The Northern Miner August 17 2015 Issue by The Northern Miner Group

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Editorial

Mental health of fly-in, fly-out workers $3.99 • AUGUST 17-23, 2015 • VOL. 101, NO. 27 • SINCE 1915

First Mining searches for the ‘sweet spot’ With First Quantum in Newly listed First MinZambia in the 1990s and ing Finance (TSXV: FF; First Majestic Silver in US-OTC: FFMGF) is on Mexico in the early 2000s, a mission to secure qualNeumeyer has a history ity assets at cheap prices. as a first mover who isn’t Like the private equity afraid to act in a deand royalty and streampressed market. ing companies that have To find out how First been wheeling and dealing over the past few years BY ALISHA HIYATE Mining plans to do the same, The Northern of the ongoing bear marMiner spoke to First Minket in commodities, the company is looking to take advan- ing finance president Patrick Dontage of low valuations and rock- nelly in early August. Donnelly bottom interest in the mining sector. discussed the “mineral bank” conFounded by Keith Neumeyer of cept behind the company, the level First Majestic Silver (TSX: FR; of competition for assets in the curNYSE: AG) and First Quantum rent market and the current “unMinerals (TSX: FM), the com- precedented” bear market in company listed on the TSX Venture modities. exchange in April through a re- The Northern Miner: First Minverse takeover. Before it went pub- ing Finance was only listed on the lic, the company started out as a Venture board in April. Tell us combination of private explorer about the concept behind the comSundance Minerals and one of pany and its origins. Neumeyer’s private companies, Patrick Donnelly: Keith Neuplus a couple of First Majestic Sil- meyer has been working on this ver properties. But soon after it venture for the past two years. He listed, First Mining went after its thought we were at or getting near first acquisition, beating rival bid- to the bottom of this awful bear der Sulliden Mining (TSX: market, and decided to put this SMC) with an $11-million, all- company together. Our CEO Chris Osterman was stock offer for Coastal Gold and its Hope Brook gold project in running Sundance Minerals, a Newfoundland in July. See FIRST MINING, Page 11

BMO sees ‘better times ahead’ for Primero Mining BY MATTHEW KEEVIL

VANCOUVER — Primero Mining (TSX: P; NYSE: PPP) is a favoured mid-tier gold producer amongst analysts, and it isn’t hard to see why after a strong second quarter, marked by competitive operating costs and signs of operational improvement across its mines. The company has engineered a turnaround at its Black Fox underground gold mine in Ontario, and its mill expansion at its San Dimas gold-silver mine in Mexico is ahead of schedule and below budget. In the second quarter Primero produced 62,490 equivalent oz. gold, tabled US$67.4-million in revenue, and had operating cash flow before changes in working capital of US$22.6 million. Black Fox chipped in 18,362 oz. gold, while San Dimas accounted for 36,500 oz. gold and 2.15 million oz. silver. The company is transitioning Black Fox from away from a lowergrade open-pit mine to a highergrade underground operation.

TNM August 17 2015 Issue.indd 1

Primero reported that its underground ramp-up achieved 700-tonne-per-day average throughput in July, and it expects to reach a 1,000-tonne-per-day production rate by the end of the third quarter. Black Fox total cash costs during the quarter dropped 24% year-on-year to US$762 per oz., while production was up 27% compared to the first quarter. “In our mind the turnaround at Black Fox is certainly becoming evident, and we’re quite pleased with it. We expect even stronger performances from [the mine] during the third and fourth quarters in terms of production and grade, and we continue to have confidence that’s going to happen,” CEO Joseph Conway said during a conference call. “I think you’re seeing the reason why we’re excited about Canada, and that reason is the potential at Black Fox. We certainly see [the mine] demonstrating its potential as a turnaround and as an exploration project with depth potential,” See PRIMERO, Page 3

Randgold Resources 4

Hot for prospects in Côte d’Ivoire

New Gold 11

Seals Rainy River financing with Royal Gold

Ur-Energy churns out a profit, defying weak uranium market

Pressure vessels and piping at Ur-Energy’s Lost Creek in-situ recovery uranium mine in Wyoming. BY SALMA TARIKH

Ur-Energy (TSX: URE; NYSEMKT: URG) produced its first net profit during the quarter ended June 2015 at its Lost Creek in-situ recovery (ISR) uranium facility in Wyoming, after bringing the mine online in August 2013. “Make no mistake, our two-year

period has been filled with plenty of trials and tribulations. The commissioning process is never easy, but I like to think that we have done a good job of navigating it,” Jeffrey Klenda, the company’s executive director and acting CEO, said on a conference call. Earnings were US$1 million, or

Barrick ‘all but assured’ to meet debt target, Canaccord says BY MATTHEW KEEVIL

VANCOUVER — Barrick Gold (TSX: ABX; NYSE: ABX) appears on track to achieve a US$3-billion debt reduction target this year after a few key asset sales, a streaming agreement and a commitment to cutting capital spending across the board. According to analysts from Canaccord Genuity, however, the company still has a “key area of opportunity” in regards to reining in operating expenditures by adjusting mining methods and planning. Barrick reported second-quarter production of 1.45 million oz. gold at all-in sustaining costs of US$895 per oz. The company registered a net loss of US1¢ per share and adjusted earnings of US5¢ per share during the quarter. Operating and free cash flow were US$525 million and US$26 million. The company instituted a new “capital allocation framework” wherein it cut capital costs and deferred spending to maximize free cash flow. Barrick aims to reduce its company-wide spending

by US$2 billion by the end of 2016. “We’re starting to see momentum building behind the strategy we outlined earlier this year. Underpinning our operating and financial performance has been a cultural shift to reclaim the best of Barrick’s original qualities: agility, efficiency, determination and accountability,” co-president Kelvin Dushnisky commented during a conference call. “We are focused on strengthening our mine plants, reducing spending and improving productivity to maximize free cash flow from our operations,” he added. Barrick has repaid US$250 million of debt so far this year from its cash balance. When combined with US$2.5 billion of sales agreements announced to date, that figure represents 90% of the company’s debt-reduction target. Barrick recently closed the US$550-million cash divestment of its Cowal gold mine to Australia’s Evolution Mining (ASX: CAH), and vended half of

UR-ENERGY

US1¢ per share, beating the adjusted nil per share that Raymond James analyst David Sadowski forcasted. He attributes the slight beat to better operating results. Steven Hatten, Ur-Energy’s vice-president of operations, noted that his team produced, drummed and shipped the millionth uranium oxide (U3O8) lb. from Lost Creek in June, and called this an “amazing feat,” and a “big milestone for any operation.” The Lost Creek property sits in the northeastern corner of Sweetwater County in south-central Wyoming. The 170 sq. km propSee UR-ENERGY, Page 2 PM40069240 – PAP Registration #09263

See BARRICK, Page 13

15-08-12 6:24 PM

2 AUGUST 17-23, 2015 THE NORTHERN MINER

Ur-Energy churns out profit

REGULAR DEPARTMENTS

COMPANY INDEX

Careers............................. 11 Editorial.............................. 4 Events................................. 5 Meetings............................ 5 Mining Jobs...................... 15 Metal Prices........................ 7 Professional Directory.. 12-13 Stock Tables................... 6-10

Agnico Eagle Mines............ 3 Antofagasta................... 5,13 Banro................................ 11 Barrick Gold........................ 1 BGC Contracting................ 5 CIMIC Group...................... 5 Claude Resources............... 3 Detour Gold....................... 3 DRA Pacific......................... 5 DRA................................... 5 Emco.................................. 5 Evolution Mining................ 1 First Majestic Silver............. 1 First Mining Finance........... 1 First Quantum Minerals...... 1 Goldcorp.......................... 13 Goldcorp............................ 3 Gowling WLG..................... 5 Gowlings............................ 5 Kinross Gold..................... 13

Nautilus Minerals................ 5 New Gold......................... 14 Oban Mining.................... 11 Primero Mining................... 1 Randgold Resources...... 3,11 Royal Gold................... 13,14 Silver Standard Resources... 5 Silver Wheaton................... 3 Sulliden Mining................... 1 Tahoe Resources................. 3 Teck Resources................. 14 Thiess................................. 5 Timetric.............................. 5 Ur-Energy........................... 1 Wolseley Industrial Canada.5 Wolseley............................. 5 Wragge Lawrence Graham & Co................................. 5 Zijin Mining...................... 13

STORIES WE’RE WORKING ON. . .

Check out our next special section: Mining Energy (Aug. 24).

Since 1915

Ur-Energy (TSX:URE) The processing facility at Ur-Energy’s Lost Creek in-situ recovery uranium mine in Wyoming. UR-ENERGY, From Page 1

erty comprises six projects, with its core Lost Creek project hosting production at the first mine unit (MU1). The junior has increased output while lowering its operating costs. During the second quarter, Lost Creek cranked out 207,268 lb. U3O8, marking its fourth straight quarterly increase. Cash costs came in at US$16.15 per lb. U3O8. “That’s an excellent number for us,” Hatten said, pointing out that cash costs were US$18.86 per lb. in the first quarter, US$20 per lb. in 2014 and US$22 per lb. in 2013. Lost Creek ranks “amongst the lowest-cost uranium producers anywhere in the world,” Sadowski adds. Contract and spot sales from Lost Creek came in at 204,000 lb. at an average US$31.21 per lb. (The company sold 70,000 lb. U3O8 on the spot market in June.) To accelerate a September contractual delivery, Ur-Energy also bought 200,000 lb. U3O8 from a trader at the then-spot price of US$39.39 per lb. It sold these pounds under a US$59.94 per lb. contract price, generating US$4 million in net cash proceeds. California Mother Lode District – Mine for Sale

The North Fork Mine property consists of 35 un-patented mining claims encompassing approximately 700 acres of land. The property has new grid power consisting of $350,000 high capacity PG&E source, headframe and hoist, an existing decline (approx. 1,000 feet) and crosscut (800 feet long) with three developed levels; all three levels intersected significant gold grades commonly exceeding 0.5 opt Au along multiple veins. The mine is located within the northern portion of the infamous Mother Lode Belt; targets in this area can be significant given that the nearby Sixteen to One Mine produced over one million ounces. Sale Price: $250,000 Contact: Tim Callaway, tac@shastagoldcorp.com, 530-559-1952

Quarterly sales totalled 404,000 lb. U3O8 at an average US$45.08 per lb., while average cost per lb. sold was US$34.14. This produced a gross profit of US$10.94 per lb. The company explains that gross profit is lower than in the previous two quarters due to the lower second-quarter average sales prices, noting its first sale on the spot market and one lowpriced sales contract contributed to this. However, quarterly revenue was US$18.2 million, compared to the first quarter’s US$7.4 million, and US$9.2 million during the same period last year. The higher revenue came from improved operations. Klenda commended Ur-Energy management for keeping the Lost Creek mine running despite a depressed uranium market, and vocal criticism. Such critics, he said, argued “we were burning up a very valuable and very finite resource, in a very challenging environment ... if we were prudent we shouldn’t be producing, instead we should be a pounds-in-the-ground company … waiting for those higher prices.” Klenda added that detractors never mentioned Ur-Energy realized margins of US$30 per lb. when spot prices hovered around US$35 per lb., or the fact that it is growing its resources. “We are selling into term contracts at average prices of US$50 per lb. for 2015, while our cash cost per pound, including ad valorem and severance taxes, was below US$20 per lb., and is declining,” Rich Boberg, the company’s senior director of investor and public relations, told The Northern Miner. On the resource front, Ur-Energy has updated an estimate for MU1, adding 2.3 million lb. to the measured category. But after tak-

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TNM August 17 2015 Issue.indd 2

UR-ENERGY

ing into account the U3O8 generated through March 31, 2015, the actual increase was 1.3 million lb. for a revised total of 3.8 million lb., in a 55% boost over the December 2013 preliminary economic assessment (PEA). It lowered the uranium grade times thickness cut-off from 0.30 to 0.20. Meanwhile, Ur-Energy says the first part of its 150-hole exploration program — which focused on areas near MU1 — outlined 121,000 lb. U 3O8 in measured and indicated, plus 296,000 lb. in inferred. This resource was included in the June 2015 National Instrument 43101 technical report for the Lost Creek property. The property hosts 6.2 million equivalent lb. uranium oxide (eU 3O 8) from 6.3 million measured tons at 0.049% eU3O8 and 3.9 million lb. eU3O8 from 4.1 million indicated tons at 0.047%, plus 5 million lb. eU3O8 at 5.2 million inferred tons at 0.049%. Ur-Energy intends to update the technical report later this year, after its drill program. The firm only needs to produce from MU1 to meet its production needs, but Boberg notes development drilling in MU2 is underway, and could start production in 2016. He adds that the miner will not produce from the five adjacent unpermitted and undeveloped projects on the Lost Creek property any time soon, but will permit the Shirley basin project in the Shirley basin mining district of Wyoming. A January 2015 PEA examined developing a commercial satellite uranium ISR operation at Shirley, combined with the Lost Creek operations. The project has 8.8 million lb. U3O8 in measured and indicated grading 0.23% eU 3O8. The high grade makes this an “extremely attractive” asset. The study estimates construction to start in January 2017, with production commencing in October 2017. The project’s initial cost is US$30.6 million, with total uranium production anticipated at 6.3 million lb., and operating costs of US$14.54 per lb. Total cost, including severance taxes and operational and capital spending, should average US$31.26 per lb. The firm expects to submit its application to convert the proj-

$1.20 $1.10

$1.00

$0.90 $0.80

May 2015

Jun 2015

Jul 2015

Aug 2015

Ur-Energy’s Lost Creek uranium mine in Wyoming. ect’s licence from a conventional operation to an ISR in the third quarter, and wrap up permitting and licensing in 2016. During the third quarter, UrEnergy forecasts producing 210,000 lb. U3O8 and keeping its full-year output guidance at 750,000 to 850,000 lb., along with contracted sales at 630,000 lb. Ur-Energy has 150,000 lb. left in sale contracts this year, Raymond James’ Sadowski notes. (The average 2015 contract price is US$49.50 per lb.) Klenda points out that the company has 11 long-term contracts in place that extend to 2021, noting it signed all but one after the 2011 Fukushima nuclear incident in Japan, proving “acceptable pricing and margins” can be “achieved in the post-

Fukushima environment.” Lost Creek is producing 70,000 lb. a month, Boberg notes. Its nameplate capacity is 1 million lb. per year from Lost Creek sources and 2 million lb. per year from all sources, including future deliveries from the fully developed Shirley basin project. “The company is one of our top uranium picks, with its industryleading cash costs and high fixedprice contracts, coupled with significant production scalability in an improving uranium macro environment,” Sadowski says. He has a $1.80 target price. Cantor Fitzgerald analyst Rob Chang has a $2.60 target, with a “buy” recommendation on UrEnergy. The firm had US$3.6 million in cash in July, and last traded at 91¢.

15-08-12 6:24 PM

THE NORTHERN MINER AUGUST 17-23, 2015 3

BMO sees ‘Better times ahead’ for Primero

PRIMERO MINING

A headframe and mill at Primero Mining’s Black Fox gold mine in Ontario. PRIMERO, From Page 1

he added. And drilling is paying off at Black Fox. Primero reported in July that exploration had expanded the Deep Central Zone (DCZ), which shows mineralization is continuous between current production levels, and at least 800 metres below surface. The company is delineating mineralization between the current 560-metre production levels — which has an average grade of 6 grams gold per tonne — and the DCZ, where average grades are 8.5 grams gold. Primero is expanding mineralization at its Grey Fox satellite target, which sits 4 km southeast of the Black Fox facility. Exploration further expanded the Contact zone and Grey Fox South areas of the Grey Fox property. Results confirm that the previously identified Whiskey Jack zone is the continuation of the Contact zone to the north, which increases Contact’s length by 200 metres. Recent highlights from drilling at Grey Fox include 6 metres grading 18.8 grams gold from 39 metres deep in hole 14-975; and 39 metres of 3.3 grams gold from 172 metres deep in hole 15-1011. Conway said the company is “quite certain that Grey Fox will play a role in operations by 2017,” and noted that 66,000 metres of drilling are scheduled at the target this year. Primero is conducting a scoping study on integrating the deposits into its mine plan, and speculates that Grey Fox could chip in up to 40,000 “lowcost” ounces annually to operations, assuming no mill expansion moving forward. Meanwhile, Primero reported that a 3,000-tonne-per-day mill expansion at San Dimas is ahead of schedule and US$8.7 million below an estimated budget of US$26.4 million. Quarterly gold production was up 11% year-on-year, while total cash costs declined from US$672 per oz. to US$654 per oz. The increase in gold and silver production mainly came from 17% higher throughput compared to the same period in 2014. The company saw a jump in all-in sustaining costs at San Dimas from US$626 per oz. to US$822 per oz. Primero also experienced a delay in silver deliveries due to permit complications. On Aug. 6 the company reported the relevant import-export registries had been reinstated by the Mexican government, and that it had begun selling 2 million oz. in inventoried silver. Around 1.2 million oz. silver are due to Silver Wheaton (TSX: SLW; NYSE: SLW) under a streaming agreement at San Dimas.

TNM August 17 2015 Issue.indd 3

“San Dimas has been our driver for the past five years, and we’re pleased that we’ve been able to keep costs essentially flat over that period of time in an industry where costs have gone up dramatically,” Conway commented. “We expect our reserves and resources to grow in

Mexico because the exploration expenditures that we made in the first half have already replaced what we expect ... during the entire year. We see San Dimas as poised for more ounces at a lower cost in the future.” BMO Capital Markets analyst Brian Quast noted that Primero’s

earnings “handily beat consensus estimates,” while keeping an “outperform” rating and a $6-per-share price target. Gold production at Black Fox beat BMO’s estimates of 15,300 oz., with Quast calling the performance a “solid quarter” indicating “better times ahead.”

Meanwhile, Scotiabank analysts noted in the Aug. 4 Daily Mining Scoop that Primero is one of only seven gold producers it covers that could bring “full costs below the US$1,000 per oz. level.” Scotiabank quantifies the “full cost” metric as all-in sustaining costs plus interest on debt, development capital and dividend payments. The other six producers that clear the hurdle are Goldcorp (TSX: G, NYSE: GG), Randgold Resources (NASDAQ: GOLD; LSE: RRS), Agnico Eagle Mines (TSX: AEM; NYSE: AEM), Tahoe Resources (TSX: THO; NYSEMKT: TAHO), Detour Gold (TSX: DGC; US-OTC: DRGDF) and Claude Resources (TSX: CRJ; US-OTC: CLGRF). Primero shares have traded within a 52-week range of $3.17 to $8.70. They jumped 11% after the Mexican permit resolution, en route to a $3.54-per-share close at press time. Primero had US$40 million in cash and US$75 million in an undrawn line of credit after the second quarter. There are 162 million shares outstanding for a $574-million market capitalization.

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AUGUST 17-23, 2015

THE NORTHERN MINER

EDITORIAL

EDITOR-IN-CHIEF:

JOHN CUMMING, MSc (Geol) jcumming@northernminer.com

ANTHONY VACCARO, CFA, MBA

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FA C T S ‘ N ’ F I G U R E S

Do FIFO operations Potash bid tops Q2 M&A activity: KPMG report aggravate mental health problems? The following is an edited excerpt from KPMG’s Mining M&A Quarterly Newsletter. For more information and to see the full report visit www.kpmg.com

BY JOHN CUMMING

Worldwide, Western Australia could be considered ground zero for fly-in, fly-out (FIFO) mining operations, with thousands of mining personnel daily making the air commute from home in pleasant cities like Perth to work for long stretches at mine sites in the state’s remote, inhospitable interior, with typical rotations as such as eight days on-site working 12-hour days, followed by six days off, with paid travel time. In fact, an astounding 60,000 people in WA work FIFO jobs out of a population of only 2.6 million people. If each FIFO worker has three direct family members, that would mean almost a tenth of the WA population is directly affected by the FIFO lifestyle. Although Australian mining jobs are well-paying, the FIFO schedule — which can reach as high as four weeks on (i.e., twenty-eight 12-hour work days in a row), one week off — puts considerable strain on a worker’s personal life and physical health. But compared to building company towns for miners and their families, the cost savings of FIFO operations can be enormous — as much as A$100,000 per year, per employee. The apparent cost on WA mine workers took on a much darker tone, with media reports in mid-2014 that up to nine suicides in the previous 12 months in the state might have been linked to the victims’ having been working at FIFO jobs. This triggered a study by the Education and Health Standing Committee of the Parliament of Western Australia. Its final report, “The Impact of FIFO work of mental health,” was made public in late June. While the committee could not definitively link FIFO jobs to the suicides in question, it did point to three studies that indicate the rate of mental health problems for FIFO workers in Australia could be as high as 30%, versus a rate of 20% for all men in Australia aged 25 to 44 — which is the typical profile of FIFO workers at WA mines. (The results of such studies are further complicated by the fact this demographic already shows the highest rates of mental health problems.) As the report states: “FIFO takes such an individual regularly away from home, puts him in isolation from his family and other social supports, subject him to fatigue and then controls his life within the camp environment. Understandably, this can have a significant impact on his emotional health and well-being.” The biggest stumbling block for the committee in its effort was a lack of detailed data, and so among the committee’s most important recommendations was that the coroner should establish a single database of suicides for specific occupations, including FIFO workers. The committee also lamented that “confusion was evident around which regulator had jurisdiction for overseeing the occupational health and safety matters impacting on the FIFO worker.” While some witnesses argued that potential employees should be better screened for their resilience to FIFO work, the committee bluntly stated the industry should recognize and address the potential vulnerabilities of all workers to mental health problems arising from FIFO work, and that industry players should develop a code of practice regarding mental health issues at FIFO operations. And this code should incorporate better reporting of suicides, attempted suicides and other deaths on-site. Committee chairman Dr. G.G. Jacobs pointedly commented he was “disappointed to find that recognition of the importance of connection to family and community to workers’ mental health is not widespread,” and “closer interaction between accommodation camps and communities is thought to be good for both.” The biggest miners in the state — such as Rio Tinto and BHP Billiton, as well as oil giant Chevron — welcomed the report and said they would study it, and extolled their own extensive programs related to worker well-being and good mental health. With FIFO operations only growing in use worldwide as mines are built in increasingly remote locations, mining companies, mine workers and regulatory bodies would do well to keep an eye on developments in industry-leading Western Australia, with respect to the critical issue of workers’ mental health. Send your Letters-to-the-Editor and op-ed submissions to the Editor-in-Chief at: tnm@northernminer.com or 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

A blockbuster potash bid announced between Potash Corp. of Saskatchewan and K+S Group in June could propel global deal value for the second quarter of 2015 to US$16.5 billion. K+S rejected the friendly offer two days after quarter-end. Excluding this deal, the quarter still generated US$7.8 billion in deal value, up from US$3.7 billion recorded in the first quarter. Deal volume also rose by 29%. While the potash deal was the largest announced deal in the quarter, iron ore and nickel each posted a major transaction, and gold was involved in a spate of smaller deals.

Potash

On June 25, PotashCorp made a friendly US$8.6-billion offer to the board of Germany’s K+S Group, Europe’s major potash supplier and the world’s largest salt product supplier. The bid represented a 40% premium to shareholders. K+S is poised to bring a new potash mine into production next year — the Legacy project in Saskatchewan, not far from PotashCorp’s mines, with a similar capacity of 3 million tonnes per year. PotashCorp is also interested in the dominant market position for nutrients that K+S holds in Europe. On July 2 the K+S board rejected PotashCorp’s offer — saying the price undervalued the company — and expressed concerns about the interests of its 14,000 employees. K+S believes that PotashCorp does not need additional production from Legacy in current market conditions, and that it intends to curtail all but its lowest-cost operations. PotashCorp denies these comments, saying the transaction would simply combine two best-in-class companies with minimal overlap to create a global producer. The Canadian company remains interested in pursuing its bid, and not ruling out the possibility of going directly to K+S shareholders.

Iron ore and nickel

At a time when China’s steel industry is slumping, China-based Zhongrun Resources is making a major investment in Mongolia’s iron ore sector. Intending to raise US$4.6 billion through a share issue, Zhongrun will spend US$1.9 billion of that equity to acquire three Mongolian firms: Iron Ore International (Mongolia), Mongolia New La Le Gao Te Iron Mining and Shiny Glow. The second-largest deal of the second-quarter comes at a time when the coal and iron ore industries are also suffering through slow demand and lower prices. The third-largest transaction of the quarter is an all-Australian affair. Independence Group is spending US$1.4 billion to acquire all the issued capital of Sirius Resources for shares and cash. The prize for Independence Group is the Sirius NovaBollinger nickel-copper project in southeast Australia that is fully financed, under construction and expected to begin production in 2017. With Independence Group’s diverse portfolio of multi-metal assets and a US$2-billion combined market cap, the combined entity could become an ASX 100 company.

Gold Since 1915 The Northern Miner is published 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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TNM August 17 2015 Issue.indd 4

ALISHA HIYATE, BA ahiyate@northernminer.com

SENIOR STAFF WRITER:

EDITORIAL: TOP STORY OF WEEK 32

GROUP PUBLISHER/ PUBLISHER:

EDITOR, SPECIAL PROJECTS:

For deals under US$1 billion, gold holds down the lion’s share of transactions. The second quarter’s largest gold transaction was all-American, as Newmont Mining made a move to acquire the Cripple Creek & Victor (CC&V) gold mine from AngloGold Ashanti for US$820 million in cash. Newmont will raise most of the cash

through a share issue. CC&V is a 20-year old mine in Colorado that is being expanded with a new leach pad, recovery plant and mill. With it Newmont can add 350,000 oz. gold per year at a low all-in sustaining cost. Canada factored into all remaining gold transactions for the quarter. In an all-Canadian deal, Alamos Gold and AuRico Gold engaged in a merger of equals to create a leading intermediate gold producer. The combined company could yield 375,000 to 425,000 oz. gold from producing mines in Ontario and in Mexico, with growth potential reaching 700,000 oz. The development portfolio includes a number of projects in North America and Turkey. Barrick Gold has sold an asset in Australia to Australia-based Evolution Mining for US$550 million. The Cowal gold mine in New South Wales is a large-scale, long-life open-pit mine that produces 230,000 to 260,000 oz. per year. The all-in sustaining cost of production is US$850 to US$900 per oz. The acquisition gives Evolution a total of seven Australian operations. Evolution will fund the acquisition through an entitlement offer and credit facilities. Barrick Gold has also agreed to sell a 50% interest in the Porgera gold mine in Papua New Guinea to launch a strategic partnership with Hong Kong-based Zijin Mining Group. Zijin will pay US$298 million for this investment. Barrick and Zijin have agreed to collaborate on future projects and investments, leveraging the strengths of each company. Barrick contributes strong operating experience and assets, while Zijin brings engineering and construction management capabilities and access to the Chinese market.

Coal

Patriot Coal, currently embroiled in its second Chapter 11 bankruptcy case, has agreed to sell its operating assets to Blackhawk Mining, a privately held company. The price of the sale is US$643 million. The companies are working to establish a formal purchase agreement, which will be subject to approval by the U.S. Bankruptcy Courts. In another all-American coal deal, Westmoreland Resource Partners has agreed to acquire 100% of the outstanding equity interest in the Kemmerer mine, located in Wyoming, from Westmoreland Coal. The transaction is part of a “drop-down” strategy by Westmoreland, the oldest independent coal company in the U.S. Upon closing, Westmoreland Coal will receive US$135 million cash and US$95 million in Westmoreland Resource Partner shares.

