The Northern Miner August 24 2015 Issue

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Lake Shore takes big stake in IDM “The agreement essenVANCOUVER — IDM tially wasn’t tenable due Mining (TSX: IDM; USto the balloon payments, OTC: RVRCF) has taken which we kept having to a step toward production book on our financial at its Red Mountain gold statements. Firstly, we project — located 15 km needed to get rid of that northeast of Stewart, B.C. overhang. The second el— after cleaning up its ement is a bit of serendipbalance sheet and closing ity surrounding Red a private placement that

BY MATTHEW KEEVIL Mountain. Lake Shore’s will fund it through the CEO, Anthony Makuch, permit process it hopes used to work for Lac Minerals back will end by late 2016.

IDM overcame a financial hurdle when it had the project, and he’s when it negotiated the payment of always been a fan,” he added.

The companies negotiated an a legacy debt that has haunted its balance sheet for the past two amended purchase and sale agreeyears. The issue dates back to a 2012 ment to settle the remaining $5-miloption agreement with Lake lion payment obligations, wherein Shore Gold (TSX: LSG; NYSE- IDM will issue Lake Shore 7.5 milMKT: LSG), when IDM was known lion shares and 20 million share purchase warrants priced at 20¢, as Revolution Resources.

The company optioned Lake and valid for five years.

Lake Shore followed up by parShore’s Mexican exploration portfolio andwas on the hook for a se- ticipating in an IDM private placeries of balloon payments, despite ment, wherein it picked up anshifting its focus to Red Mountain. other 2.5 million shares priced at “This has been in plan since we 10¢ per share. The Ontario-based initially restructured the company producer has emerged as an eqlast year. The history is that there uity holder in the junior with a was a top-of-the-market option 19.9% stake.

The arrangement was part of a deal to acquire the Mexican assets that our current management team broader private placement where didn’t negotiate,” president and IDM raised $2 million to see it CEO Robert McLeod said during through permitting at Red Mounan interview.

See IDM, Page 2

Silver Wheaton posts strong Q2 results

BY TRISH SAYWELL

Canadian streaming company Silver Wheaton (TSX: SLW; NYSE: SLW) posted record quarterly production of nearly 11 million equivalent oz. silver in the three months ended June 30, and for the first time ever, notched quarterly sales volume of 10 million equivalent oz. silver.

The record production and sales figures were driven by strong results from all of the company’s flagship assets and from the first substantive contribution from Hudbay Minerals’ (TSX: HBM; NYSE: HBM) Constancia copper-silver-molybdenum mine in Peru, which achieved commercial production on April 30.

Silver-equivalent production reached 10.9 million oz. (7.2 million oz. silver and 50,500 oz. gold), in a 29% year-on-year increase, while US$10 million in sales volume marked a 34% increase over the same quarter of 2014.

Weak commodity price markets affected the company’s average realized sales price per equivalent silver ounce, which were

TNM Aug 24 2015 Issue.indd 1

17% lower than a year ago, and the lower prices affected profits. Net earnings of US$53.7 million, or US13¢ per share, represented a 15% decline from the US$63.5 million (US18¢ per share) that the company reported in the second quarter of 2014.

Operating cash flows, however, increased 7% year-on-year to US$109.3 million, or US27¢ per share, up from US$102.5 million (US29¢ per share) in the yearearlier quarter. The company finished the quarter with US$72 million in cash and US$715 million outstanding under a US$2-billion revolving term loan.

“Overall, the first half of 2015 represents a strong start to what we believe will be a prolonged period of fully funded, organic growth for Silver Wheaton,” president and CEO Randy Smallwood, declared on a morning conference call with analysts and investors.

Smallwood reiterated the company’s production guidance for 2015 of 43.5 million equivalent oz. silver, a growth rate of over 23% and forecast that growth would See SILVER WHEATON, Page 3

Robert Friedland 3

Sounds off on the state of the industry

16

7-9

Klondex blazes ahead, undeterred by low gold prices

Trucks enter a portal at Klondex Mines’ Midas gold-silver mine in Nevada.

BY SALMA TARIKH

Klondex Mines (TSX: KDX; USOTC: KLNDF) has been a stellar performer despite the current bear market for gold stocks, with its share price steadily on the rise since the end of 2012.

The company — which operates the Fire Creek gold mine and the Midas gold-silver mine and

mill in Nevada — saw its share price slide to a multi-year low of 31¢ in October 2008, before peaking at an all-time high of $3.87 in February 2011, and tumbling to $1.25 in 2012.

Since then, Klondex shares have picked up momentum.

They gained 29% in 2013, 21% in 2014 and soared 74% during this

Patriot Gold offers ‘arbitrage opportunity’

BY TRISH SAYWELL

With depressed commodity prices and shrinking valuations, sometimes it’s arbitrage opportunities that offer some of the more compelling investment opportunities.

Take Patriot Gold (US-OTC: PGOL), a junior that has a 100% stake in the Moss gold-silver mine project in northwestern Arizona and a 100% stake in the Bruner gold project in Nye County, Nev. Back-of-the-envelope calculations suggest that the Nevadabased junior’s market capitalization is a fraction of what it should be, compared with the market caps of two other juniors that are earning into the two projects.

Northern Vertex Mining (TSXV: NEE; US-OTC: NHVCF) is earning a 70% interest in the Moss project and Canamex Resources (TSXV: CSQ) is earning a 70% interest in Bruner. Based on Northern Vertex’s $18-million market cap, the Moss project is worth $26 million, while Bruner should be worth $9 million, based on Canamex Resources’ $6-million market cap. That means Pa-

triot Gold’s share of the Moss mine should be worth $8 million and its share of the Bruner project $2.6 million, for a $10.6-million total valuation. But the junior’s market cap sits at US$2.8 million.

“When you look at the market cap of Northern Vertex and Canamex and you look at the market cap of Patriot, it doesn’t add up,” Patriot Gold chairman Newton says. “Even if you discount Patriot to assume it just has fractional ownership of both of its major projects, still the market capitalization we feel is wonky ... we believe a good opportunity exists, and because we have no retail exposure in Canada, that arbitrage opportunity remains largely unexploited.”

Newton adds that the company was created in 2003 and “never tried to develop a shareholder base in Canada. We were primarily self-financed by family and friends over the years.”

One reason the arbitrage opportunity might still exist is that some funds have a mandate to not buy mining companies listed on

KLONDEX MINES

year’s first half to end June at $3.40 per share. The stock finished Aug. 12 at $3.49, appreciating 179% since 2012.

At the same time the spot gold price has retreated 32% to US$1,125.50 per oz., from US$1,664.

The force behind the company — led by president and CEO Paul Huet, who joined in late 2012 — has been its two Nevada operations.

Klondex produced from Fire Creek under a bulk-sample permit in the second half of 2013, and b o u g h t t h e M i d a s a s sets from Newmont Mining (NYSE: NEM) in early 2014.

See KLONDEX, Page 2 PM40069240 – PAP Registration #09263

See PATRIOT GOLD, Page 14

15-08-19 5:20 PM

2 AUGUST 24-30, 2015 THE NORTHERN MINER

Lake Shore takes big stake in IDM

TNM Aug 24 2015 Issue.indd 2

COMPANY INDEX

Careers............................. 14 Editorial.............................. 4 Events............................... 16 Meetings.......................... 16 Mining Jobs...................... 15 Metal Prices...................... 12 People.............................. 14 Professional Directory.. 13-14 Stock Tables.............. 6,10-12

IDM, From Page 1

tain. The company filed its preliminary economic assessment at the project a year ago.

The mine would crank out 55,500 oz. gold annually over a five-year life at average cash costs of $543 per oz. Assuming US$1,250 per oz. gold and US$20 per oz. silver, Red Mountain features an after-tax $58-million net present value at a 5% discount rate, and a 32.8% internal rate of return.

“For a lot of Canadian projects we’re really looking at the foreign exchange rate and how that’s affected our gold-price assumptions.

The economics at Red Mountain remain tremendous in Canadian dollars, if you look at our sensitivities,” McLeod pointed out. “The other thing is that we did a bit of drilling last year, and we’re working on a new resource estimate that incorporates a lot of historic areas in zones we didn’t include in our most recent estimate.”

IDM has just submitted its project description report to the British Columbia Environmental Assessment Agency and the Canadian Environmental Assessment Agency, which kick-starts the regulatory process for a 1,000-tonne-per-day underground gold mine that could pour first gold within two years.

The company’s environmental baseline team is finishing seasonal fieldwork, including: surface and groundwater hydrology, archeological assessments, and geohazard, fisheries and wildlife studies.

First Nation and community engagement and project engineering studies are underway in conjunction with the environmental assessment process.

“When you look at it historically, the area around Stewart is right up there with Timmins in terms of being one of the most pro-mining places on the planet. Northwestern B.C. is one of the most potentially prolific development areas around, with Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM project and Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack project,” executive chairman Michael McPhie said.

“It’s a positive place to permit a mine and it has great geology and infrastructure, and I think a lot of companies would like to be involved. So from our perspective it’s not only that Lake Shore wanted to settle that debt with us, but also to invest into our company,” he continued.

The deal follows hot on the heels of Lake Shore’s $24.5-million

REGULAR DEPARTMENTS

The peak of Red Mountain in northwest British Columbia.

Cameco.............................. 9 Canamex Resources............ 1 Cenovus Energy.................. 9 Cordoba Minerals............. 16 Denison Energy.................. 9 Denison Mines.................... 9 Exxaro Resources................ 7 Fission Uranium.................. 9 Gold Fields.......................... 3 Hudbay Minerals................ 1 IDM Mining........................ 1 Imperial Oil......................... 9 Ivanhoe Mines.................. 16 Klondex Mines.................... 1

Lake Shore Gold................. 1 MMG............................... 16 Newmont Mining............... 1 NexGen Energy.................. 7 Northern Vertex Mining...... 1 Patriot Gold........................ 1 Pretium Resources.............. 2 Seabridge Gold................... 2 Select Sands........................ 7 Silver Wheaton................... 1 Strateco Resources.............. 5 Teck Resources................. 16 Temex Resources................ 2 Total................................... 7

IDM MINING

STORIES WE’RE WORKING ON. . .

Since 1915

Our September 7 issue will include a special section covering the latest mining and exploration activity in Mexico.

Klondex blazes ahead KLONDEX, From Page 1

IDM Mining’s Red Mountain gold project near Stewart, British Columbia. offer for junior Temex Resources (TSXV: TME; US-OTC: TMXRF) in late July, though it marks the gold producer’s first step outside its home territory in Ontario. Under the proposal, Temex shareholders would receive 0.105 of a Lake Shore share, which works out to 13¢ per Temex share at the time of the offer.

company has 68 million shares outstanding for a $6.8-million market capitalization.

“Given Lake Shore’s expertise in underground mining it’s another source for us, as we move down the path to development.

Currently it’s just an investment, but it’s a positive working relationship, and Lake Shore has

‘The area around Stewart is right up there with Timmins, in terms of being one of the most pro-mining places on the planet.’

—Michael McPhie, executive chairman, IDM Mining IDM has traded within a 52week range of 9¢ to 56¢, and closed at 10¢ per share at press time. The

investor relationships behind it that we might benefit from moving forward,” McLeod said.

Huet knew Midas well, from his days operating the mine for Newmont from 2000 to 2007.

While Newmont expected that Midas’ underground operation would end early this year, Huet and his team have kept the mine chugging along.

They also showed there was more to Fire Creek than the market thought, Mackie Research analyst Barry Allan explains in an email.

“Originally the Fire Creek resource was not viewed favourably by capital markets. There were a substantial number of skeptics who not only discounted the resource as being high-grade, but also felt the ground was too bad to allow for narrow vein mining. With time, KDX proved skeptics were not only wrong, but exceeded all expectations on grade.

“Klondex is now accepted as a high-grade producer,” he says.

At the Midas mill, the company processes ore from both Midas and Fire Creek, which sit 160 km apart. In 2014, the two assets produced a total of 107,860 equivalent oz. gold containing 86,239 oz. gold and 1.4 million oz. silver. The average processed grades per tonne were 15.9 grams gold and 261 grams silver.

Klondex initially guided 2015 production of 120,000 to 125,000 equivalent oz. gold. However, given the record second-quarter sales, it bumped up its forecast to 125,000 to 135,000 oz., in a 20% increase over last year’s output.

“Our second-quarter performance was one of the best yet,” Huet said on a recent conference call.

While production cost for equivalent ounces of gold rose slightly by $13 to $744, it dropped in U.S. dollars by US$65 to US$605. All-in sustaining costs per sold ounces of gold fell in both reporting currencies, down $103 to $732 and US$171 to US$595, net of silver credits.

Revenue came in at an all-time high of $51 million, up from $36 million a year ago. While income from operations grew $3.8 million to $12.7 million, quarterly earnings stayed relatively flat year-overyear at $4.8 million.

“We had forecast a good operational quarter, and the company delivered,” notes Allan, who has covered Klondex since January 2011. Earnings per share of 4¢ and

13¢-per-share of cash flow before working capital were both in-line with his forecast.

Commenting on the revised production guidance, Klondex’s chief financial officer Barry Dahl said the extra 5,000 equivalent oz. gold this year would come from Midas, which has a higher equivalentounce gold cost than Fire Creek.

As a result, Klondex has lifted its full-year production cost estimate

by US$25 to a range of US$575 to US$625 per equivalent oz. gold.

But it has trimmed its all-in sustaining costs guidance this year by US$50 to a range of US$750 to US$800 per oz. gold.

Given the exploration success at Fire Creek and Midas in the first half, Klondex has added US$10 million to its 2015 capital expenditures, which are now at US$43 million.

(The US$10 million was put aside to repay debt.)

“After careful evaluation, we believe investing the dollars in our mines rather than prepaying the debt at this time increases value for our shareholders, while reducing the risks for future years of production,” Huet explained.

The executive points out that both operations have “essential” permits. Fire Creek obtained the water pollution control permit in June, removing its 35,000-ton (32,000-tonne) annual production cap. The firm aims to finish the environmental assessment later this year to move into full production.

In July Midas received its tailings expansion permit, which means Klondex can build the phase-six raise to the tailings impoundment. This will add 400,000 tons (363,000 tonnes) of tailings capacity, bringing the total capacity to 900,000 tons (816,000 tonnes). Construction should wrap up before year-end.

The company ended June with a $68-million cash balance, up $13 million from March. Its long-term debt obligations are $39.3 million.

Allan estimates that “production will creep higher quarterover-quarter, as underground capacity at Fire Creek [and to a lesser extent, Midas] is developed ... however, this will be a relatively slow development rate going forward, and given the good results to date, the market will not be as ‘unexpectedly’ surprised by future production.”

He has a $4 target and a “buy” recommendation on Klondex.

15-08-19 5:20 PM

THE NORTHERN MINER AUGUST 24-30, 2015 3

Gold Fields spending US$24M exploring Salares Norte this year

Silver Wheaton

HUDBAY MINERALS

Crushed ore moves on conveyors to be processed in the mill at Hudbay Minerals’ Constancia copper-moly-silver mine in Peru, one of Silver Wheaton’s silver streams.

SILVER WHEATON, From Page 1

“continue next year and beyond, as we climb to 51 million equivalent oz. silver by 2019 — most of which occurs in the next few years — and all of which, again, is fully funded.”

In addition to Silver Wheaton’s organic growth, which means the company does not need to make acquisitions “simply for the sake of growth,” Smallwood sees a robust array of potential deals.

“On the corporate development front, we continue to see many high-quality opportunities and believe that we’re in a strong position to add to our portfolio, given our sector-leading cash flows and financial flexibility,” he noted. “We continue to focus on finding highquality, well-managed assets that will deliver, at the very least, reasonable rates of return for our shareholders.

“What we’ve seen is a lot of toptier companies with tier-one assets that need that capital support, and we’re seeing the streaming business model getting more and more broadly accepted as a means of raising capital,” he continued, addressing the higher number of cornerstone assets in the marketplace.

“There’s a robust opportunity out there right now.”

Meanwhile, a proposal letter the company received on July 6 from the Canada Revenue Agency stating that it plans to reassess income earned by the company’s foreign subsidiaries outside of Canada between 2005 and 2010 isn’t curbing his enthusiasm for making accretive acquisitions, Smallwood told analysts on the conference call.

If Silver Wheaton is reassessed, the company estimates that on a preliminary basis, this would result in federal and provincial tax of $190 million, and possible transfer pricing penalties of $72 million.

But the company intends to vigorously defend its tax filings, and believes it has filed its tax returns and paid applicable taxes in compliance with Canadian tax law.

“We have some work to do here, but we’re confident that we’re not talking about Canadian resources or Canadian assets — we’re talking about international assets, owned and managed by foreign subsidiaries of Silver Wheaton,” Smallwood elaborated in a telephone interview after the conference call. “In Can-

TNM Aug 24 2015 Issue.indd 3

ada we’re fully taxable and we’re proud of our contribution to Canadian taxable income, but the concept of reaching outside of Canada to resources outside of Canada is something we find surprising.”

Smallwood says opportunities for making accretive acquisitions in the current market have improved, even since early this year. “I’ve been with this company since we started over 10 years ago, and this is the best I’ve ever seen it, in terms of the quality of assets and the number of opportunities available,” he noted, adding that management likes silver a bit more than gold, even though it’s confident about investing in the gold space.

“We just think silver has a little bit more upside to it,” he says, explaining that of the 800 million oz. silver produced worldwide last year, over 400 million oz. was consumed in industrial applications. “That bodes well,” he says.

“It’s the first time it has ever been over 50%.”

Smallwood declined to guess where silver prices might move in the coming years, saying that “it’s tough to predict, and every time I do, I’m wrong.”

But the veteran mining executive says the biggest challenge in the precious metal space is a strong U.S. dollar, and he doesn’t believe the U.S. Federal Reserve will raise interest rates this year.

“It would surprise me ... I think it goes in the wrong direction,” he explains. “In this ever-shrinking world where world trade is having more of an impact, I don’t think you want the strongest currency in the world. Germany doesn’t want it, Japan doesn’t want it, China doesn’t want it. One of the ways countries manage their economies is to devalue their currencies.”

The downturn in the mining industry isn’t generating many good news stories these days, but one exception is the promise of untold riches from an undeveloped highgrade gold deposit in the Chilean Andes.

Gold Fields’ (NYSE: GFI) Salares Norte there could soon join the ranks of the world’s best undeveloped gold deposits — perhaps one day rivalling Chile’s legendary El Indio mine, which between 1981 and 2002 produced 4.5 million oz. gold at 8.33 grams gold per tonne, along with 25 million oz. silver and 472,000 tonnes of copper.

During a presentation in February at the BMO conference in Florida, Gold Fields CEO Nick Holland noted that Salares Norte is “probably the only project that we’ve retained from the greenfields’ portfolio that has graduated to an advanced drilling project.

“This is something that’s quite exciting, because it’s high grade,” he said. “It’s fairly shallow. It’s still some ways off, but one to watch for in the future.”

The company’s US$23.5-million exploration budget this year for Salares Norte is funding infill and step-out drilling on the high-grade part of the main orebody, as well as resource delineation drilling at Agua Amarga, an extension contiguous to the main mineralized zone.

