold Standard Ventures gained 22¢ to $2.14 per share after announcing a US$13.4-million, 43,000-metre drill program on the Pinion and North Bullion gold deposits at its Railroad-Pinion project in Nevada’s Carlin gold trend. It will also test its North Dark Star oxide gold discovery. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Natan Res Saville Res Balto Res Valterra Res Belvedere Res Savant Expl Samco Gold Bell Copper Fjordland Exp Stroud Res Regency Gold Cdn Arrow ExGen Res Inc Xmet Inc Spada Gold Gitennes Expl Barker Mnrls Pancontinental Clear Mtn Res Amador Gold

NRL SRE BAL.H VQA BEL SVT SGA BCU.H FEX SDR RAU.H CRO EXG XME SPL.P GIT BML PUC.H CY AGX

8 160 46 513 596 5306 11 535 2779 1251 5 1310 216 850 3 272 165 161 65 585

0.01 0.04 0.03 0.02 0.09 0.02 0.08 0.06 0.08 0.01 0.01 0.01 0.01 0.01 0.31 0.01 0.01 0.02 0.15 0.01

0.00 0.00 0.01 0.01 0.03 0.01 0.03 0.00 0.03 0.01 0.00 0.01 0.01 0.01 0.30 0.01 0.01 0.00 0.01 0.01

0.10 0.04 0.03 0.02 0.08 0.02 0.08 0.05 0.08 0.01 0.01 0.01 0.01 0.01 0.30 0.01 0.01 0.02 0.10 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 900.0 + 600.0 + 400.0 + 300.0 + 220.0 + 200.0 + 166.7 + 150.0 + 150.0 + 100.0 - 80.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royalt Kennady Diam Nemaska Lith Chesapeake Gld Critical Elem Tudor Gold Novo Res Anfield Nickel Gold Std Vents Falco Res Gold Reserve Reservoir Mnls Spada Gold Roxgold Bear Creek Mng Cordoba Mnls Clear Mtn Res Apogee Silver IMPACT Silver Ascot Res

RZZ KDI NMX CKG CRE TUD NVO ANF GSV FPC GRZ RMC SPL.P ROG BCM CDB CY APE IPT AOT

160 219 9838 256 8975 507 653 2716 1626 5137 75 879 3 3631 703 355 65 98 829 178

5.90 4.10 1.61 3.71 0.58 1.08 1.18 1.56 2.14 0.81 5.80 8.57 0.30 1.22 2.18 0.73 0.10 0.31 0.63 1.05

+ 1.44 + 0.54 + 0.42 + 0.26 + 0.25 + 0.24 + 0.24 + 0.22 + 0.22 + 0.22 - 0.41 - 0.34 - 0.30 - 0.16 - 0.14 - 0.10 - 0.10 - 0.08 - 0.08 - 0.08

U.S. MARKETS / MAY 16–20 Investor sentiment was mixed after news that benchmark interest rates could rise in June. Positive economic data appeared to support a hike — with the U.S. Consumer Price Index up 0.4% for April in a three-year high, and home sales also up US$5.5 million, versus US$5.4 million in March. The Dow Jones Industrial Average slid 0.2% to 17,500.94, while the S&P 500 Index rose 0.3% to 2,052.32. The Philadelphia Gold & Silver Index dropped 1.8% to 85.44, and spot gold fell 1.6% to US$1,251.90 per oz. gold.

Improving fundamentals for crop nutrients helped lift the shares of fertilizer producers Agrium, Mosaic and Potash Corp. of Saskatchewan. In a presentation at the BMO Capital Markets Farm to Market conference, PotashCorp said potash mine closures between now and 2020 would take 7 million tonnes of capacity out of the market. It also noted that increases in global population and improving diets would support longer-term demand for potash, and forecast global supply and demand this year would be relatively balanced and similar to historic levels. Despite contract deferrals in China this year, “strong consumption trends

6_MAY30_MarketNews.indd 6

and new contracts are expected to support shipments,” it said, while in India, “modest demand growth with an improved monsoon” should also help potash. For the rest of Asia, “supportive crop economics” could support demand, while in Latin America, “agronomic need and increasing crop acreage” would keep demand high. In North America, more planted acres and nutrient requirements are anticipated to support higher shipments. Shares of PotashCorp were up US84¢ to US$16.53, while shares of Agrium and Mosaic rose US$1.38 to US$87.87 and US$1.10 to US$25.94.

U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 250525 11.90 10.22 11.08 + 0.67 Vale* VALE 139953 4.48 3.89 3.98 - 0.15 Barrick Gold* ABX 107951 19.73 17.05 18.20 - 0.21 Alcoa* AA 105716 9.47 8.78 9.11 - 0.09 United States S* X 96947 15.30 12.77 13.36 - 0.62 Yamana Gold* AUY 79117 5.19 4.37 4.72 - 0.03 Kinross Gold* KGC 76442 5.47 4.59 4.97 - 0.21 Teck Res* TCK 61151 10.56 9.06 9.85 + 0.43 Vale* VALE.P 58209 3.60 3.11 3.20 - 0.19 Newmont Mng* NEM 53652 35.75 32.37 33.73 - 0.34

Dominion Diamond’s shares fell 4.5% to US$10.17, despite approval for the Jay project’s environmental assessment from the Northwest Territories’ Minister of Lands.

Jay is the most significant undeveloped deposit at the Ekati diamond mine, and

could extend its mine life 11 years beyond its closure date. The company expects to publish a feasibility study on the Jay project later this month, and says it will file water licence and land-use permit applications shortly for environmental approval. TNM

U.S. GREATEST PERCENTAGE CHANGE

First Majestic* Freeport McMo* Mechel* Alamos Gold* Potash Corp SK* Teck Res* Mosaic* HudBay Mnls* Cloud Peak En* Vedanta* Sibanye Gold* CONSOL Energy* Eldorado Gold* Coeur Mng* Vale* Gold Fields* AngloGold Ash* Dominion Diam* IAMGOLD* United States S*

AG FCX MTL AGI POT TCK MOS HBM CLD VEDL SBGL CNX EGO CDE VALE.P GFI AU DDC IAG X

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

37647 12.23 10.32 11.47 + 7.2 250525 11.90 10.22 11.08 + 6.4 565 1.89 1.74 1.89 + 6.2 15710 7.53 6.52 7.04 + 5.4 39504 16.98 15.79 16.53 + 5.4 61151 10.56 9.06 9.85 + 4.6 23409 26.59 25.01 25.94 + 4.4 2035 4.33 3.73 3.86 + 3.2 3666 1.96 1.77 1.92 + 2.7 816 6.08 5.47 5.87 + 2.3 8306 14.00 11.95 12.35 - 10.5 32220 14.94 12.62 13.17 - 8.0 39025 5.16 4.33 4.51 - 7.4 28001 8.67 7.22 7.94 - 6.4 58209 3.60 3.11 3.20 - 5.6 27327 4.44 3.78 4.03 - 5.0 23001 15.54 13.41 14.46 - 4.6 1468 11.06 9.96 10.17 - 4.5 38720 4.05 3.36 3.62 - 4.5 96947 15.30 12.77 13.36 - 4.4

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Agrium* AGU Mosaic* MOS Potash Corp SK* POT First Majestic* AG NACCO Ind* NC Freeport McMo* FCX Teck Res* TCK Alamos Gold* AGI Vedanta* VEDL Franco-Nevada* FNV Black Hills* BKH Sibanye Gold* SBGL CONSOL Energy* CNX Chevron* CVX AngloGold Ash* AU United States S* X Goldcorp* GG Tahoe Res* TAHO Coeur Mng* CDE

VOLUME WEEK (000s) CLOSE CHANGE

3714 187.18 4644 87.87 23409 25.94 39504 16.53 37647 11.47 140 51.75 250525 11.08 61151 9.85 15710 7.04 816 5.87 5781 65.52 2078 58.62 8306 12.35 32220 13.17 30657 99.79 23001 14.46 96947 13.36 52374 17.37 10974 12.33 28001 7.94

+ 2.43 + 1.38 + 1.10 + 0.84 + 0.77 + 0.73 + 0.67 + 0.43 + 0.36 + 0.13 - 2.22 - 1.82 - 1.45 - 1.15 - 0.95 - 0.69 - 0.62 - 0.59 - 0.56 - 0.54

2016-05-24 9:25 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MAY 30–JUNE 5, 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 SPOT PRICES COURTESY OF SCOTIABANK Tuesday, May 24, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.)

Change $1242.65 -24.45 $16.27 -0.81 $1017.00 -36.00 $552.00 -43.00

Price (US$/tonne) Change $8465.00 +140.00 $4624.00 +62.50 $1650.00 -6.50 $1840.00 -0.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, May 16, 2016 (change from May 9, 2016 in brackets): Aluminium Alloy 14660 (-40) Aluminium 2555250 (-22525) Copper 155000 (-4025) Lead 179975 (+4150) Nickel 402888 (-3576) Tin 6810 (+290) Zinc 385775 (-4275)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.63 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.35 Coal: CME Group Futures June 2016: US$43.63 July 2016: US$44.78 Cobalt: US$10.57/lb.

Copper: US$2.07/lb.

Copper: CME Group Futures June 2016: US$2.07/lb.; July 2016: US$2.07/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$52.70/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.75/lb.

Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$6.94/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$675.00/tr. oz.

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

Silver: Handy & Harman Base: US$16.42 per oz.; Handy & Harman Fabricated: US$20.53 per oz.

Tantalite Ore: US$191.35/kg Tin: US$7.22/lb.

Uranium: U3O8, Trade Tech spot price: US$28.10; The UX Consulting Company spot price: US$28.50/lb.

Zinc: US$0.83/lb.

Prices current May 24, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 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 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 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 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 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 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 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 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15

Short positions outstanding as of May 20, 2016 (with changes from Apr 18, 2016) Largest short positions Gold Std Vents GSV 19100 -600 CB Gold CBJ 3000 1000 Largest increase in short position CB Gold CBJ 3000 1000 Gold Std Vents GSV 19100 -600 Largest decrease in short position Gold Std Vents GSV 19100 -600 CB Gold CBJ 3000 1000

DAILY METAL PRICES Daily Metal Prices Date May 23 May 20 May 19 May 18 May 17 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1525/1550 1525/1550 1525/1550 1525/1550 1525/1550 Aluminum 1525.50/1539 1558.50/1568 1535/1548 1529/1541 1531/1542.50 Copper 4571/4560 4630/4622 4595.50/4582 4600/4588 4633.50/4628 Lead 1646/1648 1694/1695 1695.50/1698 1701/1707 1719350/1727 Nickel 8305/8330 8520/8580 8485/8530 8580/8615 8620/8690 Tin 15900/15875 16465/16395 16700/16675 16800/16825 16950/16900 Zinc 1831/1834 1876.50/1886 1857.50/1865 1878/1890 1877/1885 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1250.40 1256.50 1253.75 1270.90 1270.10 Gold PM 1245.90 1254.20 1246.25 1272.90 1277.00 Silver 16.31 16.56 16.60 17.05 17.08 Platinum 1007.00 1025.00 1010.0 1034.00 1042.00 Palladium 549.00 567.00 565.00 576.00 582.00

EXCHANGE RATES Date May 20 May 19 May 18 May 17 May 16 S$ in C$ 1.3116 1.3095 1.3034 1.2910 1.2895 C$ in S$ 0.7624 0.7637 0.7673 0.7746 0.7755 Exchange rates (Quote Media, May 20, 2016)

C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand

1.0554 0.6793 83.9750 13.9874 11.9208

C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5258 4.9906 51.4385 0.7551 907.6548

US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3842 0.8910 110.1350 18.3416

US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6896 6.5467 67.4250 0.9902 1190.2000 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

LEGEND 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_MAY30_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

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 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 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 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 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

52-week

IndexName May 20 May 19 May 18 May 17 May 16 High Low S&P/TSX Composite 13919.58 13817.32 13826.01 13917.10 13893.49 15527.30 12400.15 S&P/TSXV Composite 686.14 678.23 674.25 686.17 686.41 1050.26 883.52 S&P/TSX 60 812.64 805.86 807.61 811.23 809.75 896.74 709.99 S&P/TSX Global Gold 222.04 221.44 215.44 231.49 228.88 218.90 149.29 S&P/TSX Metals & Mining 506.91 505.56 498.20 525.92 511.09 954.68 691.69

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 20, 2016 (with changes from Apr 18, 2016) Largest short positions Lundin Mng LUN 46405998 2031242 Kinross Gold K 45115997 -1156579 Potash Corp SK POT 33865225 -91286 First Quantum FM 27273583 -3969150 B2Gold BTO 25948611 3489468 New Gold NGD 20924215 28685 Eldorado Gold ELD 18609395 -79313 Teck Res TCK.B 15530345 663460 Barrick Gold ABX 11750478 292564 IAMGOLD IMG 10772065 -460476 Suncor Energy SU 10695054 -657747 Silver Std Res SSO 9633458 1563923 Detour Gold DGC 9329551 -162837 Yamana Gold YRI 9018038 1552222 Goldcorp G 8663566 71710 Largest increase in short position Golden Star GSC 7638100 4399900 Nevsun Res NSU 3836485 3718090 B2Gold BTO 25948611 3489468 Americas Silvr USA 3071992 2294992 Asanko Gold AKG 3371940 2185486 Largest decrease in short position First Quantum FM 27273583 -3969150 Semafo SMF 642420 -3509635 Kinross Gold K 45115997 -1156579 Centerra Gold CG 3354062 -763810 Suncor Energy SU 10695054 -657747

TSX VENTURE WARRANTS

NEW 52-WEEK HIGHS AND LOWS MAY 16–20, 2016 295 New Highs Abitibi Royalt Adamera Mnls Advance Gold Agave Silver Agave Silver* Agnico Eagle Agnico Eagle* Alamos Gold Alamos Gold* Alexco Res Alexco Res* Alliance Mng Alloycorp Mng Almadex Min Almadex Min* Alphamin Res Alset Energy Alset Energy* Altair Gold Altair Gold* Altiplano Mnls Anfield Nickel Arcus Dev Grp Argonaut Gold Argonaut Gold* Argus Metals* Asanko Gold Asanko Gold* Asante Gold* AsiaBaseMetals ATAC Res AuRico Metals AuRico Metals * Aurvista Gold Aurvista Gold* Auryn Res* Avino Silver Avino Silver* Avnel Gold AZ Mining B2Gold Balto Res Barrick Gold Barrick Gold* Barsele Min Batero Gold Battle Mtn Gld* Bearclaw Cap Bell Copper Bell Copper* Belvedere Res

Benton Res Bravada Gold Bravada Gold* Bullfrog Gold* Cache Expl* Cadan Res CanAlaska Uran CanAlaska Uran* Candelaria Mg Canuc Res* Cariboo Rose Carlin Gold Carpathian Gld Carpathian Gld* Cassius Vents Catalyst Coppr* Cda Strtgc Met Chilean Metals* Claude Res Claude Res* Clear Mtn Res Colombian Mins Columbus Gold Columbus Gold* Comstock Mtls Corex Gold Critical Elem Critical Elem* Crystal Pk Min Crystal Pk Min* Darnley Bay Defiance Silvr Defiance Silvr* DRDGOLD* Eagle Plains Eastmain Res Eldorado Gold Emerita Res Endeavour Mng Endeavour Mng* Eskay Mng Ethos Gold* Eurasian Mnls Eurasian Mnls* EurOmax Res Europn Uran Rs* Everton Res Everton Res* Excalibur Res Excalibur Res* Falco Res Far Res

Finore Mng Firestone Vent First Majestic First Majestic* Fjordland Exp Four River Fresnillo plc* Geologix Expl Geologix Expl* Gldn Predator Gldn Predator* GMCI Corp* Gold Bulln Dev Gold Bulln Dev* Gold Resource* Gold Ridge Exp Gold Std Vents Goldcliff Res Golden Arrow Golden Harp Golden Reign Golden Valley Goldex Res Goldgroup Mng Goldgroup Mng* GoldQuest Mng Goldrock Mines Goldsource Min Goldsource Min* GoldTrain Res Green Swan Cap Green Valley M Grizzly Gold* Guyana Gldflds Hecla Mining* IAMGOLD IAMGOLD* Iconic Mnls Independence G* Indigo Expl Integra Gold Integra Gold* INV Metals* Inventus Mg Irving Res* Jayden Res* Jiulian Res Kaminak Gold Kaminak Gold* Kesselrun Res Khan Res Kirkland Lk Gd*

Kiska Metals Kiska Metals* Klondike Gold Klondike Gold* Lara Expl Libero Mg Corp Loncor Res* Lonmin plc* Madeira Mrnls MAG Silver MAG Silver* Magellan Gold* Maritime Res McEwen Mng McEwen Mng* Metallis Res Metalo Manuf Midas Gold Millrock Res Millrock Res* Mineral Res* Mines Manage Mirasol Res Monarques Res Monster Mng Monster Mng* Mountain Prov Mountain Prov* Murchison Min Nemaska Lith Nemaska Lith* New Carolin Gd New Carolin Gd* New Gold New Gold* New Oroperu Newmarket Gold Newmarket Gold* Newmont Mng* North Am Ptash Nouveau Monde Novo Res Novo Res* NRG Metals* Nrthn Freegold* Nrthn Shield Nrthn Vertex Nrthn Vertex* OceanaGold* Oceanus Res* Odin Mng & Exp Orezone Gold

Orezone Gold* Oriental Non F Oroco Res* Orocobre Palamina Corp Palamina Corp* Pan Am Silver Pan Am Silver* Pangolin Dia Panoro Mnrls Parallel Mng Pelangio Expl Phoenix Metals PJSC Polyus Gd* Precipitate Gl Premium Expl* Pretium Res Pretium Res* Pure Gold Mg Pure Gold Mg* Q-Gold Res QMX Gold* Quinto Real Rackla Mtls Rapier Gold Regulus Res Renaissance Gd Renaissance Gd* Richmont Mines Richmont Mines* Riverside Res Romios Gold Rs Romios Gold Rs* Roxgold RT Minerals Rupert Res San Marco Res Sandstorm Gold Sandstorm Gold* Scientific Mts Semafo Sidney Resrces* Silver Grail Silver Range Silver Shield Silver Std Res Silver Std Res* Southern Silvr Southern Silvr* Squire Mg Ltd St-Georges Plt* Stakeholdr Gld

Stakeholdr Gld* Starcore Intl Stratabd Mnr Strikepoint Gd Syrah Res* Takara Res Taku Gold Taku Gold* Teranga Gold Terraco Gold Teryl Res Corp* Teuton Res Teuton Res* Timberline Res* TMAC Resources TMAC Resource* Tower Res Troy Res* Troymet Expl Tudor Gold Typhoon Expl Unigold* Valterra Res Vantex Res Victoria Gold Vista Gold* Waseco Res West Red Lake West Red Lake* Westkam Gold Westkam Gold* Xander Res Xtierra Yamana Gold Yamana Gold* Zephyr Mnls 12 New Lows Arbitrage Expl* Champion Iron* Fox River Res* Intact Gold Intact Gold* Minsud Res* Napier Vent* Oroplata Res* Palamina Corp* Pancontinental Premium Expl* Silverore Mns*

CANADIAN GOLD MUTUAL FUNDS Fund May 20 ($) May 13 ($) AGF Prec Mtls Fd MF 24.67 24.55 BMO Prec Mtls Fd A 19.72 19.80 BMO ZGD 11.23 11.45 BMO ZJG 8.99 8.88 CIBC Prec Metal Fd A 12.48 12.54 Dyn Prec Metls Fd A 7.18 7.17 Horizons HEP 29.38 IGMacGloPrecMetCl A 9.23 9.23 iShares XGD 13.88 14.03 Mac Prec Met Cl A 51.55 51.47 NB Prec Met Fd Inv 13.71 13.81 RBC GblPreMetFd A 33.69 33.72 Sentry Pre Met Fd A 43.04 43.78 Sprott Gold&PrMinFdA 40.37 Sprott SilverEquCl A 6.25 TD PreciousMetals-I 40.97 41.14

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.12 0.49 60.20 2.80 192.66 -0.08 -0.40 64.92 2.40 72.79 -0.22 -1.95 74.67 0.63 119.06 0.11 1.22 78.14 0.60 69.55 -0.05 -0.42 54.93 2.62 64.04 0.01 0.14 69.53 2.66 388.68 -0.01 -0.02 62.89 0.80 -0.01 -0.06 76.18 2.75 90.56 -0.15 -1.07 76.60 0.61 744.60 0.08 0.15 77.58 2.51 133.58 -0.10 -0.72 72.90 2.46 43.37 -0.02 -0.07 70.62 2.13 426.25 -0.74 -1.70 72.84 2.92 249.29 -0.15 -0.38 68.27 3.19 249.04 0.03 0.56 87.92 3.23 58.46 -0.17 -0.41 67.34 2.26 160.54