Copper and lithium

Copper was saved from inactivity this quarter by a single transaction. In an arrangement similar to Zijin Mining’s deal with Barrick Gold, Zijin will co-develop the Kamoa copper project in the Democratic Republic of the Congo with Ivanhoe Mines. To begin the strategic partnership, Zijin will acquire 49.5% of Ivanhoe’s interest in the project (95%) for US$412 million in cash. The DRC government is reviewing its options relating to its interest (5%) in the project, as well as the interest (49.5%) to be sold to Zijin Mining. With its high copper grade and large tonnage, Kamoa could become one of the world’s largest copper mining operations. Finally, two Canadian lithium companies have agreed to combine their operations and assets. Western Lithium will “take over” Lithium Americas in an all-stock deal valued at US$64 million. Both see an advantage in combining their expertise, technology and two of the leading lithium development projects in the world, located in North America and South America.

15-08-12 6:24 PM

THE NORTHERN MINER AUGUST 17-23, 2015 5

OP-ED

MATTERS OF GENERAL INTEREST

EVENTS

SUPPLIERS

DRA to design ship-mounted plant, partners with BGC in Australia Engineering and project delivery firm DRA has signed a contract to carry out the detail design of a shipmounted processing plant for Nautilus Minerals’ (TSX: NUS; USOTC: NUSMF) Solwara 1 seafloor copper-gold project, off the coast of Papua New Guinea. Under the contract DRA will design a ship-mounted processing plant with a 400-tonne-perhour capacity. The plant will include screening, dewatering (via centrifuges) and filter presses. The processed material will be temporarily stored in the ship’s hold, before it’s offloaded to bulk carriers. DRA regional director Donald Holley said the firm is pleased to leverage its experience in designing ship-mounted process plants “gained from our offshore diamond recovery projects off the coast of southwest Africa.” The detail design phase is scheduled for the fourth quarter of 2015. The ship-mounted modules will be made in 2016, with production at Solwara 1 expected in 2018. Meanwhile DRA’s Australian branch DRA Pacific has formed a joint venture with BGC Contracting to serve the Australian mining industry. The new entity, called DRA BGC

JV, will offer engineering, procurement, construction, operations and maintenance services to miners Down Under. “The JV is pursuing a number of promising opportunities, which we hope to announce soon,” DRA Pacific CEO Clive Hart said. “The collective scale, capacity and skills of the two groups would enable the JV to deliver an expanded range of services to a wider cross-section of industries,” BGC Contracting CEO Greg Heylen said. Privately held BGC is a major contractor in the region, with experience in mining and civil construction projects. It specializes in load and haul, drill and blast, crushing and screening, bulk earthworks, concrete works and steelwork, plant construction and plant-maintenance services. The company has three offices in Australia, employs more than 3,000 staff and contractors, and makes over A$1 billion in revenue per year. Also privately owned, DRA is headquartered in Johannesburg, South Africa. The firm was founded in 1984 and has offices and operations in Africa, Australia, Canada, China, Europe, India, Oman, Saudi Arabia and the U.S.

Gowlings and WLG to join forces Canadian legal firm Gowlings and U.K-based Wragge L a w rence Graham & Co. (WLG) plan to mergee. The combined company is set to launch in January 2016, and will be branded Gowling WLG. The expanded firm will house 1,400 legal professionals in 18 cities across Canada, the U.K., Europe, Asia and the Middle

East, which will make Gowling WLG one of the top-100 grossing law firms in the world, the company said. The deal also represents the first international legal merger that is co-led by a Canadian firm. Gowlings said that by combining with WLG, it can better serve its customers, many of which are in the resource sector.

Thiess signs contract in Chile Queensland, Australia-based contract miner Thiess has landed a A$137-million contract for work at Antofagasta’s Encuentro Oxides open-pit copper project under development in Chile. Significantly, the deal represents the large contractor’s first foray into the Americas. The four-year services agreement was announced in July, and Thiess began pre-stripping right away. Once built, the Encuentro Oxides mine could produce 50,000 tonnes of copper cathode per year, starting in the second half of 2016. Thiess is a division of CIMIC Group (ASX: CIM), which s t r e a m li n e d fou r d i vi s i on s (Thiess, Leighton Contractors, HWE and Leighton Asia Mining)

into one entity in 2014, creating the world’s largest mine contractor, according to the company. In 2014 Thiess generated A$6.5 billion in revenue and A$1 billion in profit before tax. Outside of Chile, the company operates at 24 mine sites in Australia, Indonesia, India, Mongolia, New Zealand and Botswana. CIMIC has an A$8billion market capitalization. “This project, the first venture for Thiess’ New Markets division, marks a significant milestone for Thiess as a global mining business,” CIMIC Group CEO Marcelino Fernandez Verdes said. “Through Thiess’ expert contract mining capabilities, we plan to further diversify into new, reliable markets, including those in the Americas.”

Oct 7-8 AEMQ XPLOR 2015 Place Bonaventure, QC info@aemq.org (819) 762-1599; 1-877-762-1599 http://aemq. org/EN/XPLOR Nov 18-20 Manitoba Mining & Minerals Convention Winnipeg, MA convention@ gov.mb.ca (204) 945-2691; 1-800-2235215 manitoba.ca/iem/convention

For more event information, please go to: www.northernminer.com/events/

MEETINGS Aug 17 Aug 17 Aug 17 Aug 17 Aug 19 Aug 19 Aug 19 Aug 19 Aug 20 Aug 20 Aug 20 Aug 20 Aug 21 Aug 21 Aug 21 Aug 21 Aug 21 Aug 25 Aug 25 Aug 25 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 27 Aug 27 Aug 27

Canuc Resources Cardero Resource Bell Copper Typhoon Exploration West Melville Metals Excelsior Mining Calibre Mining Condor Resources International Lithium Mezzotin Minerals Minera Alamos Troymet Exploration European Uranium Resources Carrie Arran Resources Austin Resources Frontline Gold Minemakers 49 North Resources Pure Gold Mining Tumi Resources Ucore Rare Metals Astorius Resources Orestone Mining Terraco Gold Cardero Resource Sphinx Resources MacArthur Minerals Minera IRL

AS AGS AGS AG AG AG AG AG AG AS AS AGS AGS S AG AGS S AS AG AG AGS AGS AG AG AGS AG AG AGS

MEETINGS LEGEND A – Annual E – Extraordinary G – General S – Special

Wolseley Industrial shakes things up Wolseley Industrial Canada (WIC) has had a busy summer, announcing in July that it has acquired QIP Equipment and sold a business division to Emco. QIP was founded in Montreal and has operated since 1976 as a wholesale distributor of manual and actuated valves, fittings, control and instrumentation products. The firm’s 29 employees and operations in New Brunswick, Ontario and Quebec will become part of WIC. “QIP strengthens our business in three key provinces, adding products, capabilities and an experienced team,” vice-president of WIC Bryn Murray said. Three days after picking up QIP the company announced that it has sold its Engineered Pipe Group (EPG) to London, Ont.-based industrial supply wholesaler Emco. EPG includes the high-density polyethylene (HDPE) pipe, fittings and

flanges, and fabricated vessel products. “Given the long-term goals of each company and Emco’s desire to grow its HDPE business, the transaction is beneficial for both parties and for EPG employees,” WIC’s Murray said. “We welcome the new teammates to our family and look forward to building on their proud history and co-inventing an exciting future in growing our HDPE business in Canada together,” vice-president and general manager of Emco’s industrial division Kevin O’Reilly said. WIC is a Burlington, Ont.based subsidiary of plumbing and heating supply giant Wolseley (LSE: WOS), which employs 40,000 people at 2,900 branches, in 10 countries. In 2014 the Swissheadquartered parent company generated £12.8 billion in revenue, £778 million of which came from its Canadian operations.

Safety, productivity to drive vehicle investments at North American mines: Timetric A survey of 100 mine managers shows firms in North America are planning to invest in vehicle-related technologies. The survey, conducted by U.K.based data, analysis and advisory services provider Timetric, asked participants about their spending plans for mine-site technologies over the next two years. Respondents were asked to outline their investment priorities across 12 technology groups, including mine management and vehicle-related technologies. Many respondents said they

TNM August 17 2015 Issue.indd 5

planned to invest in several vehicle-related technologies, such as collision avoidance technology (57%), fatigue management systems (56%), real-time video training (50%), remote control/machine automation (49%) and fleet management (47%). The managers expect these investments will improve productivity and workplace safety. “Even though mines are cutting costs and focusing on productivity, safety is still paramount,” senior mining analyst with Timetric Nez Guevara said.

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15-08-12 6:24 PM

6 AUGUST 17-23, 2015 THE NORTHERN MINER

MARKET NEWS TORONTO STOCK EXCHANGE West Texas Intermediate crude finished at US$43.84 per barrel — marking the sixth weekly drop in oil prices — but a bounce in Canadian exports in June injected a sliver of optimism into the prevailing doom and gloom about the economy. Statistics Canada reported that the trade shortfall fell to $476 million, well below the $3.4-billion deficit recorded in May. June exports rose by 6.3% — the largest month-on-month increase since a 6.9% gain in December 2006. On the metals front, gold stayed more or less flat, finishing at US$1,092 per oz., while prices of copper, nickel and zinc fell to 1.1%, 2.2% and 3.3%. The benchmark S&P/TSX Composite Index slid 1.2% to 14,302.70 and the S&P/TSX Capped Diversified Metals & Mining Index dropped 4.3% to 510.06. The S&P/TSX Global Mining Index lost 1.1%, falling to 52.61, while the S&P/TSX Global Gold Index edged 1.7% lower to 120.72. Strong second-quarter results sent Semafo’s shares up 17¢ to $3.02. The West Africa-focused company’s net income jumped to US$22.1 million in the three months ended June 30, up from US$14.9 million in the same quarter last year. Secondquarter production at the company’s Mana mine in Burkina Faso totalled 66,000 oz. Total cash costs came in at US$471 per oz.

A U G U S T 3 -7

sold, down 22% year-on-year, while all-in sustaining costs of US$604 per oz. marked a 16% year-on-year decrease. The lower costs came from fuel prices and exchange rates. The Montreal-based producer has lowered its 2015 total cash cost guidance from US$575 and US$605 per oz. to US$515 and US$540 per oz. Cash flow from operations reached US$40.7 million, or 14¢ per share. Semafo is on track to complete a feasibility study in the second quarter of 2016 on its Natougou deposit, also in Burkina Faso. The company expects to spend US$18 million on exploration this year. News that Seabridge Gold completed a pilot plant evaluation of a new process for removing selenium from water from its wholly owned KSM project in northwestern

TSX most active issues

First Quantum Barrick Gold Yamana Gold B2Gold Goldcorp Eldorado Gold Iamgold Kinross Gold North Am Pall Lundin Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM ABX YRI BTO G ELD IMG K PDL LUN

18101 10.64 9.27 9.92 - 0.53 15151 9.65 8.60 9.24 - 0.01 14192 2.59 2.26 2.42 - 0.17 12342 1.45 1.30 1.37 - 0.05 11110 18.36 17.11 17.65 + 0.20 10651 4.52 4.15 4.35 - 0.15 9884 2.24 1.72 2.05 + 0.06 9749 2.50 2.19 2.43 + 0.03 9432 0.03 0.02 0.02 0.00 9049 4.78 4.46 4.48 - 0.24

B.C. sent the company’s shares up 64¢, or 12%, to $5.93 apiece. BioteQ Environmental Technologies — an independent, Vancouver-based company — built and operated the plant using their patent-pending SelenIX treatment technology. In doing so, Seabridge satisfied a condition of the B.C. environmental assessment certificate issued on July 30, 2014, which required Seabridge to complete the pilot plant test

within one year of issuing the certificate. Shares of Potash Corp. of Saskatchewan fell 50¢ to $35.08. On Aug. 8, salt and fertilizer company K+S AG of Germany rejected Potash Corp.’s takeover offer for the second time, citing concerns about keeping jobs and mine sites in Germany and a low offer price. Last month, PotashCorp offered K+S €41 per share ($44.82 per share) in a deal worth €7.9 billion, or $8.6 billion.

TSX greatest percentage change

Stonegate Agri BioteQ Env First Point Almaden Mnls Black Iron Coro Mining Fortune Mnrls Victory Nickel Ur-Energy Wallbridge Mng MDN Inc Stockport Expl Orvana Mnrls Lydian Intl Vena Res Inspiration Mg Anaconda Mng Atna Res Ltd Oban Mng Paladin Energy

TSX greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ST BQE FPX AMM BKI COP FT NI URE WM MDN SPT ORV LYD VEM ISM ANX ATN OBM PDN

434 201 144 84 588 209 335 680 261 367 308 59 682 601 368 147 858 2323 187 3216

0.02 0.03 0.06 1.00 0.03 0.03 0.03 0.04 1.02 0.04 0.03 0.04 0.23 0.40 0.04 0.10 0.05 0.08 0.10 0.19

0.02 0.03 0.04 0.87 0.03 0.03 0.03 0.03 0.84 0.04 0.03 0.03 0.15 0.31 0.03 0.07 0.04 0.06 0.09 0.16

0.02 0.03 0.06 0.96 0.03 0.03 0.03 0.03 0.99 0.04 0.03 0.03 0.17 0.31 0.04 0.07 0.04 0.06 0.09 0.17

+ 33.3 + 25.0 + 22.2 + 20.0 + 20.0 + 20.0 + 20.0 + 20.0 + 19.2 + 16.6 - 28.5 - 28.5 - 24.4 - 22.5 - 22.2 - 22.2 - 20.0 - 20.0 - 18.1 - 17.5

WEEK VOLUME CLOSE CHANGE

Seabridge Gold Horizns G Bear Labdr I-Ore Ro Franco-Nevada Klondex Mns Richmont Mines Primero Mng Goldcorp North Am En Pa Mag Silver Agrium First Quantum Potash Cp Sask Silver Std Res Major Drilling HudBay Minls Silver Wheaton Pan Am Silver Nevsun Res Teck Res B

SEA HGD LIF FNV KDX RIC P G NOA MAG AGU FM POT SSO MDI HBM SLW PAA NSU TCKB

TSX VENTURE EXCHANGE The S&P/TSX Venture Composite Index dropped 1.2%, or 166 points, to 576.6. Base metals declined across the board after a U.S. employment report showed recovery in the U.S. labour market that could lead to higher interest rates from the U.S. Federal Reserve. Three-month copper contracts at the London Metal Exchange fell 1.4% to US$5,145 per tonne, and similar contracts for nickel were down 1% to US$10,825 per tonne. Zinc dropped to 3.7% to US$1,860 per tonne, and lead fell 0.7% to US$1,694 per tonne. Gold stayed relatively flat at US$1,093.5 per oz., while silver finished at US$14.8 per oz., up 1.4%. Brent crude oil spot price also fell 10.8% from US$53.29 to US$47.54. Gold Reserve shares climbed 33% to $4.23 after the company announced progress with the Venezuelan government regarding a $757-million arbitration award to the company. The dispute started in 2009, when the Venezuelan government nationalized the company’s Las Brisas gold-copper concession — one of Latin America’s largest gold deposits — as part of a policy to increase state control of economic sectors.

TNM August 17 2015 Issue.indd 6

+ 0.64 + 0.52 + 0.45 + 0.30 + 0.27 + 0.26 + 0.22 + 0.20 + 0.19 + 0.18 - 1.67 - 0.53 - 0.50 - 0.49 - 0.49 - 0.47 - 0.43 - 0.28 - 0.28 - 0.26

A U G U S T 3 -7

The World Bank’s International Centre for Settlement of Investment Disputes tribunal determined last September that Venezuela must pay for ending the concession. Gold Reserve gives no timeline for any reimbursement, but states that both parties are working towards a resolution. Banks Island Gold placed its Yellow Giant gold mine in Banks Island, B.C., on care and maintenance, as it seeks regulatory approval to resume operations after sediment discharged into the environment at the underground mine in June. The announcement came in part with the company’s quarterly earnings, which said that the delayed production and uncertain timelines for permitting casts doubt on the

TSX-V most active issues

Sandspring Res Lomiko Mtls Temex Res Metanor Res Abcourt Mines Ashburton Vent Jaxon Mnls Banks Island G Integra Gold Cornerstone Ca

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

SSP LMR TME MTO ABI ABR JAX BOZ ICG CGP

5258 5256 4873 3501 3193 3080 2672 2575 2195 2156

0.07 0.04 0.11 0.05 0.03 0.02 0.03 0.05 0.25 0.03

0.05 0.03 0.10 0.04 0.03 0.01 0.01 0.02 0.23 0.02

0.06 - 0.04 - 0.10 - 0.04 - 0.03 - 0.02 + 0.02 0.03 - 0.23 - 0.02 -

0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.02 0.02 0.01

company. The news drove shares 40% down to 3¢. The company is seeking immediate financing until it can amend its permits. Doubleview Capital dropped 24% to 10¢ at close, as the company has yet to resume exploration at its copper-gold Hat project in Sheslay Valley, B.C., after a dispute with the Tahltan First Nation.

The company was completing a drill program on the copper-gold porphyry target when elders from the Tahltan Nation blockaded access to the property in July. The Tahltan Central Council said the nation was not properly consulted before Doubleview gained a five-year exploration permit by the Ministry of Energy and Mines in April.

TSX-V greatest percentage change

Cresval Cap La Quinta Res Adex Mining Aldershot Res Reliance Res Indigo Expl Ashburton Vent RT Minerals Dorex Minls GTA Res & Mng Galore Res Mindoro Res Duncan Park H Phoenix Gold Randsburg Intl Montero Mg&Ex Metalcorp Arcturus Res Millstream Min Mountain Boy M

TSX-V greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

CRV LAQ ADE ALZ RI IXI ABR RTM DOX GTA GRI MIO DPH PXA RGZ MON MTC AZN MLM MTB

40 943 61 82 45 276 3080 50 149 265 187 1376 50 77 10 46 142 47 64 336

0.02 0.02 0.02 0.01 0.01 0.02 0.02 0.01 0.04 0.08 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.01

0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01

0.02 0.02 0.02 0.01 0.01 0.01 0.02 0.01 0.04 0.08 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01

+ 300.0 + 300.0 + 200.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

U.S. M ARKETS Major U.S. indexes tumbled in August after a decent jobs report suggested the Federal Reserve would hike interest rates as soon as next month. The S&P 500 Index fell 1.3% to 2,077.57, while the Dow Jones Industrial Average lost 1.8% to 17,373.38. The Nasdaq retreated 1.7% to 5,043.54. U.S. employers added 215,000 jobs in July — slightly below the expected 225,000 increase. The unemployment rate stayed at 5.3%. The spot gold price was flat at US$1,093.80 per oz. Oil producer U.S. Energy climbed 31% to 55¢ per share before reporting bleak secondquarter results on Aug. 10. Net loss after taxes was US$6.3 million, or negative US22¢ per share. This included a US$3.2-million property impairment related to the company’s oil and gas assets, after lower oil prices. In the same period last year, U.S. Energy reported net earnings after taxes of US$56,000. Taking out one-time items, the adjusted net loss was US$2.7 million, or negative US10¢ per share, down from a US$441,000 adjusted profit. Production fell 30% year-over-year to 81,618 barrels of oil equivalent, or an average 897 barrels per day.

290175 5.93 4474775 18.28 1229341 13.98 2117383 53.40 6179834 3.32 335580 3.70 2772633 3.61 11110030 17.65 1018706 2.67 455807 9.49 1443805 132.13 18101488 9.92 6179521 35.08 2545194 7.03 610259 4.09 3434483 7.96 6080021 16.69 1924658 7.87 1246078 3.92 8770328 9.37

WEEK VOLUME CLOSE CHANGE

Gold Reserve Tsodilo Res Bacanora Mnls Jazz Res Energold Drill Eurasian Minls Northern Graph Evrim Res GTA Res & Mng Reservoir Mnls Titanium Corp Chesapeake Gld Pac Booker Min Avino Silver Kennady Diam Abitibi Royalt Angkor Gold West High Yld Brazil Res Atico Mng

GRZ TSD BCN JZR EGD EMX NGC EVM GTA RMC TIC CKG BKM ASM KDI RZZ ANK WHY BRI ATY

14680 110924 20200 17500 39507 42300 165599 82500 265000 186095 632225 85460 26746 11704 139840 18527 48000 57829 273703 306302

4.23 0.99 1.59 0.22 0.71 0.64 0.43 0.16 0.08 4.04 1.00 1.88 1.75 1.21 3.60 2.22 0.49 0.23 0.55 0.40

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

0.33 0.28 0.14 0.07 0.05 0.05 0.05 0.05 0.04 0.04 0.19 0.10 0.10 0.08 0.08 0.08 0.07 0.07 0.06 0.06

A U G U S T 3 -7 U.S. Energy also owns the Mount Emmons molybdenum project in Colorado. Almaden Minerals soared 24% to US77¢ per share after its spin-out transaction on July 31, where it transferred all of its early stage exploration projects, royalty interests and other assets into Almadex Minerals. For each share held, Almaden shareholders received one Almaden share and 0.6 of an Almadex share. The Almaden shares traded on Aug. 10. Almaden will develop its wholly owned Ixtaca gold-silver deposit in Mexico. Ur-Energy shares rose 21% to US75¢ on the back of strong quarterly results from its

U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 141189 11.87 10.48 10.53 - 1.22 Alcoa* AA 126774 10.15 9.36 9.41 - 0.43 Barrick Gold* ABX 113101 7.38 6.52 7.04 - 0.02 Goldcorp* GG 53093 13.96 12.86 13.44 + 0.16 Peabody Enrgy* BTU 49014 1.20 1.01 1.05 - 0.15 Newmont Mng* NEM 46392 17.20 16.08 16.14 - 1.03 Kinross Gold* KGC 45325 1.92 1.66 1.86 + 0.04 Consol Energy* CNX 41881 16.40 13.07 13.15 - 3.36 Hecla Mining* HL 34099 2.09 1.77 1.85 - 0.25 Vale* VALE 33585 5.61 5.04 5.28 + 0.02

Lost Creek in-situ recovery uranium facility in Wyoming. The three highlights during the three months ended June included Ur-Energy’s first profitable quarter, increasing output while lowering cost per lb. sold and producing its millionth pound of uranium

oxide (U3O8) from Lost Creek. The mine cranked out 207,268 lb. U3O8 at cash costs of US$16.15 per lb. Revenue was US$18.2 million from total sales of 404,000 lb. U3O8 at an average price of US$45.08 per lb. Earnings were US$1 million, or US1¢ per share.

U.S. greatest percentage change

US Energy* Almaden Mnls* Ur-Energy* Alderon Irn O* NovaCopper* Intl Tower Hi* Seabridge Gld* Vista Gold* Rhino Res* North Am En P* Arch Coal* Coeur Mng* Consol Energy* Cloud Peak En* CVR Partners* Timberline Rs* Natural Rs Pt* Peabody Enrgy* MDU Res* Hecla Mining*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

USEG AAU URG AXX NCQ THM SA VGZ RNO NOA ACI CDE CNX CLD UAN TLR NRP BTU MDU HL

991 0.81 659 0.78 185 0.76 68 0.18 279 0.45 277 0.30 1955 4.84 1332 0.29 56 1.29 55 2.12 11417 1.80 21580 3.49 41881 16.40 3252 3.13 524 12.89 49 0.52 444 2.83 49014 1.20 8904 19.62 34099 2.09

0.49 0.56 0.63 0.14 0.35 0.22 3.63 0.27 1.02 1.60 0.18 2.67 13.07 2.51 10.52 0.40 2.21 1.01 16.63 1.77

0.55 0.77 0.75 0.17 0.41 0.28 4.51 0.29 1.10 2.04 1.23 2.72 13.15 2.61 10.69 0.43 2.54 1.05 17.12 1.85

+ 30.9 + 23.6 + 20.7 + 20.1 + 13.8 + 13.1 + 11.6 + 9.8 + 8.9 + 7.9 - 31.7 - 22.9 - 20.3 - 17.9 - 14.2 - 13.3 - 12.7 - 12.5 - 12.2 - 11.9

U.S. greatest value change WEEK VOLUME CLOSE CHANGE

Mosaic* MOS 19786449 44.40 Rio Tinto* RIO 4530298 39.80 Compass Mnls* CMP 314576 80.58 Seabridge Gld* SA 1955290 4.51 BHP Billi-BHP* BHP 12650963 38.64 Soc Quim&M Ch* SQM 3105472 13.70 Richmont Mine* RIC 581627 2.80 Primero Mng* PPP 885725 2.74 Cliffs Nat Rs* CLF 23136043 2.68 Goldcorp* GG 53092582 13.44 Consol Energy* CNX 41881341 13.15 MDU Res* MDU 8903720 17.12 CVR Partners* UAN 524342 10.69 Agrium* AGU 711095 100.78 Cabot Corp* CBT 1897588 33.90 Freeport McMo* FCX 141188687 10.53 Stillwater Mg* SWC 10000962 8.41 Mesabi Trust* MSB 229000 9.77 Newmont Mng* NEM 46392157 16.14 Coeur Mng* CDE 21580081 2.72

+ 1.46 + 1.18 + 0.58 + 0.47 + 0.27 + 0.19 + 0.17 + 0.16 + 0.16 + 0.16 - 3.36 - 2.39 - 1.78 - 1.48 - 1.28 - 1.22 - 1.11 - 1.03 - 1.03 - 0.81

15-08-12 6:24 PM

THE NORTHERN MINER

AUGUST 17-23, 2015

METALS, MINING AND MONEY MARKETS SPOT PRICES COURTESY OF SCOTIABANK

Tuesday, August 11, 2015 Precious Metals Price (US$/oz.) Gold $1113.25 Silver $15.31 Platinum $966.00 Palladium $602.00

Change +20.65 +0.77 -11.00 -11.00

Base Metals Nickel Copper Lead Zinc

Change -395.00 -184.00 -38.00 -75.00

Price (US$/tonne) $10700.00 $5147.50 $1710.00 $1803.00

Thermal Coal CAPP: US$42.88 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$45.95 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.05 Coal: CME Group Futures Sept. 2015: US$42.80; OCt. 2015: US$42.75 Cobalt: US$13.65/lb. Copper: US$2.33/lb. Copper: CME Group Futures Sept. 2015: US$2.35/lb.; Oct. 2015: US$2.35/lb Ferro-Chrome: US$2.09/kg FerroTungsten: US$27.72/kg Ferrovanadium: US$19.64/kg Iridium: NY Dealer Mid-mkt US$500/tr oz. Iron Ore 62% Fe CFR China-S: US$55.90/tonne Iron Ore Fines: US$52.15/tonne Iron Ore Pellets: US$69.15/tonne Lead: US$0.78/lb. Magnesium: US$2.21/kg Manganese: US$1.78/kg Molybdenum Oxide: US$6.21/lb. Phosphate Rock: US$115/tonne Potash: US$307.00/tonne Rhodium: Mid-mkt US$890.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.27 per oz.; Handy & Harman Fabricated: US$18.78 per oz. Tantalite Ore: : US$170.28/kg Tin: US$6.97/lb. Uranium: U3O8, Trade Tech spot price: US$35.00/lb.; The UX Consulting Company spot price: US$36.00/lb. Zinc: US$0.83/lb. Prices current Aug. 12, 2015

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 10, 2015 (change from August 3, 2015 in brackets): Aluminium Alloy 12980 (-60) Aluminium 3387725 (-41700) Copper 354125 (+7600) Lead 207900 (-10875) Nickel 456708 (-2130) Tin 6630 (-10) Zinc 426875 (-5925)

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding at July 31/15 (with changes from July 15/15).