So far Salares Norte has an inferred resource of 23.3 million tonnes grading 4.15 grams gold per tonne and 44.8 grams silver per tonne, for 3.1 million contained oz. gold and 33.6 million oz. silver.

Gold Fields found the mineralization through reverse-circulation drilling in March 2011, and owns 100% of the project.

During his presentation, Holland estimated that if the company could convert all of the inferred resource that it has now into reserves, it could meet the company’s internal hurdle rate.

“We’ve got a 3.5 million oz. inferred resource,” he said. “That would probably translate into possibly an eight- or nine-year life.

That’s probably enough, and if there’s upside beyond that, then that would give us more incentive.”

But the mining executive also said he was not going to “rush” it.

“We’re going to drill this out properly, and we’re going to make sure we really understand — not just what we have and that we can join the dots between the highgrade sections, but how big this could be.”

Depending on the success of this year’s 40,000-metre drill program, Holland said the project could move into a prefeasibility study later in the year.

“We really want to understand what we’ve got here, and then we’ll decide: ‘Do we start small, do we start medium or do we start bigger?’ It’ll give us all of the information to make a better-informed

GOLD FIELDS

Drillers at Gold Fields’ Salares Norte gold-silver project in northern Chile. decision.”

Salares Norte is in northern Chile’s Atacama region and the northern part of the Maricunga belt, which holds a lot of Cenozoic volcanic rocks made from eroded strato-volcanos, volcanic domes and pyroclastic rocks.

Mineralization is contained in a high-sulphidation epithermal system, hosted mainly by breccia.

Most of the known mineralization is oxidized, and the sulphide mineralization contains mainly pyrite.

The company notes that preliminary metallurgical tests on oxidized samples have shown extraction in the order of 90%, using conventional carbon-in-leach.

In January 2014 Chilean authorities approved an environmentalimpact declaration for the next exploration phase, and Gold Fields drilled 8,223 metres (at a cost of US$8.21 million), and completed a scoping study.

Sven Lunsche, Gold Fields’ vicepresident of corporate affairs, told The Northern Miner via email that “the next public resource declaration will not appear until early 2016,” at which point the company will disclose the next steps for the project. “Until then, we have no plans to provide further updates, though our CEO may give a brief progress report at the Denver Gold Forum.”

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15-08-19 5:20 PM

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THE NORTHERN MINER

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Vale green-lights underground mine at Voisey’s Bay

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First iron ore shipment leaves Mary River

BY JOHN CUMMING

The natural resources industry of Newfoundland and Labrador — beaten down as it is by the steep decline in iron ore and oil prices — has received a most welcome board-level confirmation from Vale that it will indeed pursue underground mining at its Voisey’s Bay nickel-copper-cobalt mine in northern Labrador, once the open pit is exhausted in 2020.

Based on current resources, that would add at least another 15 years of life to the mine, which started operations in 2005.

The Voisey’s Bay site consists of a 6,000-tonne-per-day open pit and a concentrator that produces nickel-copper-cobalt concentrate, plus a copper concentrate, at a rate of 40,000 tonnes of nickel in concentrate per year. The remote, coastal site is accessible by air and sea, with concentrate stored and shipped out on a seasonal basis before the site is locked in by ice.

The decision to go underground at Voisey’s ensures a steady feed of nickel concentrate to Vale’s new US$4.3-billion Long Harbour Processing Plant (LHPP) in the town of Long Harbour on southeastern Newfoundland’s Avalon Peninsula.

Some 450 people work at Voisey’s Bay on a fly-in, fly-out basis and another 475 are employed at LHPP, an innovative hydrometallurgical plant that began operations in 2014, and is ramping up towards its nameplate capacity to produce 50,000 tonnes of finished nickel annually.

Initial work on the underground program at Voisey’s will start next year, creating hundreds of jobs, and once it’s fully operational next decade, full-time employment at Voisey’s Bay will almost double to 850 people.

Despite being 1,129 km apart, Vale considers Voisey’s Bay and LHPP as an integrated operation, with nickel concentrate from Voisey’s Bay sent by ship to Long Harbour for processing into finished nickel, plus copper and cobalt products.

(Building a processing plant on the island of Newfoundland was famously a non-negotiable requirement set down by the provincial government before it would grant a mining permit for Voisey’s Bay. While the LHPP was conceived, built and tested, Voisey’s Bay concentrate was allowed to be shipped to the Inco/Vale nickel smelters in Sudbury, Ont., and Thompson, Man., as long as any such shipments were some day balanced with nickel feed coming into Newfoundland from outside the province. By next year, all of the feed processed by LHPP will come from Voisey’s.)

At the end of 2014, the remaining open-pit reserves at Voisey’s Bay stood at 14.7 million tonnes grading 2.4% nickel, 1.3% copper and 0.1% cobalt. Open-pit mining has targeted the rich Ovoid deposit, as well as the lesser Mini-Ovoid zone and the nearsurface part of the Southeast Extension deposit.

Most of the remaining resource at Voisey’s Bay is contained at depth in the Eastern Deeps zone, 2 km southeast of the Ovoid, and in the Western Extension, which includes the Discovery Hill and Reid Brook zones. When open-pit mining began in 2005, these underground resources stood at 40 million indicated tonnes grading 1.9% nickel, 1.9% copper and 0.1% cobalt, plus another 6 million inferred tonnes at 1.9% nickel, 1% copper and 0.2% cobalt.

With the underground material grading quite a bit lower than the open-pit reserves, the plan has long been to ramp-up underground mining and concentrating rates to maintain that final output rate of 40,000 tonnes per year of nickel-in-concentrate.

This would mean scaling up and improving surface infrastructure and other facilities at Voisey’s. For example, the remote mine site has been powered by diesel all these years, but now Vale is studying hooking up the mine to the provincial grid.

Vale produced 67,100 tonnes of nickel globally in the second quarter of 2015, in line with the previous quarter, even with production interruptions in Sudbury and planned maintenance shutdowns in Indonesia and New Caledonia.

Vale is upbeat on nickel’s prospects, and sees the following pronickel developments: Chinese net imports of ferronickel and unwrought nickel have improved to their highest levels in over six years, as Chinese stainless steel mills increased imported nickel consumption; stainless steel scrap discounts in Europe have been reduced, indicating more scarcity of supply; and transaction prices for non-LME deliverable nickel units have improved, relative to the nickel price.

U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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.

TNM Aug 24 2015 Issue.indd 4

ALISHA HIYATE, BA ahiyate@northernminer.com

SENIOR STAFF WRITER:

EDITORIAL: TOP STORY OF WEEK 33

GROUP PUBLISHER/ PUBLISHER:

EDITOR, SPECIAL PROJECTS:

BAFFINLAND IRON MINES

The Federal Tiber bulk carrier left earlier this month from Milne port carrying the first shipment from Baffinland Iron Mines’ Mary River iron ore mine on Baffin Island. The 54,000-tonne load was sent to Nordenham, Germany, for making steel. “In just two years the men and women who work at the site … have collaborated to build the mine and its infrastructure, and have now moved the new port into full operation,’ Baffinland president and CEO Tom Paddon said. “It is also a significant moment for Nunavut, with the world’s most northern open-pit mine now fully functional on Baffin Island.” Baffinland is jointly owned by ArcelorMittal and Nunavut Iron Ore.

FA C T S ‘ N ’ F I G U R E S

Coal, nuclear and renewables to boost Vietnam’s electricity capacity

BY SLADE JOHNSON AND NANCY SLATER-THOMPSON SPECIAL TO THE NORTHERN MINER

Vietnam is poised to transform its electrical power generation mix over the next two decades, as it modernizes the country’s agrarian economy to become a more industrialized nation. To accommodate greater industrial expansion and support energy security goals, Vietnam is boosting its total electricity generating capacity. As part of its capacity expansion, Vietnam plans to add substantial coal-fired capacity and build the first nuclear reactors in Southeast Asia, and the first offshore wind farm in Asia.

Vietnam’s rapid economic growth, industrialization and export market expansion have been accompanied by increased domestic energy consumption. Vietnam’s General Statistics Office estimates that electricity demand will grow at recent annual growth rates of 10–12%, rising from 169.8 terawatthours (TWh) in 2015 to 615.2 TWh by 2030. In its 2013 country nuclear power profile, submitted to the International Atomic Energy Agency, Vietnam forecast a 2015 generation capacity of a little more than 40 gigawatts (GW), increasing to nearly 140 GW to meet pro-

jected demand in 2030.

Vietnam’s fuel mix for electricity includes: Coal — In 2014, annual coal consumption was 19.1 million tons (17.2 million tonnes), in a 21% increase over 2013. Coal consumption has increased in 2015, as unseasonably hot weather contributed to a decline in hydropower generation. Vietnam is still developing its coal-mining sector and must import relatively higher-priced coal. Stateowned PetroVietnam (PV) seeks to buy 11 million tons (10 million tonnes) of coal per year starting in 2017 to supply Vietnam’s domestic power industry.

Natural gas — Increased foreign investment during the past decade resulted in greater natural gas exploration, increasing Vietnam’s proved natural gas reserves.

The country produces as much natural gas as the nation consumes, but PV expects a potential supply gap, with consumption outpacing supply. PV Gas, a subsidiary of PV, expects the Thi Vai and Son My liquefied natural gas (LNG) terminals will operate in 2017 and 2018. In 2014, PV Gas signed a sales and purchase agreement with Russia’s Gazprom. Under the agreement, PV Gas will receive 48 billion cubic feet of natural gas per year through the Thi Vai See FACT ‘N’ FIGURES, Page 5

HISTORICAL AND EXPECTED ELECTRIC GENERATING CAPACITY IN VIETNAM

150 120 GIGAWATTS

4

90

Nuclear Other Hydro Oil & Gas Coal

60 55%

30

19% 46%

0

47%

35%

2010

2015

2020

2025

2030

SOURCE: INTERNATIONAL ATOMIC ENERGY AGENCY, 2013 VIETNAM COUNTRY NUCLEAR POWER PROFILE

15-08-19 5:20 PM

THE NORTHERN MINER AUGUST 24-30, 2015 5

OP-ED

MATTERS OF GENERAL INTEREST

BAPE report advises against uranium mining in Quebec The future of Quebec’s uranium industry remains up in the air, after the province’s environmental agency released a report concluding it would be “inappropriate” to allow uranium development — at least for now.

The Bureau d’audiences publiques sur l’environnement (BAPE) was tasked with studying uranium mining in the province last March.

BAPE based its report on more than 250 written submissions and dozens of public meetings, and presented it in July to the provincial government, which is now examining the 600-page document.

BAPE concludes in the report that uncertainty around the health and environmental risks of uranium mining and radioactive uranium waste in particular means that allowing uranium development now would be “premature.”

“Because of the uncertainties, gaps and sometimes major limitations in scientific and technical knowledge, there is no social or political consensus on the issue, and this has led to a low level of acceptability in Quebec,” the report reads.

BAPE also noted that “the uranium industry is rejected almost unanimously by the aboriginal

STRATECO RESOURCES

An airstrip at Strateco Resources’ Matoush uranium project in Quebec’s Otish Mountains region. communities in territories subject to land claim agreements in James Bay and Nunavik, and in southern Quebec.”

In a release, Quebec’s mining association (the Association minière du Québec, or AMQ) notes that

modern uranium mining does not pose a significant risk to human health, due to strict control of exposure levels, which are low.

“Saskatchewan’s experience shows that it is possible to properly operate a uranium mine, ad-

hering to the best practices recognized worldwide, and reap important benefits for socioeconomic development of Quebec, while respecting people and the environment,” AMQ president and CEO Josée Méthot says.

The AMQ took comfort in federal Environment Minister David Heurtel’s announcement that an inter-ministerial committee would examine the report in depth before deciding on the future of the province’s uranium industry.

While the report recommended against allowing uranium development in the near-term, it noted the government should think carefully before barring it.

“Because of its potential legal and economic impacts, such a decision should not be made in haste, so as to minimize its costs.”

The province is already facing a $190-million lawsuit by Strateco Resources (US-OTC: SRSIF), which holds the Matoush uranium

project in Quebec. The project has been in limbo, as the province’s attitude toward uranium exploration has changed from encouraging to arguably hostile over several years.

If the government allows uranium mining, the report pointed to three requirements.

First, it would need to ensure the industry’s “social acceptability” in the province.

Second, it must address the uncertainties associated with uranium mining. “It must work hard, over a long period, to generate enough reliable knowledge to overcome existing scientific gaps and technological uncertainties,” the report says.

Lastly, the provincial government needs to develop a legal framework “more compatible with the respective missions of its departments,” and enter into an agreement with the federal government that will give it control of uranium operations.

MAKE SENSE OF THE MINING INDUSTRY

Vietnam FACT ‘N’ FIGURES, From Page 4

LNG terminal.

Nuclear — The first nuclear reactors for power generation in Southeast Asia are planned to be built in Vietnam. In 2010, Russia agreed to build two 1,000-megawatt (MW) reactors at Nin Thuan 1. Japan followed in 2011 with an agreement to build Nin Thuan 2.

Japan’s 2011 Fukushima nuclear accident delayed construction plans for both projects. Construction for the Nin Thuan 1 project is not expected until 2020.

Wind — Vietnam is building the first offshore wind farm in Asia.

Phase one (16 MW) of the Bac Lieu wind farm is operational, and phase two (83.2 MW) is expected to be complete in 2016. In March 2015, the United States Trade and Development Agency awarded a feasibility study grant for a potential phase three. Another project, the Tay Nguyen wind farm, broke ground in March 2015. The facility has a design capacity of 120 MW. The first phase (28 MW) is expected to begin operating in 2016.

Installing this generating capacity will require transmission and distribution (T&D) infrastructure.

Electricity Vietnam, the stateowned utility, is pursuing the dual challenge of modernizing this infrastructure while also installing greater electric generating capacity. Securing international investment in planned generating capacity and infrastructure is also critical. The World Bank transmission efficiency project has committed US$500 million toward increasing T&D capacity and reliability in Vietnam.

— Slade Johnson is research analyst with the U.S. Department of Energy (www.energy.gov), and Nancy Slater-Thompson is nuclear analyst and forecasting expert with U.S. Energy Information Administration (www.eia.gov).

TNM Aug 24 2015 Issue.indd 5

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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15-08-19 5:20 PM

6 AUGUST 24-30, 2015 THE NORTHERN MINER

MARKET NEWS TORONTO STOCK EXCHANGE The surprise devaluation of China’s currency on Aug. 11 pulled many base metal prices lower on fears that demand from the world’s largest buyer of metals would fall.

The price of safe-haven gold, by contrast, rose 1.8% to finish at US$1,113.70 per oz., and the S&P/TSX Global Gold Index advanced 7.9% to 130.23.

Excess supply pushed oil prices lower.

West Texas Intermediate crude finished at US$42.16 per barrel, after dipping below the US$42-per-barrel mark earlier. Falling energy shares on the back of sliding U.S. oil prices dragged the benchmark S&P/TSX Composite Index down 0.2% to 14,277.88, while the S&P/TSX Capped Diversified Metals & Mining Index fell 4.4% to 487.54.

Uncertainty about slowing economic growth in China and whether Beijing’s minidevaluation would delay higher U.S. interest rates kicked off a gold rally, lifting the shares of many companies producing the precious metal. Agnico Eagle Mines jumped $3.89 to $30.99 per share, Detour Gold climbed $1.70 to $14.02 per share and Barrick Gold increased $1.25 to $10.07 per share, all on no company-related news.

Franco-Nevada posted the largest gain, jumping $6.97 to $57.66 per share. The royalty company reported second-quarter fi-

A U G U S T 10 -14

nancial results and a monthly dividend of 21¢ per share. In the second quarter, FrancoNevada realized 83,040 equivalent oz. gold from its mineral assets and US$10.3 million in revenue from its oil and gas assets.

Net income and adjusted net income were US$21.6 million, or 14¢ per share, and US$22.9 million, or 15¢ per share. Cash from operating activities before changes to working capital reached US$78 million. President and CEO David Harquail noted the company’s balance remains liquid with no debt.

“We see downturns as an opportunity for even better investments,” Harquail said.

“There are many active opportunities, and Franco-Nevada has increased its credit facility to $750 million to be better positioned to act on the right ones.”

TSX most active issues

Yamana Gold Kinross Gold Barrick Gold B2Gold Eldorado Gold First Quantum Goldcorp Lundin Mng Iamgold Romarco Mnrls

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI K ABX BTO ELD FM G LUN IMG R

15694 3.09 2.45 2.88 + 0.59 15254 2.81 2.43 2.58 + 0.32 14696 10.58 9.22 10.07 + 1.25 13169 1.74 1.38 1.48 + 0.26 12575 5.34 4.26 5.13 + 1.07 12440 10.58 8.73 8.90 - 0.62 11879 19.97 17.49 18.68 + 1.92 11654 4.85 4.45 4.53 + 0.23 10640 2.48 2.01 2.32 + 0.35 9827 0.58 0.50 0.56 + 0.10

Shares of China Gold International Resources rose 39¢ to $2.05. The company reported consolidated revenue of US$161 million for the first half — up from US$85.2 million during the first half of 2014 — while net income climbed to US$16.8 million, up from US$9.7 million in the first half of 2014.

The company operates the CSH gold mine in Inner Mongolia, and the Jiama copperpolymetallic mine in Tibet.

Positive court rulings in Greece lifted the fortunes of Eldorado Gold, whose shares rose $1.07 to $5.13. The company reported two court decisions in favour of its Greek subsidiary. The court rulings — related to forestry land and site-clearing rights at the company’s Skouries gold-copper project in northern Greece — will accelerate construction, the company’s CEO Paul Wright stated in a press release.

TSX greatest percentage change

Loncor Res Freegold Vent Endeavr Silver Formation Mtls McEwen Mng WGI Heavy Mnl Seabridge Gold Canadn Zinc First Majestic Rio Novo Gold Pinetree Cap North Am Pall Wallbridge Mng Delrand Res MBAC Fertilizr Horizns G Bear Sierra Metals Faircourt Gold NGEx Res Serabi Gold

TSX greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

LN FVL EDR FCO MUX WG SEA CZN FR RN PNP PDL WM DRN MBC HGD SMT FGX NGQ SBI

83 217 545 183 959 519 508 702 2453 97 2898 276 60 20 2899 4988 23 164 47 43

0.08 0.05 0.08 0.14 0.07 0.13 2.46 1.76 2.27 0.13 0.10 0.13 1.22 0.93 1.20 0.31 0.25 0.31 8.44 5.99 7.34 0.12 0.09 0.12 5.20 3.99 4.91 0.14 0.12 0.14 0.15 0.09 0.09 6.35 3.87 6.05 0.04 0.03 0.03 0.07 0.07 0.07 0.05 0.04 0.04 18.43 13.74 15.27 1.19 0.84 0.97 3.20 2.70 2.78 0.65 0.58 0.58 0.07 0.07 0.07

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

87.5 44.4 40.1 38.8 37.9 37.7 36.1 35.2 33.7 33.3 28.0 27.3 25.0 22.2 22.2 21.6 16.3 14.4 13.4 12.5

WEEK

VOLUME CLOSE CHANGE

Franco-Nevada Royal Gold Agnico-Eagle Agrium Seabridge Gold Goldcorp Tahoe Res Detour Gold Russell Metals Pan Am Silver Horizns G Bear North Am Pall Potash Cp Sask Teck Res A First Quantum Faircourt Gold HudBay Minls Lucara Diam Sierra Metals Mountain Prov

TSX VENTURE EXCHANGE The S&P/TSX Venture Composite struggled late in the week despite a jump in gold futures, as it dropped 3.39 points en route to a 573.21-point close. Energy and base metal futures finished in the red, and the Chinese currency devaluation struck another blow to the Canadian economy.