GLOBAL MINING NEWS · SINCE 1915

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2016-05-24 8:23 PM

8

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MAY 30–JUNE 5, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 16–20, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng &Ex V 895 0.05 0.05 0.05 - 0.01 0.09 0.04 Abcourt Mines V 858 0.10 0.08 0.09 - 0.01 0.11 0.03 Abcourt Mines* O 378 0.07 0.07 0.07 - 0.00 0.09 0.02 Aben Res V 425 0.08 0.07 0.07 - 0.01 0.24 0.06 Aberdeen Intl* O 346 0.14 0.13 0.14 + 0.01 0.16 0.07 Abitibi Royalt V 160 5.95 4.59 5.90 + 1.44 5.68 1.53 ABT Holdings* O 2 0.66 0.00 0.66 - 0.04 0.90 0.05 Acme Res Inc V 50 0.05 0.05 0.05 + 0.02 0.05 0.02 Active Growth V 74 0.08 0.05 0.05 - 0.01 0.10 0.02 Adamera Mnls V 2003 0.07 0.05 0.07 + 0.01 0.07 0.01 Advance Gold V 376 0.06 0.04 0.04 - 0.01 0.06 0.01 Advanced Expl* O 551 0.01 0.00 0.00 - 0.00 0.01 0.00 Adventure Gold V 239 0.34 0.30 0.31 - 0.02 0.35 0.06 Afrasia Mnls V 2 0.03 0.00 0.03 - 0.02 0.05 0.01 Africo Res T 712 0.94 0.92 0.93 - 0.01 0.95 0.30 Agave Silver* O 94 0.07 0.04 0.04 - 0.01 0.07 0.01 Agave Silver V 309 0.09 0.06 0.06 - 0.01 0.09 0.01 Agnico Eagle* N 14789 48.47 43.24 46.18 - 0.02 48.47 21.00 Agnico Eagle T 5550 62.56 56.76 60.44 + 0.79 62.56 27.63 AgriMinco* O 70 0.01 0.00 0.00 - 0.01 0.05 0.00 Agrium* N 4644 90.76 86.68 87.87 + 1.38 110.13 79.94 Agrium T 1768 117.09 111.93 115.29 + 3.40 139.99 104.70 Aim Explor* O 17 0.08 0.00 0.08 + 0.02 297.50 0.06 Alabama Graph* O 6 0.14 0.00 0.14 + 0.02 0.24 0.08 Alacer Gold T 6000 3.31 3.05 3.30 - 0.03 3.57 2.08 Alamos Gold T 6380 9.73 8.57 9.15 + 0.46 9.73 3.27 Alamos Gold* N 15710 7.53 6.52 7.04 + 0.36 7.53 2.27 Alba Minerals V 9 0.07 0.00 0.07 - 0.01 0.11 0.01 Alberta Star* O 7 0.17 0.00 0.16 - 0.01 0.20 0.12 Alcoa* N 105716 9.47 8.78 9.11 - 0.09 13.11 6.14 Alderon Iron* O 38 0.11 0.10 0.10 - 0.00 0.24 0.05 Alderon Iron T 114 0.13 0.11 0.12 - 0.01 0.30 0.07 Aldever Res* O 15 0.11 0.09 0.09 - 0.02 0.20 0.08 Aldever Res V 1240 0.13 0.12 0.13 - 0.01 0.32 0.09 Aldridge Mnrls V 222 0.17 0.15 0.16 + 0.02 0.20 0.12 Aldrin Res V 294 0.13 0.10 0.11 - 0.02 0.18 0.08 Alexander Nubi V 343 0.06 0.05 0.06 + 0.01 0.18 0.04 Alexandria Min* O 77 0.06 0.04 0.05 - 0.00 0.06 0.01 Alexandria Min V 2653 0.07 0.06 0.07 + 0.01 0.07 0.02 Alexco Res T 1727 1.84 1.47 1.58 + 0.09 1.84 0.35 Alexco Res* X 4304 1.42 1.12 1.22 + 0.05 1.42 0.22 Algold Res V 702 0.25 0.20 0.21 + 0.01 0.25 0.07 Alianza Min* O 36 0.16 0.13 0.16 + 0.03 0.24 0.07 Alianza Min V 141 0.21 0.18 0.20 + 0.03 0.30 0.10 Alliance Mng V 1822 0.04 0.02 0.03 + 0.01 0.04 0.01 Alliance Res* D 1048 15.12 14.20 14.90 + 0.19 32.04 9.95 Alloycorp Mng V 233 0.10 0.07 0.10 + 0.03 0.50 0.05 Almaden Mnls* X 1898 1.30 1.05 1.08 - 0.04 1.42 0.48 Almaden Mnls T 289 1.67 1.39 1.44 - 0.06 1.80 0.65 Almadex Min V 453 0.43 0.37 0.37 - 0.03 0.43 0.13 Almadex Min* O 307 0.34 0.28 0.30 - 0.01 0.34 0.01 Almonty Ind V 110 0.36 0.32 0.35 - 0.02 0.86 0.21 Alpha Nat Res* O 3217 0.02 0.01 0.01 + 0.00 0.71 0.01 Alphamin Res V 456 0.28 0.24 0.28 + 0.04 0.26 0.11 ALQ Gold V 15 0.07 0.00 0.07 + 0.02 0.07 0.03 Alset Energy V 26240 0.16 0.12 0.13 - 0.02 0.16 0.02 Alset Energy* O 37 0.11 0.10 0.10 + 0.01 0.11 0.01 Altai Res V 546 0.08 0.08 0.08 + 0.01 0.09 0.05 Altair Gold V 94 0.69 0.59 0.68 + 0.08 0.69 0.06 Altan Rio Mnls V 111 0.02 0.02 0.02 - 0.01 0.03 0.01 Alternative ER V 20 0.05 0.00 0.05 - 0.01 0.08 0.03 Alternative ER* O 11 0.03 0.00 0.03 + 0.00 0.06 0.02 Altiplano Mnls V 121 0.18 0.14 0.17 + 0.04 0.19 0.04 Altius Mnrls T 146 10.74 10.36 10.40 + 0.05 15.47 7.39 Alumina Inc* O 34 4.09 3.92 4.09 + 0.23 5.42 2.70 Am Creek Res V 424 0.10 0.08 0.08 - 0.01 0.12 0.03 Am CuMo Mng* O 28 0.07 0.06 0.07 - 0.01 0.12 0.04 AM Gold V 16 0.25 0.00 0.23 - 0.02 0.45 0.07 Am Manganese V 341 0.03 0.02 0.03 + 0.01 0.05 0.01 Am Manganese* O 74 0.01 0.01 0.01 + 0.00 0.04 0.01 Amador Gold V 585 0.01 0.01 0.01 - 0.01 0.02 0.01 Amarc Res* O 20 0.05 0.04 0.05 + 0.00 0.12 0.02 Amarc Res V 311 0.08 0.06 0.08 + 0.01 0.14 0.04 Amarillo Gold V 1655 0.34 0.25 0.32 - 0.01 0.41 0.04 Amazing OG* O 10 0.37 0.30 0.37 + 0.07 1.21 0.29 American Lith* O 39 0.88 0.75 0.75 - 0.13 0.95 0.19 American Lith V 429 1.17 0.87 1.03 - 0.08 1.25 0.05 Americas Petro V 1050 0.27 0.24 0.25 + 0.01 0.33 0.15 Americas Silvr T 6368 0.37 0.27 0.33 - 0.02 0.40 0.09 Americas Silvr* O 508 0.29 0.21 0.25 - 0.02 0.32 0.04 Amerigo Res T 408 0.15 0.13 0.15 + 0.02 0.45 0.10 Amerigo Res* O 81 0.11 0.09 0.09 - 0.01 0.36 0.07 Amex Expl V 228 0.06 0.05 0.06 - 0.01 0.08 0.02 AMI Res V 459 0.05 0.03 0.05 + 0.01 0.06 0.02 Anaconda Mng* O 27 0.05 0.05 0.05 - 0.00 0.06 0.02 Anconia Res V 44 0.07 0.06 0.06 - 0.01 0.08 0.01 Andes Gold* O 141 0.01 0.00 0.01 + 0.00 1.00 0.00 Anfield Nickel V 2716 1.79 1.32 1.56 + 0.22 1.79 0.52 Anfield Res* O 75 0.10 0.10 0.10 + 0.00 0.15 0.06 Angel Gold* O 48 0.07 0.06 0.06 - 0.01 0.07 0.01 Angel Gold V 67 0.08 0.07 0.07 - 0.01 0.09 0.01 Angkor Gold V 228 0.46 0.44 0.45 + 0.01 0.64 0.38 Anglo American* O 5 9.26 0.00 8.85 + 0.71 16.22 3.13 Anglo American* O 428 4.60 4.05 4.30 + 0.21 5.76 1.57 Anglo-Bomarc V 38 0.13 0.11 0.11 - 0.03 0.30 0.10 AngloGold Ash* O 3 15.22 0.00 14.44 - 0.78 15.67 6.45 AngloGold Ash* N 23001 15.54 13.41 14.46 - 0.69 16.63 5.64 Anthem United V 80 0.17 0.16 0.16 - 0.01 0.46 0.14 Antioquia Gold V 189 0.10 0.08 0.08 - 0.02 0.11 0.02 Antofagasta* O 26 6.01 5.86 6.00 + 0.14 12.30 5.24 Apogee Silver* O 6 0.27 0.00 0.26 - 0.03 0.45 0.08 Apogee Silver V 98 0.42 0.28 0.31 - 0.08 0.65 0.11 Appia Energy 76 0.30 0.20 0.20 - 0.10 0.30 0.01 Applied Mrnls* O 56 0.18 0.15 0.15 - 0.03 0.66 0.11 AQM Copper V 364 0.12 0.09 0.12 + 0.04 0.15 0.03 Aquila Res* O 385 0.19 0.14 0.19 + 0.01 0.20 0.09 Aquila Res T 370 0.24 0.18 0.24 + 0.02 0.27 0.12 Arak Res V 69 0.04 0.00 0.04 - 0.01 0.09 0.02 Arbitrage Expl 9 0.05 0.00 0.05 + 0.02 0.11 0.01 Arch Coal* O 260 0.43 0.35 0.36 - 0.04 10.35 0.11 Arcus Dev Grp V 300 0.06 0.04 0.06 + 0.02 0.06 0.01 Arena Mnls V 490 0.33 0.28 0.31 - 0.01 0.34 0.15 Argentex Mng* O 168 0.08 0.06 0.07 - 0.01 0.10 0.01 Argentex Mng V 172 0.10 0.08 0.10 - 0.01 0.13 0.02 Argex Titanium* O 26 0.03 0.03 0.03 + 0.00 0.34 0.01 Argonaut Gold T 5730 3.30 2.91 3.21 + 0.22 3.30 0.78 Argonaut Gold* O 251 2.56 2.22 2.41 + 0.11 2.56 0.53 Argus Metals* O 1 0.06 0.06 0.06 + 0.00 0.06 0.01 Argus Metals V 4 0.09 0.00 0.09 + 0.01 0.11 0.02 Arian Silver* O 92 0.06 0.01 0.03 - 0.03 0.51 0.00 Arianne Phosph V 288 1.12 1.03 1.10 + 0.02 1.25 0.68 Arianne Phosph* O 161 0.87 0.80 0.81 - 0.03 0.98 0.52 Asanko Gold* X 3966 3.66 3.06 3.55 + 0.23 3.66 1.27 Asanko Gold T 5677 4.72 4.04 4.65 + 0.37 4.72 1.77 Asante Gold 77 0.19 0.07 0.13 + 0.04 0.20 0.05 Asante Gold* O 12 0.13 0.05 0.13 + 0.08 0.13 0.05 Asbestos Corp V 50 0.20 0.16 0.16 - 0.04 0.30 0.13 Ascot Res V 178 1.14 1.05 1.05 - 0.08 2.00 0.80 Ashburton Vent* O 202 0.04 0.03 0.04 + 0.01 0.06 0.00 AsiaBaseMetals V 27 0.18 0.17 0.17 + 0.02 0.20 0.04 Asiamet Res V 300 0.05 0.04 0.04 - 0.01 0.08 0.01 Asian Minl Res V 61 0.03 0.00 0.02 - 0.01 0.08 0.02 Aston Bay V 203 0.40 0.37 0.39 + 0.03 0.42 0.08 Astorius Res V 220 0.03 0.03 0.03 + 0.01 0.04 0.01 Astur Gold V 25 0.03 0.00 0.03 + 0.01 0.03 0.01 ATAC Res V 1960 0.88 0.76 0.86 + 0.05 0.88 0.26 Atacama Pac Gd V 74 0.39 0.33 0.34 - 0.01 0.49 0.14 Athabasca Mnls* O 79 0.21 0.18 0.20 + 0.03 0.59 0.12 Athabasca Mnls V 536 0.28 0.23 0.27 + 0.02 0.71 0.15 Athabasca Nclr V 899 0.10 0.08 0.09 + 0.01 0.14 0.02 Atico Mng V 404 0.44 0.35 0.40 - 0.03 0.65 0.16 Atico Mng* O 109 0.34 0.30 0.30 - 0.04 0.51 0.12 Atlanta Gold V 54 0.10 0.08 0.10 + 0.01 0.11 0.05 Atlanta Gold* O 2 0.07 0.00 0.07 + 0.00 0.09 0.03 Atlantic Gold V 1592 0.66 0.57 0.60 - 0.03 0.73 0.17 Atlatsa Res* O 134 0.07 0.06 0.06 - 0.01 0.14 0.02 Atna Res Ltd* O 1069 0.00 0.00 0.00 - 0.00 0.09 0.00 Atom Energy V 305 0.06 0.00 0.04 - 0.01 0.13 0.03 Augyva Mng V 206 0.10 0.09 0.09 - 0.01 0.14 0.09 Aura Mnls T 109 0.28 0.25 0.25 - 0.03 0.31 0.06 Auramex Res V 115 0.03 0.02 0.03 + 0.01 0.03 0.01 Aurcana Corp* O 83 0.27 0.22 0.23 - 0.01 0.32 0.07 Aurcana Corp V 482 0.35 0.29 0.30 + 0.01 0.41 0.09 AurCrest Gold V 77 0.03 0.03 0.03 - 0.01 0.05 0.01

8-10_MAY30_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aureus Mng* O 1009 AuRico Metals * O 384 AuRico Metals T 1163 Aurion Res V 400 Aurvista Gold* O 139 Aurvista Gold V 1933 Auryn Res* O 947 Avalon Adv Mat* O 1117 Avalon Adv Mat T 6235 Avino Silver* X 5497 Avino Silver V 848 Avnel Gold T 3435 Avrupa Mnls V 168 Axmin Inc* O 361 AZ Mining T 981 Azarga Uranium T 57 Azarga Uranium* O 6 Azimut Expl V 255 Azincourt Uran* O 9 Azincourt Uran V 117 Azteca Gold* O 208

0.06 0.00 0.05 - 0.00 0.68 0.03 0.90 0.78 0.80 + 0.01 0.90 0.34 1.15 1.01 1.07 + 0.06 1.15 0.47 0.17 0.13 0.14 - 0.01 0.19 0.03 0.11 0.10 0.10 - 0.01 0.11 0.02 0.16 0.13 0.16 + 0.03 0.15 0.03 1.79 1.54 1.60 - 0.10 1.79 0.70 0.20 0.16 0.18 - 0.00 0.27 0.07 0.26 0.21 0.25 + 0.03 0.33 0.10 1.69 1.37 1.46 - 0.04 1.69 0.71 2.16 1.80 1.92 - 0.01 2.16 1.03 0.36 0.31 0.36 + 0.05 0.35 0.18 0.13 0.10 0.11 + 0.01 0.17 0.07 0.02 0.01 0.02 - 0.00 0.06 0.00 1.30 1.19 1.26 + 0.01 1.30 0.22 0.36 0.33 0.34 + 0.01 0.40 0.24 0.26 0.25 0.26 + 0.00 0.29 0.18 0.34 0.30 0.31 - 0.01 0.44 0.10 0.05 0.04 0.05 + 0.01 0.07 0.02 0.07 0.06 0.07 + 0.01 0.10 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 15370 B2Gold T 38130 Bacanora Mnls V 189 Baja Mng* O 510 Balmoral Res* O 1229 Balmoral Res T 2736 Balto Res V 46 Bandera Gold V 31 Bannerman Res* O 50 Banro T 1393 Banro* X 7634 Banyan Gold V 80 Bard Vent V 36 Barisan Gold V 36 Barker Mnrls V 165 Barkerville Go* O 470 Barkerville Go V 1782 Baroyeca Go&Si V 270 Barrick Gold T 28722 Barrick Gold* N 107951 Barsele Min V 826 Batero Gold V 363 Battle Mtn Gld* O 73 Battle Mtn Gld V 315 Bayhorse Silvr* O 40 Bayhorse Silvr V 177 Bayswater Uran V 598 Bayswater Uran* O 1271 BCM Res V 40 Bear Creek Mng V 703 Beaufield Res* O 74 Beeston Ent* O 830 Bell Copper V 535 Bell Copper* O 18 Bellhaven Cp&G V 186 Bellhaven Cp&G* O 13 Belmont Res V 180 Belo Sun Mng T 4334 Belvedere Res V 596 Benton Res V 5036 Besra Gold* O 160 Bethpage Cap V 9 Big North Grap* O 19 Big North Grap V 304 Big Wind Cap 129 Bison Gold Res V 8 Bitterroot Res* O 75 Black Hills* N 2078 Black Iron T 532 Black Mam Mtls V 7 Black Widow Rs V 544 Blue Rvr Res V 894 Bluestone Res V 31 Bold Vent V 108 BonTerra Res* O 68 BonTerra Res V 2305 Bowmore Expl V 316 Bravada Gold* O 29 Bravada Gold V 223 Brazil Mnrls* O 53564 BrightRock Gld* O 224 Brilliant Sand* O 80 Brionor Res V 403 Britannia Mng* O 2990 Brixton Mtls* O 6 Brixton Mtls V 86 Buenaventura* N 9625 Buffalo Coal V 84 Bullfrog Gold* O 467

2.28 1.89 1.99 - 0.18 2.31 0.60 2.93 2.48 2.64 - 0.16 2.93 0.86 1.63 1.48 1.63 + 0.15 2.05 1.16 0.02 0.00 0.01 - 0.00 0.03 0.00 0.71 0.61 0.66 - 0.03 0.81 0.23 0.90 0.79 0.85 - 0.03 1.01 0.33 0.03 0.01 0.03 + 0.02 0.03 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.47 0.40 0.42 + 0.01 0.48 0.21 0.36 0.30 0.32 - 0.00 0.39 0.15 0.08 0.08 0.08 + 0.01 0.09 0.02 0.02 0.00 0.02 - 0.01 0.03 0.01 0.02 0.02 0.02 - 0.01 0.05 0.02 0.01 0.01 0.01 - 0.01 0.01 0.01 0.41 0.37 0.37 - 0.02 0.51 0.15 0.52 0.48 0.49 - 0.03 0.63 0.20 0.01 0.01 0.01 + 0.01 0.02 0.01 25.44 22.39 23.87 + 0.01 25.44 7.89 19.73 17.05 18.20 - 0.21 19.73 5.91 0.84 0.58 0.80 + 0.22 0.67 0.08 0.16 0.13 0.14 - 0.01 0.16 0.05 0.50 0.42 0.49 + 0.05 0.50 0.06 0.64 0.56 0.62 + 0.03 0.64 0.09 0.11 0.09 0.10 - 0.01 0.13 0.03 0.14 0.12 0.12 - 0.02 0.20 0.05 0.02 0.02 0.02 - 0.01 0.05 0.01 0.02 0.01 0.01 - 0.01 0.04 0.00 0.30 0.00 0.30 + 0.02 0.32 0.02 2.44 2.04 2.18 - 0.14 2.68 0.50 0.09 0.08 0.08 - 0.00 0.09 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.06 0.00 0.05 + 0.03 0.06 0.01 0.04 0.01 0.04 + 0.02 0.04 0.00 0.24 0.19 0.20 - 0.05 0.40 0.03 0.21 0.00 0.16 - 0.05 0.33 0.02 0.08 0.00 0.08 - 0.01 0.12 0.02 0.91 0.83 0.90 + 0.06 1.05 0.15 0.09 0.03 0.08 + 0.06 0.09 0.01 0.08 0.06 0.07 + 0.01 0.08 0.03 0.01 0.00 0.00 - 0.00 0.08 0.00 0.06 0.06 0.06 - 0.02 0.10 0.03 0.03 0.02 0.02 - 0.01 0.06 0.01 0.04 0.03 0.04 + 0.02 0.08 0.02 0.05 0.05 0.05 + 0.01 0.08 0.01 0.15 0.14 0.14 - 0.01 0.63 0.12 0.03 0.02 0.02 - 0.00 0.05 0.02 60.29 57.10 58.62 - 1.82 62.26 36.81 0.05 0.04 0.05 + 0.01 0.06 0.03 0.08 0.07 0.08 + 0.01 0.10 0.02 0.04 0.03 0.03 - 0.01 0.08 0.01 0.07 0.05 0.06 - 0.01 0.08 0.03 0.16 0.11 0.16 + 0.06 0.16 0.05 0.06 0.05 0.05 - 0.01 0.06 0.02 0.37 0.32 0.32 - 0.01 0.37 0.08 0.47 0.38 0.41 - 0.04 0.51 0.09 0.14 0.11 0.13 - 0.01 0.15 0.03 0.15 0.13 0.15 + 0.02 0.15 0.01 0.20 0.17 0.17 + 0.01 0.20 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.00 0.12 + 0.06 0.20 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.31 0.28 0.31 + 0.04 0.35 0.03 0.40 0.37 0.40 - 0.03 0.45 0.05 10.66 9.18 9.97 - 0.06 11.62 3.30 0.02 0.01 0.02 + 0.01 0.05 0.01 0.07 0.03 0.05 + 0.01 0.05 0.01

Cache Expl V 605 Cadan Res V 163 Cadillac Vent V 361 Caledonia Mng T 141 Caledonia Mng* Q 194 Calibre Mng V 1545 Calico Res* O 58 Calico Res V 363 California Gld* O 1340 California Gld V 290 Callinex Mines* O 699 Callinex Mines V 716 Cameco Corp* N 5326 Cameco Corp T 3828 Camino Mnls V 67 Camino Mnls* O 0 Can-Cal Res* O 86 Canadian Zeol V 11 CanAlaska Uran V 1390 CanAlaska Uran* O 360 Canamex Res V 306 Canamex Res* O 160 Canarc Res* Q 3145 Canasil Res V 1461 Candelaria Mg V 216 Candente Coppr T 306 Candente Gold V 116 Canex Energy V 1081 CaNickel Mng* O 19 CaNickel Mng V 28 Canoe Mng Vent V 302 Canterra Mnls V 189 Cantex Mn Dev V 93 Canuc Res V 25 Canuc Res* O 13 Canyon Gold* O 152 Cardero Res* O 40 Cardero Res T 61 Cariboo Rose V 674 Carpathian Gld* O 1324 Carpathian Gld 33363 Cartier Iron 17 Cartier Res V 105 Carube Copper V 94 Cascadero Copp V 2672 Cassius Vents V 68 Castle Mtn Mng V 676 Castle Peak Mg V 257 Catalyst Coppr V 596 Catalyst Coppr* O 104 Caza Gold* O 2 CB Gold V 85 Cda Carbon* O 156 Cda Carbon V 513 Cda Rare Earth* O 10 Cda Strtgc Met V 2925 Cda Zinc Mtls V 239 Cdn Arrow V 1310 Cdn Intl Mnrls V 919 Cdn Metals 198 Cdn Platinum V 210 Cdn Silvr Hunt V 476

