The Northern Miner May 2, 2016 Issue by The Northern Miner Group

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Roxgold eyes the finish line at Yaramoko Burkina Faso

| Junior aims to pour first gold in June

Nevsun trumps Lundin bid for Reservoir Serbia

| Nevsun seeks 75% interest and development rights for Cukaru Peki project By Matthew Keevil mkeevil@northernminer.com VANCOUVER

T CIL processing facilities at Roxgold’s Yaramoko gold mine under construction in Burkina Faso. Roxgold

By Salma Tarikh starikh@northernminer.com

uilding a mine on time a nd w it h i n budget is a tough feat to pull off, but it’s something Africa-focused junior Roxgold (TSXV: ROG; US-OTC: ROGFF) is close to achieving. On April 12, Roxgold reported overall construction at its Yaramoko gold project in Burkina Faso was 84% complete. “Yaramoko is going well. We are 90% built and we’re on track to pour our first gold bars in June,” Roxgold president and CEO John Dorward said in an interview.

The junior broke ground at its 90%-held project — sitting 200 km southwest of the capital Ouagadougou in Balé province — last April. This was three years after it published an initial resource estimate on Yaramoko’s 55 Zone deposit. The Burkina Faso government has a 10% carried interest. At the end of March, Roxgold had spent US$78 million of the US$110.8 million preproduction budget. It has more than enough funds to cover the remaining US$32.8 million in expenses. With all going to plan, Raymond James analyst David Sadowski writes that he sees “no major obstruction to the company reaching its goal.” Once in f u ll sw ing, t he

Leave no

750-tonne-per-day underground operation at the 55 Zone should deliver 99,500 oz. gold annually for over seven years. An April 2014 feasibility study pegs all-in sustaining costs at US$590 per oz. “That is our life-of-mine feasibility study estimate, and everything we see to date gives us confidence that we will be able to meet that target,” Dorward says. The largest contributor to the low costs is the high resource grade. The mine plan is based on an indicated resource of 15.8 grams gold per tonne. The lifeof-mine head grade drops to 11.6 grams per tonne after accounting for dilution, Dorward notes. Inclusive of reserves, the 55 Zone deposit contains 810,000 oz.

in indicated (1.6 million tonnes at 15.8 grams gold) and 278,000 oz. in inferred (840,000 tonnes at 10.26 grams gold), using a 5-gramgold cut-off. Reserves total 759,000 oz. from 1.99 million tonnes at 11.8 grams gold. The reserves start at surface and extend to 430 metres deep. The company’s underground contractor African Underground Mining Ser vices (AUMS) has completed 2,450 metres of decline and lateral development. The ramp has advanced 610 metres from the portal and opened up four levels for ore extraction, with more than 23,000 tonnes placed on the run-of-mine pad.

here had been ample speculation on when Nevsun Resources (TSX: NSU; NYSEMKT: NSU) would mobilize its substantial capital position in the mergers and acquisitions arena, and on April 24, the company finally pulled the trigger on a US$365million deal for prospect-generator Reservoir Minerals (TSXV: RMC) and its high-grade Timok copper discovery in eastern Serbia. With the deal, Nevsun is essentially quashing a US$262-million See Nevsun / 2

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See Roxgold / 2

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A mill (left) and crusher at Roxgold’s new Yaramoko gold mine in Burkina Faso. Roxgold

Roxgold eyes the finish line at Yaramoko ROXGOLD From 1

BMO analyst Andrew Breichmanas notes that the “current stockpiles represent one month of mill feed and appear adequate for start-up.” Stoping will begin in the third quarter. Dorward estimates there should be more than 40,000 tonnes stockpiled before production starts, adding that the company should keep the stockpile at 20,000 to 30,000 tonnes afterwards. Roxgold is using engineering, procurement and construction (EPC) contractor DRA-Group Five Joint Venture to build and commission a 270,000-tonne-per-year processing plant and infrastructure. The plant, which is more than 90% complete, started crushing ore in March. More recently, Roxgold initiated an 11,000-metre, two-rig drill program to target resource expansion opportunities in the upper 430 metres of the 55 Zone deposit.

“We are targeting some really low-hanging fruit in terms of where we don’t have enough drilling data in our database,” Dorward notes. The program could result in a “15– 20% increase in indicated resources, so anywhere around 100,000 to 150,000 oz.,” he says. Over the next six to nine months, Roxgold plans to delineate enough additional resource to outline an annual 150,000 oz. producer with an eight- to 10-year mine life, Dorward says. “That might not all be in reserves and it might not all be in indicated resources. But we certainly would like to have at least the bones of that plan and credibly display that to people and people say, ‘OK, I can see how Roxgold is going to produce that increased level of production and maintain their mine life.’” The drill results will be included in an updated life-of-mine plan in late 2016. In May, Roxgold intends to report a maiden resource estimate for the QV1 target at the Bagassi South

“We have quite a straightforward project. It is not technically complex in any way. It has good metallurgy, good ground conditions and good grade.” John Dorward CEO, Roxgold

zone, 1.8 km away. Raymond’s Sadowski forecasts Bagassi South could host a 300,000 oz. global resource and contribute 20,000 to 30,000 a year to the 55 Zone mill by 2019, or earlier. Dorward says he is comfortable with “some” of Sadowski’s estimates and is optimistic that Roxgold can bring Bagassi South into the mine plan. “We have quite a straightforward project,” he says. “It is not technically complex in any way. It has good metallurgy, good ground conditions and good grade. Adding to the mix, we have an experienced team.” Dorward and his team have been

involved in several mines in West Africa, including financing and building the Sabodala gold project in Senegal, operating the Edikan gold mine in Ghana and advancing the Tengrela gold project in Côte d’Ivoire. Dorward adds that Roxgold has strong partnerships with its underground mining contractor AUMS and EPC contractor DRA-Group Five. While the US$10-million sharesfor-services arrangement with AUMS remains in place, Roxgold does not plan to use it. The junior has US$27 million in

cash, US$15.5 million undrawn on its US$75-million project finance facility and a restricted US$15-million cost overrun account. Roxgold shares closed April 20 at $1.10 apiece, up 59% year to date. Sadowski points out that gold developers on average see an 18% increase in their share prices some 75 days ahead of first production, and expects Roxgold should have a “similar — if not more impressive — rise in the immediate term.” Sadowski has bumped his $1.30 target price to $1.50 per share, while BMO’s Breichmanas has a $1 target price. TNM

Nevsun trumps Lundin bid for Reservoir’s Timok Nevsun From 1

agreement Lundin Mining (TSX: LUN; US-OTC: LUNMF) cut in early March with Timok jointventure partner Freeport-McMoRan (NYSE: FCX). Lundin had hoped to secure a 75% interest — and development rights — in Timok’s high-grade Cukaru Peki Upper Zone. There was always a wrinkle in the deal, however, courtesy of a right of first offer (ROFO) Reservoir has under a joint-venture agreement with Freeport. Cukaru Peki is subdivided into an Upper Zone of high-sulphidation epithermal mineralization and an underlying Lower Zone of porphyrytype mineralization, which has bulktonnage potential and is not included in current resource estimates. Reservoir’s board has now opted to join forces with Nevsun, which would end up with a 100% stake in

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the Upper Zone after the transaction closes. The agreement includes financial conditions that would help the companies meet a May 3 deadline on the ROFO, and match Lundin’s offer. Under the new deal Reservoir investors will receive two Nevsun shares and 0.1¢ in cash for each share held. The offer represents a 35% premium on Reservoir’s 20-day, volumeweighted average trading price and values it at US$365 million, or $9.40 per share. Nevsun shareholders would hold a 67% equity stake in the combined entity. The companies also agreed on a funding transaction wherein Nevsun would provide US$135 million via a private placement and loan, so Reservoir can exercise its ROFO. “The premium represents an all-time high for our shares, and the deal will increase investor’s long-term exposure to the Timok project,” Reservoir president and CEO Simon Ingram said during a conference call. “We have major appreciation for Nevsun and its operating team, and the combined company will have the financial capacity and exper-

tise to advance the asset quickly. There are no longer any rights for another party to come in with an increased offer, or anything like that,” he added. Nevsun would become operator at Timok after the deal. The company would have full ownership of the Upper Zone, and advance the bulktonnage Lower Zone porphyry until Freeport takes over when its stake hits 54%, after a feasibility study. The companies will pay Freeport US$135 million upon closing, and another US$20 million in exploration and study work on the Lower Zone. After a construction decision Nevsun would pay US$45 million, with another US$50 million due upon commercial production, and up to US$12.5 million owed in recouped project expenses. Reservoir released a preliminary economic assessment (PEA) on a two-stage build at the Upper Zone in April that would require US$213 million in capital expenses. The base case contemplates a “starter mine” using twin declines to access higher-grade direct shipping ore, beginning in 2019. The second phase wou ld ramp up to produce 2 million

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“There are no longer any rights for another party to come in with an increased offer, or anything like that.” Simon Ingram President and CEO, Reservoir Minerals

tonnes per year, and process mineralization at diluted grades in excess of 2.5% copper from 2022 to 2030. The mine would crank out 58,000 tonnes copper and 62,000 oz. gold annually. Metallurgy requires more testing. Upper Zone resources total 1.7 million indicated tonnes above a 0.8% copper cut-off grade, with grades of 13.5% copper, 10.4 grams gold per tonne and 0.2% arsenic. Inferred resources include 35 million tonnes above a 0.8% copper cut-off grade, with grades of 2.9% copper, 1.7 grams gold and 0.2% arsenic. Contained metals total 1.2 million tonnes copper and 2.5 million oz. gold. The base-case project features a US$946-million post-tax net present value at an 8% discount rate and an 84% post-tax internal rate of return, assuming US$1,250 per oz. gold and US$2.20 per lb. copper. “We’re creating a truly exceptional and diversified mid-tier base metal company. We have been looking for opportunities and deploy our capital and operating skills so as to diversify our story, and deliver substantial value-creation opportunities,”

Nevsun president and CEO Clifford Davis said. “We will stand back and take a broader view at the full opportunity. The PEA is a fantastic, comprehensive start, but we’ll look at the two-stage development in more depth.” Nevsun operates the Bisha volcanogenic massive sulphide mine, 150 km west of Asmara, Eritrea. The company produced 34 million lb. copper in the first quarter at cash costs of US$1.12 per lb., and generated a US$15.6-million net income. Nevsun reported US$438-million cash in its treasury to end April. RBC Capital Markets analyst Fraser Phillips wrote that the deal “makes sense for Nevsun,” and gives it a “long-awaited growth project and diversification from its single operating asset in Eritrea.” RBC Capital has a “sector perform” rating on the company, along with a $4.70-per-share target price. “With copper production from [Bisha’s] supergene phase expected to end in mid-2016 and transition to zinc production from the primary phase, the Timok project provides Nevsun with renewed copper exposure and a growth project to add to the pipeline,” Phillips added. Nevsun shares have traded within a 52-week range of $3.27 to $5.35, and closed at $4.22 per share at press time. The company has 200 million shares outstanding for an $860-million market capitalization. Meanwhile, Reservoir shares have moved within an annual range of $3.26 to $8.95, and jumped nearly 20% on the news en route to an $8.35-per-share close. The company has 49 million shares outstanding for a $406-million market capitalization. TNM

2016-04-26 8:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 2–8, 2016

Explorers ‘cautiously optimistic’ at Kamloops confab KEG 2016 By Lesley Stokes lstokes@northernminer.com

KAMLOOPS, B.C.

ith technical talks and trade show displays hosted alongside magicians and saxophone players, it’s fair to say that this year’s Kamloops Exploration Group (KEG) conference held in Kamloops, B.C., once again delivered a unique and uplifting experience for explorers. Over 400 delegates participated in the 29th annual two-day event, including the Minister of Energy & Mines Bill Bennett, who is often referred to as “Kootenay Bill” for his former Members of the Legislative Assembly (MLA) riding in the Kootenay East region. “The juniors and prospectors here are the optimists and the backbone of the exploration industry,” KEG president Colin Russell told The Northern Miner on the conference sidelines. “There are some people in it for a quick buck, but the people you see walking around these events

| Tight-knit community of explorers celebrates 29th year of KEG conference

don’t care about that. They believe in our business and the community it creates, and we want to thank them for making KEG what it is.” Russell explained that KEG grew its roots in 1975 from a handful of friends — Ab Ablett, Peter Fox, Tom Lewis, Nels Vollo and Ronald Wells — who would meet every month to “talk shop, look at maps and drink beer.” After a short hiatus, the friends regrouped in 1987 and kicked off the first annual meeting, which lured in a second generation of founding members such as Fred Daley, Rick Meyer, Jamie Hutton and Rob Pease. Over the years, the non-profit society also engaged with community outreach programs, including geology tours and a public lecture series, along with grants and scholarships, to name a few. Russell said the conference has grown in popularity ever since. “We’re at 420 delegates now — which is a handful of people above last year — so that’s good news, because we thought the numbers might

“The prospectors here are telling me they’re getting more interest … that’s a pretty good sign things are getting better.” Colin Russell President, Kamloops Exploration Group

be down,” he said. “The prospectors here are telling me they’re getting more interest, and that really is key. If people are looking at grassroots again, that’s a pretty good sign things are getting better. So I’m cautiously optimistic.” A hot topic of conversation amongst delegates was the new regulations imposed under B.C.’s Water Sustainability Act, which requires explorers to attain a water

Water act woes hit BC explorers KEG 2016

| Explorers given one-year exemption from new legislation

By Lesley Stokes lstokes@northernminer.com

KAMLOOPS, B.C.

xploration companies and prospectors in B.C. will not be impacted this year by new regulations imposed under the Water Sustainability Act (WSA), B.C.’s Minister of Energy & Mines Bill Bennett told The Northern Miner during an interview at the 29th annual Kamloops Exploration Group (KEG) conference in Kamloops, B.C. The act was brought into full force by B.C.'s Ministry of Environment on Feb. 29, and calls for a water permit amendment to work permits — but the 140-day backlog for approvals wouldn’t leave enough time for explorers to do their work. After a backlash from the industry, the Ministry of Energy and Mines announced on April 15 that work-permit holders are exempt from the 2016 regulations, provided certain conditions are met. “It will give us a year to finalize what the new regulatory policy will be,” he said. “So nobody will be delayed on receiving their placer or exploration permit … this year, nobody needs to worry.” Although Bennett couldn’t comment on what the terms of the WSA may look like, he doesn’t want the legislation — which otherwise has a “noble purpose” — to create unnecessary impediments for the industry. “We don’t want to add another layer of bureaucracy and time to the industry, but we need to recognize the rare situations in which water is being used where there’s a shortage,” he added. Before the statute, rules for water management were built into the existing mines act and never came with additional cost. Under the WSA however, companies need to specify which water sources will be used during work programs, along with an upfront $1,000 application charge and a scaled annual rental fee.

Application charges and fees vary depending on the amount of water being used. Gavin Dirom, president and CEO of the Association for Mineral Exploration B.C., said during an interview that the WSA creates a “real conundrum” for long-term work permits over broad areas. He said that given the unpredictable nature of geology, explorers require flexibility on where they can drill and which water sources they can use.

“Nobody will be delayed on receiving their placer or exploration permit.” Bill Bennett Minister of Energy & Mines, British Columbia

“Part of the discussion we’re having with the ministries is about the flexibility for multi-year exploration permits — they’re the ones built with a sense of magnitude in mind and flexibility over time,” Dirom said. “These scenarios need to be considered, and a lot of our members are providing real-life feedback, so that helps the decision-makers think these things through.” Both Dirom and Bennett said they were aware of the act, but neither foresaw the unintended consequences it created for exploration. “The act has been in play for at least three years, and as it worked its way t h roug h t he system, a l l of t he ministries c om mente d on it ,” B en ne t t said. “Our ministry asked how it would affect placer and exploration, but the response we received was t hat t hey don’t want the impact to be any different, they just want to know

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how much water is used.” Dirom adds that there are hundreds — if not thousands — of companies across a number of industries in the province that have been impacted by the regulations. “We’ve joined the dialogue with the ministries and we’re working through some solutions, so we’re hopeful,” he said. TNM

Bill Bennett, B.C.'s Minister of Energy & Mines, talks to attendees at the Kamloops Exploration Group's 29th annual conference in April. Kamloops Exploration Group

permit to conduct work on their claims (see story below). The permit has a 140-day approval turnover, which means that a lot of B.C. explorers could lose their field season. Bennett said during an interview that “no one needs to worry this year,” as the Ministry will provide some “temporary reprieve” for explorers, which “gives us a year to finalize what the new regulatory policy will be.” The reprieve was announced on April 15, and exempts any holder of a Mines Act permit to require a water permit for 2016. Bennett also voiced his support for the industry during a speech at the banquet ceremonies, saying his biggest concern is not on the operat-

ing mines in the region. “You get down to the grassroots explorers, and that’s really where we should focus over the next few years,” he said. “I also want to work with the prospectors to determine what the government can do for them, because that’s the part of the industry I’m most worried about.” “We’re going to have a competitiveness review in the Ministry that could identify some of the things that can help — and I promise you that it will be led by somebody who is a mining person, and not a bureaucrat,” he continued. “We have a government that supports you, and I’m here to celebrate what you bring to this province … if we lost you, then we’re screwed.” TNM

SRK Consulting Merges with Mine Ventilation Services (MVS) DENVER, CO—APRIL 18, 2016—SRK is pleased to announce that it is merging MVS’s ventilation services into its US practice. MVS specializes in addressing engineering and ventilation challenges associated with mining operations and other subsurface facilities. The amalgamation aligns with both companies’ visions of expanding their reach and services within the mining and minerals industries. “Over the past five years MVS has enjoyed a successful working relationship with SRK on many underground mine design projects in North America, such as the Twin Metals, Kemess, NEMISA, and Miraflores projects,” said Keith Wallace, President and CEO of MVS. “Now, operating as a business unit of SRK Consulting (US) Inc., we look forward to continuing that collaboration by complementing the quality consulting services that SRK offers to the mining industry worldwide.” MVS has more than 30 years of experience in providing engineering services and computer software to the mining and tunneling industries. Founded in 1983 in response to a growing demand for specialized expertise in the design, planning, and control of the environment in underground openings, it has since established a strong presence in the market, particularly with major international mining companies. Its staff members have extensive experience in all aspects of ventilation and air conditioning design, including developing ventilation models, conducting on-site ventilation surveys, system troubleshooting, and training. In Nebraska, MVS has been working with SRK since 2014 on Niocorp’s Elk Creek Niobium mine. SRK has led the ongoing conceptual mine planning and design work and has collaborated with MVS to prepare a ventilation design for the life of the mine that will regulate the fresh air intake and return. And, at South Dakota’s closed Homestake Mine—formerly one of the deepest, richest gold mines in North America—SRK and MVS joined forces five years ago to help expand the mine’s underground presence on behalf of the Sanford Underground Research Facility (SURF). Specialists from the two companies have been systematically redesigning and reconstructing the underground ventilation and infrastructure to better support continued safe and sustainable operations by SURF. “For the next five years,” said SRK President Dr. John Tinucci, “our key business goals include integrating MVS and SRK’s underground mining expertise on a regional and global basis so as to help our clients operate more efficiently and reduce their costs.” ABOUT SRK CONSULTING SRK Consulting is an independent, international consulting practice that provides focused advice and solutions to clients, mainly in the earth and water resource industries. For mining projects, SRK offers services from exploration to mine closure, including feasibility studies, due diligence reviews, and production optimization. Established in 1974, SRK now employs more than 1,400 professionals internationally in over 45 offices on 6 continents. Please see www.srk.com for more information. Media contact: Nadim Chammas, Marketing Coordinator, United States, SRK Consulting, T: +1-303-962-4994, E: nchammas@srk.com

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E D I T O R IA L

O P- E D

Trudeau’s Liberals to repeal Bill S-6 in Yukon

Shanghai Gold Exchange launches benchmark price

Environment

| First Nations say ‘no’ to delegating federal powers to Yukon gov’t

lections do have consequences, and in the Yukon Territory, the Liberal Party of Canada’s victory in the federal elections last October has brought on the federal government’s decision in April to rescind the contentious Bill S-6 amendment to the Yukon Environmental and Socio-economic Assessment Act By John Cumming jcumming@northernminer.com put forward by Stephen Harper’s prodevelopment Conservative government in consultation with the similarly pro-development Yukon government. The repeal’s announcement came out of the Intergovernmental Forum held in Whitehorse on April 8 and attended by new federal Minister of Indigenous and Northern Affairs Carolyn Bennett, Yukon Premier Darrell Pasloski, Council of Yukon First Nations Grand Chief Ruth Massie and chiefs of the 11 self-governing Yukon First Nations. In a dig to the Conservatives, the participants pointedly noted it had been the first Intergovernmental Forum held in six years in the territory, with the forum having been established in 2002 to foster better relationships between the three levels of government. The Harper government passed Bill S-6 in June 2015. Yukon First Nations immediately complained that the bill undermined their final land claim agreements and they vowed to challenge it in court, in particular four clauses relating to: delegation of federal powers to the Yukon government; a delegation of policy direction to the Yukon Environmental and Socio-economic Assessment Board by the federal aboriginal affairs minister; a shortening of timelines for assessments; and exemptions of certain projects from renewals and amendments. The First Nations argued they have joint management over lands and resources in much of the Yukon Territory, and Bill S-6 — crafted without their full input — was diluting that role and showed a lack of respect towards the affected First Nations. In a visit to the Yukon in September 2015, Harper simply said the contentious clauses in the amendment bill had been requested by Pasloski’s government. At the time, the premier wouldn’t tell the CBC definitively whether the four amendments came at his behest, instead saying there had been “too much finger-pointing, and not enough effort to resolve our differences.” By October 2015, three Yukon First Nations — the Teslin Tlingit Council, the Champagne and Aishihik First Nations, and the Little Salmon-Carmacks First Nation — had filed a petition in the Yukon Supreme Court. Pasloski told the CBC at the time that he supported Bill S-6 because it would promote a strong economy and local jobs, but conceded that lawsuits launched by First Nations to overturn the amendment would impede economic growth. Meanwhile both the Liberals and New Democratic Party of Canada had campaigned federally saying they would repeal the bill if elected to power. Now, the three petitioners are setting aside their lawsuit, and the federal government says its revised legislation will be drafted in collaboration with Yukon First Nations, the Yukon government and other key stakeholders, with an eye to introducing the amending legislation no later than June 23, and passing it late this year. The federal government said the agreement to repeal Bill S-6 “demonstrates the commitment of all parties to work together to ensure that the legislation underpinning environmental assessment in Yukon is clear, fair and appropriate, and ref lects the needs of everyone involved.” Eric Fairclough, chief of the Little Salmon-Carmacks First Nation, said in a release that “Canada committed to work towards forging a new fiscal relationship with First Nations, and we are holding them to their word.” TNM

Gold investing

| Milestone key to opening up China’s gold market, chairman says

The following is an edited release from the London-headquartered World Gold Council. For more information, please visit www. gold.org.

year and half after it was established in September 2014, the Shanghai Gold Exchange (SGE) has launched the first yuan-denominated gold benchmark price. The launch ceremony was held at the Shanghai International Convention Center in April. In attendance were: Pan Gongsheng, deputy governor of the People’s Bank of China; Zhao Wen, vice mayor of Shanghai Municipal Government; and more than 300 delegates, including the World Gold Council, the Silver Institute, and major domestic and foreign gold producers, as well as consumers and investment institutions.

avoid any price manipulations and ensure fairness. At t he ceremony, SGE annou nced a l ist of 12 f i x i ng members and six reference price members, along with 18 international consultants. T he f i r s t S h a n g h a i G old Benchma rk Price was set at 256.92 yuan per gram. “The launch of the Shanghai Gold Benchmark Price, offering a local reference price for gold in the local currency, represents another milestone, both in the impressive development of the exchange and in the internationalization of China’s gold industry,” World Gold Council CEO Aram Shishmanian said. “It is a stepping stone to a new multi-axis trading market consisting of London, New York and Shanghai, and signals the continuing shift in demand from

“An Asian-focused, yuandenominated benchmark will significantly increase the liquidity and efficiency of the gold price discovery mechanism.” Roland Wang Managing director, China, World Gold Council

Pan Gongsheng stated that launching the Shanghai Gold Benchmark Price was key in opening up China’s financial market to global economic integration. Jiao Jinpu, SGE’s chairman, pointed out that launching the Shanghai Gold Benchmark Price is a milestone in internationalizing China’s gold market, adding that it is also an important step for SGE to become a world-leading precious metal exchange. SGE is responsible for system development and operation maintenance of the Shanghai Gold Benchmark Price’s trading platform. This includes supervising and regulating trading to

West to East,” Shishmanian said. “As the market expands to reflect the growing interest in gold by Chinese consumers, so too will China’s inf luence increase on the global gold market.” Roland Wang, managing director of China for the World Gold Council, remarked that “China needs a gold benchmark that ref lects local market f lows and reduces gold’s price dependency on the U.S. dollar — so this is the ideal time for the Shanghai Gold Benchmark Price to launch. An Asianfocused, y uan-denominated benchmark will significantly increase the liquidity and efficiency of the gold price discovery mechanism.” TNM

Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. Postmaster: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 10

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 23 Professional Directory. . . . . . . . . . . . . . . 20 Stock Tables. . . . . . . . . . . . . . . . . . . 7-10, 19

COMPANY INDEX The Northern Miner is published weekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

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Agnico Eagle Mines. . 15,22 Areva. . . . . . . . . . . . . . . . . . 5 Auryn Resources. . . . . . . 15 Barrick Gold. . . . . . . . 17,18 BHP Billiton. . . . . . . . 11,14 Boliden . . . . . . . . . . . . . . . 13 Cameco. . . . . . . . . . . . . . . . 5 Canadian Zinc. . . . . . . . . 13 Colorado Resources . . . . 11 De Beers . . . . . . . . . . . . . . 11 Dominion Diamond. . . . 11 Falco Resources. . . . . . . . 22 Fasken Martineau . . . . . . . 5

Freeport-McMoRan . . . . . 2 Galaxy Broadband. . . . . . . 5 Geotech. . . . . . . . . . . . . . . . 5 Kamloops Exploration Group. . . . . . . . . . . . . . . . . . 3 Kirkland Lake Gold. . . . . . 6 Korea Zinc. . . . . . . . . . . . 13 Lundin Mining. . . . . . . . . . 2 Mine Ventilation Services. . . . . . . . . . . . . . . . 5 Nemaska Lithium . . . . . . 21 Nevsun Resources. . . . . . . 1 Newmont Mining . . . 14,15

Peregrine Diamonds. . . . 11 Pretium Resources. . . 12,17 Reservoir Minerals . . . . . . 1 Resource Capital Fund. . 14 Roxgold. . . . . . . . . . . . . . . . 1 Seabridge Gold. . . . . . 12,18 Skeena Resources. . . . . . . 11 SnipGold. . . . . . . . . . . . . . 18 South32. . . . . . . . . . . . . . . 16 SRK. . . . . . . . . . . . . . . . . . . . 5 Tesla Motors. . . . . . . . . . . 21 TMAC Resources. . . . . . . 14 Yamana Gold . . . . . . . . . . 22

2016-04-26 8:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 2–8, 2016

Suppliers news

SRK merges with Mine Ventilation Services Mining consultancy SRK has an“For the next five years,” SRK nounced it is merging its U.S. prac- president John Tinucci said, “our tice with Mine Ventilation Services key business goals include integrat(MVS), a firm that specializes in ing MVS and SRK underground underground engineering and ven- mining expertise on a regional and tilation solutions. global basis so as to help our clients “Over the past five years MVS operate more efficiently and reduce has enjoyed a successful working their costs.” relationship with SRK on many MVS was founded in 1983 and underground mine design projects is headquartered in Clovis, Calif. in North America, such as the Twin SRK was established in 1974 in Metals, Kemess, Nemisa and Mira- South Africa. Today the firm emflores projects,” MVS’s president and ploys more than 1,400 people in 45 CEO Keith Wallace said. offices, on six continents. Galaxy Broadband offers faster satellite Internet service Telecommunications provider services, local LAN design and Galaxy Broadband has launched support, remote IT services, acits first high-throughput “Ka- count management and real-time band” network in Canada, which managed site support. provides burst speeds of up to Galaxy owns all of its networks 100 MB per second and com- and infrastructure, and has more mitted information rates of 50 satellite space spectrum under MB per second, guaranteed, the contract than any other commercompany says. cial Internet service provider, the Galaxy’s satellite network covers company says. all of North America and the firm Founded in 1992, Galaxy prospecializes in servicing remote lo- vides telecommunication solucations. “The platform is designed tions to North America’s oil and to meet the unique challenges of gas, mining, construction and work camps,” the company says. pipeline sectors. The firm has 50 In addition to high throughput, employees and is headquartered in Galaxy offers guaranteed appli- Mississauga, Ont., with regional cation performance, co-location offices in Alberta, B.C. and Texas. Geotech keeps busy with surveying contracts Aurora, Ont.-based Geotech recently trending faults: the Big Salmon won a pair of contracts to fly airborne fault to the west and the d’Abbadie geophysical surveys in the northern fault to the east. Between these U.S. and the Yukon. two faults there are a number of The U.S. Geological Sur vey northeast-striking faults, which tapped the firm to fly a series of could be linked kinematically. The widely spaced profiles over more government says the area could than 2,400 km in upper Michigan, be home to vein-hosted gold, but northern Wisconsin and northeast- a veneer of till has left the region ern Minnesota. poorly documented.

Geotech's VTEM system in flight. Geotech

The survey will assess how different rocks conduct electricity, which would shed light on areas with mineral potential. The survey is targeting 1.8-billion-year-old rocks, which were deposited when the area was at the edge of a large ocean. The Yukon government also tasked Geotech with undertaking a 700 sq. km survey of the Livingstone Creek area in southcentral Yukon. The government ordered the survey because the region is known for placer mining that yielded large gold nuggets. “To date, no bedrock source for the gold has been found,” the government said in a release. Placer mining in the area has occurred between two major north-

Yukon authorities hope the survey will help point to the gold source, and promote further understanding and exploration. Both surveys used Geotech’s versatile time domain electromagnetic (VTEM) technology. The system generates currents that penetrate the earth — taking the path of least resistance — to produce clear data with minimal noise, the firm says. Geotech operates more than 30 VTEM systems worldwide, which have surveyed more than 2 million line kilometres to date. The privately held firm has a fleet of more than 20 aircrafts; offices in Australia, Brazil, Barbados, Ghana and South Africa; and strategic partners in China, Kazakhstan and Russia.

Fasken Martineau named mining law firm of the year Fasken Martineau has been named for Fasken Martineau’s Global MinGlobal Mining Law Firm of the ing Group John Turner said. Year for 2016 by Who’s Who Legal, In April the firm announced a a London-based legal news and new partner, Brian Graves, to its information service. Global Mining Group. Graves speThe win represents the eighth cializes in advising on mergers and time Fasken has earned the dis- acquisitions, corporate finance and tinction, which is more than any commercial and securities law reother firm. lated to cross-border transactions, “This win showcases the compre- and clients in the mining sector. hensive range of legal services the Fasken Martineau has a roster of Global Mining Group provides our more than 700 lawyers, and offices clients globally, and we are pleased in Vancouver, Calgary, Toronto, to share this award with them,” Ottawa, Montreal, Quebec City, partner and practice group leader London and Johannesburg.