Meanwhile, U.S. retail sales for July rose 0.6%, due largely to a strong auto sector.

December contracts for gold gained nearly 2%, or US$21.50, before finishing at a three-week high of US$1,112.70 per oz. October contracts for West Texas Intermediate crude oil dropped 2.8%, or US$1.25, en route to a US$43.11-per-barrel close, while September contracts for copper lost 2%, or US4.8¢, before closing at US$2.35 per lb.

Gold outfit Metanor Resources topped the volume-traded column after releasing updated drill results from its Bachelor mine, 250 km northeast of Val-d’Or, Que. The company saw 10.4 million of its shares change hands before it closed up 1¢ at 5¢ per share.

Metanor said underground drilling at Bachelor shows the extension of a vein near development between level 6 and level 8.

Results are highlighted by hole 6-144, which cut 13.1 metres grading 10.2 grams gold per

TNM Aug 24 2015 Issue.indd 6

2630597 57.66 11250 69.37 4507086 30.99 1402046 137.07 508145 7.34 11878972 18.68 4569843 11.71 4298456 14.02 1010663 21.64 2757092 9.04 4987773 15.27 275727 6.05 5576270 34.07 13068 10.30 12440282 8.90 164429 2.78 4741139 7.13 1183821 1.63 23400 0.97 103113 4.24

+ 6.97 + 5.10 + 3.89 + 2.59 + 1.95 + 1.92 + 1.83 + 1.70 + 1.66 + 1.61 - 4.23 - 2.28 - 1.12 - 0.75 - 0.62 - 0.47 - 0.38 - 0.22 - 0.19 - 0.17

A U G U S T 10 -14

tonne from 113 metres deep. On Aug. 10 the company reported a fatal accident at Bachelor involving an employee working in its maintenance shop.

Zenyatta Ventures had a busy week after a collaboration agreement at its Albany graphite project in northern Ontario, and a recently closed private placement.

The company gained 16¢ on 440,636 shares traded before ending at $1.57 per share.

On Aug. 12 Zenyatta announced plans to collaborate with Ballard Power Systems on high-purity graphite required in components of fuel cell technology. Early testing indicates Albany’s graphite is suitable for the bipolar plate and gas diffusion layer for fuel cells, and Ballard intends to build com-

TSX-V most active issues

Metanor Res Equitas Res Temex Res Inca One Res Integra Gold Superior Coppr Glen Eagle Res Bitterroot Res Garibaldi Res Berkwood Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MTO 10367 EQT 8389 TME 6502 IO 4156 ICG 3338 SPC 3220 GER 2926 BTT 2804 GGI 2675 BKR 2486

0.05 0.16 0.12 0.17 0.27 0.03 0.04 0.01 0.06 0.01

0.04 0.11 0.10 0.13 0.24 0.02 0.03 0.01 0.05 0.01

0.05 + 0.14 + 0.11 + 0.16 + 0.27 + 0.03 + 0.04 - 0.01 + 0.06 + 0.01

0.01 0.04 0.02 0.01 0.04 0.02 0.01 0.01 0.01 0.00

ponents for further testing.

Meanwhile, Zenyatta announced a $2.1-million non-brokered private placement, wherein it will issue 1.69 million units priced at $1.25 per unit. Each unit consists of one share and one half-share purchase warrant priced a $1.65 for 12 months.

Roxgold was on the rise after exploration results from its Yaramoko gold project, 200

km southwest of Ouagadougou, Burkina Faso. The company jumped 15¢ on 561,430 shares traded before finishing at $1.57 per share.

On Aug. 11 Roxgold reported drill results from the QV1 target at its Bagassi South concessions, which it says “confirm the geological model for QV1 and underline regional potential.”

TSX-V greatest percentage change

Comstock Mtls Superior Coppr Mountain Boy M ValGold Res Reunion Gold Frontline Gold Metalcorp SGX Res Bitterroot Res New Nadina Reliance Res Adex Mining RT Minerals Black Widow Rs Carlin Gold Tajiri Res Gentor Res Melkior Res Tembo Gold Klondike Silv

TSX-V greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

CSL SPC MTB VAL RGD FGC MTC SXR BTT NNA RI ADE RTM BWR CGD TAJ GNT MKR TEM KS

136 3220 75 131 1766 309 300 329 2804 10 715 82 60 213 20 100 10 349 144 74

0.04 0.03 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.04 0.02 0.02 0.02

0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.02 0.02 0.02

0.04 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.04 0.02 0.02 0.02

+ 700.0 + 150.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 41.6 - 40.0 - 40.0 - 40.0

U.S. M ARKETS A mixture of indicators puzzled investors in U.S. equities, as positive economic data suggested the Federal Reserve would raise interest rates in September, while China’s devaluation seemed to lessen the odds that the U.S. central bank would tighten its monetary policy. The Dow Jones Industrial Average rose 0.6% to 17,477.40, and the S&P 500 Index climbed 0.7% to 2,091.54. The Philadelphia Gold and Silver Index advanced 8.8% to 49.71.

Shares of Gold Fields rose 51¢ to US$2.65 as it agreed to sell its 51% stake in the Woodjam copper-gold molybdenum project in B.C. to its junior partner and 49% owner Consolidated Woodjam Copper Corp. In exchange, Gold Fields would be issued Woodjam Copper shares to take its holding from 1.1% to 19.9%. Gold Fields will keep a 2% net smelter return royalty over all unencumbered land owned by Woodjam Copper. The royalty could be trimmed to 1% by paying Gold Fields $5 million in cash.

SilverCrest Mines advanced 28.3% to $1.02 per share. The company, which

FNV RGL AEM AGU SEA G THO DGC RUS PAA HGD PDL POT TCKA FM FGX HBM LUC SMT MPV

WEEK

VOLUME CLOSE CHANGE

Gold Reserve Abitibi Royalt Avino Silver Zenyatta Vent Roxgold Bear Creek Mng Midland Expl Atac Res Reservoir Mnls Chesapeake Gld Kennady Diam Titanium Corp Great Quest Me Ascot Res Wealth Minls Gresham Res Astar Mnls West High Yld Brazil Res Atacama Pac Gd

GRZ RZZ ASM ZEN ROG BCM MD ATC RMC CKG KDI TIC GQ AOT WML GRC TAR WHY BRI ATM

34396 16335 80095 440636 561436 178205 44400 431066 70709 51405 80814 105675 49458 240997 307600 1397027 13000 11130 252733 11500

4.62 2.50 1.49 1.57 0.72 0.86 0.65 0.45 4.15 1.91 3.42 0.85 0.36 1.25 0.20 0.76 0.10 0.18 0.49 0.15

+ 0.38 + 0.28 + 0.24 + 0.16 + 0.15 + 0.10 + 0.10 + 0.09 + 0.08 + 0.07 - 0.20 - 0.15 - 0.11 - 0.07 - 0.07 - 0.06 - 0.05 - 0.05 - 0.04 - 0.04

A U G U S T 10 -14 in late July agreed to a friendly takeover offer from First Majestic Silver, reported strong second-quarter financial results despite lower precious metal prices. SilverCrest’s earnings reached US$3.9 million, or 3¢ per share, in a 194% increase from the second quarter of 2014, while revenue increased 169% year-on-year to US$20.7 million. All-in sustaining cash costs per equivalent oz. silver sold were US$10.97, down 7% from US$11.73 in the year-earlier quarter. The company has US$36.4 million in cash and equiv-

U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 140974 11.69 9.88 10.03 - 0.32 Alcoa* AA 109606 10.09 9.28 9.41 + 0.20 Barrick Gold* ABX 109126 8.16 7.00 7.68 + 1.00 Kinross Gold* KGC 53443 2.16 1.85 1.98 + 0.25 Goldcorp* GG 44998 15.39 13.30 14.29 + 1.64 Newmont Mng* NEM 40153 18.44 16.07 17.35 + 1.86 Peabody Enrgy* BTU 31474 1.27 1.06 1.13 + 0.21 Hecla Mining* HL 28799 2.35 1.85 2.17 + 0.51 Silver Wheatn* SLW 28723 14.15 12.58 13.59 + 1.30 Vale* VALE 26533 5.69 5.17 5.23 + 0.14

alents and US$51 million in working capital. SilverCrest also raised this year’s production guidance to between 4.7 and 5.1 million equivalent oz. silver. SilverCrest’s Santa Elena mine is 150 km northeast of Hermosillo in

Mexico’s Sonora state.

Freeport-McMoRan filed a prospectus supplement to offer and sell shares of common stock for gross proceeds of US$1 billion, sending its shares down 32¢ to US$10.03.

U.S. greatest percentage change

Arch Coal* Coeur Mng* McEwen Mng* Mesabi Trust* Endeavr Silve* Seabridge Gld* Goldfield* First Majesti* Alamos Gold* Hecla Mining* Mines Managem* Alderon Irn O* Rare Elemt Re* Western Coppr* Ur-Energy* Avalon Rare M* Taseko Mines* Eurasian Mnls* Tasman Mtls* HudBay Mnls*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ACI CDE MUX MSB EXK SA GV AG AGI HL MGN AXX REE WRN URG AVL TGB EMXX TAS HBM

5435 2.23 1.16 1.26 + 200.0 17784 3.92 2.77 3.69 + 55.7 4437 0.95 0.70 0.93 + 44.8 363 13.18 10.42 12.93 + 41.9 848 1.90 1.36 1.74 + 40.3 2456 6.50 4.55 5.62 + 38.7 1012 1.92 1.33 1.84 + 36.3 6942 4.01 3.03 3.76 + 35.7 6458 3.94 3.06 3.62 + 32.1 28799 2.35 1.85 2.17 + 30.7 86 0.49 0.38 0.39 - 18.7 44 0.16 0.15 0.15 - 13.2 305 0.44 0.35 0.35 - 10.5 13 0.38 0.35 0.35 - 9.8 114 0.77 0.65 0.65 - 7.5 561 0.17 0.13 0.13 - 6.9 855 0.57 0.49 0.49 - 4.6 229 0.51 0.41 0.44 - 4.3 108 0.33 0.28 0.29 - 4.2 58 6.50 5.40 5.46 - 3.8

U.S. greatest value change WEEK

VOLUME CLOSE CHANGE

Franco-Nevada* FNV 6740844 44.10 Randgold Res* GOLD 3855995 62.02 Royal Gold* RGLD 3126071 53.11 Mesabi Trust* MSB 362544 12.93 Compass Mnls* CMP 298831 85.08 Agnico-Eagle* AEM 15540229 23.71 Agrium* AGU 493188 104.66 US Silica Hld* SLCA 2647363 24.58 MDU Res* MDU 4921687 18.66 Newmont Mng* NEM 40153338 17.35 Mosaic* MOS 12469459 43.28 Potash C Sask* POT 23193614 26.01 Hi-Crush Part* HCLP 335826 15.91 BHP Billi-BHP* BHP 12579474 37.88 Freeport McMo* FCX 140973684 10.03 SunCoke Engy* SXC 603519 11.13 HudBay Mnls* HBM 58340 5.46 Mines Managem* MGN 86241 0.39 BHP Billi-BBL* BBL 5124060 36.29 Ur-Energy* URG 114189 0.65

+ 5.84 + 5.06 + 4.58 + 3.82 + 3.62 + 3.24 + 2.80 + 2.22 + 2.01 + 1.86 - 0.91 - 0.58 - 0.53 - 0.33 - 0.32 - 0.23 - 0.22 - 0.09 - 0.08 - 0.05

15-08-19 5:20 PM

Mining Energy Pages 7-9

August 24-30, 2015

Stockpiles at Anglo American’ Greenside thermal coal mine in South Africa.

ANGLO AMERICAN

NexGen triples Arrow deposit in the Athabasca

NEXGEN ENERGY

Workers at a drill site at NexGen Energy’s Arrow uranium project in northern Saskatchewan.

BY LESLEY STOKES

VANCOUVER — There’s no sign of slowing down for junior explorer NexGen Energy (TSXV: NXE) at its Arrow uranium deposit in the southwestern part of the Athabasca basin in northern Saskatchewan, as recent drilling has tripled the strike length of known mineralization.

Travis McPherson, NexGen’s corporate development manager, says that despite the company’s aggressive drilling at the site, it has yet to hit a barren “duster hole” since discovering the deposit in 2014.

“We’re really excited and encouraged by the growing upside to the project,” he says in an in-

terview. “Our mandate is to really test the limits of Arrow — we’re not drilling to protect the asset, we’re drilling to expand it.”

The company has reported 60.8 metres of total composite mineralization, which includes 4 metres of radioactivity measuring 10,000 to 45,000 counts per second (cps) on

Ex-gold explorer dives into Select Sands US$1,800 per acre — Select Sands’ (TSXV: minus the US$200,000 it SNS; OTC: CLICF) preshas already paid — due ident and CEO Rasool next April.

Mohammad has chosen Asked in an interview silica “frac” sand over about the shift in comgold, and hopes his bet modity focus, Mohamwill pay off with success mad says the company at the junior’s frac sand had $1.3 million sitting in Sandtown property in Arkansas, where small- BY SALMA TARIKH its treasury in mid-2013 and a promising gold scale production should property in Preview SW, start later this year.

The firm, previously named La but no market traction.

“I was scratching my head,” he Ronge Gold, has secured $5 million through a non-brokered private recalls. “We had this 429,000 oz. placement, where it will sell 12.5 deposit in Saskatchewan [in indimillion units in two tranches, with cated and inferred] that was openthe first tranche expected to close pittable and had great metallurgy, shortly and the second by the end but we couldn’t excite investors.”

Wondering whether the comof August. Each unit is priced 40¢ and comprises a share and a half pany should drill the deposit furwarrant, with a whole warrant al- ther or preserve the cash until gold lowing the holder to buy another prices recovered, Mohammad says in the end he couldn’t justify share for 60¢ wihtin three years.

Select Sands will use the funds either option: “I had a hunch the to buy Sandtown, clear the land downturn in the gold market was and prepare for test mining, as well going to be a lot longer than what I was hearing.” as drill the rest of the property.

The trained mining engineer, Last October, the junior struck a deal to buy the 520-acre (2.1 sq. km) with more than 20 years of exploproperty. It has a final payment of See SELECT SANDS, Page 8

See NEXGEN, Page 9

Canadian Natural Resources hit by NDP tax hike

BY MATTHEW KEEVIL

VANCOUVER — Diversified energy producer Canadian Natural Resources (TSX: CNQ) took a loss during the second quarter after a corporate tax increase in Alberta, and it isn’t the only outfit in the oil and gas space feeling the squeeze from revamped policy initiatives by the recently elected New Democratic Party government in Alberta.

The Calgary-based energy giant

cranked out 805,547 barrels of oil equivalent during the quarter, but reported a US$405-million loss, or 37¢ per share. Canadian Natural attributed most of its underwhelming financial performance to a US$579-million non-cash charge based on future tax liability. The company said it would have earned US$178 million, or 16¢ per share without the tax hit, and other one-time items.

“The resilience of our diverse

and well-balanced asset base, the robustness of our business model and the effectiveness of our strategies — combined with our ability to execute these strategies — has allowed us to quickly react to a low-commodity price environment. Canadian Natural is built to withstand low-commodity prices,” president Steve Laut said during a conference call.

The company is in the midst of See CANADIAN NATURAL, Page 9

Strong headwinds for thermal coal

BY TRISH SAYWELL

A year ago, South Africa’s Exxaro Resources (JSE: EXX; US-OTC: EXXAY) agreed to pay US$472 million to acquire 100% of Total’s (NYSE: TOT) South African thermal coal unit Total Coal South Africa Pty., which includes a majority interest in key operating complexes Dorstfontein and Forzando in the Witbank coal basin of Mpumalanga province.

Since then, however, thermal coal prices have fallen by 23%, and the companies have agreed

TNM Aug 24 2015 Issue.indd 7

to cut the purchase price to US$262 million in cash plus staged payments that could total US$120 million depending on future coal prices.

“In the 12-month period since the acquisition was announced, commodity-market conditions have deteriorated significantly,” Exxaro explained in a statement, noting that both companies would take into account “the change in market circumstances.”

“This is an interesting development, as seldom is an

acquisition price reduced,” analysts at Investec Securities in London said in a research note.

“The change in price highlights the extreme changes that have occurred in commodity markets over recent months.”

Andy Roberts — research director of international thermal coal markets at metals and energy analyst Wood Mackenzie in Austin, Texas — estimates that thermal coal prices have come down by 50% since reaching their last peak See COAL, Page 8

15-08-19 5:20 PM

8

AUGUST 24-30, 2015

THE NORTHERN MINER

M i n i n g E n e rg y

Ex-gold explorer dives into Select Sands

SELECT SANDS

A sample of “Ottawa white” tierone silica sand from Select Sands’ Sandtown frac sand project in Arkansas.

SELECT SANDS

SELECT SANDS, From Page 7

ration experience, then turned to frac sand. Oil and gas drillers use frac sand in hydraulic well fracturing because it keeps fractures open, allowing oil and gas to flow out from the rock and be extracted.

Frac sand also goes into making more than 250 industrial and specialty products, including everyday items such as glass, construction materials, personal care products, electronics and renewable-energy materials.

Outcropping SST formation rocks at Select Sands’ Sandtown frac sand project in Arkansas. ment, we learned there are certain trends and there are certain products that you need to have. And the proximity to a shale basin is important. Just like in any industrial mineral, the closer you are to the end market, the better, because you can ship larger volumes,” Mohammad says.

With this in mind, Select Sands signed an option agreement on the

‘I had a hunch that the downturn in the gold market was going to be a lot longer than what I was hearing.’

— Rasool Mohammad, president and CEO, Select Sands “The reason I went after silica sand was that obviously the market was pretty receptive ... and the prices were good, and it was related to mining,” Mohammad says.

In March 2014, the junior signed a letter of intent to acquire private producer Canfrac Sands Ltd. But Select Sands later dropped the agreement, converting its $1-million deposit into a 22% equity interest.

Last December, Canfrac sold its business for $3.5 million. Select Sands received $650,000, or 65% of its initial investment.

Mohammad nows calls the loss on the investment a “tuition fee” because it gave the junior firsthand knowledge of the frac sand market.

“From that Canfrac involve-

Sandtown property, which can produce tier-one quality frac sand, also known as “Northern/Ottawa White” sand. This premium sand is the strongest, most spherical sand available for hydraulic fracturing.

Since changing its name to Select Sands last November, the junior has invested all its efforts in the Sandtown property, which is underlain by the Ordovician St. Peter sandstone (SST) formation.

The SST hosts several producing frac sand mines, which all churn out tier-one frac sand.

In its first drill phase, Select Sands tested the SST’s depth and thickness to determine the sand’s properties, including sphericity and roundness, crush resistance, acid solubility and turbidity, and

•

ConstruCtion AnD Mining serviCes

TNM Aug 24 2015 Issue.indd 8

silicon dioxide content.