Largest short positions Lundin Mining LUN 47292272 New Gold NGD 31360648 B2Gold BTO 26310140 First Quantum Min. FM 22126603 PotashCorp POT 19475989 Kinross Gold K 19024798 Teck Resources TCK.B 16834931 Rubicon Minerals RMX 14770296 Yamana Gold YRI 12759999 Thompson Crk Mtl TCM 12092789 Denison Mines DML 11986400 Detour Gold DGC 10742677 Iamgold IMG 8684868 Barrick Gold ABX 8220339 Torex Gold TXG 8002154 Largest increase in short position Lundin Mining LUN 47292272 Kinross Gold K 19024798 OceanaGold OGC 5799613 Capstone Mining CS 4044142 Yamana Gold YRI 12759999 Largest decrease in short position Iamgold IMG 8684868 Russel Metals RUS 6260731 Rubicon Minerals RMX 14770296 Teck Resources TCK.B 16834931 B2Gold BTO 26310140

Largest short positions Integra Gold ICG Pure Energy Min. PE Temex Resources TME Zenyatta Ventures ZEN Nippon Dragon Res. NIP Gold Reserve GRZ Roxgold ROG Rusoro Mining RML Canasil Res. CLZ Commerce Res. CCE Nemaska Lithium NMX Metals Crk Res. MEK Northern Uranium UNO Goldquest Mining GQC Ucore Rare Metals UCU Largest increase in short position Pure Energy Min. PE Temex Resources TME Nippon Dragon Res. NIP Rusoro Mining RML Commerce Res. CCE Largest decrease in short position Metanor Res. MTO Arian Resources ARC Inca One Gold IO Kaminak Gold KAM Blue River Res. BXR

25908799 -605538 -749697 2297773 801948 4452972 -813458 -1138812 2430401 933037 1037273 -104133 -3571571 98631 1361345 25908799 4452972 3885190 2625732 2430401 -3571571 -1346799 -1138812 -813458 -749697

570900 570000 465500 293900 270000 207200 201900 200100 200000 152000 150800 135400 135000 122100 117500

-109900 569000 455500 -173000 270000 69300 19 199000 0 152000 129900 135400 134000 122100 -77000

570000 465500 270000 200100 152000

569000 455500 270000 199000 152000

400 0 0 35911 0

-787600 -600000 -218000 -201900 -195300

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

Date TSX Composite S&P/TSX-Ven Comp S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Arca Gold Bugs

Aug 10 14466.39 582.93 853.85 127.63 538.96 49.24 114.94

Aug 7 14302.70 576.60 845.83 120.72 510.06 45.70 107.38

Aug 6 14405.91 581.03 851.25 120.46 520.83 45.86 107.44

Aug 5 14502.99 584.85 857.68 117.98 504.50 44.51 104.85

Aug 4 14491.05 589.88 855.47 119.73 521.10 45.67 107.31

High 15685.13 1028.26 905.09 209.26 915.10 102.33 251.83

Low 13635.53 574.87 787.83 117.10 499.70 44.45 104.66

DAILY METAL PRICES Date Aug 10 Aug 7 Aug 6 Aug 5 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1675/1680 1670/1670 1675/1680 1685/1685 Aluminum 1552.50/1586 1556/1592 1552.50/1588 1569/1610 Copper 5149/5163 5135/5145 5164/5175.50 5171/5179 Lead 1710/1720 1685/1694 1705/1710.50 1710/1715 Nickel 10930/10995 10775/10825 10810/10860 10780/10830 Tin 15150/15100 15250/15250 15495/15500 15290/15225 Zinc 1862/1870 1846.50/1860 1876/1885 1887/1896 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1094.80 1091.35 1085.00 Gold PM 1097.00 1093.50 1089.75 Silver 14.88 14.75 14.59 Platinum 971.00 946.00 948.00 Palladium 600.00 602.00 599.00

1086.50 1085.10 14.52 951.00 597.00

Aug 4 1665/1665 1577/1613.50 5215/5226 1715/1723 10830/10880 16125/16075 1925/1926 1092.60 1090.65 14.54 955.00 598.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Aug 10 Aug 7 US$ in C$ 1.3056 1.3122 C$ in US$ 0.7659 0.7621

Aug 6 1.3152 0.7603

Aug 5 1.3183 0.7586

Aug 4 1.3125 0.7619

EXCHANGE RATES (Bank of Canada, August 10, 2015) Currency Aus $ Euro In C$ 0.9667 1.4354 In US$ 0.7404 1.0994

Japan 0.01048 0.00803

Mex P 0.08081 0.06189

SA Rand 0.1030 0.07889

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.$

TNM August 17 2015 Issue.indd 7

TSX WARRANTS

PRODUCER AND DEALER PRICES

UK £ 2.0295 1.5545

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

Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18. Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17. Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16. Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17. Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15. Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17. Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19. Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18. IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15. Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15. MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19. New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17. Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17. Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16. RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17. Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15. Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14.

Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15. Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.

TSX VENTURE EXCHANGE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (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 @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19. Supplied by TMX Group Inc.

NEW 52-WEEK HIGHS AND LOWS — AUGUST 3-7, 2015 14 New Highs Adroit Res Alpha Gold Bell Copper Cresval Cap Frontline Gold Goldbank Mng Jazz Res Khalkos Expl La Quinta Res Metalcorp Moneta Porcpn Playfair Mng Radisson Mng Sonora Gld & S

353 New Lows Abcourt Mines ABE Res Aben Res Abitibi Royalt Acme Res Adamera Mnls Adriana Res Adroit Res Advance Gold Adventure Gold African Gold G Aftermath Silv Agnico-Eagle* Alcoa* Aldershot Res Alexander Nubi Alexandria Mnl Alliance Mng Alloycorp Almaden Mnls* Alum Cp China* Anaconda Mng Anconia Res AndeanGold Anfield Nickel Anfield Res Anglo-Can Mng AngloGold Ash* AQM Copper Arcturus Res Arcus Dev Grp Argonaut Gold Aroway Mnls ASA (Bermuda)* Ashburton Vent Astorius Res Atico Mng Atna Res Ltd Auramex Res Aurcana Corp AurCrest Gold Avala Res Avalon Rare M* Avalon Rare Mt Avino Silver Avrupa Mnls Axmin Inc Azincourt Res B2Gold* B2Gold Baja Mng Banks Island G Barisan Gold Barker Mnrls Barrick Gold* Barrick Gold Bayswater Uran BCGold Bear Creek Mng Berkwood Res Big North Grap Bison Gold Res Bitterroot Res Black Widow Rs Blue Rvr Res Blue Sky Uran Bonterra Res Bravada Gold Brixton Mtls Burnstone Vent Cabot Corp* Cadillac Vent Canada Rare Ea Canadn Arrow Canadn Int Mnl Canadn Plat

Canamex Res Canasil Res Candente Coppr CaNickel Mng Canterra Mnls Canyon Copper Capstone Mng Castle Peak Mg Catalyst Coppr Central Fund* Central Iron O Centurion Mnls Chesapeake Gld China Mnls Mng Claim Post Res Cloud Peak En* CMC Metals Coeur Mng* Colonial Coal Commander Res Compass Mnls* Conquest Res Consol Energy* Copper Mtn Mng Copper North M Copper One Corex Gold Cornerstone Ca Corsa Coal Corvus Gold Cypress Dev Decade Res Dejour Enterp* Desert Gold Desert Star Dolly Vard Sil Duncan Park H Eagle Plains Eastfield Res Ecuador G & C Edgewater Expl El Tigre Silvr Emgold Mng Endeavr Silver Endeavr Silve* Endurance Gold Energy Fuels Entourage Mtls Eurasian Minls Evrim Res Excellon Res Fairmont Res Falco Res Ferrum Am Mng Firesteel Res First Majesti* First Majestic First Nickel First Point First Quantum Fort St J Nick Freeport McMo* Frontline Gold Full Metal Mnl Galane Gold Galore Res Garibaldi Res Geodex Mnrls Geologix Ex Geomega Res Getty Copper Glen Eagle Res Glenmark Cap Gobimin Gold Bulln Dev Gold Fields* Gold Finder Ex Golden Goliath Golden Tag Goldex Res Goldeye Expl Gran Colombia Granite Ck Gld Graphite One R Hansa Res Harmony Gold* Harvest Gold Heatherdale Rs Hecla Mining* Helio Res Hi-Crush Part* Homestake Res Hunt Mng

IMPACT Silver Inform Res Intl Samuel Ex INV Metals Ivernia J.A.G. Mines Jaxon Mnls Karnalyte Res Kings Bay Gold Kiska Metals La Quinta Res Lakeland Res Lara Expl Legend Gold Lomiko Mtls Luna Gold Lydian Intl MacDonald Mns Magellan Minls Major Drilling Mammoth Res Marlin Gold MDU Res* Megastar Dev Melior Res Melkior Res Mesa Expl Metalcorp Midland Expl Minas Buenavn* Minco Gold* Minco Gold Minco Silver Mindoro Res Mirasol Res Mkango Res Monarques Res Montero Mg&Ex Monument Mng Mountain Boy M Mundoro Cap Mustang Minls Natural Rs Pt* Nautilus Minls Nevada Expl Nevsun Res* New Gold New Gold* New Millennium New Milln Iron New Nadina Newmont Mng* NGEx Res Nighthawk Gold Nippon Dragon Noka Res Nordex North Am En P* North Am En Pa North Am Nickl North Am Pall North Am Tung Northern Abiti Northern Freeg Northern Gld M NovaCopper NovaCopper* NQ Expl Nubian Res NV Gold Oceanic Iron O Olivut Res Oracle Mng Orca Gold Orestone Mng Orezone Gold Oroco Res Orocobre Orvana Mnrls Pac Imp Mines Pac Potash Paladin Energy Pan Am Silver Pan Am Silver* Pan Global Res Panoro Minls PC Gold Phoenix Gold Pilot Gold Planet Mng Plata Latina M Platinum Gp M* Platinum Gp Mt

Precipitate Gl Primero Mng Primero Mng* Purepoint U QMX Gold Quia Res Randsburg Intl Red Tiger Mng Redstar Res Reunion Gold Riverside Res RJK Explor Rockwell Diam Rome Res Romios Gold Rs Running Fox Rs Sage Gold Salazar Res San Marco Res Sandspring Res Santacruz Silv Satori Res Scorpio Gold Selwyn Res Serengeti Res SGX Res Sherritt Intl Sierra Metals Silver Predatr Silver Pursuit Silver Range R Silvercorp Mt* Silvercorp Mtl Slam Exploratn SnipGold Solitario Ex&R Solitario Ex&* Solvista Gold Source Expl Sprott Res Stakeholdr Gld Standard Graph Stans Energy Stillwater Mg* Stonegate Agri Strategic Metl Strategic Res Sulliden Mng C Sultan Mnrls Sunset Cove Mg Superior Coppr Tahoe Res* Tahoe Res Tanzania Mnls Taseko Mines* Teras Res Teuton Res Thompson Creek Thompson Crk* Timmins Gold* Timmins Gold Tintina Res TNR Gold TomaGold Transition Mtl Tres-Or Res Trevali Mng Trio Gold Corp Troymet Expl Tsodilo Res TVI Pacific UEX Corp Ultra Lithium Unigold Uracan Res Vantex Res Vena Res Vendetta Mng Vendome Res Verde Potash West Af Iron O Western Pac Rs Westminster Rs Westridge Res Williams Creek Wolfden Res Xmet Xtierra Yamana Gold* Yamana Gold Zazu Metals

FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM

REPRINTS Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a “PDF” format for $350. Contact: moliveira@northernminer.com or 416-510-6768

15-08-12 6:24 PM

8 AUGUST 17-23, 2015 THE NORTHERN MINER

STOCK TABLES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 5978 0.06 0.05 0.05 0.00 0.09 0.03 Abcourt Mines V 31930 0.03 0.03 0.03 - 0.01 0.08 0.03 ABE Res V 45 0.03 0.03 0.03 0.00 0.10 0.03 Aben Res V 139 0.01 0.01 0.01 - 0.01 0.06 0.01 Aberdeen Intl T 245 0.12 0.12 0.12 0.00 0.20 0.11 Abitibi Royalt V 185 2.30 1.53 2.22 - 0.08 5.10 1.53 Acme Res V 350 0.03 0.03 0.03 + 0.01 0.06 0.03 Actus Mnls V 1020 0.04 0.03 0.04 + 0.01 0.12 0.01 Adamera Mnls V 320 0.04 0.03 0.03 0.00 0.09 0.03 Adanac Moly V 50 0.19 0.18 0.18 0.00 0.20 0.15 Adex Mining V 610 0.02 0.01 0.02 + 0.01 0.02 0.01 Adriana Res V 464 0.10 0.09 0.09 0.00 0.19 0.09 Adroit Res V 17 0.01 0.01 0.01 0.00 0.01 0.01 Advance Gold V 2304 0.02 0.02 0.02 0.00 0.08 0.02 Adventure Gold V 430 0.07 0.07 0.07 - 0.02 0.21 0.07 African Gold G V 1834 0.05 0.04 0.04 + 0.01 0.14 0.04 African Metals V 50 0.07 0.07 0.07 + 0.02 0.29 0.03 African Queen V 1200 0.02 0.01 0.02 + 0.01 0.03 0.01 Africo Res T 45 0.38 0.34 0.38 - 0.01 0.45 0.30 Aftermath Silv V 1016 0.01 0.01 0.01 0.00 0.05 0.01 Agnico-Eagle* N 144704 22.74 21.00 22.09 - 0.04 40.40 21.00 Agnico-Eagle T 40754 29.92 27.63 28.96 + 0.02 44.75 25.05 Agrium* N 7110 102.78 98.81 100.78 - 1.48 116.77 82.04 Agrium T 14438 135.05 130.00 132.13 - 1.67 146.51 92.81 Aguila Am Res V 545 0.09 0.06 0.06 - 0.01 0.16 0.03 Alabama Graph V 12283 0.18 0.17 0.17 0.00 0.35 0.14 Alacer Gold T 20755 2.80 2.58 2.69 + 0.01 3.11 1.77 Alamos Gold* N 36771 3.28 3.01 3.06 - 0.19 10.14 2.98 Alamos Gold T 17223 4.30 4.02 4.06 - 0.19 11.07 3.90 Alberta Star V 284 0.04 0.03 0.03 0.00 0.08 0.02 Alcoa* N 1267741 10.15 9.36 9.41 - 0.43 17.75 9.36 Alderon Irn O* X 677 0.18 0.14 0.17 + 0.03 1.28 0.13 Alderon Iron O T 3975 0.24 0.18 0.23 + 0.03 1.61 0.17 Aldershot Res V 822 0.01 0.01 0.01 + 0.01 0.05 0.01 Aldridge Minls V 80 0.17 0.17 0.17 - 0.01 0.37 0.16 Aldrin Res V 1084 0.15 0.13 0.15 0.00 0.33 0.12 Alexander Nubi V 154 0.08 0.06 0.06 - 0.03 0.28 0.06 Alexandria Mnl V 16878 0.04 0.03 0.04 + 0.01 0.07 0.03 Alexco Res T 1579 0.43 0.39 0.43 + 0.01 1.16 0.34 Alexco Res* X 4541 0.34 0.30 0.32 + 0.01 1.07 0.26 Alix Res V 2994 0.06 0.06 0.06 - 0.01 0.25 0.03 Alliance Mng V 1064 0.01 0.01 0.01 - 0.01 0.06 0.01 Alliance Rs P* Q 26812 24.99 22.85 23.53 - 0.42 50.65 22.76 Alloycorp V 7190 0.03 0.02 0.02 - 0.01 0.10 0.02 Almaden Mnls* X 6587 0.78 0.56 0.77 + 0.15 1.64 0.56 Almaden Mnls T 840 1.00 0.87 0.96 + 0.16 1.80 0.76 Almonty Ind V 35 0.82 0.82 0.82 + 0.02 0.83 0.52 Alpha Gold V 83 0.06 0.05 0.05 0.00 0.06 0.03 Alphamin Res V 5 0.18 0.18 0.18 0.00 0.32 0.11 Altai Res V 60 0.08 0.07 0.08 + 0.01 0.12 0.05 Altair Vent V 150 0.13 0.12 0.13 0.00 0.75 0.06 Altan Rio Mnls V 460 0.03 0.03 0.03 0.00 0.07 0.02 Altima Res V 2427 0.02 0.02 0.02 - 0.01 0.07 0.01 Altiplano Mnls V 400 0.05 0.05 0.05 - 0.01 0.06 0.02 Altitude Res V 95 0.20 0.20 0.20 + 0.03 0.30 0.09 Altius Mnrls T 1860 14.00 13.30 13.73 + 0.09 15.47 9.86 Alto Vent V 690 0.04 0.04 0.04 + 0.01 0.10 0.04 Alum Cp China* N 1837 8.80 8.36 8.70 + 0.08 17.44 8.36 Am Creek Res V 985 0.04 0.04 0.04 0.00 0.10 0.03 Amarc Res V 1139 0.10 0.08 0.08 + 0.01 0.18 0.06 Amarillo Gold V 730 0.07 0.06 0.07 - 0.01 0.13 0.04 American Manga V 675 0.02 0.02 0.02 0.00 0.04 0.01 American Vanad V 1465 0.09 0.08 0.08 0.00 0.62 0.05 Amerigo Res T 2154 0.27 0.24 0.26 - 0.02 0.48 0.23 Amex Expl V 15 0.04 0.04 0.04 0.00 0.12 0.03 Anaconda Mng T 8580 0.05 0.04 0.04 - 0.01 0.08 0.04 Anconia Res V 1480 0.01 0.01 0.01 0.00 0.10 0.01 AndeanGold V 1530 0.01 0.01 0.01 0.00 0.04 0.01 Anfield Nickel V 211 0.70 0.70 0.70 0.00 1.10 0.70 Anfield Res V 350 0.10 0.07 0.10 + 0.03 0.76 0.07 Angel Gold V 470 0.07 0.05 0.05 - 0.02 0.10 0.02 Angkor Gold V 480 0.55 0.49 0.49 - 0.07 0.64 0.30 Anglo-Bomarc V 10 0.20 0.20 0.20 0.00 0.30 0.02 Anglo-Can Mng V 1255 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 142289 6.06 5.64 5.73 - 0.39 18.19 5.64 Antioquia Gold V 1360 0.05 0.05 0.05 - 0.01 0.07 0.01 Antofagasta Gd V 3365 0.18 0.15 0.16 - 0.03 0.25 0.09 Apogee Silver V 2891 0.38 0.29 0.35 + 0.01 0.98 0.18 AQM Copper V 328 0.05 0.05 0.05 - 0.02 0.15 0.05 Aquila Res T 465 0.15 0.13 0.14 + 0.02 0.19 0.09 Arch Coal* N 114168 1.80 0.18 1.23 - 0.57 33.50 0.17 Archon Mineral V 20 1.95 1.95 1.95 - 0.03 2.05 0.77 Arctic Star Rs V 11187 0.05 0.04 0.04 + 0.01 0.19 0.03 Arcturus Res V 470 0.01 0.01 0.01 - 0.01 0.03 0.01 Arcus Dev Grp V 950 0.02 0.01 0.02 + 0.01 0.05 0.01 Argentex Mng V 100 0.02 0.02 0.02 0.00 0.09 0.02 Argex Titanium T 3421 0.14 0.12 0.14 - 0.01 0.72 0.11 Argonaut Gold T 26078 1.32 1.19 1.24 - 0.06 5.28 1.19 Argus Metals V 520 0.03 0.02 0.02 0.00 0.11 0.02 Arian Silver V 35 0.51 0.45 0.45 - 0.03 0.78 0.37 Arianne Phosph V 1548 0.90 0.86 0.88 0.00 1.02 0.51 Armistice Res T 2231 0.30 0.26 0.28 - 0.02 0.54 0.22 Aroway Mnls V 1440 0.02 0.01 0.02 + 0.01 0.26 0.01 ASA (Bermuda)* N 2900 8.12 7.57 7.98 + 0.10 14.86 7.57 Asanko Gold T 8883 2.12 1.92 1.92 - 0.09 2.83 1.50 Asanko Gold* X 714 1.60 1.47 1.54 - 0.01 2.59 1.26 Ascot Res V 1135 1.44 1.28 1.35 - 0.05 2.40 0.89 Ashburton Vent V 30800 0.02 0.01 0.02 + 0.01 0.04 0.01 AsiaBaseMetals V 550 0.05 0.04 0.04 + 0.02 0.10 0.02 Astar Mnls V 20 0.15 0.15 0.15 + 0.05 0.16 0.09 Aston Bay V 45 0.13 0.13 0.13 0.00 0.20 0.08 Astorius Res V 500 0.03 0.02 0.03 + 0.01 0.05 0.02 Atac Res V 1080 0.41 0.36 0.39 - 0.01 1.15 0.31 Atacama Pac Gd V 10 0.19 0.19 0.19 + 0.01 0.90 0.14 Athabasca Mnls V 2323 0.47 0.35 0.39 - 0.04 2.93 0.31 Atico Mng V 3063 0.45 0.38 0.40 - 0.06 0.82 0.38 Atlanta Gold V 576 0.08 0.06 0.07 0.00 0.40 0.05 Atna Res Ltd T 23228 0.08 0.06 0.06 - 0.02 0.14 0.06 Augen Gold V 120 0.02 0.02 0.02 + 0.01 0.13 0.01 Augyva Mng V 215 0.13 0.11 0.12 - 0.01 0.15 0.07 Aura Mnls T 738 0.09 0.08 0.09 + 0.01 0.14 0.06 Aura Silver Rs V 465 0.02 0.01 0.01 - 0.01 0.04 0.01 Auramex Res V 310 0.01 0.01 0.01 0.00 0.03 0.01 Aurcana Corp V 1875 0.20 0.17 0.18 - 0.02 0.63 0.17 AurCrest Gold V 587 0.01 0.01 0.01 0.00 0.07 0.01 Aureus Mng T 590 0.42 0.42 0.42 + 0.02 0.83 0.27 Aurion Res V 270 0.04 0.04 0.04 0.00 0.08 0.03 Aurvista Gold V 765 0.04 0.04 0.04 - 0.01 0.11 0.03 Avala Res V 189 0.03 0.03 0.03 0.00 0.30 0.03 Avalon Rare M* X 10040 0.18 0.15 0.16 - 0.01 0.46 0.15 Avalon Rare Mt T 3473 0.23 0.20 0.20 - 0.03 0.50 0.20 Avino Silver V 117 1.28 1.17 1.21 - 0.08 2.51 1.17 Avino Silver* X 2828 1.00 0.91 0.97 0.00 2.34 0.90 Avnel Gold T 60 0.25 0.25 0.25 + 0.04 0.31 0.13 Avrupa Mnls V 930 0.09 0.07 0.08 - 0.01 0.40 0.07 Axmin Inc V 288 0.02 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 287 0.17 0.15 0.15 - 0.03 0.36 0.14 Azincourt Res V 1647 0.04 0.03 0.03 - 0.01 0.36 0.03

B B2Gold* X 67154 B2Gold T 123416 Bacanora Mnls V 202 Baja Mng V 4119 Balmoral Res T 2732 Banks Island G V 25753 Bannerman Res T 550 Banro T 18568 Banro* X 70581 Banyan Gold V 162 Bard Vent V 72 Barisan Gold V 1715 Barker Mnrls V 1427 Barkerville Go V 4333 Barrick Gold* N 1131009

TNM August 17 2015 Issue.indd 8

1.12 0.98 1.05 - 0.02 2.86 0.98 1.45 1.30 1.37 - 0.05 3.12 1.30 1.72 1.52 1.59 + 0.14 2.05 0.56 0.03 0.02 0.02 0.00 0.07 0.02 0.61 0.55 0.58 - 0.04 1.98 0.52 0.05 0.02 0.03 - 0.02 0.52 0.02 0.04 0.04 0.04 0.00 0.09 0.03 0.30 0.25 0.29 + 0.01 0.47 0.13 0.23 0.19 0.22 + 0.00 0.40 0.12 0.03 0.03 0.03 0.00 0.10 0.02 0.02 0.02 0.02 + 0.01 0.06 0.01 0.03 0.03 0.03 + 0.01 0.20 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.26 0.22 0.23 - 0.02 0.47 0.11 7.38 6.52 7.04 - 0.02 19.36 6.52

(100s) Stock

Week

MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: August 3-7, 2015 12-month

Exc Volume High Low Last Change High Low

Barrick Gold T 151510 Batero Gold V 1233 Bayswater Uran V 48 BCGold V 74 BCM Res V 80 Bear Creek Mng V 1726 Beaufield Res V 50 Bell Copper V 402 Bellhaven Cp&G V 5 Belmont Res V 1610 Belo Sun Mng T 3128 Benton Cap V 535 Benton Res V 1650 Berkwood Res V 304 BHP Billi-BBL* N 64319 BHP Billi-BHP* N 126509 Big North Grap V 132 BioteQ Env T 2010 Bison Gold Res V 25 Bitterroot Res V 3040 Black Iron T 5879 Black Isle Res V 122 Black Widow Rs V 20 Blind Crk Res V 70 Blue Rvr Res V 800 Blue Sky Uran V 93 BMO Jr Gld ETF T 853 Bold Vent V 1905 Bonterra Res V 2655 Bowmore Expl V 750 Bravada Gold V 290 Brazil Res V 2737 Brionor Res V 4488 Brixton Mtls V 346 Burnstone Vent V 387

9.65 8.60 9.24 - 0.01 21.14 8.60 0.07 0.07 0.07 0.00 0.11 0.06 0.02 0.02 0.02 0.00 0.10 0.02 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.04 0.04 0.00 0.05 0.02 0.85 0.71 0.76 - 0.02 5.20 0.71 0.04 0.04 0.04 0.00 0.09 0.03 0.05 0.03 0.05 + 0.01 0.05 0.01 0.26 0.26 0.26 0.00 0.45 0.15 0.05 0.04 0.04 - 0.01 0.11 0.03 0.19 0.17 0.19 + 0.01 0.30 0.11 0.03 0.02 0.02 - 0.01 0.04 0.02 0.04 0.04 0.04 0.00 0.07 0.03 0.01 0.01 0.01 0.00 0.09 0.01 37.97 35.19 36.78 + 0.03 65.99 34.78 40.03 37.08 38.64 + 0.27 68.96 35.79 0.03 0.03 0.03 - 0.01 1.00 0.03 0.03 0.03 0.03 + 0.01 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.03 0.03 + 0.01 0.17 0.02 0.04 0.04 0.04 0.00 0.09 0.02 0.04 0.02 0.04 + 0.01 0.08 0.02 0.05 0.05 0.05 + 0.01 0.10 0.04 0.04 0.03 0.04 0.00 0.07 0.03 0.06 0.05 0.06 + 0.02 0.30 0.05 4.92 4.57 4.77 - 0.03 8.67 4.45 0.04 0.03 0.03 - 0.01 0.07 0.03 0.12 0.09 0.09 - 0.04 0.43 0.09 0.06 0.05 0.06 + 0.01 0.11 0.04 0.03 0.02 0.02 - 0.01 0.10 0.02 0.59 0.50 0.55 - 0.06 0.95 0.45 0.01 0.01 0.01 0.00 0.03 0.01 0.11 0.09 0.09 - 0.05 0.33 0.09 0.01 0.01 0.01 0.00 0.04 0.01