0.12 0.12 0.12 - 0.03 0.16 0.05 0.09 0.08 0.08 + 0.01 0.09 0.03 0.03 0.03 0.03 - 0.01 0.04 0.01 1.33 1.18 1.19 - 0.09 1.45 0.66 1.04 0.90 0.92 - 0.07 1.12 0.48 0.15 0.13 0.14 + 0.01 0.16 0.06 0.09 0.08 0.09 - 0.00 0.12 0.05 0.12 0.10 0.11 - 0.01 0.16 0.06 0.05 0.04 0.04 + 0.00 0.10 0.02 0.07 0.06 0.07 - 0.01 0.18 0.02 0.39 0.31 0.36 - 0.02 0.44 0.17 0.50 0.41 0.46 + 0.01 0.54 0.23 11.88 11.23 11.39 - 0.18 15.85 10.31 15.30 14.75 14.92 - 0.05 19.54 14.56 0.17 0.16 0.16 - 0.01 0.25 0.07 0.12 0.00 0.12 - 0.00 0.16 0.05 0.07 0.06 0.07 + 0.01 0.07 0.03 0.10 0.00 0.10 - 0.01 0.12 0.06 0.65 0.50 0.59 + 0.11 0.65 0.09 0.50 0.38 0.46 + 0.10 0.50 0.06 0.05 0.05 0.05 - 0.01 0.10 0.03 0.04 0.04 0.04 - 0.00 0.07 0.02 0.07 0.05 0.05 - 0.00 0.12 0.03 0.27 0.24 0.26 + 0.01 0.28 0.03 0.20 0.11 0.20 + 0.05 0.20 0.06 0.11 0.09 0.10 + 0.01 0.11 0.03 0.04 0.03 0.04 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.01 0.16 0.02 0.08 0.06 0.06 - 0.00 0.09 0.01 0.10 0.00 0.10 + 0.02 0.14 0.03 0.05 0.04 0.04 - 0.01 0.06 0.02 0.05 0.00 0.04 - 0.01 0.08 0.03 0.08 0.06 0.08 + 0.02 0.08 0.03 0.16 0.00 0.16 - 0.04 0.30 0.05 0.13 0.12 0.13 + 0.01 0.13 0.05 0.45 0.00 0.45 + 0.15 0.54 0.02 0.10 0.09 0.10 + 0.00 0.15 0.05 0.14 0.00 0.14 - 0.01 0.26 0.08 0.08 0.06 0.07 - 0.01 0.08 0.03 0.05 0.04 0.04 + 0.01 0.05 0.00 0.07 0.05 0.06 + 0.01 0.07 0.01 0.04 0.00 0.03 - 0.01 0.10 0.01 0.16 0.12 0.14 - 0.02 0.16 0.04 0.10 0.08 0.10 + 0.01 0.21 0.05 0.10 0.08 0.09 - 0.01 0.12 0.02 0.03 0.02 0.03 + 0.01 0.02 0.01 0.57 0.51 0.55 + 0.03 0.61 0.18 0.04 0.03 0.03 - 0.01 0.04 0.01 0.56 0.49 0.50 + 0.01 0.56 0.10 0.42 0.38 0.42 + 0.04 0.42 0.07 0.03 0.03 0.03 - 0.00 0.04 0.01 0.15 0.12 0.15 + 0.05 0.15 0.03 0.23 0.00 0.22 - 0.00 0.28 0.18 0.30 0.28 0.29 - 0.01 0.42 0.23 0.03 0.01 0.03 - 0.00 0.03 0.01 0.12 0.07 0.10 + 0.04 0.09 0.03 0.17 0.14 0.15 - 0.02 0.27 0.10 0.01 0.01 0.01 - 0.01 0.01 0.01 0.05 0.04 0.04 - 0.01 0.08 0.01 0.35 0.30 0.30 - 0.05 0.44 0.06 0.01 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cdn Zinc T 1946 0.24 0.18 0.19 - 0.03 0.29 0.06 Cdn Zinc* Q 534 0.18 0.14 0.14 - 0.03 0.23 0.04 Centamin T 72 2.21 2.03 2.15 + 0.06 2.30 1.07 Centaurus Diam* O 47 0.29 0.00 0.26 - 0.01 0.34 0.01 Centenera Mng* O 29 0.11 0.11 0.11 - 0.00 0.11 0.02 Centerra Gold T 3755 7.92 7.40 7.67 + 0.12 8.67 5.51 Centurion Mnls V 124 0.10 0.09 0.10 + 0.02 0.23 0.04 Cerro Grande 62 0.05 0.00 0.04 - 0.01 0.05 0.01 Chalice Gold M T 280 0.16 0.15 0.15 - 0.01 0.21 0.09 Champion Iron* O 16 0.19 0.00 0.17 - 0.02 0.23 0.09 Champion Iron T 1500 0.25 0.21 0.21 - 0.03 0.30 0.07 Chesapeake Gld* O 126 2.89 2.70 2.85 + 0.06 3.20 1.05 Chesapeake Gld V 256 3.79 3.35 3.71 + 0.26 4.00 1.39 Chevron* N 30657 102.60 98.52 99.79 - 0.95 106.27 69.58 Chiboug Ind Mn V 555 0.03 0.03 0.03 + 0.01 0.05 0.02 Chilean Metals* O 113 0.11 0.07 0.10 - 0.01 0.11 0.00 Chilean Metals V 183 0.14 0.10 0.10 - 0.04 0.14 0.02 Chimata Gold V 7 0.04 0.03 0.04 + 0.01 0.13 0.01 China Gold Int T 2281 2.58 2.35 2.41 + 0.01 2.72 1.52 China Mnls Mng* O 6 0.01 0.00 0.01 + 0.00 0.01 0.00 Cibolan Gold* O 111 0.08 0.06 0.07 - 0.00 0.15 0.03 Claim Post Res V 1978 0.03 0.03 0.03 + 0.01 0.03 0.01 Claude Res T 5430 2.38 2.13 2.33 + 0.08 2.38 0.51 Claude Res* O 1848 1.85 1.60 1.77 + 0.03 1.85 0.39 Clear Mtn Res V 65 0.15 0.01 0.10 - 0.10 0.40 0.10 Clifton Mng* O 171 0.16 0.11 0.16 + 0.02 0.22 0.05 Cloud Peak En* N 3666 1.96 1.77 1.92 + 0.05 6.48 1.08 CMC Metals V 68 0.12 0.11 0.11 + 0.01 0.53 0.05 Coeur Mng* N 28001 8.67 7.22 7.94 - 0.54 8.73 1.62 Colibri Res* O 20 0.09 0.09 0.09 - 0.01 0.12 0.02 Colibri Res V 24 0.13 0.12 0.12 - 0.01 0.16 0.02 Colombian Mins V 121 0.09 0.07 0.07 + 0.01 0.09 0.02 Colonial Coal V 332 0.16 0.11 0.13 - 0.02 0.18 0.02 Colorado Res* O 182 0.30 0.23 0.29 - 0.01 0.32 0.02 Colorado Res V 3456 0.40 0.29 0.35 - 0.04 0.40 0.05 Colt Res V 1623 0.08 0.07 0.07 - 0.01 0.29 0.07 Columbus Gold* O 561 0.58 0.48 0.54 + 0.05 0.58 0.23 Columbus Gold T 872 0.75 0.62 0.70 + 0.08 0.75 0.31 Commerce Res* O 187 0.06 0.06 0.06 - 0.00 0.10 0.04 Comstock Mng* X 2395 0.45 0.38 0.38 - 0.02 0.75 0.35 Comstock Mtls V 29 0.25 0.15 0.17 - 0.01 0.25 0.05 Comstock Mtls* O 940 0.04 0.03 0.04 - 0.14 0.18 0.05 Condor Res V 210 0.09 0.07 0.09 + 0.01 0.10 0.02 Confedertn Mls V 888 0.08 0.07 0.07 + 0.01 0.09 0.02 Confedertn Mls* O 58 0.06 0.05 0.06 + 0.00 0.06 0.01 Cons Westview V 6 0.45 0.00 0.40 + 0.14 0.55 0.22 Cons Woodjam V 216 0.05 0.04 0.04 - 0.01 0.09 0.02 CONSOL Energy* N 32220 14.94 12.62 13.17 - 1.15 32.20 4.54 Constant Mtl V 1020 0.09 0.07 0.08 - 0.01 0.17 0.05 Contact Mnrls* O 54 0.09 0.05 0.05 - 0.03 0.09 0.05 Contintl Gold T 2401 2.65 2.32 2.65 + 0.14 3.28 1.28 Contintl Gold* O 82 1.99 1.75 1.99 - 0.01 2.65 0.88 Copper Ck Gold V 297 0.07 0.00 0.07 + 0.01 0.10 0.05 Copper Fox Mtl V 2325 0.13 0.12 0.12 - 0.01 0.24 0.11 Copper Fox Mtl* O 19 0.11 0.09 0.10 - 0.00 0.19 0.08 Copper Lake Rs V 222 0.05 0.04 0.04 - 0.01 0.09 0.03 Copper Mtn Mng* O 20 0.38 0.34 0.36 - 0.02 1.08 0.23 Copper North M V 1423 0.02 0.00 0.02 - 0.01 0.06 0.02 Copper One V 198 0.04 0.04 0.04 + 0.01 0.15 0.03 Copperbank Res* O 2 0.03 0.03 0.03 + 0.01 0.05 0.01 Coral Gold V 291 0.23 0.18 0.18 - 0.02 0.23 0.05 Corazon Gold V 14 0.20 0.00 0.20 + 0.01 0.30 0.18 Cordoba Mnls V 355 0.83 0.73 0.73 - 0.10 1.00 0.10 Corex Gold V 5518 0.21 0.14 0.16 + 0.03 0.21 0.03 Cornerstone Ca V 1401 0.06 0.04 0.05 - 0.01 0.08 0.02 Cornerstone Ca* O 391 0.04 0.03 0.04 - 0.01 0.06 0.01 Cornerstone Mt V 103 0.03 0.02 0.03 + 0.01 0.04 0.01 Coro Mining T 7842 0.14 0.09 0.12 + 0.03 0.21 0.02 Coronet Mtls V 100 0.07 0.07 0.07 + 0.01 0.12 0.03 Corvus Gold T 261 0.99 0.93 0.96 + 0.02 1.12 0.33 Corvus Gold* O 63 0.76 0.71 0.74 + 0.01 0.89 0.25 Crazy Horse Res V 114 0.02 0.02 0.02 - 0.01 0.07 0.01 Critical Elem V 8975 0.58 0.33 0.58 + 0.25 0.47 0.14 Critical Elem* O 264 0.39 0.29 0.39 + 0.13 0.36 0.10 Crown Mining V 160 0.18 0.13 0.18 + 0.05 0.20 0.03 Crystal Pk Min V 249 0.42 0.37 0.40 + 0.01 0.42 0.13 Crystal Pk Min* O 167 0.32 0.28 0.31 + 0.00 0.32 0.11 Currie Rose Rs V 37 0.02 0.00 0.02 + 0.01 0.02 0.01 Cypress Dev* O 196 0.11 0.10 0.10 - 0.01 0.16 0.01

D-F Dajin Res* O 1781 Dajin Res V 1169 Daleco Res* O 117 Dalradian Res T 2522 Dalradian Res* O 392 Danakali* O 200 Darnley Bay V 1045 Decade Res* O 267 Decade Res V 1626 Defiance Silvr V 3177 Defiance Silvr* O 160 Del Toro Silvr* O 552 Denison Mines T 4190 Denison Mines* X 1159 Desert Star V 67 Detour Gold T 5143 Diamante Min* O 32 Diamcor Mng V 89 Diamcor Mng* O 38 Dios Expl V 166 Discovery Harb V 1511 Discovery Mnls* O 30980 Discovery Vent* O 26 DNI Metals 336 DNI Metals* O 26 Dolly Vard Sil* O 53 Dolly Vard Sil V 129 Dominion Diam* N 1468 Dominion Diam T 787 Dorex Mnrls V 87 Double Crn Res* O 7959 DRDGOLD* N 2864 Dundee Prec Mt T 1275 Duran Vent V 549 Durango Res V 1930 Durango Res* O 13 Dynacor Gld Mn T 369 Dynasty Gold V 544 Dynasty Met&Mn* O 148 Dynasty Met&Mn T 1517 Eagle Graphite V 1065 Eagle Graphite* O 61 Eagle Plains V 782 East Africa V 264 East Africa * O 12 East Asia Mnls V 267 Eastern Platin* O 11 Eastern Platin T 375 Eastfield Res V 39 Eastmain Res T 6642 Eco Oro Mnls T 35 Ecuador Gold V 206 Edgewater Expl* O 1 Edgewater Expl V 25 El Capitan Prc* O 1291 Elcora Res V 149 Elcora Res* O 37 Eldorado Gold* N 39025 Eldorado Gold T 31410 Electra Stone V 12476 Eloro Mnrls V 119 Ely Gold & Mnl* O 100 Elysee Dev V 18 Emerita Res V 5461 Emgold Mng V 796 Emgold Mng* O 46 Encanto Potash* O 374 Encanto Potash V 9058 Endeavour Mng T 2993 Endeavour Mng* O 135 Endeavr Silver* N 13676 Endeavr Silver T 1999 Energizer Res T 1536 Energizer Res* O 150 Energy Fuels* X 2151 Energy Fuels T 535

0.20 0.16 0.17 - 0.01 0.24 0.04 0.25 0.21 0.22 - 0.01 0.30 0.06 0.05 0.00 0.05 + 0.01 0.10 0.01 1.20 1.04 1.08 - 0.03 1.32 0.62 0.93 0.79 0.82 - 0.04 1.04 0.45 0.24 0.22 0.23 - 0.02 0.40 0.17 0.10 0.06 0.08 + 0.02 0.10 0.01 0.05 0.04 0.04 + 0.00 0.05 0.00 0.06 0.05 0.05 - 0.01 0.07 0.01 0.27 0.21 0.22 - 0.01 0.27 0.06 0.20 0.15 0.17 - 0.01 0.20 0.04 0.00 0.00 0.00 + 0.00 0.04 0.00 0.68 0.62 0.66 + 0.01 1.05 0.48 0.53 0.47 0.49 - 0.01 0.88 0.35 0.05 0.05 0.05 - 0.01 0.17 0.03 29.74 26.42 28.16 - 0.61 30.50 10.62 0.26 0.18 0.23 - 0.01 0.95 0.17 1.11 1.03 1.08 - 0.03 1.45 0.65 0.86 0.00 0.81 - 0.06 1.15 0.46 0.15 0.12 0.13 + 0.01 0.19 0.04 0.02 0.02 0.02 + 0.01 0.07 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.09 0.09 - 0.00 0.20 0.07 0.06 0.04 0.04 - 0.01 0.10 0.04 0.05 0.03 0.03 - 0.01 0.12 0.03 0.23 0.20 0.20 + 0.00 0.30 0.08 0.30 0.25 0.27 - 0.01 0.45 0.11 11.06 9.96 10.17 - 0.48 19.50 7.27 14.26 13.08 13.38 - 0.40 24.27 9.96 0.03 0.03 0.03 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.00 0.02 0.01 6.05 4.90 5.45 - 0.25 6.05 1.10 3.12 2.87 3.06 + 0.16 3.14 0.84 0.13 0.10 0.11 - 0.02 0.20 0.07 0.14 0.11 0.11 - 0.02 0.21 0.03 0.10 0.09 0.09 - 0.01 0.15 0.02 2.20 1.99 2.08 - 0.06 2.32 1.30 0.02 0.01 0.02 + 0.01 0.03 0.01 0.15 0.09 0.11 - 0.05 0.60 0.08 0.19 0.12 0.16 - 0.04 0.78 0.10 0.03 0.03 0.03 + 0.01 0.08 0.02 0.03 0.02 0.02 - 0.01 0.07 0.01 0.11 0.09 0.11 + 0.02 0.11 0.05 0.16 0.12 0.15 + 0.01 0.16 0.03 0.10 0.10 0.10 + 0.00 0.13 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.87 0.81 0.85 - 0.02 1.60 0.47 1.14 1.03 1.09 - 0.06 2.06 0.61 0.04 0.00 0.03 - 0.01 0.05 0.02 0.63 0.52 0.55 + 0.03 0.63 0.28 0.39 0.35 0.39 + 0.03 0.81 0.25 0.37 0.31 0.33 + 0.02 0.40 0.10 0.02 0.02 0.02 - 0.01 0.03 0.01 0.04 0.04 0.04 + 0.01 0.04 0.01 0.04 0.03 0.04 - 0.00 0.14 0.03 0.47 0.41 0.44 + 0.01 0.75 0.15 0.34 0.31 0.31 - 0.00 0.55 0.20 5.16 4.33 4.51 - 0.36 5.16 1.87 6.65 5.69 5.89 - 0.44 6.65 2.67 0.11 0.08 0.09 + 0.01 0.14 0.04 0.22 0.21 0.21 - 0.01 0.24 0.09 0.11 0.09 0.09 - 0.01 0.12 0.02 0.23 0.22 0.22 - 0.01 0.24 0.17 0.09 0.07 0.09 + 0.02 0.09 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.02 0.00 0.01 - 0.01 0.03 0.00 0.10 0.07 0.08 - 0.01 0.14 0.03 0.14 0.10 0.10 - 0.03 0.18 0.05 19.63 17.49 18.38 - 0.15 19.63 4.35 15.23 13.34 13.97 - 0.33 15.23 4.40 3.89 3.18 3.53 - 0.14 4.28 1.00 5.01 4.20 4.61 - 0.13 5.36 1.46 0.10 0.09 0.10 + 0.01 0.13 0.03 0.08 0.07 0.07 + 0.00 0.10 0.03 2.43 2.15 2.20 + 0.06 5.35 1.81 3.13 2.82 2.88 + 0.11 6.59 2.47

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Entree Gold T 317 Entree Gold* X 435 Equitas Res V 2843 Equitas Res* O 185 Equitorial Ex V 1148 60 V Era Res Inc Erdene Res Dev T 1575 121 Erdene Res Dev* O Erin Ventures* O 14 Erin Ventures V 242 17 Eros Res Corp V 17 Eros Res Corp V Eskay Mng V 449 Ethos Gold* O 42 Ethos Gold V 247 Eurasian Mnls V 328 X 396 Eurasian Mnls* Eureka Res V 118 EurOmax Res V 119 Europn Uran Rs V 2292 530 Europn Uran Rs* O Everton Res* O 143 Everton Res V 5329 O 2 Evolving Gold* Evolving Gold 195 Evrim Res V 387 O 278 Excalibur Res* Excalibur Res 736 Excellon Res T 1080 Excellon Res* O 128 Exeter Res* X 1055 Exeter Res T 175 216 ExGen Res Inc V Explor Res* O 76 Explor Res V 578 Explorex Res 36 Falco Res V 5137 Far Res 3484 Finlay Minrls V 95 Finore Mng 518 5 Fire River Gol* O Firebird Res V 509 Firesteel Res V 796 Firestone Vent V 851 O 69 Firma Holdings* First Bauxite V 281 O 6421 First Colombia* First Liberty* O 1936 First Majestic T 12254 First Majestic* N 37647 V 5165 First Mg Fin First Mg Fin * O 5885 First Point T 478 First Quantum T 37165 692 V Fission 3.0 Fission Uran T 2477 Fission Uran* O 991 Fjordland Exp V 2779 Flinders Res* O 69 Flinders Res V 140 O 492 Focus Graphite* V 1524 Focus Graphite Focus Vent V 2888 Foran Mng V 428 T 505 Formation Mtls Forsys Metals T 459 O 81 Fortescue Mtls* Fortuna Silvr T 3105 Fortuna Silvr* N 5581 Fortune Bay T 17 O 71 Fortune Mnrls* Fortune Mnrls T 971 V 490 Forum Uranium O 450 Forum Uranium* Four River V 81 10 Fox River Res* O 1854 Fox River Res N 5781 Franco-Nevada* Franco-Nevada T 3749 Freegold Vent T 503 250525 N Freeport McMo* Fresnillo plc* O 9 Frontline Gold V 389 25 Full Metal Mnl V Fura Emeralds V 4

0.25 0.42 - 0.02 0.53 0.45 0.39 0.17 0.31 - 0.03 0.45 0.35 0.30 0.05 0.06 - 0.01 0.22 0.07 0.06 0.02 0.05 - 0.00 0.17 0.06 0.05 0.02 0.06 + 0.01 0.19 0.06 0.05 0.29 0.11 0.25 - 0.04 0.50 0.09 0.52 0.41 0.46 - 0.04 0.55 0.11 0.39 0.31 0.31 - 0.08 0.42 0.08 0.03 0.03 + 0.01 0.08 0.03 0.03 0.04 0.05 + 0.01 0.11 0.05 0.04 0.19 0.17 0.18 + 0.01 0.20 0.09 0.19 0.17 0.18 + 0.01 0.20 0.09 0.01 0.19 + 0.02 0.20 0.20 0.17 0.09 0.25 - 0.00 0.27 0.27 0.25 0.11 0.28 - 0.06 0.34 0.34 0.28 0.48 1.21 + 0.13 1.34 1.34 1.05 0.35 0.92 + 0.09 1.03 1.03 0.82 0.04 0.12 + 0.02 0.13 0.12 0.09 0.21 0.50 - 0.02 0.62 0.62 0.00 0.02 0.02 0.02 + 0.01 0.02 0.01 0.02 0.01 0.01 + 0.00 0.02 0.00 0.00 0.05 + 0.01 0.06 0.06 0.04 0.01 0.06 + 0.01 0.08 0.08 0.05 0.02 0.16 + 0.01 0.23 0.16 0.00 0.02 0.18 - 0.02 0.25 0.20 0.00 0.10 0.31 + 0.01 0.35 0.35 0.30 0.00 0.04 + 0.00 0.06 0.06 0.04 0.01 0.05 + 0.01 0.06 0.06 0.04 0.20 1.26 + 0.08 1.40 1.32 1.09 0.14 0.94 + 0.03 1.13 1.04 0.81 0.29 0.82 - 0.05 1.07 0.92 0.81 0.39 1.08 - 0.05 1.34 1.19 1.06 0.01 0.01 0.01 - 0.01 0.03 0.01 0.03 0.15 - 0.03 0.18 0.17 0.14 0.04 0.20 + 0.01 0.24 0.21 0.19 0.05 0.15 + 0.03 0.19 0.15 0.00 0.21 0.81 + 0.22 0.75 0.82 0.59 0.02 0.13 + 0.03 0.15 0.15 0.10 0.02 0.04 + 0.01 0.05 0.04 0.03 0.01 0.05 + 0.02 0.05 0.05 0.02 0.05 0.00 0.00 - 0.76 0.77 0.00 0.01 0.04 + 0.01 0.05 0.04 0.03 0.01 0.02 - 0.01 0.05 0.02 0.01 0.01 0.03 - 0.01 0.04 0.04 0.03 0.02 0.05 - 0.02 0.25 0.05 0.04 0.03 0.04 - 0.01 0.09 0.05 0.04 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 15.04 + 1.21 15.78 3.50 15.78 13.57 11.47 + 0.77 12.23 2.40 12.23 10.32 0.80 0.68 0.75 - 0.02 0.84 0.25 0.62 0.51 0.57 - 0.03 0.67 0.19 0.04 0.07 - 0.01 0.10 0.08 0.06 9.25 8.09 8.62 + 0.24 18.56 2.15 0.09 0.08 0.08 - 0.01 0.14 0.06 0.53 0.64 - 0.01 1.16 0.68 0.63 0.39 0.49 - 0.01 0.94 0.53 0.48 0.01 0.08 + 0.05 0.06 0.08 0.03 0.09 0.30 - 0.01 0.47 0.33 0.29 0.12 0.40 - 0.02 0.60 0.45 0.37 0.04 0.11 - 0.00 0.23 0.11 0.10 0.07 0.16 + 0.02 0.30 0.16 0.13 0.05 0.09 + 0.01 0.24 0.10 0.08 0.05 0.15 - 0.01 0.25 0.16 0.14 0.09 0.33 + 0.01 0.47 0.36 0.31 0.06 0.06 - 0.01 0.23 0.07 0.06 1.00 2.15 + 0.02 2.80 2.34 2.13 2.65 8.08 - 0.06 8.60 8.58 7.06 2.00 6.17 - 0.11 6.69 6.64 5.38 0.25 0.33 - 0.03 0.43 0.37 0.00 0.01 0.08 - 0.01 0.11 0.09 0.08 0.02 0.12 - 0.01 0.14 0.12 0.11 0.04 0.15 - 0.01 0.20 0.18 0.13 0.03 0.12 - 0.01 0.14 0.14 0.11 0.05 0.30 + 0.10 0.30 0.30 0.25 0.03 0.03 0.03 - 0.00 0.04 0.02 0.05 0.04 0.04 - 0.01 0.06 0.03 38.20 65.52 - 2.22 71.48 69.95 61.76 49.96 86.00 - 1.66 91.61 90.19 81.16 0.05 0.19 - 0.01 0.27 0.20 0.17 11.08 + 0.67 21.56 3.52 11.90 10.22 15.77 - 0.13 16.92 8.70 16.92 15.39 0.01 0.02 - 0.01 0.03 0.03 0.02 0.04 0.04 0.04 - 0.01 0.07 0.02 0.08 0.17 + 0.02 0.25 0.17 0.16

G&S Minerals* O 3500 Gabriel Res T 788 Gainey Capital V 163 Galantas Gold V 81 Galore Res V 270 Galway Gold V 669 Galway Mtls* O 86 Galway Mtls V 508 Garibaldi Res V 2305 Gear Intl* O 5873 498 V Gem Intl Res General Moly T 15 General Moly* X 444 Genesis Mtls* O 3 Genesis Mtls V 129 Genius Props 1050 V 2538 Gensource Pot Geodex Mnrls V 105 O 1352 Geologix Expl* Geologix Expl V 2531 Geomega Res V 321 O 104 Geomega Res* Gespeg Cop Res V 1793 Getty Copper V 85 GGL Res V 108 Gitennes Expl V 272 O 29 Gldn Predator* Gldn Predator V 1006 156 Glen Eagle Res V Glencore Plc* O 683 252 Global Cop Grp V Global Gold* O 625 Global Hunter V 67 Global Mnrls V 6 Globex Mng* O 121 GMCI Corp* O 2 GMV Minerals V 27 V 74 GobiMin GoGold Res T 2161 Gold & Silver* O 2646 159 Gold Bulln Dev* O Gold Bulln Dev V 3498 O 1944 Gold Dynamics* 27327 Gold Fields* N 267 Gold Jub Cap V Gold Lakes* O 4 Gold Mng USA* O 7546 74 Gold Mtn Mng V 62 Gold Reach Res V Gold Reserve* O 137 Gold Reserve V 75 X 4916 Gold Resource* 633 Gold Ridge Exp V Gold Std Vents V 1626 Gold Std Vents* X 3209 V 128 Goldbank Mng Goldcorp* N 52374 T 19895 Goldcorp Golden Arrow V 6205 212 Golden Dawn Ml* O Golden Dawn Ml V 3983 O 25 Golden Goliath* V 391 Golden Goliath Golden Harp V 127 Golden Hope V 160 Golden Hope* O 13 879 Golden Matrix* O Golden Mnls* X 3376 Golden Mnls T 522