In February, it concluded that Sandtown met or exceeded the industry’s tier-one frac sand specifications.

Pleased with the results, the company kicked off its second drill phase, comprising a 20-hole infill program covering 200 acres, or 40% of the property. It wrapped up in March 2015, noting that all but one hole returned thick zones of SST. Continuing the momentum, Select Sands applied for a quarry permit and commissioned a preliminary economic assessment (PEA). It received a five-year quarry permit in May, and a month later reported a positive PEA that was prepared by Tetra Tech and based on the drill results for 40% of the property.

Over its estimated 18-year life

— which includes two years of pre-production operations — the PEA shows Sandtown could produce 865,000 tons (785,000 tonnes) of frac sand products a year, at average operating costs of US$19 per ton. Estimated average revenue is US$49 per ton for both granular and powder silica.

The study pegs Sandtown’s initial costs at US$42 million, including a US$3.7-million contingency.

However, the company hopes to acquire or build its production facilities for less than those estimated costs, and finance capital expenditure with debt and equity.

Based on only 40% of the land drilled, the project has a US$92million after-tax net present value at an 8% discount rate and a 34% after-tax internal rate of return, with a 2.5-year payback The PEA uses an indicated frac sand resource of 22 million tons (20 million tonnes) grading 13% of 30/50 mesh, 32% of 40/70 mesh and 58% of 100 mesh. (The sum is greater than 100% due to overlap.)

Mesh indicates the size of the grain, with 100-type mesh being the finest and the most in demand, Mohammad says.

While the project’s economics are robust, they could improve after the company drills the remaining 60% of the property.

Select Sands is clearing land, with drilling and blasting expected by the end of September, Mohammad says.

He adds that the company could produce — at a reduced rate from the PEA forecasts — by October.

“We are planning on selling finished silica product into the industrial and oil and gas markets by the fourth quarter at 300,000 tons to

400,000 tons per year, using thirdparty plants [and a toll manufacturing model],” Mohammad explains, noting the firm has received bids for the run-of-mine raw sand.

Sandtown could reach full production by June 2016. The property sits 5 km from Highway 167 near a natural gas pipeline, and has an active power line. It is 24 km away from the nearest rail system.

Select Sands’ flagship asset is 650 miles (1,046 km) closer than the Wisconsin sand mines to the major Texas and Louisiana shale plays, offering US$15 per ton in transportation savings. Sandtown is also near the Houston port.

Mohammad points out that in May, Goldman Sachs said this year’s frac sand demand could drop to 46 million tons from last year’s 54 million tons, before rebounding to 63 million tons in 2016.

The executive notes these numbers include the lower-quality tier-two and tier-three sands, explaining the demand and price for tier-one frac sand is expected to stay strong in 2015.

According to Goldman Sachs, frac sand “capacity utilization” — defined as the average annual frac demand divided by average annual frac supply — should increase to 74% next year, up from 60% in 2015, but below last year’s 79%.

For industrial and specialty products, “pundits report that year-over-year future growth is 8%,” the company says.

Select Sands could capitalize on the growing demand in its targeted markets next year. The emerging frac sand producer recently closed at 38.5¢ per share, with a $17.3-million market capitalization.

Coal faces strong headwinds COAL, From Page 7

in 2010.

Five years ago, higher-quality thermal coal such as Newcastle 6,000 kcal/kg NAR was selling for US$125 per tonne. Recently, that price has dipped below US$60 per tonne. Prices of lower-quality coal, meanwhile, probably peaked at US$70 per tonne in 2010, and since then have come off by about half.

“Nobody wants to build a coal mine when the coal price is at US$60 per tonne,” says Roberts, who has worked in the mining

industry for the last 40 years, 28 of which were in coal and the rest in uranium, base metals, shale oil and oilsands.

Prices for thermal coal “are just going to barely exceed marginal costs for several years,” he estimates, saying that it will take a price increase of at least US$10 per tonne to US$20 a tonne to bring on new production.

“We are probably at a trough right now, but if there is more to squeeze out in terms of costs, the prices will follow down as well,” Roberts

continues. “The wildcard in all of this is demand. If it becomes weaker, then it could drive prices down even more and extend the time it takes to rebalance the market, so it’s a pretty bleak picture.”

Extra capacity and the insufficient rationalization of supply, coupled with sluggish demand, are just two of many factors that have contributed to the price slump.

Others include the rise of renewable energy in the form of wind and solar; the rising popularity of inexpensive natural gas, particularly in markets in the U.K., Europe and the U.S.; and new carbon taxes. Thermal coal imports into the U.K., for example, fell 41% year-on-year in the first half of 2015, according to figures from Investec Securities.

Roberts estimates that the thermal coal market will continue to face headwinds until at least 2020: “We see an eventual rebalancing in the market but it’s going to take five years.”

China’s recent currency devaluation further complicates the picture, he says, as it makes imported coal more expensive and favours domestic producers in the Asian juggernaut. While countries closest to China such as Australia and Indonesia may not feel the impact as much, it will hit coal producers farther away in the U.S., Roberts predicts.

Another factor is China’s desire to reduce pollution and lower emissions, he says. “If they want to reach their electricity-generation goals, they can’t do it without coal,” he says. “So the question is: How much of that electricity can they satisfactorily give up and sacrifice on the altar of clean energy?”

15-08-19 5:20 PM

M i n i n g E n e rg y

THE NORTHERN MINER

NexGen triples Arrow deposit

NEXGEN ENERGY

Core from hole 15-44b at NexGen Energy’s Arrow uranium project in northern Saskatchewan’s Athabasca basin.

NEXGEN, From Page 7

a bold 210-metre southwestern step-out from 15-44b — a record hole drilled in 2014 that returned 56.5 metres of 11.6% uranium oxide (U3O8) from 500 metres deep.

Total composite mineralization accounts for low to moderate readings below 10,000 cps, with no greater than 2 metres of barren material diluted within the calculated interval.

Other intercepts from the program include 170.5 metres of total composite including 13.2 metres measuring 10,000 to 61,000 cps on a 50-metre southwestern step-out from 15-44b, and 160.3 metres of total composite including 8 metres measuring 10,000 to 47,000 cps on a 100-metre southwestern step-out from 15-44b.

shear zones that cross-cut a 1.4-billion-year-old gneiss beneath the Athabasca basin.

The region’s other style of deposit, known as “egress,” occurs where these structures meet the unconformable contact between the basement rocks and the overlying and undeformed sediments.

Examples of egress or “unconformity-hosted” types in the basin include Cameco’s McArthur River and Cigar Lake deposits.

In this instance, uranium-enriched fluids circulated upwards through the basement along the structures and permeated laterally into sandstones, forming pods of flat-lying mineralization.

Heat from the radioactive decay that followed drove uranium-enriched, oxidized fluids farther into

‘We’re not drilling to protect the asset, we’re drilling to expand it.’

— Travis McPherson, corporate development manager, NexGen Energy McPherson explains that assays won’t be received for another four to six weeks, but the scintillometer readings suggest high grades.

“When you see greater than 60,000 counts per second, that’s when we often see over 40% U3O8,” he says, adding that “when it’s between 10,000 cps and 60,000 cps,” the company doesn’t know.

McPherson says that the drill holes were angled slightly oblique to the mineralization, resulting in wider intercepts, but that “you can divide by four and you get the true thickness.”

Drilling at Arrow has outlined two prominent, vertically oriented shear zones called A2 and A3 that host a uranium deposit in the Athabasca known as an “ingress” sub-type.

Similar to Cameco’s (TSX: CCO) Eagle Point and Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) Triple R deposits, mineralization at Arrow formed when uranium-enriched fluids brewed within near-vertical, anastomosing

the basin and altered the sedimentary host rock into brittle clays.

McPherson says that mining unconformity hosted deposits poses an “extreme technical challenge,” since groundwater seeping through the permeable and brittle host rock needs to be frozen solid before it can be mined.

“Cameco wrote the book on how to mine these deposits at Cigar Lake,” he says. “It took them 10 years to figure it out and (well over) initial capex, but they have it dialed now, and they’re the only ones who know how to do it.”

In contrast, he says mining Arrow would be easier and similar to underground mining at Eagle Point, where miners use longhole underground stoping to tap reserves of 15.2 million lb. at 0.6% U3O8.

“Any company that has experience with underground mining can mine Arrow,” he says. “The host rock is competent and it doesn’t require any freezing.”

Although NexGen plans to advance the project towards its

9

AUGUST 24-30, 2015

Canadian Natural

maiden resource in the first half of 2016, McPherson says the company will still explore the project’s geological upside.

“The alteration in the new stepout holes looks to be just like the top of the high-grade core on the A2 shear we drilled previously,” he says. “Our technical team believes we clipped the top of a much larger mineralized system so we’re investigating that further, with more drilling down-plunge.”

Since discovering the Arrow deposit, the company has traced mineralization across a 645-metre strike length on surface that’s 215 metres wide and between 100 and 920 metres deep.

Cantor Fitzgerald analyst Rob Chang predicts that based on the assays to date, the deposit could have a resource of 114.9 million lb.

U3O8 at average grades of 0.9%.

Chang has a “speculative buy” rating on NexGen’s stock, with no price target on its shares.

The more advanced-stage Triple R deposit located just next door has an indicated resource of 2.3 million tonnes at 1.6% U3O8 for 79.6 million lb. U3O8, and an inferred resource of 901,000 tonnes at 1.3% U3O8 for 25.8 million lb.

U3O8. The high-grade core of the deposit has 110,000 tonnes at 18.2% U3O8.

To put the value in perspective, NexGen says a grade of 1% U3O8 has the same value as 23.5 grams gold per tonne, assuming US$45 per lb. U3O8 and US$1,300 oz. gold.

At 31.1 grams for every 1 troy oz., one tonne of material from Triple R’s high-grade core is worth a whopping US$17,886.

Denison Mines (TSX: DML; NYSE-MKT: DNN) and Fission agreed to merge in early July under a deal that valued Fission at $483 million, or $1.25 per share. The newly rebranded Denison Energy would start life with a $650-million market value at press time valuations.

For McPherson, the DenisonFission combination adds to Arrow’s attractiveness.

“We think the deal is great because it basically leaves us as the last ones standing in the southwest Athabasca, with an asset that’s already showing all the characteristics of becoming a world-class deposit,” he says.

NexGen has traded within a 52week range of 29¢ to 89¢, and closed at 79¢ at press time. The company has 253.4 million shares outstanding for a $200-million market capitalization.

CANADIAN NATURAL RESOURCES

Processing facilities at Canadian Natural Resources’ Horizon oilsands mine near Fort McMurray, Alberta.

CANADIAN NATURAL, From Page 7

a cost-cutting initiative it started earlier in the year, with its annual budget falling by US$3.1 billion, or 36¢, since 2014. Canadian Natural deferred US$2.4 billion in capital spending in January, and tacked on another US$695 million in cuts over the past five months. Capital spending this year is expected to total US$5.5 billion, with nearly 50% allocated towards expanding the Horizon oilsands project.

lower industry cash flows — triggered by higher taxes — could impact Alberta’s employment situation. CFO Corey Bieber indicated that the “lower future capital reinvestment likely equates to 4,100 fewer person years of direct, indirect and induced employment, with follow-on impact of higher income taxes on future income streams.”

During the second quarter Canadian Natural increased its re-

‘We’ve been here many times before, and each and every time we’ve come out of the cycle stronger and on the winning side. I expect this cycle to be no different.’

— Steve Laut, president, Canadian Natural Resources “We’ve been here many times before, and each and every time we’ve come out of the cycle stronger, and on the winning side. I expect this cycle to be no different,” Laut added.

But the company hasn’t pulled any punches in its criticism of Alberta Premier Rachel Notley’s decision to boost the provincial corporate tax rate to 12% from 10% as of July 1, despite falling crude oil prices.

In late May, Canadian Natural cancelled an investor open house on future spending “due to the current uncertainty surrounding the government of Alberta’s review of royalty, taxation, environmental and greenhouse gas policies.”

The company doubled down during its second-quarter conference call when it cited a report from a third-party research firm based in Edmonton that said

volving syndicated credit facility from US$1.5 billion to US$2.4 billion. Laut also said that Canadian Natural remains “committed to monetizing its royalty assets,” which generate US$96 million on an annualized, first-quarter basis.

The move would mirror Cenovus Energy’s (TSX: CVE; NYSE: CVE) recent sale of its royalty lands package to the Ontario Teachers’ Pension Plan for US$3.3 billion in cash.

Canadian Natural shares have traded within a 52-week range of $29.59 to $47.53, and last closed at $29.77. The company has 1.1 billion shares outstanding for a $32.6-billion market capitalization. Other Alberta-based oil producers also reported tax hits during the second quarter. Imperial Oil (TSX: IMO; NYSE-MKT: IMO) said its deferred expense totalled US$320 million, while Cenovus announced a US$315-million tax expense.

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TNM Aug 24 2015 Issue.indd 9

15-08-19 5:20 PM

10 AUGUST 24-30, 2015 THE NORTHERN MINER

STOCK TABLES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 2913 0.05 0.04 0.05 0.00 0.09 0.03 Abcourt Mines V 812 0.04 0.04 0.04 + 0.01 0.08 0.03 Aben Res V 658 0.02 0.02 0.02 + 0.01 0.33 0.01 Aberdeen Intl T 3075 0.15 0.12 0.13 + 0.01 0.20 0.11 Abitibi Royalt V 163 2.50 2.20 2.50 + 0.28 5.10 1.53 Adamera Mnls V 325 0.03 0.03 0.03 - 0.01 0.09 0.03 Adex Mining V 815 0.02 0.01 0.01 - 0.01 0.02 0.01 Adriana Res V 197 0.10 0.09 0.10 + 0.01 0.19 0.09 Adroit Res V 750 0.01 0.01 0.01 0.00 0.01 0.01 Adventure Gold V 135 0.07 0.07 0.07 - 0.01 0.20 0.07 African Gold G V 1337 0.05 0.04 0.05 + 0.01 0.13 0.04 African Metals V 27 0.06 0.06 0.06 - 0.02 0.29 0.03 African Queen V 2125 0.02 0.01 0.02 0.00 0.03 0.01 Africo Res T 190 0.39 0.34 0.39 + 0.01 0.45 0.30 Agnico-Eagle* N 155402 25.97 21.91 23.71 + 3.24 40.40 21.00 Agnico-Eagle T 45070 33.67 28.79 30.99 + 3.89 44.12 25.05 Agrium* N 4931 104.82 100.56 104.66 + 2.80 116.77 82.04 Agrium T 14020 137.24 130.98 137.07 + 2.59 146.51 92.81 Alabama Graph V 13913 0.17 0.15 0.15 - 0.02 0.35 0.14 Alacer Gold T 46862 2.93 2.65 2.90 + 0.22 3.11 1.77 Alamos Gold* N 64583 3.94 3.06 3.62 + 0.88 10.14 2.98 Alamos Gold T 22829 5.10 4.02 4.69 + 0.98 11.07 3.90 Alberta Star V 40 0.03 0.03 0.03 + 0.01 0.08 0.02 Alcoa* N 1096063 10.09 9.28 9.41 + 0.20 17.75 9.28 Alderon Irn O* X 436 0.16 0.15 0.15 - 0.02 1.27 0.13 Alderon Iron O T 1067 0.23 0.20 0.21 - 0.03 1.39 0.17 Aldershot Res V 950 0.03 0.02 0.02 + 0.02 0.05 0.01 Aldridge Minls V 650 0.17 0.16 0.16 - 0.01 0.37 0.16 Aldrin Res V 2276 0.15 0.12 0.12 - 0.04 0.33 0.12 Alexander Nubi V 370 0.08 0.07 0.07 + 0.02 0.28 0.06 Alexandria Mnl V 10696 0.04 0.03 0.04 0.00 0.07 0.03 Alexco Res T 1740 0.48 0.43 0.46 + 0.06 1.16 0.34 Alexco Res* X 6213 0.38 0.33 0.35 + 0.05 1.07 0.26 Alix Res V 510 0.05 0.05 0.05 - 0.01 0.25 0.03 Alliance Mng V 170 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 11614 24.99 23.12 24.81 + 1.20 50.65 22.76 Alloycorp V 3040 0.03 0.02 0.02 0.00 0.10 0.02 Almaden Mnls* X 2823 0.76 0.65 0.66 - 0.01 1.64 0.49 Almaden Mnls T 267 0.96 0.85 0.88 - 0.10 1.80 0.76 Almonty Ind V 30 0.82 0.82 0.82 0.00 0.83 0.52 Alpha Gold V 50 0.05 0.05 0.05 0.00 0.06 0.03 Altai Res V 1510 0.07 0.06 0.07 - 0.01 0.12 0.05 Altan Nev Mnls V 500 0.01 0.01 0.01 0.00 0.06 0.01 Altima Res V 168 0.02 0.02 0.02 0.00 0.07 0.01 Altitude Res V 232 0.20 0.16 0.19 - 0.01 0.30 0.09 Altius Mnrls T 1938 14.00 13.10 13.21 - 0.12 15.47 9.86 Alto Vent V 461 0.04 0.04 0.04 - 0.01 0.10 0.04 Alum Cp China* N 1555 9.97 9.46 9.49 + 0.83 17.44 8.36 Am Creek Res V 1042 0.04 0.04 0.04 0.00 0.10 0.03 Amarc Res V 610 0.08 0.08 0.08 - 0.02 0.18 0.06 Amarillo Gold V 1356 0.06 0.05 0.06 - 0.01 0.13 0.04 Amato Expl V 116 0.02 0.02 0.02 0.00 0.03 0.01 American Manga V 3420 0.02 0.02 0.02 - 0.01 0.04 0.01 American Vanad V 2021 0.10 0.08 0.09 + 0.02 0.62 0.05 Amerigo Res T 2421 0.27 0.24 0.25 0.00 0.48 0.23 Amex Expl V 832 0.04 0.03 0.04 - 0.01 0.12 0.03 AMI Res V 200 0.04 0.04 0.04 - 0.02 0.06 0.01 Anaconda Mng T 2743 0.05 0.04 0.04 0.00 0.07 0.04 AndeanGold V 1000 0.01 0.01 0.01 0.00 0.04 0.01 Anfield Nickel V 200 0.70 0.68 0.68 - 0.02 1.10 0.68 Anfield Res V 210 0.10 0.08 0.10 0.00 0.76 0.07 Angel Gold V 60 0.07 0.07 0.07 + 0.02 0.10 0.02 Angkor Gold V 110 0.54 0.51 0.54 + 0.05 0.64 0.30 Anglo-Can Mng V 2840 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 143772 6.99 5.71 6.25 + 1.17 18.19 5.64 Antioquia Gold V 2405 0.06 0.05 0.05 0.00 0.07 0.01 Antofagasta Gd V 1035 0.19 0.17 0.18 + 0.02 0.25 0.09 Apogee Silver V 166 0.38 0.33 0.33 + 0.03 0.65 0.18 Aquila Res T 3589 0.15 0.14 0.14 - 0.01 0.19 0.09 Arch Coal* N 54347 2.23 1.16 1.26 + 0.84 33.50 1.00 Archon Mineral V 10 1.95 1.85 1.85 - 0.10 2.05 0.77 Arctic Star Rs V 1000 0.04 0.04 0.04 0.00 0.13 0.03 Argentex Mng V 590 0.03 0.03 0.03 + 0.01 0.09 0.02 Argentum Silvr V 45 0.03 0.03 0.03 0.00 0.10 0.03 Argex Titanium T 8367 0.14 0.12 0.14 + 0.01 0.72 0.11 Argonaut Gold T 24104 1.62 1.25 1.36 + 0.27 5.28 1.19 Argus Metals V 20 0.02 0.02 0.02 - 0.01 0.11 0.02 Arian Silver V 104 0.50 0.45 0.48 + 0.03 0.78 0.37 Arianne Phosph V 2385 0.95 0.87 0.93 + 0.05 1.02 0.51 Armistice Res T 1489 0.32 0.28 0.30 + 0.06 0.54 0.22 ASA (Bermuda)* N 3200 8.88 7.81 8.37 + 0.76 14.86 7.57 Asanko Gold T 16476 2.38 1.95 2.08 + 0.41 2.80 1.50 Asanko Gold* X 534 1.82 1.49 1.56 + 0.13 2.55 1.26 Ascot Res V 2409 1.38 1.21 1.25 - 0.07 2.40 0.96 Ashburton Vent V 15040 0.02 0.02 0.02 - 0.01 0.04 0.01 AsiaBaseMetals V 50 0.03 0.03 0.03 - 0.01 0.10 0.02 Asian Minl Res V 2210 0.05 0.05 0.05 - 0.01 0.08 0.03 Astar Mnls V 130 0.10 0.10 0.10 - 0.05 0.16 0.09 Astur Gold V 10 0.02 0.02 0.02 + 0.01 0.29 0.02 Atac Res V 4310 0.51 0.40 0.45 + 0.09 1.03 0.31 Atacama Pac Gd V 115 0.18 0.14 0.15 - 0.04 0.79 0.14 Athabasca Mnls V 496 0.48 0.38 0.38 - 0.01 2.93 0.31 Atico Mng V 2886 0.43 0.39 0.40 + 0.04 0.82 0.38 Atlanta Gold V 125 0.08 0.07 0.08 + 0.01 0.40 0.05 Atna Res Ltd T 5877 0.08 0.07 0.07 + 0.02 0.14 0.06 Augen Gold V 1330 0.02 0.02 0.02 0.00 0.13 0.01 Augyva Mng V 500 0.12 0.12 0.12 0.00 0.15 0.07 Aura Mnls T 1890 0.10 0.08 0.09 + 0.02 0.14 0.06 Aura Silver Rs V 2610 0.02 0.01 0.01 0.00 0.04 0.01 Aurania Res V 7 0.30 0.30 0.30 0.00 0.30 0.30 Aurcana Corp V 12747 0.20 0.14 0.14 - 0.04 0.63 0.14 AurCrest Gold V 14 0.01 0.01 0.01 0.00 0.07 0.01 Aureus Mng T 53 0.41 0.40 0.40 - 0.02 0.83 0.27 Aurion Res V 6400 0.05 0.04 0.05 - 0.01 0.08 0.03 Aurvista Gold V 2730 0.05 0.03 0.05 + 0.02 0.11 0.03 Avala Res V 120 0.04 0.03 0.03 0.00 0.30 0.03 Avalon Rare M* X 5614 0.17 0.13 0.13 - 0.01 0.46 0.13 Avalon Rare Mt T 2449 0.22 0.17 0.18 - 0.02 0.50 0.17 Avino Silver V 800 1.60 1.27 1.49 + 0.24 2.51 1.17 Avino Silver* X 3385 1.21 0.97 1.11 + 0.15 2.34 0.90 Avnel Gold T 575 0.24 0.23 0.24 - 0.01 0.31 0.13 Avrupa Mnls V 640 0.09 0.07 0.09 + 0.01 0.40 0.07 Axmin Inc V 2524 0.02 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 90 0.18 0.18 0.18 + 0.03 0.36 0.14 Azincourt Res V 97 0.04 0.04 0.04 + 0.01 0.36 0.03