Cabot Corp* N 18975 Cadillac Vent V 600 Caledonia Mng T 1102 Calibre Mng V 1666 Calico Res V 100 Callinex Mines V 552 Cameco Corp* N 103786 Cameco Corp T 40843 Camino Mnls V 30 Canada Carbon V 2860 Canada Rare Ea V 2527 Canada Zinc Mt V 86 Canadn Arrow V 60 Canadn Int Mnl V 4691 Canadn Mining V 3072 Canadn Plat V 400 Canadn Zinc T 5014 Canaf Group V 1388 Canamex Res V 2412 Canarc Res T 790 Canasil Res V 130 Cancana Res V 386 Candente Coppr T 3215 CaNickel Mng T 270 Canoe Mng Vnt V 1180 Canstar Res V 10 Canterra Mnls V 1265 Cantex Mn Dev V 100 Canyon Copper V 367 Capstone Mng T 49117 Cardero Res T 868 Cariboo Rose V 70 Caribou King R V 2672 Carlin Gold V 100 Carlisle Goldf T 1535 Carmax Mng V 1470 Cassidy Gold V 1030 Castillian Res V 300 Castle Peak Mg V 34 Catalyst Coppr V 172 Caza Gold V 178 CB Gold V 11966 Centamin T 568 Centerra Gold T 21961 Central Fund* X 48556 Central Fund T 2173 Central Gold-T T 38 Central GoldT* X 2456 Central Iron O V 430 Centurion Mnls V 390 Chalice Gold M T 795 Challenger Dee V 5618 Champion Iron T 579 Chesapeake Gld V 854 Chiboug Ind Mn V 31 Chilean Gold V 2520 China Gold Int T 5686 China Mnls Mng V 450 Claim Post Res V 1005 Claude Res T 15697 Cliffs Nat Rs* N 231360 Clifton Star V 894 Cloud Peak En* N 32516 CMC Metals V 8660 Coeur Mng* N 215800 Colombian Mins V 20 Colonial Coal V 2139 Colorado Res V 590 Colt Res V 3598 Columbus Gold V 1345 Comet Inds V 20 Commander Res V 100 Commerce Res V 8867 Compass Mnls* N 3145 Compliance Eny V 160 Comstock Mng* X 7205 Comstock Mtls V 200 Condor Res V 520 Confedertn Mls V 10560 Conquest Res V 83 Cons Woodjam C V 109 Consol Energy* N 418813 Constant Mtl R V 1366 Contintl Gold T 13903 Contl Precious T 18 Copper Fox Mtl V 3106 Copper Mtn Mng T 8520 Copper North M V 316 Copper One V 6440 Coral Gold V 95 Cordoba Mnls V 225 Corex Gold V 760 Cornerstone Ca V 21556 Coro Mining T 2094 Corsa Coal V 5047 Corvus Gold T 596 Cougar Mnls V 770 Cresval Cap V 400 Critical Elem V 6865 Crown Gold V 100 CVR Partners* N 5243 Cypress Dev V 36

35.15 33.82 33.90 - 1.28 55.98 33.82 0.02 0.02 0.02 0.00 0.35 0.02 0.81 0.75 0.81 + 0.08 1.20 0.54 0.10 0.09 0.09 - 0.01 0.20 0.07 0.09 0.09 0.09 + 0.03 0.19 0.06 0.33 0.32 0.33 0.00 0.40 0.16 14.26 13.54 13.74 + 0.01 20.83 12.88 18.73 17.87 18.06 + 0.10 22.74 16.73 0.16 0.16 0.16 - 0.01 0.26 0.03 0.26 0.25 0.25 - 0.01 0.32 0.17 0.04 0.03 0.04 - 0.01 0.11 0.03 0.21 0.20 0.21 0.00 0.57 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.01 0.01 - 0.01 0.07 0.01 0.10 0.08 0.10 + 0.02 0.24 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.11 0.09 0.09 - 0.01 0.33 0.09 0.07 0.06 0.07 + 0.02 0.09 0.04 0.05 0.04 0.04 0.00 0.25 0.04 0.06 0.05 0.06 0.00 0.11 0.03 0.04 0.03 0.04 0.00 0.09 0.03 0.28 0.24 0.28 0.00 0.32 0.15 0.08 0.05 0.06 - 0.01 0.26 0.05 0.10 0.09 0.10 0.00 0.75 0.09 0.04 0.03 0.04 0.00 0.24 0.02 0.05 0.05 0.05 + 0.01 0.07 0.03 0.06 0.05 0.05 - 0.01 0.14 0.05 0.04 0.04 0.04 0.00 0.09 0.03 0.03 0.03 0.03 - 0.01 0.12 0.03 0.94 0.81 0.83 - 0.09 3.05 0.81 0.03 0.02 0.02 0.00 0.09 0.01 0.03 0.03 0.03 0.00 0.07 0.02 0.13 0.11 0.13 - 0.01 0.30 0.04 0.01 0.01 0.01 0.00 0.03 0.01 0.24 0.22 0.23 - 0.01 0.42 0.13 0.06 0.04 0.06 + 0.03 0.12 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.03 0.03 0.03 0.00 0.20 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.17 0.11 0.12 - 0.02 0.60 0.11 0.05 0.05 0.05 0.00 0.11 0.03 0.04 0.04 0.04 - 0.01 0.14 0.03 1.13 1.10 1.10 - 0.02 1.38 0.80 6.76 6.36 6.50 - 0.04 7.92 3.96 10.51 10.15 10.46 + 0.04 14.11 10.15 13.79 13.38 13.74 + 0.09 16.89 12.52 49.54 49.22 49.35 - 0.05 57.25 42.50 37.92 37.28 37.65 - 0.22 46.73 37.22 0.01 0.01 0.01 - 0.01 0.01 0.01 0.02 0.02 0.02 0.00 0.13 0.02 0.11 0.09 0.10 - 0.01 0.15 0.08 0.18 0.15 0.17 0.00 0.20 0.05 0.17 0.14 0.16 + 0.02 0.32 0.07 1.96 1.72 1.88 - 0.10 3.70 1.72 0.03 0.03 0.03 0.00 0.08 0.02 0.06 0.05 0.06 + 0.01 0.09 0.02 2.00 1.77 1.79 0.00 3.40 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 0.00 0.13 0.02 0.67 0.64 0.66 + 0.01 0.78 0.19 3.02 2.41 2.68 + 0.16 18.41 2.28 0.18 0.15 0.15 - 0.02 0.25 0.06 3.13 2.51 2.61 - 0.57 16.01 2.51 0.04 0.03 0.04 0.00 0.08 0.03 3.49 2.67 2.72 - 0.81 8.58 2.67 0.05 0.05 0.05 0.00 0.20 0.04 0.06 0.04 0.05 - 0.01 0.18 0.04 0.09 0.06 0.08 + 0.01 0.22 0.06 0.19 0.15 0.16 - 0.03 0.30 0.05 0.39 0.34 0.35 - 0.03 0.55 0.31 1.20 1.20 1.20 - 0.55 1.75 1.00 0.02 0.02 0.02 0.00 0.04 0.02 0.13 0.11 0.12 0.00 0.29 0.07 81.28 79.05 80.58 + 0.58 95.68 79.05 0.11 0.09 0.10 + 0.02 0.50 0.05 0.65 0.51 0.56 - 0.03 1.63 0.35 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.04 0.04 0.00 0.12 0.03 0.05 0.04 0.04 - 0.01 0.12 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 0.00 0.08 0.02 16.40 13.07 13.15 - 3.36 42.26 13.07 0.14 0.12 0.13 - 0.01 0.25 0.10 3.10 2.85 2.94 + 0.06 4.24 1.61 0.32 0.32 0.32 + 0.02 0.75 0.30 0.17 0.16 0.17 - 0.01 0.37 0.10 0.81 0.71 0.74 - 0.05 3.07 0.71 0.05 0.04 0.05 + 0.01 0.09 0.04 0.01 0.01 0.01 0.00 0.10 0.01 0.08 0.08 0.08 - 0.02 0.26 0.07 0.12 0.11 0.11 - 0.01 0.73 0.08 0.04 0.04 0.04 0.00 0.09 0.04 0.03 0.02 0.02 - 0.01 0.12 0.02 0.03 0.03 0.03 + 0.01 0.08 0.02 0.10 0.08 0.08 - 0.02 0.30 0.08 0.56 0.49 0.53 - 0.06 1.50 0.49 0.06 0.05 0.05 - 0.02 0.30 0.03 0.02 0.01 0.02 + 0.02 0.02 0.01 0.26 0.23 0.25 + 0.02 0.40 0.16 0.03 0.03 0.03 + 0.01 0.14 0.03 12.89 10.52 10.69 - 1.78 17.62 8.52 0.03 0.03 0.03 - 0.01 0.45 0.03

Dajin Res V 17679 Dalradian Res T 3350 Dalton Res Ltd V 50 Darnley Bay V 431 Decade Res V 2241

0.10 0.08 0.10 0.00 0.11 0.04 0.89 0.82 0.84 - 0.02 1.16 0.46 0.16 0.16 0.16 - 0.02 0.42 0.15 0.02 0.02 0.02 0.00 0.18 0.02 0.03 0.02 0.02 0.00 0.25 0.02

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Defiance Silvr V 1985 Dejour Enterp T 641 Dejour Enterp* X 1136 Denison Mines T 16982 Denison Mines* X 2520 Desert Gold V 10 Desert Star V 585 Detour Gold T 32812 Diagnos V 2512 Diamcor Mng V 144 Diamond Fields V 200 Dios Expl V 1145 Discovery Harb V 200 Discovery Vent V 258 DNI Metals V 259 Dolly Vard Sil V 90 Dominion Diam* N 5084 Dominion Diam T 14389 Dorex Minls V 1492 Doubleview Cap V 3342 Duncan Park H V 500 Dundee Prec Mt T 3885 Duran Vent V 240 Durango Res V 8457 Dynacor Gold M T 896 Dynasty Gold V 350 Dynasty Met&Mn T 410 Eagle Hill Exp V 87 Eagle Plains V 410 East Asia Mnls V 220 Eastern Platin T 1637 Eastfield Res V 950 Eastmain Res T 1619 Eco Oro Mnls T 378 Ecuador G & C V 10676 Edgewater Expl V 600 El Nino Vent V 313 El Tigre Silvr V 1785 Eldorado Gold* N 41890 Eldorado Gold T 106513 Electra Gold V 100 Eloro Minls V 15 Ely Gold & Mnl V 50 Emed Mining T 430 Emerick Res V 502 Emgold Mng V 390 Encanto Potash V 3436 Endeavour Mng T 22300 Endeavr Silver T 3996 Endeavr Silve* N 6529 Endurance Gold V 1500 Energizer Res T 15194 Energold Drill V 395 Energy Fuels T 2430 Entourage Mtls V 18 Entree Gold* X 1216 Entree Gold T 199 Equitas Res V 21127 Equitorial Exp V 250 Erdene Res Dev T 60 Erin Ventures V 728 Eskay Mng V 812 Ethos Gold V 840 Eurasian Minls V 423 Eurasian Mnls* X 2463 EurOmax Res V 507 Everton Res V 150 Evolving Gold C 628 Evrim Res V 825 Excalibur Res C 922 Excellon Res T 993 Excelsior Mng V 2039 Exeter Res* X 1043 Exeter Res T 1207 Explor Res V 1256 Faircourt Gold T 161 Fairmont Res V 430 Falco Res V 4156 Falcon Gold V 1185 Fancamp Expl V 1360 Feronia V 23 Ferrum Am Mng V 2285 Fieldex Expl V 80 Finlay Minrls V 760 Firesteel Res V 413 First Bauxite V 390 First Lithium V 2650 First Majesti* N 64871 First Majestic T 21319 First Mexican V 200 First Nickel T 750 First Point T 1440 First Quantum T 181014 Fission 3.0 V 3287 Fjordland Exp V 1600 Flinders Res V 1339 Focus Graphite V 7810 Focus Vnt V 325 Foraco Intl T 20 Foran Mng V 770 Formation Mtls T 1074 Forsys Metals T 313 Fort St J Nick V 22 Fortuna Silver T 13364 Fortuna Silvr* N 9233 Fortune Bay T 143 Fortune Mnrls T 3350 Forum Uranium V 1034 Franco-Nevada* N 49921 Franco-Nevada T 21173 Freegold Vent T 1180 Freeport McMo* N 1411886 Frontier Rr Er T 303 Frontline Gold V 1480 Full Metal Mnl V 50

0.13 0.11 0.12 - 0.01 0.19 0.07 0.16 0.15 0.15 0.00 0.36 0.13 0.12 0.11 0.11 - 0.00 0.33 0.11 0.70 0.62 0.64 - 0.04 1.50 0.55 0.55 0.47 0.49 - 0.04 1.36 0.43 0.17 0.17 0.17 + 0.14 0.90 0.17 0.14 0.12 0.14 + 0.02 0.26 0.12 13.17 11.98 12.80 + 0.11 16.37 6.02 0.09 0.07 0.09 - 0.01 0.11 0.04 1.16 1.05 1.12 - 0.03 1.45 0.90 0.02 0.02 0.02 0.00 0.05 0.01 0.06 0.06 0.06 0.00 0.10 0.03 0.03 0.03 0.03 - 0.01 0.11 0.02 0.16 0.13 0.15 + 0.01 0.42 0.09 0.09 0.09 0.09 0.00 0.50 0.06 0.11 0.11 0.11 - 0.02 1.25 0.11 12.65 11.69 12.49 + 0.04 20.30 11.68 16.63 15.43 16.40 + 0.12 24.60 14.35 0.04 0.04 0.04 + 0.02 0.10 0.02 0.12 0.09 0.10 - 0.03 0.25 0.07 0.01 0.01 0.01 - 0.01 0.03 0.01 2.10 1.95 2.02 - 0.02 5.70 1.93 0.02 0.02 0.02 0.00 0.04 0.01 0.05 0.03 0.05 + 0.02 0.12 0.03 1.76 1.61 1.61 - 0.15 2.59 1.41 0.02 0.02 0.02 0.00 0.03 0.01 0.55 0.49 0.55 + 0.03 1.70 0.48 0.77 0.71 0.72 - 0.05 0.93 0.29 0.06 0.05 0.05 - 0.01 0.08 0.05 0.01 0.01 0.01 - 0.01 0.05 0.01 1.35 1.24 1.34 + 0.06 2.26 0.79 0.03 0.02 0.02 - 0.01 0.05 0.02 0.34 0.31 0.32 - 0.03 0.62 0.17 0.55 0.50 0.54 0.00 0.95 0.14 0.03 0.02 0.02 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.07 0.01 0.02 0.02 0.02 0.00 0.08 0.02 0.08 0.06 0.06 - 0.01 0.50 0.06 3.52 3.15 3.32 - 0.12 8.59 3.02 4.52 4.15 4.35 - 0.15 9.68 3.94 0.10 0.10 0.10 + 0.01 0.15 0.05 0.12 0.12 0.12 - 0.01 0.25 0.04 0.04 0.04 0.04 0.00 0.11 0.03 0.08 0.08 0.08 - 0.01 0.16 0.06 0.17 0.17 0.17 - 0.01 0.30 0.15 0.01 0.01 0.01 0.00 0.03 0.01 0.09 0.08 0.08 + 0.01 0.16 0.04 0.54 0.50 0.53 + 0.02 1.00 0.38 1.95 1.64 1.76 - 0.05 7.06 1.64 1.50 1.25 1.37 0.00 6.44 1.25 0.03 0.03 0.03 0.00 0.10 0.03 0.08 0.07 0.07 - 0.01 0.31 0.05 0.80 0.60 0.71 + 0.05 1.70 0.51 5.36 4.83 4.94 - 0.09 9.00 4.83 0.05 0.05 0.05 - 0.01 0.22 0.05 0.30 0.24 0.26 - 0.01 0.51 0.08 0.39 0.32 0.32 - 0.04 0.66 0.18 0.11 0.09 0.11 + 0.02 0.14 0.03 0.11 0.11 0.11 + 0.01 0.26 0.07 0.15 0.12 0.12 - 0.03 0.17 0.09 0.06 0.05 0.05 0.00 0.10 0.04 0.13 0.12 0.13 + 0.01 0.20 0.05 0.14 0.14 0.14 0.00 0.20 0.11 0.64 0.53 0.64 + 0.05 0.97 0.53 0.49 0.41 0.46 - 0.02 0.89 0.40 0.42 0.42 0.42 - 0.03 0.57 0.17 0.03 0.03 0.03 - 0.01 0.11 0.02 0.10 0.09 0.09 + 0.01 0.21 0.01 0.16 0.11 0.16 + 0.05 0.45 0.11 0.01 0.01 0.01 - 0.01 0.07 0.01 0.44 0.35 0.44 + 0.01 1.44 0.35 0.30 0.26 0.28 - 0.01 0.39 0.19 0.40 0.36 0.40 + 0.01 0.79 0.35 0.53 0.47 0.53 + 0.04 0.90 0.45 0.07 0.06 0.07 + 0.01 0.09 0.04 3.40 3.14 3.30 - 0.04 5.08 2.90 0.09 0.06 0.09 + 0.02 0.30 0.06 0.32 0.29 0.31 - 0.01 0.78 0.29 0.05 0.04 0.04 - 0.01 0.25 0.04 0.04 0.03 0.04 - 0.01 0.07 0.03 0.14 0.13 0.13 - 0.08 0.90 0.07 0.02 0.01 0.01 - 0.01 0.05 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.05 0.02 0.02 0.02 0.02 0.00 0.08 0.02 0.05 0.05 0.05 - 0.01 0.10 0.04 0.30 0.29 0.29 + 0.01 0.50 0.20 3.28 2.85 3.03 - 0.04 11.22 2.85 4.31 3.76 3.98 - 0.03 12.27 3.76 0.03 0.03 0.03 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.06 0.04 0.06 + 0.01 0.16 0.04 10.64 9.27 9.92 - 0.53 27.29 9.27 0.10 0.09 0.09 0.00 0.14 0.06 0.02 0.02 0.02 - 0.01 0.05 0.01 0.19 0.16 0.18 + 0.01 1.18 0.12 0.21 0.18 0.18 0.00 0.69 0.13 0.20 0.20 0.20 0.00 0.29 0.16 0.29 0.26 0.29 + 0.06 0.77 0.15 0.15 0.14 0.14 - 0.01 0.48 0.13 0.11 0.09 0.10 + 0.01 0.27 0.09 0.19 0.16 0.16 - 0.02 0.38 0.15 0.01 0.01 0.01 0.00 0.03 0.01 3.68 3.22 3.52 - 0.12 6.45 3.12 2.80 2.44 2.69 - 0.09 5.90 2.39 0.36 0.35 0.36 + 0.01 0.43 0.24 0.03 0.03 0.03 + 0.01 0.42 0.02 0.07 0.06 0.07 0.00 0.22 0.05 41.83 39.16 40.63 + 0.09 61.47 38.20 54.60 51.55 53.40 + 0.30 74.10 49.96 0.09 0.09 0.09 0.00 0.24 0.08 11.87 10.48 10.53 - 1.22 37.28 10.48 0.18 0.17 0.18 + 0.01 0.42 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 - 0.01 0.40 0.03

Gabriel Res T 1353 Galane Gold V 595 Galantas Gold V 690 Galore Res V 1865 Galway Gold V 205 Galway Mtls V 369 GAMCO Glb Gld* X 28309 Garibaldi Res V 5115 Gem Intl Res V 103 General Moly* X 2632 Gensource Pot V 15 Geodex Mnrls V 533 Geodrill T 160 Geologix Ex T 905 Geomega Res V 1756 Georox Res V 2827 Getty Copper V 1310 GGL Res V 127 Giyani Gold V 2523 Glen Eagle Res V 2788 Glenmark Cap V 506 Global Hunter V 300 Globex Mng T 332 GMV Minerals V 150 Gobimin V 100 GoGold Res T 392 Gold Bulln Dev V 4623 Gold Canyon V 16904 Gold Fields* N 185008 Gold Finder Ex V 56

0.45 0.39 0.41 - 0.04 1.15 0.25 0.10 0.08 0.10 + 0.01 0.30 0.08 0.12 0.10 0.11 + 0.01 0.18 0.05 0.01 0.01 0.01 - 0.01 0.04 0.01 0.07 0.06 0.07 - 0.01 0.12 0.05 0.13 0.12 0.12 + 0.01 0.17 0.10 5.37 5.21 5.26 - 0.01 11.09 5.12 0.06 0.05 0.05 - 0.01 0.31 0.05 0.05 0.05 0.05 0.00 0.26 0.05 0.55 0.50 0.50 - 0.06 1.06 0.26 0.06 0.06 0.06 - 0.02 0.10 0.04 0.01 0.01 0.01 - 0.01 0.10 0.01 0.74 0.60 0.60 - 0.08 0.99 0.46 0.03 0.03 0.03 0.00 0.09 0.03 0.13 0.10 0.12 - 0.01 0.41 0.10 0.10 0.08 0.08 - 0.02 0.14 0.05 0.03 0.02 0.03 - 0.01 0.08 0.02 0.03 0.03 0.03 + 0.01 0.10 0.02 0.10 0.08 0.08 - 0.01 0.42 0.05 0.05 0.04 0.04 - 0.01 0.20 0.04 0.09 0.08 0.08 - 0.01 0.72 0.08 0.03 0.02 0.03 + 0.01 0.09 0.02 0.18 0.17 0.18 + 0.01 0.29 0.14 0.11 0.11 0.11 - 0.01 0.26 0.06 0.40 0.40 0.40 - 0.01 0.51 0.40 1.40 1.39 1.39 0.00 1.84 1.33 0.02 0.02 0.02 0.00 0.08 0.02 0.13 0.11 0.13 + 0.01 0.42 0.09 2.64 2.42 2.48 - 0.28 6.01 2.42 0.03 0.03 0.03 - 0.01 0.07 0.03

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gold Mtn Mng V 21 Gold Reach Res V 610 Gold Reserve V 146 Gold Resource* X 23734 Gold Std Vnt V 2071 Gold Std Vnt* X 2358 Goldbank Mng V 200 Goldcorp T 111100 Goldcorp* N 530925 Golden Arrow R V 832 Golden Dawn Ml V 4840 Golden Goliath V 1995 Golden Hope V 157 Golden Mnls T 43 Golden Mnls* X 2165 Golden Predatr V 811 Golden Queen T 431 Golden Reign R V 40 Golden Share M V 1032 Golden Star T 997 Golden Star* X 30947 Golden Tag V 100 Golden Val Min V 962 Goldex Res V 13 Goldeye Expl V 130 Goldfield* X 2668 Goldgroup Mng T 13785 GoldQuest Mng V 2174 Goldrea Res C 321 Goldrock Mines V 1468 Goldrush Res V 990 Goldsource Min V 817 Goldstrike Res V 5818 Gowest Gold V 1417 Gran Colombia T 1060 Granite Ck Gld V 50 Graphite One R V 8136 Gray Rock Res V 120 Great Atlantic V 80 Great Panther* X 10043 Great Panther T 2320 Great Quest Me V 161 Greencastle Rs V 136 Gresham Res V 8075 Grizzly Discvr V 710 Groundstar Res V 870 GTA Res & Mng V 2650 Gunpoint Expl V 240 Guyana Gldflds T 5844 Guyana Prec Mt V 5653 Handa Copper V 137 Hansa Res V 100 Happy Ck Minls V 730 Harmony Gold* N 55867 Harte Gold T 5515 Harvest Gold V 225 Hawkeye Gld&Di V 30 Heatherdale Rs V 1280 Hecla Mining* N 340991 Helio Res V 15242 Hi-Crush Part* N 3654 Highbank Res V 5726 Highland Res V 5698 Homestake Res V 143 Horizns G Bear T 44747 Horizns G Bull T 53343 Hornby Bay Mnl V 274 Houston Lake V 2437 HudBay Minls T 34344 HudBay Mnls* N 682 Hudson Res V 5359 Hunt Mng V 1244

0.07 0.07 0.07 0.00 0.24 0.07 0.18 0.18 0.18 0.00 0.74 0.13 4.27 3.90 4.23 + 0.33 5.39 2.48 2.53 2.00 2.25 + 0.05 6.35 1.99 0.55 0.47 0.50 - 0.04 0.80 0.40 0.43 0.35 0.37 - 0.05 0.73 0.26 0.08 0.08 0.08 0.00 0.08 0.03 18.36 17.11 17.65 + 0.20 32.32 16.16 13.96 12.86 13.44 + 0.16 29.65 12.35 0.31 0.26 0.29 - 0.01 0.50 0.17 0.17 0.14 0.16 + 0.01 0.30 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.60 0.55 0.55 + 0.02 0.64 0.08 0.37 0.36 0.36 - 0.02 1.43 0.31 0.32 0.27 0.29 - 0.03 1.30 0.23 0.08 0.08 0.08 - 0.01 0.18 0.07 0.80 0.77 0.80 0.00 1.70 0.65 0.07 0.07 0.07 0.00 0.20 0.05 0.02 0.02 0.02 0.00 0.04 0.01 0.29 0.27 0.27 - 0.04 0.62 0.20 0.25 0.20 0.20 - 0.02 0.57 0.16 0.02 0.02 0.02 - 0.01 0.10 0.02 0.12 0.09 0.09 - 0.03 0.22 0.08 0.02 0.02 0.02 0.00 0.08 0.02 0.04 0.03 0.04 - 0.01 0.09 0.03 1.46 1.32 1.37 - 0.03 2.85 1.20 0.09 0.08 0.08 - 0.02 0.24 0.07 0.12 0.11 0.12 - 0.01 0.27 0.07 0.05 0.05 0.05 - 0.03 0.10 0.02 0.17 0.16 0.16 0.00 0.48 0.15 0.02 0.02 0.02 0.00 0.03 0.01 0.16 0.15 0.16 0.00 0.27 0.13 0.17 0.13 0.15 0.00 0.30 0.05 0.06 0.06 0.06 - 0.01 0.10 0.05 0.25 0.20 0.22 - 0.02 1.66 0.20 0.02 0.02 0.02 - 0.01 0.10 0.02 0.08 0.07 0.08 0.00 0.18 0.07 0.03 0.03 0.03 - 0.01 0.15 0.02 0.08 0.08 0.08 - 0.01 0.30 0.06 0.37 0.33 0.35 + 0.00 1.37 0.30 0.47 0.44 0.46 + 0.01 1.49 0.40 0.49 0.45 0.48 - 0.01 1.90 0.25 0.07 0.06 0.06 0.00 0.10 0.05 0.86 0.73 0.82 - 0.02 0.95 0.52 0.07 0.06 0.06 - 0.02 0.10 0.02 0.06 0.04 0.05 + 0.01 0.19 0.03 0.08 0.05 0.08 + 0.04 0.10 0.04 0.15 0.15 0.15 0.00 0.25 0.14 3.89 3.61 3.80 + 0.17 4.14 2.15 0.16 0.14 0.14 - 0.02 0.34 0.11 0.07 0.07 0.07 - 0.01 0.15 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.11 0.11 0.11 - 0.02 0.17 0.09 1.02 0.92 0.94 - 0.06 3.23 0.92 0.06 0.05 0.06 0.00 0.34 0.04 0.02 0.02 0.02 0.00 0.06 0.02 0.04 0.04 0.04 - 0.03 0.12 0.02 0.03 0.03 0.03 - 0.01 0.09 0.03 2.09 1.77 1.85 - 0.25 3.54 1.77 0.02 0.02 0.02 - 0.01 0.08 0.02 17.35 15.05 16.66 - 0.14 71.74 15.05 0.20 0.16 0.18 - 0.01 0.32 0.09 0.13 0.11 0.13 + 0.01 0.56 0.10 0.02 0.02 0.02 0.00 0.10 0.02 19.32 17.12 18.28 + 0.52 24.65 8.50 3.35 2.99 3.16 - 0.09 11.37 2.95 0.09 0.07 0.07 0.00 0.10 0.03 0.19 0.17 0.19 - 0.01 0.20 0.07 8.44 7.87 7.96 - 0.47 12.61 7.50 6.42 5.98 6.06 - 0.38 10.72 5.82 0.52 0.44 0.50 + 0.03 0.55 0.22 0.05 0.02 0.04 + 0.01 0.40 0.02