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Cameco cuts 585 jobs at Rabbit Lake, US mines Uranium

| Chops output 14% as uranium hits 11-year low

By Salma Tarikh

starikh@northernminer.com

ameco (TSX: CCO; NYSE: CCJ) is suspending uranium production at its Rabbit Lake mine in northern Saskatchewan and its two in-situ recovery (ISR) operations in the U.S. in response to the weakening uranium market, where spot prices have collapsed to 11-year lows. The uranium major will cut 500 jobs at Rabbit Lake and another 85 positions at Crow Butte in Nebraska and Smith Ranch-Highland in Wyoming. The reductions will affect both employees and long-term contractors. The company’s president and CEO Tim Gitzel said he regrets the layoffs, explaining the “depressed market conditions” do not support these operations. Raymond James analyst David Sadowski says that “the move is a sign of the times — spot prices recently set 11-year lows, and show no signs of significant strengthening, due to a glut of supply.” In April the uranium spot price fell below US$26 per lb. uranium oxide (U3O8), the lowest it has been since May 2005. Uranium traded at above US$130 per lb. in 2007. Cameco will put Rabbit Lake on care and maintenance. The transition should be complete in late August. The job reductions will occur over the next four months, with Cameco offering some employees relocation opportunities. Meanwhile, the company intends to keep 150 people on its payroll to maintain Rabbit Lake’s facilities and sustain environmental monitoring and reclamation activities until market conditions improve. The U.S. operations will keep 170 people on board to operate existing facilities and restore depleted wellfields, but it will stop all new wellfield development. Cameco will keep licensing so that it can resume development, after uranium prices recover. It anticipates a reduced staff by the end of May. Cameco expects to incur $35 million in care and maintenance costs for 2016 at Rabbit Lake, and $19 million in one-time severance costs. It anticipates $48 million in savings this year, after lower spending at these operations. “Rabbit Lake and U.S. ISR are — by far — the costliest of Cameco’s five production centres to operate,

An equipment operator in 2014 at Cameco’s recently shuttered Rabbit Lake uranium mine Saskatchewan. Cameco

particularly with Cigar Lake now nearly ramped,” Sadowski writes. BMO analyst Edward Sterck agrees, noting the ramp up at the high-grade Cigar Lake mine in northern Saskatchewan gives Cameco the flexibility to put its “marginal operations on care and maintenance.” The company is ramping up Cigar Lake to 16 million lb. on a 100% basis this year, subject to Areva’s McClean Lake mill receiving the required regulatory approval to increase production capacity to 24 million from 13 million lb. Sadowski had estimated fully loaded operating costs at Rabbit Lake of more than $40 per lb. U3O8 in 2016, noting costs for the U.S. operations would be similar, after adding the sustaining capital for the new wellfields. Cameco had previously guided 2016 capital expenses of $35 million at Rabbit Lake and US$25 million for its U.S. mines. The company expects this year’s production at Rabbit Lake and U.S. operations will drop to 1 million lb. and 1.1 million lb. — down from 3.6 million lb. and 1.4 million lb. It will also scale back output at the 70%-held McArthur RiverKey Lake operation in northern Saskatchewan to 18 million lb. — from 20 million lb. on a 100% basis — due to the persisting weakness in the uranium market. Cameco has lowered its consolidated 2016 production expectations from 30 million lb. to 25.7 million lb U3O8. The new guidance includes 12.6 million lb. at McArthur River, 8 million lb. at Cigar Lake, 3 million lb. at Inkai (Kazakhstan), 1.1

“The move is a sign of the times — spot prices recently set 11year lows, and show no signs of significant strengthening, due to a glut of supply.” David Sadowski analyst, Raymond James

million lb. at the U.S. operations and 1 million at Rabbit Lake. BMO’s Sterck suggests that the production curtailments could bode well for the uranium price. Rabbit Lake and the U.S. operations were set to produce 5 million lb. a year in 2016 and 2017, or 2% of global supply. In 2016, including the cut at McArthur River, Cameco is removing 4.9 million lb. (on a 100% basis), “which is likely to provide some support to the [US$27 per lb.] spot uranium price in the current oversupplied market,” Sterck writes. He says the firm could bring the operations back online quickly if prices pick up. Cameco estimates Rabbit Lake has a $108-million carrying value, with $62 million (US$48 million) at U.S. operations. It could likely incur impairments on the operations. The analysts don’t expect the company’s sale forecast will change, because it has enough production to fulfill its contracts. TNM

Amec Foster Wheeler expands capabilities with new hire Irwin Wislesky, PEng Principal Geotechnical Tailings Engineer Irwin joins Amec Foster Wheeler as one of our Geotechnical Engineering Senior Technical Experts. We look forward to his leadership on some of our most challenging waste and water management engineering projects. Irwin is a geotechnical engineer with more than 35 years of experience on a variety of multidisciplinary and international engineering projects primarily for the mining industry. He has an extensive career in design, construction, monitoring and rehabilitation of earth and rockfill dams for water and tailings storage. Irwin’ s primary experience is in all aspects of waste and water management for the mining industry including site selection, environmental issues, site characterization, design, construction quality control, forensics, remediation, monitoring and closure. He also has specialized knowledge of tailings deposition methodologies from slurry to various levels of thickening and dewatering. Oil & Gas | Mining | Clean Energy | Environment & Infrastructure

amecfw.com/mining

2016-04-26 8:54 PM

WWW.NORTHERNMINER.COM

MAY 2–8, 2016 / THE NORTHERN MINER

Kirkland shines as a multi-asset gold producer in Ontario CEO Interview

| Share price up 76% in 2016, as St Andrew Goldfields brought into fold

By Salma Tarikh

starikh@northernminer.com

irkland Lake Gold’s (TSX: KGI; US-OTC: KGILF) vision of becoming an intermediate, multi-asset gold producer after an operational turnaround at its high-grade Macassa gold mine in northeastern Ontario is turning into reality. In November 2013, Kirkland refocused on mining better grades instead of higher tonnage at Macassa. This drove up the mine’s head grades and gold production, and helped the firm get back into the black. As it amassed cash, Kirkland explored ways to move away from the risk of being a single-asset producer. It announced a US$178-million, all-share takeover of St Andrew Goldfields last November, giving it three gold mines — Holt, Holloway and Taylor — collectively known as the East Timmins operations, as well as a mill and a large land package. The acquisition closed on Jan. 26, 2016. Since the end of 2015, the company’s share price has jumped 76% to finish April 15 at $8.52, and up 154% and 232% since exiting 2014 and 2013. In an interview CEO George Ogilvie says the operational turnaround at the Macassa mine and the St Andrew Goldfields deal, among other factors, led to the share-price appreciation. “As a company with a single producing asset, with a mine in a camp that is prone to seismicity, that mine will always inherently carry a little more risk than your typical underground gold mine,” Ogilvie says. “By doing the St Andrew deal, it helped de-risk the company while adding as an accretive deal on all metrics … we’re seeing the cash

The headframe at the Holloway gold mine in Ontario, part of Kirkland Lake Gold’s East Timmins operations, which it acquired with St Andrew Goldfields.

balance within the company rise quite dramatically.” The East Timmins operations are 70 km away from Kirkland Lake, offering operational synergies — lowering costs and improving margins — as well as exploration opportunities.

CANADIAN MINING HALL OF FAME Call for nominations for January 2017 induction

Nominations for induction into the Hall of Fame may be made by individuals, firms or organizations but must be submitted through one of the Hall of Fame’s Member or Associate Member Organizations listed below. CRITERIA FOR SELECTION Candidates must be individuals who have demonstrated outstanding lifetime achievements to the benefit of the Canadian and/or world mineral industry in one of the following categories. There must have been a flow-back of significant benefit to Canada. • Exploration • Supporting Contribution • Building the Corporation

• Mining in Society • Technical Contribution

June 1, 2016 – is the recommended deadline for contacting a member organization about submitting a nomination. June 30, 2016 – deadline for nominating material to be delivered to the member organization for review. January 12, 2017 – 29th Annual Induction Further information and a nomination form is available at: www.mininghalloffame.ca

MEMBER ORGANIZATIONS: • Canadian Institute of Mining, Metallurgy and Petroleum • Mining Association of Canada • Prospectors and Developers Association of Canada • The Northern Miner

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ASSOCIATE MEMBER ORGANIZATIONS: • Association for Mineral Exploration British Columbia • Mining Association of British Columbia • Ontario Mining Association • Quebec Mining Association • Saskatchewan Mining Association

The acquired land package covers 120 km of strike length on the Porcupine-Destor fault that runs from Val’d-Or, Que., to Timmins, Ont. “As we know, on that stope system, there have been in excess of 100 million oz. gold found and mined there over the last 100 years,” Ogilvie says. “We saw a lot of potential for more exploration and finding mines.” On April 14, Kirkland reported its first-quarter production from the Macassa and East Timmins operations. It produced 69,464 oz., with the Macassa mine complex delivering 41,054 oz. at a head grade of 15.4 grams gold per tonne. East Timmins churned out 7,189 oz. during the first 25 days of January before the Kirkland acquisition closed, and another 21,221 oz. averaging 5.1 grams per tonne afterwards. Kirkland has guided 2016 production of between 270,000 and 290,000 oz., of which Macassa should deliver up to 170,000 and East Timmins up to 120,000 oz. In comparison, the Macassa mine yielded 153,957 oz. for the fiscal year ended April 2015, and 102,597 oz. for the eight-month stub year ended in December 2015. All-in sustaining costs per oz. gold sold were US$1,067 for the 12 months ended in April. (Kirkland’s 2016 fiscal year will now match the calendar year.) For 2016, Kirkland forecasts cashoperating costs of US$600 to US$650 per oz., and all-in sustaining costs of US$1,000 to US$1,050 per oz. It anticipates capital expenses of $120 million this year, with $70 million going towards Macassa and $50 million to the East Timmins operations. St Andrew previously spent $40 million a year on development and sustaining capital at East Timmins, Ogilvie says, adding that his firm will invest another $10 million. “We recognized over the last few years they were a little bit behind in capital development in some areas

and in some of the equipment, which is older and needs to be replaced.” Kirkland intends to spend at least $20 million on property, plant and equipment, and $30 million on opening areas at the Holloway and Taylor mines. At Macassa, Kirkland will focus most of its funds on the South Mine Complex (SMC). That part contains almost 1 million oz. gold in reserves grading 22 grams per tonne, with the company extending the ramp from the 5,600-foot level down to the 5,700-foot level. It expects to spend $20 million on new property, plant and equipment. On the exploration front, Kirkland has set aside $10 million for Macassa and $8 million for the East Timmins operations. Roughly $7.5 million at Macassa is budgeted for a regional drilling program that will test eastwards of the SMC and the Main Break at depth. The remaining $2.5 million is for underground drilling at the SMC and on the ’04 Break above the 3,400-foot level, the company’s director of investor relations Suzette Ramcharan notes. The objective of the exploration program at East Timmins is to increase the reserves and resources. Based on the production profile, the estimated mine life is seven years for Holt, five years for Taylor and two years for Holloway. “At Taylor and Holloway, we would like to see if we can have some exploration success and extend the known orebodies, and try to increase the life-of-mine,” Ogilvie says. Meanwhile, Kirkland is working out the kinks of a merger. It intends to improve and implement the SAP software St Andrew previously used over the consolidated company by 2017. This will help in sharing data across its business units. Ogilvie notes the first-quarter financials due in mid-May should show lower operating costs and

Kirkland Lake Gold

“This is a big year for us to deleverage the company.” George Ogilvie President and CEO, Kirkland Lake Gold

all-in sustaining costs, as well as improved margins. “This is a big year for us to deleverage the company,” Ogilvie says. Kirkland aims to repay $90 million of its $140-million debt this year, while growing its treasury. Its cash balance at the end of March was $130.5 million, up from $93.7 million at the end of 2015. If the company delivers on its operational plans and has exploration success, Ogilvie says Kirkland could further grow its production profile and strengthen its balance sheet. “We believe the company is undervalued. And if the management team and our employees can execute over the next two years on the operational plans in the same manner we’ve seen over the last two years, we believe there is more value to add,” Ogilvie says. BMO analyst Brian Quast writes that the company’s annual production and cost guidance is in line with his forecast, but that the capital expense and exploration budgets are higher than expected, reducing his 2016 cash flow-pershare estimate. “We view the increased spend as a necessary evil, given the East Timmins assets were capital-starved under previous ownership. Assuming an exploration program at East Timmins, production should become less hand-to-mouth, as reserve life becomes more defined, which is a long-term positive.” Quast has lowered his $10.50 target to $9.75 per share, and has a “market perform” rating. TNM

2016-04-26 8:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 2–8, 2015, 2015

M A R K E T N EWS TORONTO STOCK EXCHANGE / April 18–22 Canada’s benchmark index enjoyed another weekly gain, rising 236.8 points, or 1.7%, to close at 13,874 points, on the back of higher oil prices and encouraging economic data. The S&P/TSX Global Mining Index rose 4.2% to 57, while the S&P/TSX Capped Diversified Metals & Mining Index soared 14.4% to 518.26. The S&P/TSX Global Gold Index added 0.7% to close at 202.68. Spot gold stayed relatively flat at US$1,232.20 per oz. The June contract for crude oil advanced 8.3% to US$43.73 per barrel, slightly down from the five-month high of US$44.18 mid-week. The commodity-sensitive loonie finished up at US78.92¢. Statistics Canada reported the country’s annual inflation rate cooled in March to 1.3%, down from 1.4% in February. However, core inflation, which strips out volatile items, climbed to 2.1% from February’s 1.9%. It also reported strongerthan-expected retail sales in February. SouthGobi Resources rose nearly 61% to 45¢ per share, despite reporting that it has not repaid its shareholder loan due to Turquoise Hill Resources. Last October, Turquoise Hill agreed to defer the repayment of the shareholder loan to April 22, 2016. SouthGobi missed the deadline and is negotiating a repayment plan for the loan, which includes a US$3.4-million principal and US$700,000 in interest accrued up to

April 22. Dynasty Metals & Mining shares climbed 43% to 15¢, despite reporting weak firstquarter results. Dynasty sold 2,785 oz. gold from its Zaruma mine in Ecuador and produced 2,221 oz. gold. In the fourth quarter of 2015, it sold 5,634 oz. and churned out 4,133 oz. gold. The 46% drop in quarterover-quarter production largely resulted from lower grades and a shortage of qualified underground miners, which decreased the number of mining hours. On April 1, the company suspended activities at Zaruma after a walkout by workers. While some workers have returned to the job since, the mining activity has been limited, which will likely affect production estimates for the second quarter. TSX most active issues

Teck Res First Quantum Kinross Gold Yamana Gold B2Gold Barrick Gold Trevali Mng Goldcorp Lundin Mng Sabina Gd&Slvr

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TCK.B FM K YRI BTO ABX TV G LUN SBB

59772 14.81 10.41 13.17 + 2.27 53456 9.36 7.00 8.76 + 1.62 41826 6.05 5.47 5.90 + 0.43 33118 5.75 5.25 5.42 + 0.23 29689 2.59 2.31 2.45 + 0.13 24590 21.22 19.73 20.41 + 0.30 20604 0.63 0.42 0.51 + 0.11 20379 22.57 21.20 21.65 + 0.09 19477 4.51 4.15 4.39 + 0.15 18899 1.66 1.08 1.60 + 0.57

Primero Mining fell 26% to $1.96 per share on poor first-quarter production figures. Output came in at 36,158 equivalent oz. gold, down 41% from the same period last year. The decline came mainly from lower output at the San Dimas underground mine in Mexico, where the company has restricted access to parts of the mine to improve safety. There have been five deaths at the site over the past five years. Given the

reduced output, Primero has cut its annual guidance by 30,000 equivalent oz. gold to 230,000 to 250,000 oz., and increased its cost expectations. Cantor Fitzgerald analyst Rob Chang says the share price drop is “unwarranted.” He argues that “the production miss — while much bigger than expected — was not due to a permanent issue, but a one-time pain to establish safety protocols.” TNM

TSX greatest percentage change

LeadFX Inc Silver Bear Rs SouthGobi Res Black Iron Sabina Gd&Slvr Minco Silver Heron Res Dynasty Met&Mn Yellowhead Mng Capstone Mng Primero Mng Aura Mnls Karnalyte Res IC Potash Bannerman Res Kerr Mines Niocorp Dev Orosur Mng Redhawk Res Avalon Rare Mt

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

LFX SBR SGQ BKI SBB MSV HER DMM YMI CS P ORA KRN ICP BAN KER NB OMI RDK AVL

59 3510 11 3398 18899 1310 1183 6352 180 13530 11836 1125 166 5220 168 904 623 703 231 4399

0.36 0.16 0.45 0.06 1.66 1.43 0.14 0.22 0.07 0.89 2.47 0.29 2.30 0.07 0.04 0.07 1.03 0.22 0.05 0.33

0.19 0.10 0.00 0.04 1.08 0.85 0.09 0.10 0.05 0.58 1.96 0.16 1.84 0.06 0.03 0.06 0.91 0.18 0.04 0.26

0.35 0.16 0.45 0.06 1.60 1.28 0.13 0.15 0.06 0.77 1.96 0.23 1.95 0.06 0.03 0.06 0.91 0.19 0.04 0.27

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

TSX greatest value change

Teck Res Agrium Potash Corp SK First Quantum Dominion Diam Royal Gold Teck Res Labrador Iron Silver Wheaton Silver Std Res Franco-Nevada Detour Gold Richmont Mines Primero Mng Seabridge Gld Karnalyte Res Kirkland Lk Gd NovaGold Res Alamos Gold China Gold Int

94.4 77.8 60.7 57.1 55.3 52.4 44.4 42.9 37.5 37.5 25.8 17.9 16.7 15.4 14.3 14.3 12.5 11.9 11.1 10.0

VOLUME WEEK (000s) CLOSE CHANGE

TCK.B AGU POT FM DDC RGL TCK.A LIF SLW SSO FNV DGC RIC P SEA KRN KGI NG AGI CGG

59772 13.17 1704 109.12 13009 22.72 53456 8.76 1328 15.49 89 71.31 28 15.45 1508 14.74 14318 23.33 5657 10.59 3448 84.73 8124 24.20 1656 8.67 11836 1.96 1012 17.42 166 1.95 3536 8.25 1800 7.48 5161 7.73 1894 2.11

+ 2.27 + 1.71 + 1.63 + 1.62 + 1.58 + 1.55 + 1.54 + 1.46 + 1.43 + 1.28 - 2.11 - 1.58 - 0.74 - 0.68 - 0.57 - 0.39 - 0.27 - 0.22 - 0.21 - 0.15

TSX VENTURE EXCHANGE / April 18–22 The S&P/TSX Venture Composite Index broke a nine-month high over the trading period, gaining 22.34 points, or 3.5%, to a 656.18-point close, lifted by optimism over demand for industrial metals from China. Spot gold peaked at US$1,250.19 per oz. gold before falling to US$1,233 per oz. gold, down US99¢, compared to the previous trading period. Three-month London Metal Exchange copper contracts rose US$219 per tonne, or 4.6%, to a US$5,005-per-tonne close, as economic data out of China showed signs of recovery in the country’s housing and manufacturing sectors. Chesapeake Gold led the value-added category, gaining 97¢ to a $3.58-per-share close on no news. The company announced a grant of incentive stock options on March 21, whereby its directors, officers, employees and consultants can buy up to 2.23 million shares at a $2.15-per-share exercise price over five years. The company is focused on its wholly owned Metates gold-silver project in Durango State, Mexico. An updated prefeasibility study, released on March 7, envisages a 30,000-tonneper-day operation that scales up to 90,000 tonnes per day in year five, over a 27-year mine life. The operation could produce 700,000 oz.

gold and 14 million oz. silver annually for its first 10 years. The project’s after-tax net present value, at a 5% discount rate, stands at US$737 million, whereas the internal rate of return is 7.7%, assuming US$1,250 per oz. gold and US$20 per oz. silver. Oil and gas explorer Gold Ridge Exploration was a front runner in the greatest percentage change, up 200%, to a 8¢-pershare close, after closing a non-brokered private placement for proceeds of $84,000. The company previously disclosed it would undertake a one-for-five consolidation within 90 days of closing. Ashburton Ventures saw 35.6 million shares traded before closing up 1¢ to 5¢ per share, upon agreement to acquire the Whabouchi South property that borders Nemaska TSX-V most active issues

Ashburton Vent Skeena Res Macarthur Mnl Westkam Gold Noka Res East Asia Mnls Graphite One Discovery Harb Spearmint Res Benton Cap

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ABR SKE MMS WKG NX EAS GPH DHR SRJ BTC

35622 34180 29739 27701 24769 21525 18057 17923 16447 15013

0.07 0.08 0.16 0.05 0.18 0.03 0.16 0.01 0.05 0.10

0.04 0.06 0.07 0.03 0.10 0.01 0.13 0.01 0.03 0.02

0.05 + 0.08 unch 0.08 + 0.03 - 0.15 + 0.02 + 0.15 + 0.01 unch 0.04 - 0.06 +

0.01 0.00 0.01 0.01 0.02 0.01 0.02 0.00 0.01 0.04

Lithium’s Whabouchi project in Quebec. The deal calls for Ashburton to issue vendors 8.5 million shares in the company over four years, along with cash payments totalling $325,000, plus a 2% net smelter return royalty. The property is 1.2 km south and along strike of Nemaska’s planned mine site, which is the world’s second-largest and richest reserve of lithium, the company says.

E x plorer Br i x ton Meta ls rose 22¢ to a 42¢-per-share close over the trading period after closing a $1.2-million private placement. The company plans to use part of the proceeds for exploration at its Langis silver project, 500 km north of Toronto, and at its Thorn gold-silver project in northwest British Columbia. TNM

TSX-V greatest percentage change

Pac Link Mng Whitemud Res Natan Res Bell Copper Western Pac Rs Gold Ridge Exp Morro Bay Berkwood Res Benton Cap Western Troy C Bullion Gld Res Minfocus Expl Sultan Mnrls Pac Imperial Lakeside Mnrls RosCan Mrnls Firesteel Res Belvedere Res Altitude Res Signature Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

PKC.H WMK.H NRL BCU.H WRP GEA.H MRB BKR BTC WRY BGD MFX SUL PPM LAK ROS.H FTR BEL ALI SGU

73 284 900 183 217 122 3524 1506 15013 408 39 940 660 1551 350 396 57 123 2 627

0.03 0.03 0.02 0.04 0.02 0.08 0.02 0.02 0.10 0.04 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.03 0.10 0.08

0.00 0.01 0.01 0.01 0.01 0.05 0.01 0.00 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.06 0.05

0.03 0.03 0.02 0.04 0.02 0.08 0.02 0.02 0.06 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.06 0.05

TSX-V greatest value change

+ 500.0 + 400.0 + 300.0 + 250.0 + 200.0 + 200.0 + 200.0 + 200.0 + 200.0 + 200.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 40.0 - 40.0 - 37.5

Chesapeake Gld CKG Bear Creek Mng BCM Gold Reserve GRZ Avino Silver ASM Brixton Mtls BBB Minnova Corp MCI Sirios Res SOI American Lith LI Pac Booker Min BKM Brazil Res BRI Nexgen Energy NXE Till Capital TIL Lithium X Egy LIX Reservoir Mnls RMC Tsodilo Res TSD Wealth Mnrls WML EurOmax Res EOX First Mg Fin FF Nrthn Vertex NEE Renaissance Gd REN

VOLUME WEEK (000s) CLOSE CHANGE

431 3.58 + 0.97 2235 2.42 + 0.55 80 6.32 + 0.42 971 1.83 + 0.28 257 0.42 + 0.22 1640 0.60 + 0.20 5848 0.48 + 0.19 692 0.91 + 0.18 37 0.80 + 0.17 3111 1.15 + 0.16 14532 2.20 - 0.43 5 5.00 - 0.34 6759 2.21 - 0.32 304 6.96 - 0.20 13 0.60 - 0.15 968 0.54 - 0.13 81 0.46 - 0.12 13053 0.59 - 0.10 410 0.25 - 0.07 186 0.28 - 0.07

U.S. MARKETS / April 18–22 It was a relatively quiet week on the U.S. economic front. The Dow Jones Industrial Average finished at 18,003.75, a 0.6% gain, while the S&P 500 Index advanced 0.5% to 2,091.58. Base metal prices also rose slightly. Copper climbed 4.3% to US$2.27 per lb., nickel was up 2% to US$4.11 per lb., lead rose 4.5% to US81¢ per lb. and zinc gained 2.1% to US86¢ per lb. Spot gold moved in the opposite direction, slipping US$1.90 to US$1,232.20 per oz. The Philadelphia Gold & Silver Index rose 3.8% to 80.85. Shares of Rio Tinto climbed US$1.89 to US$33.56 per share. The miner said it would use its strong liquidity position to reduce gross debt and launched cash tender offers targeting US$1.5 billion of its 2017 and 2018 notes. First-quarter production results meanwhile saw iron ore shipments up 11% year-on-year; bauxite production up 6%; alumina production up 7%; and aluminum production up 10%. Mined copper production was 27% higher quarter-on-quarter. Rio Tinto also divested its Bengalla coal mine, sold its Mount Pleasant coal project and extended its historic Channar mining joint venture with China’s Sinosteel for another five years.

7_MAY2_MarketNews.indd 7

Now in its 30th year, the joint venture owns the Channar mine in the Pilbara. Newmont Mining’s shares gained US$1.86 to US$31.23. The company reported firstquarter results with adjusted net income of US$182 million, or US34¢ per share, compared to US$229 million, or US46¢ per share, in the first quarter of 2015. Free cash flow from continuing operations was US$227 million, down from US$344 million in the first quarter of 2015. All-in sustaining costs decreased from US$849 per oz. gold to US$828 per oz., while copper all-in sustaining costs dropped to US$1.33 per lb., U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 285209 12.70 10.22 11.67 + 0.81 Vale* VALE 241043 6.26 5.12 5.42 + 0.13 Alcoa* AA 121112 10.74 9.78 10.40 + 0.39 Barrick Gold* ABX 97438 16.70 15.54 16.12 + 0.48 Teck Res* TCK 96567 11.75 8.09 10.40 + 1.90 Vale* VALE.P 87476 4.78 3.87 4.28 + 0.28 Yamana Gold* AUY 87370 4.54 4.07 4.26 + 0.23 United States S* X 78837 20.55 18.75 19.56 + 0.32 Kinross Gold* KGC 78651 4.78 4.25 4.64 + 0.39 Hecla Mining* HL 60712 4.02 3.25 3.72 + 0.46

from US$1.73 per lb. Newmont delivered 1.23 million oz. attributable gold and 38,000 tonnes copper, compared to 1.19 million oz. gold and 37,000 tonnes copper. First-quarter production results at Dominion Diamond’s Diavik mine in the North-

west Territories lifted the company’s stock US$1.39 to US$12.23. Processing volumes in the first quarter were 17% higher yearon-year due to more mining and available stockpiled ore. Diamond recovery was 26% higher year-on-year. TNM

U.S. greatest percentage change

HudBay Mnls* Natural Res Pt* Endeavr Silver* Teck Res* Cloud Peak En* Fortuna Silvr* Intrepid Pots* Hecla Mining* Dominion Diam* Pretium Res* Primero Mng* Harmony Gold* Sibanye Gold* Yanzhou Coal* Black Hills* AngloGold Ash* Seabridge Gld* Franco-Nevada* Alamos Gold* Gold Fields*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

HBM NRP EXK TCK CLD FSM IPI HL DDC PVG PPP HMY SBGL YZC BKH AU SA FNV AGI GFI

2564 4.62 377 13.38 21395 4.19 96567 11.75 6402 2.56 4793 6.00 9951 1.30 60712 4.02 2514 12.65 9532 7.61 11111 1.90 33764 3.72 6710 15.78 71 6.09 2361 59.65 20668 15.77 5673 15.50 5658 71.48 9543 6.63 34907 4.49

3.27 9.81 3.03 8.09 1.94 4.82 0.97 3.25 10.61 6.46 1.54 3.01 14.28 5.66 56.16 14.63 13.40 65.86 6.07 3.95

4.31 12.66 3.78 10.40 2.49 5.71 1.18 3.72 12.23 7.21 1.56 3.10 14.40 5.68 56.76 14.71 13.77 66.78 6.11 4.06

+ 29.8 + 24.6 + 23.9 + 22.4 + 22.1 + 15.8 + 15.7 + 14.1 + 12.8 + 11.4 - 23.5 - 13.6 - 5.8 - 4.7 - 3.3 - 1.7 - 1.6 - 1.2 - 1.1 - 0.5

U.S. greatest value change

MartinMarietta* MLM Chevron* CVX Natural Res Pt* NRP Mosaic* MOS Agrium* AGU Teck Res* TCK Rio Tinto* RIO Newmont Mng* NEM Potash Corp SK* POT Dominion Diam* DDC Black Hills* BKH Sibanye Gold* SBGL Franco-Nevada* FNV Harmony Gold* HMY Primero Mng* PPP Yanzhou Coal* YZC AngloGold Ash* AU Seabridge Gld* SA Alamos Gold* AGI Gold Fields* GFI

VOLUME WEEK (000s) CLOSE CHANGE

2339 170.60 42499 102.01 377 12.66 27372 28.55 5247 86.08 96567 10.40 32653 33.56 45473 31.23 60140 17.94 2514 12.23 2361 56.76 6710 14.40 5658 66.78 33764 3.10 11111 1.56 71 5.68 20668 14.71 5673 13.77 9543 6.11 34907 4.06

+ 4.97 + 4.78 + 2.50 + 2.44 + 2.41 + 1.90 + 1.89 + 1.86 + 1.52 + 1.39 - 1.94 - 0.88 - 0.80 - 0.49 - 0.48 - 0.28 - 0.25 - 0.22 - 0.07 - 0.02