B B2Gold* X 83480 B2Gold T 131694 Bacanora Mnls V 31 Baja Mng V 2797 Balmoral Res T 4906 Banks Island G V 9875 Bannerman Res T 240 Banro T 57825 Banro* X 60278 Banyan Gold V 473 Barisan Gold V 10725 Barkerville Go V 1941 Barrick Gold* N 1091260 Barrick Gold T 146959 Batero Gold V 4078 Bayswater Uran V 1975 BCGold V 550 BCM Res V 2620 Bear Creek Mng V 1782 Beaufield Res V 742 Bell Copper V 880 Bellhaven Cp&G V 33 Belmont Res V 3840 Belo Sun Mng T 1042

TNM Aug 24 2015 Issue.indd 10

1.35 1.04 1.14 + 0.21 2.86 0.98 1.74 1.38 1.48 + 0.26 3.12 1.30 1.59 1.59 1.59 0.00 2.05 0.56 0.03 0.02 0.03 + 0.01 0.07 0.02 0.61 0.56 0.58 - 0.01 1.95 0.52 0.04 0.02 0.03 - 0.01 0.52 0.02 0.04 0.04 0.04 0.00 0.09 0.03 0.33 0.25 0.26 + 0.02 0.47 0.13 0.25 0.20 0.20 + 0.01 0.40 0.12 0.04 0.04 0.04 + 0.01 0.10 0.02 0.05 0.03 0.04 + 0.01 0.20 0.03 0.25 0.22 0.25 + 0.02 0.47 0.11 8.16 7.00 7.68 + 1.00 19.36 6.52 10.58 9.22 10.07 + 1.25 21.14 8.60 0.08 0.07 0.07 0.00 0.11 0.06 0.03 0.02 0.03 + 0.01 0.10 0.02 0.02 0.01 0.02 - 0.01 0.05 0.01 0.04 0.04 0.04 0.00 0.05 0.02 0.86 0.76 0.86 + 0.10 5.20 0.71 0.04 0.04 0.04 - 0.01 0.08 0.03 0.05 0.03 0.05 + 0.02 0.05 0.01 0.27 0.26 0.26 0.00 0.45 0.15 0.04 0.04 0.04 0.00 0.11 0.03 0.20 0.18 0.19 0.00 0.30 0.11

(100s) Stock

Week

MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: August 10-14, 2015 12-month

Exc Volume High Low Last Change High Low

Belvedere Res V 50 Benton Cap V 50 Benton Res V 658 Berkwood Res V 24863 BHP Billi-BBL* N 51240 BHP Billi-BHP* N 125794 Big North Grap V 224 BioteQ Env T 1260 Bison Gold Res V 9842 Bitterroot Res V 28040 Black Iron T 28425 Black Widow Rs V 2130 Blue Rvr Res V 2970 Blue Sky Uran V 20 BMO Jr Gld ETF T 921 Bold Vent V 1040 Bonterra Res V 834 Bowmore Expl V 15990 Brazil Res V 2527 Brixton Mtls V 250 Buccaneer Gold V 400 Burnstone Vent V 20

0.06 0.06 0.06 + 0.01 0.18 0.04 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 0.00 0.07 0.03 0.01 0.01 0.01 0.00 0.07 0.01 38.13 35.45 36.29 - 0.08 65.99 34.78 39.73 37.06 37.88 - 0.33 68.96 35.79 0.04 0.03 0.04 + 0.01 1.00 0.03 0.03 0.03 0.03 + 0.01 0.06 0.02 0.02 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.03 0.03 0.03 0.00 0.17 0.02 0.02 0.01 0.02 - 0.02 0.08 0.01 0.04 0.04 0.04 0.00 0.07 0.03 0.06 0.06 0.06 0.00 0.30 0.05 5.53 4.82 5.17 + 0.64 8.67 4.45 0.04 0.03 0.03 0.00 0.07 0.03 0.12 0.09 0.11 + 0.02 0.43 0.09 0.05 0.03 0.04 - 0.02 0.11 0.03 0.55 0.49 0.49 - 0.04 0.95 0.45 0.12 0.10 0.12 + 0.04 0.32 0.09 0.03 0.02 0.02 - 0.01 0.04 0.02 0.01 0.01 0.01 0.00 0.04 0.01

Cabot Corp* N 18279 Cadillac Vent V 179 Caledonia Mng T 618 Calibre Mng V 1157 Calico Res V 360 Callinex Mines V 2663 Cameco Corp* N 84899 Cameco Corp T 31647 Canada Carbon V 4129 Canada Rare Ea V 1050 Canada Zinc Mt V 295 Canadn Arrow V 40 Canadn Int Mnl V 1800 Canadn Mining V 1628 Canadn Orebods V 1278 Canadn Plat V 200 Canadn Zinc T 7023 Canaf Group V 4510 Canamex Res V 519 Canarc Res T 914 Canasil Res V 435 Cancana Res V 1643 Candente Coppr T 1741 CaNickel Mng T 5 Cannon Pnt Res V 4793 Canoe Mng Vnt V 1605 Canstar Res V 1230 Canterra Mnls V 1130 Cantex Mn Dev V 60 Canyon Copper V 90 Cap-Ex Vent V 112 Capstone Mng T 65230 Caracara Silvr V 1006 Cardero Res T 1371 Cariboo Rose V 70 Caribou King R V 9772 Carlin Gold V 202 Carlisle Goldf T 3359 Carmax Mng V 255 Cascadero Copp V 1230 Catalyst Coppr V 95 Caza Gold V 913 CB Gold V 8222 Centamin T 2137 Centerra Gold T 36989 Central Fund* X 33536 Central Fund T 2722 Central Gold-T T 14 Central GoldT* X 1041 Central Iron O V 1520 Centurion Mnls V 530 Chalice Gold M T 20 Challenger Dee V 4341 Champion Bear V 20 Champion Iron T 496 Chesapeake Gld V 514 Chiboug Ind Mn V 250 Chilean Gold V 25 Chimata Gold V 4810 China Gold Int T 12882 China Mnls Mng V 1000 Claude Res T 14567 Cliffs Nat Rs* N 196995 Clifton Star V 710 Cloud Peak En* N 17409 CMC Metals V 17542 Codrington Res V 224 Coeur Mng* N 177844 Colombian Mins V 160 Colonial Coal V 1790 Colorado Res V 942 Colt Res V 775 Columbus Gold V 1390 Commander Res V 2980 Commerce Res V 6854 Compass Mnls* N 2988 Compliance Eny V 432 Comstock Mng* X 4951 Comstock Mtls V 1363 Condor Res V 500 Confedertn Mls V 2495 Cons Richland V 383 Cons Woodjam C V 90 Consol Energy* N 257361 Constant Mtl R V 1460 Contintl Gold T 12993 Contl Precious T 11 Copper Ck Gold V 2460 Copper Fox Mtl V 4437 Copper Mtn Mng T 21493 Copper North M V 10 Copper One V 1000 Coral Gold V 272 Cordoba Mnls V 775 Corex Gold V 60 Cornerstone Ca V 2000 Coro Mining T 11681 Coronado Res V 25 Corsa Coal V 1515 Corvus Gold T 435 Cougar Mnls V 423 Crazy Horse Rs V 490 Critical Elem V 4070 CVR Partners* N 3921 Cypress Dev V 351

34.83 33.50 34.71 + 1.28 55.98 33.50 0.03 0.02 0.02 0.00 0.35 0.02 0.85 0.75 0.83 + 0.03 1.20 0.54 0.10 0.09 0.10 + 0.02 0.20 0.08 0.13 0.08 0.08 - 0.01 0.19 0.06 0.36 0.32 0.32 0.00 0.40 0.16 14.79 13.76 14.26 + 0.82 20.83 12.88 19.19 18.09 18.69 + 0.86 22.74 16.73 0.26 0.25 0.26 0.00 0.32 0.18 0.03 0.03 0.03 - 0.01 0.11 0.03 0.24 0.22 0.24 + 0.03 0.57 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 0.00 0.07 0.01 0.12 0.10 0.11 + 0.01 0.24 0.05 0.03 0.02 0.02 - 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.12 0.09 0.12 + 0.03 0.33 0.09 0.07 0.07 0.07 0.00 0.09 0.04 0.04 0.04 0.04 0.00 0.25 0.04 0.07 0.05 0.07 + 0.02 0.11 0.03 0.04 0.03 0.03 0.00 0.08 0.03 0.28 0.22 0.28 0.00 0.32 0.15 0.06 0.06 0.06 + 0.01 0.26 0.05 0.10 0.10 0.10 0.00 0.75 0.09 0.13 0.11 0.13 + 0.02 0.25 0.10 0.05 0.04 0.04 - 0.01 0.24 0.02 0.07 0.05 0.06 + 0.01 0.07 0.03 0.06 0.05 0.05 0.00 0.13 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 0.02 0.02 0.02 - 0.01 0.06 0.01 0.87 0.71 0.76 - 0.03 2.84 0.71 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.02 0.03 + 0.01 0.08 0.01 0.03 0.03 0.03 - 0.01 0.07 0.02 0.12 0.10 0.10 - 0.02 0.30 0.04 0.01 0.01 0.01 - 0.01 0.03 0.01 0.22 0.20 0.22 - 0.02 0.42 0.13 0.04 0.04 0.04 - 0.02 0.12 0.03 0.03 0.02 0.02 0.00 0.07 0.02 0.12 0.12 0.12 0.00 0.60 0.11 0.05 0.04 0.04 - 0.02 0.11 0.03 0.05 0.04 0.04 + 0.01 0.14 0.03 1.35 1.08 1.29 + 0.18 1.38 0.80 7.88 6.51 7.24 + 1.00 7.92 3.96 10.99 10.45 10.73 + 0.44 14.10 10.15 14.27 13.76 14.05 + 0.44 16.89 12.52 50.56 49.53 50.56 + 1.21 57.25 42.50 38.98 37.66 38.42 + 1.18 46.73 37.22 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 0.00 0.13 0.02 0.10 0.10 0.10 - 0.01 0.15 0.08 0.20 0.16 0.20 + 0.02 0.20 0.05 0.06 0.06 0.06 - 0.03 0.20 0.05 0.18 0.17 0.17 + 0.02 0.29 0.07 2.02 1.90 1.91 + 0.07 3.63 1.72 0.03 0.03 0.03 + 0.01 0.08 0.02 0.04 0.04 0.04 - 0.02 0.09 0.02 0.06 0.06 0.06 0.00 0.19 0.01 2.07 1.75 2.05 + 0.39 3.40 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.68 0.64 0.64 - 0.01 0.78 0.19 3.42 2.56 3.38 + 0.73 18.41 2.28 0.16 0.15 0.16 + 0.01 0.25 0.06 3.17 2.56 3.04 + 0.63 16.01 2.51 0.05 0.03 0.04 + 0.01 0.08 0.03 0.06 0.05 0.06 0.00 0.16 0.04 3.92 2.77 3.69 + 1.32 8.58 2.67 0.04 0.04 0.04 - 0.01 0.20 0.04 0.05 0.04 0.05 - 0.01 0.17 0.04 0.08 0.07 0.07 - 0.01 0.22 0.06 0.17 0.16 0.16 0.00 0.30 0.05 0.40 0.34 0.37 0.00 0.55 0.31 0.02 0.02 0.02 + 0.01 0.04 0.02 0.12 0.10 0.10 - 0.01 0.29 0.07 85.71 80.82 85.08 + 3.62 95.68 79.05 0.09 0.04 0.09 - 0.01 0.40 0.04 0.63 0.55 0.63 + 0.04 1.61 0.35 0.04 0.03 0.04 + 0.04 0.04 0.01 0.04 0.04 0.04 0.00 0.12 0.03 0.05 0.04 0.05 + 0.01 0.12 0.03 0.01 0.01 0.01 - 0.01 0.05 0.01 0.04 0.04 0.04 - 0.01 0.09 0.02 14.40 12.86 12.93 + 1.03 42.26 12.73 0.13 0.12 0.13 0.00 0.25 0.10 3.25 2.91 3.05 + 0.14 4.24 1.61 0.31 0.31 0.31 - 0.01 0.75 0.30 0.06 0.06 0.06 - 0.01 0.08 0.03 0.17 0.15 0.16 - 0.01 0.37 0.10 0.85 0.71 0.74 + 0.03 3.07 0.71 0.04 0.04 0.04 - 0.01 0.09 0.04 0.01 0.01 0.01 0.00 0.10 0.01 0.08 0.06 0.08 + 0.01 0.26 0.06 0.12 0.11 0.12 + 0.01 0.64 0.08 0.04 0.04 0.04 0.00 0.09 0.04 0.03 0.02 0.03 + 0.01 0.11 0.02 0.03 0.03 0.03 0.00 0.08 0.02 0.25 0.25 0.25 0.00 1.23 0.25 0.08 0.07 0.07 0.00 0.30 0.06 0.58 0.50 0.53 + 0.02 1.50 0.49 0.06 0.06 0.06 + 0.02 0.30 0.03 0.02 0.02 0.02 + 0.01 0.05 0.01 0.26 0.24 0.24 - 0.02 0.40 0.16 11.74 10.30 11.34 + 0.78 16.84 8.52 0.04 0.03 0.03 - 0.01 0.45 0.03

Dajin Res V 6728 Dalradian Res T 4411 Darnley Bay V 9448 Decade Res V 2650 Defiance Silvr V 1427 Dejour Enterp T 28 Dejour Enterp* X 2076 Delrand Res T 200 Denison Mines T 29965 Denison Mines* X 3487 Desert Gold V 210

0.10 0.08 0.09 - 0.01 0.11 0.04 1.00 0.84 0.97 + 0.16 1.16 0.46 0.02 0.02 0.02 - 0.01 0.18 0.02 0.04 0.02 0.04 + 0.01 0.25 0.02 0.12 0.11 0.11 - 0.01 0.19 0.07 0.16 0.15 0.16 + 0.01 0.36 0.13 0.12 0.10 0.12 + 0.00 0.33 0.10 0.07 0.07 0.07 - 0.02 0.95 0.06 0.72 0.64 0.67 + 0.04 1.49 0.55 0.55 0.49 0.51 + 0.04 1.36 0.43 0.16 0.08 0.15 - 0.02 0.90 0.08