I-Minerals V 3402 Iamgold* N 64355 Iamgold T 98838 IBC Adv Alloys V 7784 IC Potash T 3161 Iconic Mnls V 1220 IMPACT Silver V 794 Imperial Metal T 597 Inca One Res V 1769 Independence G V 443 Indico Res V 1350 Indigo Expl V 2764 Inform Res V 1080 Inspiration Mg T 1470 Integra Gold V 21947 Intigold Mines V 691 Intl Lithium V 671 Intl Montoro R V 3674 Intl Northair V 851 Intl Samuel Ex V 26 Intl Tower Hi* X 2772 Intl Tower Hil T 186 Intl Vestr Res V 383 Intrepid Pots* N 7931 INV Metals T 618 ISh COMEX G Tr T 205 Ivanhoe Mines T 42068 Ivernia T 5397 J.A.G. Mines V 100 Jaguar Mng V 287 Jaxon Mnls V 26717 Jazz Res V 175 Jiulian Res V 20 Kaminak Gold V 4531 Karnalyte Res T 455 Katanga Mng T 187 Kennady Diam V 1398 Kestrel Gold V 612 Khalkos Expl V 955 Khan Res C 2249 Kilo Goldmines V 868 Kincora Copper V 818 Kings Bay Gold V 300 Kinross Gold T 97486 Kinross Gold* N 453246 Kirkland Lk Gd T 10645 Kiska Metals V 3908 Kivalliq Enrgy V 1665 Klondex Mns T 61798 Klondike Gold V 290 Knick Expl V 9300 Kobex Mnls V 1701 Kombat Copper V 1474 Kootenay Gold V 5081

0.27 0.23 0.25 - 0.04 0.31 0.14 1.71 1.31 1.56 + 0.04 4.10 1.16 2.24 1.72 2.05 + 0.06 4.48 1.50 0.14 0.12 0.13 - 0.01 0.25 0.09 0.16 0.14 0.15 - 0.01 0.31 0.13 0.05 0.04 0.05 0.00 0.10 0.03 0.16 0.14 0.16 0.00 0.62 0.14 8.06 7.73 7.99 - 0.01 16.97 7.30 0.15 0.14 0.15 - 0.01 0.29 0.12 0.09 0.08 0.08 0.00 0.13 0.07 0.09 0.07 0.07 - 0.03 0.16 0.02 0.02 0.01 0.01 + 0.01 0.03 0.01 0.01 0.01 0.01 - 0.01 0.07 0.01 0.10 0.07 0.07 - 0.02 0.73 0.04 0.25 0.23 0.23 - 0.02 0.36 0.14 0.21 0.17 0.21 + 0.02 0.32 0.03 0.04 0.03 0.03 - 0.01 0.06 0.02 0.08 0.06 0.07 - 0.01 0.11 0.05 0.05 0.04 0.05 0.00 0.17 0.04 0.01 0.01 0.01 0.00 0.03 0.01 0.30 0.22 0.28 + 0.03 0.73 0.20 0.36 0.30 0.36 + 0.05 0.80 0.26 0.02 0.02 0.02 0.00 0.30 0.02 8.55 8.09 8.22 - 0.32 16.75 7.91 0.13 0.12 0.12 - 0.01 0.38 0.12 13.92 13.74 13.84 + 0.04 15.78 12.61 0.78 0.67 0.68 - 0.03 1.57 0.62 0.01 0.01 0.01 0.00 0.14 0.01 0.03 0.03 0.03 0.00 0.06 0.03 0.16 0.13 0.14 - 0.02 0.84 0.13 0.03 0.01 0.02 0.00 0.07 0.01 0.22 0.15 0.22 + 0.07 0.22 0.03 0.03 0.03 0.03 - 0.01 0.06 0.02 0.68 0.63 0.64 - 0.01 1.15 0.53 0.71 0.65 0.65 - 0.02 1.28 0.65 0.21 0.20 0.21 - 0.02 0.52 0.17 3.73 3.47 3.60 - 0.08 8.18 3.02 0.05 0.03 0.05 + 0.01 0.07 0.02 0.12 0.10 0.10 + 0.01 0.12 0.06 0.59 0.53 0.54 - 0.06 0.80 0.31 0.06 0.05 0.06 0.00 0.22 0.05 0.03 0.03 0.03 0.00 0.08 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 2.50 2.19 2.43 + 0.03 4.54 2.10 1.92 1.66 1.86 + 0.04 4.16 1.60 5.00 4.62 4.85 + 0.07 6.88 2.79 0.02 0.02 0.02 0.00 0.10 0.02 0.10 0.09 0.10 + 0.01 0.23 0.09 3.38 3.01 3.32 + 0.27 3.50 1.68 0.10 0.09 0.09 - 0.01 0.28 0.08 0.01 0.01 0.01 0.00 0.02 0.01 0.50 0.49 0.50 + 0.01 0.63 0.46 0.05 0.04 0.05 + 0.01 0.11 0.04 0.32 0.26 0.29 + 0.01 0.56 0.25

La Quinta Res V 9430 Labdr I-Ore Ro T 12293 Lake Shore Gd* X 27453 Lake Shore Gld T 47653 Lakeland Res V 7382 Lara Expl V 1565 Laramide Res T 1552 Largo Res V 501 Latin Am Mnls V 825 Laurion Mnl Ex V 16879 Legend Gold V 60 Lexam VG Gold T 3142 Lion One Mtls V 1153 Lithium Americ T 15567 Lomiko Mtls V 52563 Loncor Res T 60

0.02 0.01 0.02 + 0.02 0.02 0.01 15.17 12.89 13.98 + 0.45 31.28 10.81 0.85 0.75 0.75 - 0.09 1.28 0.60 1.10 0.99 1.00 - 0.10 1.40 0.70 0.04 0.03 0.03 0.00 0.16 0.03 0.23 0.20 0.22 0.00 0.84 0.20 0.23 0.23 0.23 - 0.01 0.61 0.21 0.68 0.64 0.65 - 0.01 3.60 0.62 0.01 0.01 0.01 0.00 0.21 0.01 0.02 0.01 0.02 - 0.01 0.03 0.01 0.04 0.03 0.04 0.00 0.25 0.03 0.08 0.07 0.07 - 0.01 0.15 0.06 0.36 0.34 0.35 - 0.04 0.60 0.17 0.39 0.34 0.35 - 0.03 0.49 0.24 0.04 0.03 0.04 - 0.01 0.11 0.03 0.04 0.04 0.04 - 0.01 0.13 0.03

I-J-K

15-08-12 6:24 PM

THE NORTHERN MINER AUGUST 17-23, 2015 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Long Harbour E V 12 Lorraine Coppr V 127 Los Andes Copp V 585 Lowell Copper V 20 Lucara Diam T 4280 Luna Gold T 1266 Lundin Mng T 90494 Lydian Intl T 6011

0.07 0.07 0.07 - 0.01 0.15 0.04 0.05 0.05 0.05 - 0.02 0.12 0.03 0.17 0.14 0.16 - 0.01 0.23 0.12 0.32 0.30 0.32 + 0.07 0.62 0.21 2.01 1.88 1.89 - 0.11 2.83 1.60 0.08 0.07 0.08 + 0.01 1.07 0.07 4.78 4.46 4.48 - 0.24 6.56 3.68 0.40 0.31 0.31 - 0.09 1.19 0.31

MacDonald Mns V 9725 Mag Silver T 4558 Mag Silver* X 191 Magellan Minls V 70 Majestic Gold V 227 Major Drilling T 6102 Makena Res V 135 Malbex Res V 3190 Mammoth Res V 6920 Mandalay Res T 3975 Manitou Gold V 255 Marathon Gold T 55 Marlin Gold V 321 Mason Graphite V 3433 Matamec Expl V 1430 Mawson Res T 271 Mawson West T 565 Max Res V 300 Maya Gold & Si V 1576 MBAC Fertilizr T 50142 McEwen Mng* N 7066 McEwen Mng T 3132 MDN Inc T 3076 MDU Res* N 89037 Meadow Bay Gd T 856 Mechel* N 4278 Medallion Res V 2221 Mega Uranium T 27330 Megastar Dev V 1709 Melior Res V 560 Melkior Res V 1375 Merrex Gold V 4464 Mesa Expl V 200 Mesabi Trust* N 2290 Metalcorp V 1420 Metalex Vent V 1640 Metallis Res V 200 Metalore Res T 10 Metals Ck Res V 1421 Metanor Res V 35012 Micrex Devel V 80 Midas Gold T 1392 Midasco Cap V 44 Midland Expl V 70 Midnight Sun M V 189 Migao T 353 Millrock Res V 5 Millstream Min V 640 Minas Buenavn* N 74113 Minaurum Gold V 850 Minco Gold* X 4970 Minco Gold T 185 Minco Silver T 682 Mindoro Res V 13760 Minera IRL T 600 Mineral Mtn Rs V 1170 Mines Managem* X 1231 Mines Managmnt T 5 Miranda Gold V 2175 Mirasol Res V 220 Mkango Res V 463 Monarques Res V 1580 Moneta Porcpn T 5557 Monster Uran V 3270 Montero Mg&Ex V 460 Monument Mng V 1028 Mosaic* N 197864 Mountain Boy M V 3363 Mountain Prov T 1727 MPH Vent V 119 MPVC V 230 Mundoro Cap V 320 Mustang Minls V 5670

0.01 0.01 0.01 0.00 0.02 0.01 9.50 8.95 9.49 + 0.18 11.00 6.56 7.21 6.76 7.21 + 0.10 9.63 5.60 0.05 0.05 0.05 - 0.01 0.13 0.05 0.05 0.05 0.05 0.00 0.08 0.03 4.60 4.05 4.09 - 0.49 9.41 4.05 0.03 0.03 0.03 + 0.01 0.06 0.02 0.04 0.04 0.04 - 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.07 0.01 0.82 0.78 0.79 - 0.01 1.22 0.74 0.03 0.03 0.03 0.00 0.06 0.01 0.25 0.23 0.23 - 0.02 0.65 0.19 0.40 0.37 0.40 - 0.02 1.30 0.37 0.48 0.40 0.41 - 0.01 0.83 0.37 0.05 0.04 0.04 0.00 0.08 0.02 0.19 0.17 0.19 + 0.02 0.36 0.15 0.03 0.03 0.03 0.00 0.40 0.02 0.07 0.07 0.07 + 0.01 0.40 0.04 0.22 0.21 0.22 - 0.01 0.44 0.19 0.06 0.04 0.05 + 0.01 0.40 0.01 0.79 0.68 0.70 - 0.03 2.95 0.65 1.00 0.90 0.93 - 0.04 3.22 0.84 0.03 0.03 0.03 - 0.01 0.09 0.02 19.62 16.63 17.12 - 2.39 31.73 16.63 0.24 0.19 0.22 + 0.01 0.31 0.10 0.98 0.82 0.89 - 0.09 1.89 0.42 0.04 0.03 0.04 + 0.01 0.13 0.01 0.11 0.08 0.09 + 0.01 0.27 0.07 0.03 0.03 0.03 0.00 0.07 0.03 0.04 0.04 0.04 - 0.01 0.14 0.04 0.03 0.02 0.03 + 0.01 0.06 0.02 0.20 0.16 0.19 + 0.04 0.24 0.05 0.02 0.02 0.02 0.00 0.05 0.02 11.06 9.16 9.77 - 1.03 21.93 9.08 0.01 0.01 0.01 - 0.01 0.01 0.01 0.05 0.05 0.05 0.00 0.15 0.03 0.07 0.07 0.07 + 0.03 0.19 0.01 2.86 2.85 2.85 0.00 3.72 2.41 0.13 0.08 0.08 + 0.01 0.28 0.05 0.05 0.04 0.04 - 0.01 0.15 0.04 0.02 0.02 0.02 - 0.01 0.05 0.01 0.35 0.33 0.33 - 0.02 0.80 0.31 0.08 0.08 0.08 0.00 0.10 0.05 0.61 0.54 0.60 - 0.03 0.97 0.54 0.14 0.12 0.12 - 0.02 0.25 0.10 0.72 0.69 0.71 - 0.01 1.70 0.58 0.24 0.24 0.24 + 0.01 0.75 0.20 0.04 0.02 0.02 - 0.02 0.08 0.01 7.14 6.33 6.39 - 0.73 14.82 6.33 0.08 0.08 0.08 0.00 0.11 0.05 0.20 0.16 0.19 - 0.02 0.44 0.16 0.25 0.21 0.24 - 0.03 0.48 0.21 0.50 0.45 0.45 - 0.04 1.14 0.45 0.01 0.01 0.01 - 0.01 0.06 0.01 0.08 0.07 0.07 - 0.01 0.21 0.04 0.03 0.03 0.03 0.00 0.08 0.02 0.55 0.41 0.47 - 0.05 0.88 0.30 0.60 0.60 0.60 - 0.08 0.97 0.40 0.08 0.08 0.08 0.00 0.16 0.07 0.84 0.82 0.84 0.00 1.38 0.82 0.03 0.02 0.03 0.00 0.24 0.02 0.09 0.07 0.09 + 0.01 0.14 0.07 0.09 0.08 0.08 0.00 0.09 0.04 0.05 0.04 0.05 + 0.02 0.12 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.10 0.09 0.10 + 0.01 0.22 0.09 44.95 42.28 44.40 + 1.46 53.83 40.32 0.01 0.01 0.01 - 0.01 0.03 0.01 4.67 4.11 4.45 + 0.06 6.08 4.10 0.06 0.05 0.05 - 0.01 0.08 0.04 0.03 0.03 0.03 0.00 0.12 0.02 0.09 0.08 0.09 - 0.02 0.30 0.08 0.01 0.01 0.01 - 0.01 0.03 0.01

Namibia Rare E T 150 Natural Rs Pt* N 4444 Nautilus Minls T 2579 Nebu Res V 10 Nemaska Lith V 19946 Nevada Clean M V 245 Nevada Copper T 1771 Nevada Expl V 7620 Nevada Sunrise V 104 Nevado Res V 660 Nevsun Res T 12460 Nevsun Res* X 9833 New Dimen Res V 16 New Gold T 87338 New Gold* X 232166 New Millennium V 1170 New Milln Iron T 1895 New Nadina V 1040 New Oroperu Rs V 2231 New Pac Metals T 110 New World Res V 16 Newmac Res V 11 Newmont Mng* N 463921 Newport Expl V 3137 Newstrike Res V 500 NGEx Res T 585 Nighthawk Gold V 320 Niogold Mng V 594 Nippon Dragon V 5391 Noka Res V 600 Nomad Ventures V 4350 Noram Vent V 1480 Nordex V 330 Noront Res V 3999 North Am En P* N 549 North Am En Pa T 10187 North Am Nickl V 754 North Am Pall T 94323 North Am Tung V 2659 North Arrow Mn V 139 North Country V 20475 Northcliff Res T 2212 Northern Abiti V 33 Northern Dyn* X 1813 Northern Dyn M T 728 Northern Freeg V 650 Northern Gld M V 700 Northern Graph V 1655 Northern Iron V 50 Northern Shiel V 3448 Northern Sun M V 30 Northern Sup R V 110 Northern Vertx V 3400 Northisle C&G V 86 Northquest V 49 NovaCopper T 636 NovaCopper* X 2785 NovaGold Res T 5468 NovaGold Res* X 47270 NQ Expl V 200 Nubian Res V 330 NuLegacy Gold V 1634 NV Gold V 10 Oban Mng T 1871 OceanaGold T 46497 Oceanic Iron O V 55 Oceanus Res V 54 Odin Mng & Exp V 4070 Olivut Res V 362 Olympic Res V 1130 OM Group* N 64807

0.12 0.12 0.12 + 0.01 0.25 0.08 2.83 2.21 2.54 - 0.37 16.46 2.21 0.40 0.33 0.38 - 0.03 0.56 0.33 0.02 0.02 0.02 0.00 0.10 0.01 0.23 0.19 0.23 + 0.03 0.25 0.12 0.05 0.04 0.05 - 0.01 0.07 0.03 1.34 1.08 1.25 + 0.15 2.43 1.04 0.01 0.01 0.01 - 0.01 0.05 0.01 0.18 0.17 0.17 - 0.01 0.92 0.14 0.04 0.03 0.03 0.00 0.07 0.02 4.24 3.91 3.92 - 0.28 5.35 3.61 3.29 2.97 2.98 - 0.22 4.51 2.97 0.06 0.06 0.06 - 0.01 0.11 0.04 2.86 2.52 2.65 - 0.24 7.13 2.52 2.23 1.91 2.03 - 0.17 6.57 1.91 0.12 0.10 0.12 + 0.01 0.58 0.10 0.10 0.08 0.09 - 0.02 0.37 0.08 0.01 0.01 0.01 - 0.01 0.03 0.01 0.11 0.10 0.10 - 0.01 0.25 0.07 0.16 0.16 0.16 0.00 0.28 0.14 0.03 0.03 0.03 0.00 0.12 0.01 0.15 0.15 0.15 0.00 0.40 0.10 17.20 16.08 16.14 - 1.03 27.90 16.08 0.28 0.24 0.25 - 0.03 0.49 0.22 0.03 0.03 0.03 0.00 0.07 0.02 0.73 0.64 0.67 - 0.08 2.22 0.64 0.09 0.09 0.09 - 0.01 0.60 0.09 0.36 0.33 0.33 - 0.02 0.43 0.22 0.05 0.04 0.04 - 0.01 0.13 0.04 0.04 0.04 0.04 0.00 0.55 0.04 0.03 0.03 0.03 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.10 0.09 0.10 - 0.01 0.45 0.09 0.40 0.34 0.38 - 0.05 0.67 0.25 2.12 1.60 2.04 + 0.15 7.23 1.60 2.81 2.10 2.67 + 0.19 8.10 2.10 0.23 0.18 0.22 + 0.01 0.63 0.18 0.03 0.02 0.02 0.00 0.47 0.02 0.01 0.01 0.01 0.00 0.09 0.01 0.46 0.41 0.41 + 0.01 1.34 0.33 0.10 0.09 0.10 - 0.01 0.14 0.03 0.12 0.11 0.11 0.00 0.29 0.11 0.01 0.01 0.01 0.00 0.02 0.01 0.34 0.31 0.33 + 0.01 0.86 0.28 0.45 0.40 0.45 + 0.04 0.95 0.37 0.05 0.04 0.05 + 0.01 0.40 0.04 0.02 0.02 0.02 + 0.01 0.05 0.02 0.49 0.40 0.43 + 0.05 1.34 0.36 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.04 0.04 0.00 0.05 0.01 0.15 0.11 0.15 + 0.04 0.32 0.03 0.03 0.03 0.03 - 0.01 0.04 0.02 0.21 0.20 0.20 - 0.01 0.35 0.09 0.02 0.02 0.02 0.00 0.10 0.02 0.11 0.09 0.11 0.00 0.17 0.07 0.58 0.45 0.53 + 0.06 1.35 0.45 0.45 0.35 0.41 + 0.05 1.25 0.35 4.32 3.89 4.11 + 0.11 5.22 2.65 3.30 2.91 3.11 + 0.06 4.25 2.33 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.14 0.13 0.14 - 0.01 0.18 0.06 0.02 0.02 0.02 - 0.01 0.39 0.02 0.10 0.09 0.09 - 0.02 0.17 0.07 2.26 2.13 2.19 - 0.07 3.40 1.70 0.10 0.09 0.10 + 0.02 0.30 0.09 0.18 0.17 0.17 - 0.03 0.52 0.17 0.25 0.23 0.25 0.00 0.70 0.21 0.09 0.08 0.09 0.00 0.30 0.08 0.12 0.10 0.10 - 0.02 0.32 0.03 33.95 33.39 33.50 - 0.38 35.00 21.87

N-O

TNM August 17 2015 Issue.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Omineca Mg&Mtl V 61 Opta Minls T 349 Oracle Mng V 2000 Orbit Garant D T 32 Orbite Alumnae T 12082 Orca Gold V 1963 Orefinders Res V 330 Orestone Mng V 3502 Orex Expl V 1820 Orex Minls V 220 Orezone Gold T 1885 Oroco Res V 100 Orocobre T 803 Orofino Mnls V 290 Orosur Mng T 75 Orvana Mnrls T 6822 Otis Gold V 2755

0.03 0.03 0.03 0.00 0.11 0.02 0.76 0.70 0.73 - 0.03 2.35 0.65 0.01 0.01 0.01 - 0.01 0.12 0.01 0.90 0.89 0.90 0.00 1.56 0.84 0.25 0.24 0.24 - 0.01 0.57 0.20 0.19 0.17 0.18 - 0.02 0.62 0.17 0.01 0.01 0.01 0.00 0.16 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 - 0.01 0.02 0.01 0.17 0.15 0.17 + 0.02 0.43 0.14 0.31 0.29 0.30 - 0.01 1.07 0.29 0.03 0.03 0.03 0.00 0.06 0.03 1.97 1.73 1.73 - 0.16 3.31 1.73 0.06 0.06 0.06 - 0.01 0.30 0.05 0.14 0.14 0.14 0.00 0.32 0.12 0.23 0.15 0.17 - 0.06 0.53 0.15 0.08 0.06 0.07 - 0.01 0.08 0.02

Pac Bay Mnrls V Pac Booker Min V Pac Booker Mn* X

0.05 1.93 1.44

P-Q 50 267 28

0.05 0.05 1.75 1.75 1.31 1.31

+ - -

0.01 0.10 0.10

ADVANTAGE

0.07 0.02 6.90 1.33 5.75 1.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rockridge Cap V 494 Rockwell Diam T 528 Rodinia Lithm V 3844 Rogue Iron Ore V 240 Rokmaster Res V 3910 Romarco Mnrls T 89976 Rome Res V 26 Romios Gold Rs V 80 Roxgold V 5204 Royal Cdn Mint T 249 Royal Gold T 104 Royal Gold* Q 38237 Royal Nickel T 4665 RT Minerals V 500 Rubicon Mnls* X 20405 Rubicon Mnrls T 22224 Rugby Mng V 100 Running Fox Rs V 382 Rupert Res V 295 Rusoro Mng V 1676 Russell Metals T 11276 Ryan Gold V 14770 Rye Patch Gold V 545

0.05 0.05 0.05 0.00 0.25 0.04 0.21 0.19 0.21 + 0.01 0.44 0.19 0.03 0.02 0.03 - 0.01 0.05 0.01 0.03 0.03 0.03 0.00 0.11 0.02 0.04 0.03 0.04 + 0.02 0.12 0.01 0.52 0.48 0.50 - 0.03 0.94 0.30 0.03 0.03 0.03 0.00 0.17 0.03 0.03 0.02 0.03 + 0.01 0.07 0.02 0.63 0.54 0.57 - 0.05 0.93 0.39 15.35 15.16 15.30 + 0.08 17.41 13.87 67.47 64.26 65.96 - 0.15 95.64 61.50 51.69 48.71 50.18 - 0.24 82.84 48.26 0.34 0.30 0.30 0.00 0.66 0.26 0.01 0.01 0.01 + 0.01 0.12 0.01 0.87 0.78 0.79 - 0.04 1.53 0.76 1.12 1.02 1.03 - 0.09 1.68 0.90 0.11 0.09 0.09 - 0.01 0.27 0.06 0.01 0.01 0.01 - 0.01 0.04 0.01 0.05 0.04 0.04 + 0.01 0.14 0.03 0.05 0.04 0.04 + 0.01 0.06 0.01 19.85 19.13 19.26 - 0.14 37.63 18.23 0.13 0.12 0.12 0.00 0.16 0.10 0.16 0.14 0.14 - 0.02 0.20 0.11

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www.northernminer.com Pac Coal Res V 130 Pac Imp Mines V 36 Pac North West V 100 Pac Potash V 370 Paladin Energy T 32161 Pan Am Silver T 19246 Pan Am Silver* Q 137710 Pan Global Res V 75 Pancontl Uran V 630 Panoro Minls V 14765 Parlane Res V 28 PC Gold V 655 Peabody Enrgy* N 490140 Pelangio Expl V 230 Pele Mtn Res V 1830 Peregrine Diam T 5818 Perseus Mng T 5473 Pershimco Res V 1236 Peruvian Prc M V 3359 Phoenix Gold V 770 Pilot Gold T 8997 Pinecrest Res V 82 Pinetree Cap T 37847 Planet Mng V 2795 Plata Latina M V 450 Plate Res V 200 Platinum Gp M* X 1908 Platinum Gp Mt T 2640 Playfair Mng V 7518 Polaris Minls T 393 PolyMet Mng* X 10706 PolyMet Mng T 160 Potash C Sask* N 180889 Potash Cp Sask T 61795 Precipitate Gl V 760 Premier Gold M T 7407 Pretium Res* N 29041 Pretium Res T 9539 Primero Mng T 27726 Primero Mng* N 8857 Probe Mines V 131 Prophecy Coal T 703 Puma Expl V 5094 Purepoint U V 5340 QMX Gold V 127 Quaterra Res V 140 Quest Rare Mnl T 5845 Quia Res V 40