2016-04-26 8:39 PM

WWW.NORTHERNMINER.COM

APRIL 25–MAY 1, 2016 / THE NORTHERN MINER

stoc k ta b le s

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES Trading: April 11–15, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 9616 0.10 0.07 0.10 + 0.04 0.09 0.03 Abcourt Mines* O 145 0.08 0.06 0.06 - 0.01 0.08 0.02 Abcourt Mines V 1097 0.10 0.09 0.09 - 0.01 0.10 0.03 ABE Res V 10 0.05 0.05 0.05 + 0.02 0.08 0.02 Aben Res* O 103 0.09 0.06 0.09 + 0.05 100.52 0.03 0.11 + 0.04 0.24 0.06 Aben Res V 124 0.12 0.07 Aberdeen Intl* O 1728 0.14 0.10 0.13 + 0.03 0.12 0.07 Aberdeen Intl T 2130 0.19 0.13 0.18 + 0.05 0.17 0.10 Abitibi Royalt V 49 4.12 3.88 4.10 + 0.20 4.20 1.53 ABT Holdings* O 2 0.76 0.00 0.75 + 0.04 1.38 0.05 0.03 + 0.01 0.04 0.01 Adamera Mnls V 682 0.03 0.02 Adriana Res V 1207 0.12 0.11 0.12 - 0.01 0.19 0.08 Adventure Gold V 1691 0.31 0.28 0.30 + 0.03 0.31 0.06 African Queen V 696 0.03 0.03 0.03 + 0.01 0.03 0.01 Africo Res T 42 0.46 0.00 0.45 - 0.04 0.55 0.30 51.94 + 1.87 53.06 27.63 Agnico Eagle T 4152 53.06 49.94 Agnico Eagle* N 11743 41.45 38.91 40.42 + 1.95 41.45 21.00 Agrium T 2106 115.07 104.70 107.41 - 6.56 139.99 106.50 Agrium* N 6235 90.00 81.17 83.67 - 3.94 110.21 79.94 Aguila Amer Gd* O 20 0.04 0.03 0.04 + 0.01 0.06 0.03 Aim Explor* O 5147 0.00 0.00 0.00 + 0.00 1.19 0.00 O 469 0.17 0.12 0.15 + 0.03 0.25 0.08 Alabama Graph* Alabama Graph V 6220 0.23 0.15 0.19 + 0.04 0.31 0.11 Alacer Gold T 6577 2.82 2.61 2.73 + 0.05 3.23 2.08 7.94 - 0.09 9.00 3.27 Alamos Gold T 5070 8.30 7.37 Alamos Gold* N 9871 6.44 5.74 6.18 + 0.01 7.54 2.27 4 0.12 0.04 0.12 + 0.08 0.20 0.00 Alaska Pac Egy* O Alba Minerals V 28 0.07 0.06 0.07 + 0.03 0.11 0.01 Alberta Star* O 2 0.17 0.16 0.16 + 0.00 0.19 0.12 N 220292 10.15 9.16 10.01 + 0.64 14.29 6.14 Alcoa* Alderon Iron* O 24 0.10 0.10 0.10 - 0.01 0.27 0.05 0.13 - 0.01 0.32 0.09 Aldever Res V 931 0.16 0.12 Aldridge Mnrls V 109 0.15 0.14 0.14 - 0.01 0.21 0.12 Aldrin Res* O 108 0.09 0.08 0.09 + 0.01 0.15 0.06 0.10 - 0.01 0.20 0.08 Aldrin Res V 187 0.11 0.09 Alexander Nubi V 783 0.07 0.05 0.07 + 0.01 0.20 0.04 O 167 0.04 0.03 0.03 - 0.00 0.05 0.01 Alexandria Min* Alexandria Min V 4264 0.06 0.04 0.06 + 0.02 0.06 0.02 Alexco Res T 1182 1.60 1.26 1.34 - 0.05 1.60 0.35 1.05 - 0.04 1.23 0.22 Alexco Res* X 2707 1.23 0.97 Algold Res V 878 0.22 0.16 0.17 + 0.01 0.30 0.07 0.12 - 0.01 0.24 0.07 Alianza Min* O 26 0.12 0.12 Alianza Min V 46 0.16 0.15 0.15 - 0.02 0.35 0.10 Alix Res V 11643 0.10 0.06 0.09 + 0.04 0.09 0.04 0.01 + 0.01 0.04 0.01 Alliance Mng V 1613 0.02 0.00 Alliance Res* D 1023 13.30 11.92 13.16 + 1.27 34.70 9.95 0.02 + 0.01 0.06 0.01 Alloycorp Mng V 938 0.02 0.01 Almaden Mnls* X 5561 1.27 1.10 1.16 + 0.04 1.27 0.48 Almaden Mnls T 1036 1.63 1.42 1.49 + 0.04 1.63 0.65 0.34 + 0.03 0.34 0.13 Almadex Min V 507 0.34 0.28 Almo Capital V 60 0.10 0.08 0.10 + 0.02 0.14 0.05 0.35 + 0.04 0.86 0.21 Almonty Ind V 115 0.37 0.00 Alpha Nat Res* O 3832 0.02 0.02 0.02 + 0.00 1.08 0.01 Alphamin Res V 279 0.20 0.18 0.20 + 0.02 0.25 0.11 0.05 - 0.01 0.07 0.03 ALQ Gold V 5 0.05 0.00 Alta Vista Vnt* O 7 0.08 0.04 0.04 - 0.04 0.14 0.01 1213 0.12 0.05 0.06 + 0.02 0.25 0.01 Alta Vista Vnt Altai Res V 1097 0.09 0.05 0.09 + 0.04 0.08 0.05 Altair Gold V 8 0.31 0.28 0.31 + 0.03 0.60 0.06 442 0.02 0.01 0.01 - 0.01 0.03 0.01 Altan Rio Mnls V Alternative ER* O 39 0.04 0.03 0.03 + 0.00 0.06 0.02 10.88 - 0.93 15.47 7.39 Altius Mnrls T 750 12.13 10.59 Alto Vent V 59 0.08 0.00 0.08 + 0.01 0.08 0.02 Alumina Inc* O 92 4.20 3.66 4.17 + 0.34 5.61 2.70 769 0.07 0.06 0.06 - 0.02 0.08 0.03 Am Creek Res V Am CuMo Mng V 571 0.12 0.08 0.09 - 0.02 0.15 0.06 551 0.09 0.06 0.06 - 0.01 0.12 0.04 Am CuMo Mng* O AM Gold V 18 0.11 0.00 0.09 - 0.02 0.30 0.07 Am Manganese* O 108 0.02 0.01 0.01 - 0.01 0.04 0.01 0.26 + 0.04 0.25 0.10 Amara Mng* O 2436 0.27 0.21 Amarc Res* O 200 0.06 0.06 0.06 + 0.02 0.14 0.02 0.07 - 0.01 0.16 0.04 Amarc Res V 282 0.08 0.07 Amarillo Gold V 287 0.19 0.15 0.16 + 0.02 0.20 0.04 Amato Expl V 358 0.01 0.01 0.01 - 0.01 0.02 0.01 0.10 + 0.04 0.70 0.03 American Pot 4 0.10 0.00 Americas Petro V 1642 0.24 0.20 0.23 + 0.02 0.33 0.15 0.30 + 0.05 0.32 0.09 Americas Silvr T 7323 0.32 0.26 Americas Silvr* O 1385 0.25 0.20 0.23 + 0.04 0.25 0.04 Amerigo Res T 721 0.13 0.12 0.12 + 0.01 0.45 0.10 0.09 + 0.01 0.37 0.07 Amerigo Res* O 159 0.10 0.09 Anaconda Mng* O 41 0.06 0.05 0.06 + 0.01 0.06 0.02 0.07 + 0.01 0.07 0.01 Anconia Res V 529 0.07 0.06 Andes Gold* O 55 0.01 0.00 0.01 + 0.00 1.00 0.00 Anfield Nickel V 890 0.89 0.74 0.82 + 0.07 0.89 0.52 0.14 + 0.06 0.21 0.05 Anfield Res V 598 0.15 0.09 Anfield Res* O 37 0.12 0.07 0.10 + 0.03 0.16 0.06 0.06 + 0.00 0.09 0.01 Angel Gold* O 110 0.06 0.05 Angel Gold V 289 0.08 0.07 0.07 - 0.01 0.10 0.01 Angkor Gold V 50 0.47 0.00 0.45 - 0.02 0.64 0.38 O 849 5.00 4.02 4.77 + 0.96 5.00 1.57 Anglo American* Anglo American* O 30 10.04 8.10 9.71 + 2.05 18.00 3.13 0.16 + 0.01 0.30 0.10 Anglo-Bomarc V 99 0.16 0.14 Anglo-Can Mng V 220 0.02 0.01 0.01 - 0.01 0.02 0.01 AngloGold Ash* N 21271 15.96 14.42 14.96 + 0.40 15.96 5.64 V 176 0.10 0.09 0.09 - 0.01 0.11 0.02 Antioquia Gold Antofagasta* O 56 6.72 6.21 6.54 + 0.29 12.30 5.24 Apogee Silver V 28 0.27 0.00 0.27 + 0.07 0.65 0.11 Applied Mrnls* O 225 0.23 0.15 0.18 - 0.06 0.75 0.11 AQM Copper V 421 0.06 0.05 0.06 + 0.01 0.08 0.03 0.12 - 0.00 0.19 0.09 Aquila Res* O 87 0.13 0.11 Aquila Res T 185 0.16 0.00 0.14 - 0.01 0.24 0.12 0.04 - 0.01 0.09 0.02 Arak Res V 211 0.06 0.04 Arbitrage Expl 38 0.02 0.00 0.02 + 0.01 0.04 0.01 Arch Coal* O 858 0.49 0.31 0.41 + 0.10 11.20 0.11 0.07 - 0.01 0.10 0.01 Arctic Star V 4234 0.08 0.06 Ardonblue Vent V 25 0.05 0.05 0.05 + 0.01 0.07 0.05 Argentex Mng V 157 0.08 0.07 0.08 + 0.01 0.08 0.02 Argentex Mng* O 37 0.06 0.05 0.06 + 0.01 0.06 0.01 Argentum Silvr V 869 0.12 0.03 0.06 + 0.03 0.12 0.02 Argentum Silvr* O 32 0.05 0.05 0.05 - 0.00 0.05 0.02 Argex Titanium T 634 0.03 0.03 0.03 + 0.01 0.50 0.02 Argex Titanium* O 88 0.03 0.02 0.03 + 0.01 0.40 0.01 Argonaut Gold T 5709 2.39 2.10 2.29 + 0.07 2.39 0.78 Argonaut Gold* O 352 1.88 1.64 1.80 + 0.10 1.88 0.53 Argus Metals* O 5 0.05 0.00 0.05 - 0.00 0.05 0.01 Argus Metals V 68 0.08 0.07 0.08 + 0.01 0.08 0.02 Arian Res* O 86 0.01 0.00 0.01 + 0.00 0.03 0.00 Arian Silver* O 111 0.04 0.01 0.02 - 0.03 0.51 0.00 Arianne Phosph V 319 0.98 0.86 0.97 + 0.09 1.00 0.68 Arianne Phosph* O 98 0.76 0.67 0.74 + 0.07 0.80 0.52 Asanko Gold* X 1486 2.76 2.44 2.59 + 0.10 2.76 1.27 Asanko Gold T 4316 3.53 3.14 3.29 + 0.11 3.53 1.67 Ascot Res V 121 1.09 1.00 1.02 - 0.06 2.00 0.80 Ashburton Vent V 29902 0.05 0.02 0.04 + 0.02 0.03 0.01 Ashburton Vent* O 153 0.04 0.02 0.04 + 0.02 0.02 0.00 AsiaBaseMetals V 228 0.07 0.06 0.07 + 0.01 0.24 0.04 Asiamet Res V 52 0.07 0.06 0.07 + 0.02 0.08 0.01 Aston Bay V 188 0.27 0.23 0.27 + 0.01 0.32 0.08 Astorius Res V 90 0.02 0.01 0.02 + 0.01 0.05 0.01 ATAC Res V 2294 0.65 0.56 0.58 + 0.01 0.65 0.26 Atacama Pac Gd V 49 0.37 0.33 0.37 + 0.02 0.49 0.14 Atalaya Mg plc T 12 2.01 1.72 1.85 - 0.15 3.45 1.20 Athabasca Mnls* O 37 0.21 0.15 0.20 + 0.05 0.68 0.12 Athabasca Mnls V 359 0.27 0.21 0.22 - 0.04 0.85 0.15 Athabasca Nclr V 301 0.06 0.05 0.05 - 0.01 0.07 0.02 Athena Silver* O 31 0.12 0.05 0.12 + 0.02 0.12 0.02 Atico Mng V 217 0.42 0.30 0.32 + 0.02 0.65 0.16 Atico Mng* O 95 0.35 0.23 0.26 + 0.03 0.51 0.12 Atlantic Gold V 1257 0.65 0.58 0.61 + 0.02 0.65 0.17 Atlatsa Res T 124 0.05 0.04 0.05 + 0.01 0.22 0.03 Atlatsa Res* O 360 0.04 0.00 0.04 + 0.01 0.16 0.02 Atna Res Ltd* O 47 0.02 0.00 0.01 + 0.00 0.10 0.00 Atom Energy V 405 0.07 0.04 0.05 - 0.02 0.15 0.03 Augustine Vent 675 0.08 0.06 0.07 + 0.01 0.09 0.03 Augyva Mng V 151 0.10 0.09 0.10 + 0.01 0.15 0.09 Aura Mnls T 449 0.31 0.26 0.28 + 0.02 0.31 0.06 Aura Silver Rs V 2419 0.03 0.02 0.03 + 0.01 0.03 0.01 Aurcana Corp V 1567 0.27 0.19 0.26 + 0.08 0.29 0.09 Aurcana Corp* O 402 0.21 0.15 0.20 + 0.06 0.24 0.07 Aureus Mng* O 785 0.13 0.10 0.11 + 0.01 0.68 0.05 Aureus Mng T 13407 0.18 0.13 0.14 + 0.02 0.83 0.05 Aurgent Gold V 100 0.04 0.04 0.04 + 0.01 0.05 0.02 AuRico Metals T 1827 0.80 0.72 0.72 - 0.04 0.90 0.47 Aurion Res V 108 0.14 0.12 0.13 + 0.01 0.19 0.03 Aurvista Gold V 910 0.08 0.04 0.07 + 0.03 0.09 0.03 Auryn Res* O 38 1.35 1.17 1.35 + 0.15 1.29 0.70 Auryn Res V 790 1.75 1.49 1.72 + 0.17 1.68 0.94 Avalon Rare Mt T 9162 0.32 0.22 0.30 + 0.05 0.48 0.10 Avarone Metals* O 43 0.07 0.07 0.07 - 0.01 0.08 0.07 Avino Silver* X 2418 1.29 1.14 1.21 + 0.13 1.45 0.71 Avino Silver V 433 1.68 1.43 1.55 + 0.16 1.82 1.03 Avnel Gold T 2287 0.32 0.29 0.30 + 0.01 0.34 0.18 AZ Mining T 3508 1.23 0.96 1.07 + 0.05 1.23 0.22 Azarga Uranium* O 20 0.24 0.23 0.24 - 0.00 0.31 0.18 Azarga Uranium T 164 0.30 0.27 0.30 + 0.01 0.43 0.24 Azimut Expl V 81 0.35 0.30 0.35 + 0.01 0.37 0.10 Azincourt Uran* O 56 0.06 0.05 0.06 + 0.00 0.06 0.02 Azincourt Uran V 832 0.08 0.06 0.08 + 0.02 0.14 0.04 Azteca Gold* O 211 0.00 0.00 0.00 + 0.00 0.00 0.00

B B2Gold* X 13907 B2Gold T 30140 Bacanora Mnls V 196 Baja Mng* O 66 Balmoral Res* O 285 Balmoral Res T 1316 Banro* X 6460 Banyan Gold V 76 Barker Mnrls V 130 Barkerville Go* O 581 Barkerville Go V 1560

8-9_April25_StockTables.indd 8

1.89 1.68 1.80 + 0.14 1.89 0.60 2.43 2.19 2.32 + 0.16 2.43 0.86 1.40 1.24 1.39 + 0.13 2.05 1.16 0.01 0.01 0.01 + 0.00 0.03 0.00 0.41 0.38 0.40 + 0.03 0.86 0.23 0.52 0.49 0.52 + 0.03 1.04 0.33 0.29 0.26 0.27 + 0.01 0.40 0.15 0.09 0.07 0.07 - 0.02 0.09 0.02 0.01 0.01 0.01 - 0.01 0.01 0.01 0.47 0.40 0.45 + 0.00 0.47 0.15 0.60 0.52 0.57 + 0.01 0.63 0.20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barrick Gold* N 94921 Barrick Gold T 23936 Barsele Min V 311 Battle Mtn Gld V 979 13 Battle Mtn Gld* O Bayhorse Silvr* O 74 Bayhorse Silvr V 600 Bayswater Uran* O 73 Bayswater Uran V 263 V 102 BCGold BCM Res V 334 Bear Creek Mng V 1663 Beaufield Res V 782 Beaufield Res* O 40 V 98 Bellhaven Cp&G Belmont Res V 2243 Belo Sun Mng T 6256 Belvedere Res V 312 Benton Cap* O 11 Benton Res V 407 Benz Cap V 42 Bethpage Cap V 369 Big North Grap* O 2 4 Bison Gold Res V Bitterroot Res* O 70 Bitterroot Res V 3 Black Hills* N 2240 Black Iron T 1610 76 Black Isle Res V Black Mam Mtls V 49 V 374 Blackheath Res BLOX Inc* O 1400 Blue Sky Uran V 104 Bold Vent V 720 BonTerra Res V 1140 BonTerra Res* O 37 Bowmore Expl V 215 Bravada Gold* O 12 Bravada Gold V 68 Braveheart Res V 180 Brazil Res V 2318 BrightRock Gld* O 381 Brilliant Sand* O 86 Brionor Res V 472 Britannia Mng* O 86 Brixton Mtls* O 64 Brixton Mtls V 473 Brookmount Exp* O 4690 Bryn Res* O 164 Buenaventura* N 11747 Buffalo Coal V 257 Bullfrog Gold* O 1272

16.67 15.10 15.64 + 0.46 16.67 5.91 21.32 19.38 20.11 + 0.36 21.32 7.89 0.30 0.17 0.28 + 0.11 0.30 0.08 0.38 0.25 0.38 + 0.13 0.35 0.09 0.30 0.22 0.30 + 0.09 0.28 0.06 0.09 0.07 0.09 + 0.01 0.09 0.03 0.12 0.10 0.11 + 0.01 0.12 0.05 0.03 0.01 0.03 + 0.01 0.03 0.00 0.04 0.00 0.04 + 0.01 0.05 0.01 0.06 0.00 0.05 - 0.01 0.13 0.03 0.28 0.23 0.28 + 0.03 0.25 0.02 2.08 1.66 1.87 + 0.30 2.08 0.50 0.08 0.07 0.08 + 0.01 0.08 0.03 0.06 0.06 0.06 + 0.00 0.07 0.02 0.15 0.11 0.13 - 0.02 0.42 0.03 0.12 0.04 0.10 + 0.06 0.12 0.02 0.73 0.65 0.67 - 0.01 0.75 0.15 0.03 0.02 0.03 + 0.01 0.06 0.01 0.01 0.01 0.01 + 0.00 0.02 0.01 0.06 0.05 0.05 - 0.01 0.06 0.03 0.02 0.00 0.02 + 0.01 0.20 0.01 0.05 0.03 0.05 + 0.02 0.10 0.03 0.02 0.01 0.01 - 0.01 0.08 0.01 0.13 0.00 0.13 + 0.01 0.63 0.12 0.03 0.03 0.03 - 0.00 0.05 0.02 0.04 0.00 0.04 - 0.01 0.10 0.03 59.42 57.51 58.70 - 0.05 61.13 36.81 0.04 0.04 0.04 - 0.01 0.05 0.02 0.05 0.04 0.05 + 0.01 0.05 0.03 0.10 0.00 0.10 + 0.04 0.10 0.02 0.12 0.10 0.11 - 0.01 0.30 0.08 0.01 0.01 0.01 - 0.00 0.25 0.01 0.07 0.06 0.07 + 0.01 0.26 0.04 0.04 0.03 0.04 + 0.01 0.05 0.02 0.45 0.41 0.42 - 0.02 0.51 0.09 0.35 0.33 0.33 - 0.01 0.37 0.08 0.10 0.06 0.07 + 0.01 0.10 0.03 0.10 0.08 0.08 + 0.02 0.10 0.01 0.12 0.09 0.11 + 0.02 0.15 0.02 0.08 0.05 0.08 + 0.03 0.08 0.02 1.14 0.90 0.99 - 0.03 1.14 0.38 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.10 0.12 + 0.03 0.20 0.02 0.03 0.02 0.02 + 0.01 0.03 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.16 0.00 0.15 + 0.04 0.16 0.03 0.25 0.13 0.20 + 0.09 0.20 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.01 0.01 0.01 + 0.00 0.01 0.00 8.75 7.66 8.08 + 0.22 12.51 3.30 0.03 0.02 0.02 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.00 0.03 0.01

Cache Expl V 265 T 207 Caledonia Mng Caledonia Mng* Q 98 Calico Res* O 108 Calico Res V 313 California Gld* O 50 California Gld V 618 Callinex Mines* O 222 Cameco Corp* N 9482 Cameco Corp T 5250 Cameo Res V 862 Camino Mnls V 20 Canadian Zeol V 86 V 500 CanAlaska Uran CanAlaska Uran* O 104 Canamex Res V 291 O 160 Canamex Res* Canarc Res* Q 922 Canasil Res V 2566 Cancana Res V 63 Candente Coppr T 406 V 95 Candente Gold Canex Energy* O 100 Canex Energy V 730 CaNickel Mng V 100 Canstar Res V 1377 51 Cantex Mn Dev V Canuc Res V 10 V 62 Canyon Copper Canyon Gold* O 91 Cap-Ex Iron V 38 T 3514 Capstone Mng Caracara Silvr V 541 Cardero Res T 68 Cardero Res* O 40 Cariboo Rose V 126 Carmax Mng V 2567 Carpathian Gld* O 821 Cartier Res V 13 Carube Copper V 36 Cascadero Copp V 962 170 Castle Mtn Mng* O Castle Mtn Mng V 5108 586 Castle Peak Mg V Catalyst Coppr V 958 Catalyst Coppr* O 5 Caza Gold* O 9 Caza Gold V 7 V 154 CB Gold Cda Carbon* O 53 Cda Strtgc Met * O 20 Cda Strtgc Met V 1042 Cda Zinc Mtls V 953 Cdn Intl Mnrls V 310 Cdn Metals 1522 Cdn Platinum V 587 Cdn Silvr Hunt V 3950 Cdn Zinc* Q 655 Cdn Zinc T 1393 Centamin T 228 Centaurus Diam* O 199 Centenera Mng V 166 Centerra Gold T 2291 Centurion Mnls V 87 Cerro Mng V 3 Chalice Gold M T 1037 Champion Iron T 2122 Chesapeake Gld* O 101 Chesapeake Gld V 167 Chevron* N 34401 395 Chiboug Ind Mn V Chilean Metals V 33 China Gold Int T 1270 China Mnls Mng V 2410 China Mnls Mng* O 212 Claude Res T 10205 Claude Res* O 3003 Clear Mtn Res V 591 Clifton Mng* O 29 Cloud Peak En* N 5221 Clydesdale Res V 5 CMC Metals V 60 Coeur Mng* N 20161 Colibri Res V 72 Colombian Mins V 413 Colonial Coal V 306 Colorado Res* O 29 Colorado Res V 1247 Colt Res* O 96 Colt Res V 399 Columbus Gold* O 363 Columbus Gold T 485 Comet Inds V 20 Commander Res V 294 Commerce Res* O 216 Commerce Res V 637 Comstock Mng* X 3020 Comstock Mtls* O 85 Condor Res V 118 Cons Woodjam V 377 CONSOL Energy* N 36841 Constant Mtl V 244 Contintl Gold* O 168 Contintl Gold T 2867 Contintl Prec T 23 Copper Ck Gold* O 5 Copper Fox Mtl V 2992 Copper Fox Mtl* O 93 Copper Mtn Mng* O 78 Copper Mtn Mng T 2506 Copperbank Res* O 33 Coral Gold V 328 Corazon Gold V 162 Cordoba Mnls V 3762 Corex Gold V 874 Cornerstone Ca* O 863 Coro Mining T 250 Coronet Mtls V 88 Corvus Gold* O 59 Corvus Gold T 314 Critical Elem V 2419 Critical Elem* O 218 Crystal Pk Min V 66 Crystal Pk Min* O 124 Currie Rose Rs V 24 Cypress Dev V 1175 Cypress Dev* O 536

0.08 0.06 0.06 - 0.01 0.16 0.05 1.25 1.10 1.14 + 0.03 1.28 0.66 0.98 0.87 0.90 + 0.02 0.98 0.48 0.09 0.08 0.09 - 0.00 0.12 0.05 0.12 0.10 0.12 + 0.01 0.16 0.06 0.05 0.05 0.05 + 0.02 0.10 0.02 0.06 0.06 0.06 + 0.01 0.18 0.02 0.24 0.22 0.23 + 0.00 0.31 0.17 12.83 12.01 12.46 + 0.41 17.77 10.31 16.41 15.52 15.99 + 0.31 21.44 14.56 0.06 0.05 0.06 + 0.01 0.10 0.02 0.14 0.00 0.12 - 0.03 0.25 0.07 0.10 0.09 0.10 - 0.01 0.12 0.05 0.50 0.38 0.45 + 0.03 0.52 0.09 0.39 0.31 0.36 + 0.04 0.40 0.06 0.05 0.00 0.05 + 0.01 0.10 0.03 0.04 0.04 0.04 + 0.00 0.09 0.02 0.10 0.09 0.10 + 0.01 0.10 0.02 0.25 0.18 0.19 - 0.04 0.28 0.03 0.20 0.18 0.20 + 0.02 0.32 0.13 0.10 0.08 0.09 + 0.01 0.13 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.03 0.03 + 0.00 0.12 0.02 0.04 0.03 0.03 - 0.01 0.16 0.02 0.07 0.00 0.06 + 0.01 0.14 0.03 0.12 0.07 0.11 + 0.04 0.10 0.03 0.04 0.00 0.04 + 0.01 0.06 0.03 0.11 0.11 0.11 + 0.03 0.30 0.05 0.02 0.02 0.02 - 0.01 0.12 0.01 0.30 0.04 0.10 - 0.11 0.54 0.02 0.02 0.00 0.02 + 0.01 0.03 0.01 0.58 0.49 0.56 + 0.09 1.71 0.27 0.02 0.01 0.02 + 0.01 0.02 0.01 0.13 0.00 0.13 + 0.03 0.30 0.08 0.09 0.07 0.08 + 0.01 0.15 0.05 0.06 0.05 0.06 + 0.02 0.06 0.03 0.04 0.02 0.02 - 0.02 0.06 0.02 0.02 0.01 0.02 - 0.00 0.03 0.00 0.14 0.00 0.14 + 0.06 0.13 0.04 0.08 0.00 0.08 - 0.02 0.21 0.05 0.05 0.03 0.05 + 0.01 0.08 0.02 0.41 0.36 0.41 + 0.11 0.45 0.14 0.54 0.37 0.54 + 0.12 0.49 0.18 0.04 0.02 0.03 + 0.01 0.04 0.01 0.55 0.36 0.55 + 0.19 0.45 0.10 0.30 0.00 0.30 - 0.00 0.30 0.07 0.03 0.03 0.03 - 0.00 0.04 0.01 0.03 0.00 0.03 - 0.01 0.09 0.02 0.10 0.05 0.06 + 0.01 0.07 0.03 0.24 0.22 0.24 + 0.02 0.28 0.17 0.05 0.04 0.05 + 0.01 0.07 0.01 0.06 0.04 0.05 + 0.01 0.10 0.03 0.12 0.10 0.12 + 0.01 0.33 0.10 0.04 0.04 0.04 + 0.01 0.06 0.01 0.25 0.15 0.25 + 0.08 0.24 0.06 0.02 0.01 0.02 + 0.01 0.02 0.01 0.04 0.02 0.03 + 0.01 0.06 0.01 0.17 0.14 0.17 + 0.03 0.18 0.04 0.22 0.18 0.22 + 0.05 0.21 0.06 1.91 1.81 1.86 + 0.02 1.91 1.07 0.30 0.23 0.29 - 0.01 0.34 0.01 0.11 0.00 0.09 + 0.02 0.14 0.02 6.85 6.36 6.60 + 0.29 8.67 5.51 0.13 0.10 0.13 - 0.01 0.25 0.04 0.03 0.00 0.03 + 0.02 0.03 0.01 0.16 0.14 0.16 + 0.02 0.15 0.09 0.30 0.20 0.25 + 0.04 0.30 0.07 2.16 1.90 2.04 + 0.15 2.17 1.05 2.75 2.42 2.61 + 0.16 2.90 1.39 98.27 95.15 97.23 + 0.90 112.20 69.58 0.04 0.02 0.03 + 0.01 0.05 0.02 0.09 0.07 0.07 - 0.02 0.11 0.02 2.30 2.14 2.26 + 0.04 2.58 1.52 0.01 0.00 0.01 - 0.01 0.01 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 1.76 1.47 1.70 + 0.23 1.76 0.51 1.38 1.14 1.31 + 0.19 1.38 0.39 0.02 0.01 0.01 - 0.01 0.02 0.01 0.13 0.09 0.09 + 0.00 0.22 0.05 2.21 1.81 2.04 + 0.20 7.39 1.08 0.01 0.00 0.01 - 0.01 0.08 0.01 0.11 0.09 0.11 + 0.02 0.53 0.05 6.99 6.11 6.67 + 0.66 6.99 1.62 0.12 0.09 0.11 + 0.03 0.11 0.02 0.06 0.05 0.06 + 0.02 0.09 0.02 0.09 0.07 0.09 + 0.02 0.15 0.02 0.13 0.12 0.12 - 0.01 0.14 0.02 0.19 0.15 0.18 + 0.01 0.19 0.05 0.08 0.07 0.08 + 0.01 0.25 0.05 0.11 0.10 0.11 + 0.01 0.30 0.08 0.36 0.34 0.35 + 0.02 0.38 0.23 0.46 0.43 0.46 + 0.03 0.48 0.31 1.33 1.30 1.33 + 0.03 1.75 1.05 0.04 0.03 0.04 + 0.01 0.05 0.01 0.07 0.06 0.06 + 0.01 0.12 0.04 0.09 0.08 0.08 + 0.01 0.14 0.06 0.41 0.37 0.41 + 0.05 0.83 0.35 0.03 0.03 0.03 + 0.01 0.03 0.01 0.07 0.06 0.07 + 0.01 0.07 0.02 0.05 0.04 0.05 + 0.01 0.09 0.02 14.00 11.91 12.79 + 0.93 34.14 4.54 0.07 0.06 0.07 + 0.01 0.17 0.05 1.82 1.67 1.79 + 0.20 2.65 0.88 2.37 2.14 2.30 + 0.23 3.28 1.28 0.33 0.29 0.33 + 0.03 0.50 0.25 0.06 0.06 0.06 - 0.00 0.07 0.04 0.14 0.12 0.14 + 0.02 0.24 0.11 0.11 0.10 0.11 + 0.01 0.19 0.08 0.38 0.00 0.37 + 0.00 1.42 0.23 0.52 0.48 0.49 + 0.01 1.73 0.33 0.04 0.01 0.04 + 0.02 0.06 0.01 0.14 0.09 0.14 + 0.02 0.15 0.05 0.21 0.00 0.21 + 0.01 0.33 0.18 0.88 0.56 0.85 + 0.21 0.80 0.10 0.08 0.05 0.07 + 0.03 0.07 0.03 0.04 0.03 0.04 - 0.01 0.06 0.01 0.04 0.04 0.04 - 0.01 0.04 0.02 0.07 0.00 0.07 + 0.02 0.12 0.03 0.64 0.54 0.62 + 0.11 0.67 0.25 0.86 0.70 0.85 + 0.18 0.84 0.33 0.35 0.31 0.35 + 0.05 0.35 0.14 0.28 0.23 0.28 + 0.05 0.28 0.10 0.31 0.27 0.30 + 0.01 0.37 0.13 0.25 0.23 0.23 - 0.02 0.33 0.11 0.01 0.01 0.01 - 0.01 0.02 0.01 0.16 0.08 0.14 + 0.05 0.13 0.02 0.13 0.07 0.12 + 0.04 0.10 0.01

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Dajin Res* O 4116 Dakota Ter Res* O 25 Daleco Res* O 147 Dalradian Res* O 590 Dalradian Res T 4169 Damara Gold V 248 Danakali* O 146 Decade Res V 2078 Defiance Silvr* O 1360 Defiance Silvr V 2611 Delrand Res V 15 Denison Mines T 3301 Denison Mines* X 3499 Desert Star V 818 Detour Gold T 6951 Diamante Min* O 98 Diamcor Mng V 106 Diamcor Mng* O 34 Diamond Disc* O 5242 Discovery Vent V 1130 V 65 Discovery-Corp DNI Metals* O 67 DNI Metals 438 83 Dolly Vard Sil* O Dominion Diam* N 3349 Dominion Diam T 1321 Double Crn Res* O 1079 Doubleview Cap V 281 DRDGOLD* N 2904 Dundee Prec Mt T 1722 Duran Vent V 969 Durango Res V 17299 Durango Res* O 432 313 Dynacor Gld Mn T Dynasty Met&Mn* O 126 T 1468 Dynasty Met&Mn Eagle Graphite V 2009 Eagle Plains V 836 V 780 East Africa Eastern Platin* O 5 Eastern Platin T 64 Eastern Res* O 105 Eastmain Res T 3657 13 Eco Oro Mnls T Ecuador Gold V 114 El Capitan Prc* O 1071 El Nino Vent* O 12 El Nino Vent V 194 Elcora Res V 193 Eldorado Gold* N 32377 Eldorado Gold T 13602 Ely Gold & Mnl* O 442 Ely Gold & Mnl V 547 Emgold Mng* O 64 Emgold Mng V 531 Empire Rock V 181 Encanto Potash* O 1142 Encanto Potash V 19551 Endeavour Mng T 1400 Endeavour Mng* O 79 N 10520 Endeavr Silver* Endeavr Silver T 1220 Endurance Gold V 984 O 311 Energizer Res* Energizer Res T 1689 Energy Fuels T 551 Energy Fuels* X 1579 Entree Gold T 355 Entree Gold* X 349 Equitas Res* O 123 T 34 Era Res Inc Erdene Res Dev T 708 Erdene Res Dev* O 127 Erin Ventures* O 106 Eros Res Corp V 13 13 Eros Res Corp V Ethos Gold V 196 Ethos Gold* O 77 X 111 Eurasian Mnls* Eurasian Mnls V 81 Eureka Res V 688 EurOmax Res V 127 EurOmax Res* O 57 Everton Res V 6401 Everton Res* O 1039 Evolving Gold 154 Evolving Gold* O 65 Evrim Res V 66 Excalibur Res 495 Excellon Res* O 761 Excellon Res T 1441 Excelsior Mng* O 76 Excelsior Mng V 551 Exeter Res* X 2080 Exeter Res T 511 700 ExGen Res Inc V Explor Res* O 126 Explor Res V 2093 Falco Res V 2010 Fancamp Expl V 791 Fieldex Expl V 1235 Finore Mng 319 Fire River Gol* O 1 Firesteel Res V 75 Firestone Vent V 1338 O 26 Firma Holdings* First Bauxite V 51 First Majestic T 6172 First Majestic* N 20464 First Mg Fin V 20110 First Quantum T 35546 Fission 3.0 V 1692 Fission Uran T 4721 Fission Uran* O 1439 Flinders Res* O 186 Flinders Res V 241 Focus Graphite* O 694 Focus Graphite V 2596 Focus Vent V 2925 Foran Mng V 211 Formation Mtls T 1862 Fortescue Mtls* O 52 Fortuna Silvr T 1926 Fortuna Silvr* N 3468 Fortune Bay T 113 Fortune Mnrls T 3307 Fortune Mnrls* O 347 Forum Uranium V 606 Forum Uranium* O 108 Four River V 11 Fox River Res 198 Franco-Nevada* N 4959 Franco-Nevada T 3796 Franklin Mng* O 6 Freegold Vent T 1027 Freeport McMo* N 214686 Freeport Res V 173 Fresnillo plc* O 11 Frontline Gold V 2727 Full Metal Mnl V 68