C

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Desert Star V 50 Detour Gold T 42984 Diagnos V 2120 Diamcor Mng V 44 Diamond Fields V 30 Dios Expl V 1040 Discovery Harb V 70 Discovery Vent V 4385 Discovery-Corp V 1400 DNI Metals V 3150 Dolly Vard Sil V 58 Dominion Diam* N 6907 Dominion Diam T 10232 Doubleview Cap V 660 Dundee Prec Mt T 5154 Duran Vent V 2300 Durango Res V 11549 Dynacor Gold M T 1962 Dynasty Gold V 505 Dynasty Met&Mn T 370 Eagle Hill Exp V 1994 Eagle Plains V 464 East Asia Mnls V 2305 Eastern Platin T 2249 Eastmain Res T 4919 Eco Oro Mnls T 317 Ecuador G & C V 12247 El Nino Vent V 172 El Tigre Silvr V 1080 Eldorado Gold* N 45518 Eldorado Gold T 125752 Electra Gold V 240 Ely Gold & Mnl V 1020 Emerick Res V 25 Emgold Mng V 1373 Encanto Potash V 9459 Endeavour Mng T 25254 Endeavr Silver T 5445 Endeavr Silve* N 8482 Energizer Res T 5619 Energold Drill V 730 Energy Fuels T 1962 Entourage Mtls V 263 Entree Gold* X 940 Entree Gold T 2162 Equitas Res V 83887 Equitorial Exp V 2730 Erdene Res Dev T 220 Erin Ventures V 1194 Eskay Mng V 1730 Ethos Gold V 728 Eurasian Minls V 469 Eurasian Mnls* X 2293 Eureka Res V 30 EurOmax Res V 408 Europn Uran Rs V 52 Everton Res V 5610 Evolving Gold C 195 Evrim Res V 14 Excalibur Res C 1152 Excellon Res T 1116 Excelsior Mng V 1748 Exeter Res* X 1661 Exeter Res T 475 Explor Res V 2246 Faircourt Gold T 1644 Fairmont Res V 252 Falco Res V 11299 Falcon Gold V 250 Fancamp Expl V 338 Finlay Minrls V 500 Firesteel Res V 750 Firestone Vent V 1600 First Lithium V 2270 First Majesti* N 69416 First Majestic T 24530 First Nickel T 900 First Point T 1120 First Quantum T 124402 Fission 3.0 V 5361 Fjordland Exp V 1450 Flinders Res V 360 Focus Graphite V 6733 Focus Vnt V 961 Foraco Intl T 253 Foran Mng V 1911 Formation Mtls T 1826 Forsys Metals T 201 Fortuna Silver T 16892 Fortuna Silvr* N 17116 Fortune Bay T 86 Fortune Mnrls T 2081 Forum Uranium V 830 Franco-Nevada* N 67408 Franco-Nevada T 26305 Freegold Vent T 2174 Freeport McMo* N 1409736 Frontline Gold V 3090 Full Metal Mnl V 20

0.13 0.13 0.13 - 0.02 0.26 0.12 14.77 12.96 14.02 + 1.70 16.37 6.02 0.09 0.07 0.08 - 0.01 0.11 0.04 1.14 1.08 1.11 - 0.01 1.45 0.90 0.02 0.02 0.02 + 0.01 0.05 0.01 0.07 0.06 0.06 0.00 0.10 0.03 0.03 0.03 0.03 0.00 0.11 0.02 0.15 0.12 0.12 - 0.03 0.42 0.09 0.06 0.05 0.05 - 0.03 0.14 0.05 0.10 0.07 0.08 - 0.01 0.50 0.06 0.13 0.13 0.13 + 0.02 1.25 0.11 13.27 12.42 12.58 + 0.19 20.30 11.68 17.40 16.35 16.50 + 0.14 24.60 14.35 0.12 0.09 0.12 + 0.02 0.25 0.07 2.40 1.97 2.10 + 0.21 5.70 1.93 0.03 0.03 0.03 + 0.01 0.04 0.01 0.06 0.04 0.05 - 0.01 0.11 0.03 1.73 1.52 1.52 0.00 2.59 1.41 0.02 0.02 0.02 - 0.01 0.03 0.01 0.60 0.54 0.60 + 0.05 1.65 0.48 0.75 0.70 0.73 0.00 0.93 0.29 0.06 0.05 0.06 0.00 0.08 0.05 0.02 0.01 0.01 0.00 0.04 0.01 1.30 1.07 1.26 - 0.05 2.26 0.79 0.36 0.28 0.33 + 0.05 0.62 0.17 0.54 0.50 0.52 - 0.02 0.95 0.14 0.02 0.02 0.02 - 0.01 0.08 0.02 0.02 0.02 0.02 0.00 0.08 0.02 0.07 0.06 0.06 0.00 0.35 0.06 4.11 3.24 3.92 + 0.85 8.59 3.02 5.34 4.26 5.13 + 1.07 9.68 3.94 0.10 0.08 0.09 - 0.01 0.15 0.05 0.05 0.04 0.05 + 0.01 0.11 0.03 0.16 0.16 0.16 - 0.01 0.30 0.15 0.02 0.01 0.01 0.00 0.03 0.01 0.08 0.07 0.07 - 0.02 0.16 0.04 0.62 0.52 0.59 + 0.10 1.00 0.38 2.46 1.76 2.27 + 0.65 6.88 1.64 1.90 1.36 1.74 + 0.50 6.30 1.25 0.07 0.05 0.06 - 0.01 0.31 0.05 0.74 0.63 0.66 - 0.02 1.70 0.51 5.63 4.91 5.30 + 0.35 9.00 4.83 0.06 0.05 0.05 0.00 0.22 0.05 0.32 0.25 0.30 + 0.04 0.51 0.08 0.42 0.36 0.39 + 0.06 0.66 0.18 0.16 0.11 0.14 + 0.04 0.16 0.03 0.13 0.10 0.12 - 0.01 0.26 0.07 0.14 0.12 0.12 0.00 0.17 0.09 0.07 0.05 0.07 + 0.02 0.10 0.04 0.13 0.12 0.13 - 0.01 0.20 0.05 0.15 0.14 0.14 0.00 0.20 0.11 0.68 0.56 0.60 - 0.04 0.97 0.53 0.51 0.41 0.44 - 0.02 0.89 0.40 0.09 0.09 0.09 + 0.01 0.16 0.02 0.44 0.36 0.40 - 0.02 0.57 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.10 0.02 0.08 0.08 0.08 - 0.01 0.21 0.01 0.19 0.19 0.19 + 0.03 0.36 0.11 0.01 0.01 0.01 0.00 0.07 0.01 0.47 0.42 0.45 + 0.02 1.40 0.35 0.30 0.27 0.27 0.00 0.39 0.19 0.45 0.38 0.43 + 0.02 0.79 0.35 0.59 0.50 0.59 0.00 0.90 0.45 0.07 0.06 0.06 - 0.01 0.09 0.04 3.20 2.70 2.78 - 0.47 5.08 2.70 0.10 0.06 0.07 - 0.02 0.30 0.06 0.32 0.30 0.30 - 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 0.02 0.02 0.02 - 0.01 0.05 0.02 0.02 0.02 0.02 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.30 0.28 0.29 0.00 0.50 0.20 4.01 3.03 3.76 + 0.99 11.22 2.85 5.20 3.99 4.91 + 1.24 12.27 3.76 0.01 0.01 0.01 0.00 0.04 0.01 0.06 0.06 0.06 + 0.01 0.16 0.04 10.58 8.73 8.90 - 0.62 25.65 8.73 0.10 0.08 0.08 - 0.01 0.14 0.06 0.02 0.02 0.02 0.00 0.05 0.01 0.22 0.16 0.22 + 0.05 1.18 0.12 0.18 0.15 0.17 - 0.01 0.69 0.13 0.20 0.18 0.20 - 0.01 0.29 0.16 0.36 0.30 0.36 + 0.06 0.77 0.15 0.15 0.14 0.14 - 0.01 0.48 0.13 0.13 0.10 0.13 + 0.04 0.27 0.09 0.18 0.16 0.16 + 0.02 0.38 0.15 3.97 3.40 3.63 + 0.41 6.45 3.12 3.06 2.59 2.77 + 0.38 5.90 2.39 0.36 0.32 0.36 0.00 0.43 0.24 0.04 0.03 0.04 + 0.01 0.37 0.02 0.07 0.06 0.07 - 0.01 0.22 0.05 47.02 40.20 44.10 + 5.84 61.47 38.20 60.99 52.82 57.66 + 6.97 74.10 49.96 0.14 0.07 0.13 + 0.04 0.24 0.07 11.69 9.88 10.03 - 0.32 36.85 9.88 0.01 0.01 0.01 + 0.01 0.01 0.01 0.05 0.05 0.05 + 0.02 0.40 0.03

Gabriel Res T 5288 Galane Gold V 173 Galantas Gold V 453 Galway Gold V 875 Galway Mtls V 2196 GAMCO Glb Gld* X 28980 Garibaldi Res V 26751 Gem Intl Res V 1050 General Moly* X 1072 Gensource Pot V 2914 Gentor Res V 100 Geodrill T 115 Geologix Ex T 3440 Geomega Res V 1735 Georox Res V 1343 GFK Res V 32 GGL Res V 177 Giyani Gold V 1329 Glen Eagle Res V 29261 Global Hunter V 170 Globex Mng T 917 GMV Minerals V 12 Gobimin V 390 GoGold Res T 1381 Gold Bulln Dev V 14741 Gold Canyon V 4710 Gold Fields* N 159734 Gold Finder Ex V 23 Gold Reach Res V 80 Gold Reserve V 343 Gold Resource* X 16274 Gold Std Vnt V 1056 Gold Std Vnt* X 2261 Goldcliff Res V 30 Goldcorp T 118789 Goldcorp* N 449977 Golden Arrow R V 754 Golden Band V 10191 Golden Dawn Ml V 4111 Golden Goliath V 735 Golden Hope V 264 Golden Mnls T 75

0.47 0.40 0.41 + 0.04 1.15 0.25 0.11 0.10 0.11 + 0.01 0.30 0.08 0.10 0.10 0.10 - 0.02 0.18 0.05 0.08 0.06 0.07 + 0.01 0.12 0.05 0.13 0.11 0.12 0.00 0.17 0.10 5.75 5.26 5.37 + 0.36 11.09 5.12 0.06 0.05 0.06 + 0.01 0.30 0.05 0.06 0.05 0.05 0.00 0.26 0.05 0.53 0.48 0.51 + 0.03 1.05 0.26 0.07 0.06 0.07 + 0.01 0.10 0.04 0.04 0.04 0.04 - 0.03 0.17 0.04 0.58 0.55 0.58 - 0.02 0.99 0.46 0.03 0.03 0.03 + 0.01 0.09 0.03 0.13 0.11 0.12 0.00 0.41 0.10 0.10 0.07 0.07 - 0.01 0.14 0.05 0.12 0.11 0.12 + 0.02 0.20 0.03 0.03 0.02 0.02 - 0.01 0.10 0.02 0.10 0.08 0.09 + 0.02 0.39 0.05 0.04 0.03 0.04 - 0.01 0.20 0.03 0.04 0.03 0.03 0.00 0.09 0.02 0.19 0.17 0.19 - 0.01 0.29 0.14 0.11 0.11 0.11 0.00 0.26 0.06 0.39 0.39 0.39 - 0.01 0.51 0.39 1.45 1.29 1.44 + 0.09 1.84 1.29 0.03 0.02 0.03 + 0.01 0.08 0.02 0.14 0.13 0.13 + 0.02 0.39 0.09 3.05 2.48 2.65 + 0.51 6.01 2.42 0.03 0.03 0.03 0.00 0.07 0.03 0.18 0.18 0.18 0.00 0.66 0.13 4.62 4.00 4.62 + 0.38 5.39 2.48 2.54 2.22 2.37 + 0.29 6.35 1.99 0.53 0.49 0.50 + 0.01 0.80 0.40 0.42 0.36 0.39 + 0.03 0.72 0.26 0.01 0.01 0.01 0.00 0.02 0.01 19.97 17.49 18.68 + 1.92 32.32 16.16 15.39 13.30 14.29 + 1.64 29.65 12.35 0.32 0.26 0.28 - 0.01 0.50 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.18 0.15 0.17 + 0.01 0.30 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.56 0.52 0.52 - 0.03 0.64 0.08 0.43 0.36 0.43 + 0.06 1.36 0.31

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Mnls* X 2810 Golden Peak Mn V 10 Golden Predatr V 339 Golden Queen T 5847 Golden Reign R V 192 Golden Share M V 142 Golden Star T 3367 Golden Star* X 32340 Golden Tag V 200 Golden Val Min V 835 Goldex Res V 1800 Goldeye Expl V 362 Goldfield* X 10117 Goldgroup Mng T 51798 GoldQuest Mng V 3673 Goldrea Res C 178 Goldrock Mines V 3255 Goldrush Res V 135 Goldsource Min V 847 Goldstrike Res V 926 Gonzaga Res V 330 Gossan Res V 225 Gowest Gold V 4200 Gran Colombia T 2691 Grande Portage V 2850 Graphite One R V 10807 Gray Rock Res V 100 Great Atlantic V 1610 Great Bear Res V 810 Great Panther* X 24813 Great Panther T 9037 Great Quest Me V 494 Greencastle Rs V 25 Grenville Gold V 20 Gresham Res V 13970 Grizzly Discvr V 2892 Groundstar Res V 2350 GTA Res & Mng V 1401 Gunpoint Expl V 239 Guyana Gldflds T 12944 Guyana Prec Mt V 400 GWR Res V 200 Happy Ck Minls V 885 Harmony Gold* N 60529 Harte Gold T 8858 Harvest Gold V 140 Heatherdale Rs V 1657 Hecla Mining* N 287993 Helio Res V 11520 Hi-Crush Part* N 3358 Highbank Res V 4655 Highland Res V 4260 Highway 50 Gld V 20 Hinterland Mtl V 12 Horizns G Bear T 49877 Horizns G Bull T 83497 Hornby Bay Mnl V 58 Houston Lake V 1213 HudBay Minls T 47411 HudBay Mnls* N 583 Hudson Res V 1799 Hunt Mng V 183

0.35 0.28 0.34 + 0.04 1.25 0.23 0.06 0.06 0.06 0.00 0.18 0.04 0.09 0.08 0.09 + 0.02 0.18 0.07 1.05 0.75 0.86 + 0.12 1.68 0.65 0.08 0.07 0.07 0.00 0.19 0.05 0.02 0.01 0.02 0.00 0.11 0.01 0.31 0.26 0.26 + 0.02 0.61 0.20 0.24 0.20 0.21 + 0.02 0.57 0.16 0.03 0.03 0.03 + 0.01 0.10 0.02 0.13 0.11 0.12 + 0.04 0.22 0.08 0.03 0.02 0.03 + 0.01 0.08 0.02 0.04 0.04 0.04 0.00 0.09 0.03 1.92 1.33 1.84 + 0.49 2.85 1.20 0.08 0.07 0.07 - 0.01 0.24 0.07 0.12 0.11 0.12 + 0.01 0.25 0.07 0.05 0.04 0.05 0.00 0.10 0.02 0.20 0.15 0.17 + 0.01 0.45 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 0.15 0.17 + 0.02 0.30 0.05 0.04 0.04 0.04 0.00 0.15 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.07 0.06 0.07 + 0.01 0.10 0.05 0.26 0.21 0.26 + 0.04 1.65 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.09 0.07 0.08 0.00 0.18 0.07 0.04 0.04 0.04 + 0.02 0.15 0.02 0.08 0.07 0.07 - 0.02 0.30 0.06 0.06 0.05 0.05 - 0.01 0.09 0.02 0.49 0.36 0.42 + 0.09 1.33 0.30 0.65 0.47 0.55 + 0.13 1.45 0.40 0.45 0.36 0.36 - 0.11 1.82 0.25 0.06 0.06 0.06 0.00 0.10 0.05 0.15 0.15 0.15 + 0.03 0.18 0.04 0.83 0.74 0.76 - 0.06 0.95 0.52 0.07 0.06 0.06 + 0.01 0.10 0.02 0.06 0.05 0.06 + 0.01 0.19 0.03 0.08 0.05 0.06 - 0.03 0.10 0.04 0.15 0.15 0.15 0.00 0.25 0.14 4.48 3.79 4.15 + 0.34 4.48 2.15 0.14 0.13 0.13 - 0.01 0.33 0.11 0.04 0.03 0.04 - 0.01 0.05 0.01 0.11 0.10 0.11 0.00 0.17 0.09 1.16 0.96 0.98 + 0.22 3.23 0.92 0.07 0.06 0.07 + 0.01 0.30 0.04 0.02 0.02 0.02 0.00 0.06 0.02 0.03 0.03 0.03 + 0.01 0.09 0.03 2.35 1.85 2.17 + 0.51 3.54 1.77 0.02 0.02 0.02 0.00 0.07 0.02 17.60 15.66 15.91 - 0.53 71.74 14.90 0.18 0.14 0.15 - 0.04 0.31 0.09 0.14 0.13 0.14 + 0.01 0.56 0.10 0.13 0.13 0.13 + 0.01 0.51 0.11 0.02 0.02 0.02 0.00 0.04 0.01 18.43 13.74 15.27 - 4.23 24.65 8.50 4.08 3.13 3.64 + 0.86 11.37 2.95 0.07 0.07 0.07 0.00 0.10 0.03 0.19 0.16 0.18 - 0.02 0.20 0.09 8.46 7.05 7.13 - 0.38 12.61 7.05 6.50 5.40 5.46 - 0.22 10.44 5.40 0.50 0.47 0.50 + 0.02 0.55 0.22 0.04 0.03 0.03 + 0.01 0.40 0.02

I-Minerals V 640 Iamgold* N 64999 Iamgold T 106396 IBC Adv Alloys V 2409 IC Potash T 2700 Iconic Mnls V 350 IMPACT Silver V 4095 Imperial Metal T 845 Inca One Res V 41564 Independence G V 1536 Indico Res V 3405 Indigo Expl V 10 Inform Res V 1812 Inspiration Mg T 453 Integra Gold V 33375 Intigold Mines V 625 Intl Lithium V 2166 Intl Montoro R V 4480 Intl Northair V 5250 Intl Samuel Ex V 500 Intl Tower Hi* X 355 Intl Tower Hil T 751 Intl Vestr Res V 960 Intrepid Pots* N 6948 INV Metals T 1035 ISh COMEX G Tr T 331 Ivanhoe Mines T 36138 Ivernia T 650 J.A.G. Mines V 780 Jaguar Mng V 1470 Jaxon Mnls V 20 Jazz Res V 130 Jet Gold V 1452 Kaminak Gold V 8821 Karmin Expl V 40 Karnalyte Res T 413 Katanga Mng T 1101 Kazax Mnls V 30 Kennady Diam V 808 Kesselrun Res V 300 Kettle River V 104 Khalkos Expl V 1170 Khan Res C 1448 Kilo Goldmines V 120 Kincora Copper V 60 Kings Bay Gold V 3737 Kinross Gold T 152544 Kinross Gold* N 534434 Kirkland Lk Gd T 13075 Kiska Metals V 4530 Kivalliq Enrgy V 3011 Klondex Mns T 9533 Klondike Gold V 80 Klondike Silv V 744 Knick Expl V 6340 Kobex Mnls V 1174 Kombat Copper V 3424 Kootenay Gold V 425