0.06 0.06 0.06 + 0.02 0.38 0.02 0.01 0.01 0.01 0.00 0.05 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.19 0.16 0.17 - 0.04 0.45 0.16 8.31 7.77 7.87 - 0.28 16.77 7.77 6.36 5.90 6.00 - 0.24 15.34 5.90 0.01 0.01 0.01 - 0.01 0.12 0.01 0.02 0.02 0.02 0.00 0.04 0.01 0.14 0.11 0.12 0.00 0.48 0.11 0.09 0.08 0.09 + 0.02 0.23 0.03 0.03 0.03 0.03 0.00 0.08 0.03 1.20 1.01 1.05 - 0.15 16.71 0.99 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.20 0.19 0.19 0.00 0.44 0.14 0.32 0.28 0.28 - 0.02 0.48 0.18 0.17 0.15 0.15 0.00 0.37 0.13 0.08 0.06 0.08 + 0.01 0.19 0.05 0.01 0.01 0.01 - 0.01 0.16 0.01 0.38 0.33 0.34 - 0.04 1.50 0.33 0.10 0.10 0.10 0.00 0.50 0.08 0.15 0.13 0.14 0.00 0.43 0.06 0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.02 0.02 0.00 0.20 0.02 0.03 0.03 0.03 0.00 0.09 0.02 0.32 0.29 0.29 - 0.01 1.17 0.29 0.41 0.38 0.38 - 0.01 1.27 0.38 0.07 0.04 0.07 + 0.02 0.07 0.01 2.16 1.94 1.95 - 0.05 2.83 1.65 1.00 0.89 0.92 - 0.01 1.37 0.88 1.30 1.17 1.19 - 0.01 1.75 1.14 27.77 26.71 26.72 - 0.46 37.60 26.63 36.52 35.08 35.08 - 0.50 47.10 34.44 0.10 0.08 0.10 + 0.01 0.25 0.08 2.19 1.98 2.12 + 0.10 3.10 1.61 5.15 4.65 4.88 - 0.10 7.56 4.07 6.73 6.14 6.42 - 0.11 9.05 4.60 3.73 3.17 3.61 + 0.22 8.71 3.17 2.86 2.41 2.74 + 0.16 7.96 2.41 0.35 0.34 0.34 - 0.04 0.56 0.12 0.06 0.05 0.05 0.00 0.09 0.03 0.11 0.08 0.10 + 0.02 0.18 0.07 0.03 0.03 0.03 0.00 0.08 0.03 0.02 0.01 0.02 0.00 0.06 0.01 0.11 0.11 0.11 + 0.01 0.15 0.04 0.11 0.10 0.11 + 0.02 0.29 0.09 0.01 0.01 0.01 - 0.01 0.04 0.01

R Radisson Mng V 485 Radius Gold V 2335 Rainmaker Res V 1700 Rambler Mg&Mtl V 1721 Randgold Res* Q 35501 Randsburg Intl V 100 Range Engy Res C 970 Rapier Gold V 100 Rare Elemnt Rs T 456 Rare Elemt Re* X 3463 Ratel Grp T 10 Rathdowney Res V 10 Red Eagle Mng V 1212 Red Pine Expl V 1670 Red Rock Enrgy V 174 Red Tiger Mng V 60 Redhawk Res T 1035 Redhill Res V 144 Redstar Gold V 2602 Redstar Res V 120 Redzone Res V 70 Regal Res C 238 Reliance Res V 450 Renaissance Gd T 1782 Reservoir Capt V 27 Reservoir Mnls V 1860 Reunion Gold V 1377 Revolver Res V 430 Rhino Res* N 561 Richmond Mnls V 120 Richmont Mines T 3355 Richmont Mine* X 5816 Rio Novo Gold T 1173 Rio Silver V 268 Rio Tinto* N 45302 Riverside Res V 5590 RJK Explor V 634 Robex Res V 2388 Rochester Res V 77 Rock Tech Lith V 125 Rockhaven Res V 415 Rockland Mnls V 39

0.15 0.13 0.13 0.00 0.15 0.08 0.10 0.08 0.08 - 0.01 0.13 0.07 0.02 0.02 0.02 + 0.01 0.18 0.01 0.21 0.21 0.21 0.00 0.49 0.18 61.27 57.85 60.26 - 0.11 86.92 57.06 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.03 0.03 0.00 0.08 0.01 0.02 0.02 0.02 - 0.01 0.06 0.01 0.51 0.48 0.51 + 0.02 1.48 0.30 0.39 0.35 0.39 + 0.01 1.35 0.24 0.61 0.61 0.61 - 0.06 1.38 0.52 0.17 0.17 0.17 - 0.01 0.40 0.15 0.29 0.28 0.28 + 0.02 0.36 0.18 0.06 0.05 0.05 - 0.01 0.18 0.03 0.03 0.02 0.02 - 0.01 0.06 0.01 0.03 0.03 0.03 - 0.01 0.30 0.03 0.06 0.05 0.05 0.00 0.24 0.04 0.14 0.11 0.11 + 0.01 0.57 0.07 0.05 0.04 0.05 + 0.01 0.07 0.03 0.07 0.04 0.04 - 0.01 0.25 0.04 0.03 0.03 0.03 - 0.01 0.05 0.02 0.10 0.07 0.07 - 0.01 0.15 0.04 0.01 0.01 0.01 + 0.01 0.02 0.01 0.18 0.18 0.18 0.00 0.51 0.17 0.34 0.33 0.34 + 0.01 0.80 0.21 4.10 3.90 4.04 + 0.04 6.15 3.30 0.01 0.01 0.01 0.00 0.11 0.01 0.05 0.03 0.05 + 0.01 0.08 0.02 1.29 1.02 1.10 + 0.09 13.94 0.63 0.09 0.09 0.09 0.00 0.12 0.03 3.86 3.14 3.70 + 0.26 4.55 1.51 2.94 2.27 2.80 + 0.17 3.68 1.43 0.12 0.10 0.10 - 0.01 0.16 0.06 0.02 0.02 0.02 0.00 0.05 0.01 40.46 37.58 39.80 + 1.18 59.32 36.81 0.20 0.16 0.17 - 0.02 0.51 0.16 0.01 0.01 0.01 0.00 0.02 0.01 0.07 0.06 0.07 + 0.01 0.20 0.04 0.04 0.04 0.04 0.00 0.25 0.03 0.04 0.04 0.04 0.00 0.10 0.03 0.16 0.15 0.16 - 0.01 0.34 0.15 0.04 0.04 0.04 - 0.01 0.06 0.03

S Sabina Gd&Slvr T 6921 Sage Gold V 1049 Saint Jean Car V 13862 Salazar Res V 1039 San Marco Res V 372 Sanatana Diam V 741 Sandspring Res V 52575 Sandstorm Gld* X 24158 Sandstorm Gold T 4399 Santa Fe Metls V 1000 Santacruz Silv V 2809 Satori Res V 5630 Saturn Minls V 9537 Savant Expl V 22 Scorpio Gold V 3831 Scorpio Mining T 7289 Seabridge Gld* N 19552 Seabridge Gold T 2901 Search Mnls V 1504 Secova Mtls V 81 Sego Res V 340 Selwyn Res V 292 Semafo T 51692 Senator Minls V 275 Sennen Res V 30 Sentry Sl PrmM T 498 Serabi Gold T 130 Serengeti Res V 1870 SGX Res V 60 Sherritt Intl T 53339 Shore Gold T 3765 Sienna Res V 468 Sierra Iron Or V 275 Sierra Metals T 923 Signature Res V 775 Silver Bear Rs T 4265 Silver Bull Re T 10 Silver Mtn Mns V 500 Silver Predatr V 3156 Silver Pursuit V 2765 Silver Range R V 906 Silver Spruce V 276 Silver Std Res T 25451 Silver Std Re* Q 78835 Silver Wheatn* N 277577 Silver Wheaton T 60800 Silvercorp Mt* N 3552 Silvercorp Mtl T 1716 SilverCrest M* X 6809 SilverCrest Mn T 27080 Sirios Res V 12898 Skeena Res V 9145 Skyharbour Res V 1780 Slam Exploratn V 698 Slater Mng V 50 Sniper Res V 70 SnipGold V 300 SNS Silver V 1513 Soc Quim&M Ch* N 31054 Solitario Ex&R T 349 Solitario Ex&* X 1810 Solvista Gold V 1209 Sona Res V 30 Sonora Gld & S V 250 Source Expl V 1240 Southern Arc V 9292 Southern Silvr V 410 SouthGobi Res T 206 Spanish Mtn Gd V 1385 Sprott Ph Silv T 201 Sprott Res T 15554 St Andrew Gldf T 5944 St Augustine T 296 Stakeholdr Gld V 295 Standard Graph V 404 Stans Energy V 1887 Starcore Int V T 3187 Stellar Pac Vt V 50 Stillwater Mg* N 100009 Stina Res V 225 Stockport Expl T 586 Stonegate Agri T 4340 Stornoway Diam T 6236 Strata Mnls V 95 Strategic Metl V 690 Strategic Res V 70 Stratton Res V 20 Strike Graph V 310 StrikePoint Gd V 10270 Strongbow Expl V 40

0.41 0.34 0.38 + 0.01 0.89 0.28 0.06 0.04 0.05 - 0.03 0.23 0.04 0.03 0.02 0.02 0.00 0.04 0.01 0.06 0.04 0.05 + 0.01 0.30 0.04 0.02 0.02 0.02 - 0.01 0.13 0.02 0.03 0.03 0.03 0.00 0.18 0.02 0.07 0.05 0.06 - 0.02 0.30 0.05 2.65 2.29 2.45 - 0.10 6.85 2.20 3.43 3.04 3.25 - 0.08 7.61 2.80 0.02 0.02 0.02 + 0.01 0.06 0.01 0.16 0.14 0.15 - 0.01 1.00 0.14 0.01 0.01 0.01 0.00 0.07 0.01 0.19 0.17 0.18 0.00 0.24 0.11 0.02 0.02 0.02 0.00 0.05 0.01 0.11 0.08 0.08 - 0.02 0.24 0.08 0.19 0.16 0.17 - 0.02 0.34 0.15 4.84 3.63 4.51 + 0.47 11.64 3.31 6.34 4.78 5.93 + 0.64 12.72 4.34 0.07 0.05 0.06 0.00 0.16 0.03 0.05 0.05 0.05 - 0.01 0.09 0.03 0.03 0.02 0.02 - 0.01 0.04 0.02 1.50 1.50 1.50 0.00 4.22 1.50 3.20 2.71 3.02 + 0.17 5.48 2.39 0.14 0.14 0.14 0.00 0.22 0.05 0.27 0.25 0.27 + 0.08 1.35 0.19 2.20 2.06 2.13 0.00 4.26 2.05 0.08 0.08 0.08 0.00 0.13 0.06 0.03 0.03 0.03 0.00 0.08 0.03 0.01 0.01 0.01 - 0.01 0.03 0.01 1.38 1.21 1.26 - 0.08 4.65 1.21 0.18 0.16 0.16 - 0.01 0.34 0.13 0.02 0.02 0.02 0.00 0.07 0.01 0.46 0.42 0.42 - 0.04 0.62 0.07 1.25 1.01 1.20 - 0.03 2.13 1.01 0.03 0.02 0.02 + 0.01 0.04 0.01 0.06 0.05 0.05 - 0.01 0.14 0.04 0.10 0.10 0.10 - 0.01 0.32 0.08 0.02 0.02 0.02 0.00 0.06 0.01 0.02 0.01 0.01 - 0.01 0.07 0.01 0.03 0.03 0.03 - 0.01 0.07 0.03 0.06 0.05 0.05 - 0.01 0.14 0.05 0.05 0.05 0.05 0.00 0.15 0.02 7.57 6.96 7.03 - 0.49 11.05 4.47 5.77 5.28 5.35 - 0.40 10.11 3.92 13.20 12.24 12.70 - 0.38 27.47 12.07 17.22 16.14 16.69 - 0.43 29.98 15.79 0.80 0.73 0.74 - 0.06 1.93 0.73 1.07 0.95 0.99 - 0.07 2.13 0.95 0.90 0.78 0.85 0.00 2.15 0.65 1.17 1.03 1.11 + 0.01 2.35 0.87 0.13 0.11 0.11 + 0.01 0.13 0.06 0.10 0.08 0.08 - 0.02 0.13 0.06 0.04 0.03 0.03 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.11 0.01 0.03 0.03 0.03 - 0.02 0.05 0.02 0.05 0.04 0.05 - 0.01 0.09 0.01 0.04 0.04 0.04 - 0.01 0.12 0.04 0.41 0.39 0.41 + 0.01 0.50 0.05 14.38 13.31 13.70 + 0.19 28.97 12.65 0.64 0.63 0.64 - 0.11 1.66 0.63 0.53 0.45 0.49 - 0.01 1.56 0.45 0.04 0.03 0.03 - 0.01 0.17 0.03 0.02 0.02 0.02 0.00 0.11 0.01 0.02 0.02 0.02 + 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.16 0.02 0.04 0.04 0.04 0.00 0.09 0.03 0.06 0.05 0.05 - 0.01 0.20 0.03 0.60 0.56 0.60 + 0.02 1.25 0.41 0.04 0.03 0.03 0.00 0.07 0.02 5.70 5.56 5.70 + 0.05 8.19 5.31 0.77 0.68 0.69 - 0.07 3.34 0.68 0.28 0.25 0.27 + 0.02 0.39 0.21 0.13 0.11 0.11 - 0.02 0.21 0.08 0.06 0.05 0.05 - 0.01 0.29 0.05 0.02 0.01 0.01 - 0.01 0.05 0.01 0.04 0.03 0.04 0.00 0.23 0.03 0.12 0.11 0.11 - 0.01 0.23 0.09 0.02 0.02 0.02 + 0.01 0.14 0.01 9.37 8.37 8.41 - 1.11 19.35 8.37 0.19 0.19 0.19 - 0.05 0.25 0.04 0.04 0.03 0.03 - 0.01 0.07 0.02 0.02 0.02 0.02 + 0.01 0.18 0.02 0.82 0.78 0.80 - 0.02 0.85 0.46 0.02 0.02 0.02 + 0.01 0.13 0.01 0.29 0.27 0.28 + 0.01 0.43 0.27 0.02 0.02 0.02 - 0.02 0.08 0.02 0.10 0.10 0.10 - 0.01 0.25 0.06 0.04 0.04 0.04 0.00 0.15 0.04 0.03 0.02 0.02 - 0.01 0.08 0.01 0.12 0.12 0.12 + 0.01 0.18 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sulliden Mng C T 623 Sultan Mnrls V 530 SunCoke Engy* N 10238 Sunridge Gold V 2872 Sunset Cove Mg V 2420 Suparna Gold V 5000 Superior Coppr V 1524 Sutter Gold V 410

0.20 0.19 0.19 0.00 0.75 0.19 0.01 0.01 0.01 0.00 0.02 0.01 12.56 11.53 11.71 - 0.58 24.57 11.35 0.18 0.16 0.18 + 0.03 0.24 0.12 0.01 0.01 0.01 0.00 0.10 0.01 0.03 0.02 0.02 - 0.01 0.16 0.02 0.02 0.02 0.02 - 0.01 0.17 0.02 0.06 0.06 0.06 + 0.01 0.15 0.05

Tahoe Res* N 22183 Tahoe Res T 48578 Takara Res V 287 Talon Metals T 1342 Tanz Roy Exp T 281 Tanz Roy Exp* X 4158 Tanzania Mnls V 3629 Taranis Res V 250 Taseko Mines* X 7630 Taseko Mines T 6874 Tasman Metals V 421 Tasman Mtls* X 1239 Teck Res A T 69 Teck Res B* N 313261 Teck Res B T 87703 Tembo Gold V 127 Temex Res V 48728 Teranga Gold T 15869 Teras Res V 2288 Terraco Gold V 1402 Terrax Minls V 682 Teryl Res Corp V 1780 Teuton Res V 353 Theia Res V 35 Themac Res V 120 Thompson Creek T 5509 Thompson Crk* N 8547 Thor Expl V 392 Tiller Res V 58 Timberline Res V 67 Timberline Rs* X 489 Timmins Gold* X 12350 Timmins Gold T 34651 Tinka Res V 2061 Tintina Res V 310 Tirex Res V 985 Titanium Corp V 6322 TNR Gold V 20 TomaGold V 1680 Torex Gold T 46652 Transition Mtl V 415 Treasury Metal T 1494 Tres-Or Res V 90 Trevali Mng T 8581 Tri Origin Exp V 900 TriMetals Mng T 1688 Trio Gold Corp V 70 Troymet Expl V 2512 True Gold Mng V 11112 True North Gem V 1106 Trueclaim Expl V 75 Tsodilo Res V 1109 Turquoise HIl* N 33338 Turquoise Hill T 45478 TVI Pacific T 490 Typhoon Expl V 500

8.41 7.33 8.00 - 0.13 27.55 7.33 11.01 9.66 10.52 - 0.12 30.15 9.66 0.05 0.03 0.03 0.00 0.06 0.01 0.09 0.09 0.09 - 0.01 0.58 0.08 0.49 0.45 0.48 - 0.02 2.74 0.32 0.39 0.34 0.38 - 0.03 2.52 0.25 0.02 0.01 0.01 0.00 0.07 0.01 0.07 0.04 0.07 0.00 0.15 0.03 0.54 0.32 0.52 + 0.04 2.30 0.32 0.72 0.61 0.70 + 0.06 2.61 0.58 0.48 0.41 0.44 + 0.02 1.18 0.40 0.37 0.32 0.33 - 0.01 1.10 0.32 11.39 10.75 10.75 - 0.55 28.10 10.51 7.56 6.90 7.13 - 0.21 24.00 6.72 9.94 9.09 9.37 - 0.26 26.98 8.77 0.02 0.02 0.02 0.00 0.09 0.02 0.11 0.10 0.10 - 0.01 0.12 0.04 0.61 0.55 0.55 - 0.06 0.88 0.38 0.09 0.06 0.07 - 0.01 0.18 0.06 0.08 0.07 0.08 - 0.01 0.21 0.07 0.28 0.25 0.25 - 0.03 0.57 0.23 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.05 0.05 - 0.02 0.93 0.05 0.09 0.09 0.09 + 0.03 0.20 0.07 0.03 0.02 0.03 + 0.01 0.08 0.01 0.80 0.67 0.68 - 0.10 3.38 0.67 0.61 0.51 0.52 - 0.05 3.08 0.51 0.03 0.03 0.03 - 0.01 0.08 0.02 0.05 0.05 0.05 + 0.01 0.31 0.05 0.65 0.50 0.57 - 0.12 1.68 0.42 0.52 0.40 0.43 - 0.07 1.66 0.35 0.30 0.25 0.27 - 0.03 1.88 0.25 0.40 0.33 0.34 - 0.06 2.05 0.33 0.22 0.17 0.19 + 0.01 0.43 0.15 0.05 0.05 0.05 0.00 0.18 0.05 0.19 0.17 0.19 - 0.01 0.35 0.16 1.18 0.95 1.00 - 0.19 2.14 0.60 0.01 0.01 0.01 0.00 0.04 0.01 0.05 0.04 0.05 - 0.01 0.13 0.04 1.21 1.08 1.15 + 0.03 1.82 0.85 0.11 0.09 0.09 0.00 0.37 0.09 0.59 0.53 0.59 + 0.04 0.62 0.25 0.01 0.01 0.01 - 0.01 0.03 0.01 0.83 0.77 0.81 - 0.01 1.41 0.77 0.02 0.02 0.02 + 0.01 0.03 0.01 0.06 0.05 0.06 - 0.01 0.23 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.20 0.17 0.18 - 0.02 0.46 0.15 0.14 0.13 0.13 - 0.02 0.19 0.08 0.03 0.03 0.03 0.00 0.17 0.03 0.99 0.68 0.99 + 0.28 1.30 0.68 3.42 3.16 3.27 - 0.12 4.73 2.66 4.50 4.17 4.31 - 0.14 5.80 3.17 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.05 0.05 + 0.01 0.12 0.03

U3O8 Corp T 2017 UC Res V 1066 Ucore Rare Mtl V 2102 UEX Corp T 5293 Ultra Lithium V 3590 Unigold V 485 Unity Energy V 261 Ur-Energy T 2609 Ur-Energy* X 1853 Uracan Res V 94 Uragold Bay Rs V 1750 Uranium Ener* X 3770 Uranium Partic T 3663 Uranium Res* Q 1943 Uravan Minls V 2560 US Energy* Q 9914 US Silica Hld* N 27169 Vale* N 335854 Valterra Res V 90 Vangold Res V 700 Vanstar Mng Rs V 80 Vantex Res V 890 Vena Res T 3679 Vendetta Mng V 700 Vendome Res V 319 Verde Potash T 196 Victoria Gold V 6707 Victory Nickel T 6804 Victory Res V 160 Vior Mining V 248 Virginia Engy V 184 Viscount Mng V 11880 Vista Gold T 430 Vista Gold* X 13316 VMS Vent V 1115 Volcanic Mtls V 60 VVC Expl V 6785

0.04 0.03 0.04 + 0.01 0.11 0.03 0.03 0.03 0.03 0.00 0.04 0.01 0.35 0.31 0.31 - 0.04 0.44 0.20 0.21 0.18 0.20 - 0.01 0.47 0.18 0.01 0.01 0.01 0.00 0.04 0.01 0.10 0.09 0.09 - 0.01 0.45 0.09 0.04 0.04 0.04 0.00 0.11 0.03 1.02 0.84 0.99 + 0.16 1.35 0.75 0.76 0.63 0.75 + 0.13 1.17 0.58 0.01 0.01 0.01 0.00 0.08 0.01 0.04 0.04 0.04 0.00 0.07 0.03 1.36 1.25 1.32 - 0.02 2.99 1.03 5.11 4.90 5.05 0.00 5.76 4.82 0.93 0.84 0.87 - 0.01 3.15 0.80 0.15 0.11 0.15 + 0.03 0.17 0.03 0.81 0.49 0.55 + 0.13 4.24 0.36 23.82 21.01 22.54 + 0.02 73.43 19.35 5.61 5.04 5.28 + 0.02 14.20 4.91 0.01 0.01 0.01 + 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.05 0.06 + 0.01 0.09 0.03 0.02 0.01 0.02 0.00 0.04 0.01 0.04 0.03 0.04 - 0.01 0.17 0.03 0.09 0.08 0.09 0.00 0.25 0.08 0.01 0.01 0.01 0.00 0.06 0.01 0.31 0.29 0.29 - 0.02 0.85 0.29 0.13 0.12 0.12 - 0.01 0.24 0.09 0.04 0.03 0.03 + 0.01 0.70 0.02 0.08 0.06 0.08 - 0.01 0.09 0.03 0.10 0.09 0.10 + 0.01 0.13 0.05 0.05 0.05 0.05 - 0.01 0.08 0.03 0.23 0.19 0.22 + 0.02 0.47 0.15 0.37 0.36 0.36 + 0.01 0.56 0.29 0.29 0.27 0.29 + 0.03 0.51 0.24 0.22 0.21 0.22 - 0.01 0.33 0.20 0.06 0.06 0.06 0.00 0.16 0.05 0.04 0.03 0.04 0.00 0.07 0.02

Wallbridge Mng T 3665 War Eagle Mg V 6500 Waseco Res V 190 Wealth Minls V 1220 Wescan Goldfie V 13 Wesdome Gold T 403 West Af Iron O V 65 West High Yld V 578 West Kirkland V 5261 Westcore Energ V 10 Western Copper T 396 Western Coppr* X 213 Western Lithiu T 10918 Western Melv M V 70 Western Pac Rs V 574 Western Potash T 13764 Westhaven Vent V 1150 Westkam Gold V 4841 Westminster Rs V 2441 Westridge Res V 500 WGI Heavy Mnl T 2512 Williams Creek V 3107 Wolfden Res V 229 WPC Res V 115 Xmet V 12013 Xtierra V 1160 Xtra-Gold Res T 740 Yamana Gold* N 116462 Yamana Gold T 141917 Yanzhou Coal* N 2331 Yellowhead Mng T 647 Zadar Vent V 1120 Zazu Metals T 180 Zena Mng V 25 Zenyatta Vent V 2798 Zimtu Capital V 46

0.04 0.04 0.04 + 0.01 0.09 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.10 0.02 0.25 0.22 0.24 + 0.01 0.42 0.03 0.03 0.03 0.03 0.00 0.05 0.01 1.00 0.95 0.96 - 0.01 1.40 0.62 0.03 0.03 0.03 0.00 0.20 0.03 0.29 0.22 0.23 - 0.07 0.43 0.11 0.06 0.06 0.06 - 0.01 0.14 0.05 0.03 0.03 0.03 - 0.01 0.04 0.01 0.49 0.45 0.47 + 0.01 0.87 0.42 0.38 0.34 0.35 + 0.00 0.81 0.32 0.62 0.52 0.55 0.00 1.00 0.50 0.06 0.06 0.06 - 0.01 0.45 0.03 0.02 0.01 0.01 - 0.01 0.18 0.01 0.29 0.27 0.28 + 0.01 0.40 0.20 0.07 0.06 0.06 0.00 0.14 0.05 0.04 0.03 0.04 0.00 0.07 0.03 0.03 0.01 0.02 - 0.01 0.30 0.01 0.01 0.01 0.01 0.00 0.06 0.01 0.30 0.26 0.26 - 0.05 0.78 0.00 0.02 0.01 0.02 0.00 0.11 0.01 0.10 0.10 0.10 0.00 0.32 0.10 0.04 0.04 0.04 0.00 0.08 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.23 0.21 0.23 + 0.01 0.32 0.10 1.99 1.73 1.87 - 0.09 9.04 1.73 2.59 2.26 2.42 - 0.17 9.90 2.26 5.75 5.43 5.67 - 0.02 12.24 5.38 0.08 0.06 0.07 - 0.01 0.18 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.16 0.15 0.15 - 0.01 0.59 0.15 0.07 0.07 0.07 - 0.01 0.15 0.06 1.32 1.22 1.26 - 0.04 2.61 1.05 0.24 0.24 0.24 - 0.01 0.65 0.22

U-V

W-Z

STOCK MISSING OR INCORRECT? Let us know at 1-416-510-6764 or tnm@northernminer.com. Data supplied by Reuters Canada.