0.00 0.00 - 0.00 0.00 0.00 0.00 0.12 0.22 + 0.01 0.48 0.23 0.20 0.10 0.13 - 0.02 0.30 0.17 0.13 0.07 0.12 + 0.02 0.18 0.12 0.09 0.01 0.02 - 0.01 0.03 0.02 0.02 0.04 0.06 - 0.01 0.11 0.06 0.06 0.06 0.10 - 0.01 0.13 0.11 0.10 0.09 0.14 - 0.01 0.18 0.14 0.00 0.05 0.09 + 0.01 0.18 0.11 0.08 0.00 0.00 - 0.00 0.00 0.00 0.00 0.10 0.07 0.09 + 0.02 0.10 0.04 0.22 0.45 - 0.03 1.00 0.47 0.45 0.15 0.34 - 0.00 0.82 0.38 0.30 0.10 0.15 - 0.00 0.15 0.15 0.15 0.05 0.20 - 0.01 0.22 0.21 0.18 0.02 0.04 - 0.01 0.12 0.04 0.04 0.04 0.08 - 0.01 0.12 0.09 0.08 0.05 0.10 + 0.03 0.35 0.10 0.08 0.01 0.05 + 0.00 0.06 0.06 0.05 0.02 0.07 + 0.01 0.07 0.07 0.06 0.06 0.16 - 0.02 0.27 0.18 0.16 0.03 0.13 + 0.01 0.15 0.14 0.12 0.04 0.03 0.03 - 0.01 0.05 0.02 0.02 0.03 + 0.01 0.05 0.03 0.02 0.01 0.04 + 0.01 0.05 0.04 0.03 0.01 0.01 - 0.01 0.01 0.01 0.01 0.06 0.32 + 0.06 0.38 0.38 0.32 0.07 0.46 + 0.02 0.50 0.50 0.42 0.11 0.09 0.11 + 0.01 0.16 0.03 1.95 0.03 9.29 + 3.67 3.95 3.61 0.05 0.05 0.05 - 0.01 0.07 0.04 0.00 0.02 + 0.00 0.05 0.02 0.01 0.01 0.03 + 0.01 0.07 0.03 0.03 0.02 0.07 - 0.02 0.15 0.07 0.00 0.13 0.24 - 0.00 0.27 0.24 0.24 0.20 2.38 + 0.08 2.50 2.50 0.00 0.05 0.17 - 0.03 0.20 0.19 0.16 0.27 0.42 - 0.02 0.47 0.46 0.39 0.94 1.17 - 0.28 1.67 1.58 1.10 0.01 0.01 0.01 + 0.00 5200.00 0.00 0.11 0.08 0.11 + 0.02 0.10 0.01 0.15 0.11 0.15 + 0.03 0.14 0.02 0.00 0.00 + 0.00 0.01 0.00 0.00 2.04 4.03 - 0.21 4.76 4.44 3.78 0.18 0.17 0.17 - 0.02 0.28 0.07 0.03 0.37 - 0.23 1.25 0.60 0.00 0.04 0.01 0.02 - 0.01 0.19 0.01 0.14 0.10 0.11 + 0.01 0.18 0.02 0.18 0.16 0.16 - 0.02 0.25 0.08 2.19 4.39 - 0.46 5.90 5.05 4.27 3.06 5.80 - 0.41 8.00 6.29 5.42 1.14 3.50 + 0.05 3.88 3.88 3.01 0.08 0.05 0.08 + 0.02 0.08 0.01 2.14 1.88 2.14 + 0.22 2.09 0.40 1.63 1.45 1.63 + 0.15 1.65 0.26 0.03 0.10 - 0.01 0.12 0.12 0.10 17.37 - 0.59 20.24 9.46 18.83 16.50 13.55 22.77 - 0.48 25.35 24.25 21.66 0.17 0.75 + 0.07 0.83 0.83 0.64 0.11 0.10 0.10 + 0.00 0.14 0.06 0.15 0.12 0.14 + 0.01 0.21 0.07 0.00 0.03 + 0.01 0.04 0.03 0.03 0.01 0.04 + 0.01 0.05 0.04 0.04 0.03 0.21 + 0.09 0.21 0.21 0.12 0.13 0.17 - 0.01 0.64 0.19 0.00 0.10 0.15 + 0.00 0.50 0.15 0.15 0.09 0.02 0.05 - 0.01 3000.00 0.01 0.13 0.38 - 0.08 0.94 0.50 0.37 0.19 0.51 - 0.12 1.22 0.65 0.49

G-H

2016-05-24 8:22 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30–JUNE 5, 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

Golden Peak Mn V 265 Golden Queen* O 648 Golden Queen T 197 Golden Reign V 1368 Golden Secret V 467 Golden Sh Mng V 66 Golden Star T 1136 Golden Star* X 8890 Golden Tag V 142 Golden Valley V 2628 Goldex Res V 86 Goldfields Int* O 0 Goldgroup Mng T 4657 Goldgroup Mng* O 2739 GoldON Res V 145 GoldQuest Mng V 5372 Goldrea Res 218 Goldrea Res* O 12 Goldrock Mines V 1640 Goldsource Min* O 1293 Goldsource Min V 2210 Goldstar Mnls V 84 GoldTrain Res 3 Gonzaga Res V 271 GoviEx Uranium 1102 Gowest Gold* O 253 Gowest Gold V 1847 GPM Metals* O 250 GPM Metals V 838 Gran Colombia T 2257 Gran Colombia* O 456 Graphite Corp* O 733 Graphite One V 8674 Great Atlantic V 534 Great Lakes Gr V 1930 Great Panther T 2442 Great Panther* X 9064 Great Quest Fe V 40 Great Rock Dev* O 123 Great Thunder V 2446 Great Western* O 154 Green Arrow V 217 Green Swan Cap V 689 Grenville Gold V 141 Grizzly Discvr V 41 Grizzly Discvr* O 0 Grizzly Gold* O 107 GTA Res & Mng V 202 Gungnir Res* O 360 Guyana Gldflds T 5154 Happy Ck Mnrls V 102 Hard Creek Ni V 85 Harte Gold T 2948 Hecla Mining* N 45434 Helio Res V 254 Hellix Vent* O 173 Hemcare Health* O 16 Highbank Res V 538 Highland Copp V 45 Highway 50 Gld V 119 Hochschild Mg* O 34 Homestake Res* O 228 Homestake Res V 2416 Horizonte Mnls T 176 Hornby Bay Mnl V 705 Houston Lake V 109 HudBay Mnls* N 2035 HudBay Mnls T 10906 Hudson Res V 99 Hudson Res* O 144 Hunt Mng V 117 Hunt Mng* O 50

0.07 0.06 0.07 + 0.01 0.09 0.04 1.37 1.26 1.28 - 0.01 1.56 0.48 1.78 1.66 1.67 + 0.02 2.00 0.65 0.25 0.19 0.22 + 0.02 0.25 0.07 0.60 0.48 0.54 + 0.02 0.67 0.02 0.20 0.15 0.17 - 0.03 0.26 0.03 0.83 0.72 0.78 - 0.03 1.05 0.21 0.65 0.54 0.58 - 0.03 0.84 0.14 0.08 0.06 0.06 - 0.02 0.09 0.02 0.22 0.18 0.22 + 0.04 0.22 0.07 0.65 0.45 0.50 + 0.10 0.65 0.10 0.02 0.00 0.02 + 0.01 0.25 0.01 0.22 0.17 0.18 - 0.03 0.22 0.05 0.17 0.13 0.14 - 0.02 0.17 0.03 0.24 0.00 0.18 - 0.02 0.36 0.03 0.39 0.29 0.35 + 0.05 0.39 0.09 0.10 0.05 0.06 + 0.01 0.11 0.02 0.06 0.04 0.04 - 0.02 0.06 0.02 0.64 0.50 0.62 + 0.12 0.64 0.15 0.33 0.29 0.32 + 0.02 0.33 0.11 0.42 0.39 0.42 + 0.02 0.42 0.13 0.06 0.04 0.05 + 0.02 0.07 0.01 0.08 0.00 0.08 + 0.08 0.20 0.08 0.03 0.00 0.03 + 0.02 0.04 0.01 0.09 0.07 0.08 - 0.01 0.19 0.04 0.08 0.06 0.06 - 0.01 0.10 0.04 0.10 0.08 0.08 - 0.01 0.12 0.05 0.19 0.14 0.18 + 0.04 0.21 0.07 0.26 0.22 0.25 + 0.03 0.33 0.08 0.10 0.09 0.10 - 0.01 0.43 0.06 0.09 0.07 0.07 - 0.01 0.33 0.04 0.01 0.00 0.01 + 0.00 0.02 0.00 0.18 0.15 0.17 + 0.01 0.18 0.07 0.05 0.04 0.05 + 0.01 0.14 0.03 0.08 0.07 0.07 - 0.01 0.15 0.06 2.37 1.80 2.14 - 0.13 2.82 0.40 1.85 1.38 1.65 - 0.10 2.25 0.30 0.20 0.17 0.20 - 0.01 0.63 0.11 0.00 0.00 0.00 - 0.00 0.02 0.00 0.07 0.05 0.06 + 0.01 0.11 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 0.03 0.03 - 0.01 0.10 0.03 0.07 0.04 0.07 + 0.03 0.06 0.01 0.10 0.08 0.10 + 0.03 0.15 0.05 0.07 0.06 0.06 + 0.01 0.10 0.01 0.04 0.04 0.04 - 0.01 0.07 0.02 0.20 0.04 0.08 + 0.04 0.20 0.01 0.06 0.05 0.05 - 0.01 0.08 0.02 0.03 0.02 0.02 - 0.00 0.03 0.00 8.47 7.44 8.22 + 0.59 8.47 2.48 0.15 0.13 0.15 + 0.02 0.17 0.08 0.05 0.03 0.03 - 0.01 0.08 0.01 0.23 0.21 0.22 - 0.01 0.35 0.05 4.73 3.90 4.24 - 0.12 4.73 1.45 0.07 0.05 0.06 - 0.01 0.07 0.02 0.02 0.01 0.01 - 0.01 0.06 0.00 0.12 0.07 0.12 + 0.05 0.80 0.01 0.05 0.04 0.05 + 0.01 0.21 0.04 0.08 0.00 0.08 + 0.01 0.21 0.07 0.24 0.20 0.24 + 0.01 0.24 0.05 2.19 2.06 2.16 + 0.19 2.30 0.59 0.09 0.06 0.06 - 0.02 0.11 0.01 0.11 0.08 0.09 - 0.01 0.15 0.01 0.04 0.00 0.04 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.10 0.03 0.32 0.28 0.30 + 0.03 0.40 0.13 4.33 3.73 3.86 + 0.12 9.92 1.56 5.58 4.89 5.05 + 0.22 12.37 2.26 0.49 0.45 0.45 - 0.03 0.55 0.34 0.38 0.34 0.34 - 0.03 0.41 0.26 0.18 0.10 0.18 + 0.05 0.18 0.02 0.14 0.10 0.14 + 0.04 0.14 0.01

I-Minerals V 1073 IAMGOLD T 23454 IAMGOLD* N 38720 Iberian Mnrls V 4699 IC Potash* O 94 Iconic Mnls V 1071 Idaho North* O 50 IDM Mining V 4209 IDM Mining* O 832 IMPACT Silver V 829 Impala Platnm* O 148 Imperial Metal* O 21 Imperial Metal T 171 Inca One Gold V 5541 Inca One Gold* O 45 Inception Mng * O 24 Independence G* O 29 Independence G V 1012 Indico Res V 1444 Indigo Expl V 139 Infrastructure* O 512 Inspiration Mg* O 2 Inspiration Mg 28 Intact Gold* O 314 Intact Gold V 9353 Integra Gold* O 3806 Integra Gold V 12658 Intigold Mines V 522 Intl Bethl Mng V 372 Intl Lithium* O 53 Intl Lithium V 530 Intl Tower Hil* X 821 Intl Tower Hil T 294 Intrepid Pots* N 6937 INV Metals* O 42 INV Metals T 316 Inventus Mg V 363 InZinc Mining V 134 InZinc Mining* O 43 Ireland* O 95 Irving Res* O 14 Irving Res 36 Ivanhoe Mines* O 915 Ivanhoe Mines T 7753 Jaguar Mng* O 427 Jaguar Mng V 1101 Jaxon Mnls V 179 Jayden Res V 43 Jayden Res* O 7 Jiulian Res V 238 Kaizen Discvry* O 13 Kaizen Discvry V 361 Kaminak Gold* O 2149 Kaminak Gold V 9847 Kapuskasing Gd V 150 Karnalyte Res T 117 Katanga Mng T 137 Kazax Mnls V 54 Kennady Diam V 219 Kerr Mines* O 23 Kesselrun Res V 948 Khalkos Expl V 127 Khan Res 1873 Kilo Goldmines* O 40 Kincora Copper V 885 Kings Bay Gold V 1281 Kingsmen Res* O 111 Kingsrose Mng* O 5 Kinross Gold T 41570 Kinross Gold* N 76442 Kirkland Lk Gd* O 205 Kirkland Lk Gd T 4441 Kiska Metals* O 111 Klondex Mns T 1806 Klondike Gold V 2395 Klondike Gold* O 161 Klondike Silv* O 156 Klondike Silv V 863 Komet Resource V 111 Kootenay Silvr V 1347 KWG Res* O 1

0.25 0.22 0.25 + 0.01 0.37 0.16 5.22 4.42 4.73 - 0.17 5.22 1.50 4.05 3.36 3.62 - 0.17 4.05 1.15 0.06 0.05 0.06 + 0.01 0.11 0.04 0.06 0.04 0.05 - 0.00 0.23 0.03 0.35 0.20 0.32 + 0.09 0.29 0.03 0.08 0.08 0.08 - 0.02 0.10 0.06 0.24 0.19 0.20 - 0.04 0.24 0.07 0.18 0.14 0.15 - 0.03 0.19 0.04 0.75 0.62 0.63 - 0.08 0.80 0.11 3.52 3.10 3.27 - 0.02 5.48 1.45 4.84 4.21 4.56 + 0.11 8.81 2.81 6.35 5.35 6.07 + 0.34 11.16 3.92 0.06 0.04 0.06 + 0.01 0.24 0.04 0.05 0.03 0.05 + 0.01 0.18 0.03 0.24 0.13 0.13 - 0.02 0.30 0.13 0.13 0.10 0.10 - 0.03 0.13 0.04 0.17 0.14 0.15 - 0.01 0.17 0.06 0.09 0.06 0.06 - 0.01 0.16 0.03 0.04 0.04 0.04 + 0.01 0.04 0.01 0.01 0.01 0.01 - 0.00 0.02 0.01 0.01 0.01 0.01 - 0.02 0.10 0.01 0.08 0.00 0.07 - 0.01 0.10 0.02 0.11 0.08 0.08 - 0.02 0.14 0.08 0.15 0.10 0.10 - 0.05 0.18 0.02 0.59 0.50 0.54 + 0.01 0.59 0.18 0.74 0.65 0.70 + 0.02 0.74 0.23 0.07 0.06 0.07 + 0.01 0.26 0.06 0.04 0.04 0.04 - 0.01 0.10 0.02 0.21 0.18 0.18 - 0.03 0.55 0.01 0.28 0.25 0.25 - 0.02 0.38 0.03 0.67 0.51 0.55 - 0.09 0.75 0.18 0.85 0.68 0.72 - 0.13 0.95 0.26 1.48 1.17 1.28 - 0.03 12.56 0.65 0.58 0.49 0.58 + 0.11 0.58 0.08 0.80 0.62 0.62 - 0.01 0.80 0.08 0.30 0.26 0.30 + 0.02 0.29 0.02 0.11 0.09 0.09 + 0.01 0.13 0.04 0.09 0.08 0.09 + 0.01 0.10 0.03 0.24 0.18 0.24 + 0.05 0.51 0.15 0.15 0.12 0.12 - 0.02 0.15 0.09 0.20 0.00 0.16 - 0.04 0.20 0.11 0.88 0.77 0.80 - 0.03 1.08 0.36 1.13 1.02 1.05 - 0.03 1.36 0.53 0.30 0.25 0.26 - 0.03 0.32 0.07 0.38 0.33 0.35 - 0.02 0.40 0.12 0.08 0.07 0.07 - 0.01 0.09 0.01 0.10 0.00 0.10 + 0.02 0.14 0.03 0.07 0.07 0.07 + 0.00 0.07 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.18 0.17 0.17 + 0.00 0.21 0.06 0.26 0.21 0.25 + 0.01 0.28 0.08 2.02 1.75 1.88 - 0.04 2.02 0.47 2.61 2.31 2.46 - 0.04 2.61 0.61 0.06 0.05 0.05 - 0.01 0.09 0.02 2.15 1.95 2.00 - 0.06 4.15 0.52 0.16 0.14 0.15 - 0.01 0.27 0.13 0.02 0.01 0.01 - 0.01 0.06 0.01 4.10 3.58 4.10 + 0.54 5.95 2.35 0.05 0.05 0.05 - 0.00 0.12 0.01 0.18 0.12 0.12 - 0.02 0.18 0.02 0.15 0.14 0.14 - 0.01 0.26 0.05 0.88 0.84 0.86 + 0.01 0.88 0.34 0.10 0.10 0.10 - 0.00 0.13 0.03 0.04 0.03 0.03 - 0.01 0.04 0.02 0.02 0.01 0.01 - 0.01 0.02 0.01 0.09 0.07 0.08 - 0.00 0.09 0.02 0.70 0.60 0.60 - 0.10 1.29 0.58 7.05 6.03 6.50 - 0.19 7.49 1.79 5.47 4.59 4.97 - 0.21 5.82 1.31 9.24 7.78 8.36 - 0.74 9.24 3.12 11.91 10.17 11.00 - 0.71 11.97 4.49 0.04 0.03 0.04 + 0.01 0.04 0.01 4.86 4.34 4.55 - 0.17 4.90 2.56 0.36 0.28 0.35 + 0.07 0.36 0.08 0.27 0.22 0.25 + 0.03 0.26 0.06 0.04 0.03 0.03 - 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.34 0.32 0.34 + 0.02 0.44 0.29 0.48 0.38 0.45 + 0.08 0.50 0.17 0.01 0.00 0.01 - 0.01 0.03 0.00

I-J-K

8-10_MAY30_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

L Labdr Iron Mns* O 211 Labrador Iron T 744 Lago Dourado V 278 Lara Expl V 1323 Laramide Res T 666 Largo Res* O 54 Largo Res V 339 Latin Am Mnls V 147 Laurion Mnl Ex V 234 LeadFX Inc* O 18 Leeta Gold V 235 Legend Gold* O 28 Legend Gold V 136 Lepanto Con Mg* O 496 Levon Res Ltd T 479 Levon Res Ltd * O 190 Lexam VG Gold* O 784 Lexam VG Gold T 871 Li3 Energy* O 426 Libero Mg Corp V 224 Liberty Star* Q 12752 Lion One Mtls V 272 Lion One Mtls* O 183 Lithium Amer* O 3237 Lithium Amer T 20158 Lithium Corp* O 554 Lithium Expl* O 152406 LKA Gold* O 48 Logan Res V 27 Lomiko Mtls* O 579 Loncor Res* O 96 Loncor Res T 133 Lone Star Gold* O 686 Lonmin plc* O 7 Lorraine Coppr V 260 Los Andes Copp V 157 Lowell Copper V 43 Lucara Diam T 2821 Luna Gold T 602 Luna Gold* O 398 Lundin Gold T 309 Lundin Mng T 12791 Lupaka Gold V 1459 Lydian Intl* O 272 Lydian Intl T 3253 Lynas Corp* O 252

0.01 0.01 0.01 + 0.00 0.02 0.00 12.54 11.76 12.04 + 0.37 17.45 6.85 0.12 0.08 0.12 + 0.04 0.15 0.05 1.04 0.81 0.93 + 0.13 1.04 0.20 0.29 0.23 0.25 - 0.03 0.38 0.15 0.49 0.40 0.42 - 0.09 0.70 0.08 0.64 0.50 0.59 - 0.06 0.90 0.11 0.10 0.10 0.10 + 0.01 0.35 0.05 0.02 0.01 0.02 + 0.01 0.03 0.01 0.35 0.27 0.35 + 0.09 0.41 0.11 0.05 0.05 0.05 + 0.02 0.07 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.07 0.02 0.01 0.00 0.00 + 0.00 0.02 0.00 0.29 0.24 0.25 - 0.02 0.34 0.09 0.22 0.18 0.19 - 0.02 0.26 0.07 0.21 0.17 0.18 - 0.03 0.23 0.04 0.27 0.22 0.23 - 0.04 0.29 0.05 0.02 0.01 0.02 - 0.00 0.04 0.01 0.18 0.07 0.17 + 0.08 0.12 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.70 0.55 0.62 - 0.08 0.74 0.24 0.52 0.41 0.45 - 0.09 0.59 0.18 0.68 0.54 0.66 + 0.10 0.80 0.34 0.89 0.70 0.88 + 0.16 1.00 0.26 0.10 0.07 0.09 - 0.01 0.13 0.02 0.01 0.00 0.00 + 0.00 0.45 0.00 0.44 0.30 0.44 + 0.11 0.53 0.10 0.09 0.00 0.09 - 0.01 0.11 0.04 0.04 0.03 0.04 + 0.00 0.05 0.02 0.15 0.13 0.13 + 0.00 0.15 0.01 0.18 0.16 0.18 + 0.01 0.18 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 2.96 2.60 2.78 + 0.36 224.00 0.55 0.05 0.04 0.05 + 0.01 0.13 0.04 0.20 0.00 0.20 - 0.01 0.21 0.05 0.23 0.15 0.23 + 0.08 0.43 0.12 3.90 3.67 3.79 - 0.08 4.03 1.42 0.21 0.18 0.18 - 0.01 0.21 0.03 0.16 0.13 0.13 - 0.01 0.16 0.02 5.95 5.43 5.78 + 0.04 6.51 3.46 4.31 3.96 4.14 + 0.10 6.03 2.98 0.17 0.14 0.17 + 0.03 0.19 0.04 0.29 0.23 0.27 + 0.04 0.48 0.13 0.40 0.29 0.35 + 0.05 0.58 0.19 0.06 0.04 0.04 - 0.01 0.10 0.02