0.13 0.12 0.12 + 0.00 0.14 0.04 0.06 0.00 0.06 - 0.01 0.17 0.05 0.05 0.02 0.04 + 0.02 0.10 0.01 0.97 0.73 0.93 + 0.20 0.88 0.45 1.24 0.94 1.15 + 0.20 1.16 0.62 0.05 0.05 0.05 - 0.01 0.13 0.04 0.19 0.17 0.19 + 0.01 0.40 0.17 0.03 0.02 0.03 + 0.01 0.06 0.01 0.16 0.12 0.15 + 0.01 0.16 0.04 0.21 0.16 0.19 + 0.02 0.21 0.06 0.60 0.60 0.60 + 0.05 0.60 0.10 0.85 0.73 0.82 + 0.09 1.20 0.48 0.67 0.57 0.62 + 0.06 0.99 0.35 0.06 0.04 0.04 + 0.01 0.21 0.03 25.85 23.36 25.78 + 2.79 25.55 10.62 0.55 0.21 0.21 - 0.20 1.81 0.20 1.03 0.91 1.01 + 0.09 1.45 0.65 0.79 0.70 0.75 + 0.06 1.15 0.46 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.12 0.13 - 0.01 0.25 0.10 0.04 0.03 0.03 - 0.01 0.14 0.03 0.05 0.04 0.04 + 0.01 0.18 0.03 0.06 0.05 0.06 + 0.01 0.10 0.04 0.14 0.12 0.14 + 0.00 0.25 0.08 12.24 10.51 10.84 - 0.96 20.30 7.27 15.74 13.50 13.91 - 1.42 24.60 9.96 0.01 0.01 0.01 + 0.00 0.02 0.01 0.08 0.07 0.07 - 0.01 0.19 0.06 4.60 4.23 4.41 + 0.17 4.60 1.10 2.49 2.23 2.41 + 0.21 3.19 0.84 0.02 0.02 0.02 + 0.01 0.04 0.01 0.21 0.08 0.13 + 0.06 0.21 0.03 0.15 0.10 0.10 - 0.02 0.15 0.02 2.26 2.13 2.16 - 0.01 2.32 1.30 0.10 0.08 0.09 + 0.01 0.60 0.08 0.13 0.10 0.11 - 0.01 0.78 0.10 0.03 0.03 0.03 + 0.01 0.08 0.02 0.09 0.07 0.09 + 0.02 0.09 0.05 0.15 0.11 0.12 + 0.01 0.15 0.03 0.63 0.60 0.60 + 0.02 1.84 0.47 0.82 0.00 0.78 + 0.01 2.26 0.61 0.10 0.02 0.10 + 0.05 0.10 0.01 0.50 0.43 0.46 - 0.02 0.50 0.28 0.40 0.34 0.36 + 0.02 0.90 0.25 0.30 0.00 0.30 - 0.01 0.45 0.10 0.04 0.04 0.04 - 0.00 0.16 0.03 0.03 0.00 0.03 + 0.02 0.03 0.00 0.03 0.02 0.02 - 0.01 0.03 0.01 0.51 0.49 0.49 - 0.02 0.75 0.08 3.84 3.47 3.68 + 0.28 5.36 1.87 4.90 4.47 4.73 + 0.32 6.40 2.67 0.09 0.07 0.08 + 0.01 0.10 0.02 0.11 0.08 0.10 + 0.01 0.12 0.03 0.02 0.01 0.02 + 0.01 0.02 0.00 0.03 0.02 0.03 + 0.02 0.03 0.01 0.20 0.12 0.20 + 0.07 0.18 0.04 0.14 0.05 0.11 + 0.06 0.13 0.03 0.18 0.07 0.13 + 0.07 0.16 0.05 14.66 13.00 14.04 + 1.24 14.66 4.35 11.30 10.00 10.89 + 1.06 11.30 4.40 3.16 2.79 3.05 + 0.25 3.16 1.00 4.07 3.58 3.92 + 0.29 4.07 1.46 0.05 0.03 0.04 - 0.01 0.08 0.02 0.08 0.06 0.07 + 0.01 0.10 0.03 0.10 0.08 0.10 + 0.02 0.13 0.03 3.09 2.85 2.92 + 0.09 6.73 2.47 2.42 2.20 2.30 + 0.11 5.60 1.81 0.42 0.39 0.40 + 0.01 0.62 0.25 0.35 0.30 0.31 + 0.01 0.51 0.17 0.05 0.05 0.05 + 0.01 0.17 0.02 0.20 0.14 0.16 + 0.02 0.50 0.09 0.25 0.22 0.23 + 0.02 0.25 0.11 0.19 0.17 0.17 + 0.01 0.19 0.08 0.03 0.03 0.03 + 0.00 0.08 0.03 0.14 0.13 0.14 + 0.01 0.17 0.09 0.14 0.13 0.14 + 0.01 0.17 0.09 0.22 0.19 0.21 + 0.01 0.23 0.11 0.17 0.15 0.15 + 0.02 0.17 0.09 0.70 0.57 0.66 + 0.09 0.74 0.35 0.90 0.77 0.85 + 0.08 0.90 0.48 0.11 0.06 0.11 + 0.05 0.13 0.03 0.58 0.42 0.57 + 0.09 0.58 0.21 0.46 0.32 0.45 + 0.00 0.46 0.15 0.07 0.04 0.07 + 0.03 0.07 0.01 0.06 0.04 0.06 + 0.03 0.05 0.00 0.11 0.07 0.07 + 0.02 0.10 0.02 0.08 0.05 0.08 + 0.05 0.08 0.02 0.24 0.20 0.20 - 0.04 0.26 0.10 0.03 0.00 0.03 + 0.02 0.03 0.01 0.78 0.69 0.77 + 0.10 0.78 0.14 1.00 0.89 0.98 + 0.13 1.00 0.20 0.22 0.20 0.22 + 0.02 0.31 0.12 0.30 0.26 0.30 + 0.04 0.39 0.19 0.80 0.65 0.80 + 0.16 0.80 0.29 1.03 0.84 1.02 + 0.20 1.02 0.39 0.01 0.01 0.01 + 0.01 0.03 0.01 0.13 0.11 0.11 + 0.01 0.18 0.03 0.17 0.14 0.16 + 0.02 0.24 0.04 0.59 0.53 0.57 + 0.05 0.59 0.21 0.03 0.02 0.03 + 0.01 0.04 0.02 0.04 0.03 0.04 - 0.01 0.05 0.01 0.03 0.01 0.03 + 0.01 0.04 0.01 0.04 0.00 0.04 + 0.02 0.10 0.00 0.02 0.02 0.02 + 0.01 0.08 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.06 0.00 0.06 + 0.02 0.25 0.02 0.05 0.04 0.04 - 0.01 0.09 0.03 10.59 9.08 10.55 + 1.63 10.25 3.50 8.25 7.01 8.22 + 1.35 8.04 2.40 0.70 0.42 0.69 + 0.28 0.61 0.25 7.84 6.42 7.14 + 0.86 19.83 2.15 0.11 0.09 0.10 + 0.01 0.14 0.06 0.74 0.64 0.71 + 0.05 1.23 0.53 0.57 0.50 0.54 + 0.04 1.03 0.39 0.30 0.25 0.25 - 0.00 0.50 0.09 0.39 0.33 0.35 + 0.02 0.39 0.12 0.20 0.16 0.16 + 0.00 0.30 0.04 0.26 0.21 0.21 - 0.01 0.36 0.07 0.08 0.06 0.08 + 0.02 0.24 0.05 0.11 0.09 0.11 + 0.01 0.48 0.05 0.33 0.20 0.28 + 0.09 0.31 0.09 2.46 2.12 2.29 + 0.23 2.46 1.00 6.43 5.66 6.32 + 0.76 6.43 2.65 5.04 4.33 4.93 + 0.66 5.04 2.00 0.35 0.00 0.30 - 0.03 0.43 0.25 0.08 0.06 0.07 + 0.01 0.11 0.02 0.06 0.04 0.05 - 0.00 0.08 0.01 0.18 0.14 0.15 - 0.03 0.19 0.04 0.14 0.11 0.12 + 0.01 0.14 0.03 0.18 0.00 0.15 - 0.04 0.20 0.05 0.04 0.04 0.04 - 0.01 0.05 0.03 69.59 65.33 67.58 + 2.45 69.59 38.20 88.88 83.91 86.84 + 2.07 88.89 49.96 0.00 0.00 0.00 + 0.00 0.03 0.00 0.16 0.13 0.15 + 0.01 0.24 0.05 11.23 9.51 10.86 + 1.53 23.97 3.52 0.02 0.01 0.02 + 0.01 0.02 0.01 14.91 13.50 14.45 + 1.05 14.91 8.70 0.02 0.01 0.02 + 0.01 0.02 0.01 0.06 0.00 0.06 + 0.01 0.07 0.02

G&S Minerals* O 1 Gabriel Res T 637 Gainey Capital V 99 Galantas Gold V 422 Galena Intl Rs V 30 Galway Mtls* O 7 Garibaldi Res V 349 GB Minerals V 24 Gear Intl* O 4 Gem Intl Res V 70 General Moly T 5 General Moly* X 661 Genius Props 1578 Gensource Pot V 559 Geodex Mnrls* O 14 Geodex Mnrls V 10 Geologix Expl V 1981 Geologix Expl* O 214 Geomega Res V 520 GFK Res V 120 Gldn Predator* O 288 Gldn Predator V 707 Glen Eagle Res V 813 Glencore Plc* O 1347 Global Hunter* O 6 Global Hunter V 75 Globex Mng* O 55 Globex Mng T 473 GMCI Corp* O 0 GMV Minerals V 139 GoGold Res T 313 Gold & Silver* O 9688 Gold Bulln Dev* O 165 Gold Bulln Dev V 3967 Gold Dynamics* O 4452 Gold Fields* N 24072 Gold Jub Cap V 275 Gold Mng USA* O 895 Gold Mtn Mng V 83 Gold Reach Res V 580 Gold Reserve* O 183 Gold Reserve V 73 Gold Resource* X 3005

0.00 0.00 0.00 + 0.00 0.00 0.00 0.20 0.18 0.19 - 0.01 0.50 0.12 0.14 0.12 0.13 - 0.01 0.30 0.10 0.09 0.07 0.09 - 0.01 0.18 0.07 0.05 0.04 0.04 - 0.01 0.05 0.01 0.10 0.10 0.10 + 0.00 0.13 0.06 0.10 0.10 0.10 - 0.01 0.18 0.05 0.09 0.08 0.08 - 0.01 0.12 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.00 0.05 + 0.01 0.15 0.04 0.43 0.38 0.38 - 0.05 1.20 0.22 0.34 0.27 0.33 + 0.02 1.00 0.15 0.05 0.03 0.05 + 0.02 0.12 0.02 0.06 0.05 0.06 + 0.01 0.07 0.04 0.05 0.00 0.05 + 0.00 0.05 0.05 0.07 0.00 0.07 + 0.01 0.35 0.05 0.06 0.04 0.05 + 0.01 0.06 0.02 0.04 0.04 0.04 + 0.00 0.04 0.01 0.20 0.17 0.18 - 0.01 0.29 0.06 0.08 0.08 0.08 + 0.01 0.12 0.03 0.19 0.13 0.16 - 0.00 0.18 0.06 0.24 0.16 0.21 + 0.02 0.24 0.07 0.16 0.12 0.13 + 0.02 0.16 0.03 4.48 3.94 4.36 + 0.51 9.68 1.95 0.03 0.01 0.03 + 0.02 0.02 0.01 0.03 0.00 0.03 + 0.01 0.04 0.01 0.21 0.21 0.21 + 0.02 0.25 0.13 0.27 0.26 0.27 + 0.02 0.37 0.17 1.50 0.00 1.50 - 0.15 1.80 0.05 0.13 0.00 0.13 + 0.03 0.26 0.05 1.45 1.29 1.44 + 0.07 1.67 0.94 0.01 0.00 0.00 - 0.00 5460.00 0.00 0.08 0.06 0.06 - 0.02 0.09 0.01 0.11 0.07 0.08 - 0.02 0.11 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 4.39 3.88 4.08 - 0.08 4.68 2.04 0.28 0.23 0.27 + 0.04 0.25 0.07 0.07 0.04 0.05 - 0.01 0.44 0.03 0.08 0.06 0.08 + 0.01 0.11 0.02 0.21 0.00 0.16 - 0.01 0.30 0.08 4.57 4.36 4.57 + 0.07 5.90 2.19 5.93 5.58 5.90 + 0.05 8.00 3.06 2.82 2.51 2.77 + 0.27 3.60 1.14

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gold Std Vents V 1070 Gold Std Vents* X 1572 Goldbelt Emp V 108 T 19216 Goldcorp Goldcorp* N 50577 Golden Arrow V 656 Golden Band* O 77 Golden Dawn Ml V 3076 O 53 Golden Goliath* Golden Hope V 47 Golden Mnls T 865 Golden Mnls* X 6057 165 Golden Peak Mn V O 1256 Golden Queen* Golden Queen T 385 Golden Reign V 280 88 Golden Sh Mng V Golden Star T 1230 19668 Golden Star* X Golden Tag V 268 Golden Valley V 1119 Goldex Res V 31 Goldex Res* O 24 Goldeye Expl V 378 O 27 Goldgroup Mng* T 590 Goldgroup Mng GoldON Res V 228 GoldON Res* O 181 V 3411 GoldQuest Mng Goldrea Res 222 V 543 Goldrock Mines O 96 Goldsource Min* V 392 Goldsource Min Goldstar Mnls V 475 V 384 Goldstrike Res Gonzaga Res V 30 GoviEx Uranium 50 Gowest Gold* O 136 Gowest Gold V 9783 GPM Metals* O 47 GPM Metals V 590 O 1073 Gran Colombia* O 2 Grande Portage* V 19 Grande Portage O 863 Graphite Corp* Graphite One V 8108 Graphite One* O 518 Great Atlantic V 2005 427 Great Bear Res V Great Lakes Gr V 1288 305 Great Lakes Gr* O Great Panther T 1256 X 6256 Great Panther* 65 Great Quest Fe V 32 Great Rock Dev* O Great Thunder V 5001 V 363 Greencastle Rs O 36 Greenflag Vent* Grizzly Discvr V 124 Grizzly Discvr* O 53 Grizzly Gold* O 57 438 GTA Res & Mng V V 552 Guerrero Vents Gungnir Res V 1414 Gungnir Res* O 440 Gunpoint Expl V 55 T 4013 Guyana Gldflds GWR Res V 118 Handa Copper V 17 341 Happy Ck Mnrls V 516 Hard Creek Ni V 25088 N Harmony Gold* Harte Gold T 3504 V 329 Hawkeye Gld&Di V 158 Heatherdale Rs 38387 Hecla Mining* N Helio Res V 1472 O 19 Hemcare Health* HFX Holding V 28 Hinterland Mtl V 2565 O 86 Hochschild Mg* O 410 Homestake Res* V 731 Homestake Res T 2576 Horizonte Mnls 153 Hornby Bay Mnl V Houston Lake V 478 HudBay Mnls* N 1087 HudBay Mnls T 13156 Hudson Res V 88 Hudson Res* O 73

1.64 1.47 1.56 + 0.05 1.64 0.40 1.28 1.13 1.22 + 0.05 1.28 0.26 0.02 0.05 + 0.02 0.10 0.05 0.03 13.55 21.56 - 0.68 24.87 23.18 20.90 16.77 - 0.34 20.30 9.46 18.05 16.30 0.17 0.28 - 0.01 0.50 0.32 0.28 0.00 0.00 - 0.00 0.01 0.00 0.00 0.12 0.09 0.09 - 0.03 0.24 0.07 0.00 0.02 + 0.02 0.02 0.02 0.01 0.12 0.20 + 0.01 0.64 0.25 0.19 0.19 0.93 + 0.23 1.22 1.22 0.79 0.13 0.71 + 0.18 0.94 0.94 0.64 0.06 0.06 0.06 + 0.01 0.09 0.04 0.48 1.35 - 0.13 1.56 1.54 1.32 0.65 1.79 - 0.14 2.00 1.96 1.69 0.07 0.14 + 0.01 0.20 0.15 0.13 0.12 0.10 0.12 + 0.03 0.11 0.03 0.21 0.90 + 0.26 0.81 0.94 0.64 0.14 0.70 + 0.20 0.63 0.74 0.50 0.02 0.05 + 0.02 0.05 0.05 0.03 0.07 0.15 + 0.03 0.19 0.15 0.13 0.10 0.30 + 0.05 0.60 0.30 0.21 0.08 0.24 + 0.11 0.24 0.24 0.00 0.02 0.04 + 0.01 0.06 0.04 0.03 0.03 0.08 + 0.02 0.10 0.08 0.07 0.05 0.11 + 0.03 0.12 0.12 0.09 0.03 0.19 + 0.06 0.16 0.19 0.14 0.03 0.13 + 0.03 0.13 0.13 0.11 0.07 0.30 + 0.03 0.35 0.35 0.29 0.02 0.11 + 0.06 0.11 0.11 0.06 0.15 0.40 + 0.01 0.43 0.43 0.38 0.11 0.24 + 0.01 0.28 0.24 0.21 0.13 0.32 + 0.02 0.40 0.32 0.28 0.01 0.04 + 0.03 0.04 0.04 0.01 0.07 0.17 + 0.01 0.21 0.17 0.15 0.01 0.02 + 0.01 0.07 0.02 0.02 0.04 0.10 + 0.01 0.19 0.10 0.07 0.04 0.06 + 0.00 0.07 0.06 0.06 0.05 0.08 + 0.01 0.10 0.08 0.07 0.07 0.15 + 0.03 0.15 0.15 0.14 0.08 0.19 + 0.03 0.33 0.19 0.18 0.04 0.08 + 0.00 0.37 0.08 0.07 0.02 0.03 + 0.01 0.06 0.06 0.02 0.04 0.07 + 0.03 0.15 0.07 0.00 0.00 0.00 + 0.00 0.02 0.01 0.00 0.07 0.13 + 0.02 0.15 0.13 0.10 0.05 0.10 + 0.01 0.11 0.10 0.07 0.03 0.04 + 0.01 0.14 0.06 0.00 0.03 0.03 0.03 - 0.01 0.08 0.01 0.08 0.07 0.07 - 0.01 0.15 0.06 0.06 0.05 0.05 - 0.01 0.12 0.04 0.40 1.53 + 0.22 1.51 1.53 1.25 0.30 1.19 + 0.17 1.18 1.19 0.96 0.23 0.19 0.23 - 0.03 0.63 0.11 0.00 0.00 0.00 - 0.00 0.02 0.00 0.01 0.08 + 0.07 0.03 0.11 0.00 0.05 0.08 - 0.02 0.10 0.09 0.08 0.00 0.00 + 0.00 0.15 0.00 0.00 0.01 0.05 + 0.01 0.10 0.05 0.05 0.02 0.04 + 0.00 0.07 0.04 0.04 0.01 0.04 + 0.01 0.06 0.06 0.02 0.06 0.04 0.05 + 0.01 0.08 0.02 0.01 0.04 + 0.01 0.05 0.04 0.02 0.01 0.02 - 0.01 0.04 0.03 0.02 0.00 0.02 - 0.00 0.03 0.02 0.02 0.13 0.20 - 0.04 0.24 0.24 0.19 2.48 6.16 + 0.75 6.04 6.18 5.43 0.02 0.04 + 0.01 0.08 0.04 0.04 0.03 0.04 - 0.01 0.12 0.05 0.00 0.12 0.10 0.11 + 0.01 0.17 0.08 0.03 0.00 0.03 + 0.01 0.08 0.01 0.53 3.59 - 0.34 4.19 4.17 3.48 0.05 0.20 + 0.01 0.35 0.20 0.18 0.03 0.07 - 0.01 0.08 0.08 0.06 0.01 0.04 - 0.01 0.05 0.04 0.00 1.45 3.26 + 0.30 3.37 3.29 3.00 0.02 0.04 + 0.01 0.05 0.05 0.04 0.01 0.11 + 0.06 0.80 0.24 0.05 0.01 0.03 - 0.01 0.15 0.04 0.03 0.01 0.03 + 0.02 0.02 0.03 0.00 0.59 1.83 + 0.25 1.85 1.85 1.60 0.01 0.02 - 0.01 0.03 0.03 0.02 0.01 0.03 - 0.01 0.04 0.04 0.03 0.02 0.04 + 0.01 0.06 0.05 0.02 0.03 0.03 0.03 - 0.01 0.10 0.03 0.12 0.30 - 0.02 0.40 0.36 0.29 3.74 3.16 3.32 + 0.22 10.37 1.56 4.77 4.06 4.26 + 0.25 12.61 2.26 0.34 0.45 - 0.02 0.55 0.46 0.41 0.26 0.35 - 0.01 0.43 0.36 0.32

I-Minerals V 101 I-Minerals* O 4 IAMGOLD T 13669 34190 IAMGOLD* N Iberian Mnrls V 4456 IC Potash* O 162 IC Potash T 10569 Iconic Mnls V 480 IDM Mining V 1948 IDM Mining* O 512 IMPACT Silver V 1686 O 110 Impala Platnm* 6 Imperial Metal* O 184 Imperial Metal T 874 Inca One Gold V Q 103 Inception Mng* V 472 Independence G Indico Res V 165 Infrastructure* O 150 Intact Gold V 827 Integra Gold* O 1111 Intgr Egy Sol* O 22970 Intigold Mines V 1096 11 Intl Bethl Mng V Intl Lithium* O 98 Intl Lithium V 4097 608 T Intl Tower Hil Intl Tower Hil* X 2378 Intrepid Pots* N 5520 INV Metals T 1831 Inventus Mg V 1612 InZinc Mining V 223 Irving Res 82 20 Itoco Mg Corp* O O 849 Ivanhoe Mines* Ivanhoe Mines T 6182 J.A.G. Mines V 167 Jaguar Mng* O 714 Jaguar Mng V 1379 Jasper Mng V 67 Jaxon Mnls V 715 Jayden Res V 117 O 46 Kaizen Discvry* V 293 Kaizen Discvry O 1719 Kaminak Gold* Kaminak Gold V 3565 V 785 Kapuskasing Gd Karnalyte Res T 157 46481 KAT Expl* O Kazax Mnls V 98 Kennady Diam V 139 Kerr Mines* O 382 Khalkos Expl V 481 Khan Res 548 O 8 Kilo Goldmines* V 140 Kilo Goldmines V 609 Kincora Copper O 4 Kingsrose Mng* 88897 Kinross Gold* N Kinross Gold T 41986 121 Kirkland Lk Gd* O Kirkland Lk Gd T 3445 Kiska Metals* O 59 Kiska Metals V 1285 Klondex Mns T 1579 Klondike Gold V 482 O 39 Klondike Gold* Klondike Silv* O 28 Klondike Silv V 289 V 90 Kombat Copper V 70 Komet Resource Kootenay Silvr V 1310 KWG Res* O 1282 KWG Res 7120

0.14 0.20 - 0.03 0.37 0.23 0.00 0.11 0.17 - 0.00 0.28 0.17 0.17 1.50 3.66 + 0.38 3.79 3.79 3.35 1.15 2.86 + 0.34 2.97 2.97 2.60 0.05 0.05 - 0.01 0.11 0.06 0.05 0.03 0.06 + 0.03 0.25 0.06 0.03 0.04 0.07 + 0.02 0.31 0.09 0.05 0.03 0.23 + 0.03 0.24 0.24 0.18 0.07 0.11 - 0.01 0.14 0.12 0.11 0.04 0.08 + 0.00 0.11 0.09 0.08 0.11 0.54 + 0.12 0.55 0.57 0.43 1.45 3.14 + 0.26 5.96 3.33 3.06 3.60 3.13 3.60 + 0.41 10.96 2.81 4.72 4.00 4.52 + 0.53 13.27 3.92 0.08 0.07 0.08 + 0.01 0.26 0.07 0.05 0.28 + 0.18 0.35 0.31 0.11 0.06 0.11 + 0.01 0.13 0.12 0.10 0.02 0.08 + 0.02 0.16 0.08 0.05 0.01 0.01 + 0.00 0.02 0.01 0.01 0.02 0.15 + 0.02 0.17 0.24 0.12 0.18 0.42 + 0.00 0.45 0.45 0.39 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.08 - 0.04 0.32 0.10 0.08 0.06 0.00 0.06 + 0.02 0.10 0.02 0.01 0.14 + 0.05 0.16 0.16 0.14 0.02 0.25 + 0.11 0.21 0.27 0.15 0.73 0.50 0.65 + 0.19 0.73 0.26 0.55 0.38 0.50 + 0.14 0.55 0.18 1.13 0.91 1.02 + 0.10 13.24 0.65 0.08 0.48 + 0.19 0.44 0.48 0.25 0.01 0.10 + 0.03 0.08 0.10 0.07 0.04 0.06 - 0.01 0.14 0.06 0.05 0.11 0.13 + 0.01 0.20 0.15 0.12 0.20 0.20 0.20 + 0.04 1.10 0.13 0.36 0.73 + 0.06 1.08 0.76 0.68 0.53 0.93 + 0.05 1.36 0.97 0.88 0.01 0.02 + 0.01 0.04 0.02 0.02 0.07 0.30 + 0.03 0.31 0.31 0.28 0.12 0.38 + 0.03 0.40 0.40 0.36 0.02 0.05 + 0.02 0.06 0.05 0.00 0.01 0.06 + 0.02 0.06 0.06 0.04 0.03 0.05 + 0.02 0.15 0.05 0.00 0.06 0.08 + 0.01 0.21 0.10 0.08 0.08 0.12 + 0.01 0.30 0.13 0.11 0.47 1.45 + 0.18 1.50 1.50 1.27 0.61 1.86 + 0.21 1.92 1.92 1.65 0.02 0.05 + 0.02 0.09 0.05 0.03 0.52 2.34 + 0.11 4.15 2.35 2.11 0.00 0.00 + 0.00 0.01 0.00 0.00 0.01 0.03 + 0.02 0.06 0.03 0.02 2.35 3.60 + 0.20 5.95 3.72 3.41 0.01 0.06 + 0.00 0.12 0.06 0.05 0.05 0.14 + 0.03 0.16 0.16 0.12 0.34 0.78 - 0.01 0.85 0.80 0.77 0.03 0.13 + 0.03 0.13 0.13 0.13 0.04 0.16 + 0.02 0.17 0.17 0.12 0.02 0.03 + 0.01 0.04 0.03 0.02 0.58 0.76 + 0.00 1.29 0.82 0.76 1.31 4.25 + 0.34 4.49 4.49 3.98 1.79 5.47 + 0.38 5.72 5.72 5.10 6.97 6.37 6.64 + 0.05 7.33 3.12 8.96 8.19 8.52 - 0.05 9.53 4.49 0.01 0.04 + 0.01 0.04 0.04 0.03 0.01 0.04 - 0.01 0.05 0.05 0.04 2.56 4.01 + 0.09 4.19 4.19 3.79 0.08 0.17 + 0.01 0.20 0.18 0.16 0.06 0.14 + 0.02 0.15 0.15 0.13 0.01 0.03 + 0.01 0.03 0.03 0.02 0.01 0.03 + 0.01 0.05 0.04 0.02 0.02 0.07 - 0.01 0.11 0.10 0.07 0.26 0.37 + 0.02 0.47 0.37 0.33 0.17 0.39 + 0.06 0.56 0.44 0.36 0.00 0.02 + 0.01 0.02 0.02 0.02 0.01 0.03 + 0.01 0.03 0.03 0.02

614 Labdr Iron Mns* O Labrador Iron T 1777 Lancaster Cap V 41 Lara Expl V 105 Laramide Res T 495 Laredo Res* O 2995 Largo Res* O 21 Largo Res V 286 Lateral Gold V 3326 85 Latin Am Mnls* O 515 Latin Am Mnls V 219 Laurion Mnl Ex* O LeadFX Inc T 157 LeadFX Inc* O 12 Legend Gold* O 361

0.01 0.00 0.01 + 0.00 0.02 0.00 13.28 + 1.34 17.45 6.85 14.60 12.11 0.04 0.25 + 0.05 0.25 0.25 0.20 0.20 0.44 + 0.04 0.52 0.52 0.42 0.15 0.26 + 0.01 0.35 0.27 0.23 0.00 0.00 - 0.00 0.01 0.00 0.00 0.08 0.28 + 0.04 0.75 0.28 0.00 0.11 0.41 + 0.09 0.95 0.45 0.28 0.07 0.10 + 0.04 0.36 0.15 0.07 0.09 0.09 0.09 - 0.00 0.11 0.06 0.12 0.10 0.11 - 0.01 0.35 0.05 0.01 0.00 0.01 + 0.00 0.04 0.00 0.12 0.18 + 0.01 2.25 0.19 0.00 0.11 0.11 - 0.04 0.29 0.11 0.00 0.01 0.04 + 0.02 0.07 0.04 0.02

I-J-K

2016-04-26 6:46 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 25â&#x20AC;&#x201C;MAY 1, 2016

s toc k ta b le s (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Legend Gold V 826 Lepanto Con Mg* O 416 Levon Res Ltd T 1241 Levon Res Ltd * O 280 Lexam VG Gold T 2478 Lexam VG Gold* O 1710 Li3 Energy* O 2247 20 Libero Mg Corp V Lincoln Mng V 261 Lion One Mtls V 149 Lion One Mtls* O 110 Lithium Amer T 19800 Lithium Corp* O 1677 Lithium Expl* O 16056 Lithium X Egy V 6062 Lode-Star Mg* O 335 Lomiko Mtls* O 202 Loncor Res* O 20 Loncor Res T 252 Lone Star Gold* O 62 Lonmin plc* O 8 V 206 Lorraine Coppr Los Andes Copp V 43 Lowell Copper V 51 Lucara Diam T 3491 Luna Gold T 570 Luna Gold* O 621 Lund Enterpr V 116 Lundin Gold T 579 Lundin Mng T 8962 Lupaka Gold V 89 Lydian Intl* O 164 Lydian Intl T 2019 Lynas Corp* O 226

0.06 0.04 0.05 + 0.02 0.09 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.24 0.16 0.24 + 0.10 0.32 0.09 0.18 0.12 0.18 + 0.07 0.18 0.07 0.24 0.19 0.21 + 0.02 0.24 0.05 0.18 0.15 0.16 + 0.00 0.18 0.04 0.03 0.02 0.02 + 0.00 0.04 0.01 0.10 0.08 0.10 + 0.02 0.12 0.02 0.10 0.07 0.10 + 0.01 0.10 0.02 0.50 0.44 0.45 - 0.01 0.60 0.24 0.38 0.34 0.37 + 0.02 0.45 0.18 0.87 0.66 0.82 + 0.04 0.96 0.26 0.07 0.03 0.06 + 0.01 0.07 0.02 0.04 0.02 0.02 + 0.00 1.28 0.02 2.85 1.37 2.53 + 1.01 1.99 0.05 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.03 0.03 - 0.00 0.05 0.02 0.09 0.00 0.08 + 0.04 0.13 0.01 0.09 0.06 0.09 + 0.03 0.13 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 2.36 0.00 2.36 + 0.51 233.10 0.55 0.04 0.00 0.04 - 0.01 0.13 0.04 0.18 0.15 0.18 + 0.02 0.23 0.05 0.29 0.25 0.25 - 0.03 0.45 0.12 3.14 2.80 3.12 + 0.31 3.09 1.42 0.17 0.14 0.16 + 0.03 0.19 0.03 0.13 0.11 0.12 + 0.02 0.16 0.02 0.07 0.00 0.07 + 0.03 0.07 0.02 5.87 5.30 5.72 - 0.11 6.51 3.46 4.35 4.01 4.24 + 0.25 6.46 2.98 0.16 0.00 0.15 + 0.02 0.19 0.04 0.23 0.19 0.22 + 0.03 0.48 0.13 0.29 0.24 0.28 + 0.03 0.58 0.19 0.06 0.05 0.06 - 0.00 0.10 0.02

M Macarthur Mnl V 14389 0.08 0.04 0.07 + 0.03 0.08 0.02 Macarthur Mnl* O 214 0.04 0.03 0.03 - 0.00 0.04 0.02 O 29 0.23 0.13 0.21 + 0.08 0.23 0.01 MacMillan Mnls* MacMillan Mnls V 24 0.30 0.00 0.27 + 0.07 0.30 0.05 X 568 10.88 9.72 10.87 + 1.25 10.76 5.65 MAG Silver* MAG Silver T 965 13.98 12.56 13.92 + 1.38 13.75 6.90 Magellan Gold* O 1434 0.08 0.05 0.08 + 0.03 0.09 0.03 V 670 0.09 0.07 0.09 + 0.03 0.09 0.03 Magellan Mnrls Magellan Mnrls* O 476 0.07 0.05 0.07 + 0.01 0.07 0.02 V 224 0.04 0.03 0.04 + 0.01 0.13 0.02 Magnum Goldco Magnus Intl* O 5 0.00 0.00 0.00 - 0.00 0.00 0.00 Majescor Res* O 4 0.04 0.04 0.04 + 0.01 0.04 0.01 0.05 - 0.01 0.06 0.02 Majescor Res V 396 0.06 0.04 Majestic Gold V 263 0.09 0.07 0.08 - 0.01 0.12 0.04 O 103 0.07 0.05 0.06 - 0.01 0.08 0.02 Majestic Gold* Makena Res* O 339 0.02 0.02 0.02 + 0.00 0.03 0.01 Makena Res V 3730 0.03 0.02 0.03 + 0.01 0.05 0.01 0.03 - 0.01 0.04 0.02 Manitou Gold V 351 0.04 0.03 Manson Creek V 119 0.02 0.00 0.02 + 0.01 0.03 0.01 T 707 0.27 0.22 0.24 + 0.02 0.35 0.11 Marathon Gold Margaux Res V 127 0.20 0.11 0.19 + 0.02 0.30 0.11 Marlin Gold V 120 0.45 0.00 0.37 - 0.02 0.75 0.15 0.29 - 0.02 0.62 0.10 Marlin Gold* O 148 0.36 0.28 MartinMarietta* N 2476 168.23 161.97 165.63 - 0.55 178.67 108.31 V 826 0.60 0.53 0.59 + 0.03 0.61 0.30 Mason Graphite Mason Graphite* O 130 0.47 0.41 0.46 + 0.03 0.48 0.21 Matachewan Con V 22 0.35 0.30 0.34 - 0.02 0.49 0.17 O 146 0.03 0.02 0.03 + 0.01 0.04 0.01 Matamec Expl* Matamec Expl V 938 0.06 0.04 0.05 + 0.01 0.05 0.02 0.02 + 0.00 0.07 0.01 Matica Ent* O 1421 0.02 0.02 Maudore Mnrls V 109 0.01 0.01 0.01 - 0.01 0.01 0.01 Mawson Res T 145 0.29 0.22 0.24 - 0.01 0.30 0.16 0.19 + 0.01 0.27 0.12 Mawson Res* O 51 0.23 0.17 Mawson West T 758 0.01 0.01 0.01 - 0.01 0.08 0.01 0.06 - 0.02 0.11 0.04 MAX Res V 72 0.07 0.06 MaxTech Vent 190 0.26 0.12 0.26 + 0.14 0.22 0.05 Maya Gold &Sil V 1098 0.18 0.15 0.16 + 0.01 0.30 0.10 V 182 0.02 0.02 0.02 + 0.01 0.04 0.01 Mazarin MBAC Fertilizr* O 2 0.02 0.02 0.02 + 0.00 0.11 0.01 12971 2.52 2.19 2.35 + 0.05 2.52 0.65 McEwen Mng* N McEwen Mng T 1521 3.24 2.82 3.02 + 0.02 3.24 0.84 MDN Inc V 357 0.05 0.04 0.05 + 0.01 0.06 0.01 980 0.10 0.08 0.08 + 0.00 0.20 0.04 Meadow Bay Gd* O Mechel* N 1731 2.15 1.83 2.07 + 0.24 2.96 1.23 0.04 - 0.01 0.06 0.01 Medallion Res V 252 0.04 0.04 Medallion Res* O 218 0.03 0.02 0.02 - 0.01 0.04 0.01 Medgold Res V 271 0.09 0.09 0.09 + 0.01 0.15 0.05 O 5953 0.02 0.01 0.01 - 0.00 0.04 0.01 Medinah Mnrls* Mega Uranium T 8603 0.20 0.15 0.18 + 0.04 0.20 0.05 O 853 0.15 0.11 0.13 + 0.02 0.15 0.04 Mega Uranium* Megastar Dev V 179 0.06 0.04 0.06 + 0.02 0.05 0.02 Melior Res V 157 0.04 0.03 0.04 + 0.01 0.10 0.01 O 60 0.59 0.47 0.59 + 0.11 0.59 0.19 Menika Mining* Menika Mining V 1316 0.75 0.60 0.73 + 0.09 0.75 0.05 0.17 + 0.01 0.20 0.10 Merrex Gold* O 8 0.17 0.16 Metalex Vent V 96 0.08 0.06 0.06 - 0.02 0.12 0.04 Metallis Res V 418 0.10 0.06 0.08 + 0.01 0.10 0.01 0.60 + 0.05 0.70 0.30 Metalo Manuf 18 0.70 0.60 Metals Creek V 258 0.13 0.11 0.13 + 0.02 0.19 0.05 0.10 + 0.00 0.14 0.05 Metals Creek* O 92 0.10 0.09 Metanor Res V 10099 0.12 0.10 0.10 - 0.01 0.13 0.03 Mexus Gold* O 7177 0.04 0.03 0.03 + 0.00 0.04 0.00 0.11 + 0.01 0.70 0.08 MGX Minerals 1309 0.12 0.08 Midas Gold T 5272 0.67 0.59 0.67 + 0.09 0.66 0.25 0.52 + 0.06 0.66 0.16 Midas Gold* O 4268 0.66 0.46 Midland Expl V 122 0.75 0.68 0.69 - 0.06 0.80 0.45 Midnight Sun V 54 0.12 0.11 0.11 - 0.01 0.24 0.08 0.24 + 0.01 0.32 0.11 Millrock Res* O 222 0.32 0.22 Millrock Res V 640 0.42 0.29 0.30 - 0.04 0.42 0.15 0.12 + 0.06 0.16 0.01 Millstream Min V 290 0.13 0.07 Minaurum Gold V 442 0.14 0.10 0.10 - 0.02 0.14 0.04 Minco Gold* X 994 0.31 0.27 0.30 + 0.02 0.40 0.10 Minco Gold T 275 0.39 0.35 0.37 + 0.01 0.49 0.12 Minco Silver T 428 0.89 0.78 0.84 + 0.09 0.91 0.32 Minco Silver* O 181 0.70 0.62 0.66 + 0.08 0.70 0.26 Minecorp Egy V 177 0.16 0.07 0.15 + 0.09 0.16 0.01 Minera Alamos V 315 0.11 0.11 0.11 + 0.01 0.14 0.07 Mineral Mtn V 111 0.21 0.17 0.20 + 0.02 0.25 0.08 Mines Manage* X 2104 0.79 0.53 0.61 + 0.08 0.79 0.11 Mines Manage T 71 1.06 0.63 0.77 + 0.03 1.06 0.17 Minnova Corp V 761 0.40 0.38 0.40 + 0.02 0.48 0.18 Miranda Gold V 1224 0.10 0.08 0.09 + 0.01 0.12 0.06 Mirasol Res V 402 1.36 1.20 1.33 + 0.13 1.35 0.72 Mistango River 30 0.02 0.01 0.02 + 0.01 0.07 0.01 Mitchell Res V 275 0.03 0.03 0.03 - 0.01 0.05 0.01 Molycorp* O 9269 0.09 0.04 0.05 - 0.03 1.15 0.02 Monarques Res V 690 0.12 0.10 0.12 + 0.03 0.12 0.06 Moneta Porcpn T 1936 0.21 0.15 0.20 + 0.05 0.20 0.05 Moneta Porcpn* O 96 0.14 0.11 0.14 + 0.03 0.15 0.04 Monster Mng V 15 0.02 0.01 0.01 - 0.01 0.02 0.01 Monster Uran* O 15 0.04 0.00 0.04 + 0.02 0.06 0.01 Monster Uran V 57 0.05 0.03 0.05 + 0.02 0.12 0.02 Montan Mg V 540 0.04 0.03 0.04 + 0.01 0.26 0.02 Montana Gold 19 0.07 0.00 0.07 + 0.01 0.07 0.02 Montero Mg&Ex V 393 0.03 0.02 0.03 + 0.01 0.06 0.01 Monument Mng V 893 0.14 0.13 0.14 + 0.01 0.16 0.08 Morien Res* O 30 0.24 0.23 0.23 + 0.01 0.24 0.13 Mosaic* N 26099 26.56 24.57 26.11 + 1.15 47.68 22.02 Mountain Boy V 1760 0.02 0.01 0.02 - 0.01 0.02 0.01 Mountain Prov T 711 5.60 5.04 5.35 - 0.03 5.60 3.38 Mountain Prov* D 217 4.39 3.90 4.17 + 0.04 4.40 2.47 Mundoro Cap* O 28 0.06 0.05 0.06 + 0.01 0.10 0.03 Mundoro Cap V 153 0.13 0.09 0.11 + 0.03 0.13 0.04 Myson Group* O 25 0.01 0.01 0.01 + 0.00 0.18 0.00