15-08-12 6:24 PM

10 AUGUST 17-23, 2015 THE NORTHERN MINER

BID-ASK — AUGUST 3-7, 2015 STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Abzu Gold V 0.03 0.03 0.03 0.15 0.02 Advanced Expl V 0.02 0.03 0.02 0.05 0.02 Aegean Metals V 0.03 0.05 0.03 0.11 0.00 Afferro Mng V 1.10 2.50 1.57 2.40 0.00 AgriMinco V 0.01 0.01 0.01 0.01 0.01 Alder Res V 0.01 0.01 0.01 0.05 0.00 Alhambra Res V 0.02 0.03 0.02 0.10 0.02 Allana Potash T 0.50 0.50 0.50 0.50 0.00 Allied Gold T 2.25 2.29 2.25 3.70 0.00 Allied Nevada T 0.16 0.16 1.08 4.45 0.00 Allied Nevada* X 0.86 0.86 0.86 6.70 0.00 Alpha Mnls V 5.55 5.68 5.45 7.60 0.00 Altan Nev Mnls V 0.01 0.02 0.01 0.07 0.01 Alturas Minls V 0.01 0.01 0.01 0.03 0.01 Am Cons Minls V 0.04 0.04 0.04 0.07 0.00 AM Gold V 0.05 0.07 0.05 0.13 0.02 Amador Gold V 0.01 0.01 0.01 0.02 0.01 Amara Mng T 0.20 0.29 0.21 1.72 0.00 Amato Expl V 0.02 0.02 0.02 0.03 0.01 Amcol Intl* N 45.74 45.75 45.74 47.09 0.00 American Bonan T 0.02 0.02 0.02 0.06 0.00 AMI Res V 0.04 0.05 0.05 0.06 0.01 Amseco Expl V 0.01 0.01 0.05 0.05 0.04 Anglo Pac Grp T 1.82 1.90 1.90 3.48 1.00 Angus Mng Nami V 0.01 0.01 0.01 0.03 0.01 Arco Res V 0.06 0.08 0.06 0.15 0.03 Arctic Hntr Ur V 0.02 0.04 0.04 0.05 0.02 Argentum Silvr V 0.03 0.03 0.03 0.10 0.03 Armadillo Res C 0.01 0.05 0.02 0.02 0.01 Arrowstar Res V 0.06 0.11 0.08 0.25 0.05 Asher Res V 0.03 0.04 0.03 0.08 0.03 Asia Now Res V 0.01 0.02 0.02 0.03 0.01 Asian Minl Res V 0.05 0.06 0.06 0.08 0.03 Astur Gold V 0.02 0.02 0.02 0.30 0.02 Augusta Res T 3.15 3.50 3.55 4.18 0.00 Aurania Res V 0.30 0.35 0.30 0.30 0.30 AuRico Gold* N 2.87 2.88 2.86 4.69 0.00 AuRico Gold T 3.58 3.73 3.58 5.12 0.00 Azumah Res T 0.02 0.03 0.02 0.11 0.00 Bama Gold V 0.05 0.06 0.06 0.25 0.05 Bandera Gold V 0.01 0.01 0.01 0.05 0.01 Baroyeca Go&Si V 0.01 0.01 0.01 0.02 0.01 Bayfield Vent V 0.24 0.25 0.24 0.41 0.00 BE Res V 0.01 0.69 0.35 0.35 0.35 Bear Lake Gold V 0.03 0.04 0.04 0.06 0.00 Bearclaw Cap V 0.02 0.03 0.03 0.07 0.02 Bearing Res V 0.03 0.05 0.03 0.07 0.02 Belvedere Res V 0.05 0.06 0.05 0.18 0.04 Besra Gold T 0.02 0.02 0.02 0.07 0.00 Blackstone Ven V 0.01 0.01 0.01 0.01 0.01 Blue Gold Mng V 0.46 0.49 0.47 0.95 0.00 Bluestone Res V 0.05 0.09 0.06 0.25 0.05 Bonaparte Res V 0.05 0.12 0.05 0.11 0.00 Bralorne Gold V 0.19 0.19 0.20 0.45 0.00 Brazilian Gold V 0.10 0.10 0.11 0.25 0.00 Brigadier Gold V 0.01 0.01 0.01 0.01 0.01 Buccaneer Gold V 0.03 0.04 0.03 0.04 0.02 Bullman Mnls V 0.09 0.12 0.11 0.30 0.06 Cache Expl V 0.08 0.09 0.08 0.27 0.05 Cadan Res V 0.05 0.09 0.06 0.24 0.04 Calvista Gold T 1.09 1.10 1.09 1.10 0.00 Canada Fluorsp V 0.35 0.35 0.35 0.35 0.00 Canadn Orebods V 0.02 0.03 0.03 0.08 0.02 Canadn Silvr H V 0.02 0.03 0.02 0.07 0.02 CanAm Coal V 0.01 0.01 0.01 0.06 0.01 Cancor Mines C 0.01 0.02 0.01 0.05 0.00 Cangold V 0.03 0.04 0.03 0.15 0.00 Cannon Pnt Res V 0.10 0.11 0.11 0.25 0.10 Canuc Res V 0.02 0.03 0.03 0.04 0.02 Cap-Ex Vent V 0.02 0.02 0.02 0.08 0.01 Caracara Silvr V 0.01 0.01 0.01 0.02 0.01 Carrie Arran R V 0.01 0.06 0.05 0.08 0.05 Cascadero Copp V 0.02 0.03 0.02 0.07 0.01 Cassius Vent V 0.02 0.03 0.02 0.07 0.02 Cavan Vent V 0.02 0.02 0.02 0.04 0.02 Cayden Res V 2.40 2.49 2.40 3.49 0.00 Celeste Copper V 0.01 0.01 0.01 0.01 0.01 Century Iron M T 0.25 0.37 0.22 0.50 0.22 Chalice Diam V 0.07 0.07 0.07 0.08 0.00 Champion Bear V 0.06 0.10 0.08 0.20 0.05 Channel Res V 0.04 0.06 0.05 0.09 0.00 Chimata Gold V 0.05 0.10 0.06 0.19 0.01 CIC Energy T 1.99 2.00 1.99 2.45 0.00 Citation Res V 0.07 0.08 0.07 0.10 0.00 Clear Mtn Res V 0.01 0.02 0.01 0.12 0.01 Cliffmont Res V 0.01 0.01 0.01 0.04 0.01 Cline Mng T 0.01 0.01 0.01 0.84 0.00 CMQ Res V 0.02 0.04 0.02 0.05 0.00 Coalspur Mines T 0.02 0.02 0.02 0.08 0.00 Cobriza Mtls V 0.12 0.13 0.12 0.16 0.00 Codrington Res V 0.06 0.08 0.06 0.16 0.04 Coeur Mng T 12.03 12.64 12.09 20.14 0.00 Colibri Res V 0.01 0.01 0.01 0.02 0.01 Colombia Crest V 0.01 0.01 0.01 0.01 0.01 Colossus Minls T 0.02 0.02 0.04 3.40 0.00 Columbus Expl V 0.13 0.22 0.19 0.20 0.10 Cons Richland V 0.01 0.02 0.02 0.05 0.01 Contintl Nickl V 0.40 0.90 0.40 1.12 0.00 Copper Ck Gold V 0.06 0.07 0.06 0.09 0.03 Corazon Gold V 0.19 0.27 0.20 0.38 0.07 Coronado Res V 0.25 0.50 0.25 1.26 0.25 Coronet Mtls V 0.03 0.04 0.03 0.24 0.02 Cortez Gold V 0.18 0.32 0.32 1.00 0.16 Crazy Horse Rs V 0.01 0.02 0.01 0.05 0.01 Creso Expl V 0.12 0.12 0.12 0.13 0.00 Crosshair Eny* X 0.02 0.03 0.02 0.26 0.00 Cuervo Res C 0.01 0.01 0.01 0.01 0.00 Curis Res T 0.68 0.72 0.70 0.99 0.00 Currie Rose Rs V 0.01 0.02 0.01 0.02 0.01 Darwin Res V 0.05 0.05 0.05 0.20 0.00 Delrand Res T 0.07 0.15 0.09 0.95 0.06 Diamonds North V 0.02 0.03 0.02 0.08 0.00 Discovery-Corp V 0.06 0.08 0.07 0.14 0.05 Ditem Explor V 0.01 0.01 0.01 0.02 0.01 Dominion Mnls* Q 0.08 0.18 0.01 0.09 0.00 Dot Res V 0.01 0.02 0.01 0.08 0.01 Duluth Metals T 0.45 0.45 0.45 1.00 0.00 Dunav Res V 0.01 0.02 0.02 0.14 0.00 DV Res V 0.04 0.05 0.04 0.07 0.04 E-Energy Vent V 0.01 0.01 0.01 0.01 0.01 Eagle Mtn Gold V 0.14 0.17 0.13 0.42 0.00 Eastern Merid V 0.05 0.10 0.05 0.21 0.04 Elemental Mnls T 0.18 0.25 0.20 0.55 0.00 Elgin Mng T 0.41 0.42 0.42 0.45 0.00 Elissa Res V 0.14 0.14 0.14 0.25 0.06 Esperanza Res V 1.01 1.03 1.01 1.70 0.00 Estrella Gold V 0.03 0.04 0.03 0.08 0.00 Eureka Res V 0.07 0.09 0.08 0.16 0.02 Europn Uran Rs V 0.01 0.01 0.01 0.04 0.01 Eurotin V 0.02 0.02 0.02 0.12 0.02 Extorre Gold M T 4.27 4.28 4.27 11.27 0.00 Firebird Res V 0.01 0.02 0.02 0.03 0.01 Firestone Vent V 0.01 0.01 0.01 0.02 0.01 Freeport Res V 0.02 0.03 0.02 0.04 0.02 Gentor Res V 0.04 0.11 0.06 0.17 0.04 Geocom Res* Q 0.05 0.09 0.02 0.03 0.00 Geomark Expl V 0.96 1.00 0.98 1.00 0.00 GFK Res V 0.09 0.12 0.10 0.20 0.03 Gitennes Expl V 0.01 0.01 0.01 0.02 0.01 Global Met Cl V 0.01 0.01 0.01 0.03 0.01 Global Ur Fund T 1.64 1.67 1.64 2.05 0.00

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EXC BID ASK LAST HIGH LOW

Gold Ridge Exp V 0.02 0.02 0.02 0.05 0.02 Goldcliff Res V 0.01 0.01 0.01 0.02 0.01 Golden Band V 0.01 0.01 0.01 0.02 0.01 Golden Harp V 0.04 0.06 0.04 0.07 0.03 Golden Peak Mn V 0.06 0.07 0.06 0.18 0.04 GoldMountain* Q 0.04 0.05 0.05 0.35 0.00 Goldstar Mnls V 0.02 0.02 0.02 0.05 0.02 Gonzaga Res V 0.04 0.05 0.04 0.15 0.02 Gossan Res V 0.02 0.03 0.02 0.05 0.01 Grande Portage V 0.01 0.01 0.01 0.02 0.01 Great Bear Res V 0.06 0.07 0.07 0.09 0.02 Great Western V 0.01 0.01 0.01 0.09 0.01 Green Swan Cap V 0.01 0.02 0.02 0.09 0.01 Green Valley M V 0.01 0.01 0.01 0.01 0.01 Grenville Gold V 0.08 0.20 0.13 0.18 0.04 Gryphon Gold T 0.01 0.01 0.01 0.13 0.00 GTO Res V 0.10 0.16 0.11 0.11 0.00 GWR Res V 0.03 0.04 0.04 0.05 0.01 Highbury Proj V 0.12 0.24 0.19 0.50 0.15 Highvista Gold V 0.12 0.16 0.17 0.28 0.06 Highway 50 Gld V 0.12 0.18 0.13 0.51 0.11 HiHo Silver C 0.01 0.01 0.01 0.03 0.01 Hinterland Mtl V 0.02 0.02 0.02 0.04 0.01 Honey Badger E V 0.01 0.01 0.01 0.05 0.01 Horizonte Mnls T 0.05 0.06 0.06 0.10 0.04 Hudson River M V 0.01 0.01 0.01 0.01 0.01 Hunter Bay Mnl V 0.02 0.03 0.02 0.07 0.02 Huntington Exp V 0.01 0.01 0.01 0.04 0.01 ICN Res V 0.06 0.07 0.06 0.30 0.00 IEMR Res V 0.01 0.01 0.01 0.01 0.01 Inova Res T 0.16 0.20 0.15 0.60 0.00 Inter-Citic Mn T 2.04 2.05 2.04 2.05 0.00 Inter-Rock Mnl V 0.01 0.02 0.02 0.03 0.01 Intl Bethl Mng V 0.01 0.01 0.01 0.01 0.01 Intl Enexco V 0.41 0.41 0.41 0.55 0.00 Intl Millm Mng V 0.01 0.02 0.04 0.04 0.04 Intl Minls Crp T 2.80 2.83 2.83 4.92 0.00 Intrepid Mns T 0.25 0.26 0.26 0.31 0.00 Iron South Mng V 0.08 0.10 0.07 0.23 0.05 Iron Tank Res V 0.03 0.04 0.04 0.19 0.02 Jasper Mng V 0.04 0.16 0.05 0.15 0.03 Jayden Res T 0.06 0.10 0.07 0.27 0.06 Jet Gold V 0.04 0.04 0.05 0.15 0.04 Josephine Mng V 0.01 0.02 0.02 0.03 0.01 Jourdan Res V 0.04 0.05 0.07 0.25 0.03 Karmin Expl V 0.35 0.37 0.33 0.50 0.21 Kazax Mnls V 0.04 0.05 0.04 0.06 0.02 Kermode Res V 0.01 0.01 0.01 0.02 0.01 Kesselrun Res V 0.03 0.04 0.04 0.06 0.01 Kettle River V 0.01 0.02 0.01 0.02 0.01 Kimber Res T 0.15 0.16 0.15 0.40 0.00 Klondike Silv V 0.02 0.02 0.03 0.07 0.02 KWG Res V 0.02 0.03 0.02 0.09 0.00 Labdr Iron Mns T 0.02 0.02 0.02 0.14 0.00 Lachlan Star T 0.01 0.01 0.02 0.28 0.00 Lago Dourado M V 0.07 0.08 0.07 0.20 0.05 Letho Res V 0.13 0.18 0.13 0.18 0.05 Liberty Silver T 0.05 0.08 0.04 0.13 0.00 Lincoln Mng V 0.04 0.05 0.04 0.20 0.04 Lipari Energy T 0.46 0.49 0.47 0.49 0.00 Lithium One V 1.15 1.18 1.15 1.46 0.00 Logan Res V 0.05 0.06 0.05 0.06 0.03 Lornex Cap V 0.10 0.18 0.10 0.20 0.00 Lovitt Res V 0.04 0.09 0.05 0.06 0.03 Lucky Mnls V 0.07 0.11 0.13 0.30 0.08 MacMillan Mnls V 0.07 0.25 0.01 0.20 0.01 MagIndustries T 0.01 0.10 0.13 0.26 0.13 Magma Metals T 0.09 0.09 0.09 0.28 0.00 Mahdia Gold C 0.01 0.17 0.01 0.06 0.01 Mainstream Mnl V 0.01 0.01 0.01 0.01 0.01 Majescor Res V 0.04 0.04 0.04 0.06 0.03 Manado Gold V 0.04 0.06 0.05 0.08 0.01 Manson Creek V 0.02 0.02 0.02 0.15 0.01 Marengo Mng T 0.01 0.01 0.01 0.02 0.01 Margaret Lk Di V 0.11 0.17 0.14 0.50 0.11 Marifil Mines V 0.01 0.02 0.02 0.03 0.01 Maritime Res V 0.10 0.17 0.10 0.24 0.08 Marklnd AGF PM T 5.86 8.25 5.82 10.41 0.00 Masuparia Gold V 0.05 0.08 0.09 0.10 0.04 Maudore Minls V 0.01 0.01 0.01 0.07 0.01 McChip Res V 0.91 1.40 0.90 1.64 0.85 McVicar Res V 0.47 0.49 0.49 0.52 0.00 Mega Copper V 0.03 0.04 0.03 0.14 0.02 Mega Precs Mtl V 0.08 0.09 0.08 0.13 0.00 Menika Mining V 0.08 0.13 0.09 0.12 0.05 Mercator Mnls T 0.01 0.01 0.03 0.12 0.00 Messina Minls V 0.06 0.10 0.06 0.13 0.00 Midway Gold T 0.13 0.13 0.09 1.30 0.00 Midway Gold* X 0.07 0.08 0.04 1.17 0.00 Mill City Intl V 0.12 0.16 0.14 0.20 0.06 Milner Con Slv V 0.02 0.03 0.02 0.10 0.02 Minemakers T 0.10 0.25 0.07 0.10 0.06 Mineral Depost T 5.00 5.09 4.75 6.95 0.00 Mineral Hill V 0.03 0.18 0.14 0.14 0.07 Minfocus Expl V 0.01 0.01 0.01 0.04 0.01 Minsud Res V 0.09 0.17 0.09 0.09 0.03 Mirabela Nickl T 0.02 0.02 0.02 0.62 0.00 Moly Mines T 0.06 0.07 0.06 0.15 0.00 Monster Mng V 0.01 0.01 0.01 0.02 0.01 Mountain Lake V 0.32 0.35 0.32 0.82 0.00 Murgor Res V 0.02 0.02 0.02 0.03 0.00 Musgrove Mnls V 0.10 0.15 0.10 0.71 0.07 Network Expl V 0.03 0.03 0.03 0.07 0.03 New Carolin Gd V 0.04 0.05 0.04 0.08 0.02 New Dawn Mng T 0.10 0.16 0.13 1.10 0.00 New Destiny Mg V 0.01 0.02 0.01 0.06 0.01 Newcrest Mng T 12.10 12.90 12.11 31.00 0.00 Newmont Mng T 26.37 26.90 26.25 44.66 0.00 Newstrike Cap V 0.66 0.70 0.70 1.22 0.00 Nikos Expl V 0.04 0.04 0.04 0.15 0.03 Nitinat Mnls V 0.03 0.05 0.04 0.09 0.04 NMC Res V 0.17 0.17 0.19 0.19 0.00 Noble Metal Gr V 0.01 0.01 0.01 0.02 0.01 Noble Mnl Expl V 0.01 0.01 0.01 0.02 0.01 Nortec Mnls V 0.02 0.02 0.02 0.15 0.02 North Am Pot D V 0.01 0.01 0.01 0.02 0.01 Northcore Res V 0.03 0.04 0.03 0.10 0.02 Northern Lion V 0.01 0.01 0.01 0.03 0.01 NSGold V 0.04 0.05 0.04 0.65 0.04 NSX Silver V 0.03 0.04 0.03 0.15 0.03 Nuinsco Res T 0.01 0.01 0.01 0.03 0.00 Nunavik Nickel V 0.06 0.07 0.06 0.18 0.05 NWM Mng V 0.01 0.01 0.01 0.01 0.01 NWT Uranium V 0.02 0.02 0.05 0.05 0.05 Opawica Expl V 0.01 0.02 0.01 0.06 0.01 Open Gold V 0.01 0.02 0.01 0.03 0.01 Oremex Silver V 0.02 0.03 0.03 0.03 0.02 Orko Silver V 1.94 1.99 1.99 2.63 0.00 Oronova Res V 0.04 0.05 0.04 0.06 0.03 Orsa Vent V 0.10 0.10 0.10 0.15 0.00 Otterburn Res V 0.09 0.25 0.20 0.20 0.20 Pac Arc Res V 0.01 0.01 0.01 0.01 0.01 Pac Casc Minls V 0.01 0.02 0.01 0.05 0.01 Pac Iron Ore V 0.11 0.18 0.13 0.35 0.10 Pac Ridge Expl V 0.02 0.03 0.02 0.05 0.02 Pac Rim Mining T 0.07 0.08 0.07 0.11 0.00 Pac Wildcat Re V 0.01 0.01 0.02 0.05 0.01 Paget Mnls V 0.01 0.01 0.01 0.01 0.01 Palladon Vent V 0.01 0.01 0.01 1.49 0.01 Palmer Res V 0.01 0.02 0.01 0.10 0.01 Pantheon Vent V 0.11 0.11 0.10 0.15 0.03

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Paragon Minls V 0.06 0.07 0.06 0.12 0.00 Parallel Mng V 0.03 0.09 0.04 0.08 0.03 Paramount Gold T 1.20 1.20 1.52 1.88 0.00 Parkside Res V 0.01 0.02 0.01 0.02 0.01 Passprt Potash V 0.02 0.02 0.02 0.05 0.01 Peat Res V 0.02 0.03 0.01 0.03 0.01 Penteco Res V 0.05 0.06 0.05 0.06 0.00 Petaquilla Mnl T 0.03 0.03 0.03 0.31 0.00 Philippine Mtl V 0.03 0.04 0.03 0.07 0.03 Phoenix Copper V 0.01 0.02 0.01 0.05 0.01 Pitchstone Exp V 0.09 0.09 0.09 0.21 0.00 PJX Res V 0.18 0.20 0.20 0.29 0.10 Platinex V 0.01 0.01 0.01 0.02 0.01 Plato Gold V 0.01 0.01 0.01 0.02 0.01 PMI Gold T 0.48 0.50 0.48 0.72 0.00 PNG Gold V 0.01 0.01 0.01 0.03 0.01 Polar Star Mng T 0.01 0.02 0.01 0.17 0.00 Portage Mnls C 0.01 0.02 0.02 0.03 0.00 Portola Res V 0.20 0.01 0.20 0.20 0.20 Premier Roy T 0.74 0.76 0.76 2.60 0.00 Premium Expl V 0.02 0.03 0.02 0.08 0.01 Prime Merid Rs V 0.07 0.08 0.08 0.19 0.07 Proam Expl V 0.01 0.02 0.02 0.02 0.01 Prominex Res V 0.01 0.01 0.01 0.03 0.01 Prospero Silve V 0.07 0.15 0.07 0.25 0.05 Providence Res V 0.04 0.09 0.05 0.12 0.00 PVR Partners* N 27.44 27.46 27.44 29.22 0.00 Q-Gold Res V 0.02 0.06 0.03 0.10 0.01 QMC Quantum Ml V 0.01 0.02 0.02 0.04 0.01 Quartz Mtn Res V 0.01 0.02 0.02 0.06 0.02 Rackla Mtls V 0.01 0.02 0.02 0.04 0.01 Rainy Mtn Royl V 0.03 0.04 0.03 0.12 0.02 Rainy River Rs T 3.37 3.37 3.42 6.10 0.00 REBgold V 0.13 0.14 0.16 0.16 0.00 Red Cresc Res T 0.02 0.02 0.01 0.11 0.00 Red Moon Potsh V 0.03 0.06 0.03 0.09 0.03 Regulus Res V 0.25 0.28 0.27 0.66 0.00 Reliant Gold V 0.01 0.03 0.02 0.06 0.01 Remington Res V 0.03 0.05 0.03 0.05 0.03 Remo Res V 0.05 0.09 0.08 0.15 0.05 Resolve Vent V 0.04 0.06 0.05 0.11 0.05 Reva Res V 0.02 0.04 0.03 0.10 0.02 Revett Mnls T 0.56 0.65 0.57 1.42 0.00 Rhyolite Res V 0.09 0.12 0.11 0.36 0.11 Ridgemont Ir O V 0.02 0.02 0.02 0.28 0.00 Rio Alto Mng T 3.47 3.51 3.48 3.99 0.00 Rio Alto Mng* N 2.46 2.48 2.47 3.18 0.00 Roca Mines V 0.03 0.03 0.03 0.03 0.00 RockBridge Res V 0.02 0.03 0.02 0.09 0.02 Rockcliff Res V 0.03 0.03 0.03 0.07 0.00 Rockex Mng T 0.03 0.04 0.04 0.30 0.00 Rockgate Cap T 0.30 0.35 0.30 0.53 0.00 Romulus Res V 0.16 0.18 0.16 0.24 0.12 Ross River Mnl V 0.01 0.01 0.01 0.01 0.01 Rotation Mnls V 0.03 0.25 0.05 0.15 0.01 Royal Coal V 0.03 0.01 0.01 0.21 0.00 RPT Uranium V 0.30 0.33 0.33 0.62 0.22 RX Gold & Silv V 0.23 0.24 0.24 0.60 0.00 Sable Res V 0.01 0.02 0.02 0.10 0.01 Sama Res V 0.14 0.15 0.15 0.32 0.13 Samco Gold V 0.16 0.30 0.30 0.80 0.17 Sandstorm Mt&E V 1.20 1.37 1.36 3.54 0.00 Sarama Res V 0.06 0.07 0.07 0.18 0.03 Saville Res V 0.04 0.05 0.04 0.15 0.03 Sendero Mng V 0.01 0.01 0.01 0.01 0.01 Senior Gld Prd T 4.78 4.88 4.78 7.48 0.00 SG Spirit Gold V 0.06 0.10 0.10 0.40 0.06 Signal Expl V 0.03 0.05 0.04 0.06 0.02 Silver Grail R V 0.02 0.04 0.02 0.08 0.02 Silvermet V 0.05 0.06 0.06 0.13 0.04 Silvermex Res T 0.50 0.55 0.53 0.88 0.00 Silvore Fox Ml V 0.03 0.04 0.03 0.11 0.00 Sirocco Mng T 0.34 0.36 0.35 0.89 0.00 Softrock Mnrl V 0.02 0.02 0.03 0.03 0.01 Soltoro V 0.30 0.30 0.32 0.34 0.00 Sonoro Mtls V 0.07 0.09 0.09 0.22 0.06 Southern Hemis V 0.04 0.06 0.04 0.20 0.00 Sparton Res V 0.01 0.02 0.01 0.02 0.01 Spruce Ridge R V 0.02 0.03 0.02 0.04 0.01 St-Georges Plt C 0.01 0.02 0.02 0.07 0.01 Stelmine Can V 0.01 0.02 0.01 0.05 0.01 Stikine Energy V 0.01 0.01 0.01 0.02 0.01 Stratabd Mnr V 0.01 0.01 0.01 0.09 0.01 Stroud Res V 0.01 0.01 0.01 0.01 0.01 Sunward Res T 0.17 0.18 0.18 0.24 0.00 TAD Mnl Expl V 0.01 0.01 0.01 0.02 0.01 Taipan Res V 0.02 0.02 0.03 0.45 0.02 Tajiri Res V 0.01 0.01 0.01 0.04 0.01 Tasca Res V 0.03 0.04 0.05 0.08 0.02 Tawsho Mng V 0.01 0.02 0.01 0.06 0.01 Tearlach Res V 0.02 0.05 0.04 0.09 0.02 Terreno Res V 0.05 0.14 0.07 0.20 0.04 Thelon Cap V 0.10 0.10 0.05 0.17 0.00 Thunder Mtn Gd V 0.03 0.09 0.05 0.08 0.04 Tiger Intl V 0.19 0.28 0.18 0.35 0.15 Tigray Res V 0.09 0.13 0.10 0.15 0.00 Tintina Mines V 0.04 0.05 0.04 0.07 0.02 Tolima Gold V 0.01 0.01 0.01 0.05 0.01 Trend Mng* Q 0.05 0.05 0.01 0.11 0.00 Tri-River Vent V 0.05 0.18 0.05 0.09 0.03 TriAusMin T 0.06 0.07 0.07 0.08 0.00 Tribute Res V 0.05 0.10 0.05 0.12 0.04 Troy Res T 0.43 0.44 0.43 1.27 0.00 Tyhee Gold V 0.01 0.02 0.01 0.10 0.01 United Silver T 0.01 0.01 0.02 0.14 0.00 Uranerz Energy T 1.41 1.44 1.44 1.70 0.00 Uranium One T 2.85 2.86 2.85 2.86 0.00 Uranium Valley V 0.05 0.07 0.05 0.12 0.05 US SIlver & Go T 0.34 0.35 0.35 0.67 0.00 Vaaldiam Mng T 0.26 0.27 0.26 0.27 0.00 ValGold Res V 0.01 0.02 0.01 0.04 0.01 Vatic Vent V 0.02 0.03 0.02 0.08 0.02 Venerable Vent V 0.01 0.02 0.01 0.04 0.01 Veris Gold T 0.10 0.10 0.15 0.95 0.00 Victory Vent V 0.01 0.02 0.02 0.03 0.01 Viking Gold V 0.01 0.01 0.01 0.02 0.01 Virginia Mines T 14.65 15.22 14.99 17.20 0.00 Visible Gold M V 0.05 0.06 0.06 0.27 0.05 Volta Res T 0.33 0.34 0.33 0.57 0.00 Vulcan Mnrls V 0.02 0.03 0.02 0.04 0.02 Walter Energy* N 0.16 0.17 0.16 6.84 0.00 Walter Energy T 7.10 7.82 7.15 21.20 0.00 Waymar Res V 0.09 0.13 0.10 0.20 0.00 WCB Res V 0.15 0.18 0.15 0.35 0.10 West Cirque Rs V 0.23 0.26 0.26 0.54 0.00 Western Areas T 3.75 8.54 4.00 6.11 0.00 Western Troy C V 0.01 0.02 0.02 0.02 0.01 Whetstone Mnls V 0.01 0.01 0.01 0.04 0.00 White Pine Res V 0.02 0.02 0.02 0.09 0.01 Wildcat Expl V 0.04 0.05 0.05 0.17 0.03 Windarra Minls V 0.05 0.07 0.06 0.09 0.00 Windstorm Res V 0.04 0.05 0.05 0.19 0.00 Witwatersrand T 1.08 1.18 1.08 1.50 0.00 Wolverine Mnls V 0.05 0.06 0.05 0.14 0.03 World Vent* Q 0.01 0.51 0.02 0.10 0.00 Xemplar Energy V 0.02 0.02 0.02 0.06 0.02 Xinergy T 0.02 0.02 0.02 0.48 0.00 Zephyr Mnls V 0.12 0.14 0.12 0.22 0.11 Zinco Mng V 0.03 0.04 0.03 0.10 0.02 Zone Res V 0.01 0.01 0.01 0.04 0.01 Zonte Mtls V 0.04 0.06 0.04 0.09 0.03