0.27 0.24 0.27 + 0.01 0.31 0.14 1.90 1.53 1.78 + 0.30 4.10 1.16 2.48 2.01 2.32 + 0.35 4.48 1.50 0.14 0.12 0.12 - 0.01 0.25 0.09 0.15 0.14 0.14 - 0.01 0.31 0.13 0.05 0.05 0.05 0.00 0.10 0.03 0.20 0.14 0.18 + 0.02 0.59 0.14 8.20 7.90 7.91 - 0.09 13.69 7.30 0.17 0.13 0.16 + 0.01 0.29 0.12 0.08 0.07 0.08 - 0.01 0.13 0.07 0.09 0.05 0.09 + 0.01 0.16 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.01 0.01 0.00 0.07 0.01 0.10 0.06 0.07 0.00 0.73 0.04 0.27 0.24 0.27 + 0.04 0.36 0.14 0.19 0.15 0.17 - 0.04 0.32 0.03 0.04 0.03 0.04 + 0.01 0.06 0.02 0.08 0.06 0.06 - 0.01 0.10 0.05 0.05 0.04 0.04 - 0.01 0.17 0.04 0.01 0.01 0.01 0.00 0.03 0.01 0.30 0.26 0.26 - 0.00 0.71 0.20 0.38 0.35 0.35 + 0.01 0.78 0.26 0.03 0.02 0.02 0.00 0.30 0.02 8.52 7.96 8.08 - 0.01 16.75 7.91 0.14 0.12 0.14 + 0.01 0.38 0.12 14.16 13.86 14.00 + 0.25 15.78 12.61 0.70 0.62 0.69 + 0.04 1.49 0.62 0.01 0.01 0.01 0.00 0.13 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.14 0.12 0.14 - 0.03 0.84 0.12 0.02 0.02 0.02 + 0.01 0.07 0.01 0.23 0.23 0.23 + 0.02 0.23 0.03 0.05 0.03 0.05 + 0.01 0.15 0.03 0.75 0.65 0.68 + 0.04 1.15 0.53 0.35 0.32 0.32 - 0.01 0.50 0.21 0.69 0.64 0.65 + 0.02 1.24 0.64 0.21 0.19 0.19 - 0.02 0.52 0.17 0.05 0.02 0.02 - 0.02 0.06 0.02 3.83 3.36 3.42 - 0.20 8.18 3.02 0.04 0.03 0.03 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.11 0.10 0.10 0.00 0.12 0.06 0.60 0.53 0.55 + 0.04 0.80 0.31 0.06 0.06 0.06 0.00 0.21 0.05 0.03 0.03 0.03 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 2.81 2.43 2.58 + 0.32 4.54 2.10 2.16 1.85 1.98 + 0.25 4.16 1.60 5.80 4.82 5.26 + 0.59 6.88 2.79 0.03 0.02 0.02 0.00 0.09 0.02 0.10 0.09 0.10 0.00 0.23 0.09 3.55 3.34 3.44 + 0.16 3.55 1.68 0.09 0.09 0.09 0.00 0.28 0.08 0.02 0.02 0.02 - 0.01 0.07 0.02 0.02 0.02 0.02 + 0.01 0.02 0.01 0.54 0.50 0.53 + 0.03 0.63 0.46 0.05 0.04 0.04 - 0.01 0.11 0.04 0.30 0.27 0.27 - 0.02 0.56 0.25

La Quinta Res V 3360 Labdr I-Ore Ro T 9960 Lake Shore Gd* X 13794 Lake Shore Gld T 71160 Lakeland Res V 5630 Lara Expl V 746 Laramide Res T 4809 Largo Res V 304 Laurion Mnl Ex V 2110 Legend Gold V 410 Letho Res V 160 Lexam VG Gold T 1317 Lincoln Mng V 40 Lion One Mtls V 305 Lithium Americ T 16877 Lomiko Mtls V 11914 Loncor Res T 832 Lorraine Coppr V 2600

0.02 0.01 0.02 - 0.01 0.02 0.01 15.00 13.52 13.79 + 0.29 31.22 10.81 0.91 0.76 0.84 + 0.12 1.25 0.60 1.17 0.99 1.10 + 0.15 1.38 0.70 0.03 0.03 0.03 + 0.01 0.16 0.03 0.25 0.22 0.25 + 0.04 0.84 0.20 0.23 0.21 0.22 - 0.02 0.61 0.19 0.66 0.62 0.63 - 0.02 3.30 0.62 0.02 0.01 0.02 0.00 0.03 0.01 0.04 0.04 0.04 0.00 0.22 0.03 0.13 0.13 0.13 0.00 0.18 0.05 0.08 0.07 0.08 + 0.01 0.15 0.06 0.04 0.04 0.04 0.00 0.20 0.03 0.39 0.32 0.35 + 0.02 0.60 0.17 0.38 0.31 0.32 - 0.01 0.49 0.24 0.04 0.03 0.03 - 0.01 0.11 0.03 0.08 0.05 0.08 + 0.04 0.13 0.03 0.06 0.05 0.06 + 0.01 0.12 0.03

I-J-K

L

15-08-19 5:20 PM

THE NORTHERN MINER AUGUST 24-30, 2015 11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Los Andes Copp V 80 Lucara Diam T 11838 Luna Gold T 505 Lundin Mng T 116537 Lydian Intl T 2215

0.18 0.14 0.18 + 0.02 0.23 0.12 1.97 1.55 1.63 - 0.22 2.83 1.55 0.08 0.07 0.07 0.00 1.07 0.07 4.85 4.45 4.53 + 0.23 6.46 3.68 0.37 0.32 0.35 + 0.04 1.12 0.31

MacDonald Mns V 4368 Mag Silver T 7237 Mag Silver* X 167 Magellan Minls V 384 Majescor Res V 102 Majestic Gold V 2380 Major Drilling T 6069 Makena Res V 1470 Malbex Res V 230 Manado Gold V 1270 Mandalay Res T 11522 Manitou Gold V 285 Marathon Gold T 4778 Marengo Mng T 980 Margaret Lk Di V 150 Marifil Mines V 310 Marlin Gold V 5748 Mason Graphite V 1151 Masuparia Gold V 20 Matamec Expl V 2392 Mawson Res T 255 Mawson West T 1236 Maya Gold & Si V 620 MBAC Fertilizr T 28991 McEwen Mng* N 44365 McEwen Mng T 9591 MDN Inc T 390 MDU Res* N 49216 Meadow Bay Gd T 16219 Mechel* N 967 Medallion Res V 2763 Mega Copper V 38 Mega Uranium T 31713 Melior Res V 234 Melkior Res V 3489 Merrex Gold V 3893 Mesa Expl V 300 Mesabi Trust* N 3625 Metalcorp V 3000 Metalex Vent V 3037 Metallis Res V 970 Metals Ck Res V 669 Metanor Res V 103669 Micrex Devel V 1028 Midas Gold T 1535 Midasco Cap V 350 Midland Expl V 444 Midnight Sun M V 10 Migao T 2104 Millrock Res V 161 Millstream Min V 82 Minas Buenavn* N 85228 Minaurum Gold V 123 Minco Gold* X 2158 Minco Gold T 30 Minco Silver T 1740 Mindoro Res V 758 Minemakers T 10 Minera IRL T 410 Mineral Mtn Rs V 595 Mines Managem* X 862 Miranda Gold V 1631 Mirasol Res V 318 Mkango Res V 100 Monarques Res V 1340 Moneta Porcpn T 7152 Monster Uran V 1030 Monument Mng V 1485 Mosaic* N 124694 Mountain Boy M V 750 Mountain Prov T 1031 MPH Vent V 1071 MPVC V 18100 Mundoro Cap V 155 Mustang Minls V 1725

0.01 0.01 0.01 0.00 0.02 0.01 10.35 9.51 10.14 + 0.65 11.00 6.56 7.95 7.23 7.80 + 0.65 9.63 5.60 0.06 0.05 0.05 0.00 0.13 0.05 0.04 0.04 0.04 - 0.01 0.06 0.03 0.06 0.05 0.05 + 0.01 0.08 0.03 4.35 3.86 3.97 - 0.06 9.41 3.86 0.03 0.03 0.03 - 0.01 0.06 0.02 0.04 0.04 0.04 + 0.01 0.06 0.01 0.04 0.04 0.04 - 0.02 0.08 0.01 0.84 0.78 0.81 + 0.04 1.18 0.74 0.04 0.03 0.03 0.00 0.06 0.01 0.25 0.22 0.22 + 0.01 0.65 0.19 0.01 0.01 0.01 0.00 0.02 0.01 0.11 0.11 0.11 - 0.03 0.46 0.11 0.02 0.01 0.02 0.00 0.03 0.01 0.38 0.30 0.37 - 0.03 1.28 0.30 0.44 0.41 0.41 0.00 0.83 0.37 0.08 0.06 0.06 - 0.03 0.10 0.04 0.05 0.03 0.04 + 0.02 0.08 0.02 0.20 0.20 0.20 + 0.01 0.36 0.15 0.03 0.03 0.03 + 0.01 0.37 0.02 0.24 0.22 0.23 0.00 0.41 0.19 0.05 0.04 0.04 - 0.01 0.39 0.01 0.95 0.70 0.93 + 0.29 2.95 0.65 1.22 0.93 1.20 + 0.33 3.21 0.84 0.03 0.03 0.03 + 0.01 0.08 0.02 18.90 17.18 18.66 + 2.01 31.73 16.63 0.24 0.20 0.22 - 0.02 0.31 0.10 0.95 0.86 0.87 + 0.01 1.88 0.42 0.04 0.03 0.04 0.00 0.13 0.01 0.03 0.03 0.03 0.00 0.14 0.02 0.11 0.09 0.09 + 0.01 0.27 0.07 0.04 0.04 0.04 0.00 0.14 0.04 0.02 0.02 0.02 - 0.01 0.06 0.02 0.20 0.18 0.20 + 0.01 0.24 0.05 0.03 0.03 0.03 + 0.01 0.05 0.02 13.18 10.42 12.93 + 3.82 21.93 9.08 0.01 0.01 0.01 + 0.01 0.01 0.01 0.05 0.05 0.05 0.00 0.12 0.03 0.06 0.04 0.06 - 0.01 0.19 0.01 0.10 0.08 0.10 + 0.02 0.28 0.05 0.05 0.04 0.05 + 0.01 0.15 0.04 0.02 0.02 0.02 0.00 0.05 0.01 0.37 0.33 0.36 + 0.05 0.80 0.31 0.09 0.09 0.09 + 0.01 0.10 0.05 0.65 0.55 0.65 + 0.10 0.97 0.54 0.13 0.13 0.13 + 0.01 0.25 0.10 0.79 0.70 0.79 + 0.04 1.70 0.58 0.22 0.21 0.22 - 0.02 0.75 0.20 0.03 0.03 0.03 + 0.01 0.08 0.01 7.49 6.32 6.80 + 0.66 14.82 6.32 0.08 0.08 0.08 + 0.01 0.10 0.05 0.19 0.17 0.19 + 0.01 0.44 0.16 0.25 0.25 0.25 + 0.01 0.48 0.21 0.48 0.43 0.46 + 0.03 1.14 0.43 0.01 0.01 0.01 0.00 0.06 0.01 0.10 0.10 0.10 + 0.03 0.10 0.06 0.08 0.08 0.08 + 0.01 0.21 0.04 0.03 0.03 0.03 + 0.01 0.06 0.02 0.49 0.38 0.39 - 0.09 0.86 0.30 0.10 0.08 0.09 + 0.01 0.16 0.07 0.88 0.83 0.88 + 0.03 1.38 0.82 0.02 0.02 0.02 - 0.01 0.24 0.02 0.09 0.08 0.09 0.00 0.14 0.07 0.09 0.08 0.08 + 0.01 0.09 0.04 0.05 0.05 0.05 0.00 0.12 0.02 0.10 0.09 0.09 + 0.01 0.22 0.09 45.36 43.06 43.28 - 0.91 53.83 40.32 0.01 0.01 0.01 + 0.01 0.03 0.01 4.52 4.22 4.24 - 0.17 6.08 4.10 0.07 0.06 0.07 + 0.02 0.08 0.04 0.03 0.02 0.03 0.00 0.12 0.02 0.09 0.08 0.09 + 0.01 0.30 0.08 0.01 0.01 0.01 0.00 0.03 0.01

Namibia Rare E T 195 Natural Rs Pt* N 2781 Nautilus Minls T 1447 Nebu Res V 500 Nemaska Lith V 22882 Network Expl V 10 Nevada Clean M V 290 Nevada Copper T 773 Nevada Expl V 1110 Nevada Sunrise V 1627 Nevado Res V 320 Nevsun Res T 10631 Nevsun Res* X 6397 New Carolin Gd V 47 New Dimen Res V 14 New Gold T 54990 New Gold* X 178780 New Millennium V 1979 New Milln Iron T 2397 New Nadina V 100 New Pac Metals T 113 Newmac Res V 5 Newmont Mng* N 401533 Newport Expl V 3526 NGEx Res T 471 Nighthawk Gold V 340 Nikos Expl V 130 Niogold Mng V 1633 Nippon Dragon V 3213 Nitinat Mnls V 250 Noka Res V 9565 Nomad Ventures V 1570 Nordex V 147 Noront Res V 5293 North Am En P* N 619 North Am En Pa T 9668 North Am Nickl V 78 North Am Pall T 2757 North Am Tung V 694 North Arrow Mn V 108 North Country V 9472 Northcliff Res T 684 Northern Abiti V 903 Northern Dyn* X 7323 Northern Dyn M T 2926 Northern Freeg V 31 Northern Gld M V 2310 Northern Graph V 1059 Northern Iron V 5950 Northern Lion V 140 Northern Shiel V 230 Northern Sun M V 131 Northern Sup R V 1190 Northern Vertx V 587 Northquest V 408 NovaCopper T 854 NovaCopper* X 1990 NovaGold Res T 12325 NovaGold Res* X 66301 NQ Expl V 80 NuLegacy Gold V 827 NV Gold V 181 Oban Mng T 3052 OceanaGold T 45933 Oceanic Iron O V 90 Oceanus Res V 50 Odin Mng & Exp V 1780 Olivut Res V 113

0.17 0.16 0.16 + 0.04 0.25 0.08 3.01 2.47 2.80 + 0.36 16.46 2.21 0.41 0.37 0.39 0.00 0.56 0.33 0.02 0.02 0.02 0.00 0.10 0.01 0.25 0.22 0.22 0.00 0.25 0.12 0.03 0.03 0.03 0.00 0.07 0.03 0.05 0.04 0.04 0.00 0.06 0.03 1.32 1.20 1.20 - 0.06 2.35 1.04 0.01 0.01 0.01 0.00 0.05 0.01 0.18 0.14 0.16 + 0.02 0.91 0.14 0.03 0.03 0.03 0.00 0.07 0.02 4.06 3.83 3.89 + 0.08 5.35 3.61 3.12 2.92 2.96 + 0.11 4.51 2.91 0.04 0.04 0.04 0.00 0.08 0.02 0.06 0.06 0.06 0.00 0.11 0.04 3.19 2.64 2.95 + 0.52 7.13 2.52 2.46 2.01 2.26 + 0.41 6.57 1.91 0.13 0.11 0.12 + 0.01 0.58 0.10 0.10 0.09 0.09 + 0.02 0.37 0.08 0.01 0.01 0.01 + 0.01 0.03 0.01 0.17 0.16 0.17 + 0.01 0.28 0.14 0.11 0.11 0.11 - 0.04 0.40 0.10 18.44 16.07 17.35 + 1.86 27.90 16.07 0.27 0.25 0.27 + 0.02 0.49 0.22 0.65 0.58 0.58 - 0.09 2.13 0.58 0.10 0.09 0.10 + 0.02 0.60 0.09 0.03 0.03 0.03 - 0.01 0.15 0.03 0.36 0.31 0.32 - 0.01 0.43 0.22 0.04 0.03 0.04 - 0.01 0.13 0.03 0.03 0.03 0.03 - 0.01 0.09 0.03 0.04 0.03 0.03 - 0.01 0.55 0.03 0.03 0.02 0.02 + 0.01 0.07 0.02 0.09 0.09 0.09 - 0.02 0.45 0.09 0.40 0.35 0.37 + 0.01 0.67 0.25 2.29 1.94 1.96 + 0.02 6.96 1.60 2.97 2.50 2.58 + 0.01 7.64 2.10 0.21 0.20 0.20 - 0.02 0.63 0.18 6.35 3.87 6.05 - 2.28 188.00 3.87 0.01 0.01 0.01 0.00 0.08 0.01 0.44 0.37 0.37 - 0.04 1.34 0.33 0.12 0.10 0.12 + 0.03 0.14 0.03 0.13 0.11 0.11 0.00 0.27 0.11 0.01 0.01 0.01 0.00 0.02 0.01 0.35 0.29 0.31 + 0.01 0.80 0.28 0.46 0.39 0.43 + 0.01 0.89 0.37 0.05 0.05 0.05 0.00 0.40 0.04 0.02 0.02 0.02 0.00 0.05 0.02 0.45 0.37 0.38 - 0.02 1.34 0.36 0.02 0.02 0.02 - 0.01 0.05 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.04 0.04 0.04 + 0.01 0.05 0.01 0.15 0.11 0.15 + 0.04 0.32 0.03 0.03 0.03 0.03 0.00 0.04 0.02 0.21 0.20 0.20 0.00 0.33 0.09 0.10 0.09 0.10 - 0.01 0.17 0.07 0.56 0.49 0.52 - 0.02 1.35 0.45 0.44 0.40 0.41 - 0.00 1.25 0.35 4.90 4.07 4.53 + 0.68 5.22 2.65 3.78 3.12 3.47 + 0.61 4.25 2.33 0.01 0.01 0.01 - 0.01 0.02 0.01 0.14 0.13 0.14 0.00 0.18 0.06 0.02 0.02 0.02 0.00 0.39 0.02 0.10 0.09 0.09 0.00 0.17 0.07 2.44 2.15 2.34 + 0.17 3.22 1.70 0.09 0.08 0.09 0.00 0.30 0.08 0.23 0.17 0.23 + 0.02 0.52 0.14 0.25 0.25 0.25 0.00 0.67 0.21 0.09 0.09 0.09 0.00 0.30 0.08

M

N-O

TNM Aug 24 2015 Issue.indd 11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Olympic Res V 220 OM Group* N 28434 Omineca Mg&Mtl V 110 Opawica Expl V 104 Opta Minls T 15 Oracle Mng V 145 Orbite Alumnae T 9510 Orca Gold V 557 Orestone Mng V 61 Orex Expl V 1250 Orex Minls V 1716 Orezone Gold T 1510 Oroco Res V 980 Orocobre T 124 Orofino Mnls V 213 Orosur Mng T 685 Orvana Mnrls T 3684 Otis Gold V 1330

0.10 0.10 0.10 0.00 0.32 0.03 33.65 33.40 33.56 + 0.09 35.00 21.87 0.04 0.03 0.03 0.00 0.11 0.02 0.02 0.02 0.02 + 0.01 0.06 0.01 0.65 0.50 0.50 - 0.15 2.35 0.50 0.02 0.02 0.02 + 0.01 0.12 0.01 0.25 0.23 0.24 + 0.01 0.51 0.20 0.18 0.17 0.17 - 0.02 0.61 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.22 0.17 0.19 + 0.02 0.43 0.14 0.33 0.30 0.33 + 0.03 1.07 0.29 0.03 0.03 0.03 + 0.01 0.06 0.03 1.73 1.60 1.61 - 0.07 3.31 1.60 0.07 0.05 0.07 + 0.01 0.30 0.05 0.14 0.14 0.14 0.00 0.32 0.12 0.21 0.16 0.19 + 0.03 0.53 0.15 0.09 0.07 0.09 + 0.01 0.09 0.02