M Macarthur Mnl V 5606 0.16 0.11 0.13 - 0.03 0.18 0.02 Macarthur Mnl* O 301 0.12 0.09 0.11 - 0.02 0.14 0.02 Madeira Mrnls V 10 0.03 0.03 0.03 + 0.01 0.03 0.02 MAG Silver T 1761 18.58 16.90 17.94 + 0.37 18.58 8.13 MAG Silver* X 1011 14.40 12.85 13.72 + 0.11 14.40 6.12 Magellan Gold* O 61 0.14 0.08 0.11 + 0.01 0.14 0.04 MagIndustries* O 45 0.05 0.01 0.01 - 0.04 0.20 0.01 Majescor Res V 502 0.09 0.06 0.09 + 0.04 0.09 0.02 Majestic Gold V 166 0.07 0.07 0.07 - 0.01 0.12 0.04 Majestic Gold* O 13 0.05 0.05 0.05 - 0.00 0.08 0.03 Makena Res* O 86 0.02 0.01 0.02 + 0.01 0.03 0.01 Makena Res V 423 0.02 0.02 0.02 + 0.01 0.04 0.01 Malbex Res V 425 0.32 0.27 0.27 - 0.05 0.55 0.10 Mandalay Res T 2575 1.12 1.00 1.07 - 0.01 1.14 0.59 Manson Creek V 57 0.03 0.00 0.03 + 0.01 0.03 0.01 Marathon Gold T 2268 0.30 0.24 0.30 + 0.05 0.33 0.11 Marifil Mines V 310 0.02 0.02 0.02 + 0.01 0.02 0.01 Maritime Res V 27 0.23 0.21 0.21 + 0.06 0.23 0.08 Marlin Gold* O 203 0.33 0.25 0.29 + 0.04 0.54 0.10 Marlin Gold V 822 0.45 0.31 0.38 + 0.06 0.69 0.15 MartinMarietta* N 3714 188.20 183.21 187.18 + 2.43 189.76 108.31 Mason Graphite V 569 0.64 0.58 0.64 - 0.01 0.68 0.30 Mason Graphite* O 53 0.49 0.45 0.46 - 0.02 0.54 0.21 Matamec Expl V 515 0.07 0.05 0.06 - 0.01 0.07 0.02 Matmown* O 160 0.06 0.04 0.04 - 0.06 0.19 0.01 Mawson Res T 189 0.29 0.25 0.29 + 0.04 0.30 0.16 Mawson Res* O 41 0.22 0.18 0.20 + 0.01 0.27 0.12 MAX Res V 51 0.07 0.06 0.07 + 0.01 0.11 0.04 Maya Gold &Sil V 739 0.15 0.13 0.14 - 0.01 0.30 0.10 Mazarin V 686 0.02 0.01 0.01 - 0.01 0.04 0.01 MBAC Fertilizr* O 137 0.01 0.00 0.00 + 0.00 0.09 0.00 McEwen Mng T 1519 3.58 3.14 3.37 + 0.08 3.58 0.84 McEwen Mng* N 12368 2.78 2.37 2.58 + 0.02 2.78 0.65 MDN Inc V 199 0.04 0.04 0.04 - 0.01 0.06 0.01 MDN Inc* O 25 0.02 0.02 0.02 - 0.01 0.05 0.01 Meadow Bay Gd T 641 0.12 0.10 0.10 - 0.01 0.27 0.06 Meadow Bay Gd* O 110 0.09 0.07 0.08 - 0.00 0.20 0.04 Mechel* N 565 1.89 1.74 1.89 + 0.11 2.64 1.23 Medallion Res V 1321 0.04 0.03 0.03 - 0.01 0.06 0.01 Medinah Mnrls* O 10879 0.02 0.02 0.02 - 0.00 0.03 0.01 Mega Uranium* O 345 0.13 0.10 0.11 - 0.00 0.15 0.04 Melior Res V 153 0.05 0.04 0.05 + 0.01 0.09 0.01 Melkior Res V 1556 0.05 0.04 0.04 - 0.01 0.06 0.01 Mercator Mnls* O 608 0.00 0.00 0.00 - 0.00 0.03 0.00 Merrex Gold V 389 0.30 0.26 0.26 - 0.01 0.31 0.10 Merrex Gold* O 46 0.23 0.20 0.21 - 0.01 0.24 0.10 MetalCorp V 258 0.02 0.00 0.02 - 0.01 0.03 0.01 Metalex Vent V 607 0.08 0.06 0.08 + 0.02 0.11 0.04 Metallis Res V 344 0.23 0.20 0.22 + 0.02 0.23 0.01 Metalo Manuf 3 1.50 1.10 1.10 - 0.15 1.50 0.30 Metalore Res T 3 2.10 1.80 2.00 + 0.05 3.72 1.26 Metals Creek* O 5 0.12 0.12 0.12 - 0.00 0.14 0.05 Metals Creek V 250 0.15 0.14 0.14 - 0.01 0.19 0.05 Metals X* O 3 0.84 0.00 0.83 + 0.04 1.08 0.68 Metanor Res V 4410 0.10 0.09 0.10 + 0.01 0.13 0.03 Mexus Gold* O 1623 0.04 0.03 0.04 - 0.00 0.04 0.00 MGX Minerals 751 0.28 0.23 0.26 + 0.02 0.70 0.08 Micrex Dev V 278 0.02 0.02 0.02 - 0.01 0.04 0.01 Midas Gold* O 1982 0.65 0.49 0.57 - 0.01 0.66 0.16 Midas Gold T 2789 0.84 0.62 0.75 + 0.01 0.84 0.25 Midland Expl V 77 0.72 0.68 0.72 + 0.01 0.80 0.45 Midnight Sun V 141 0.12 0.10 0.12 + 0.02 0.24 0.08 Millrock Res* O 577 0.35 0.24 0.30 + 0.04 0.35 0.11 Millrock Res V 1420 0.45 0.32 0.39 + 0.06 0.45 0.15 Millstream Min V 81 0.08 0.08 0.08 - 0.02 0.16 0.01 Minaurum Gold V 153 0.10 0.10 0.10 - 0.01 0.14 0.04 Minco Gold* X 443 0.33 0.29 0.30 - 0.02 0.40 0.10 Minco Gold T 270 0.42 0.38 0.38 - 0.04 0.55 0.12 Minco Silver T 467 1.30 1.20 1.20 - 0.02 1.48 0.32 Minco Silver* O 85 1.00 0.91 0.91 - 0.04 1.16 0.26 Minecorp Egy V 10 0.13 0.13 0.13 - 0.01 0.18 0.01 Minera Alamos V 886 0.14 0.11 0.11 - 0.01 0.18 0.07 Mineral Hill V 76 0.27 0.21 0.26 - 0.03 0.40 0.11 Mineral Mtn V 222 0.32 0.28 0.29 - 0.05 0.37 0.08 Mineral Res* O 32 5.65 0.00 5.65 + 0.48 5.56 2.40 Mines Manage* X 539 0.72 0.60 0.64 - 0.05 0.79 0.11 Mines Manage T 37 1.07 0.76 0.83 - 0.05 1.07 0.17 Minfocus Expl V 626 0.03 0.03 0.03 - 0.01 0.05 0.01 Minnova Corp V 432 0.66 0.60 0.60 - 0.05 0.68 0.18 Minsud Res V 4125 0.07 0.07 0.07 + 0.01 0.09 0.06 Minsud Res* O 625 0.06 0.06 0.06 - 0.00 0.06 0.05 Miranda Gold V 587 0.10 0.09 0.10 + 0.01 0.12 0.06 Mirasol Res V 829 1.93 1.70 1.79 + 0.13 1.93 0.72 Mitchell Res V 83 0.03 0.03 0.03 + 0.01 0.05 0.01 Mkango Res V 2848 0.02 0.02 0.02 - 0.01 0.04 0.01 Molycorp* O 1147 0.05 0.04 0.04 - 0.00 0.66 0.02 Monarques Res V 1268 0.21 0.17 0.19 + 0.01 0.21 0.06 Moneta Porcpn* O 193 0.21 0.18 0.18 - 0.01 0.22 0.05 Moneta Porcpn T 2599 0.27 0.23 0.24 - 0.01 0.27 0.06 Monster Mng* O 136 0.02 0.00 0.02 + 0.01 0.02 0.00 Montan Mg* O 243 0.03 0.03 0.03 + 0.00 0.11 0.01 Montana Gold 21 0.08 0.07 0.07 - 0.02 0.09 0.02 Monument Mng V 309 0.14 0.12 0.13 + 0.01 0.16 0.08 Mosaic* N 23409 26.59 25.01 25.94 + 1.10 47.68 22.02 Mountain Boy* O 170 0.03 0.03 0.03 - 0.00 0.03 0.00 Mountain Prov T 428 6.32 5.50 6.28 + 0.80 5.95 3.38 Mountain Prov* D 236 4.80 4.31 4.77 + 0.53 4.58 2.47 Mundoro Cap* O 5 0.11 0.11 0.11 + 0.01 0.12 0.03 Mundoro Cap V 347 0.18 0.11 0.15 - 0.02 0.18 0.04 Murchison Min 1187 0.03 0.00 0.02 + 0.01 0.03 0.01 Myson Group* O 245 0.04 0.01 0.04 + 0.03 0.18 0.00

N-O NACCO Ind* N 140 53.23 49.80 51.75 + 0.73 62.96 40.04 Namibia Rare E* O 56 0.06 0.06 0.06 - 0.01 0.14 0.03 Namibia Rare E T 89 0.11 0.00 0.08 - 0.04 0.19 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Napier Vent* O 61 Napier Vent V 58 Natan Res V 8 Natural Res Pt* N 135 Nautilus Mnrls* O 621 Navis Res Corp* O 21 Nemaska Lith V 9838 Nemaska Lith* O 354 Nevada Clean M* O 107 Nevada Copper T 106 Nevada Egy Mtl* O 1579 Nevada Egy Mtl V 2689 Nevada Expl * O 446 Nevada Expl V 334 Nevada Sunrise* O 237 Nevada Sunrise V 961 Nevada Zinc V 1007 Nevado Res V 171 Nevsun Res* X 2129 Nevsun Res T 2289 New Carolin Gd V 4132 New Carolin Gd* O 460 New Colombia* O 9869 New Gold* O 775 New Gold T 10187 New Gold* X 19360 New Guinea Gld* O 1664 New Jersey Mng* O 65 New Milln Iron* O 138 New Milln Iron T 539 New Nadina V 36 New Oroperu V 12 New Pac Metals T 58 New World Res V 61 NewCastle Gold* O 33 Newmarket Gold T 4535 Newmarket Gold* O 543 Newmont Mng* N 53652 Newport Expl V 72 Nexgen Energy V 6552 Nexgen Energy* O 852 Next Gen Mtls 627 NGEx Res T 248 NGEx Res* O 14 Nicola Mg Inc V 700 Nicola Mg Inc* O 56 Nighthawk Gold V 436 Niocorp Dev* O 348 Niocorp Dev T 632 Nippon Dragon V 200 Noble Mnl Expl V 956 Noka Res V 1731 Noranda Alum* O 168 Nord Res* O 472 Norsemont Cap 16 Nortec Mnls V 91 North Am Nickl* O 198 North Am Pall T 14 North Am Pall* O 10 North Am Ptash V 127 North Arrow Mn* O 25 North Arrow Mn V 511 North Springs* O 84 Northcliff Res T 32 Northisle C&G V 586 Northn Empire V 170 Northquest V 143 Norvista Cap V 71 Nouveau Monde V 1296 NovaCopper* X 1005 NovaCopper T 124 NovaGold Res T 2416 NovaGold Res* X 11342 Novo Res* O 177 Novo Res V 653 NovX21 V 303 NRG Metals* O 231 Nrthn Abitibi V 145 Nrthn Freegold* O 41 Nrthn Freegold V 348 Nrthn Graphite* O 126 Nrthn Graphite V 136 Nrthn Iron V 188 Nrthn Lion V 8 Nrthn Mnrls &E* O 645 Nrthn Shield V 6071 Nrthn Vertex* O 5 NSGold V 93 Nthn Dynasty T 849 Nthn Dynasty* X 1008 Nthrn Sphere* O 19 Nthrn Sphere 64 NuLegacy Gold* O 513 NuLegacy Gold V 2245 Nunavik Nickel V 5 O.T. Mining* O 54 OceanaGold T 10045 OceanaGold* O 31 Oceanic Iron O V 96 Oceanus Res* O 20 Oceanus Res V 48 Odin Mng & Exp V 138 Odin Mng & Exp* O 20 Olivut Res* O 62 Opawica Expl V 456 Orbite Tech* O 31 Orca Gold* O 106 Orca Gold V 471 Orefinders Res V 359 Oremex Silver* O 260 Orezone Gold* O 173 Orezone Gold V 1120 Oriental Non F 22 Orla Mng Ltd V 77 Oroco Res* O 81 Orocobre T 348 Oroplata Res* Q 25 Orosur Mng T 79 Orsu Metals* O 3 Orvana Mnrls T 1023 Orvana Mnrls* O 162 Osisko Gold * O 110 Osisko Gold T 2268 Otis Gold* O 102 Otis Gold V 279 OZ Minerals* O 1

0.23 0.22 0.22 - 0.04 0.26 0.19 0.30 0.28 0.28 - 0.02 0.34 0.15 0.01 0.00 0.10 + 0.09 0.20 0.05 11.96 10.91 11.32 - 0.23 47.30 5.00 0.12 0.11 0.11 - 0.01 0.39 0.11 0.01 0.00 0.01 - 0.01 0.03 0.01 1.61 1.21 1.61 + 0.42 1.45 0.16 1.22 0.94 1.22 + 0.30 1.10 0.13 0.02 0.01 0.02 - 0.00 0.05 0.00 0.84 0.70 0.75 - 0.06 2.00 0.45 0.14 0.11 0.13 + 0.01 0.20 0.06 0.18 0.15 0.17 + 0.02 0.26 0.01 0.43 0.32 0.38 - 0.04 0.61 0.08 0.56 0.44 0.49 - 0.05 0.94 0.05 0.17 0.15 0.17 + 0.01 0.25 0.09 0.24 0.19 0.22 + 0.01 0.33 0.13 0.38 0.31 0.37 - 0.02 0.43 0.19 0.03 0.03 0.03 - 0.01 0.05 0.01 3.61 3.26 3.34 - 0.19 4.36 2.27 4.63 4.30 4.35 - 0.19 5.35 3.27 0.15 0.12 0.13 - 0.02 0.15 0.03 0.12 0.09 0.09 - 0.01 0.12 0.03 0.02 0.01 0.01 - 0.01 0.05 0.00 0.08 0.07 0.07 + 0.00 0.28 0.03 6.25 5.29 5.54 - 0.41 6.25 2.52 4.85 4.04 4.21 - 0.32 4.85 1.76 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.09 0.09 - 0.01 0.12 0.02 0.06 0.06 0.06 - 0.01 0.10 0.03 0.09 0.08 0.08 - 0.01 0.16 0.05 0.18 0.13 0.14 - 0.03 0.30 0.05 0.43 0.31 0.38 + 0.05 0.43 0.07 0.35 0.33 0.35 + 0.02 0.35 0.15 0.09 0.06 0.06 - 0.02 0.10 0.01 0.41 0.00 0.40 + 0.01 0.47 0.14 4.00 3.40 3.95 + 0.03 4.00 0.80 3.12 2.58 2.97 - 0.06 3.12 0.61 35.75 32.37 33.73 - 0.34 35.75 15.39 0.33 0.29 0.31 + 0.02 0.45 0.19 2.55 2.30 2.37 - 0.03 2.78 0.50 1.98 1.77 1.83 + 0.18 2.14 0.41 0.14 0.12 0.13 + 0.03 0.18 0.01 0.87 0.83 0.85 + 0.02 1.00 0.44 0.67 0.64 0.67 + 0.03 0.78 0.37 0.11 0.09 0.10 + 0.01 0.15 0.04 0.08 0.07 0.08 + 0.00 0.11 0.03 0.19 0.15 0.18 + 0.01 0.21 0.04 0.69 0.57 0.64 - 0.04 0.87 0.37 0.88 0.73 0.84 - 0.03 1.14 0.51 0.08 0.00 0.08 + 0.01 0.15 0.03 0.03 0.02 0.02 - 0.01 0.03 0.01 0.16 0.14 0.15 - 0.01 0.21 0.03 0.07 0.04 0.06 - 0.00 15.82 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.25 0.00 0.25 - 0.01 0.31 0.07 0.03 0.02 0.02 - 0.01 0.05 0.02 0.07 0.06 0.06 + 0.01 0.20 0.05 5.35 4.95 5.09 + 0.26 24.00 3.85 4.04 3.80 3.89 + 0.15 17.60 2.71 0.11 0.01 0.11 + 0.01 0.15 0.05 0.13 0.11 0.11 - 0.01 0.94 0.11 0.17 0.15 0.16 - 0.01 1.20 0.14 0.80 0.50 0.75 + 0.02 40.00 0.15 0.14 0.11 0.14 + 0.03 0.16 0.06 0.04 0.04 0.04 + 0.01 0.04 0.02 0.22 0.18 0.18 - 0.03 0.22 0.06 0.25 0.24 0.25 + 0.01 0.32 0.07 0.19 0.17 0.18 + 0.01 0.24 0.08 0.26 0.23 0.25 + 0.04 0.26 0.12 0.75 0.54 0.56 - 0.17 0.86 0.15 0.97 0.74 0.74 - 0.21 1.08 0.20 8.37 7.24 7.82 - 0.13 8.43 3.42 6.49 5.50 5.98 - 0.15 6.57 2.65 1.00 0.72 0.93 + 0.22 0.99 0.29 1.30 0.92 1.18 + 0.24 1.30 0.40 0.03 0.02 0.02 - 0.01 0.05 0.02 0.11 0.00 0.11 + 0.03 0.11 0.01 0.02 0.02 0.02 + 0.01 0.02 0.01 0.20 0.14 0.15 - 0.04 0.20 0.02 0.25 0.18 0.21 - 0.04 0.28 0.04 0.38 0.35 0.37 - 0.01 0.64 0.12 0.50 0.45 0.50 + 0.01 0.78 0.16 0.02 0.01 0.01 - 0.01 0.04 0.01 0.11 0.00 0.10 - 0.05 0.16 0.03 0.05 0.00 0.02 + 0.00 0.14 0.02 0.17 0.10 0.17 + 0.06 0.14 0.01 0.33 0.31 0.33 + 0.06 0.33 0.15 0.10 0.09 0.09 - 0.01 0.10 0.03 0.46 0.43 0.45 - 0.01 0.67 0.28 0.36 0.32 0.35 - 0.01 0.53 0.20 0.32 0.23 0.32 + 0.09 0.39 0.07 0.43 0.29 0.43 + 0.14 0.53 0.10 0.26 0.21 0.23 - 0.02 0.32 0.06 0.34 0.26 0.30 - 0.02 0.39 0.08 0.10 0.07 0.10 + 0.03 0.10 0.03 0.08 0.05 0.05 - 0.03 0.12 0.03 4.58 4.01 4.15 - 0.34 4.64 1.79 3.66 3.17 3.21 - 0.31 3.66 1.43 0.14 0.10 0.12 - 0.01 0.20 0.08 0.22 0.19 0.22 + 0.03 0.26 0.18 0.31 0.27 0.30 - 0.01 0.35 0.14 0.85 0.58 0.74 + 0.15 0.85 0.21 0.44 0.44 0.44 - 0.02 0.58 0.17 0.15 0.12 0.15 - 0.00 0.17 0.05 0.15 0.06 0.11 + 0.04 0.15 0.02 0.22 0.20 0.20 - 0.02 0.40 0.15 0.23 0.23 0.23 + 0.00 0.27 0.08 0.33 0.29 0.30 - 0.02 0.33 0.12 0.04 0.04 0.04 - 0.01 0.08 0.01 0.03 0.03 0.03 + 0.01 0.05 0.00 0.79 0.66 0.76 + 0.08 0.77 0.16 1.05 0.87 1.00 + 0.10 1.00 0.22 0.29 0.27 0.29 + 0.03 0.28 0.27 0.16 0.13 0.14 + 0.01 0.32 0.07 0.03 0.02 0.02 - 0.01 0.03 0.01 3.90 3.50 3.78 + 0.16 3.70 1.33 0.37 0.25 0.25 - 0.12 0.50 0.25 0.23 0.19 0.19 - 0.03 0.24 0.10 0.02 0.02 0.02 - 0.01 0.03 0.01 0.19 0.16 0.19 + 0.03 0.36 0.11 0.14 0.12 0.14 - 0.01 0.28 0.07 13.23 11.80 12.49 + 0.16 14.97 8.88 17.13 15.46 16.44 + 0.46 18.64 12.39 0.15 0.11 0.11 - 0.03 0.15 0.02 0.17 0.14 0.14 - 0.03 0.19 0.04 4.33 4.04 4.33 + 0.29 4.33 2.29

Pac Booker Min V 17 Pac Booker Min* O 5 Pac Gold* O 12059 Pac Imperial V 1928 Pac North West V 451 Pac Potash* O 1 Pac Potash V 96 Pac Ridge Expl V 186 Pac Topaz V 33 Paget Mrnls V 794 Paladin Energy T 864 Palamina Corp V 230 Palamina Corp* O 1 Pan Am Silver* D 18681 Pan Am Silver T 6598 Pancontinental V 161 Panex Res* O 539 Pangolin Dia V 928 Panoro Mnrls V 1377 Parallel Mng V 69 Paramount Gold* X 107 Pasinex Res 1390 Passprt Potash* O 87 Patriot Gold* O 459 Peabody Enrgy* O 2793 Peat Res V 451 Pelangio Expl V 801 Pelangio Expl* O 5

0.97 0.00 0.92 + 0.07 5.67 0.63 0.69 0.63 0.69 + 0.01 4.39 0.45 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.02 0.02 - 0.02 0.05 0.01 0.06 0.05 0.06 - 0.01 0.07 0.01 0.02 0.00 0.02 + 0.02 0.03 0.00 0.04 0.03 0.03 + 0.01 0.10 0.03 0.09 0.06 0.07 - 0.04 0.10 0.02 0.18 0.17 0.17 - 0.02 0.29 0.06 0.04 0.03 0.04 + 0.02 0.08 0.01 0.23 0.21 0.21 - 0.01 0.32 0.15 0.18 0.00 0.18 + 0.06 0.15 0.06 0.09 0.00 0.09 + 0.01 0.09 0.08 16.49 13.76 14.63 - 1.02 16.49 5.38 21.27 18.10 19.27 - 0.98 21.27 7.77 0.02 0.00 0.02 - 0.02 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.09 0.09 - 0.02 0.12 0.03 0.21 0.20 0.20 + 0.01 0.21 0.09 0.09 0.06 0.08 + 0.02 0.09 0.05 1.66 1.51 1.53 - 0.03 1.66 0.93 0.06 0.05 0.05 + 0.01 0.09 0.03 0.01 0.00 0.01 - 0.00 0.27 0.00 0.11 0.09 0.10 + 0.00 0.15 0.02 1.44 0.90 0.92 - 0.41 58.35 0.55 0.07 0.05 0.06 - 0.02 0.07 0.01 0.06 0.05 0.05 + 0.01 0.06 0.01 0.03 0.03 0.03 - 0.01 0.04 0.01

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pele Mtn Res* O 14 Pele Mtn Res V 554 Peregrine Diam T 1506 Perseus Mng T 2347 Pershimco Res V 1299 Pershing Gold* D 1479 Pershing Res* O 194 Peruvian Prc M* O 38 Petaquilla Mnl* O 143 Philex Mng* O 17 Phoenix Metals V 138 Pilot Gold* O 549 Pine Cliff En* O 15 Pine Cliff En T 2793 Pinecrest Res V 486 PJSC Polyus Gd* O 4 PJX Res V 335 Planet Mng V 150 Plate Res V 130 Plateau Uran V 235 Plateau Uran* O 70 Platinex V 620 Platinum Gp Mt T 304 Polaris Mater T 110 PolyMet Mng* X 286 Potash Corp SK* N 39504 Potash Corp SK T 11936 Potash Ridge T 5876 Potash Ridge* O 502 Precipitate Gl V 1057 Premier Gold M T 4600 Premium Expl* O 134 Pretium Res* N 9099 Pretium Res T 3504 Prime Meridian V 12 Primero Mng T 5049 Probe Metals* O 49 Probe Metals V 271 Prophecy Coal* O 172 Prosper Gold V 169 Prospero Silvr V 33 Puma Expl V 313 Pure Energy V 4712 Pure Energy* O 2133 Pure Gold Mg* O 91 Pure Gold Mg V 4942 Purepoint Uran V 1233 Q-Gold Res V 225 QMX Gold V 192 QMX Gold* O 232 Quaterra Res* O 440 Quest Rare Mnl* O 41 Quest Rare Mnl T 287 Quinto Real V 573

0.03 0.02 0.03 + 0.00 0.05 0.02 0.04 0.03 0.04 + 0.01 0.06 0.03 0.20 0.17 0.18 - 0.01 0.33 0.09 0.59 0.50 0.52 - 0.05 0.62 0.27 0.16 0.14 0.16 + 0.01 0.26 0.09 4.65 3.99 4.46 + 0.54 6.30 3.04 0.03 0.03 0.03 - 0.00 0.15 0.02 0.04 0.04 0.04 + 0.01 0.10 0.02 0.02 0.01 0.01 + 0.00 0.03 0.00 0.13 0.11 0.13 + 0.02 0.15 0.05 0.21 0.11 0.21 + 0.08 0.20 0.02 0.63 0.51 0.57 - 0.04 0.64 0.06 0.57 0.57 0.57 + 0.00 1.23 0.52 0.75 0.69 0.70 - 0.05 1.57 0.61 0.21 0.20 0.20 + 0.01 0.25 0.03 37.59 36.05 36.05 + 0.05 37.59 12.67 0.21 0.18 0.19 + 0.01 0.23 0.13 0.05 0.04 0.05 + 0.01 0.08 0.02 0.07 0.05 0.05 - 0.02 0.21 0.03 0.31 0.28 0.31 + 0.01 0.53 0.24 0.24 0.22 0.24 + 0.00 0.44 0.18 0.03 0.02 0.03 + 0.01 0.03 0.01 3.93 3.65 3.77 + 0.07 5.80 1.35 1.49 1.30 1.40 - 0.10 2.83 1.12 0.86 0.80 0.81 - 0.03 1.33 0.55 16.98 15.79 16.53 + 0.84 33.52 14.64 22.23 20.39 21.68 + 1.38 40.96 20.03 0.35 0.29 0.30 - 0.04 0.50 0.03 0.27 0.22 0.23 - 0.04 0.38 0.02 0.23 0.16 0.22 + 0.05 0.23 0.06 3.44 2.96 3.32 - 0.02 3.80 1.65 0.04 0.00 0.00 - 0.01 0.04 0.00 8.74 7.43 8.05 - 0.37 8.74 4.00 11.25 9.76 10.59 - 0.30 11.25 5.57 0.08 0.08 0.08 + 0.01 0.18 0.05 2.69 2.26 2.43 + 0.02 5.51 1.94 0.67 0.60 0.62 - 0.04 0.72 0.24 0.87 0.78 0.80 - 0.02 0.94 0.33 0.02 0.01 0.02 + 0.00 0.06 0.01 0.28 0.23 0.28 + 0.05 0.36 0.06 0.15 0.11 0.13 + 0.02 0.16 0.05 0.08 0.06 0.07 + 0.01 0.13 0.03 0.59 0.46 0.59 + 0.03 1.15 0.21 0.45 0.35 0.45 + 0.02 0.91 0.18 0.51 0.41 0.50 + 0.06 0.49 0.01 0.72 0.54 0.72 + 0.17 0.62 0.07 0.09 0.08 0.08 - 0.01 0.13 0.02 0.13 0.00 0.13 + 0.06 0.13 0.01 0.11 0.08 0.08 - 0.02 0.11 0.01 0.08 0.05 0.05 - 0.03 0.08 0.01 0.06 0.05 0.05 - 0.00 0.11 0.04 0.14 0.12 0.14 + 0.00 0.20 0.03 0.19 0.17 0.18 - 0.01 0.25 0.06 0.16 0.04 0.09 + 0.03 0.16 0.01