N-O NACCO Ind* N 107 Namibia Rare E T 105 Napier Vent V 99 Natural Res Pt* N 249 Nautilus Mnrls T 1290 Nautilus Mnrls* O 657 Nemaska Lith V 24877 Nemaska Lith* O 939 Nevada Clean M* O 104 Nevada Copper T 127 Nevada Egy Mtl* O 4881 Nevada Egy Mtl V 4327 Nevada Expl * O 85 Nevada Sunrise V 3220 Nevada Sunrise* O 130 Nevada Zinc V 820 Nevado Res V 1314 Nevsun Res* X 1501 Nevsun Res T 1366 New Carolin Gd V 2158 New Carolin Gd* O 47 New Colombia* O 564 New Destiny Mg V 2685 New Dimen Res V 154 New Era Mnrls V 35 New Gold* O 296 New Gold T 8196 New Guinea Gld* O 1212 New Jersey Mng* O 113 New Milln Iron T 1427 New Nadina V 91 New Pac Metals* O 3 Newlox Gold 2600 Newmac Res V 50 T 5444 Newmarket Gold Newmarket Gold* O 595 Newmont Mng* N 47257 Newstrike Res V 359 Nexgen Energy V 17263 O 903 Nexgen Energy* Next Gen Mtls* O 0

8-9_April25_StockTables.indd 9

59.50 57.42 58.60 + 0.70 62.96 40.04 0.09 0.06 0.08 + 0.02 0.20 0.04 0.28 0.24 0.24 - 0.03 0.34 0.15 10.56 8.41 10.16 + 1.75 74.05 5.00 0.18 0.16 0.16 - 0.01 0.50 0.15 0.14 0.12 0.13 - 0.00 0.41 0.11 1.23 0.86 1.05 + 0.06 1.23 0.15 0.97 0.69 0.83 + 0.04 0.97 0.13 0.02 0.01 0.01 - 0.01 0.05 0.00 1.00 0.92 0.92 - 0.01 2.03 0.45 0.17 0.12 0.17 + 0.05 0.16 0.06 0.22 0.16 0.22 + 0.06 0.21 0.01 0.26 0.23 0.25 - 0.00 0.61 0.08 0.29 0.18 0.28 + 0.09 0.36 0.13 0.22 0.15 0.22 + 0.07 0.29 0.09 0.41 0.36 0.39 - 0.01 0.43 0.19 0.03 0.02 0.02 + 0.01 0.05 0.01 3.39 3.03 3.30 + 0.28 4.36 2.27 4.36 3.93 4.25 + 0.36 5.35 3.27 0.09 0.08 0.09 + 0.01 0.10 0.02 0.08 0.07 0.07 + 0.00 0.08 0.03 0.01 0.01 0.01 + 0.01 0.02 0.00 0.02 0.01 0.01 + 0.01 0.03 0.01 0.12 0.08 0.10 - 0.02 0.12 0.04 0.09 0.06 0.09 + 0.03 0.29 0.04 0.07 0.05 0.07 + 0.01 0.33 0.03 5.71 5.11 5.34 - 0.04 5.71 2.52 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.07 0.09 + 0.00 0.12 0.02 0.10 0.08 0.09 + 0.01 0.18 0.05 0.13 0.09 0.09 + 0.01 0.30 0.05 0.21 0.21 0.21 + 0.00 0.21 0.11 0.03 0.02 0.03 + 0.01 0.08 0.02 0.07 0.05 0.06 + 0.01 0.20 0.05 3.02 2.67 2.93 + 0.01 3.02 0.80 2.34 2.09 2.28 + 0.04 2.45 0.61 31.25 28.26 29.37 + 0.27 31.25 15.39 0.05 0.04 0.05 + 0.02 0.08 0.02 2.76 2.09 2.63 + 0.58 2.76 0.48 2.14 1.60 2.06 + 0.50 2.14 0.41 0.10 0.00 0.10 - 0.00 0.14 0.08

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Next Gen Mtls 834 Nexus Gold V 575 NGEx Res T 513 Nickel One Res V 437 Nicola Mg Inc V 591 Nicola Mg Inc* O 172 Nighthawk Gold V 2177 Nikos Expl* O 90 Nikos Expl V 496 Niocan Inc V 18 Niocorp Dev T 542 Niocorp Dev* O 635 V 329 Nippon Dragon Nitinat Mnls V 25 Noble Mnl Expl V 608 Noka Res V 10055 Noranda Alum* O 353 Noront Res V 2122 Norsemont Cap 9 Nortec Mnls V 78 North Am Nickl* O 25 126 North Am Nickl V North Am Pall T 22 24 North Am Pall* O North Arrow Mn V 283 North Arrow Mn* O 75 93 North Springs* O Northair Silvr V 2485 Northcliff Res T 482 Northn Empire* O 5 Northquest V 214 Norvista Cap V 232 Nouveau Monde V 1142 NovaCopper* X 438 NovaCopper T 60 NovaGold Res T 2893 X 16317 NovaGold Res* Novo Res* O 117 Novo Res V 252 NovX21* O 203 NovX21 V 2701 NRG Metals V 2941 Nrthn Freegold* O 15 O 371 Nrthn Graphite* Nrthn Graphite V 545 Nrthn Lion V 33 30 Nrthn Mnrls &E* O Nrthn Shield V 1234 Nrthn Superior V 60 Nrthn Vertex V 498 NSGold V 100 Nthn Dynasty* X 1125 Nthn Dynasty T 1234 Nthrn Sphere 1003 NuLegacy Gold* O 1529 NuLegacy Gold V 4308 V 31 Nunavik Nickel NX Uranium* O 7 O.T. Mining* O 3 OceanaGold T 18142 OceanaGold* O 128 69 Oceanic Iron O V Oceanus Res V 169 41 Odin Mng & Exp* O Odin Mng & Exp V 1118 Olivut Res* O 16 136 Omineca Mg &Ml V Orbite Tech T 2332 Orbite Tech* O 88 Orca Gold V 1144 Orca Gold* O 34 V 1022 Orefinders Res Oremex Silver* O 2 Orestone Mng V 296 Orex Expl V 1943 Orezone Gold* O 229 Orezone Gold V 603 Original Sixtn* O 12 75 Orla Mng Ltd V Oro East Mg* Q 47 Oroco Res V 314 Oroco Res* O 110 Orocobre T 329 Orofino Mnrls V 14 Orosur Mng T 1290 Orsu Metals T 4586 Orvana Mnrls T 1518 Orvana Mnrls* O 283 113 Osisko Gold * O Osisko Gold T 2082 Otis Gold* O 257 Otis Gold V 590

0.16 0.12 0.16 + 0.02 0.18 0.01 0.05 0.05 0.05 - 0.01 0.14 0.04 0.75 0.66 0.73 + 0.06 1.05 0.44 0.14 0.09 0.11 + 0.02 0.18 0.09 0.09 0.07 0.08 + 0.01 0.15 0.04 0.07 0.06 0.07 + 0.01 0.08 0.03 0.18 0.11 0.16 + 0.05 0.22 0.04 0.09 0.08 0.08 - 0.01 0.13 0.01 0.11 0.09 0.10 - 0.01 0.19 0.02 0.08 0.08 0.08 + 0.01 0.18 0.04 1.04 0.98 1.04 + 0.03 1.16 0.51 0.81 0.77 0.80 + 0.03 1.01 0.37 0.09 0.08 0.08 - 0.01 0.15 0.03 0.08 0.00 0.07 + 0.03 0.07 0.03 0.02 0.01 0.02 + 0.01 0.02 0.01 0.13 0.07 0.13 + 0.07 0.26 0.03 0.08 0.05 0.07 - 0.01 24.50 0.02 0.35 0.31 0.33 + 0.03 0.54 0.28 0.31 0.24 0.24 - 0.07 0.31 0.07 0.03 0.02 0.02 + 0.01 0.04 0.02 0.08 0.07 0.08 + 0.02 0.21 0.05 0.11 0.00 0.11 + 0.02 0.25 0.07 5.70 5.25 5.40 + 0.12 50.00 3.85 4.37 4.07 4.20 + 0.13 25.52 2.71 0.29 0.22 0.23 - 0.04 1.34 0.15 0.21 0.19 0.20 - 0.02 1.08 0.12 1.99 1.06 1.11 - 0.64 40.00 0.15 0.18 0.14 0.16 + 0.01 0.21 0.04 0.12 0.00 0.12 + 0.03 0.17 0.06 0.08 0.07 0.08 + 0.01 0.08 0.04 0.23 0.22 0.22 - 0.01 0.32 0.07 0.20 0.17 0.19 - 0.01 0.24 0.08 0.24 0.20 0.21 - 0.03 0.24 0.11 0.41 0.35 0.39 + 0.03 0.66 0.15 0.51 0.00 0.51 + 0.06 0.81 0.20 8.07 7.38 7.70 + 0.19 8.07 3.42 6.25 5.75 5.98 + 0.22 6.25 2.65 0.65 0.57 0.63 + 0.03 0.75 0.29 0.83 0.75 0.80 + 0.01 0.99 0.40 0.03 0.03 0.03 + 0.01 0.06 0.00 0.05 0.03 0.03 - 0.01 0.08 0.02 0.18 0.09 0.16 + 0.08 0.12 0.02 0.10 0.07 0.08 - 0.00 0.10 0.02 0.42 0.35 0.36 - 0.05 0.68 0.12 0.54 0.46 0.46 - 0.07 0.81 0.16 0.13 0.00 0.12 - 0.01 0.16 0.03 0.03 0.00 0.03 - 0.00 0.14 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.04 0.01 0.34 0.29 0.32 + 0.06 0.40 0.11 0.08 0.08 0.08 + 0.01 0.08 0.03 0.37 0.31 0.36 + 0.02 0.53 0.20 0.47 0.40 0.47 + 0.06 0.67 0.28 0.25 0.22 0.22 - 0.03 0.60 0.10 0.20 0.15 0.18 - 0.01 0.20 0.06 0.27 0.20 0.21 - 0.04 0.27 0.08 0.09 0.05 0.06 - 0.04 0.10 0.03 0.03 0.01 0.01 - 0.01 0.06 0.01 0.04 0.00 0.04 - 0.01 0.14 0.03 4.22 3.90 4.02 + 0.04 4.22 1.79 3.27 3.11 3.23 + 0.21 3.27 1.43 0.12 0.10 0.11 + 0.02 0.22 0.08 0.30 0.27 0.30 + 0.04 0.35 0.14 0.34 0.31 0.33 - 0.02 0.35 0.17 0.44 0.39 0.39 - 0.01 0.49 0.21 0.16 0.10 0.16 + 0.01 0.16 0.05 0.08 0.06 0.07 - 0.01 0.11 0.01 0.25 0.24 0.24 + 0.01 0.53 0.20 0.20 0.18 0.18 - 0.00 0.40 0.15 0.27 0.22 0.24 - 0.01 0.40 0.12 0.20 0.17 0.17 - 0.03 0.32 0.08 0.05 0.04 0.04 - 0.01 0.08 0.01 0.01 0.00 0.01 + 0.01 0.01 0.00 0.02 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.53 0.46 0.50 + 0.03 0.53 0.16 0.68 0.60 0.65 + 0.05 0.68 0.22 0.06 0.03 0.06 + 0.03 0.23 0.00 0.15 0.15 0.15 - 0.01 0.32 0.06 0.02 0.01 0.01 - 0.00 0.06 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.00 0.03 0.01 3.51 2.97 3.28 - 0.05 3.51 1.33 0.18 0.17 0.17 - 0.01 0.23 0.05 0.22 0.15 0.21 + 0.06 0.19 0.10 0.04 0.03 0.04 + 0.02 0.06 0.01 0.26 0.21 0.25 + 0.05 0.40 0.11 0.20 0.16 0.20 + 0.04 0.31 0.07 11.64 11.03 11.30 + 0.38 15.13 8.88 14.79 14.21 14.54 + 0.28 18.64 12.39 0.15 0.13 0.13 - 0.01 0.15 0.01 0.19 0.15 0.17 - 0.02 0.19 0.03

Pac Booker Min* X 24 27 Pac Booker Min V Pac North West V 3800 Pac North West* O 64 52 Pac Ridge Expl V Pac Topaz V 205 T 2212 Paladin Energy Palamina Corp V 86 Pan Am Silver T 3422 Pan Am Silver* D 14930 Pangolin Dia V 692 Panoro Mnrls V 489 Para Resources V 1159 Paramount Gold* X 227 Pasinex Res 275 Passprt Potash* O 80 Patriot Gold* O 57 Peat Res V 294 Pedro Res V 142 Pelangio Expl* O 88 Pelangio Expl V 4187 Pele Mtn Res* O 346 Peregrine Diam T 2076 Perseus Mng T 2838 Pershing Gold* D 518 Peruvian Prc M V 282 Peruvian Prc M* O 27 Philex Mng* O 21 Phoenix Metals V 131 Phoenix Metals* O 22 Pilot Gold T 1822 Pilot Gold* O 738 Pine Cliff En T 3159 Pinecrest Res V 658 Pistol Bay Mng V 238 Pitchblack Res V 2 Pitchblack Res* O 2 PJX Res V 317 Plate Res V 60 Plateau Uran* O 48 Platinex V 350 Platinum Gp Mt* X 3006 Platinum Gp Mt T 1067 Polaris Mater T 70 PolyMet Mng* X 976 PolyMet Mng T 57 Portage Res* O 2700 Potash Corp SK* N 43758 Potash Corp SK T 10028 Potash Ridge T 10940 Potash Ridge* O 758 Premier Gold M T 2145 Pretium Res T 3896 Pretium Res* N 9461 Primero Mng* N 5009 Primero Mng T 6176 ProAm Expl V 197 Probe Metals* O 326 Probe Metals V 801 Prophecy Coal* O 31 Prosper Gold V 445 Puma Expl V 1252 Pure Energy V 5192 Pure Energy* O 3041 Pure Gold Mg V 1978 Pure Gold Mg* O 178 Purepoint Uran V 2647 QMC Quantum Ml V 175 QMX Gold* O 37 QMX Gold V 901 Quaterra Res V 352 Quaterra Res* O 580 Quest Rare Mnl* O 169 Quest Rare Mnl T 5154 Quinto Real V 93

0.67 0.48 0.55 - 0.13 4.56 0.45 0.88 0.63 0.63 - 0.22 5.67 0.70 0.07 0.04 0.07 + 0.03 0.06 0.01 0.04 0.03 0.04 + 0.01 0.04 0.00 0.06 0.05 0.06 - 0.01 0.07 0.02 0.20 0.00 0.20 + 0.10 0.18 0.06 0.27 0.24 0.27 + 0.03 0.36 0.15 0.10 0.00 0.09 - 0.01 0.12 0.06 16.72 15.41 16.36 + 0.79 16.72 7.77 13.08 12.00 12.74 + 0.76 13.08 5.38 0.06 0.05 0.05 - 0.01 0.06 0.03 0.15 0.12 0.14 + 0.02 0.18 0.09 0.28 0.24 0.26 + 0.02 0.27 0.06 1.53 1.40 1.48 - 0.02 1.85 0.93 0.07 0.06 0.07 + 0.01 0.11 0.03 0.01 0.00 0.00 + 0.00 0.27 0.00 0.11 0.07 0.10 - 0.00 0.15 0.02 0.06 0.05 0.06 - 0.01 0.06 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.04 0.03 0.04 + 0.00 0.06 0.02 0.18 0.16 0.17 + 0.01 0.39 0.09 0.46 0.42 0.44 + 0.02 0.48 0.26 4.24 3.75 3.76 - 0.21 6.76 3.04 0.05 0.04 0.04 - 0.01 0.14 0.03 0.04 0.04 0.04 - 0.00 0.10 0.02 0.10 0.10 0.10 - 0.00 0.18 0.05 0.08 0.04 0.08 + 0.03 0.08 0.02 0.04 0.03 0.04 + 0.01 0.03 0.01 0.70 0.55 0.65 + 0.09 0.82 0.22 0.55 0.42 0.49 + 0.05 0.68 0.16 0.69 0.61 0.67 + 0.03 1.65 0.61 0.14 0.11 0.12 + 0.02 0.26 0.03 0.05 0.02 0.05 + 0.02 0.07 0.01 0.06 0.00 0.06 + 0.01 0.20 0.05 0.04 0.00 0.04 + 0.01 0.08 0.03 0.15 0.13 0.14 - 0.01 0.29 0.13 0.06 0.00 0.06 + 0.01 0.21 0.03 0.27 0.25 0.25 - 0.00 0.57 0.18 0.01 0.01 0.01 + 0.01 0.01 0.01 3.78 2.52 2.68 - 0.94 5.40 0.96 4.88 3.26 3.44 - 1.26 6.50 1.35 1.54 1.40 1.46 + 0.02 2.83 1.12 0.99 0.82 0.96 + 0.10 1.33 0.55 1.27 1.08 1.21 + 0.11 1.71 0.76 0.01 0.01 0.01 - 0.00 0.01 0.00 16.70 15.54 16.42 + 0.46 33.80 14.64 21.39 20.03 21.09 + 0.32 41.06 20.03 0.30 0.18 0.29 + 0.11 0.26 0.03 0.23 0.14 0.23 + 0.09 0.18 0.02 3.60 3.29 3.41 + 0.13 3.60 1.65 8.82 7.96 8.29 + 0.45 9.00 5.57 6.90 6.16 6.47 + 0.42 6.95 4.00 2.08 1.88 2.04 + 0.20 4.49 1.41 2.68 2.42 2.64 + 0.24 5.51 1.94 0.02 0.00 0.02 + 0.01 0.02 0.01 0.66 0.56 0.61 + 0.08 0.66 0.24 0.84 0.72 0.79 + 0.09 0.84 0.33 0.02 0.01 0.02 + 0.00 0.06 0.01 0.36 0.19 0.28 + 0.08 0.36 0.06 0.08 0.05 0.06 - 0.02 0.14 0.03 0.94 0.76 0.85 + 0.10 1.03 0.19 0.74 0.59 0.66 + 0.08 0.77 0.18 0.43 0.37 0.40 - 0.01 0.43 0.07 0.33 0.29 0.31 - 0.00 0.33 0.01 0.09 0.07 0.09 + 0.01 0.11 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.04 0.04 0.04 + 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.08 0.06 0.07 + 0.02 0.15 0.04 0.06 0.04 0.06 + 0.02 0.11 0.03 0.20 0.14 0.15 + 0.03 0.20 0.03 0.25 0.17 0.20 + 0.04 0.25 0.06 0.05 0.05 0.05 + 0.01 0.05 0.01

Rackla Mtls V 53 Rackla Mtls* O 10 Rainforest Res* O 9 Rainmaker Res V 134 Rainy Mtn Royl V 45 168 Rambler Ml &Mg V Randgold Res* O 1 Randgold Res* D 4625 Rapier Gold V 124 Rare Earth Mnl* O 3 Rare Element* O 581 Rathdowney Res V 140

0.08 0.00 0.08 + 0.01 0.13 0.05 0.05 0.00 0.05 + 0.00 0.07 0.03 0.80 0.00 0.80 + 0.40 3.05 0.30 0.15 0.12 0.13 - 0.01 0.34 0.11 0.05 0.04 0.04 - 0.01 0.09 0.03 0.08 0.00 0.08 + 0.01 0.25 0.05 94.95 0.00 92.95 + 1.15 95.43 57.00 98.66 91.28 94.53 + 0.46 98.66 54.88 0.07 0.07 0.07 + 0.01 0.08 0.02 5.41 3.75 3.75 - 1.11 4.86 3.59 0.14 0.11 0.13 + 0.00 0.89 0.06 0.17 0.15 0.15 - 0.02 0.30 0.11

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

RB Energy* O 291 223 Red Eagle Mng* O Red Eagle Mng V 1958 Red Hut V 384 Red Moon Potsh V 18 Red Tiger Mng V 37 Redhawk Res T 360 Regulus Res V 205 Remo Res V 17 Renaissance Gd V 149 Renaissance Gd* O 49 Renforth Res 125 Reservoir Mnls* O 50 Reservoir Mnls V 263 Resolve Vent V 753 Resource Cap V 13 Revelo Res V 389 Revolver Res V 43 Richmond Mnls V 103 Richmont Mines* X 2905 T 3321 Richmont Mines Rio Novo Gold T 3649 Rio Tinto* N 25401 Rio Tinto* O 2 Rio Tinto* O 3 125 Rise Res Inc Riverside Res* O 72 Riverside Res V 331 Robex Res V 771 Rock Tech Lith V 703 153 Rock Tech Lith* O Rockcliff Cop V 1056 Rockex Mng 144 Rockhaven Res V 77 Rockland Mnls V 864 T 689 Rockwell Diam Rogue Res* O 15 Rogue Res V 2751 Rojo Res V 786 Romios Gold Rs V 305 269 Romios Gold Rs* O RosCan Mrnls V 1414 V 143 Roughrider Exp Roxgold* O 189 Roxgold V 5743 Royal Gold T 113 Royal Gold* D 4429 Royal Nickel* O 51 Royal Nickel T 7774 Royal Rd Mnrls V 828 RTG Mining T 136 Rubicon Mnrls* O 7159 Rubicon Mnrls T 6994 Rupert Res V 850 Rusoro Mng* O 18 Rusoro Mng V 244 Rye Patch Gold* O 392 Rye Patch Gold V 1060

0.00 0.00 0.00 - 0.00 0.03 0.00 0.47 0.35 0.43 + 0.08 0.44 0.18 0.60 0.45 0.55 + 0.10 0.56 0.25 0.13 0.08 0.11 + 0.02 0.15 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.04 0.00 0.03 - 0.01 0.07 0.02 0.05 0.04 0.05 + 0.01 0.10 0.04 0.40 0.34 0.36 - 0.04 0.54 0.19 0.10 0.06 0.10 + 0.04 0.08 0.04 0.36 0.21 0.35 + 0.14 0.26 0.11 0.28 0.15 0.27 + 0.10 0.21 0.08 0.04 0.03 0.03 - 0.01 0.05 0.01 5.60 5.35 5.59 + 0.14 5.58 2.25 7.20 6.84 7.16 + 0.04 7.25 3.26 0.22 0.16 0.22 + 0.05 0.20 0.04 0.06 0.05 0.05 - 0.01 0.08 0.02 0.08 0.07 0.08 + 0.01 0.14 0.04 0.18 0.17 0.18 + 0.01 0.23 0.07 0.07 0.06 0.07 - 0.01 0.14 0.03 7.47 6.42 7.35 + 1.04 7.18 2.27 9.59 8.30 9.41 + 1.16 9.18 3.14 0.15 0.13 0.14 + 0.01 0.16 0.07 32.15 28.77 31.67 + 3.68 47.37 21.89 31.65 0.00 31.55 + 4.25 47.23 21.90 37.01 0.00 37.01 + 6.13 47.28 25.47 0.20 0.17 0.17 - 0.02 0.20 0.11 0.20 0.18 0.20 + 0.02 0.21 0.08 0.26 0.23 0.25 + 0.01 0.28 0.12 0.17 0.12 0.15 + 0.04 0.15 0.05 0.36 0.21 0.27 - 0.05 0.36 0.03 0.27 0.22 0.22 - 0.00 0.27 0.02 0.05 0.04 0.05 + 0.01 0.06 0.02 0.13 0.11 0.12 + 0.02 0.18 0.01 0.20 0.17 0.19 + 0.02 0.24 0.10 0.07 0.01 0.04 + 0.03 0.07 0.01 0.11 0.08 0.09 - 0.01 0.25 0.07 0.10 0.06 0.10 + 0.03 0.10 0.03 0.15 0.09 0.13 + 0.04 0.16 0.03 0.07 0.05 0.07 + 0.01 0.13 0.04 0.07 0.05 0.06 - 0.02 0.08 0.02 0.06 0.03 0.05 - 0.01 0.06 0.01 0.01 0.01 0.01 + 0.01 0.01 0.01 0.13 0.11 0.13 + 0.04 0.17 0.05 0.84 0.72 0.83 + 0.12 0.82 0.42 1.08 0.92 1.07 + 0.16 1.04 0.54 72.79 67.30 69.76 + 1.24 82.49 35.46 56.55 52.42 54.35 + 1.60 67.99 24.68 0.29 0.22 0.27 + 0.08 0.39 0.10 0.38 0.29 0.37 + 0.07 0.59 0.12 0.06 0.05 0.06 + 0.01 0.35 0.04 0.61 0.45 0.61 + 0.09 0.75 0.33 0.05 0.03 0.05 + 0.01 1.23 0.01 0.06 0.05 0.06 + 0.02 1.49 0.02 0.38 0.29 0.38 + 0.08 0.37 0.02 0.09 0.08 0.08 + 0.01 0.10 0.02 0.11 0.10 0.10 - 0.01 0.15 0.03 0.18 0.14 0.16 + 0.02 0.18 0.08 0.23 0.18 0.21 + 0.03 0.23 0.11

Sabina Gd&Slvr* O 494 Sabina Gd&Slvr T 4612 Sage Gold* O 151 Saint Jean* O 14 Salazar Res V 111 Sama Res V 80 San Gold Corp* O 150 133 San Marco Res* O San Marco Res V 70 V 1396 Sandspring Res Sandspring Res* O 364 Sandstorm Gold* X 6658 T 2382 Sandstorm Gold Santa Fe Gold* O 534 Santa Fe Mtls V 1079 Santacruz Silv V 2982 Sarama Res V 344 Sarissa Res* O 1645 Saturn Mnrls V 1699 Savary Gold V 2781 Scandium Int M* O 95 Scorpio Gold V 1455 ScoZinc Mg V 26 Seabridge Gld T 916 Seabridge Gld* N 7969 Search Mnls V 212 Searchlight* O 90 Secova Mtls V 593 Select Sands V 341 T 8818 Semafo Sennen Potash V 571 Serabi Gold T 43 Serengeti Res V 154 Sherritt Intl T 3030 Shore Gold T 1046 Sibanye Gold* N 6417 Sidney Resrces* O 56 Sienna Res V 9601 Sienna Res* O 56 29 Sierra Iron Or V Sierra Iron Or* O 4 Sierra Metals* O 68 Sierra Metals T 192 Signature Res V 333 590 Silver Bear Rs T Silver Bull Re T 1340 Silver Bull Re* O 2084 Silver Dragon* O 2107 Silver Falcon* O 3639 Silver Grail V 290 Silver Mtn Mns V 591 Silver Predatr V 310 Silver Range V 458 Silver Shield 3291 Silver Spruce V 126 Silver Std Res T 4643 Silver Std Res* D 14045 Silver Stream* O 85 Silver Wheaton T 9415 Silver Wheaton* N 40618 Silvercorp Met T 5069 Silvercorp Met* O 2297 Silvermet V 37 SinoCoking Cl* D 237 Sirios Res V 5408 Sirios Res* O 240 Skeena Res* O 277 Skeena Res V 2130 Sky Ridge V 80 SnipGold V 174 SolidusGold V 151 Solitario Ex&R T 83 Solitario Ex&R* X 326 Sona Res* O 25 Sona Res V 181 Sonora Gld & S V 352 Sonoro Mtls V 78 Sonoro Mtls* O 8 Source Expl V 121 Southern Arc V 12 Southern Arc* O 6 Southern Copp* N 5271 Southern Silvr V 780 Southern Silvr* O 53 Spanish Mtn Gd V 2383 Spanish Mtn Gd* O 205 Sparton Res* O 19 Spearmint Res V 21948 Sphinx Res V 8 Spruce Ridge R V 41 Squire Mg Ltd 52 Stakeholdr Gld V 23 Stakeholdr Gld* O 17 Standard Graph V 151 Standard Metal* O 181 Stans Energy* O 21 Starcore Intl T 560 Starr Peak Exp V 7 Sterling Grp* O 336 Stillwater Mg* N 6248 Stina Res 274 Stonegate Agri* O 67 Stornoway Diam T 2513 Strategic Metl V 633 Stratton Res V 67 Stria Lithium V 1519 Strikepoint Gd V 215 Strikepoint Gd* O 4 Strongbow Expl V 50 Sulliden Mng T 303 Sultan Mnrls V 471 Suncor Energy T 14150 Suncor Energy* N 16655 Sunridge Gold* O 166 Sunridge Gold V 3876 Suparna Gold V 586 Superior Coppr V 1853 Sutter Gold V 30 Sutter Gold* O 37 Syrah Res* O 5