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

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THE NORTHERN MINER AUGUST 17-23, 2015 11

First Mining FIRST MINING, From Page 1

private exploration company that had tried to do an initial public offering two years ago, but couldn’t get enough interest. Keith, who runs First Majestic Silver, was looking to option one of Chris’ properties. In the end that didn’t work out, but Keith liked what he saw with Chris, so they discussed taking Chris’ company public and creating this mineral bank. So last summer, exactly a year ago, they did a seed financing into Sundance at 25¢ and raised $2.7 million, which was put into escrow until the company went public. I joined the company in January and started working on a financing for $5 million at 40¢ and the reverse takeover with shell company Albion Petroleum, which were both completed in April. TNM: You’re a new company in a terrible market — how has the market reception been? PD: It’s been phenomenal — it’s amazing, the interesting thing that people keep saying to me is ‘How come nobody else is doing this?’ and I think we’re starting to see that happen. But I think people who work in the capital markets in the mining industry agree that we’re either at or near the bottom of this market. People agree that valuations are a multi-year lows — probably decade lows now, and there are great opportunities. The reception’s been good and I keep telling people that Keith’s success in the past has been predicated on his ability to identify when we’re at the bottom or near the bottom of these markets, and that’s the opportunity to acquire assets at really good prices. TNM: Can you distinguish the difference between your concept of a mineral bank from other entities that that are also acquiring distressed assets right now, such as streaming/royalty companies and private equity firms? PD: Streaming and royalty companies just buy royalty on asset. We simply acquire the company outright by using our shares. There are some similarities to the Ross Beaty model of the 1990s or the Silver Standard Resources (TSX: SSO; NASDAQ: SSRI) model — they went out and bought assets outright. In our case, we’re using our shares and we’re taking over these companies, the management move on, and we put the assets in our mineral bank. The long-term strategy for when things turn around — which they will, but I think we’ve got a couple of years at least before that happens — is that we would enter agreements with other parties and they would take the assets forward. We would hold onto a residual interest, so a royalty or a stream, a minority interest in a joint venture or perhaps we might just spin out these assets into new companies. But that’s well down the road — that’s the next three to five years. TNM: How much competition are you seeing out there for assets? PD: It’s heating up. It’s interesting, in January, people were saying “Why are you doing this right now? You maybe should wait until the markets are a bit better.” But we wanted to get first-mover advantage. We raised the $5 million but it wasn’t easy, and when we went out marketing, we heard there were a lot of people who were talking about doing this — but they wanted the markets to be better. But it’s the chicken and the egg — if the markets were better, then the opportunities to acquire

TNM August 17 2015 Issue.indd 11

Patrick Donnelly, First Mining Finance’s president. cheap assets wouldn’t be there. So we went for it in a really tough market. When we were marketing oil was at US$45 and everyone was having an awful time, but we got it done. We are seeing groups coming out: obviously Oban Mining (TSX: OBM), I think they’ll be competition. I know Thomas Kaplan of Electrum Group just raised $200 million to do a similar sort of thing, but they’re going to be targeting more advanced assets. Then obviously there are the private equity groups out there, but again, they’re looking for more advanced stuff: feasibility, preproduction or even production-level. TNM: What kinds of assets are you looking for? PD: We prefer assets at the resource stage or the preliminary economic assessment (PEA) level. The reason we like that stage is simply because there are a lot of juniors out there with good assets, and to get from a PEA level to a feasibility level, there’s a big leap in terms of time and cost. To convert your resource from inferred to measured and indicated requires quite a bit of drilling, but the market doesn’t want to invest in something where it will take a company a couple of years to get to the feasibility level. If you ask investors what their time horizon is for investment, it’s not measured in years anymore, or even quarters — it’s months. And yet a junior before they get a feasibility out, they need two or three years, and they need to raise $20 million to $40 million to do all that drilling, and the market’s not willing to give it. So the sweet spot for us is those companies who are kind of stuck where it’s a leap to get to a feasibility and they’re not getting any money from the markets, and they’re in trouble. TNM: You have a little more patience than the other people who are looking for assets right now. PD: It’s patience, and I think the companies at that stage are even more deeply discounted than assets that are more advanced. Yes, we’re more patient, but we do put in quite a bit of due diligence looking at these assets. Another difference between us and some of these groups like the Ross Beatys and the Silver Standards is that they were looking at assets that were out of the money in terms of being economic. What we’ve seen is that there are actually assets out there that you can buy that would make money at US$1,100 or US$1,200 gold, so that’s what we’re targeting as well.

Randgold beefs up exploration in Côte d’Ivoire Randgold Resources (NASDAQ: GOLD) is stepping up its exploration in Côte d’Ivoire. President and CEO Mark Bristow recently praised the country’s new mining code and announced that Randgold’s geologists are taking a fresh look at the Nielle permit, which hosts the company’s Tongon gold mine in northern Côte d’Ivoire, 55 km south of the border with Mali. (Tongon produced 227,103 oz. gold in 2014, and the company expects it will produce 260,000 oz. gold this year.) The most exciting targets are on the company’s Boundiali permit, including Fonondara and a series of others that cover a 60 km strike length at the western margin of the Boundiali belt, which Randgold’s geologists believe is an extension of the Syama belt in Mali. Randgold has started a firstphase drill program at Fonondara, where six trenches over a 1.5 km strike length have exposed a system that averages 16 metres grading 2.96 grams gold per tonne. Drill results beneath the trenches have returned 16.5 metres averaging 3.38 grams gold including 7.4 metres of 5.88 grams gold from the main zone, and 8.8 metres of 28.62 grams gold, including 4.1 metres of 61.05 grams gold in the footwall. The company has also identified a bulk-mining target on its Mankono permit, where trenches are grading up to 1.8 grams gold over 100 metres. South of the Nielle permit on the Fapoha permit, three contiguous targets have returned sampling grades of up to 8 grams gold over a 13 km strike length. Randgold has also beefed up its

RANDGOLD RESOURCES

Conveyors at Randgold Resources’ Tongon gold mine in northern Côte d’lvoire. generative team with the addition this month of Michael Skead, who has 25 years of experience in exploration and project evaluation, particularly in the east and central Africa regions, including the DRC, where he served as vice-president of exploration for Banro (TSX: BAA; NYSE-MKT: BAA) from 2000 until 2007. In the three months ended March 31, Randgold increased its profit from mining by 5% to US$143.9 million, despite slightly reduced gold production of 279,531 oz., mainly due to planned lower grades. Profit for the quarter of US$51.3 million, down from US$54.4 million in the fourth quarter of 2014, was impacted by higher exploration expenses and corporate costs, as well as adverse exchange rate movements during the period. Despite the production decrease in the first quarter, total cash costs per ounce came in at US$708 per oz. Net cash generated by operations increased from US$69.3 million to US$101.7 million, and the

cash flow, combined with lower capital expenses after the first phase of construction at Kibali in the Democratic Republic of the Congo, boosted cash-on-hand by 71% to US$141.2 million. At press time Randgold shares traded at US$58.31 apiece. Andrew Breichmanas of BMO Capital Markets in London has a US$100-per-share target price on the stock. “Randgold retains an enviable position among gold producers, with high-quality assets capable of generating cash at significantly lower prices, capital expenditures moderating following a growth phase and a balance sheet free of debt,” he commented in a research note to clients. “The company appears capable of capitalizing on the challenges faced by many of its peers, but the impressive exploration results suggest that management can exercise patience, while waiting for opportunities that surpass the high bar set by organic growth prospects to emerge.”

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AUGUST 17-23, 2015

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THE NORTHERN MINER

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Barrick ‘all but assured’ to meet debt target

BARRICK GOLD

Barrick Gold’s Zaldivar copper mine in Chile. Antofagasta is set to buy half of the operation for US$1 billion. BARRICK, From Page 1

its Zaldivar copper mine to Chile’s Antofagasta (LSE: ANTO) for US$1 billion. The new Zaldivar partnership follows the US$298-million cash sale of a half interest in Barrick’s Porgera gold mine in Papua New Guinea to China’s Zijin Mining. Barrick announced a new streaming agreement with Royal Gold (TSX: RGL; NASDAQ: RGLD) at its Pueblo Viejo gold mine in the Dominican Republic, where it holds a 60% stake alongside joint-venture partner Goldcorp (TSX: G; NYSE: GG). Barrick will receive an upfront cash payment of US$610 million, plus ongoing payments for gold and silver. In return, Royal Gold agrees to buy 7.5% of Barrick’s share of production at Pueblo Viejo up to 990,000 oz. gold, and 3.8% of gold produced thereafter. The innovative payment structure is tied to spot prices rather than being fixed in advance. Barrick will receive ongoing cash payments from Royal Gold equivalent to 30% of the prevailing spot prices for the first 550,000 oz. gold and 23.1 million oz. silver delivered. The remaining payments will then double to 60% of prevailing spot prices for each subsequent ounce delivered. “Our streaming agreement crystallizes immediate value from Pueblo Viejo in a volatile metal price environment,” Dush-

TNM August 17 2015 Issue.indd 13

nisky commented. “It will strengthen our balance sheet in the short term while preserving material exposure to higher gold and silver prices in the future.” Barrick started shopping another six of its assets: the Bald Mountain heap-leach mine in northeastern Nevada; a 50% stake in the Round Mountain mine operated by partner Kinross Gold (TSX: K; NYSE: KGC); the Golden Sunlight mine in southwestern Montana; the Ruby Hill operation near Eureka, Nev.; and the advanced-stage Spring Valley and Hilltop projects in Nevada. According to Canaccord analysts Tony Lesiak and Peter Bures, the combined asset package could net Barrick between US$550 million and US$650 million, with Kinross being a “strong candidate” to buy some of the Nevada projects, since it has US$1 billion in cash on its balance sheet and a need to “dilute its exposure to Russia.” Canaccord also wagers Barrick is “pulling the plug” on its Pascua Lama development in Chile, where it has battled regulators over permit issues. The company confirmed it was selling equipment at Pascua, which Lesiak and Bures assume “will be netted against closure costs and potential environmental fines.” Meanwhile, Barrick has identified what it calls “value realiza-

tion” initiatives at Pueblo Viejo and its powerhouse Lagunas Norte open-pit mine in northcentral Peru. “Lagunas Norte has been an outstanding mine for us since it began operations in 2005, and our plan contemplates adding a grinding flotation autoclave processing circuit to treat refractory material,” co-president James Gowans elaborated. “At Pueblo Viejo, we’ve identified some key opportunities that have the potential to add substantial value. These include expanding the tailing storage capacity in order to extend the mine life, and modifications to our fuel and power supply.”

also says the tailings expansion at Pueblo Viejo could incorporate 6 million oz. more gold into its mine plan. “Barrick’s net debt reduction pledge is all but assured in our view, after the recent [Pueblo Viejo] streaming deal and planned further non-core divestitures in the U.S.,” Lesiak and Bures wrote in an Aug. 7 research note. “The key area of opportunity remains [operating expenditures, mining methods and mine planning]. We also note that reserve life remains at risk given the sustaining capital and exploration deferrals.” Dushnisky explained that the steps Barrick has taken to streamline operations has re-

‘We want a portfolio focused on highquality gold assets and growth projects in our core regions in the Americas.’ — Kelvin Dushnisky, co-president, Barrick Gold The company completed a preliminary economic assessment at Lagunas Norte that extends the mine life through at least 2027 by processing refractory material below the current oxide pit. The US$500-million expansion could add up to 2 million oz. gold to Lagunas Norte’s reserves, though full details of the study were not released at press time. Barrick

sulted in “all its mines” being free-cash flow positive at US$1,100 per oz. gold. In light of the recent drop in bullion prices, however, the company is also stress testing its assets at price levels down to US$900 per oz. “We don’t expect gold to reach [that level], but if it does, we know what we need to do,” Dushnisky continued. “This may involve par-

tial or full suspensions of noncore mines, further headcount reductions and raising cut-off grades or processing higher grade stockpiles at our operations.” Barrick dropped its full-year production guidance slightly after the asset sales, and expects to crank out between 6.1 million and 6.4 million oz. gold at all-in sustaining costs ranging from US$840 to US$880 per oz. The company’s five “core mines” in the Americas — Cortez, Lagunas Norte, Veladero, Goldstrike and Pueblo Viejo — could account for 60% of total production this year at all-in sustaining costs ranging from US$700 to US$750 per oz. “We’ll continue to optimize our portfolio, and this is not only about reducing debt. Ultimately, we want a portfolio focused on highquality gold assets and growth projects in our core regions in the Americas,” Dushnisky said. Barrick has traded within a 52week window of $8.60 to $21.14, and closed at $9.24 per share at press time. The company has 1.2 billion shares outstanding for a $10.7-billion market capitalization, and had US$2.1 billion of cash, plus US$4 billion available on an undrawn credit facility at the end of June. Assuming Barrick meets its US$3-billion debt reduction target, it will still have US$9.2 billion in long-term debt.

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14 AUGUST 17-23, 2015 THE NORTHERN MINER

New Gold inks Rainy River deal with Royal Gold VANCOUVER — Canadian producer New Gold (TSX: NGD; NYSE-MKT: NGD) appears to have filled a funding gap at its Rainy River gold mine under construction 65 km northwest of Fort Frances, Ont., with a US$175-million streaming deal with Denverbased Royal Gold (TSX: RGL; NASDAQ: RGLD). On July 20 the companies struck a deal whereby Royal Gold will provide New Gold with cash for construction in exchange for a percentage of future gold and silver production. New Gold has spent US$119 million at Rainy River so far, which represents 14% of the estimated US$877-million development costs. Royal Gold will make two advance payments under the agreement, consisting of US$100 million at closing and US$75 million once capital spending on Rainy River is 60% complete. In return New Gold’s payments will deliver 6.5% of gold produced at the project until 230,000 oz., and 3.3% thereafter; plus 60% of silver produced up to 3.1 million oz., and 30% thereafter. Royal Gold will pay New Gold

New Gold’s Rainy River gold mine under construction 65 km northwest of Fort Frances, Ontario. 25% of the spot price per ounce of gold or silver. Based on a feasibility study released in early 2014, Rainy River will crank out 325,000 oz. gold and 480,000 oz. silver per year over its first nine years of operation. Total production over the project’s 14-

year mine life is estimated at 3.4 million oz. gold and 6 million oz. silver. New Gold plans to run a hybrid open-pit, underground operation that would process material at 21,000 tonnes per day. Rainy River’s open-pit reserves total 100

million proven and probable tonnes grading 0.96 gram gold per tonne and 2.49 grams silver per tonne, for 3.1 million contained oz. gold and 8 million contained oz. silver. Meanwhile, underground reserves include 4.2 million tonnes of 4.96 grams gold and

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10.31 grams silver. “This transaction provides our company with an attractive cost of capital,” New Gold executive chairman Randall Oliphant noted in a prepared statement. “In addition, we have structured the stream in a manner that maximizes our exposure to both the continued exploration potential of the Rainy River district and long-term gold and silver prices.” Royal Gold figures it will receive annual deliveries of 17,000 oz. gold and 230,000 oz. silver over Rainy River’s current mine life. The company will also gain the upside of measured and indicated resources of 46 million tonnes grading 1.64 grams gold and 4.9 grams silver for 2.4 million contained oz. gold and 7.2 million contained oz. silver. “Rainy River fits well into our high-quality portfolio and met all our criteria for new investments, with nearly 4 million oz. gold reserves, continued exploration upside and projected cash costs below US$600 per oz.,” Royal Gold president and CEO Tony Jensen added. New Gold indicated that the total stream payment would bring its liquidity to US$738 million, which includes room on an undrawn credit facility and US$327 million in cash. The company said it would close the US$22-million funding gap through cash flow from operations. New Gold received its permits for major earthworks construction in May, and expects mill infrastructure delivered by the fourth quarter. The company says it has outlined five prospective areas “within a 5 km radius of mine development area identified for future drill testing.” New Gold shares have traded in a 52-week range of $2.80 to $7.15, and last closed at $2.91. The company has 509 million shares outstanding for a $1.4-billion market capitalization. Meanwhile, Royal Gold is deploying its impressive balance sheet as precious metals markets stumble. The company reported cash and equivalents of US$715 million in March, and recently closed a US$525-million gold offtake agreement with major Teck Resources (TSX: TCK.B; NYSE: TCK) on the Carmen de Andacollo mine in Chile. Royal Gold has traded within a 52-week range of $61.50 to $95.64, and closed at $66.55 at press time. The company has 65.2 million shares outstanding for a $4.4-billion market capitalization.

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THE NORTHERN MINER AUGUST 17-23, 2015 15

Environmental Specialist Rainy River, ON Online Reference No: 62226 Environmental stewardship is a critical piece of our company culture and values. We are looking for an outstanding individual to join our environmental management team, as an Environmental Specialist. A number of short-term temporary roles during construction are also available.

Global Copper Group Inc. President & CEO Online Reference No: 62172 Global Copper Group Inc. is a junior mining exploration company seeking to fill the position of President & CEO. The recently restructured company aims to develop mining projects from, potentially, the green-field stage, through to feasibility. This is a permanent full-time position.

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Mechanized Raise (Alimak) Leaders ID, Papua, ID Online Reference No: 61992 The primary role of the Alimak Leader is to maintain and construct underground installations, performing various tasks such as erecting work platforms, scaling loose rock, drilling, loading and blasting rock and ensuring that the drilling patterns follow the mining plans.

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Executive Director Saskatchewan, CA Online Reference No: 62156 Reporting to the Board of Directors through the Chair, you will execute the strategic plan, clearly identifying, measuring and reporting on progress in achieving IMII goals, objectives, strategies and measurable targets. Collaborate with industry partners and related organizations to build and maintain a supportive network of industry, education, research, and government entities to optimize financial and human resources that will enable IMII to meet its objectives.

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Construction 1 Online Reference No: 62278 McArthur Lake Operation POSITION AND RESPONSIBILITIES: Assist with the organization of all underground construction at the McArthur River Operation including: backfill and concrete placement, bulkhead building, installation of backfill gantry, backfill plug and shotcreting

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Construction 2 Online Reference No: 62282 McArthur Lake Operation POSITION AND RESPONSIBILITIES: Assist the Construction I personnel as required, Operate underground equipment, have the ability to work with minimal supervision.

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Maclean Bolter North Mine, Sudbury, ON Online Reference No: 62291 The primary role of bolter is to inspect existing underground headings, scale loose rocks and install ground support to stabilize rock mass and ensure safety. The tasks may involve the operation of scaling bars, pneumatic hand-held drills, use of rubber-tired underground mobile equipment such as LHD (Load-Haul-Dump) units, mechanized bolters, scissor trucks, shotcrete sprayers and other support vehicles in a confined environment.

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TNM August 17 2015 Issue.indd 15

15-08-12 6:25 PM

16 AUGUST 17-23, 2015 THE NORTHERN MINER

First Mining searches for the ‘sweet spot’ FIRST MINING, From Page 11

TNM: So you’re looking at current commodity prices when you’re evaluating projects? PD: Yes, we’re focused on exchange-traded metals, so gold, copper, lead, zinc, silver, nickel, platinum and palladium. For gold, we’re targeting US$1,100 to US$1,200 gold. I was originally looking at US$2.50 to US$3 copper, but copper is now at US$2.30 and there aren’t many copper assets out there, so we’re primarily looking at gold. We don’t want low grade — you need as much grade as you can. I have groups reaching out to me saying they’ve got 3 million or 5 million oz. gold — then you look at it and it’s at half a gram. I won’t even go any further — we don’t have to — there are other assets out there that have really good grade and would potentially make money at current spot. TNM: How willing are people to make deals right now? About a year ago buyers wanted to make deals, but potential sellers were holding out for better deals. PD: With gold, it’s funny, we were negotiating with one junior and

they wanted to a deal, but their terms were ridiculous and we couldn’t get a deal done. A couple weeks ago, when gold pushed through below US$1,100, these guys called us up and said: ‘We’ll play ball.’ So some juniors, the ones with management teams that are honest will say to us, “We like Keith, we want to see our shareholders benefit. We want this in good hands and we’re willing to do a deal.” But the surprising part is the other groups out there — they have no money, they have a good asset, but they’re prepared to enact a scorched earth policy. They’ll take out debentures or get a loan against their asset and put a lien on the asset. Another company, they have a good asset and they’re trying to do a toll-milling agreement where they just mine out all the high grade — basically plucking out the eyes — and feed it to a local mill just to keep the lights on for a couple more years. I’m shocked at some of the desperation moves some of these companies are making. Other companies are accruing payables, the management are accruing sal-

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TNM August 17 2015 Issue.indd 16

First Mining Finance’s Hope Brook gold project on Newfoundland’s southwest coast. aries, and they won’t even return your calls. They’re just trying to hang on for dear life and praying that we’ll turn a corner in the next quarter. So it’s all over the map. There are groups that are willing to do a deal and there are other groups that have stuck their heads in the sand. TNM: You mentioned that you believe we’re a couple years away from a recovery — why is that? PD: I do, we’ve been out marketing and talking to investors and players on Bay Street, Wall Street and London. A lot of people have been burned by the sector and they have a really bitter taste in their mouth, and right now the sentiment is very, very negative. I’d even go as far as to say it’s toxic, where people, not only are they not interested in mining, they just hate mining. That will take a while to change. I think this is worse than what we went through in the late nineties, and the reason for that is that producers weren’t jacked up on debt. They were also hedged, which protected their downside, and they were mining high grade to keep the lights on. Nowadays, majors are up to their eyeballs in debt, they don’t have much high grade and they’re not hedged. Then you put that into an environment where you’re seeing some volatility in the markets and in that metal, and they’re way more susceptible. People ask Keith when things are going to turn around and he’ll say, “How are the majors with all this debt going to turn things around [with mergers and acquisitions (M&A)] when the first thing they have to do is get their margins up?” So they start cutting costs and firing people and that takes a couple years, and then once they do that, they focus on reducing their debt levels and that doesn’t happen overnight either, so the majors have to fix themselves first before they come back in and start doing M&A again, and I think that’s going to take a while. Judging from past cycles, I think this is going to take a couple of years. We’ll have to chew through it and right now, globally with what’s going on in China and Europe and a lot of countries — slowing growth and oversupply in certain commodities, especially iron ore — it’ll take a while for demand to exceed supply again. TNM: You were saying that your timeline is three to five years — is that when you expect to attract joint-venture partners and vend out projects? PD: For the next three to six months, we’ll be acquiring another couple of assets that have between 3 million and 5 million oz.

gold. Then over the next two years, we’ll continue to acquire assets. Ideally, we’d like to have another 30 to 40 assets. In terms of unlocking value and the exit strategy, it would be anywhere from three to five years. That’s when we’d start selling these assets to other companies or groups — again, holding on to a minority interest, stream or royalty, joint venture, spinout or any other combination of the above. TNM: What is your financial position now? PD: We’ve got about $4 million in cash. We’re using our shares to make acquisitions — we don’t use cash. Most of the juniors we’ve spoken to are happy to take our shares because investors, they might have invested at $1 per share. Now the share price is at a nickel, and if you accept cash, then you’re crystallizing your losses. Given the track record of Keith Neumeyer, who’s founded 2-billion-dollar companies, they’d rather take shares in our stock and still have the opportunity for their shareholders to participate in the upside. TNM: Are you concerned about dilution over the long-term, using shares for all of your acquisitions? PD: Every time you do a deal there’s going to be dilution, but we’re looking at assets that we can acquire for less than US$10 an oz., and in a normal market they’d be trading at US$70 to US$80 an oz. in the ground. So we’re looking at situations where you acquire a company and take 20% dilution, but the assets themselves are probably worth seven, eight, nine times what we paid for them. So what you make up in valuation and in value greatly, overwhelmingly exceeds what you take in dilution, and that’s the opportunity. TNM: You made your first acquisition with Coastal Gold in July. What was it that you liked about the Hope Brook asset? PD: Geologically it’s a fantastic asset. It’s a formerly producing mine and when I was an undergrad 20 years ago in geology, one of the first things I learned was that the best place to look for a mine is next to a mine. So it’s a nice large land package, we think there’s probably another 1 or 2 million oz. in the ground, it currently hosts about 1 million oz. gold at 5 grams per tonne gold. The average width of mineralization is 20 metres and it’s a pretty consistent, so you can use a lowcost underground mining method. What also really blew me away is there’s a powerline to the project. We flew in — myself, our CEO Chris Osterman and Keith Neumeyer — to Hope Brook just a couple of weeks ago, and you walk into camp and you just flick on the

FIRST MINING FINANCE

lights, and boom, everything was on. So it’s got infrastructure, which is critical for us, and the power costs in Newfoundland are some of the cheapest in the world at 3–4¢ a kilowatt hour. It’s next to the ocean: there’s a port, there’s an airstrip, we have all the metallurgy. It was owned by Royal Oak in the 1990s and it went out of production not because it ran out of material, but because gold went down to US$230 an oz. and Royal Oak went bankrupt. Newfoundland is just a fantastic place to do business. Because it’s a brownfields project, it wouldn’t take long to permit — the government there was speaking in months as opposed to years. It checks all the boxes, and we were absolutely ecstatic that we got our hands on it. We got it for about $11 million, and I think in a normal market, it would be worth $100 million. Hope Brook is our flagship. We wanted to make a statement to the market that we’re going to go after quality projects and get a good price. We have 18 other assets as well: 17 in Mexico and one in the U.S. We have a number of projects in Sonora state, but they’re all grassroots, early stage and don’t have any resources. TNM: For the next acquisitions, you’re also looking in the Americas. Any place in particular? PD: We like Canada a lot because Canadian gold deposits tend to be high grade and long-lived. We like Newfoundland, Quebec, Ontario and Manitoba. We do like Nevada, Arizona and Mexico, and then we like most of South America — Chile, Peru — we think Argentina’s going to get better, we think Ecuador is getting better and Colombia’s not bad. But we do like Canada a lot — I think Canada has the highest-grade gold deposits in the world. TNM: Over the next couple of years are you going to be doing work on any of these projects, or are you just sitting on them until the market turns? PD: I’ll be honest with you — the market doesn’t care if you put out really good drilling results. One of the criteria for acquiring these assets is that the holding costs are low. That’s why we like projects that have a resource on them, because that means they’ve already piled in a bunch of money on drilling. So no, there’s no real point. It’s much cheaper for me to buy ounces than to drill for ounces right now. It’s really hard to raise money. There’s no point in doing any work because the market won’t reward you for that. I think they’re more likely to reward us if we continue to make good acquisitions.

15-08-12 6:25 PM