Rackla Mtls V 137 Rackla Mtls* O 1 Rainmaker Res V 150 Rambler Ml &Mg V 808 Randgold Res* O 1 Randgold Res* D 4959 Rapier Gold V 174 Rare Element* O 215 RB Energy* O 183 Red Eagle Mng V 3466 Red Eagle Mng* O 295 Red Hut V 62 Red Pine Expl V 1131 Regency Gold V 5 Regulus Res V 238 Reliant Gold V 123 Renaissance Gd* O 217 Renaissance Gd V 323 Renforth Res 861 Reservoir Mnls* O 209 Reservoir Mnls V 879 Resolve Vent V 62 Resource Cap V 90 Rheingold Expl 160 Richmont Mines T 2728 Richmont Mines* X 3734 Rio Novo Gold* O 63 Rio Novo Gold T 259 Rio Tinto* N 22683 Rio Tinto* O 6 Rise Res Inc 580 Riverside Res V 852 Riverside Res* O 181 Robex Res V 185 Rock Tech Lith V 287 Rockex Mng 92 Rockhaven Res V 554 Rockland Mnls V 666 Rockridge Cap V 69 Rockshield Cap 449 Rockwell Diam T 38 Rogue Res* O 69 Romios Gold Rs V 395 Romios Gold Rs* O 133 Romulus Res V 20 Rouge Res V 602 Roughrider Exp V 49 Roxgold* O 380 Roxgold V 3631 Royal Gold T 117 Royal Gold* D 5375 Royal Nickel* O 101 Royal Rd Mnrls V 556 Royal Std Mnrl* O 146 RT Minerals V 738 RTG Mining T 41 Rubicon Mnrls* O 1656 Running Fox Rs V 16 Rupert Res V 695 Rusoro Mng* O 185 Rusoro Mng V 827 Rye Patch Gold* O 301 Rye Patch Gold V 753

0.10 0.07 0.08 + 0.02 0.13 0.05 0.06 0.06 0.06 + 0.02 0.07 0.03 0.08 0.08 0.08 - 0.01 0.34 0.08 0.07 0.06 0.07 + 0.01 0.25 0.05 89.92 88.20 88.45 - 1.47 95.43 57.00 92.50 85.19 89.32 + 0.98 101.60 54.88 0.10 0.06 0.10 + 0.05 0.08 0.02 0.10 0.09 0.09 - 0.00 0.64 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.82 0.71 0.77 + 0.03 0.89 0.25 0.63 0.56 0.58 - 0.00 0.91 0.18 0.09 0.00 0.08 - 0.01 0.15 0.01 0.10 0.09 0.09 - 0.01 0.13 0.03 0.01 0.00 0.01 - 0.04 0.05 0.01 0.70 0.50 0.70 + 0.20 0.70 0.19 0.03 0.03 0.03 + 0.01 0.04 0.01 0.38 0.29 0.30 + 0.03 0.38 0.08 0.48 0.37 0.39 + 0.04 0.48 0.11 0.03 0.03 0.03 - 0.01 0.05 0.01 7.03 6.40 6.55 - 0.35 7.46 2.25 9.05 8.46 8.57 - 0.34 9.35 3.26 0.21 0.18 0.18 - 0.07 0.30 0.04 0.08 0.05 0.06 - 0.01 0.08 0.02 0.03 0.01 0.03 + 0.03 0.05 0.01 11.54 9.78 10.98 + 0.02 11.54 3.14 8.97 7.44 8.38 - 0.11 8.97 2.27 0.12 0.11 0.11 + 0.00 0.12 0.06 0.16 0.14 0.16 + 0.02 0.16 0.07 29.89 27.73 28.31 + 0.02 45.34 21.89 29.19 0.00 27.95 - 1.33 44.75 21.90 0.16 0.11 0.13 - 0.03 0.20 0.11 0.36 0.28 0.28 - 0.03 0.36 0.12 0.26 0.22 0.23 + 0.02 0.27 0.08 0.15 0.13 0.14 + 0.01 0.17 0.05 0.34 0.26 0.29 - 0.04 0.38 0.03 0.40 0.20 0.21 - 0.20 0.75 0.01 0.21 0.17 0.18 - 0.04 0.24 0.10 0.09 0.08 0.08 - 0.01 0.11 0.01 0.07 0.06 0.07 + 0.01 0.08 0.05 0.10 0.07 0.07 - 0.03 0.14 0.06 0.10 0.00 0.10 + 0.01 0.25 0.07 0.06 0.06 0.06 + 0.00 0.11 0.04 0.08 0.07 0.07 - 0.01 0.08 0.02 0.07 0.05 0.07 + 0.02 0.07 0.01 0.16 0.14 0.16 + 0.02 0.16 0.07 0.45 0.33 0.40 + 0.03 0.48 0.03 0.12 0.11 0.11 - 0.01 0.17 0.05 1.09 0.90 0.93 - 0.12 1.10 0.42 1.44 1.14 1.22 - 0.16 1.44 0.54 76.98 68.00 72.79 - 1.91 81.52 35.46 59.95 51.76 55.45 - 2.28 65.79 24.68 0.38 0.32 0.34 - 0.02 0.50 0.10 0.13 0.08 0.10 + 0.02 0.16 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.30 0.15 0.29 + 0.14 0.30 0.05 0.68 0.50 0.68 + 0.12 0.75 0.33 0.04 0.03 0.03 - 0.00 1.20 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.67 0.46 0.64 + 0.12 0.62 0.02 0.10 0.09 0.09 + 0.01 0.11 0.02 0.13 0.10 0.12 + 0.02 0.15 0.03 0.19 0.16 0.18 + 0.00 0.23 0.08 0.24 0.22 0.24 - 0.01 0.28 0.11

Sabina Gd&Slvr T 8014 Sabina Gd&Slvr* O 1847 Sage Gold V 227 Sage Gold* O 100 Saint Jean V 983 Salazar Res V 567 Samco Gold V 11 Samex Mng* O 38 San Marco Res* O 41 San Marco Res V 468 Sandspring Res* O 207 Sandspring Res V 1801 Sandstorm Gold* X 8926 Sandstorm Gold T 8937 Santa Fe Gold* O 604 Santa Fe Mtls V 842 Santacruz Silv V 484 Sarama Res V 953 Sarissa Res* O 2372 Satori Res V 57 Saturn Mnrls V 1810 Savant Expl V 5306 Savary Gold V 733 Saville Res V 160 Scandium Int M* O 1245 Scientific Mts V 6649 Scorpio Gold V 1190 Seabridge Gld* N 5758 Seabridge Gld T 726 Searchlight* O 216 Secova Mtls V 1659 Sego Res V 95 Select Sands V 519 Semafo T 9069 Senator Mnrls V 22

1.69 1.51 1.64 + 0.05 1.87 0.32 1.32 1.15 1.26 + 0.02 1.55 0.24 0.08 0.07 0.07 - 0.01 0.09 0.03 0.06 0.06 0.06 + 0.00 0.07 0.03 0.07 0.05 0.06 - 0.01 0.07 0.01 0.13 0.00 0.11 - 0.03 0.16 0.03 0.08 0.03 0.08 + 0.05 0.35 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.05 0.06 + 0.01 0.06 0.01 0.10 0.08 0.09 + 0.01 0.10 0.02 0.46 0.35 0.39 - 0.05 0.51 0.08 0.58 0.45 0.51 - 0.07 0.63 0.11 4.52 3.85 3.93 - 0.26 4.52 1.94 5.83 5.05 5.22 - 0.19 5.83 2.82 0.00 0.00 0.00 - 0.00 0.13 0.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.53 0.44 0.47 - 0.04 0.63 0.09 0.16 0.12 0.15 - 0.01 0.20 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.10 0.00 0.07 - 0.02 0.15 0.02 0.12 0.10 0.10 - 0.02 0.22 0.09 0.02 0.01 0.02 + 0.01 0.02 0.01 0.10 0.08 0.09 + 0.01 0.10 0.02 0.04 0.00 0.04 + 0.03 0.06 0.01 0.15 0.12 0.12 - 0.01 0.17 0.06 0.12 0.09 0.10 + 0.01 0.12 0.01 0.11 0.09 0.09 - 0.01 0.14 0.05 14.52 12.26 13.20 - 0.32 15.50 3.31 18.72 16.12 17.35 - 0.19 19.93 4.34 0.09 0.08 0.09 + 0.00 0.42 0.06 0.07 0.06 0.06 - 0.01 0.10 0.03 0.04 0.04 0.04 + 0.01 0.05 0.01 0.31 0.25 0.28 + 0.03 0.50 0.20 6.01 5.21 5.52 - 0.02 6.01 2.46 0.33 0.00 0.30 + 0.03 0.33 0.03

R

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2016-05-24 8:22 PM

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WWW.NORTHERNMINER.COM

MAY 30–JUNE 5, 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

Sennen Potash V 106 Serabi Gold T 433 Serengeti Res V 591 Sherritt Intl T 2325 Shore Gold T 1251 Sibanye Gold* N 8306 Sidney Resrces* O 1059 Sienna Res* O 30 Sienna Res V 4214 Sierra Iron Or V 14 Sierra Iron Or* O 18 Sierra Metals* O 11 Sierra Metals T 85 Sierra Res* O 3300 Signature Res V 236 Silver Bear Rs T 598 Silver Bull Re* O 1366 Silver Dragon* O 387 Silver Grail V 230 Silver Pursuit V 69 Silver Range V 336 Silver Scott* O 36 Silver Shield 994 Silver Spruce* O 1 Silver Std Res* D 12785 Silver Std Res T 3952 Silver Stream* O 107 Silver Wheaton T 8543 Silver Wheaton* N 29812 Silvercorp Met T 3543 Silvercorp Met* O 1350 Silvermet V 840 SinoCoking Cl* D 272 Sirios Res V 997 Sirios Res* O 131 Skeena Res* O 202 Skeena Res V 1743 Sky Ridge V 494 Slam Explor V 296 Solitario Ex&R T 275 Solitario Ex&R* X 617 Sona Res V 150 Sonora Gld & S V 672 Sonoro Mtls* O 489 Sonoro Mtls V 416 Southern Arc* O 10 Southern Arc V 20 Southern Copp* N 8197 Southern Silvr* O 551 Southern Silvr V 3065 SouthGobi Res T 21 Spada Gold V 3 Spanish Mtn Gd* O 349 Spruce Ridge R V 686 Squire Mg Ltd 61 St Augustine T 513 St-Georges Plt* O 62 Stakeholdr Gld* O 64 Stakeholdr Gld V 166 Standard Graph* O 31 Standard Graph V 1650 Standard Metal* O 98 Stans Energy V 309 Stans Energy* O 319 Starcore Intl T 1150 Sterling Grp* O 250 Stillwater Mg* N 14132 Stina Res* O 60 Stina Res 337 Stockport Expl V 264 Stornoway Diam T 1953 Stratabd Mnr V 2092

0.17 0.13 0.16 - 0.01 0.36 0.09 0.09 0.08 0.08 - 0.01 0.10 0.04 0.09 0.07 0.07 - 0.01 0.11 0.02 0.82 0.76 0.78 + 0.03 2.64 0.53 0.19 0.17 0.18 - 0.01 0.25 0.13 14.00 11.95 12.35 - 1.45 16.63 4.07 0.02 0.01 0.02 + 0.01 0.02 0.00 0.13 0.11 0.13 + 0.01 0.15 0.01 0.17 0.15 0.17 + 0.01 0.19 0.01 0.36 0.31 0.31 - 0.05 0.62 0.22 0.25 0.25 0.25 - 0.00 0.42 0.15 1.20 1.01 1.20 + 0.19 1.40 0.69 1.80 1.26 1.64 + 0.32 1.80 0.84 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.06 0.07 - 0.01 0.08 0.01 0.20 0.17 0.18 - 0.02 0.21 0.02 0.10 0.08 0.09 - 0.00 0.15 0.02 0.02 0.02 0.02 - 0.00 0.05 0.01 0.11 0.08 0.09 + 0.02 0.11 0.02 0.08 0.07 0.07 - 0.03 0.13 0.02 0.18 0.14 0.15 - 0.01 0.18 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 0.17 0.10 0.14 + 0.01 0.17 0.01 0.05 0.00 0.05 - 0.01 0.08 0.02 10.06 8.78 9.67 + 0.20 10.06 3.66 12.96 11.55 12.69 + 0.45 12.96 5.28 0.01 0.00 0.01 - 0.01 0.04 0.00 26.37 23.73 25.12 + 0.26 26.46 14.51 20.45 18.08 19.13 - 0.08 21.14 10.04 2.92 2.55 2.80 + 0.18 3.10 0.60 2.25 1.93 2.13 + 0.09 2.45 0.41 0.05 0.03 0.04 - 0.01 0.09 0.02 0.45 0.33 0.33 - 0.07 2.44 0.26 0.47 0.41 0.42 - 0.02 0.51 0.07 0.36 0.32 0.33 - 0.01 0.39 0.07 0.07 0.06 0.06 - 0.01 0.09 0.04 0.09 0.08 0.09 + 0.01 0.13 0.06 0.30 0.27 0.27 - 0.03 0.30 0.03 0.06 0.05 0.06 + 0.01 0.12 0.01 0.65 0.00 0.63 - 0.02 0.96 0.57 0.52 0.45 0.47 - 0.04 0.83 0.40 0.03 0.03 0.03 + 0.01 0.04 0.01 0.07 0.06 0.06 - 0.01 0.08 0.01 0.07 0.06 0.06 - 0.00 0.12 0.03 0.10 0.09 0.10 - 0.01 0.16 0.04 0.32 0.29 0.29 - 0.03 0.41 0.17 0.48 0.37 0.48 + 0.08 1.00 0.24 27.84 26.19 26.70 - 0.36 32.22 21.55 0.24 0.18 0.21 + 0.05 0.24 0.02 0.32 0.23 0.27 + 0.06 0.32 0.03 0.30 0.26 0.26 - 0.04 1.00 0.21 0.31 0.30 0.30 - 0.30 0.60 0.30 0.08 0.07 0.07 + 0.00 0.08 0.01 0.05 0.04 0.04 - 0.02 0.06 0.01 0.19 0.14 0.19 + 0.05 0.16 0.10 0.14 0.10 0.12 + 0.01 0.14 0.07 0.03 0.02 0.02 + 0.00 0.03 0.01 0.46 0.39 0.40 - 0.03 0.46 0.05 0.62 0.49 0.51 - 0.05 1.00 0.04 0.06 0.04 0.05 - 0.01 0.06 0.00 0.08 0.06 0.06 - 0.01 0.08 0.01 0.16 0.14 0.16 + 0.01 1.00 0.01 0.03 0.02 0.03 + 0.01 0.07 0.01 0.02 0.01 0.02 + 0.01 0.06 0.01 0.89 0.75 0.78 - 0.02 0.89 0.25 0.04 0.03 0.03 - 0.00 0.04 0.01 11.05 9.43 9.88 - 0.11 14.75 4.99 0.14 0.11 0.13 - 0.02 0.20 0.06 0.18 0.13 0.16 + 0.01 0.19 0.11 0.03 0.03 0.03 + 0.01 0.05 0.01 1.00 0.95 0.97 - 0.02 1.08 0.65 0.02 0.01 0.01 + 0.01 0.02 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strategic Metl V 427 Stratton Res V 497 Stria Lithium V 1342 Strikepoint Gd V 178 Strikepoint Gd* O 13 Strongbow Expl V 125 Stroud Res V 1251 Suncor Energy T 15129 Suncor Energy* N 21468 Sunridge Gold* O 624 Superior Coppr V 1809 Sutter Gold* O 296 Sutter Gold V 125 Syrah Res* O 26

0.50 0.44 0.47 - 0.04 0.50 0.24 0.30 0.23 0.23 - 0.07 0.30 0.07 0.14 0.10 0.13 + 0.01 0.18 0.02 0.25 0.18 0.24 + 0.05 0.75 0.05 0.16 0.16 0.16 - 0.00 0.16 0.08 0.16 0.13 0.15 + 0.01 0.23 0.05 0.01 0.01 0.01 + 0.01 0.01 0.01 35.42 33.87 34.50 + 0.43 40.35 27.32 27.50 25.76 26.30 - 0.06 30.70 18.71 0.29 0.01 0.05 - 0.21 0.29 0.01 0.07 0.05 0.06 - 0.01 0.07 0.01 0.11 0.07 0.09 - 0.02 0.13 0.02 0.14 0.09 0.11 - 0.03 0.16 0.04 4.01 3.82 3.83 - 0.14 4.01 1.81

Tahoe Res* N 10974 Tahoe Res T 6579 Tajiri Res V 521 Takara Res V 481 Talon Metals T 289 Tanzania Rlty T 99 Taranis Res V 9 Tarku Res V 110 Taseko Mines T 395 Taseko Mines* X 1100 Tasman Metals* O 230 Tasman Metals V 248 Teck Res T 7 Teck Res T 31090 Teck Res* N 61151 TECO Enrgy* N 9598 Telferscot Res 601 Tembo Gold* O 14 Tembo Gold V 790 Teranga Gold T 9398 Teras Res V 247 Terraco Gold V 1452 Terrax Mnrls* O 39 Terreno Res V 73 Teryl Res Corp* O 201 Teslin Rvr Res V 290 Teuton Res V 514 Teuton Res* O 74 Themac Res V 213 Thompson Creek T 1044 Thompson Creek* O 995 Thor Expl V 700 Thunderstruck V 1614 Tiger Intl V 11 Till Capital V 6 Till Capital* D 82 Timberline Res* O 1102 Timberline Res V 637 Timmins Gold* X 4446 Timmins Gold T 4945 Tinka Res* O 156 Tinka Res V 448 Tintina Mines V 73 Tintina Res V 85 Tirex Res* O 94 Titanium Corp V 271 TMAC Resource* O 21 TMAC Resources T 171 TNR Gold V 280 TomaGold V 706 Tonogold Res* O 44 Torex Gold* O 657 Torex Gold T 17061 Tower Res V 1068 Transatlan Mng V 1340

13.54 11.63 12.33 - 0.56 15.14 6.48 17.43 15.26 16.12 - 0.50 18.65 9.45 0.05 0.04 0.04 - 0.01 0.06 0.01 0.06 0.05 0.06 + 0.02 0.06 0.02 0.09 0.08 0.08 - 0.01 0.18 0.08 0.70 0.63 0.66 + 0.03 0.76 0.24 0.10 0.08 0.10 + 0.02 0.15 0.03 0.06 0.05 0.05 + 0.01 0.10 0.02 0.71 0.60 0.64 + 0.01 1.02 0.35 0.55 0.45 0.49 - 0.01 0.83 0.23 0.25 0.18 0.18 - 0.07 0.68 0.06 0.32 0.24 0.24 - 0.08 0.84 0.09 15.25 14.00 15.09 + 1.09 17.59 5.69 13.63 11.90 12.93 + 0.74 16.06 3.65 10.56 9.06 9.85 + 0.43 13.13 2.56 27.57 27.44 27.49 - 0.03 27.83 17.60 0.01 0.01 0.01 + 0.01 0.01 0.01 0.02 0.02 0.02 - 0.00 0.03 0.01 0.04 0.03 0.04 + 0.01 0.04 0.01 1.18 0.94 1.08 - 0.01 1.18 0.38 0.16 0.14 0.15 - 0.01 0.16 0.03 0.15 0.12 0.14 + 0.02 0.15 0.07 0.28 0.26 0.26 - 0.01 0.32 0.17 0.07 0.06 0.07 + 0.01 0.07 0.02 0.01 0.01 0.01 + 0.01 0.01 0.00 0.38 0.36 0.36 - 0.01 0.43 0.20 0.33 0.24 0.28 + 0.03 0.33 0.04 0.25 0.22 0.22 + 0.04 0.25 0.03 0.06 0.05 0.05 - 0.01 0.06 0.01 0.49 0.44 0.45 + 0.01 1.43 0.16 0.37 0.30 0.34 - 0.01 1.16 0.07 0.06 0.04 0.06 + 0.01 0.06 0.02 0.03 0.02 0.03 + 0.01 0.06 0.01 0.15 0.13 0.13 - 0.02 0.25 0.12 4.30 0.00 4.20 - 0.05 7.15 3.28 3.41 2.98 3.03 - 0.27 6.23 2.76 0.35 0.12 0.25 + 0.07 0.78 0.08 0.44 0.23 0.33 + 0.13 0.84 0.16 0.38 0.30 0.31 - 0.05 0.68 0.07 0.48 0.39 0.41 - 0.06 0.85 0.11 0.20 0.18 0.20 + 0.00 0.24 0.07 0.26 0.22 0.24 - 0.01 0.29 0.09 0.10 0.07 0.07 - 0.03 0.12 0.03 0.10 0.09 0.09 + 0.01 0.11 0.04 0.10 0.08 0.09 - 0.00 0.19 0.05 0.40 0.36 0.40 + 0.05 1.55 0.31 10.27 9.64 10.13 + 0.45 10.07 9.26 13.84 12.45 13.27 + 0.78 13.00 4.85 0.06 0.05 0.05 - 0.02 0.09 0.01 0.10 0.08 0.10 + 0.01 0.10 0.04 0.03 0.01 0.01 - 0.01 0.08 0.01 1.66 1.41 1.54 - 0.01 1.89 0.67 2.14 1.86 2.02 - 0.02 2.32 0.85 0.07 0.04 0.05 + 0.01 0.07 0.01 0.06 0.06 0.06 + 0.01 0.15 0.05

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Transition Mtl V 177 Treasury Metal T 527 Trecora Res* N 217 Trevali Mng* O 1736 Trevali Mng T 12420 Tri Origin Exp V 248 Trigen Res V 7 TriMetals Mng T 506 TriMetals Mng* O 255 TriMetals Mng* O 112 Trio Resources* O 1120 TriStar Gold* O 30 Troy Res* O 108 Troymet Expl V 9771 True North Gem V 5322 Trueclaim Expl V 1870 Trueclaim Expl* O 31 Tsodilo Res V 17 Tudor Gold V 507 Tudor Gold * O 3 Turbo Cap Inc V 59 Turquoise HIl T 5103 Turquoise HIl* N 10606 TVI Pacific* O 48 Tyhee Gold* O 186 Typhoon Expl V 271

0.14 0.13 0.13 - 0.01 0.18 0.06 0.54 0.49 0.50 - 0.01 0.62 0.32 11.02 10.38 10.61 - 0.18 16.50 8.17 0.38 0.31 0.36 + 0.01 0.89 0.18 0.49 0.41 0.47 + 0.02 1.09 0.25 0.06 0.05 0.05 + 0.01 0.07 0.02 0.07 0.00 0.07 + 0.01 0.07 0.03 0.32 0.26 0.32 + 0.01 0.36 0.04 0.25 0.20 0.24 + 0.00 0.27 0.03 0.25 0.20 0.24 - 0.01 0.32 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.24 0.22 0.24 + 0.01 0.28 0.10 0.56 0.50 0.52 - 0.03 0.56 0.13 0.05 0.03 0.04 + 0.02 0.05 0.01 0.14 0.10 0.11 - 0.02 0.20 0.07 0.04 0.02 0.02 + 0.01 0.05 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.65 0.64 0.65 + 0.01 1.10 0.54 1.26 1.00 1.08 + 0.24 1.26 0.03 0.85 0.80 0.80 - 0.05 0.85 0.80 0.15 0.12 0.14 + 0.02 0.40 0.07 3.78 3.54 3.62 - 0.03 5.63 2.30 2.93 2.68 2.77 - 0.05 4.60 1.55 0.02 0.02 0.02 - 0.00 0.03 0.00 0.01 0.00 0.00 - 0.01 0.03 0.00 0.12 0.07 0.09 + 0.02 0.12 0.03

U3O8 Corp* O 1119 U3O8 Corp T 4798 UC Res* O 1 Ucore Rare Mtl* O 304 Ucore Rare Mtl V 558 UEX Corp T 1003 Ultra Lithium* O 122 Ultra Lithium V 200 Unigold V 140 Unigold* O 26 United Res Hdg* O 53 United Silver* O 610 United States A* X 132 United States S* N 96947 Unity Energy V 190 Ur-Energy T 248 Ur-Energy* X 986 Uracan Res V 178 Uracan Res* O 39 Uragold Bay Rs V 797 Uranium Energy* X 3593 Uranium Hunter* O 30801 Uranium Res* D 136 Uravan Mnrls V 618 US Energy* D 304 US Precious M* O 432 US Rare Earths* O 24 USCorp* O 49 Vale* N 139953 Vale* N 58209 ValGold Res V 492 Valterra Res V 513 Vanadiumcorp* O 75 Vanadiumcorp V 298 Vantex Res V 286 Vedanta* N 816 Vendetta Mng V 55 Vendome Res V 134 Venerable Vent V 50 Verde Potash T 30 Veris Gold* O 132 Victoria Gold V 13012 Victory Vent V 105