0.81 0.73 0.75 + 0.01 0.81 0.24 1.03 0.93 1.03 + 0.08 1.06 0.30 0.07 0.05 0.07 + 0.01 0.07 0.03 0.04 0.04 0.04 + 0.00 0.04 0.01 0.11 0.08 0.10 - 0.01 0.14 0.03 0.10 0.09 0.09 - 0.01 0.22 0.08 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.05 0.05 + 0.00 0.05 0.01 0.06 0.00 0.06 + 0.01 0.06 0.02 0.43 0.33 0.40 + 0.07 0.44 0.11 0.34 0.25 0.31 + 0.06 0.34 0.08 4.03 3.63 3.89 + 0.35 4.03 1.94 5.19 4.71 5.01 + 0.38 5.19 2.82 0.00 0.00 0.00 - 0.00 0.15 0.00 0.02 0.00 0.02 - 0.01 0.03 0.01 0.45 0.31 0.45 + 0.17 0.41 0.09 0.11 0.10 0.11 + 0.01 0.11 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.15 0.12 0.13 - 0.01 0.24 0.09 0.10 0.08 0.10 + 0.02 0.11 0.02 0.14 0.12 0.13 - 0.01 0.17 0.06 0.10 0.08 0.09 + 0.01 0.14 0.05 0.64 0.41 0.64 + 0.23 1.25 0.40 19.93 16.92 17.99 - 0.21 19.93 4.34 15.47 13.17 13.99 + 0.02 15.47 3.31 0.10 0.07 0.07 - 0.02 0.13 0.04 0.10 0.08 0.10 + 0.01 0.42 0.06 0.07 0.06 0.07 + 0.01 0.09 0.03 0.27 0.23 0.25 + 0.02 0.50 0.21 5.17 4.38 4.66 - 0.04 5.20 2.46 0.15 0.09 0.09 - 0.03 0.47 0.10 0.07 0.07 0.07 - 0.01 0.10 0.04 0.06 0.05 0.05 - 0.01 0.08 0.02 0.82 0.73 0.80 + 0.05 3.24 0.53 0.25 0.21 0.25 + 0.04 0.30 0.13 16.63 14.80 15.28 + 0.35 16.63 4.07 0.01 0.01 0.01 + 0.00 0.02 0.00 0.18 0.10 0.16 + 0.06 0.12 0.01 0.13 0.07 0.12 + 0.05 0.07 0.01 0.35 0.30 0.35 + 0.02 0.62 0.22 0.25 0.23 0.25 + 0.01 0.42 0.15 1.34 1.12 1.28 + 0.15 1.34 0.69 1.75 1.44 1.52 + 0.06 1.75 0.84 0.08 0.06 0.08 + 0.02 0.08 0.01 0.10 0.08 0.09 + 0.01 0.10 0.02 0.12 0.09 0.11 + 0.02 0.17 0.04 0.09 0.07 0.09 + 0.02 0.14 0.02 0.02 0.02 0.02 - 0.00 0.05 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 0.04 0.02 0.03 + 0.01 0.04 0.01 0.13 0.09 0.13 + 0.02 0.12 0.02 0.14 0.08 0.11 + 0.02 0.14 0.01 0.07 0.06 0.07 + 0.01 0.10 0.02 9.67 8.25 9.31 + 1.16 10.56 5.28 7.58 6.39 7.26 + 0.98 8.02 3.66 0.02 0.01 0.02 + 0.01 0.04 0.00 22.95 21.21 21.90 + 0.41 25.20 14.51 17.95 16.53 17.05 + 0.55 21.12 10.04 2.49 2.10 2.27 + 0.07 2.49 0.60 1.95 1.63 1.77 + 0.08 1.95 0.41 0.05 0.05 0.05 + 0.01 0.10 0.02 0.57 0.37 0.57 + 0.17 2.69 0.26 0.35 0.27 0.29 + 0.02 0.35 0.07 0.27 0.21 0.24 + 0.05 0.27 0.07 0.07 0.06 0.06 - 0.01 0.09 0.04 0.09 0.07 0.08 - 0.02 0.13 0.06 0.25 0.00 0.25 + 0.01 0.25 0.03 0.15 0.11 0.14 + 0.03 0.17 0.04 0.09 0.08 0.09 - 0.01 0.17 0.04 0.63 0.60 0.62 - 0.01 0.96 0.57 0.50 0.46 0.48 - 0.01 0.85 0.40 0.02 0.02 0.02 + 0.02 0.03 0.00 0.02 0.02 0.02 + 0.01 0.05 0.01 0.03 0.01 0.03 + 0.03 0.03 0.01 0.10 0.07 0.10 - 0.01 0.16 0.04 0.08 0.08 0.08 + 0.00 0.12 0.03 0.03 0.00 0.03 + 0.01 0.09 0.01 0.33 0.00 0.33 + 0.06 1.00 0.24 0.25 0.21 0.25 + 0.04 0.29 0.17 28.15 26.27 27.98 + 2.06 33.31 21.55 0.11 0.08 0.10 + 0.02 0.13 0.03 0.08 0.06 0.08 + 0.01 0.10 0.02 0.08 0.06 0.08 + 0.02 0.08 0.02 0.06 0.05 0.05 + 0.01 0.06 0.01 0.02 0.02 0.02 + 0.00 0.04 0.00 0.05 0.03 0.04 + 0.01 0.05 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.15 0.11 0.15 + 0.04 0.15 0.10 0.39 0.00 0.33 - 0.02 1.85 0.04 0.27 0.26 0.26 - 0.01 0.36 0.05 0.04 0.03 0.03 - 0.01 0.05 0.01 0.11 0.10 0.11 + 0.02 1.15 0.01 0.02 0.02 0.02 - 0.00 0.08 0.01 0.59 0.50 0.58 + 0.11 0.62 0.25 0.08 0.00 0.08 - 0.01 0.14 0.03 0.02 0.02 0.02 - 0.00 0.03 0.01 11.80 10.70 11.25 + 0.67 15.07 4.99 0.15 0.12 0.15 + 0.02 0.19 0.11 0.02 0.01 0.01 + 0.00 0.03 0.00 1.05 1.02 1.02 - 0.02 1.08 0.63 0.44 0.37 0.44 + 0.07 0.44 0.24 0.21 0.19 0.20 + 0.02 0.21 0.07 0.18 0.12 0.18 + 0.06 0.18 0.02 0.13 0.00 0.12 + 0.01 0.75 0.05 0.10 0.08 0.08 - 0.02 0.10 0.08 0.16 0.00 0.12 - 0.04 0.23 0.05 0.36 0.30 0.35 + 0.05 0.35 0.19 0.02 0.01 0.01 + 0.01 0.02 0.01 37.29 35.57 35.92 + 0.10 40.93 27.32 29.13 27.59 27.98 + 0.46 33.49 18.71 0.26 0.24 0.25 - 0.01 0.26 0.11 0.33 0.32 0.32 - 0.01 0.33 0.13 0.03 0.03 0.03 + 0.01 0.04 0.01 0.06 0.03 0.05 + 0.02 0.05 0.01 0.05 0.05 0.05 - 0.01 0.10 0.04 0.04 0.03 0.03 - 0.00 0.09 0.02 3.37 3.01 3.37 + 0.48 3.45 1.81

T Tahoe Res* N 9971 12.43 11.58 11.91 + 0.56 15.14 6.48

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tahoe Res T 10301 Takara Res V 99 Taku Gold 83 Tango Mining V 2351 Tanzania Rlty T 214 Tanzania Rlty* X 825 Tarku Res V 181 Tartisan Res 560 Tasca Res V 401 Taseko Mines T 470 Taseko Mines* X 1537 Tasman Metals* O 141 Tasman Metals V 180 Teck Res T 13 Teck Res* N 58332 Teck Res T 30223 TECO Enrgy* N 11779 Telson Res V 71 Tembo Gold V 302 Teranga Gold T 5102 Teras Res V 125 Terrax Mnrls* O 135 Terreno Res V 8 Teslin Rvr Res V 1011 Teuton Res* O 36 Thompson Creek T 1859 Thompson Creek* O 1043 Thunder Mtn Gd* O 70 Thunderstruck V 61 Till Capital V 6 Till Capital* D 9 Timberline Res V 213 Timberline Res* O 118 Timmins Gold T 6899 Timmins Gold* X 7160 Tinka Res* O 337 Tinka Res V 340 Tintina Res V 135 Tintina Res* O 51 Tirex Res* O 261 Titanium Corp V 373 TMAC Resources T 67 TNR Gold V 3410 112 Toachi Mg Inc V TomaGold V 4160 Tonogold Res* O 6 Torex Gold* O 981 Torex Gold T 22597 Tower Res V 313 Transition Mtl V 404 Treasury Metal T 467 Trecora Res* N 181 Trevali Mng* O 665 Trevali Mng T 24197 Tri Origin Exp V 649 Trigen Res V 19 TriMetals Mng* O 158 TriMetals Mng* O 80 Trinity Res* O 2 Trinity Valley V 20 O 3 Trio Resources* TriStar Gold V 59 Troy Res* O 46 Troymet Expl V 2580 True Gold Mng V 5849 True Gold Mng* O 1658 True North Gem V 761 Tsodilo Res V 10 O 337 Tungsten Corp* Turquoise HIl* N 10981 Turquoise HIl T 4297 TVI Pacific* O 249 Tyhee Gold* O 2100 Typhoon Expl V 103

15.95 14.89 15.30 + 0.55 18.65 9.45 0.05 0.04 0.04 - 0.01 0.06 0.02 0.10 0.07 0.07 + 0.01 0.10 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.41 0.33 0.35 - 0.01 0.61 0.24 0.31 0.25 0.27 - 0.02 0.47 0.17 0.04 0.02 0.04 + 0.02 0.18 0.02 0.04 0.03 0.04 + 0.01 0.06 0.01 0.06 0.02 0.03 + 0.01 0.05 0.01 0.74 0.63 0.72 + 0.08 1.13 0.35 0.58 0.48 0.56 + 0.08 0.93 0.23 0.18 0.11 0.16 + 0.03 0.73 0.06 0.23 0.15 0.21 + 0.04 0.86 0.09 14.27 12.73 13.91 + 1.11 20.50 5.69 9.00 7.46 8.50 + 1.17 16.20 2.56 11.51 9.66 10.90 + 1.37 19.47 3.65 27.74 27.44 27.69 + 0.24 27.73 17.60 0.18 0.13 0.14 + 0.05 0.18 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.89 0.82 0.85 + 0.06 0.89 0.38 0.09 0.07 0.09 + 0.02 0.12 0.03 0.28 0.25 0.28 + 0.03 0.34 0.17 0.03 0.03 0.03 + 0.01 0.07 0.02 0.43 0.31 0.42 + 0.12 0.40 0.20 0.05 0.04 0.05 + 0.00 0.09 0.03 0.38 0.33 0.36 + 0.04 1.69 0.16 0.30 0.25 0.29 + 0.03 1.39 0.07 0.07 0.05 0.07 + 0.02 0.15 0.02 0.02 0.02 0.02 - 0.01 0.06 0.01 5.34 4.94 5.34 + 0.16 7.15 3.28 4.35 3.79 3.93 - 0.05 6.23 2.76 0.22 0.18 0.21 + 0.03 0.90 0.16 0.19 0.14 0.19 + 0.05 0.78 0.08 0.41 0.33 0.39 + 0.07 0.85 0.11 0.32 0.26 0.32 + 0.07 0.68 0.07 0.13 0.10 0.11 - 0.01 0.24 0.07 0.17 0.13 0.14 - 0.02 0.29 0.09 0.09 0.08 0.09 + 0.01 0.11 0.04 0.07 0.06 0.06 - 0.01 0.09 0.03 0.09 0.07 0.09 + 0.00 0.20 0.05 0.44 0.40 0.40 - 0.02 1.55 0.38 9.25 9.10 9.16 + 0.16 9.25 4.85 0.06 0.04 0.05 + 0.01 0.06 0.01 0.27 0.23 0.27 + 0.03 0.26 0.03 0.09 0.06 0.09 + 0.03 0.09 0.04 0.02 0.02 0.02 + 0.00 0.08 0.01 1.56 1.38 1.48 + 0.10 1.56 0.67 1.97 1.78 1.89 + 0.10 1.97 0.85 0.04 0.00 0.03 - 0.01 0.04 0.01 0.15 0.13 0.15 + 0.01 0.18 0.06 0.59 0.50 0.58 + 0.09 0.62 0.28 11.30 9.18 10.87 + 1.65 16.50 8.17 0.34 0.28 0.32 + 0.05 1.03 0.18 0.45 0.36 0.41 + 0.06 1.24 0.25 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.00 0.04 + 0.01 0.07 0.03 0.11 0.09 0.10 - 0.00 0.11 0.03 0.10 0.08 0.09 - 0.01 0.15 0.06 0.08 0.00 0.08 + 0.00 1.50 0.08 0.03 0.00 0.03 + 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.34 0.30 0.30 - 0.03 0.38 0.10 0.46 0.36 0.46 + 0.10 0.46 0.13 0.02 0.01 0.02 + 0.01 0.03 0.01 0.65 0.56 0.62 + 0.07 0.65 0.15 0.49 0.44 0.47 + 0.05 0.49 0.11 0.17 0.14 0.16 + 0.02 0.20 0.07 0.79 0.60 0.75 - 0.04 1.15 0.54 0.00 0.00 0.00 - 0.00 0.00 0.00 2.87 2.55 2.73 + 0.19 4.74 1.55 3.66 3.29 3.50 + 0.20 5.80 2.30 0.01 0.01 0.01 + 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.04 0.00 0.06 0.05 0.06 + 0.01 0.06 0.03

Ucore Rare Mtl V 911 Ucore Rare Mtl* O 460 UEX Corp T 4346 Ultra Lithium* O 8 Ultra Lithium V 1056 Umbral Enrgy 2013 Unigold V 182 Unigold* O 10 248 United Res Hdg* O United States A* X 1021 United States S* N 82955 Ur-Energy T 348 Ur-Energy* X 1150 Uracan Res V 620 Uracan Res* O 91 Uragold Bay Rs V 1323 Uranium Energy* X 4259 Uranium Hunter* O 4447 Uranium Res* D 647 Uranium Valley V 24 Uravan Mnrls V 92 US Energy* D 270 US Tungsten* O 338 USCorp* O 170 Vale* N 86233 N 233826 Vale* ValGold Res V 474 Valterra Res V 101 Vanadiumcorp* O 130 Vangold Res V 260 654 Vanstar Mng Rs V Vantex Res V 102 Vatic Vent V 1437 Vedanta* N 924 Vela Minerals V 320 Vendetta Mng V 312 Vendome Res V 2228 Venture Mnrls* O 199 Verde Potash T 111 Victoria Gold V 3278 Victory Nickel 123 Virginia Enrgy V 13 Virginia Enrgy* O 13 Viscount Mng V 204 Visible Gold M V 6946 Vista Gold* X 3113 Vista Gold T 100 VMS Vent V 2609 Volcanic Mtls V 142 Voltaic Min V 450

0.39 0.32 0.33 - 0.01 0.44 0.20 0.29 0.25 0.26 - 0.01 0.35 0.15 0.29 0.20 0.27 + 0.07 0.32 0.11 0.21 0.18 0.20 + 0.01 0.21 0.06 0.35 0.19 0.21 + 0.05 0.35 0.05 0.05 0.03 0.04 + 0.01 0.07 0.02 0.28 0.24 0.28 + 0.04 0.30 0.08 0.22 0.00 0.22 + 0.03 0.22 0.06 0.02 0.01 0.01 - 0.01 0.11 0.01 0.28 0.20 0.25 + 0.00 1.65 0.16 19.33 16.54 19.24 + 2.73 27.62 6.15 0.71 0.64 0.66 + 0.02 1.31 0.60 0.56 0.50 0.51 + 0.01 1.07 0.44 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.02 0.03 + 0.00 0.03 0.00 0.18 0.16 0.17 + 0.01 0.20 0.02 0.80 0.70 0.75 + 0.04 3.00 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 2.29 1.82 2.12 - 0.12 19.20 1.82 0.07 0.05 0.05 - 0.02 0.10 0.04 0.14 0.09 0.12 + 0.01 0.17 0.05 0.42 0.34 0.36 + 0.00 1.38 0.11 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.02 0.00 4.32 3.53 4.00 + 0.66 6.82 1.55 5.79 4.65 5.29 + 0.81 9.14 2.13 0.04 0.03 0.04 - 0.01 0.07 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.02 0.03 - 0.00 0.04 0.01 0.02 0.00 0.02 + 0.01 0.02 0.01 0.08 0.05 0.08 + 0.03 0.08 0.03 0.02 0.00 0.02 + 0.01 0.02 0.01 0.08 0.06 0.08 + 0.02 0.24 0.04 6.03 5.40 5.79 + 0.45 14.43 3.52 0.05 0.03 0.05 + 0.03 0.08 0.02 0.09 0.07 0.07 - 0.01 0.17 0.05 0.03 0.01 0.02 + 0.01 0.03 0.01 0.02 0.02 0.02 - 0.00 0.02 0.01 0.31 0.23 0.27 + 0.02 0.46 0.13 0.34 0.27 0.32 + 0.03 0.34 0.11 0.05 0.04 0.04 - 0.01 0.05 0.02 0.06 0.00 0.04 - 0.01 0.10 0.03 0.04 0.00 0.04 - 0.00 0.08 0.02 0.54 0.50 0.50 - 0.05 0.63 0.16 0.06 0.05 0.05 + 0.01 0.11 0.02 0.65 0.53 0.65 + 0.14 0.65 0.24 0.83 0.69 0.83 + 0.16 0.83 0.31 0.13 0.10 0.13 + 0.03 0.25 0.05 0.08 0.06 0.08 + 0.02 0.12 0.04 0.37 0.05 0.36 + 0.11 0.33 0.03

Walker River V 326 Wallbridge Mng T 852 Walter Energy* O 3296 WCB Res V 277 Wealth Mnrls* O 653 Wealth Mnrls V 2040 O 469 Wellgreen Plat* Wellgreen Plat T 585 Wescan Gldflds V 24 Wesdome Gold T 1943 West Af Res V 621 West Kirkland V 3052 West Red Lake 622 West Red Lake* O 38 Western Copper* X 270 Western Copper T 366 Western Pac Rs V 974 Western Potash T 560 Western Troy C V 325 Western Uran 171 Westhaven Vent V 371 Westkam Gold* O 120 Westminster Rs V 6621 Westmoreland* D 1549 WestMountain* O 1 Weststar Res 1053 White Metal Rs V 284 White Mtn Engy* O 40 Whitehaven Coa* O 17 Wildcat Expl V 123 Williams Creek V 91 Wincash Apolo* O 15 Winston Res 175 Worldwide Res* O 37 Worldwide Res V 330 WPC Res V 8542 X-Terra Res V 108 Xander Res V 266 Ximen Mng V 877 Ximen Mng* O 11 XLI Tech Inc* O 2217 Xtra-Gold Res* O 53 Xtra-Gold Res T 62 Yamana Gold T 43693 Yamana Gold* N 106327 Yanzhou Coal* N 217 Zadar Vent V 1053 Zazu Metals* O 37 Zazu Metals T 406 Zenyatta Vent V 272 Zenyatta Vent* O 17 Zephyr Mnls V 185 Zimtu Capital V 1126

0.05 0.05 0.05 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.06 0.02 0.03 0.02 0.03 + 0.00 0.65 0.01 0.04 0.03 0.03 - 0.02 0.19 0.02 0.53 0.33 0.53 + 0.18 0.48 0.10 0.67 0.42 0.67 + 0.22 0.59 0.14 0.20 0.17 0.18 - 0.01 0.37 0.12 0.26 0.22 0.23 - 0.02 0.45 0.16 0.02 0.00 0.02 - 0.01 0.06 0.01 1.78 1.54 1.61 - 0.10 1.82 0.89 0.22 0.13 0.18 + 0.04 0.17 0.05 0.12 0.09 0.12 + 0.03 0.12 0.04 0.16 0.12 0.14 + 0.02 0.21 0.01 0.10 0.10 0.10 + 0.01 0.13 0.02 0.63 0.55 0.60 + 0.06 0.66 0.20 0.80 0.70 0.78 + 0.07 0.87 0.29 0.02 0.01 0.01 - 0.01 0.04 0.01 0.21 0.20 0.21 + 0.02 0.34 0.17 0.02 0.01 0.01 - 0.01 0.03 0.01 2.00 1.50 1.99 + 0.24 5.00 1.20 0.14 0.11 0.12 + 0.02 0.14 0.04 0.03 0.02 0.03 + 0.01 0.03 0.01 0.11 0.05 0.09 + 0.04 0.11 0.01 7.80 6.83 7.00 - 0.30 30.92 3.44 0.20 0.00 0.20 + 0.11 0.28 0.04 0.05 0.03 0.05 + 0.02 0.06 0.01 0.08 0.03 0.08 + 0.03 0.08 0.02 0.13 0.10 0.10 - 0.02 0.46 0.07 0.55 0.43 0.55 + 0.12 1.23 0.25 0.08 0.07 0.07 - 0.01 0.09 0.02 0.03 0.03 0.03 + 0.01 0.04 0.01 0.10 0.07 0.07 - 0.03 0.35 0.07 0.01 0.00 0.01 + 0.01 0.08 0.01 0.02 0.01 0.01 + 0.00 0.02 0.01 0.03 0.01 0.02 + 0.01 0.08 0.01 0.12 0.06 0.12 + 0.06 0.09 0.03 0.17 0.15 0.15 - 0.02 0.24 0.06 0.43 0.38 0.41 + 0.01 0.43 0.18 0.07 0.00 0.07 + 0.02 0.15 0.02 0.03 0.03 0.03 - 0.01 0.11 0.01 0.13 0.11 0.11 - 0.02 1.50 0.08 0.38 0.33 0.35 + 0.03 0.38 0.12 0.50 0.42 0.47 + 0.05 0.50 0.18 5.34 4.79 5.19 + 0.52 5.34 1.89 4.18 3.72 4.03 + 0.44 4.18 1.38 6.13 5.58 5.96 + 0.81 10.73 3.66 0.14 0.10 0.14 + 0.04 0.14 0.01 0.19 0.16 0.19 + 0.01 0.21 0.08 0.29 0.20 0.26 + 0.06 0.28 0.09 0.86 0.81 0.84 - 0.03 2.61 0.63 0.66 0.00 0.66 + 0.00 2.20 0.47 0.20 0.18 0.20 + 0.01 0.20 0.08 0.25 0.16 0.20 + 0.07 0.34 0.12

U-V

W-Z

2016-04-26 6:46 PM

WWW.NORTHERNMINER.COM

MAY 2–8, 2016 / THE NORTHERN MINER

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, April 19, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

producer and dealer prices

Price (US$/oz.) Change $1241.70 -17.50 $16.62 +0.66 $982.00 +10.00 $561.00 +17.00

Price (US$/tonne) Change $9215.00 +130.00 $4943.50 +109.00 $1754.50 +47.00 $1934.00 +43.00

lme warehouse levels Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 25, 2016 (change from April 18, 2016 in brackets): Aluminium Alloy 16940 (+60) Aluminium 2669700 (-35850) Copper 152400 (+5125) Lead 175325 (+12750) Nickel 418980 (-4692) Tin 4715 (+75) Zinc 409575 (-3675)

Thermal Coal CAPP: US$43.63 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.30 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.35 Coal: CME Group Futures May 2016: US$43.50; June 2016: US$43.50 Cobalt: US$10.66/lb. Copper: US$2.27/lb. Copper: CME Group Futures May 2016: US$2.24/lb.; June 2016: US$2.24/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$65.00/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.80/lb. Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$5.72/lb. Phosphate Rock: US$115.00/tonne Potash: US$277.00/tonne Rhodium: Mid-mkt US$740.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$17.06 per oz.; Handy & Harman Fabricated: US$21.33 per oz. Tantalite Ore: US$191.35/kg Tin: US$7.87/lb. Uranium: U3O8, Trade Tech spot price: US$25.50; The UX Consulting Company spot price: US$27.00/lb. Zinc: US$0.85/lb. Prices current Apr. 26, 2016

tsx short positions

tsx venture short positions

Short positions outstanding as of Apr 22, 2016 (with changes from Mar 16, 2016) Largest short positions Kinross Gold K 47333313 6408640 Lundin Mng LUN 43796241 -36060 Potash Corp SK POT 31542396 -4312992 First Quantum FM 31491557 -7135151 B2Gold BTO 22516111 -658992 Eldorado Gold ELD 19013729 -2597482 New Gold NGD 16533973 -10681391 Teck Res TCK.B 14706638 -1992815 Barrick Gold ABX 13709754 -6414078 Suncor Energy SU 12144791 -2615984 IAMGOLD IMG 10726200 -385761 Detour Gold DGC 9306205 2527167 Thompson Creek TCM 8435762 57364 Goldcorp G 8248000 -2026606 Yamana Gold YRI 7802227 -2613076 Largest increase in short position Kinross Gold K 47333313 6408640 Detour Gold DGC 9306205 2527167 Nautilus Mnrls NUS 2006325 1320645 Harte Gold HRT 1018500 1018300 Endeavour Mng EDV 2322217 993300 Largest decrease in short position NGD 16533973 -10681391 New Gold Trevali Mng TV 2008274 -8216264 OceanaGold OGC 2821810 -7946517 First Quantum FM 31491557 -7135151 Barrick Gold ABX 13709754 -6414078

Short positions outstanding as of Apr 22, 2016 (with changes from Mar 16, 2016) Largest short positions First Mg Fin FF 1715219 -177994 Nexgen Energy NXE 316500 -1343700 Integra Gold ICG 155414 -553205 Brazil Res BRI 107532 25605 Metanor Res MTO 104400 -345900 Jaguar Mng JAG 91500 91500 Nrthn Graphite NGC 86566 47683 Scorpio Gold SGN 85000 78000 IMPACT Silver IPT 84138 61138 Kaminak Gold KAM 70700 68200 Rye Patch Gold RPM 49000 29000 Reservoir Mnls RMC 40400 -36800 ATAC Res ATC 39019 -22581 Aurcana Corp AUN 24900 -10800 Roxgold ROG 24681 5807 Largest increase in short position JAG 91500 91500 Jaguar Mng Scorpio Gold SGN 85000 78000 Kaminak Gold KAM 70700 68200 IMPACT Silver IPT 84138 61138 Nrthn Graphite NGC 86566 47683 Largest decrease in short position NXE 316500 -1343700 Nexgen Energy Integra Gold ICG 155414 -553205 Noka Res NX 0 -400000 Metanor Res MTO 104400 -345900 Dajin Res DJI 18340 -259660

DAILY METAL PRICES Daily Metal Prices Date Apr 25 Apr 22 Apr 21 Apr 20 Apr 19 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1540/1580 1540/1580 1550/1585 1550/1590 1520/1560 Aluminum 1640.50/1650 1634.50/1642 1627/1637.50 1597.50/1600.50 1565/1565 Copper 5000/4990 5015/5005 5025/5014.50 4938/4929 4811/4802 1772.50/1774.50 1773.50/1778 1793/1791 1773/1773 1727.50/1726 Lead Nickel 9070/9080 9125/9160 9425/9460 9210/9250 9060/9080 Tin 17350/17250 17330/17275 17450/17390 17325/17250 17060/17015 Zinc 1879.50/1888 1904.50/1913 1932/1942 1918/1930 1900/1911 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1237.70 1229.75 1240.30 1245.75 1259.20 1227.10 1233.85 1245.75 1254.60 Gold PM 1234.30 Silver 16.20 16.17 16.13 15.98 15.96 Platinum 978.00 986.00 993.00 994.00 990.00 568.00 555.00 541.00 546.00 Palladium 565.00

EXCHANGE RATES Date S$ in C$ C$ in S$

Apr 22 Apr 21 Apr 20 Apr 19 1.2667 1.2735 1.2656 0.7894 0.7853 0.7903

Apr 18 1.2671 1.2786 0.7893 0.7821

Exchange rates (Quote Media, April 22, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0239 0.7033 88.2360 13.7931 11.3675 C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound 0.5475 5.1344 52.6470 0.7719 907.3276 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2972 0.8908 111.7780 17.4733 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6942 6.5010 66.6605 0.9783 1149.6500 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.$

10_MAY2_MMMM.indd 10

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

tsx warrants

tsx venture warrants

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

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 Apr 22 Apr 21 Apr 20 Apr 19 Apr 18 High Low S&P/TSX Composite 13874.00 13881.20 13911.29 13867.28 13719.82 15527.30 12400.15 S&P/TSXV Composite 656.17 658.38 654.25 649.32 638.34 1050.26 883.52 S&P/TSX 60 812.27 812.74 815.29 811.92 803.22 896.74 709.99 S&P/TSX Global Gold 202.77 207.61 202.10 206.41 201.03 218.90 149.29 S&P/TSX Metals & Mining 518.26 518.75 533.86 527.64 485.17 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS April 18–22, 2016 474 New Highs 92 Resources Aben Res Aben Res* Aberdeen Intl Aberdeen Intl* Abitibi Royalt Adventure Gold Agave Silver Agnico Eagle Agnico Eagle* Alberta Star* Alexco Res Alexco Res* Alix Res Alix Res* Almaden Mnls Almaden Mnls* Almadex Min Altair Gold Altiplano Mnls Alturas Mnrls American Lith American Pot* Americas Silvr Americas Silvr* Amex Expl Anconia Res Anfield Nickel Anglo American* AngloGold Ash* AQM Copper Arbitrage Expl Arcus Dev Grp Arena Mnls Argentex Mng Argentex Mng* Argonaut Gold Argonaut Gold* Argus Metals Arianne Phosph Arianne Phosph* Artha Res* Asanko Gold Asanko Gold* Ashburton Vent Ashburton Vent* Astur Gold ATAC Res Athabasca Nclr Atlantic Gold Aura Silver Rs Aurcana Corp Aurcana Corp* Aurgent Gold Aurvista Gold Aurvista Gold* Auryn Res Auryn Res* Avarone Metals* Avino Silver Avino Silver* AXE Expl Azimut Expl Azincourt Uran* B2Gold B2Gold* Banyan Gold Barkerville Go* Barrick Gold* Batero Gold Battle Mtn Gld Battle Mtn Gld* Bayhorse Silvr Bayhorse Silvr* Bayswater Uran* BCM Res Bear Creek Mng Beaufield Res Beaufield Res* Bell Copper Belo Sun Mng Benton Cap Benton Cap* Berkeley Egy* Besra Gold* Black Iron Bravada Gold Bravada Gold* Brazil Res Brixton Mtls Brixton Mtls* Canada Coal Canarc Res* Candelaria Mg Canuc Res* Cap-Ex Iron Cap-Ex Iron*

Caracara Silvr Carlin Gold Castle Mtn Mng Castle Mtn Mng* Catalyst Coppr CB Gold Cdn Intl Mnrls Cdn Metals Cdn Zinc Cdn Zinc* Centamin Chalice Gold M Champion Iron Chesapeake Gld Chesapeake Gld* Claude Res Claude Res* Coeur Mng* Colibri Res Colibri Res* Colorado Res Colorado Res* Columbus Gold Columbus Gold* Copper Ck Gold* Cordoba Mnls Corex Gold Corvus Gold Corvus Gold* Cypress Dev Cypress Dev* Dajin Res Dajin Res* Dalradian Res Dalradian Res* Debut Dmds Decade Res Decade Res* Defiance Silvr Defiance Silvr* Dolly Vard Sil Dolly Vard Sil* DRDGOLD* Eagle Plains East Asia Mnls Eastmain Res Ecuador Gold Ely Gold & Mnl Ely Gold & Mnl* Elysee Dev Emgold Mng Emgold Mng* Empire Rock Endeavour Mng Endeavour Mng* Endeavr Silver Endeavr Silver* Eros Res Corp Ethos Gold Ethos Gold* Eurasian Mnls Eurasian Mnls* Evolving Gold Evolving Gold* Excalibur Res Excellon Res Excellon Res* Exeter Res Exeter Res* Expedition Mng* Falco Res Fancamp Expl First Majestic First Majestic* First Mg Fin Flinders Res Formation Mtls Fortescue Mtls* Fortuna Silvr Fortuna Silvr* Four River Franco-Nevada Franco-Nevada* Fresnillo plc* Frontline Gold Genesis Mtls Gensource Pot Geologix Expl* Gldn Predator* Global Hunter Globex Mng* Gold Bulln Dev* Gold Ridge Exp Gold Std Vents Gold Std Vents* Golden Goliath Golden Secret Golden Sh Mng Golden Star

Golden Star* Golden Tag Goldex Res Goldex Res* Goldgroup Mng Goldgroup Mng* GoldON Res GoldQuest Mng Goldrock Mines Goldsource Min* Goldstar Mnls GPM Metals* Grande Portage Graphite One Graphite One* Great Panther Great Panther* Green Valley M Guyana Gldflds Hawkeye Gld&Di Hecla Mining* Helio Res Hellix Vent* Heron Res Hinterland Mtl Hochschild Mg* Homestake Res Homestake Res* IAMGOLD IAMGOLD* IMPACT Silver Inception Mng * Independence G Inspiration Mg Integra Gold Integra Gold* Inter-Rock Mnl Intl Lithium Intl Lithium* Intl Tower Hil Intl Tower Hil* INV Metals INV Metals* Inventus Mg Irving Res* Jaguar Mng Jaguar Mng* Jaxon Mnls Jayden Res* Kaminak Gold Kaminak Gold* Khalkos Expl Kinross Gold Kinross Gold* Kiska Metals Klondex Mns Klondike Gold Klondike Gold* Klondike Silv* KWG Res Lancaster Cap Laramide Res LeadFX Inc* Levon Res Ltd Lexam VG Gold* Lithium Amer Lithium Corp* LKA Gold* Logan Res Lonmin plc* Lucara Diam Luna Gold Luna Gold* Lund Enterpr Macarthur Mnl Macarthur Mnl* MAG Silver MAG Silver* Magellan Mnrls Magellan Mnrls* Majescor Res Mandalay Res Mason Graphite Mason Graphite* Mechel* Megastar Dev Menika Mining* Mesa Expl Metallis Res Metalo Manuf Midas Gold Minco Gold Minco Silver Minco Silver* Minera Alamos Minnova Corp Mirasol Res Monarques Res Monarques Res*