0.02 0.02 0.02 - 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.00 0.00 0.00 + 0.00 0.03 0.00 0.29 0.26 0.28 - 0.00 0.35 0.15 0.37 0.34 0.36 - 0.01 0.44 0.20 0.24 0.22 0.23 + 0.01 0.30 0.11 0.22 0.18 0.21 + 0.02 0.27 0.06 0.30 0.25 0.28 + 0.03 0.35 0.05 0.36 0.32 0.33 - 0.01 0.42 0.08 0.31 0.25 0.31 + 0.05 0.31 0.06 0.05 0.03 0.03 - 0.00 0.11 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.31 0.22 0.26 - 0.02 1.19 0.16 15.30 12.77 13.36 - 0.62 26.95 6.15 0.32 0.21 0.23 - 0.07 0.48 0.05 0.64 0.60 0.60 - 0.03 1.16 0.60 0.50 0.45 0.45 - 0.04 0.95 0.44 0.04 0.04 0.04 - 0.01 0.05 0.01 0.03 0.03 0.03 - 0.01 0.04 0.00 0.16 0.14 0.16 + 0.01 0.23 0.02 0.79 0.69 0.72 - 0.03 3.00 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 1.68 1.51 1.53 - 0.07 16.56 1.46 0.18 0.14 0.15 - 0.01 0.19 0.05 0.38 0.35 0.35 - 0.02 1.08 0.11 0.01 0.01 0.01 - 0.00 0.20 0.00 0.20 0.02 0.13 + 0.09 1.83 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 4.48 3.89 3.98 - 0.15 6.93 2.13 3.60 3.11 3.20 - 0.19 5.86 1.55 0.06 0.05 0.05 + 0.01 0.07 0.01 0.02 0.01 0.02 + 0.02 0.02 0.01 0.04 0.03 0.04 + 0.00 0.05 0.01 0.05 0.04 0.04 - 0.01 0.05 0.02 0.03 0.03 0.03 + 0.01 0.03 0.01 6.08 5.47 5.87 + 0.13 13.31 3.52 0.13 0.10 0.10 - 0.02 0.17 0.05 0.02 0.01 0.01 - 0.01 0.03 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.35 0.00 0.32 + 0.01 0.48 0.13 0.01 0.00 0.00 + 0.00 0.03 0.00 0.54 0.44 0.47 + 0.06 0.54 0.11 0.04 0.03 0.04 + 0.01 0.04 0.01

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 17 Virginia Enrgy* Viscount Mng V 243 Visible Gold M V 3753 Vista Gold* X 2917 Vista Gold T 203 Voltaic Min V 136

0.02 0.05 + 0.02 0.08 0.05 0.03 0.16 0.58 + 0.06 0.63 0.58 0.50 0.05 0.04 0.04 - 0.01 0.09 0.02 0.24 0.79 - 0.03 0.89 0.89 0.73 0.31 1.05 - 0.01 1.15 1.15 0.97 0.03 0.25 - 0.04 0.52 0.30 0.25

Wabi Expl 23 Walker River V 248 T 228 Wallbridge Mng O 1200 Walter Energy* Waseco Res V 288 Wealth Mnrls* O 679 Wealth Mnrls V 2145 O 496 Wellgreen Plat* Wellgreen Plat T 479 V 36 Wescan Gldflds T 3449 Wesdome Gold 815 V West Af Res 105 West High Yld V West Kirkland V 1153 West Melville V 32 615 West Red Lake* O 2742 West Red Lake O 23 Western Areas* X 251 Western Copper* T 251 Western Copper 104 Western Pac Rs* O Western Uran 23 Western Uran* O 25 O 23 Westhaven Vent* V 334 Westhaven Vent O 373 Westkam Gold* V 7825 Westkam Gold V 2095 Westminster Rs Westmoreland* D 785 71 White Mtn Engy* O Whitemud Res V 36 Wildcat Expl V 52 O 40 Wincash Apolo* 795 Winston Gld Mg Wolfden Res V 800 V 3120 Wolverine Mnls V 22 Worldwide Res WPC Res V 734 X-Terra Res V 24 Xander Res V 69 Ximen Mng V 612 Ximen Mng* O 27 XLI Tech Inc* O 1533 Xmet Inc V 850 V 714 Xtierra Xtra-Gold Res T 303 O 35 Xtra-Gold Res* Yamana Gold T 41465 79117 Yamana Gold* N Yanzhou Coal* N 80 T 201 Yellowhead Mng 48 O Zadar Vent * Zadar Vent V 288 Zazu Metals T 75 Zazu Metals* O 130 O 10 Zenyatta Vent* Zenyatta Vent V 273 Zephyr Mnls V 56 Zimtu Capital V 476 Zonte Mtls V 181

0.02 0.05 + 0.01 0.06 0.05 0.00 0.02 0.05 - 0.01 0.08 0.06 0.05 0.02 0.09 - 0.01 0.10 0.10 0.09 0.01 0.07 + 0.00 0.56 0.08 0.06 0.02 0.04 + 0.01 0.05 0.05 0.04 0.10 0.51 + 0.13 0.57 0.51 0.35 0.14 0.65 + 0.17 0.71 0.67 0.45 0.12 0.23 - 0.03 0.35 0.25 0.21 0.16 0.30 - 0.02 0.43 0.33 0.27 0.01 0.04 - 0.02 0.06 0.04 0.00 0.89 1.66 - 0.02 1.82 1.71 1.47 0.20 0.18 0.20 + 0.01 0.22 0.05 0.26 0.22 0.22 - 0.02 0.43 0.17 0.04 0.11 + 0.01 0.14 0.12 0.10 0.08 0.20 - 0.05 0.60 0.20 0.20 0.25 0.15 0.20 + 0.04 0.25 0.02 0.34 0.20 0.26 + 0.06 0.34 0.01 1.28 1.36 - 0.19 2.75 1.55 1.36 0.20 0.58 + 0.01 0.66 0.63 0.56 0.29 0.75 + 0.02 0.87 0.81 0.74 0.02 0.01 0.01 - 0.01 0.03 0.00 1.20 1.60 - 0.15 5.00 1.70 1.54 1.19 1.20 - 0.16 1.80 1.35 1.19 0.10 0.11 - 0.00 0.12 0.11 0.11 0.04 0.13 - 0.01 0.15 0.15 0.12 0.01 0.04 - 0.00 0.05 0.05 0.03 0.02 0.05 - 0.01 0.06 0.06 0.04 0.01 0.12 - 0.03 0.18 0.15 0.12 7.99 6.98 7.65 - 0.18 28.42 3.44 0.13 0.08 0.09 - 0.04 0.46 0.07 0.01 0.01 + 0.01 0.03 0.01 0.00 0.02 0.09 - 0.01 0.16 0.13 0.08 0.06 0.10 + 0.04 0.35 0.10 0.07 0.11 0.10 0.10 - 0.01 0.13 0.10 0.05 0.13 + 0.01 0.15 0.14 0.12 0.02 0.03 + 0.01 0.08 0.03 0.02 0.01 0.04 + 0.01 0.06 0.04 0.00 0.03 0.10 - 0.02 0.12 0.11 0.09 0.06 0.15 - 0.01 0.23 0.17 0.15 0.19 0.44 + 0.01 0.46 0.46 0.43 0.02 0.09 - 0.03 0.15 0.11 0.09 0.01 0.07 - 0.02 0.11 0.09 0.07 0.10 0.08 0.09 + 0.01 1.50 0.07 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.03 - 0.01 0.04 0.04 0.03 0.18 0.46 + 0.01 0.50 0.46 0.44 0.12 0.34 - 0.02 0.38 0.36 0.33 1.89 6.22 + 0.05 6.70 6.70 5.75 1.38 4.72 - 0.03 5.19 5.19 4.37 3.66 4.96 + 0.06 9.77 5.12 4.91 0.03 0.05 - 0.02 0.18 0.07 0.05 0.17 0.16 0.16 - 0.02 0.20 0.06 0.01 0.23 + 0.01 0.26 0.23 0.21 0.09 0.22 - 0.03 0.33 0.28 0.22 0.08 0.20 + 0.01 0.24 0.22 0.20 0.47 0.63 - 0.00 2.01 0.68 0.63 0.63 0.85 + 0.04 2.50 0.87 0.78 0.08 0.19 - 0.03 0.24 0.24 0.00 0.12 0.17 - 0.03 0.34 0.20 0.16 0.02 0.09 + 0.01 0.15 0.09 0.07

W-Z

BID-ASK — MAY 16–20, 2016

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Aldershot Res Alexandra Cap Allante Potash Alpha Nat Res* Altitude Res Alturas Mnrls Amanta Res Amer Vanadium Anglo Pac Grp APAC Res Inc Apple Cap Inc Arch Coal* Archon Mineral Arco Res Arcturus Vents Ardonblue Vent Armor Mnrls Arrowhead Gold Arrowstar Res Artha Res Asher Res Asia Now Res Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Aurania Res Aurgent Gold Austin Res Banks Island BCGold BE Res Bearing Res BHK Mining Big Bar Res Bird River Res Black Bull Res Blind Crk Res Boss Power Bravura Vent Brunswick Res Buccaneer Gold Bullman Mnls Cairo Res Canyon Copper Carrie Arran Cascade Res Cassidy Gold Cataca Res* Cava Res Celeste Mng Celtic Minrls Century Global Chieftain Mtls China Mnls Mng Chinapintza Mg Cicada Vents Cliffs Nat Res* Clydesdale Res CMX Gold & Sil CNRP Mng Comet Inds Compliance Egy Copper Reef Mg Cougar Mnls Crestwell Res Cresval Cap Cricket Res CWN M’g Acq Cyprium Mng Damara Gold Delrand Res Desert Gold Deveron Res DGS Mnls Diamond Fields Discovery-Corp DV Resources E-Energy Vent Enfield Expl

8-10_MAY30_StockTables.indd 10

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

0.12 0.40 0.01 0.03 ...

0.01 0.06 0.15 0.20 0.22 ...

0.40 0.03 0.04 0.03 ...

0.02 0.10 0.23 0.24 0.07 0.10 0.01 0.01 0.01 0.02 0.09 0.09 1.48 2.50 0.03 0.10 0.02 0.06 ... ...

1.71 1.90 0.05 0.08 0.01 0.02 0.05 0.09 0.21 0.35 0.01 ...

0.05 0.06 0.13 0.15 0.01 0.02 0.01 0.02 0.09 ... ...

0.01 ...

0.01 ... ...

0.33 0.51 0.05 0.10 0.01 0.01 0.01 0.01 0.05 0.07 ...

0.34 0.01 0.05 0.03 0.04 0.08 0.50 ...

0.07 ...

0.01 0.05 0.07 0.17 0.20 0.07 0.13 0.02 0.03 0.02 0.03 0.04 0.05 0.21 0.30 0.01 0.02 0.05 ...

0.02 0.04 0.01 0.02 ... ...

0.06 0.07 ...

0.01 ... ...

0.24 0.30 0.06 0.13 0.01 0.02 0.01 0.02 0.01 0.01 1.45 3.20 0.01 0.02 ...

0.10 0.01 0.01 1.32 1.75 0.03 0.03 0.02 0.03 0.01 0.01 0.04 0.10 0.04 0.05 0.01 0.04 0.13 0.50 0.08 0.08 0.05 0.10 0.50 0.60 0.10 0.50 0.20 0.22 0.04 0.09 0.02 0.02 0.03 0.04 0.03 0.04 ...

0.01 ... ...

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LOW

STOCK

0.14 0.01 0.01 0.08 0.16 0.12 0.01 0.03 0.01 0.20 0.02 0.01

European Metal Eurotin Falcon Gold Fire River Gol First Idaho Fort St J Nick Freeport Res Galena Intl Rs Gentor Res GFM Res Giyani Gold Global Cobalt God’s Lake Res Goldbelt Emp Golden Band Gossan Res Grande Portage Graniz Mondal Gravis Energy Gray Rock Res Great Bear Res Greatbanks Res Greenshield Ex Greywacke Expl GWR Res Handa Copper Harvest Gold Highbury Proj Highvista Gold HiHo Silver Homeland Egy IGC Res Inform Res Interconnect Intl Samuel Ex Jasper Mng Jazz Res JDF Explor Inc Jet Gold Jet Metal Jubilee Gold Kairos Cap Karmin Expl Karoo Expl Kenna Res Kestrel Gold Kitrinor Mtls La Imperial Lakeside Mnrls Lancaster Cap Lateral Gold Lions Bay Cap Lovitt Res Lucky Mnls Lund Enterpr Maccabi Vent MacMillan Mnls Mainstream Mnl Manado Gold Masuparia Gold Match Capital MaxTech Vent McLaren Res Mega Copper Megastar Dev Mesa Expl Metallum Res Mezzotin Mnrls MillenMin Vent Mistango River Moag Copper Montego Res Morgan Res Morumbi Res Mountain Lake Mountainstar Mukuba Res Nebu Res Network Expl New Klondike Newstrike Res Nickel North North Am Tung NQ Explor NSS Res Inc Open Gold

0.07 1.07 0.03 0.09 0.58 1.30 0.03 0.01 0.05 0.10 0.03 0.04 0.01 0.02 0.01 0.09 0.01 0.01 0.06 0.30 0.02 0.01 0.01 0.03 0.03 0.10 0.02 0.03 0.17 0.02 0.01 0.02 0.03 0.08 0.01 0.05 0.02 0.01 0.20 0.04 0.01 0.15 0.03 0.01 0.01 0.01 0.98 0.01 0.09 0.01 1.05 0.03 0.01 0.03 0.08 0.01 0.01 0.11 0.06 0.04 0.10 0.08 0.17 0.02 0.01 0.03 0.03 0.01

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STOCK

Oracle Mng Orestone Mng Orofino Mnrls Oronova Res Otterburn Res Oxford Res Pac Arc Res Pac Bay Mnrls Pac Cascade Pac Link Mng Pantheon Vent Parlane Res Philippine Mtl Phoenix Gold Plata Latina PNG Gold Prism Res Prize Mng ProAm Expl QMC Quantum Ml Quartz Mtn Res Rare Element* Ravencrest Res Razore Rock Res Red Moon Potsh Red Oak Mg Red Rock Enrgy Redzone Res Remington Res Revolver Res Rhyolite Res Rift Valley Rio Silver River Wild Exp Rodinia Lithm RosCan Mrnls Rotation Mnls Royal Sapphire Rubicon Mnrls* Savoy Vent Scavo Res SG Spirit Gold SGX Res Shoshoni Gold Signal Expl Silver Phoenix Sniper Res Stellar Africa Stone Ridge Ex Strata Mnls Sunrise Res Sunset Cove Mg Swift Res Tanager Energy Tantalex Res Tartisan Res Tearlach Res Telson Res Teryl Res Corp Theia Res Thunder Mtn Gd Tiller Res Tri-River Vent Trident Gold Troy Enrgy True Grit Res UC Res United Coal Universal Vent Uranium Valley Vangold Res Vela Minerals Velocity Mnrls Volcanic Mtls WCB Res Westridge Res Weststar Res Whistler Gold White Metal Rs Winston Res Wolfeye Res Xiana Mng Zena Mng Zinco Mng Zincore Mtls

12-MONTH

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0.01 0.07 0.02 0.03 0.19 0.23 0.04 0.04 0.20 0.03 0.01 0.01 0.06 0.10 0.01 0.02 0.02 0.03 0.10 0.13 0.16 0.21 0.04 0.06 0.01 0.02 0.06 0.07 0.01 0.11 0.12 0.02 0.05 0.02 0.02 0.02 0.02 0.02 0.03 0.15 0.89 0.01 0.01 0.05 0.08 0.03 0.05 0.01 0.06 0.01 0.06 0.11 0.30 0.04 0.05 0.18 0.23 0.13 0.18 0.01 0.04 0.04 0.05 0.01 0.01 0.01 0.05 0.01 0.01 0.04 0.15 0.04 0.07 0.03 1.35 0.16 0.36 0.54 0.09 0.20 0.02 0.05 0.01 0.01 0.03 0.04 0.10 0.10 0.01 0.07 0.01 0.04 0.11 0.14 0.01 0.05 0.01 0.05 0.01 0.03 0.01 0.07 0.09 0.10 0.03 0.07 0.04 0.07 0.08 0.16 0.22 0.23 0.02 0.02 0.10 0.18 0.08 0.12 0.04 0.09 0.03 0.17 0.01 0.02 0.01 0.03 0.01 0.04 0.02 0.03 0.01 0.45 0.45 0.05 0.13 0.02 0.02 0.04 0.08 0.08 0.20 0.09 0.10 0.04 0.15 0.01 0.02 0.06 0.06 0.02 0.02 0.05 0.08 0.01 0.08 0.25 0.35 0.04 0.10 0.07 0.10 0.05 0.08 0.01 0.03

0.01 0.01 0.05 0.03 0.01 0.03 0.01 0.01 0.09 0.01 0.01 0.01 0.01 0.04 0.02 0.01 0.01 0.01 0.06 0.01 0.01 0.02 0.01 0.01 0.06 0.01 0.07 0.09 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.26 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.01 0.05 0.05 0.02 0.03 0.01 0.01 0.01 0.01 0.42 0.04 0.01 0.02 0.05 0.04 0.02 0.01 0.01 0.01 0.02 0.01 0.12 0.03 0.05 0.01 0.01

2016-05-24 8:22 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30–JUNE 5, 2016

11

Drilling pays off for Richmont at Island Gold ONTARIO GOLD

| Miner finds continuity of deposit laterally and at depth

BY SALMA TARIKH

R

starikh@northernminer.com

ichmont Mines (TSX: RIC; NYSE-MKT: RIC) shares got a boost after exploration drilling confirmed the Island Gold mine near Wawa, Ont., continues to grow in size.

The 77.7 sq. km property sits 83 km northeast of Wawa in the Sault Ste. Marie mining division, and 10 km from the city of Dubreuilville.

Richmont became operator of the project in 2005, and put it into commercial production in October 2007. The miner processes ore from Island Gold at the on-site mill that has a capacity of 900 tonnes per day.

Since starting commercial production, Richmont’s flagship asset has churned out more than 350,000 oz. gold.

Earlier this year, Richmont grew Island Gold’s year-end 2015 reserves 206% to 561,000 oz., from 183,750 oz. previously. Gold grades jumped 29% to 8.26 grams per tonne.

The improvements resulted from converting 80% of the resources in the deposit’s Lower C zone into reserves. The C zone is the deposit’s main mineralized structure, with the lower portion extending from 450 metres to 1,000 metres below surface. The reserves — included in the 2015 preliminary economic assessment (PEA) — show Island Gold has more than seven years of mine life.

ISLAND GOLD PRODUCED 26,589 OZ. GOLD IN Q1.

Richmont plans to upgrade Island Gold’s remaining resources into a higher resource category, as well as reserves. The deposit has 348,500 measured and indicated tonnes at 6.4 grams gold for 71,700 oz., plus 815,000 inferred tonnes at 8.49 grams for 768,050 oz. (The PEA only included part of the global resource.)

Meanwhile, Richmont is seeking to add more resources along strike as well as at depth. Last September, it kicked off a lateral exploration program to test the continuity of the deposit above the 1,000-metre level. So far, it has completed 46,800 metres of the planned 56,000-metre program, which should wrap up in June.

Recent drilling has returned “significant grade and good thickness” as far as 1 km east of the known orebody, showing continuity along strike as well as vertical continuity on the eastern side of the deposit, Richmont’s CEO Renaud Adams says.

Given the favourable results from drilling to the east — where the best intercept returned 33 grams gold over a true width of 2.6 metres — Richmont has deferred drilling to test the possible extension to the west.

“The results so far show the orebody will increase in size from this program,” Haywood Securities analyst Kerry Smith says.

“For us, the lateral exploration along strike of the known orebody is priority number one. Not only will it leverage the capital expenditure we’ve spent to date, it will allow the mine to extend the life without

1 2 3 4 5 11 13 14 16_MAY30_Main .indd 11

need for future infrastructure in the mine,” Adams says.

“The second effort is really to test and prove the vertical extension of the deposit below the 1,000.”

Last October, Richmont outlined a 30-hole, 23,000-metre program to test the down-plunge extension of the deposit between the 860- and 1,500-metre levels, and follow-up on a high-grade hole that from surface intersected 19.87 grams gold over 3.9 metres at 1,200 metres below surface.

To date, it has drilled 16,000 metres in 15 holes, with all of them hitting the main mineralized structure.

The weighted average of nine of those holes was 12 grams gold over a 5-metre true width. Richmont has added a fourth drill rig and another 5,000 metres to that program, which should conclude in the third quarter.

The mine’s main ramp extends to a vertical depth of 770 metres and should reach 860 metres by year-end, Adams says.

The regional drilling also looks promising. Richmont has completed three holes below the old Kremzar mine, located 2 km north of the Island Gold mine. Results confirmed a gold zone of 9.71 grams per tonne over 8 metres of core length at 600 metres below surface.

Along with returning encouraging drill results, Island Gold had had a stellar operational start in 2016. In the first quarter, it produced 26,589 oz. gold, in a 147% increase over the same period in 2015 and an 87% increase over the previous quarter.

The higher production, Adams notes, resulted from higher-thanexpected grade of 11.31 grams gold, record mill throughput of 834 tonnes per day and improved underground productivity.

Company-wide output in the first quarter, which includes the Beaufor mine and the now depleted Monique mine, was 32,369 oz. gold, up 25% from the year earlier. Both of these mines are in Quebec.

Cash costs for the quarter at Island Gold fell 52% from a year ago to US$491 per oz., while companywide cash costs decreased 18% to US$587 per oz.

Richmont is working on an updated PEA, due out in the second half of the year. The 2015 PEA included resources between the 450-metre and 860-metre levels, while the update will assess the economics of resources between 450 metres and 1,000 metres, Adams says. The study will also look at the possibility of expanding the mill’s throughput to 1,150 tonnes per day.

“The best scenario for us will be to minimize the capital involved in the expansion, and remain above 1,000 metres as long as possible to leverage the capital investment we have done to date.” That said, he notes the mine will have to continue to grow at depth to become a multimillion ounce producer.

Richmont is guiding full-year production of 87,000 to 97,000 oz. at cash costs of US$680 to US$730 per oz., with Island Gold delivering between 62,000 and 67,000 oz. at cash costs of US$660 to US$705 per oz.

Richmont exited March 2016 with a cash balance US$45 million.

Its shares finished May 7 at $10.06, gaining 11% over the last two trading sessions on the positive exploration results. TNM

IDM Mining’s Red Mountain gold project in northwestern British Columbia. IDM MINING

Premier Gold invests in IDM Mining GOLD

P

| Emerging producer buys into Red Mountain project in BC

remier Gold Mines (TSX: PG) expects to be in production this year at its 40%-owned South Arturo gold project in Nevada, but is looking for investment opportunities beyond its project pipeline in Nevada and Ontario.

And so it has taken a stake in IDM Mining (TSX: IDM), which is advancing its Red Mountain gold project in northwestern British Columbia.

IDM Mining said Premier Gold acquired 6.5% of its shares, or 9.4% on a partly diluted basis, in a recently completed private placement.

IDM is advancing Red Mountain to a potential construction decision in 2017, and last month updated the resource estimate for the underground gold project — a porphyry-related hydrothermal gold system in the Stikine terrain of B.C.’s Golden Triangle, 15 km northeast of Stewart.

Ewan Downie, Premier’s CEO, could not be reached for comment on the investment decision.

A preliminary economic assessment completed in July 2014 concluded that most of the deposit is amenable to bulk underground long-hole mining methods, and could be built at an initial capital cost of US$76 million (including a 15% contingency). The now out-of-date PEA also estimated a five-year mine life, with an average life-of-mine annual payable production of 55,000 oz. gold and 171,000 oz. silver.

Based on the latest resource update, measured and indicated resources stand at 1.6 million tonnes grading 8.36 grams gold per tonne and 26 grams silver per tonne for 441,500 oz. gold and 1.40 million oz. silver, with inferred resources adding 548,100 tonnes at 6.1 grams gold and 9 grams silver for 107,500 oz. gold and 153,700 oz. silver. The resource is based on a cut-off of 3 grams gold.

Meanwhile, in the Red Lake mining district of northwestern Ontario, Premier continues to extend the near-surface mineralization in the Hasaga porphyry area

IDM IS ADVANCING RED MOUNTAIN TO A POTENTIAL CONSTRUCTION DECISION IN 2017. of its wholly owned Hasaga project.

The Hasaga property hosts the past-producing Hasaga and Gold Shore underground mines, which ceased production in the early 1950s. Premier acquired 100% of Hasaga from Goldcorp (TSX: G; NYSE: GG) in February 2015.

Premier has just provided the latest update from its winter drill program at Hasaga, which was completed on May 1, and reported that initial results suggest there is potential to expand both the open-pit and underground mineralization at the project.

Highlights from the drill program include hole 103, about 200 metres southwest of previous drilling, that returned 3 metres of 7.52 grams gold. The step-out hole was also significant because it represents drilling on the recently bought Buffalo portion of the project.

In a corporate blog, Stephen McGibbon, Premier’s executive vice-president of corporate and project development, noted that the Hasaga porphyry system “appears to be wide open, as it crosses onto the Buffalo ground … and targeting this potential extension will be an important part of our exploration campaign during the latter half of the year.”

Other intercepts are 1.27 grams gold across 85 metres in hole 105 and 1.18 grams gold over 117 metres in hole 106.

So far the drilling has focused on defining bulk lower-grade mineralization, but the winter program “suggests higher-grade vein structures exist within the Hasaga porphyry that warrant more infill drilling to establish potential continuity,” the company said in a news release.

Hasaga will be Premier’s largest exploration program this year, and for the rest of 2016 will consist of a mix of infill and stepout drilling, bulldozer stripping, mapping and channel sampling on outcrop exposures, wedge drilling to test the continuity of recently identified high-grade gold mineralization and more step-out drilling. The company is also undertaking metallurgical profiling and test programs, and will report those results in the second half of the year.

McGibbon said the follow-up drill program at Hasaga could result in a maiden resource estimate later this year or in early 2017.

Last month Premier updated investors on its 2016 exploration program at the McCoy-Cove project along the Battle Mountain-Eureka trend in Nevada. The McCoy-Cove open-pit gold mines together produced 3.3 million oz. gold and more than 110 million oz. silver over 17 years, from 1986 to 2003.

Premier has budgeted US$4.5 million for a 10,000-metre drill program there this year that will begin on the high-grade HelenCSD target, where Premier hopes to expand mineralization northwest of the Cove open-pit mine.

Step-out drilling will focus on testing the on-strike extension of the Helen zone to the southeast and towards a hole Premier drilled in 2014. That hole — PG-1 — is 365 metres along strike from the Helen zone deposit, with mineralization hosted in the same carbonate rock units.

The company also has permission to build a portal and a ramp to explore the Helen zone using underground drill stations, and collect potential bulk samples.

Eric Lemieux of PearTree Securities said in a research note after the May 3 release of the Hasaga drill results that Premier Gold “provides exposure to potential precious metal production in lowrisk jurisdictions, and has a stellar track record as a superior project generator.” TNM

2016-05-24 9:20 PM

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12_MONTH00_ProDirectory .indd 12

2016-05-24 12:26 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30–JUNE 5, 2016

13

Agnico drills prospects across Canada, Sweden and Mexico GOLD

| Amaruq deposit could extend the life of Meadowbank mine

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

A

gnico Eagle Mines (TSX: AEM; NYSE: AEM) has reported another strong quarter to start 2016, and it is giving the market a more detailed look into its exploration portfolio that hints at an equally bright future.

Agnico tabled f irst-quar ter production of 411,336 oz. gold at by-product, all-in sustaining costs (AISC) of US$797 per oz. gold. The company is on track to hit the upper end of its annual guidance of 1.53 million oz. to 1.57 million oz. gold at AISCs of between US$850 and US$890 per oz. gold.

Quarterly net income totalled US$28.7 million, or 13¢ per share, with cash from operations pegged at US$146 million. The result marks the sixth straight quarter that Agnico has lowered its debt, which fell by US$89 million to US$923 million.

“We continue to make progress on several fronts: production, cost, exploration and development, and financial f lexibility,” president and CEO Sean Boyd said during a conference call.

“The solid performance helped us improve financial f lexibility, and we declared a quarterly dividend for the 34th consecutive year.”

Agnico enjoyed a particularly strong quarter from its Pinos Altos and La India operations in Mexico, which produced nearly 88,000 oz. gold and 752,000 oz. silver. Total by-product cash costs were only US$364 per oz. gold.

Agnico has benefitted from a

Drills at Agnico Eagle Mines’ Amaruq gold project in Nunavut. AGNICO EAGLE MINES

diversified production base and a portfolio of high-grade gold operations, but it has also showed a propensity for timely acquisitions and brownfield discoveries.

Agnico's highest-profile exploration success over the past few years is the Amaruq gold deposit, which could extend the life of the Meadowbank mine in Nunavut, which faced closure in 2018.

The Amaruq property covers nearly 190 sq. km, 50 km northwest of the mine site. The Whale Tail zone is the largest of six mineralized zones discovered to date, and a 75,000-metre drill campaign has indicated “gold-bearing zones that are all open along strike and at depth.”

“We’ve got a heavy program at

Amaruq, and we continue to receive good results,” Boyd said. “At Whale Tail we’ve encountered better thicknesses, which is important for the mining rate there. We have the large mill at Meadowbank, so the thicker the deposit, the higher the mining rate to take advantage of the available capacity at the plant. And we’ve moved some of our rigs from other parts of the property to locations where we see higher-grade, visible gold in shallow drilling.”

Recent drill highlights from Amaruq include: 12.1 metres of 22.7 grams gold per tonne from 66 metres deep in hole 16-654; 16.1 metres of 42.9 grams gold from 91 metres deep in hole 16-643; and 20 metres of 10.8 grams gold from

Endeavour posts mixed Q1 EARNINGS MISS

BY SALMA TARIKH

E

starikh@northernminer.com

ndeavour Mining (TSX: EDV) eked out a small profit in the first quarter as it increased gold production and lowered all-in sustaining costs, but missed analysts’ expectations.

Net earnings for the first quarter fell to US$1 million, or US2¢ per share, compared to last year’s US$9 million, or US22¢ per share.

Endeavour attributes the drop to the acquisition cost for True Gold’s Karma gold mine in Burkina Faso, as well as higher operating and corporate costs associated with the first full quarter of operating the Ity mine in Côte d’Ivoire. Endeavour completed the True Gold takeover in late April.

“The first quarter of 2016 has been a pretty good start for us — a start to a busy and quite exciting year,” the company’s CEO Neil Woodyer said on a conference call.

Adjusted earnings, however, fell 81% from the year earlier to US5¢ per share, missing analysts’ average US21¢ estimate.

BMO analyst Andrew Breichmanas attributes the earnings miss to lower-than-expected production.

Endeavour’s five West African gold mines — Agbaou, Tabakoto, Nzema, Ity and Youga — churned out 131,567 oz., up 6% from the year earlier, but below Breichmanas’ 149,000 oz. estimate.

Despite the lower output, the

1 2 3 4 5 11 13 14 16_MAY30_Main .indd 13

300 metres deep in hole 16-601.

Amaruq hosts nearly 17 million tonnes grading 6.05 grams gold per tonne for 3.3 million contained oz. gold.

Agnico’s Barsele project in Sweden is another up-and-comer. The company acquired a 55% interest in the asset in mid-2015, and can earn another 15% by completing a prefeasibility study.

Barsele features intrusive-hosted gold zones in the Central, Avan and Skirasen areas, and Agnico sees broad similarities to its Goldex mine in Val-d’Or, Que. The company released inaugural assays from a 13,300-metre program at the property highlighted by: 84 metres averaging 2.07 grams gold from 339 metres deep in hole 15-016; 79 metres of 1.25 grams gold from 400 metres deep in hole 16-005; and 27 metres of 3.06 grams gold from 276 metres deep in hole 16-001.

“We had been looking for an opportunity in the region for a while, but it wasn’t until last year that we found something to really get excited about at Barsele,” Boyd said. “It has similarities to Goldex in terms of grades and thicknesses, and the large nature of the structure. We believe we’ve connected the central zone and another zone there, with good thicknesses and grades. We’re off to a good start.”

Agnico will also complete a 60,000-metre drill program at the Odyssey property — which is part of the fifty-fifty Canadian Malartic mine joint venture with Yamana Gold (TSX: YRI; NYSE: AUY) — and 25,000 metres at its El Barqueno project in Mexico.

“We certainly had a sense when we became involved with the Canadian Malartic opportunity that Odyssey could be important,” Boyd said. “At El Barqueno we discovered two mineralization areas, but we have some surface rights to tidy up in those areas before we can really talk about it.”

Resources at El Barqueno include 19.7 million tonnes at 0.96 gram gold, 5.78 grams silver and 0.2% copper. In-situ metals total 3.7 million oz. silver and 608,000 oz. gold.

Agnico has traded within a 52week window of $27.63 to $59.85, and closed at $58.12 per share at press time. The company has 221 million shares outstanding for a $12.7-billion market capitalization.

Scotiabank analyst Tanya Jakusconek noted that Agnico had a “stonger quarter than expected,” and management says the Amaruq deposit could support a 9,000-tonne-per-day mining rate.

Scotiabank has a “sector outperform” rating on Agnico, along with a US$36.50-per-share price target. TNM

| Production below 149,000 oz. estimate analyst highlights the company’s “impressive cost reductions.”

Endeavour drove down all-in sustaining costs to US$900 per oz., compared to US$946 per oz. a year ago.

The decrease came from adding the low-cost Ity mine and cost reductions at the Agbaou and Tabakoto mines in Côte d’Ivoire and Mali. “Agbaou did achieve a record [US$525 per oz.] all-in sustaining cost low for the quarter, mainly due to the renegotiation of our mining contract rates and following the optimization of a mine plan,” Woodyer said.

All-in sustaining costs for its operations — which excludes the Youga mine — averaged US$889 per oz. gold. Earlier this year, Endeavour sold the non-core Youga mine in Burkina Faso for US$20 million.

Endeavour made US$28 million in free cash flow in the quarter (before working capital, tax and financing costs), which is up US$3 million from the same period last year. “Our guidance for the year is 90. So we are very much on track to achieve that,” Woodyer said.

“The second quarter is particularly important for us,” he added, explaining that the company is integrating the Karma mine and ramping it up to commercial production in June.

Construction at its Houndé gold project in Burkina Faso also kicked off in the quarter.

First production at Houndé should start in late 2017. Once it

does, Houndé will become the company’s flagship low-cost mine. Based on current reserves, it has a 10-year life, and during the first four years should produce 235,000 oz. a year at all-in sustaining costs of US$610 per oz. gold.

“With the addition of Houndé and Karma to our portfolio, we’re on a clear path to delivering our objectives as a group to improve the quality of our assets. We should increase the group’s production to 900,000 oz. a year, and at the same time lower our average all-in sustaining cost to below $800 by the end of 2018,” Woodyer said.

The company expects to update its 2016 guidance at the end of July to include the Karma mine. Its full-year forecast includes 535,000 to 560,000 oz. gold at all-in sustaining costs of US$870 to US$920 per oz. gold.

“With Karma now ramping up production and Endeavour moving forward with Houndé’s construction, we view the company as an aggressive growth story, with an improving cost profile and balance sheet, coupled with attractive valuation,” Raymond James analyst Chris Thompson writes. He has a “strong buy” and a $20 target on the stock.

BMO’s Breichmanas has a $17.50 target and “outperform” rating.

Endeavour ended the first quarter with a net debt of US$136 million, down from US$256 million a year ago. Its cash balance was US$182 million. TNM

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2016-05-24 9:21 PM

14

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MAY 30–JUNE 5, 2016 / THE NORTHERN MINER

Falco outlines $905M gold mine in Horne PEA BROWNFIELD EXPLORATION

BY MATTHEW KEEVIL

F

mkeevil@northernminer.com VANCOUVER

alco Resources (TSXV: FPC; US-OTC: FPRGF) hopes to have the historic Horne gold complex in Quebec back in production by 2020. On May 9, the company released a preliminary economic assessment (PEA) on the Horne 5 deposit, which models a bulk-tonnage underground mine that would require $905 million in initial capital expenses.

T he s t udy c ont empl at e s a 15,000-tonne-per-day surface facility that would crank out 236,000 oz. gold annually at all-in sustaining costs of US$427 per oz., net of byproduct credits. The US$1,250 per oz. base case features a U$667-million, after-tax net present value at a 5% discount rate, and a 16% internal rate of return.

Horne 5 is located in an industrial park within the city limits of RouynNoranda, and development would

| ‘Best place in the world to do the job is the Abitibi and Rouyn-Noranda’

focus on the former Quemont mine site. The company plans to build a semi-autogenous and ball-milling crushing facility that would divide flotation and thickening into three circuits to recover copper, zinc and pyrite concentrates.

“As a mine builder I’d say the best place in the world to do the job is probably in the Abitibi and in Rouyn-Noranda,” president and CEO Luc Lessard said during a conference call.

“We have many experienced miners and construction staff in this area, and that goes for major equipment and suppliers as well.

We plan to do the same exercise our team has done before, where we drive the bus and are in place to support the engineering firms.”

The PEA proposes a 12-year mine life targeting 64 million tonnes of volcanic-massive sulphide (VMS) material, with an average diluted grade of 2.6 grams gold equivalent per tonne for 4.8 million contained oz. gold.

Payable life-of-mine gold recovery is expected to average 87%, while by-product metallurgical recoveries would average 74% for copper, 67% for zinc and 75% for silver.

Falco has analyzed copper and zinc concentrates, and concluded they are “free of deleterious elements, and expected to be readily marketable to both smelters and traders.”

Horne 5 hosts 58.3 million indicated tonnes grading 1.82 grams gold per tonne, 15.60 grams silver per tonne, 0.2% copper and 1% zinc, or 2.86 equivalent grams gold for 5.36 million equivalent oz. gold. Inferred resources total 12.7 million tonnes averaging 2.10 grams gold, 26.26 grams silver, 0.2% copper and 0.6% zinc, or 3.08 equivalent grams gold for 1.25 million equivalent oz. gold.

“The project does work at lower gold prices if we’re looking at the current market environment,” chief financial officer Vincent Metcalfe noted. “The Young-Davidson operation in Ontario is probably the

Drillers at Falco Resources’ Horne gold project in Quebec. FALCO RESOURCES

most comparable mine to the Horne project due to a similar grade and depth profile. The major benefit

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1 2 3 4 5 11 13 14 16_MAY30_Main .indd 14

at Horne is the higher density of the material compared to other deposits, and that’s a function of the VMS geology. The vertical nature of the orebody also limits dilution.”

Falco remains optimistic on exploration upside near the Horne 5 resource. On April 26, the company mobilized two drill rigs to the site to complete a 20,000-metre drill program. The first target will be the Horne 5 Western Extension, which Lessard said could add “between 5 and 10 million tonnes of ore.”

Meanwhile, the company will also follow up with 10,000 metres at the Quemont extension, where mineralization is hosted within massive, very fine-grained lava flows of dacitic to rhyolitic composition.

Historic work reportedly shows that the major structural control consists of fractures within a “westerly plunging anticline.”

Lessard said that during confirmation drilling, the company saw more potential in the Quemont western plunge, and is looking to start a drilling program from underground after dewatering. He added that Falco would have the drill rigs active for the next four to five months.

With Horne's infrastructure advantages, most capital expenses are earmarked for underground mining and processing facilities, which account for $598 million.

Lessard and his team built the Canadian Malartic gold mine alongside chairman Sean Roosen, who is also the current CEO at Falco’s largest shareholder, Osisko Gold Royalties (TSX: OR).

Metcalfe noted that Falco would continue its relationship with the Quebec government.

“We have the same people doing the same jobs that we did back when we delivered the Canadian Malartic economic studies in 2007 and 2008,” Roosen said. “What they’ve outlined is a realistic plan that has pragmatic numbers and mining methodologies. It’s a project that we believe has great support in the community and from the provincial government. The biggest challenge will clearly be the [development capital], but we believe we’re well-suited to manage that.”

Falco has traded in a 52-week range of 20¢ to 61¢, and closed at 56¢ per share at press time. The company has 111 million shares outstanding for a $63-million market capitalization, and reported cash and equivalents of $3.9 million to end 2015. TNM

2016-05-24 9:21 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30–JUNE 5, 2016

Mine Planning Engineer / Technician British Columbia, Canada

Mine Technologist Timmins, ON. Canada

15

Sr. Engineer, Maintenance McArthur River Saskatchewan, Canada

In this role, you will use your expertise to provide complex specialist un-

Lake Shore Gold Corporation is seeking a Mine Technologist to support

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15-MAY30_NEW-MiningJobs.indd 15

2016-05-24 5:43 PM

WWW.NORTHERNMINER.COM

MAY 30–JUNE 5, 2016 / THE NORTHERN MINER

16

Ivanhoe outlines economics for Big Zinc at Kipushi ZINC-COPPER IN DRC

BY MATTHEW KEEVIL

R

mkeevil@northernminer.com VANCOUVER

obert Friedland’s Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) has tabled a preliminary economic assessment (PEA) for the redevelopment of the brownfield Kipushi zinc-copper project in the Democratic Republic of the Congo (DRC). The plan will involve US$528 million in capital expenses, and take advantage of existing underground infrastructure, including vertical mine shafts, associated head frames and underground mine excavations.

The PEA focuses on Kipushi’s Big Zinc zone, which hosts 10.2 million measured and indicated tonnes grading 34.9% zinc. Wood Mackenzie says the grade is more than “twice as high” as comparable resources at the “world’s next-highest-grade zinc project.”

| Would crank out 281,000 tonnes zinc-in-concentrate annually for at least a decade

Assuming a zinc price of US$2,227 per tonne, the mine plan features a US$533-million, after-tax net present value at an 8% discount rate, and a 30.9% internal rate of return.

Kipushi was previously mined from surface to 1,220 metres deep across three contiguous zones: the North and South zones of the Fault zone; and the Série Récurrente zone in the footwall of the fault, which is east–west striking and steeply north dipping.

The most recent addition to the underground workings — shaft #5 — runs 1,240 metres deep, and Ivanhoe plans to recommission it as its main access point. The shaft has a maximum hosting capacity of 1.8 million tonnes per year and would allow access to Big Zinc. The study contemplates an underground operation that would crank out an average 281,000 tonnes zinc-inconcentrate annually — plus minor

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A Y-junction on the 1,200-metre level at Ivanhoe Mines’ Kipushi zinc-copper project in the Democratic Republic of the Congo. IVANHOE MINES

copper — over a 10-year mine life, at by-product cash costs of US54¢ per lb. zinc.

Friedland said in its release that the mining and milling operation at Kipushi would be “straightforward,” and added that zinc inventories recently dropped to the lowest level since mid-2009, which he believes could lead to market conditions that are “ideal” to evaluate production options at the mine site.

Ivanhoe holds a 68% interest in Kipushi under a joint-venture agreement with the DRC’s state-owned mining company, Gécamines.

Exploration drilling confirmed last year that both Big Zinc and the Fault zone are open at depth

and to the south.

Ivanhoe hit a milestone at Kipushi late in 2015, when the water level in shaft #5 was drained below the 1,200-metre level, which hosts the mine’s main pumping station. The company has been dewatering the project since 2011, and expects the upgrade and refurbishment of the pumping infrastructure to cost US$3.8 million.

RBC Capital Markets analyst Fraser Phillips commented the results should be a “slight positive” for Ivanhoe shares, though the capital expense figure came in well above his US$326-million expectation.

RBC models annual production at Kipushi of 306,000 tonnes zinc-in-

concentrate over 14 years at a US61¢ per lb. cash cost.

Ivanhoe ended 2015 with US$294 million in cash and negligible debt.

On March 23, Ivanhoe added US$41.2 million to its cash position after the first of five equal installments for its Kamoa transaction with China’s Zijin Mining.

Meanwhile, BMO Capital Markets anaylst Aleksandra Bukacheva noted that the capital expense estimate in the PEA is “manageable.” BMO Research has a “market perform” rating on Ivanhoe shares, but no target price, due to an “extremely wide range of valuation outcomes for its shares.”

Bukacheva said that “the PEA represents a derisking milestone for Kipushi, as it sets the framework for a production restart path with a zinc production target that would make Kipushi one of the world’s five largest zinc mines, and it can be used as a source document to solicit development funding and/ or partnership interest.”

Ivanhoe shares have traded in a 52-week range of 53¢ to $1.36, and have risen 64% — or 41¢ to start the year — en route to a $1.03-per-share close at press time. Ivanhoe has 779 million shares outstanding for an $800-million market capitalization. TNM

Intrepid closes West facility, cuts 300 jobs, amid weak potash prices US POTASH

| Intrepid posts US$6.5M adjusted loss in Q1

BY SALMA TARIKH

I

starikh@northernminer.com

ntrepid Potash (NYSE: IPI) is temporarily shutting its largest potash mine amid weak fundamentals, after swinging into a loss in the first quarter.

On May 9, the company posted an adjusted net loss of US$6.5 million, or US22¢ per diluted share, down from an adjusted profit of US$6.5 million, or 9¢ per diluted share, in the first quarter of 2015.

It sold 218,000 tons of potash in the first quarter, down 6% from a year ago. The average realized sales price was US$216 per ton, a 40% decrease from last year’s first quarter and 22% lower than the previous quarter.

The company attributes the depressed price to high levels of global supply and the stronger U.S. dollar, which benefits producers importing tonnage into the North American market.

Intrepid also sold 50,000 tons of specialty fertilizer Trio at average realized prices of US$316 per ton, compared to 62,000 tons averaging US$367 per ton the year earlier.

Trio contains three key plant nutrients — potassium, magnesium and sulphate — in a single product.

Intrepid’s gross deficit came in at US$9.2 million, versus a gross margin of US$18.7 million a year ago.

Given the soft potash prices and oversupply in the U.S. market, the company aims to lower its production and costs.

Earlier that day, it said it would place the West facility in Carlsbad, New Mexico, on care and maintenance and dismiss 300 employees.

The mine should keep producing until July.

“The decision was difficult, but necessary … given the current

“THIS DECISION WAS DIFFICULT, BUT NECESSARY ... GIVEN THE CURRENT MACRO ENVIRONMENT FOR POTASH.” ROBERT JORNAYVAZ EXECUTIVE CHAIR, PRESIDENT & CEO, INTREPID POTASH

macro environment for potash,” Robert Jornayvaz, Intrepid’s executive chair, president and CEO, said on a conference call.

The West facility, which churned out 42% of Intrepid’s potash in 2015, has become “increasingly less profitable in recent months,” due to depressed potash prices.

The miner expects to incur a onetime charge of between US$1 million and US$3 million in severance and associated costs in the second quarter. The West facility should stay offline until potash fundamentals improve.

The company anticipates savings of US$4 million to US$5 million a year from the West closure and leveraging West’s assets to cover some of the maintenance capital at its nearby East facility.

However, it does not expect to see that benefit until 2017, given the cost of the transition. Also offsetting these savings is the estimated US$500,000 to US$750,000 in annual maintenance costs at West.

Meanwhile, the firm has converted its East facility to Trio-only production in April, ahead of schedule. The facility should ramp up by late 2016, Jornayvaz says.

“With these two strategic moves, we will effectively remove 625,000

tons of the highest-cost and lowestmargin potash from our sales mix at a critical time when the potash oversupply in the market has pressured profitability.”

Starting in July, Intrepid forecasts that its cash cost per ton per potash would “decline meaningfully” once it sells the remaining inventory from the West and East facilities, Intrepid’s senior vice-president and chief accounting officer Brian Frantz notes. Once sold, the miner anticipates that its potash costs from is three solar solution potash mines will be between US$110 and US$125 per ton.

Intrepid recently reached an agreement with lenders to extend its credit facility to the end of July.

Its noteholders have also agreed to waive the financial covenants until the end of June.

Jornayvaz says the extensions will help it consider replacing the current credit facility with an alternative.

“We expect to have sufficient liquidity to meet our obligations as they come due,” he added.

Commenting on the changes, BMO analyst Joel Jackson notes the company “could transition into a smaller producer, but with positive cash flow and not in breach of covenants by early 2017.”

He cautions that if potash and Trio prices drop lower, Intrepid could not make more Trio or reach its potash cost targets.

“Considering this risk and Intrepid’s liquidity, it’s hard to be constructive on Intrepid,” he says.

Jackson has a “market perform speculative” rating, with no target price.

The company exited March with US$150 million in debt.

Intrepid gained 18% to close May 10 at US$1.11 per share, after losing 8% the day before. TNM

2016-05-24 9:21 PM