Moneta Porcpn Moneta Porcpn* Mountain Boy Mountain Boy* Mundoro Cap Natan Res Navy Res Nevada Egy Mtl* New Colombia* New Gold New Gold* New Pac Metals New Pac Metals* New World Res* Newmarket Gold Newmarket Gold* Newmont Mng* Nexgen Energy Nicola Mg Inc* Noram Vent Nortec Mnls Northn Empire* Nrthn Freegold Nrthn Freegold* Nrthn Lion Nrthn Shield NSX Silver NuLegacy Gold* OceanaGold OceanaGold* Odin Mng & Exp* Orestone Mng Orezone Gold Orezone Gold* Orocobre OZ Minerals* Pac Link Mng Pac North West* Pac Topaz Pan Am Silver Pan Am Silver* Panoro Mnrls Para Resources Perseus Mng Phoenix Metals Pitchblack Res* Plata Latina Platinex Plato Gold Potash Ridge Potash Ridge* Premier Gold M Premium Expl* Pretium Res Pretium Res* Probe Metals Probe Metals* Pure Energy Pure Energy* Pure Gold Mg Pure Gold Mg* Pure Nickel Purepoint Uran Q-Gold Res QMX Gold QMX Gold* Quinto Real Red Pine Expl Reservoir Mnls* Resolve Vent Resource Cap* Richmont Mines* Rio Silver Riverside Res Riverside Res* RJK Explor Rochester Res* Rock Tech Lith Rockex Mng Rogue Res* Roxgold Roxgold* Rupert Res Rye Patch Gold Rye Patch Gold* Sabina Gd&Slvr Sabina Gd&Slvr* Saint Jean Samex Mng* Sandspring Res Sandspring Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama Res Seabridge Gld* SGX Res Sienna Res Sienna Res*

Sierra Metals Sierra Metals* Silver Bear Rs Silver Grail Silver Pursuit Silver Range Silver Shield Silver Std Res Silver Std Res* Silvercorp Met Silvercorp Met* Sirios Res Sirios Res* Sky Ridge SnipGold Sonora Gld & S Southern Arc Southern Arc* Southern Silvr Spanish Mtn Gd Spanish Mtn Gd* Starcore Intl Starr Peak Exp Sterling Grp* Stockport Expl Stratabd Mnr Strategic Metl Stratton Res Strikepoint Gd Stroud Res Sulliden Mng Sunridge Gold* Swift Res Syrah Res* Taku Gold* Tanager Energy Tasman Metals* TECO Enrgy* Teranga Gold Teuton Res Thompson Creek* Timberline Res* TNR Gold TomaGold Torex Gold Torex Gold* Troy Res* True Gold Mng True Gold Mng* Turbo Cap Inc Typhoon Expl Ultra Lithium* Unigold Unigold* Unity Energy Unity Energy* Uragold Bay Rs Uranium Valley Vatic Vent Vendome Res Victoria Gold Vista Gold Vista Gold* Voltaic Min Wallbridge Mng Wealth Mnrls Wealth Mnrls* West Kirkland West Melville Western Troy C Westhaven Vent Westminster Rs Weststar Res White Metal R* WPC Res Yamana Gold Yamana Gold* Zadar Vent Zazu Metals Zazu Metals*

16 New Lows Amato Expl Big Wind Cap Champion Bear* El Capitan Prc* Erin Ventures Icon Explor* IMX Res* Inception Mng * Maxwell Res* Menika Mining* New Nadina* NSX Silver Remo Res Shoshoni Gold* Sterling Grp* Transatlan Mng

canadian gold mutual funds Fund name Apr 22 ($) Apr 15 ($) Change ($) Change (%) YTDChange (%) MER (%) AGF Prec Mtls Fd MF 21.94 21.34 0.60 2.81 27.19 2.80 BMO Prec Mtls Fd A 17.84 17.46 0.38 2.17 30.56 2.40 BMO ZGD 10.11 9.99 0.13 1.26 37.50 0.63 BMO ZJG 7.66 7.71 -0.05 -0.68 34.19 0.60 CIBC Prec Metal Fd A 11.49 11.39 0.10 0.86 26.75 2.62 Dyn Prec Metls Fd A 6.25 6.20 0.05 0.81 36.12 2.66 Horizons HEP 27.24 1.35 5.06 35.77 0.80 IGMacGloPrecMetCl A 8.37 8.28 0.09 1.06 40.92 2.75 iShares XGD 12.67 12.58 0.09 0.72 40.84 0.61 Mac Prec Met Cl A 46.61 46.12 0.49 1.07 41.74 2.51 NB Prec Met Fd Inv 12.40 12.21 0.19 1.56 35.27 2.46 RBC GblPreMetFd A 30.00 29.34 0.66 2.25 32.85 2.13 Sentry Pre Met Fd A 38.45 38.23 0.23 0.59 33.58 2.92 Sprott Gold&PrMinFdA 35.22 34.46 0.76 2.21 29.46 3.15 Sprott SilverEquCl A 5.60 5.16 0.44 8.62 33.90 3.21 TD PreciousMetals-I 37.07 36.95 0.12 0.32 33.67 2.26

TotalAssets (M$) 153.41 58.47 93.73 51.06 53.11 309.62 71.65 591.57 108.57 33.72 333.75 215.18 190.23 39.35 129.10

Contact: moliveira@northernminer.com or 416-510-6768

2016-04-26 6:45 PM

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The Far North

Drill rigs on ice at Agnico Eagle Mines’ Amaruq gold project in Nunavut. Agnico Eagle Mines

Colorado hunts for high-grade gold at KSP Exploration

Peregrine Diamonds on cusp of PEA

| Retreating glaciers expose large gold-in-soil anomaly

Friedland

| Brothers own 46% of company By Trish Saywell tsaywell@northernminer.com

between 1980 and 1991, explorers braved the glacier cover and targeted two mineralization zones — the Discovery and AK zones— with 17,500 metres of drilling largely via 1,240 metres of underground exploration drives. According to B.C. Minefile re-

ike many junior exploration companies, Peregrine Diamonds (TSX: PGD) has had its share of hard knocks, and its shareholders have had to exercise patience over many years. The company found diamonds at its Chidliak project on Baffin Island in 2008, and in time attracted heavy-hitting investors like BHP Billiton (NYSE: BHP) and De Beers. But the financial crisis and commodity downturn got in the way. By November 2011, BHP was questioning whether it wanted to stay invested in the diamond business at all, which included its 51% stake in Chidliak and an 88.9% stake in the Ekati diamond mine in the Northwest Territories. Peregrine bought BHP’s stake for $9 million and a 2% gross overriding royalty on future mineral production from the project. (BHP sold its stake in Ekati to Harry Winston Diamond, now Dominion Diamond [TSX: DDC; NYSE: DDC], in November 2012.) Then it was De Beers’ turn take an interest and then pull out. In October 2013, after signing an option agreement, De Beers elected not to enter into an earn-in and joint venture on

See COLORADO / 12

See Peregrine / 16

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Colorado Resources president and CEO Adam Travis (left) and technical advisor Mike Cathro at the KSP gold project's Inel zone in northwest British Columbia. Colorado Resources Mobile Equipment for Safety and Productivity shallow mineralization down to 150 coveries last year, but now everybody accompanying samples. Re-LocatedBy to Lesley a 50,000Stokes sq.ft. PLant! On the pages, Travis read that metres deep. wants grade,” he said. “So we’ve been lstokes@northernminer.com VANCOUVER

olorado Resources (TSXV: CXO) has a plethora of targets to choose from at its rugged 305 sq. km KSP property in northwest B.C, but this year the junior is after high-grade gold at the historic Inel showing, 15 km southeast along strike of Skeena Resources’ (TSXV: SKE; US-OTC: SKREF) past-producing Snip mine. Authorized TheToyota company expects to begin Landcruiser a 5,000-metre drill program by Dealer mid-June, with holes targeting the

Colorado president and CEO Adam Travis told The Northern Miner at the Kamloops Exploration Group conference in Kamloops, B.C., that the company switched focus from bulk-tonnage porphyry copper-gold targets to vein-hosted gold because “in markets like these, grade is king. “We made two new porphyry dis-

looking at Inel, but we weren’t going to drill it until we compiled all the historical data, otherwise we’d be flying blind.” Travis explained that the hunt for data led his team into the basement of a former Cominco geologist, where they blew the dust off 190 hand-drawn drill sections, a number of underground geology maps and

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Looking northwest towards the Khyber Pass target at Colorado Resources’ KSP gold property in northwest British Columbia. The Inel zone is on the other side of the hill. BC Geological Survey

Colorado hunts for gold at KSP COLORADO From 11

ports, the work at the Discovery zone outlined a polymetallic, possibly volcanogenic massive sulphide deposit with one “lens” of mineralization returning a historic resource of 317,485 tonnes grading 3.4 grams gold per tonne, 0.1% copper, 0.1% lead, 2.6% zinc and 13.3 grams silver per tonne. At the AK zone — 600 metres north — mineralization was outlined as being more intrusion-related, focused along the edges of a dyke swarm and hosted within breccias and vein stockworks. The last stab at exploration occurred in 2001, when Gulf International Minerals paid a visit to see if the glaciers had retreated enough to warrant another look at the prospects. It was noted in the company’s report that “there has never been a comprehensive surface-mapping and sampling program,” and the “underlying controls and orientation of mineralization are not well understood.” Gulf International saw the retreating icefields and recommended more work, but the prospects fell into dormancy until Colorado optioned the land claims in 2013 from SnipGold (TSXV: SGG). “What we’ve learned from the data is that many of the controls of

“The glass has transferred from half empty to half full, and people are starting to appreciate the area.” Adam Travis President and CEO, Colorado Resources

gold mineralization are flat,” Travis said. “From underground, they were trying to drill a flat target from a flat drill hole, and that must’ve been a real struggle.” Highlights from historical drilling include 7.4 metres of 20.93 grams gold and 5.4 metres of 38.08 grams gold at the AK zone, whereas the Discovery zone returned 4 metres of 30.28 grams gold and 3 metres of 15.76 grams gold. Other zones, such as Inel Creek, hit 3.5 metres of 423.81 grams gold. But Travis said the bigger picture came together when he and his team compiled the surface data with new and old geochemistry from soil samples, which painted a glowing 1.5 sq. km gold-in-soil anomaly grading 1.27 grams gold over the area.

At the Tami zone at Colorado Resources’ KSP gold property, from left: Carl Hering, director; Adam Travis, president and CEO; Jim Oliver, chief geoscientist; and Bill Lindqvist, director. Colorado Resources

“I’ve never seen an anomaly quite like that in my entire career,” he said, noting that the “soils” on the property consist largely of scree. “The previous explorers never had the surface exposure or technology as we have now, so when we combine our new data we see that the anomaly is significantly larger than the areas they previously drilled.” Travis points out that recent mapping suggests mineralization is focused along the edges of three north-trending mafic intrusives that could extend for at least 1

km, as interpreted from the soil anomaly. He draws similarities with the historical Snip mine, which produced 1 million oz. gold at grades of 25 grams gold from an orebody trending 300 to 400 metres along strike, and plunging to 500 metres deep. “I really want to be a cheerleader for northwest B.C., because it’s a special part of the planet. Within 1,000 sq. km you have the world’s largest undeveloped gold resource at Pretium’s Valley of the Kings

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deposit, one of the world’s largest accumulations of copper and gold at Seabridge Gold’s KSM property, Eskay Creek was the world’s highest-grade precious metal volcanogenic massive sulphide, and here we are in the middle of it. It’s a good place to be.” Seabridge Gold (TSX: SEA; NYSE: SA) has agreed to acquire SnipGold at a 124% premium because of possible synergies with personnel and infrastructure, and “geological similarities” shared between their properties. Travis said that the proposed business arrangement won’t affect Colorado’s underlying agreement with SnipGold, reiterating that KSP represents the “attractive half ” of SnipGold’s land tenure. “There’s a much bigger story happening right now, and it’s been 50 years in the making. Infrastructure has changed, Imperial Metal’s Red Chris has come online, Pretium will open a mine next year and all the reputable names like Ron Netolitzky, Robert McLeod and Larry Nagy have all come back to where they began their careers. The glass has transferred from half empty to half full, and people are starting to appreciate the area,” Travis said. Colorado Resources' shares have traded within a 52-week range of 5¢ to 25¢ per share, and closed at 22¢ at press time. The company has 61.4 million shares outstanding for a $16-million market capitalization. Colorado has just doubled its land position to include the 328 sq. km KingPin property, which it acquired from a third party for a $20,000 cash payment, 200,000 shares and a 2% net smelter return royalty. The deal makes Colorado the third-largest landholder in the district behind Seabridge and Pretium Resources (TSX: PVG; NYSE: PVG). TNM

2016-04-26 8:55 PM

The Far North

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 2–8, 2016

Canadian Zinc pushes Prairie Creek northwest territories

| Company finishes prefeasibility study, lands offtakes with Korea Zinc, Boliden

By Trish Saywell

tsaywell@northernminer.com

hat mines and mining projects get recycled from one company to the next isn’t new — it happens all the time. What makes the Prairie Creek mine a little different is that Canadian Zinc (TSX: CZN; US-OTC: CZICF) picked up the permitted, fully built — and yet never operated — mine, for a song, thanks to the demise of the legendary Hunt brothers. In 1966, the Texas-based siblings acquired the Prairie Creek property, 500 km west of Yellowknife in the Northwest Territories’ Mackenzie Mountain Range. They completed exploration and a feasibility study, built a road connecting the property to the Liard Highway, and then financed and built the mine and mill. But lower silver prices and bankruptcy proceedings intervened in 1983, derailing their plans just at the time they hoped to flip the switch. So when Canadian Zinc acquired the mine for $2 million in the early 1990s, the junior got a processing plant that was 90% finished, a 1.5-million-tonne capacity tailings impoundment, a power plant and a water-treatment plant. “They invested $65 million [1982 dollars] and were just about to go into commissioning, but were tripped up in the U.S. by allegations that they were trying to manipulate the silver price,” Canadian Zinc’s vice-president of corporate development Steve Dawson says. “They were a few months away from being in production. So it just sat there, dormant. We’ve kept it on care and maintenance.” Alan Taylor, the company’s vicepresident of exploration and chiefoperating officer, who has been involved with the project for more than 15 years, estimates that all of the infrastructure the Hunts left behind is probably worth more than $200 million in today’s dollars, such as the mill, the ancillary service buildings and the 5 km of adits that were dug into the orebody. Since acquiring Prairie Creek a quarter of a century ago, Canadian Zinc has been slowly but steadily drilling out the deposit and moving the project through six stages of permitting. It now has all the permits it needs to start production, except for one that it needs to upgrade the winter road for allseason use. The road connects the project to the Liard Highway, 170 km away. (The company submitted its application in April 2014, and it is now undergoing environmental assessment before the Mackenzie Valley Review Board.) Indeed, if financing wasn’t an issue — as it is for most companies in the current downturn — Dawson and Taylor speculate that the company would be looking at a two-year timeline to production. While raising money won’t be easy, Canadian Zinc’s management team is optimistic that a confluence of factors should open doors and wallets relatively soon. These factors include: an expected zinc deficit, off-take agreements the company has recently signed with Korea Zinc and Sweden’s Boliden, and a recent prefeasibility study that indicates positive economics over a 17-year mine life. According to a prefeasibility study released on March 31, Prairie Creek should produce an average each year of 60,000 tonnes of zinc concentrate and 55,000 tonnes of lead concentrate, containing 86 million lb. zinc, 82 million lb. lead and 1.7 million oz. silver.

The portal to underground workings at Canadian Zinc’s Prairie Creek zinc-lead-silver project in the Northwest Territories. Canadian Zinc

Using metal price forecasts of US$1 per lb. for both zinc and lead, and US$19 per oz. silver, the mine would yield average annual earnings before interest, taxes, depreciation and amortization of $90 million, the study says. Preproduction capital costs would come in at $216 million. (Adding a $28-million contingency brings the total to $244 million.) Payback would take three years, given a

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post-tax net present value at an 8% discount rate of $302 million, and a 26.1% post-tax internal rate of return. Sustaining capital over the mine is an expected $70 million, 90% of which would be incurred during the first five years relating mostly to mine development, as the operation expands to deeper levels, as well as to the remaining balance of capital lease payments.

The study is based on a measured and indicated resource of 8.7 million tonnes grading 136 grams silver per tonne, 8.9% lead and 9.5% zinc. (The project’s inferred resource, which stands at 7.1 million tonnes averaging 166 grams silver per tonne, 7.7% lead and 11.3% zinc, is not incorporated into the study.) The mine would be an underground operation using long-hole stoping based primarily on mining the main quartz vein, with steady production of 1,350 tonnes per day. Tailings from the mill would be placed permanently underground as paste backfill, produced in a new paste backfill plant. Once the concentrates reach the Liard Highway, they would be trucked to the railhead at Fort Nelson and moved by rail to the port of Vancouver for shipment to overseas smelters. The memorandums of understanding Canadian Zinc has already announced with Korea Zinc and Boliden represent all of the planned production of zinc concentrate and half of the planned production of lead concentrate for the first five

years that Prairie Creek operates. Korea Zinc, which owns and operates zinc smelters in South Korea and Australia (as well as a lead smelter, also in South Korea), will buy 20,000 to 30,000 wet tonnes of zinc sulphide concentrates a year, in addition to 15,000 to 20,000 wet tonnes of lead sulphide concentrates and 5,000 tonnes of lead oxide concentrates. Boliden will buy a minimum of 20,000 dry tonnes and up to 40,000 dry tonnes of zinc sulphide concentrates a year for at least five years from the start of regular deliveries. “The North is a challenging place to be because of a number of factors — such as the lack of infrastructure and the cost of carrying out work programs — but we believe we’re getting over a lot of these challenges, and we think that the North will benefit greatly from Prairie Creek,” Taylor says. “This project is near and dear to me, as I recognize it as a great opportunity — not just for the company, but for the whole region, which is in dire need of economic development.” TNM

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The Far North

MAY 2–8, 2016 / THE NORTHERN MINER

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The Doris camp at TMAC Resources’ Hope Bay gold project in Nunavut, 125 km southwest of Cambridge Bay. TMAC Resources

TMAC targets commercial production at Hope Bay in 2017 arctic gold

TMAC — previously a private firm — had raised $155.1 million in its initial public offering last July and by exercising an over-allotment option in August. It also secured up to a US$120-million ($165-million) loan — maturing at the end of 2018 — and closed a $44.1-million private equity deal. In March 2016, it raised $9 million in a flow-through financing. Last year, TMAC spent $165 million advancing Doris. It has budgeted $160 million in development and related costs for 2016. The company’s objectives this year include shipping the processing plant to site from Australia during

By Salma Tarikh

| Junior raised over $365 million last year

starikh@northernminer.com

MAC Resources (TSX: TMR) aims to get its flagship Hope Bay gold project in Nunavut into commercial production in early 2017. Located in the Kitikmeot region, 125 km southwest of Cambridge Bay and east of Bathurst Inlet, Hope Bay contains three known gold deposits: Doris, Madrid and Boston. In 2015, TMAC de-risked Hope Bay by securing over $365 million in equity and debt to fund the path to production, starting with the Doris deposit.

this year’s anticipated August sealift. Once on-site, TMAC will install the plant in the mill building that arrived in the 2015 sealift, with mill commissioning targeted for late 2016, TMAC’s vice-president of investor relations Ann Wilkinson says. Meanwhile, TMAC intends to complete 5.6 km of underground development and grow its stockpiled ore to more than 110,000 tonnes ahead of commissioning the mill. “That 110,000-tonne ore stockpile should grade 15 grams per tonne and give us access to just over 55,000 oz. gold,” Wilkinson says. The stockpile will help the mill

produce 1,000 tonnes per day in 2017, before ramping up to 2,000 tonnes per day in early 2018. The high-grade stockpile will also help TMAC generate cash to pay back debt commitments until 2018. An April 2015 prefeasibility study on sequentially developing and underground-mining the Doris, Madrid and Boston deposits envisioned Hope Bay could produce 160,000 oz. gold annually for 20 years. It pegged start-up costs at $206 million and all-in sustaining costs at US$785 per oz. The project has a $626-million after-tax net present value and 40% internal rate of return, using a US$1,250 per oz. gold price and 5%

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Hope Bay benefits from more than $1 billion invested by its previous owners BHP Billiton, Miramar Mining and Newmont Mining. discount rate. Payback should occur within 21 months. The upfront capital is low because Hope Bay benefits from more than $1 billion invested by its previous owners BHP Billiton (NYSE: BHP), Miramar Mining and Newmont Mining (NYSE: NEM). BHP found the project’s three deposits between 1992 and 1995. Its successor Miramar conducted a number of exploration programs and engineering studies, starting in 1999. In 2007, Newmont acquired Miramar for $1.6 billion and created Hope Bay Mining Ltd. to control the Hope Bay project. By the time it stopped working on the project in early 2012, Newmont had poured $800 million into Hope Bay. Shortly after, it took a $2.1-billion impairment charge related to the project and put the asset up for sale. TMAC bought the property in March 2013 and has since worked to put it into production, with Newmont’s support. The gold major and Resource Capital Fund are TMAC’s largest shareholders at 29.4% and 35.5%. The junior made headway on community relations last March. It signed a 20-year benefit and land tenure surface and sub-surface agreement for the Hope Bay property with the Kitikmeot Inuit Association (KIA) and Nunavut Tunngavik Inc. KIA owns 1.5% of the company. TMAC plans to start developing the Madrid deposit in 2019, followed by the Boston deposit in 2025. For now, it’s focused on preparing the site and bringing in the processing plant to start gold production at Doris by year-end. Wilkinson notes the plant’s delivery is on budget and on schedule for the mid-year sealift, and that “we are pretty pleased with the way things are going.” TNM

2016-04-26 8:55 PM

The Far North

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 2–8, 2016

Auryn touts ‘district-scale’ potential at Committee Bay Nunavut gold

| Junior explorer's technical team features long list of Newmont alumni

By Matthew Keevil

mkeevil@northernminer.com VANCOUVER

x plorers of ten opi ne on district-scale discovery potential. But when it comes to Auryn Resources (TSXV: AUG) same claim for its massive land position on the Committee Bay gold belt in Nunavut, the company's collection of strong financial and scientific minds make it seem more than self-serving speculation. On the financial side are president and CEO Shawn Wallace and executive chairman Ivan Bebek, who cofounded Cayden Resources and discovered the El Barqueno gold asset, which encompasses 410 sq. km in the Guachinango gold district in Jalisco state, Mexico. Agnico Eagle Mines (TSX: AEM; NYSE: AEM) scooped up the junior in 2014 for $205 million. Meanwhile, Auryn’s technical roster has a long list of Newmont Mining (NYSE: NEM) alumni led by former global structural geologist, and Auryn’s current chief operating officer, Michael Henrichsen. Auryn conducted extensive due diligence on gold projects over two years before paying $20 million in shares for North Country Gold and Committee Bay in mid-2015. The project straddles an Archean-aged greenstone belt within the Western Churchill geological province. The theory behind the district play involves a geological analogy between Committee Bay and gold-bearing greenstones, 180 km southwest at Agnico’s Meadowbank mine and nearby Amaruq discovery. North Country had outlined a resource-stage deposit at Committee Bay’s Three Bluffs area, totalling 4.3 million indicated tonnes grading 4.91 grams gold per tonne for 683,000 contained oz. gold, and 5.5 million inferred tonnes at 5.43 grams gold for 965,000 contained oz. gold. The deposit features a “highgrade subset” with 1.9 million indicated tonnes of 8.42 grams gold for 501,729 contained oz., and 3.4 million inferred tonnes at 7.16 grams gold for 772,179 contained oz. The resource calculations use a 3.5-gram-gold cut-off grade. “When you look at the centre mass of what’s been defined at Three Bluffs, there’s already over 1 million oz. there, but it’s the discovery potential across the greater property package that had us really excited when we got our hands on the data,” Henrichsen says during an interview in Vancouver. “From my global perspective and my days at Newmont — when we used to district-hunt worldwide — the project has the signs we would hope to find. Our technical team is deep and we can handle a district of this scale like a major. Except we’re nimble, and we’re fast,” he adds. Auryn’s team has spent the past six months fine-tuning its structural model for gold occurrences on the property package. The company initially acquired 587 sq. km, but after its field and data work, opted to consolidate the position and boost its land holdings 270% to 2,152 sq. km. “We essentially reconsolidated the belt last year through staking,” Wallace says. “The property package was initially all together, but some of the claims had lapsed

Geologists in the field at Auryn Resources’ Committee Bay gold property in Nunavut. Auryn Resouces

… as we put our technical work into the project, we saw a lot of pieces we wouldn’t have let go, and I knew if we were going to run around telling people we had this potential district, we had better have the rights to the whole thing.” The first issue Auryn had to tackle was a plethora of sparsely drilled prospects that stretch across a 300 km mineralized belt. Previous drilling had cut flashy intercepts — including 10.86 grams gold over 19.4 metres at the northern Inuk target and 10.47 grams gold over 12 metres at the southern West Plain target — but most of the prospects only had between six and 10 drill holes of data. So Henrichsen and his team brainstormed, and conducted what he calls a “prospectivity analysis” — or breaking the huge Committee Bay land position into prioritized pieces that could be explored better. Au r y n combi ned l it holog y distributions and f luid pathway models to rate and rank factors for economic gold deposits. This helps delineate belt-wide targets and narrow exploration focus to 1% of the land package. The concept is especially important, since 95% of the Committee Bay belt is covered by glacial till.

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“The historic till sampling has been all over the shop, and not very repeatable. So we tilled the southwest part of the belt last year and found the Anuri corridor, which had the most elevated goldin-till values on the property,” Henrichsen says. “We overlay the till sampling on our previous work, and we’re even closer. That’s the discipline that gets you to discovery quickly. If we take that Anuri anomaly and throw it on a magnetics background, a couple of pretty awesome details emerge … it definitely looks like it will expand south, but perhaps more importantly is that it’s one of the strongest geochemical signatures uncovered on the overall belt,” he says. Anuri sits along a 20 km shear structure that Auryn suspects could bear gold, based on its interpretation of glacial ice flows and corresponding geophysics. Within this anomaly is a previously discovered, high-grade boulder train that has returned rock samples of up to nearly 290 grams gold. The company is tackling 5 km of related structure at Anuri with a remote-controlled rotary air blast drill (RAB) rig that covers 1 km without helicopter support. It cuts per-metre drill costs by between

65% and 75%. Late last year Auryn completed 3,000 metres of RAB drilling, mostly on the previously identified West Plains prospect in Committee Bay’s southwest region. Highlights from the program include: 16.8 metres of 10.36 grams gold from 61 metres deep in hole 1; and 27 metres of 2.97 grams gold from surface in hole 27. The company plans to use the RAB rig at Anuri in the coming months to drill 10,000 metres. “You have to consider everything in context when coming up with the strategy for a project like Committee Bay,” Wallace says. “If it was six years ago and market conditions were better, I’d say we would hit it a lot harder, because that’s what our group is wired to do. “Now is a time to work on increasing our scientific knowledge, but it’s also a time where you have to watch your capital structure. In a market like this the biggest value driver is finding gold. Let’s face it: there are a million juniors out there doing small step-outs and adding incremental ounces, but we’re explorers first and foremost, and that means discoveries.” Auryn hasn’t forgotten about Three Bluffs and the ounces in the ground, however, with geochemical

and geophysical work hinting at more upside. Rock and till sampling across a 30-by-20-km area identified four “multi-kilometre-long trends of gold mineralization surrounding the deposit,” while a reinversion of induced-polarization (IP) and magnetic geophysical sur veys shows the host structure continues 5 km east. “Three Bluffs really represents our ‘bird in hand,’ but we feel there’s material expansion potential there,” Henrichsen says. “The western part of the deposit is the most lightly drilled, and that’s where we did the reinversion of the IP anomalies. The current resource could become world-class unto itself — with the game-changers we’ve discovered since acquiring the property — but I’m also excited about what I call the ‘Three Bluffs playing field.’” Auryn is working to close a bought-deal offering that could bring in as much as $15 million if over-allotment options are exercised. The company had intended to raise $8 million, but increased the financing to include 4.1 million flow-through shares at $1.89 per share, and 3.7 million non-flowthrough shares at $1.40 per share. Auryn has traded in a 52-week range of 73¢ to $1.75 per share, and jumped 61¢ to start the year, en route to a $1.70-per-share close at press time. The company has 49 million shares outstanding for an $83.7-million market capitalization, and would have $16 million in its treasury with the proceeds of the financing. “The gold market is definitely improving, and you’ve seen some of the major companies gaining ground,” Wallace says. “You’re still not seeing that sort of generalist investment money getting aggressive on the industry, but the more experienced gold investor is participating right now. That’s one reason we’ve done so well with the Committee Bay story, and the other is that Nunavut has gotten a lot of interest, due to some of the major projects and discoveries happening in the jurisdiction.” TNM

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2016-04-26 8:55 PM

MAY 2–8, 2016 / THE NORTHERN MINER

The Far North

WWW.NORTHERNMINER.COM

Peregrine Diamonds on cusp of PEA

Workers load samples from the CH7 kimberlite at Peregrine Diamonds’ Chidliak diamond project. Peregrine Diamonds Peregrine From 11

the project, 120 km from Iqaluit, Nunavut’s capital. “When BHP pulled out, it was all about exiting the diamond business,” Thomas Peregoodoff, Peregrine’s president and CEO, says in a telephone interview. As for De Beers, “it was less a comment about the merit of the project than the state of the mining industry in general and capital allocation. In discussions I had with the technical team … they were disappointed by the decision to exit the project, and … many of them continue to see this as a lost opportunity.” While this would throw many off their game, Peregrine took the setbacks in stride. Shareholders — including Peregrine chairman Eric Friedland and his brother Robert Friedland — are big believers in the project. They also have deep pockets, and between them own 46% of the company’s stock. “When you look back over the last two or three years, there have been a number of companies that have had good projects with robust resources, but they didn’t have strong shareholders … and they’ve been forced to make deals that in another environment they wouldn’t have,”

Peregoodoff says. This year the Friedlands and the junior’s other shareholders — big and small — hope that a longawaited preliminary economic assessment will reward them. The PEA is on track for release in late June. Peregoodoff will only say that management is “quietly optimistic.” The year is already off to a good start for the company. In January, Peregrine announced that it had extinguished the 2% gross overriding royalty on future production from Chidliak in an out-of-court settlement with BHP, which tried to transfer the royalty to South32 (LSE: S32; US-OTC: SOUHY), a company that it spun off last year with a number of its less coveted assets, such as manganese, aluminum, silver, nickel and metallurgical coal. “A lot of people don’t understand the significance,” Peregoodoff says. “If the Chidliak project were to go into production and produce a million carats a year at US$200 a carat, that 2% royalty over a 10-year mine life could be worth US$40 million to US$50 million.” Peregrine has also reported a 33% increase in the inferred diamond resource at its CH6 kimberlite to 11.4 million carats. CH6 is Chidliak’s flagship kimberlite, and the resource

From geotechnical engineering to environmental assessments, water management, and renewable energy integration, our international team of consulting engineers and scientists has the expertise to help you in advancing your project through all stages of mine development.

A large diameter drill rig on the CH7 kimberlite at Peregrine Diamonds’ Chidliak diamond project on Baffin Island. Peregrine Diamonds

“If CH6 were in production it would be one of the top four or five in terms of revenue per tonne in the world, based on 2014 valuations on WWW International Diamond Consultants.” Tom Peregoodoff President and CEO, Peregrine Diamonds

was estimated for the pipe's first 260 metres. On April 7 Peregrine reported that tonnage increased 40% from 3.3 million tonnes to 4.6 million tonnes, and contained carats increased 33% from 8.6 million carats to 11.4 million carats. The revised resource includes a new zone with an estimated 3.2 million carats in 0.8 million tonnes, for 4.2 carats per tonne. Additional tonnage classified as a target for further exploration of 2.3 million to 3.8 million tonnes has also been identified to 380 metres deep below surface at CH6. The pipe is open at depth, and a deep-drill program is in the works. An independent diamond valuation of a 1,013-carat parcel of diamonds from CH6 by WWW International Diamond Consultants returned an average US$213-percarat market price and a modelled price (which predicts the average price per carat in a mine-production scenario) that ranged from a minimum of US$162 per carat to a high of US$236 per carat, and a base-model price of US$188 per carat (based on its February 2014 price book). “If we just look at CH6 alone, it is

looking stronger and stronger, and stronger,” Peregoodoff says, adding that the value of the diamonds at CH6 average US$213 to US$214 a carat, “which compares extremely well with anyone’s valuations announced recently.” He says that “to put it another way, we have over 11 million carats in rock that’s worth somewhere in the neighbourhood of US$400 to US$600 a tonne … and that compares extremely well with the industry average … if CH6 were in production it would be one of the top four or five in terms of revenue per tonne in the world, based on 2014 valuations on WWW International Diamond Consultants.” Meanwhile, Peregrine is close to completing a maiden resource estimate for the CH7 kimberlite, 15 km southeast of CH6. In March, WWW International Diamond Consultants evaluated an aggregate 735.8-carat parcel of diamonds (+1.18 mm square diamond mesh) from five geological units of CH7. The diamond valuation and consulting firm based its valuation on its book price as of Feb. 1, 2016, and found that CH7 diamonds averaged

US$100 per carat, and ranged from US$73 to US$154 per carat across the five geological units. The modelled average price ranged from US$94 per carat to US$155 per carat, with a base-modelled price of US$114 per carat. The eight highest-value diamonds ranged from 1.4 carats to 5.3 carats, weighed a total 21.6 carats and had a US$1,619-per-carat average price valuation. In addition to Chidliak, Peregrine controls 11 diamond-prospecting licences in Botswana that cover 6,613 sq. km. Botswana is the world’s largest diamond producer by value, despite the fact that 70% of the country is covered by the Kalahari Desert, which masks prospective targets. Advances in technolog y, however, improve the chances of finding diamondbearing kimberlites. Peregoodoff is particularly excited about a prospecting licence the company recently acquired that includes the diamond-bearing Sikwane kimberlites. The kimberlites were originally discovered by De Beers in the 1970s. The company has budgeted $550,000 for a work program this year that will focus on the Sikwane licence. About 500 metres of core drilling is planned to test five previously identified diamond-bearing kimberlite occurrences at Sikwane. The targets are supported by drill logs from previous operators. Key to the program, the company says, is to resolve the emplacement morphology of the kimberlitic material, and determine the potential for hosting economic volumes of diamondbearing kimberlite. TNM

www.knightpiesold.com

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2016-04-26 8:55 PM

The Far North

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 2–8, 2016

Pretium boosts confidence in Brucejack Gold

| Construction on schedule, drilling outlines first three years of mine life

By Lesley Stokes

lstokes@northernminer.com VANCOUVER

retium Resources (TSX: PVG; NYSE: PVG) is proceeding on schedule and US$50 million under budget at its Brucejack gold project in northwestern B.C., moving steadily towards its goal of first production in next year’s third quarter. Even as surface crews prepare the ground for the 2,700 tonne-per-day mine — which could deliver 504,000 oz. gold annually for the first eight years — drill teams continue to define the resource from underground. Pretium president Joseph J. Ovsenek tells The Northern Miner during a phone interview that the 64,000 metres of infill drilling aims to upgrade probable reserves into the proven category to cover the first three years of production. When completed, 200 vertical metres of the resource over a 250-metre strike length would be drilled at 7.5- to 10-metre centres, and so far, Ovsenek says the results have been “all positive.” He says that “we’ve got a fair bit of drilling left to do, but so far it’s confirming what we expected, and we’re quite comfortable with the resource and block model.” He notes that “if it all goes smoothly,” updates on the resource and mine plan are expected in this year’s third and fourth quarter. “There are some inferred resources around the stopes we’ll mine, so I wouldn’t be surprised if we see a little upside on our estimate, but that’s not our intent. Our intent is to increase our confidence from probable to proven,” he says. As of June 2014, the Valley of the Kings (VOK) deposit has 2.1 million proven tonnes grading 15.6 grams gold per tonne and 11.5 million probable tonnes of 15.7 grams gold. Combined, the reserves hold 6.9 million oz. gold, assuming a cut-off grade of 5 equivalent grams gold, US$1,100 per oz. gold and US$17 per oz. silver. Inferred resources stand at 5.9 million tonnes of 25.6 grams gold for another 4.9 million oz. gold. Most gold at Brucejack is located within the VOK — a corridor of stockwork vein mineralization that trends for 600 by 1,200 metres long and 650 metres deep. According to a company report, the epithermal deposit likely branched its way up from a porphyry that stewed beneath a chain of once-active volcanoes, similar to the modern-day Sunda volcanic arc in Indonesia. But mineralization at the VOK isn’t a single, planar vein explorers can place their finger on and trace for its whole extent. Instead, the zones bulked up when the flow of hot, gold-rich magmatic fluids hit an impenetrable wall of intense silica alteration alongside a weak stratigraphic contact. As a result, building pressures exerted by fluids repeatedly fractured the strata, triggering space for gold precipitation. This snapshot in Earth’s history created a deposit that could deliver Pretium 7.3 million oz. gold over an 18-year underground mine life. The operation would have an after-tax net present value (NPV) of US$1.6 billion at a 5% discount rate, and a 27.4% after-tax internal rate of return (IRR), assuming a US$1,100 per oz. gold price, a US$14 per oz. silver price and a US/CAD rate of US75¢, according to revised metrics reported in February. Earlier estimates, based on US/ CAD US92¢, and US$1,100 per oz.

Structural steel installation for camp facilities under construction at Pretium Resources’ Brucejack gold project in northwestern British Columbia. Pretium Resources

gold and US$17 per oz. silver, returned an after-tax NPV of US$1.5 billion and a 28.5% IRR. The drop in value of the Canadian dollar also drove expected capital expenses down from US$746.9 mil-

1 2 3 4 5 6 11 12 13 14 15 16 17 18 21 22 24_MAY2_Main .indd 17

lion to US$697 million. Ovsenek adds that the project is fully funded to completion, after another US$130-million equity financing in March, which then prompted Orion Mine Finance and

Zijin Mining Group to inject US$16 million to keep their proportionate interest in the company. “We’ve completed the camp foundations and are laying the foundation for the mill, along with

the transmission line work now … [by mid-year] we’ll be ready to put the mill infrastructure up,” he says. “A lot of the activity is kicking off now, and come [mid-year], you’ll really see that there’s a mine going in.” Meanwhile, Ovsenek says that exploration crews will be on the hunt this year for volcanogenic massive sulphide deposits across its 1,030 sq. km property, charged to find a deposit similar in calibre to Barrick Gold’s (TSX: ABX; NYSE: ABX) exhausted Eskay Creek gold-silver mine, 21 km southeast. Barrick closed the once highly profitable operation in 2008, after having produced 3.27 million oz. gold and 180 million oz. silver at grades of 49 grams gold and 2,406 grams silver over its mine life. “The rocks that that host Eskay comes through our property, and they haven’t been looked at closely, because everyone has focused on the western margin — where the VOK is,” he says. “Our focus will be on that area … and we’ll look for another Eskay Creek.” TNM

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2016-04-26 8:55 PM

The Far North

MAY 2–8, 2016 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

SnipGold’s Iskut project attracts Seabridge bc's golden triangle

| All-share acquisition valued at nearly $10 million

By Trish Saywell

tsaywell@northernminer.com

eabridge Gold (TSX: SEA; NYSE: SA) plans to enhance its exploration potential in northwestern B.C.’s Golden Triangle by tucking in junior explorer SnipGold (TSXV: SGG) and its Iskut property, 110 km northwest of Stewart. Iskut shares geological similarities with Seabridge’s Kerr Sulphurets Mitchell (KSM) project, 65 km northwest of Stewart, which Seabridge describes as the largest undeveloped gold-copper project in the world. The two properties are close enough to offer synergies in both infrastructure and personnel, Seabridge says. Under the proposed all-share acquisition — valued at nearly $10 million — SnipGold shareholders would receive 1/63 of a common share of Seabridge for every share they hold of SnipGold. The offer works out to 29.1¢ per share of SnipGold, or a 124% premium, based on the closing price for both companies on April 18, or a 115% premium, based on the trailing 30-day, volume-weighted average trading price. Under the definitive agreement, Seabridge will also give SnipGold interim debt financing of up to $400,000. SnipGold’s board of directors

and management, which own a combined 24% stake in the company, are voting in favour of the offer. “Our focus during the downturn in the market has been to look for earn-in partners. But, except for the KSP option agreement with Colorado Resources, we never found anything that would reward SnipGold shareholders,” John Zbeetnoff, SnipGold’s president and CEO, says in an interview. “We had lots of discussions on earn-ins, but nothing came to fruition. Seabridge didn’t want an earnin. They wanted to purchase us. It was a good offer that came at a tough time in the market.” Zbeetnoff notes that if the deal is approved by the company’s remaining shareholders, it will put Iskut into the hands of a mid-tier company that could finance the project with minimal dilution. “For a project this big, it is going to be capital intensive to explore, and at the bottom of the market, where we are, the dilution SnipGold shareholders would suffer to finance large drill programs would mean losing a lot of value,” Zbeetnoff says. “Having this project move on to Seabridge, where they have the capacity to do significant financing with minimal dilution, is a good thing for our shareholders.” Seabridge noted in a press release that SnipGold’s shareholders would

A drill site at Seabridge Gold’s KSM gold-copper project, 65 km northwest of Stewart, British Columbia. Seabridge Gold

“Having this project move on to Seabridge, where they have the capacity to do significant financing with minimal dilution, is a good thing for our shareholders.” John Zbeetnoff President and CEO, SnipGold

benefit from gaining exposure to its KSM property and benefit from Seabridge’s more senior exchange listings, and greater liquidity. The KSM project has proven and probable reserves of 2.2 billion tonnes grading 0.55 gram gold per tonne, 0.2% copper, 2.74 grams silver per tonne and 44.7 parts per million moly for contained metal of 38.2 million oz. gold, 9.9 billion lb. copper, 191 million oz. silver and

213 million lb. molybdenum. Based on preliminary work, Seabridge envisions a 52-year mine life at KSM. The company received permits to begin early-stage construction in September 2014. Seabridge shareholders are getting a large project — “it’s more like an area play,” Zbeetnoff says — with a number of drill-ready targets. He and his management team, who joined SnipGold in 2011, after selling Brett Resources and its Hammond Reef project to Osisko Gold Mining in 2010, have spent the last few years putting together all of the data from various property acquisitions by SnipGold’s predecessor company, Skyline Gold Corp. “Each acquisition brought new land, and its prospects have never been put into a single unified database,” he says. “The showings and various targets were assessed in isolated local grid systems, and there was no way to tie these together without undertaking a significant compilation effort. We can now tie the various targets together … we’ve done a lot of hard work to put this together, and have queued up several drill targets that Seabridge can follow up on.”

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One of the most attractive opportunities at Iskut is the Snip-Bronson trend, which lies within 75 to 100 metres of underground development at the past-producing Snip gold mine, now owned by Barrick Gold (TSX: ABX; NYSE: ABX). The trend leads into a large soil geochemical anomaly on SnipGold’s Iskut property. (The anomaly is 5 km long — 2.5 km of which has a soil geochem signature greater than 200 parts per billion gold.) The project also hosts other drillready, high-grade gold targets, including McFadden, where SnipGold identified a geophysical signature that it says could provide high-grade boulders. The boulders have typically assayed at hundreds of grams gold per tonne. Zbeetnoff notes that the area remains “fairly under-explored” and one of the company’s best intercepts was from hole 29 on the trend, which returned 10 metres grading 10 grams gold per tonne, including 1.4 metres of 56 grams gold per tonne. “It has a signature of heavy sulphide content — a dead ringer for sulphide mineralization at the Snip mine,” he says. “It’s going to need a lot of drilling, but that’s one of our drillready targets.” The project also contains the Bronson Slope porphyry deposit, a few hundred metres east of the Snip gold mine, which has a measured and indicated resource of 186.9 million tonnes grading 0.36 gram gold per tonne, 0.1% copper, 2.19 grams silver per tonne and 5.3% magnetite, for contained metal of 2.16 million oz. gold, 502.7 million lb. copper, 13.17 million oz. silver and 9.9 million tonnes magnetite. Inferred resources at Bronson Slope add 4.9 million tonnes averaging 0.32 gram gold, 0.1% copper, 2.19 grams silver and 3.7% magnetite, for contained metal of 0.05 million oz. gold, 8.1 million lb. copper, 0.35 million oz. silver and 0.2 million tonnes magnetite. Meanwhile, 2 to 3 km northwest of the Bronson deposit and Snip mine, downstream on the Iskut River, is the Snip North porphyry. Exploration efforts in the 1980s — in addition to work in 2006–07 — defined a mineralized porphyry gold-copper system with a surface geochemical and geophysical signature in the order of a 2,250-metre trend length and 200 to 300 metres wide. Drill testing (71 historic drill holes) suggests the target is open along strike and open beyond the 200-metre depth already cored. The deposit sub-crops below a thin layer of overburden and glacial cover. Historic drilling indicates a similar grade to that of the Bronson Slope deposit. And like Bronson, there is a strong magnetic signature associated with the porphyry that the company says can be mapped easily from an airborne magnetics survey it did in 2011. TNM

2016-04-26 8:55 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 2–8, 2015

BID-ASK — April 18–22, 2016 STOCK

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37 Capital One C Acme Res Corp V Advance Gold V Afrasia Mnls V Aftermath Slvr V Alberta Star V Alderon Iron* X Alexandra Cap C Allante Potash V Almo Capital V Alpha Nat Res* N Altan Nev Mnls V Altan Rio Mnls V Amanta Res V Amer Vanadium V APAC Res Inc C Appia Energy C Apple Cap Inc V Arch Coal* N Archon Mineral V Arrowhead Gold C Arrowstar Res V Artha Res V Asante Gold C V Asher Res Asia Now Res V Astar Mnls V Astorius Res V Ateba Res C Atlantic Ind V Atlatsa Res* X Aurania Res V Austin Res V Balto Res V Banks Island V Barksdale Cap V BCGold V BE Res V Bearing Res V Big Bar Res V Bird River Res C Black Bull Res V Blind Crk Res V Boss Power V Brunswick Res V Buccaneer Gold V Carrie Arran V Cascade Res V Cassidy Gold V Cassius Vents V Celeste Mng V Celtic Minrls C Chinapintza Mg V Cicada Vents V Cliffs Nat Res* N Clydesdale Res V CMX Gold & Sil C Compliance Egy V Cons Westview V Cougar Mnls V C Crestwell Res Cricket Res V CWN M’g Acq V Darnley Bay V Deveron Res V C DGS Mnls Discovery-Corp V E-Energy Vent V EastCoal Inc V Enfield Expl C European Metal C Eurotin V Falcon Gold V Finlay Minrls V

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Fire River Gol V 0.03 0.07 0.09 0.75 0.03 First Idaho V 0.07 0.14 0.06 0.15 0.06 Freeport Res V 0.02 0.02 0.02 0.02 0.01 G4G Res V 0.04 0.07 0.04 0.10 0.03 0.04 0.08 0.04 0.05 0.01 Galena Intl Rs V Gem Intl Res V 0.05 0.05 0.05 0.12 0.04 GFM Res V 0.02 0.10 0.02 0.03 0.02 Giyani Gold V 0.04 0.04 0.09 0.11 0.05 Global Cobalt V 0.02 0.02 0.02 0.08 0.01 0.08 ... 0.08 0.10 0.01 God’s Lake Res C Golden Band V ... 0.01 0.01 0.01 0.01 Golden Brg Dev V 0.03 0.08 0.08 0.13 0.06 Goldstream Mnl V ... 0.01 0.01 0.01 0.01 Gravis Energy C ... 0.02 0.01 Gray Rock Res V 0.02 0.04 0.02 0.04 0.02 Greatbanks Res V 0.01 0.02 0.01 0.14 0.01 Grenville Gold V 0.08 0.12 0.08 0.15 0.05 Greywacke Expl C 0.04 ... 0.04 0.04 0.01 Harvest Gold V 0.04 0.12 0.04 0.05 0.01 Highvista Gold V ... 0.16 0.17 0.20 0.16 HiHo Silver C ... 0.02 0.01 0.01 0.01 ... 0.01 0.01 0.01 0.01 Homeland Egy V Icon Explor V 0.02 0.02 0.02 0.03 0.01 IGC Res V ... 0.01 0.01 0.02 0.01 Indigo Expl V 0.02 0.03 0.02 0.03 0.01 Inform Res V ... 0.01 0.03 0.03 0.01 Interconnect V 0.09 0.14 0.09 0.11 0.05 Intl Samuel Ex V 0.02 0.14 0.10 0.30 0.05 Jasper Mng V 0.03 0.06 0.05 0.06 0.02 JDF Explor Inc C ... 0.02 0.02 0.02 0.02 Jet Gold V 0.04 0.08 0.06 0.08 0.03 Jet Metal V 0.10 0.10 0.09 0.16 0.04 Jiulian Res V 0.01 0.04 0.01 0.03 0.01 Kairos Cap V 0.02 0.03 0.02 0.03 0.01 Kenna Res V 0.10 0.15 0.12 0.17 0.08 Kestrel Gold V 0.02 0.02 0.02 0.07 0.01 La Imperial C 0.01 0.05 0.01 0.01 0.01 Lago Dourado V 0.10 0.13 0.10 0.15 0.05 Leeta Gold V 0.03 0.10 0.03 0.07 0.03 Lucky Mnls V 0.05 0.06 0.06 0.14 0.05 MacMillan Mnls V 0.21 0.27 0.27 0.30 0.05 Mag Copper C 0.02 0.03 0.02 0.13 0.01 Mainstream Mnl V ... 0.01 0.01 Manado Gold V 0.01 0.01 0.03 0.08 0.01 0.03 0.04 0.03 0.13 0.02 MBAC Fertilizr T McLaren Res C ... 0.01 0.01 0.01 0.01 Mega Copper V 0.02 0.03 0.02 0.05 0.02 Metallum Res V 0.03 0.06 0.12 0.12 0.11 MillenMin Vent V 0.01 0.01 0.01 0.02 0.01 Milner Con Slv V 0.02 0.02 0.02 0.04 0.02 Mindoro Res V 0.01 0.01 0.01 0.02 0.01 Minsud Res V 0.09 0.12 0.09 0.09 0.05 Moag Copper C ... ... 0.08 0.14 0.07 Morumbi Res V 0.03 0.03 0.03 0.07 0.02 ... 0.01 0.01 0.01 0.01 Mountain Lake C Mountainstar C ... ... 0.10 0.30 0.09 Nebu Res V 0.01 0.02 0.01 0.03 0.01 New Klondike V 0.01 0.01 0.01 0.02 0.01 0.06 0.07 0.05 0.08 0.02 Newstrike Res V Nickel North V 0.01 0.02 0.02 0.02 0.01 V 0.06 0.10 0.08 0.08 0.03 NSGold NSS Res Inc C ... ... 0.20 0.20 0.20 0.01 0.02 0.02 0.10 0.02 Opawica Expl V Open Gold V 0.01 0.01 0.01 Oracle Mng V 0.01 0.01 0.01 0.07 0.01 Orofino Mnrls V 0.15 0.25 0.17 0.23 0.05 Oroplata Res* O ... ... 0.50 0.50 0.35 ... ... 0.20 Otterburn Res V Oxford Res V 0.02 0.03 0.03 0.03 0.02 Pac Cascade V 0.01 0.02 0.01 0.02 0.01 Pac Potash V 0.04 0.05 0.05 0.45 0.03 Pantheon Vent V 0.11 0.11 0.10 0.13 0.09 Parallel Mng V 0.03 0.03 0.04 0.04 0.04 Phoenix Gold V ... 0.01 0.01 0.03 0.01

0.07 0.03 0.01 0.09 0.58 1.30 0.03 0.04 0.01 0.05 0.02 0.01 0.09 0.01 0.01 0.01 0.06 0.30 0.01 0.01 0.01 0.01 0.03 0.03 0.07 0.02 0.03 0.15 0.01 0.02 0.05 0.02 0.01 0.01 0.01 0.01 0.01 0.98 0.01 0.09 0.03 0.22 0.03 0.08 0.01 0.11 0.01 0.17 0.02 0.03 0.01 0.01 0.01 0.01 0.05 0.01 0.02

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12-MONTH

EXC BID ASK LAST HIGH LOW

Plate Res V V PNG Gold Portex Mnrls C Portofino Res V Prime Meridian V Prize Mng V V ProAm Expl QMC Quantum Ml 0.01 Rare Element* X Ravencrest Res C Red Rock Enrgy V Regal Res C Remington Res V Rheingold Expl C Rhyolite Res V Rift Valley C River Wild Exp C Rockridge Cap V Rodinia Lithm V Rome Res V Romulus Res V V Ross River Rotation Mnls V Rouge Res V Royal Sapphire V Rubicon Mnrls* X Samco Gold V V Saville Res Savoy Vent V Scavo Res C SG Spirit Gold V V Silver Fields Silver Phoenix C Sniper Res V Squire Mg Ltd C Stellar Africa V Stina Res C Sunrise Res V Sunset Cove Mg V TAD Mineral V Talmora Diamd C Tasca Res V Tearlach Res V Teryl Res Corp V Thor Expl V Tiger Intl V V Tiller Res Tintina Mines V V Tolima Gold Trident Gold V Troy Enrgy V UC Res V United Coal C Universal Vent V Vela Minerals V Venerable Vent V Viking Gold V Wabi Expl C Westridge Res V Wolfeye Res V Xiana Mng V Zinco Mng V

0.05 0.02 0.10 0.06 0.09 0.01 0.01 V

0.06 0.02 0.15 0.09 0.11 0.02 0.02 0.02

0.06 0.21 0.01 0.01 0.06 0.13 0.09 0.19 0.02 0.05 0.02 0.02 0.02 0.01

0.11 0.01 0.01 ... 0.04 0.01 0.13 0.01 0.01 0.05 0.02 0.05 0.08 ... 0.03 0.04 0.03 ... 0.02 0.01 ... 0.36 0.11 ... 0.01 0.01 0.12 0.01 0.11 0.01 0.01 ... ... 0.03 0.08 0.01 0.04 0.12 0.03 0.07 ... 0.01 0.01 0.01 ... 0.40 0.04 0.02 0.01 0.04 0.01 0.25 0.04 0.05

0.16 ... 0.01 ... 0.08 ... 0.18 0.06 0.10 0.08 0.02 0.06 0.28 0.01 0.25 0.05 0.05 ... 0.08 0.02 ... 0.57 ... 0.01 0.24 0.01 0.20 0.02 0.15 0.02 0.01 0.01 0.01 0.06 0.15 0.02 0.06 0.20 0.10 0.12 0.01 0.01 0.05 0.02 0.01 ... 0.07 0.05 0.01 0.06 0.02 ... 0.05 0.07

0.15 0.89 0.01 0.01 0.01 0.06 0.07 0.11 0.04 0.05 0.01 0.05 0.18 0.18 0.01 0.04 0.01 0.01 0.05 0.08 0.01 0.05 0.05 0.07 0.09 0.16 0.01 0.01 0.04 0.15 0.05 0.08 0.05 0.05 0.03 1.35 0.02 0.45 0.01 0.09 0.16 0.36 0.54 0.09 0.20 0.01 0.03 0.10 0.10 0.01 0.07 0.15 0.15 0.01 0.10 0.15 0.19 0.01 0.06 0.01 0.05 0.01 0.01 0.04 0.03 0.06 0.08 0.16 0.02 0.02 0.04 0.06 0.20 0.25 0.04 0.09 0.10 0.12 0.01 0.01 0.01 0.02 0.01 0.03 0.02 0.03 0.01 0.45 0.45 0.05 0.08 0.02 0.02 0.01 0.01 0.04 0.06 0.01 0.03 0.25 0.35 0.04 0.10 0.05 0.08

0.03

0.06 0.05 0.01 0.01 0.03 0.06 0.01 0.01 0.03 0.01 0.01 0.09 0.01 0.01 0.05 0.01 0.01 0.07 0.01 0.02 0.03 0.02 0.03 0.02 0.01 0.26 0.05 0.01 0.01 0.01 0.10 0.01 0.11 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.12 0.02 0.03 0.01 0.01 0.01 0.01 0.32 0.02 0.01 0.01 0.02 0.01 0.06 0.03 0.01

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2016-04-26 6:51 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 2–8, 2016

Nemaska Lithium revs its Whabouchi project quebec

| Lithium hydroxide now seen as preferred product over lithium carbonate

An aerial view of Nemaska Lithium’s Whabouchi lithium project, 300 km northwest of Chibougamau, Quebec. Nemaska Lithium By Matthew Keevil

mkeevil@northernminer.com VANCOUVER

uzz is building around a perceived, impending supply deficit in the global lithium market, and that’s music to the ears of management at Nemaska Lithium (TSXV: NMX; US-OTC: NMKEF), which is closing in on a construction decision at its Whabouchi lithium project, 300 km northwest of Chibougamau, Que. Nemaska has been in the lithium business since late 2009, and that head start has positioned it with one of only three permitted advanced lithium projects worldwide. The company updated a feasibility study on Whabouchi in early April, which is headlined by an optimized flowsheet and a relocation of the a planned hydromet plant from Salaberry-de-Valleyfield to Shawinigan, Que. “There was something like 150 junior companies around the world trying to find the next big deposit. The price slumped a bit, and … until recently, there were only a handful of lithium projects that we’d classify as ‘active.’ We were one of them,” president and CEO Guy Bourassa said during an interview. “We now have a better idea about the type of lithium compound that’s going to be in demand. Back in 2010 everyone was talking about building lithium carbonate because everyone thought that’s where the growth would come into play. We took a step back and talked to end users around the globe, and realized the compound of choice was, in fact, going to be lithium hydroxide.” The mine plan would see Whabouchi crank out 27,500 tonnes of lithium hydroxide and 3,245 tonnes of lithium carbonate annually over a 26-year life. The $549-million operation features a 30.3% after-tax internal rate of return and US$1.2billion net present value at an 8% discount rate. After-tax undiscounted cash flow has jumped 70% to US$3.9 billion, compared to an feasibility study released in 2014. The sale prices for end products in the study show lithium prices have been on the rise. Two years ago Nemaska had assumed US$8,000 per tonne of lithium hydroxide and US$5,000 per tonne for lithium carbonate, whereas the updated study models US$9,500 per tonne of hydroxide and US$7,000 per tonne of carbonate. “We issued our preliminary economic assessment four years ago, and we were already planning to produce nearly that quantity of lithium hydroxide. A lot of people

“A lot of people around the business were laughing at us and saying that it was a crazy idea — that the hydroxide production was way too large.” Guy Bourassa President and CEO, Nemaska Lithium

around the business were laughing at us and saying that it was a crazy idea — that the hydroxide production was way too large,” Bourassa said. “Then in February 2014, Tesla Motors (NASDAQ: TSLA) announced their Gigafactory in Nevada, and that’s a big coincidence, because that facility needs hydroxide,” he added. The mine plan involves 20 years of open-pit mining based on proven and probable reserves of 20 million tonnes grading 1.5% lithium oxide (Li2O). The last six years would see a switch to underground mining for another 7.3 million proven and probable tonnes of 1.3% Li2O. Project development assumes the Shawinigan buildings that would host the hydromet plant will be available during the first quarter of 2017. The “state-of-the-art” facility would use Nemaska Lithium’s patented process to convert spodumene concentrate into high-quality lithium hydroxide. Shawinigan was chosen due to infrastructure perks that include railway access, existing buildings and proximity to the Hydro-Québec network, as the plant would use close to 50 megawatts in full operation. “The Shawinigan acquisition took some time to complete, but on the financing and de-risking side, it’s a big plus, because it allows us to focus on the real processing equipment instead of civil engineering work,” Bourassa said. “Over the past two years we’ve made strides on the processing flowsheet at our hydromet plant. We’re reducing our consumption of sulphuric acid by nine times and we’ve lowered the production costs, which puts us well ahead of most comparable projects. And it’s also a ‘green’ operation, which resonates today.” Bourassa said he hopes financing for the commercial development will hold 60% debt and 40% equity. The company signed a memorandum of understanding with Quebec-based

1 2 3 4 5 6 11 12 13 14 15 16 17 18 21 22 24_MAY2_Main .indd 21

Nemaska Lithium president and CEO Guy Bourassa (left) and consultant Gary Pearse at the Whabouchi lithium project. Nemaska Lithium

Johnson Matthey Battery Materials in late 2015, which contemplates an upfront $12-million payment that will go towards pilot testing. The arrangement also includes provisions for a “long-term supply agreement” for lithium salts comprised of lithium hydroxide and lithium carbonate. “We’re already in discussions with two other large, credible end users on agreements we’ll look to sign before financing the development. I want to have off-takes in place so we can support a good portion of debt,” Bourassa said. “The Quebec government is still there with the Plan Nord program, and Investissement Québec has indicated it will support some of that debt.” The test plant is expected by the fourth quarter, and would produce 500 tonnes of high-purity lithium hydroxide per year for the lithium battery market, and help secure off-take agreements for operations at Whabouchi and the hydromet facility. Nemaska closed a $13-million non-brokered private placement in March wherein Ressources Québec and Nemaska Development subscribed for 38.2 million units priced at 34¢ each. Each unit consists of a share and one-half purchase warrant exercisable at 48¢ for 24 months. Nemaska has traded in a 52-week range of 15¢ to $1.21 per share, and jumped 169% to start the year en route to a $1.18-per-share close at press time. There are 207.5 million shares outstanding for a $260.6-million market capitalization. TNM

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2016-04-26 8:30 PM

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MAY 2–8, 2016 / THE NORTHERN MINER

Falco to move Horne 5 from PEA straight to feasibility Quebec By Trish Saywell

tsaywell@northernminer.com

uc Lessard has worked on 11 open-pit and underground mine builds during his career as a mining engineer, including the Canadian Malartic gold mine, but he isn’t finished yet. The president and CEO of Falco Resources (TSXV: FPC) believes the junior’s Horne 5 deposit in Rouyn-Noranda, Que., could become Canada’s next new gold mine. Horne 5 sits below the former producing Horne mine, which was operated by Noranda from 1926 to 1976, and produced 2.5 billion lb. copper and 11.6 million oz. gold. Since acquiring the project for $5 million in 2012, Falco has defined a prospective large bulk-tonnage resource of 6.6 million equivalent oz. gold. Mining entrepreneur Sean Roosen sits on Falco’s board as executive chairman, and Osisko Gold Royal-

| Could Horne become Canada’s next big gold mine?

ties (TSX: OR; US-OTC: OKSKF), where Roosen is chairman and CEO, has a 16.2% stake. Roosen is best known for parlaying an $88,000 investment in Canadian Malartic in 2004 into a $4.6-billion sale 10 years later to Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY). “With my Osisko technical services team at the helm and Roosen leading the board, this is Canadian Malartic, 2.0,” Lessard says. “We see this as the underground version of Canadian Malartic. Malartic was a big open-pit, low-grade, hightonnage operation, and this one will be a big, low-grade, high-tonnage — but underground operation.” Horne 5 hosts indicated resources of 58.3 million tonnes averaging 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. In the inferred category, Falco

has delineated 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. Of the total resource, 70% of the value is gold, 15% zinc, 8% copper and the rest silver. The company plans to use the Quemont 2 shaft on the property that runs 1.2 km deep and is wide enough to reuse, with minor rehabilitation work. Falco received a dewatering permit for the shaft on March 7. The deposit starts at 600 metres and goes down to 2,300 metres, and Lessard estimates the shaft will be adequate for the first four or five years of production. “It gives us access to 44% of our indicated resource, and in phase two we’ll deepen it to 1.8 km, giving us access to another 47% of the indicated resource, so at that point it would access 91% of the total resource,” Lessard says. “Phasethree would

Core racks at Falco Resources’ Horne 5 gold project in Quebec. Falco Resources

then be a ramp.” Falco’s management team is confident there is more resource to find at depth. “We know the deposit is still open, so once we are underground at 1.2 km deep, it will be a lot cheaper to drill at depth to see if the deposit has more upside, and it will be more

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1 2 3 4 5 6 11 12 13 14 15 16 17 18 21 22 24_MAY2_Main .indd 22

economic to do it than from surface,” he says. “The best grades we have are located in the deeper portion of the deposit, so we know there is more stuff to find there, and definitely higher grades to discover.” Lessard says the preliminary economic assessment, which got underway in October 2015, should wrap up before July. The company plans to enter a feasibility study next (“mimicking Osisko at Malartic,” Lessard says). It is already working on an environmental impact assessment, which along with the feasibility study, should be finished in the first half of 2017. Lessard says permitting could take 18 months, with construction to follow for 12 to 18 months. Production could start as soon as 2020. Permitting should be straightforward, he says. This is partly because it’s in Quebec, he says, and because the company wants to pump all tailings and waste underground, so there will be less impact on the environment or surrounding communities. “In the old Horne mine they left some openings,” he says. “We’re lucky because this thing was mined for 50 years before we were there, so there are still openings that haven’t been filled.” On the processing side, Lessard says management envisions floating two concentrates — copper and zinc — and regrinding and leaching a residual pyrite concentrate to make gold-silver bars. Horne 5 plans to use the smelter Noranda built 600 metres from the deposit, which is now owned by Glencore (LSE: GLEN). Vince Metcalfe, Falco’s chief financial officer, adds that Falco benefits from its location in the Abitibi at the northern tip of Rouyn-Noranda, which gives it access to a talented labour pool. “It’s recognized as one of the best in the country, and 80% of the required suppliers are located within one hour of the project.” Falco also doesn’t need to build a camp, because everyone can live in town, Metcalfe says, and it doesn’t need to build warehouses because all the suppliers have warehouses of their own. “We have access to rail, but our concentrate doesn’t have to travel across the country to a different smelter,” he says. For Lessard, who has built mines all around the world, Horne 5 is special. “I am slowly reaching the end of my career and maybe have one or two mine builds left in me,” he says. “This one is close to my heart, as I have spent several years of my life in Rouyn-Noranda, and now I feel I can leave a great legacy to the community with the Horne 5 project.” TNM

2016-04-26 8:30 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / May 2–8, 2016

Mineral Deposit Compilation Geoscientist Thunder Bay

Senior Policy Advisor Ontario Ministry of Northern Development and Mines Ontario, Canada

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Associate Director, Global Mining Management York University, Toronto, ON

Regional Sales Representative – Canadian Mining Saskatoon, Saskatchewan, Canada

Consultation Support Officer Ontario, Canada

Working with the maintenance engineering department, you will be responsible for providing greater technical focus on asset life cycle man-

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Working with the maintenance engineering department, you will be responReporting to the President, The VP, Business Development, is responsible

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Occupational Health & Safety Inspector – Electrical/ Mechanical Ontario, Canada Do you have electrical/mechanical mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

Do you have surface and underground mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your underground experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Mining with the Ministry of Labour.

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2016-04-26 6:49 PM

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2016-04-26 8:32 PM