P-Q Pac Booker Min V Pac Booker Mn* X Pac Casc Minls V

40 8 2350

1.75 1.38 0.01

1.75 1.75 1.24 1.32 - 0.01 0.01

0.00 0.02 0.00

ADVANTAGE

6.90 1.33 5.75 1.04 0.05 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

RJK Explor V 1800 Robex Res V 828 Rock Tech Lith V 489 RockBridge Res V 70 Rockhaven Res V 1358 Rockland Mnls V 40 Rockridge Cap V 30 Rockwell Diam T 2100 Rodinia Lithm V 1715 Rogue Iron Ore V 5275 Rokmaster Res V 2930 Romarco Mnrls T 98271 Romios Gold Rs V 305 Roxgold V 5614 Royal Cdn Mint T 557 Royal Gold T 112 Royal Gold* Q 31260 Royal Nickel T 4694 RPT Uranium V 309 RT Minerals V 600 Rubicon Mnls* X 29165 Rubicon Mnrls T 48557 Rugby Mng V 10 Running Fox Rs V 850

0.01 0.01 0.01 0.00 0.02 0.01 0.07 0.07 0.07 + 0.01 0.20 0.04 0.05 0.04 0.04 0.00 0.10 0.03 0.02 0.02 0.02 0.00 0.09 0.02 0.18 0.15 0.18 + 0.02 0.34 0.15 0.04 0.04 0.04 0.00 0.06 0.03 0.05 0.05 0.05 0.00 0.25 0.04 0.23 0.22 0.22 + 0.02 0.43 0.19 0.03 0.02 0.03 0.00 0.05 0.01 0.05 0.04 0.05 0.00 0.10 0.02 0.04 0.03 0.03 - 0.02 0.11 0.01 0.58 0.50 0.56 + 0.10 0.91 0.30 0.03 0.03 0.03 + 0.01 0.07 0.02 0.74 0.58 0.72 + 0.15 0.90 0.39 15.64 15.31 15.64 + 0.47 17.41 13.87 70.99 66.67 69.37 + 5.10 95.64 61.50 54.85 49.93 53.11 + 4.58 82.84 48.26 0.31 0.28 0.30 - 0.02 0.59 0.26 0.32 0.30 0.32 - 0.01 0.60 0.22 0.01 0.01 0.01 - 0.01 0.12 0.01 0.99 0.79 0.95 + 0.22 1.53 0.76 1.29 1.04 1.23 + 0.28 1.67 0.90 0.12 0.12 0.12 + 0.03 0.27 0.06 0.01 0.01 0.01 0.00 0.04 0.01

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www.northernminer.com Pac North West V 1517 Pac Potash V 1085 Pac Ridge Expl V 3900 Paladin Energy T 11848 Palmer Res V 390 Pan Am Silver T 27570 Pan Am Silver* Q 156822 Pan Global Res V 190 Pancontl Uran V 900 Panoro Minls V 505 Parlane Res V 306 PC Gold V 6088 Peabody Enrgy* N 314736 Pelangio Expl V 720 Pele Mtn Res V 8225 Peregrine Diam T 12251 Perseus Mng T 17407 Pershimco Res V 860 Peruvian Prc M V 3572 Phoenix Gold V 1480 Pilot Gold T 18815 Pinecrest Res V 80 Pinetree Cap T 28975 PJX Res V 380 Planet Mng V 30 Plata Latina M V 1110 Platinum Gp M* X 1157 Platinum Gp Mt T 4858 Playfair Mng V 3163 Polaris Minls T 510 PolyMet Mng* X 5710 PolyMet Mng T 183 Potash C Sask* N 231936 Potash Cp Sask T 55762 Precipitate Gl V 1980 Premier Gold M T 14922 Pretium Res* N 32804 Pretium Res T 16033 Prime Merid Rs V 185 Primero Mng T 24775 Primero Mng* N 9377 Probe Mines V 131 Prophecy Coal T 2605 Prospero Silve V 1290 Puma Expl V 17073 Purepoint U V 17016 Q-Gold Res V 15 QMX Gold V 55 Quaterra Res V 2500 Quest Rare Mnl T 2362 Quia Res V 70

0.02 0.02 0.02 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.03 0.03 + 0.01 0.05 0.02 0.20 0.17 0.19 + 0.03 0.45 0.16 0.02 0.01 0.02 + 0.01 0.08 0.01 9.53 7.83 9.04 + 1.61 16.77 7.77 7.34 5.95 6.92 + 1.33 15.34 5.90 0.01 0.01 0.01 + 0.01 0.12 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.12 0.12 0.12 0.00 0.48 0.11 0.10 0.10 0.10 + 0.02 0.23 0.03 0.03 0.02 0.03 0.00 0.07 0.02 1.27 1.06 1.13 + 0.21 16.71 0.99 0.03 0.02 0.02 0.00 0.06 0.02 0.04 0.04 0.04 + 0.01 0.09 0.03 0.19 0.17 0.18 - 0.01 0.44 0.14 0.35 0.31 0.33 + 0.06 0.48 0.18 0.16 0.14 0.15 + 0.01 0.37 0.13 0.10 0.08 0.10 + 0.03 0.19 0.06 0.01 0.01 0.01 0.00 0.14 0.01 0.44 0.34 0.40 + 0.07 1.46 0.33 0.09 0.09 0.09 - 0.01 0.50 0.08 0.15 0.09 0.09 - 0.04 0.37 0.06 0.21 0.20 0.21 + 0.02 0.29 0.10 0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.01 0.02 + 0.01 0.20 0.01 0.34 0.30 0.31 + 0.03 1.17 0.29 0.44 0.38 0.40 + 0.03 1.27 0.38 0.08 0.06 0.06 - 0.01 0.08 0.01 2.15 1.94 2.00 + 0.10 2.83 1.65 0.99 0.90 0.90 - 0.01 1.37 0.88 1.30 1.19 1.19 0.00 1.75 1.14 27.04 25.91 26.01 - 0.58 37.60 25.82 35.38 33.76 34.07 - 1.12 47.10 33.74 0.10 0.10 0.10 + 0.01 0.25 0.08 2.43 2.10 2.31 + 0.26 3.08 1.61 5.65 4.88 5.20 + 0.59 7.56 4.07 7.32 6.41 6.78 + 0.66 9.05 4.60 0.07 0.07 0.07 - 0.01 0.19 0.07 4.29 3.51 3.70 + 0.37 8.14 3.17 3.32 2.67 2.83 + 0.37 7.43 2.41 0.40 0.36 0.40 + 0.06 0.56 0.12 0.06 0.05 0.05 + 0.01 0.09 0.03 0.07 0.07 0.07 0.00 0.25 0.05 0.12 0.10 0.12 + 0.01 0.18 0.07 0.04 0.03 0.03 + 0.01 0.08 0.03 0.02 0.02 0.02 - 0.01 0.07 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.11 0.10 0.10 - 0.01 0.15 0.04 0.13 0.11 0.11 + 0.01 0.29 0.09 0.02 0.02 0.02 + 0.01 0.04 0.01

Rackla Mtls V 284 Radisson Mng V 255 Radius Gold V 1423 Rainmaker Res V 330 Rambler Mg&Mtl V 87 Randgold Res* Q 38559 Rapier Gold V 22 Rare Elemnt Rs T 409 Rare Elemt Re* X 3053 Rathdowney Res V 525 Red Eagle Mng V 2540 Red Pine Expl V 580 Red Rock Enrgy V 1650 Red Tiger Mng V 820 Redhawk Res T 1885 Redhill Res V 500 Redstar Gold V 6721 Redstar Res V 1356 Regal Res C 310 Regulus Res V 5 Reliance Res V 7148 Remington Res V 125 Remo Res V 10 Renaissance Gd T 837 Reservoir Capt V 68 Reservoir Mnls V 707 Reunion Gold V 17660 Revolver Res V 1604 Rhino Res* N 282 Richmont Mines T 2801 Richmont Mine* X 5098 Rio Novo Gold T 965 Rio Silver V 40 Rio Tinto* N 33360 Riverside Res V 188

0.02 0.02 0.02 + 0.01 0.04 0.01 0.14 0.13 0.13 0.00 0.15 0.08 0.10 0.08 0.08 + 0.01 0.13 0.07 0.03 0.02 0.02 0.00 0.18 0.01 0.25 0.20 0.20 - 0.01 0.49 0.18 65.43 59.27 62.02 + 5.06 86.32 57.06 0.02 0.02 0.02 0.00 0.06 0.01 0.56 0.46 0.46 - 0.02 1.33 0.30 0.44 0.35 0.35 - 0.04 1.23 0.24 0.16 0.14 0.14 - 0.04 0.40 0.14 0.30 0.27 0.27 - 0.01 0.36 0.18 0.06 0.05 0.06 + 0.01 0.18 0.03 0.02 0.02 0.02 0.00 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 0.11 0.10 0.10 - 0.02 0.57 0.07 0.05 0.04 0.04 - 0.01 0.07 0.03 0.05 0.03 0.04 0.00 0.25 0.03 0.09 0.09 0.09 + 0.02 0.15 0.04 0.26 0.26 0.26 0.00 0.64 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.03 0.03 0.00 0.05 0.03 0.05 0.05 0.05 + 0.01 0.15 0.05 0.18 0.18 0.18 + 0.01 0.51 0.17 0.31 0.28 0.30 - 0.06 0.80 0.21 4.18 4.00 4.15 + 0.08 6.15 3.30 0.01 0.01 0.01 + 0.01 0.11 0.01 0.08 0.03 0.05 - 0.01 0.08 0.02 1.32 1.09 1.18 + 0.15 13.94 0.63 4.20 3.70 3.90 + 0.26 4.55 2.04 3.24 2.79 2.98 + 0.25 3.68 1.86 0.14 0.12 0.14 + 0.04 0.16 0.06 0.03 0.03 0.03 + 0.01 0.04 0.01 41.69 38.40 38.59 + 0.71 59.32 36.81 0.18 0.16 0.18 + 0.01 0.51 0.16

R

Rusoro Mng V 210 Russell Metals T 10106 Ryan Gold V 6247 Rye Patch Gold V 1997

0.05 0.04 0.04 + 0.01 0.06 0.01 21.87 19.15 21.64 + 1.66 37.63 18.23 0.13 0.12 0.12 0.00 0.16 0.10 0.16 0.14 0.15 + 0.01 0.20 0.11

S Sabina Gd&Slvr T 9107 Sable Res V 694 Sage Gold V 219 Saint Jean Car V 2040 Salazar Res V 374 San Marco Res V 70 Sanatana Diam V 10626 Sandspring Res V 6678 Sandstorm Gld* X 31657 Sandstorm Gold T 8399 Santa Fe Metls V 5720 Santacruz Silv V 6717 Sarama Res V 500 Satori Res V 425 Saturn Minls V 3138 Savant Expl V 11 Saville Res V 50 Scorpio Gold V 2488 Scorpio Mining T 5004 Seabridge Gld* N 24562 Seabridge Gold T 5081 Search Mnls V 1593 Secova Mtls V 1720 Sego Res V 2150 Selwyn Res V 11 Semafo T 56287 Sennen Res V 16 Sentry Sl PrmM T 1547 Serabi Gold T 425 Serengeti Res V 1850 SGX Res V 3290 Sherritt Intl T 65683 Shore Gold T 4578 Sienna Res V 140 Sierra Iron Or V 102 Sierra Metals T 234 Signal Expl V 50 Signature Res V 150 Silver Bear Rs T 8376 Silver Bull Re T 664 Silver Grail R V 100 Silver Predatr V 630 Silver Range R V 550 Silver Spruce V 430 Silver Std Res T 30707 Silver Std Re* Q 101971 Silver Wheatn* N 287232 Silver Wheaton T 58446 Silvercorp Mt* N 4146 Silvercorp Mtl T 4806 SilverCrest M* X 9301 SilverCrest Mn T 12495 Silvore Fox Ml V 1318 Sirios Res V 1043 Skeena Res V 11848 Skyharbour Res V 4157 Slam Exploratn V 2100 Sniper Res V 260 SNS Silver V 3527 Soc Quim&M Ch* N 13785 Softrock Mnrl V 25 Solitario Ex&* X 987 Solvista Gold V 944 Sona Res V 50 Sonora Gld & S V 2650 Source Expl V 510 Southern Arc V 442 Southern Silvr V 6337 SouthGobi Res T 97 Spanish Mtn Gd V 2400 Sparton Res V 291 Sprott Ph Silv T 186 Sprott Res T 3644 St Andrew Gldf T 6043 St Augustine T 640 Stakeholdr Gld V 80 Stans Energy V 2951 Starcore Int V T 1262 Stellar Pac Vt V 2382 Stillwater Mg* N 74575 Stina Res V 360 Stonegate Agri T 50

0.41 0.37 0.39 + 0.03 0.88 0.28 0.02 0.01 0.02 0.00 0.09 0.01 0.07 0.05 0.05 0.00 0.23 0.04 0.02 0.02 0.02 - 0.01 0.04 0.01 0.06 0.05 0.06 + 0.02 0.25 0.04 0.02 0.02 0.02 0.00 0.13 0.02 0.04 0.03 0.04 + 0.02 0.16 0.02 0.08 0.06 0.06 + 0.01 0.28 0.05 3.12 2.42 2.83 + 0.58 6.32 2.20 4.04 3.19 3.68 + 0.64 6.90 2.80 0.02 0.02 0.02 0.00 0.05 0.01 0.17 0.15 0.15 0.00 1.00 0.14 0.07 0.07 0.07 + 0.01 0.17 0.03 0.06 0.04 0.05 + 0.05 0.70 0.04 0.18 0.17 0.17 - 0.01 0.24 0.11 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.04 0.04 - 0.01 0.15 0.03 0.10 0.08 0.09 + 0.01 0.22 0.08 0.20 0.17 0.18 + 0.02 0.34 0.15 6.50 4.55 5.62 + 1.57 11.64 3.31 8.44 5.99 7.34 + 1.95 12.72 4.34 0.06 0.05 0.05 - 0.01 0.16 0.03 0.06 0.05 0.05 0.00 0.09 0.03 0.03 0.03 0.03 + 0.01 0.04 0.02 1.50 1.50 1.50 0.00 4.22 1.50 3.55 3.03 3.18 + 0.28 5.37 2.39 0.21 0.21 0.21 - 0.06 1.35 0.19 2.40 2.13 2.28 + 0.22 4.24 2.05 0.07 0.07 0.07 - 0.01 0.12 0.06 0.04 0.03 0.03 - 0.01 0.08 0.03 0.02 0.01 0.01 + 0.01 0.03 0.01 1.32 1.04 1.05 - 0.14 4.33 1.04 0.19 0.17 0.19 + 0.01 0.34 0.13 0.03 0.02 0.02 0.00 0.06 0.01 0.45 0.42 0.45 + 0.03 0.62 0.07 1.19 0.84 0.97 - 0.19 2.13 0.84 0.03 0.03 0.03 - 0.02 0.06 0.02 0.02 0.02 0.02 - 0.01 0.04 0.01 0.06 0.05 0.05 + 0.01 0.14 0.04 0.13 0.09 0.10 0.00 0.30 0.08 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.07 0.01 0.06 0.05 0.05 0.00 0.14 0.05 0.05 0.04 0.04 - 0.01 0.15 0.02 8.67 6.97 8.36 + 1.39 11.05 4.47 6.68 5.30 6.39 + 1.15 10.11 3.92 14.15 12.58 13.59 + 1.30 27.47 12.07 18.36 16.56 17.78 + 1.45 29.98 15.79 0.92 0.74 0.85 + 0.13 1.93 0.73 1.19 0.98 1.11 + 0.19 2.13 0.95 1.11 0.84 1.02 + 0.23 2.15 0.65 1.43 1.11 1.37 + 0.32 2.35 0.87 0.04 0.04 0.04 + 0.01 0.11 0.00 0.12 0.10 0.12 + 0.01 0.13 0.06 0.10 0.08 0.10 + 0.02 0.13 0.06 0.03 0.03 0.03 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.11 0.01 0.06 0.05 0.06 + 0.01 0.09 0.01 0.40 0.34 0.37 - 0.01 0.50 0.05 14.60 13.58 14.00 + 0.47 28.97 12.65 0.02 0.02 0.02 - 0.01 0.03 0.01 0.56 0.48 0.55 + 0.06 1.56 0.45 0.04 0.03 0.03 0.00 0.17 0.03 0.03 0.03 0.03 + 0.01 0.11 0.01 0.03 0.01 0.02 0.00 0.03 0.01 0.03 0.03 0.03 + 0.01 0.13 0.02 0.04 0.04 0.04 + 0.01 0.09 0.03 0.04 0.03 0.04 - 0.01 0.20 0.03 0.60 0.50 0.60 0.00 1.25 0.41 0.04 0.03 0.04 + 0.01 0.06 0.02 0.02 0.01 0.02 + 0.01 0.02 0.01 6.00 5.61 5.89 + 0.28 8.11 5.31 0.75 0.67 0.69 + 0.02 3.34 0.67 0.30 0.27 0.29 + 0.02 0.39 0.21 0.11 0.10 0.10 - 0.01 0.21 0.08 0.04 0.04 0.04 0.00 0.29 0.04 0.04 0.03 0.04 + 0.01 0.23 0.03 0.12 0.10 0.11 + 0.01 0.23 0.09 0.02 0.02 0.02 0.00 0.14 0.01 9.53 8.40 9.27 + 1.24 19.35 8.37 0.19 0.18 0.18 - 0.02 0.25 0.04 0.02 0.02 0.02 - 0.01 0.16 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stornoway Diam T 3946 Strategic Metl V 1001 Strategic Res V 26 Strike Graph V 230 StrikePoint Gd V 12142 Sulliden Mng C T 309 Sultan Mnrls V 400 SunCoke Engy* N 6035 Sunridge Gold V 3439 Suparna Gold V 70 Superior Coppr V 32200 Sutter Gold V 350

0.81 0.78 0.78 - 0.04 0.85 0.46 0.30 0.27 0.27 0.00 0.40 0.27 0.02 0.02 0.02 0.00 0.08 0.02 0.04 0.04 0.04 - 0.01 0.15 0.04 0.04 0.02 0.03 + 0.01 0.08 0.01 0.22 0.19 0.22 + 0.04 0.75 0.19 0.01 0.01 0.01 0.00 0.02 0.01 12.23 11.11 11.13 - 0.23 24.57 11.11 0.17 0.16 0.16 - 0.01 0.24 0.12 0.02 0.02 0.02 0.00 0.16 0.02 0.03 0.02 0.03 + 0.02 0.15 0.02 0.06 0.05 0.06 0.00 0.15 0.05

Tahoe Res* N 25080 Tahoe Res T 45698 Tajiri Res V 1000 Takara Res V 20 Talon Metals T 4824 Tanz Roy Exp T 2076 Tanz Roy Exp* X 7988 Tanzania Mnls V 47 Taranis Res V 3160 Taseko Mines* X 8546 Taseko Mines T 3612 Tasman Metals V 762 Tasman Mtls* X 1075 Teck Res A T 130 Teck Res B* N 229684 Teck Res B T 90904 Tembo Gold V 1435 Temex Res V 65016 Teranga Gold T 20765 Teras Res V 168 Terraco Gold V 8430 Terrax Minls V 2483 Teuton Res V 996 Thompson Creek T 5449 Thompson Crk* N 4362 Thor Expl V 800 Thunder Mtn Gd V 480 Timberline Rs* X 266 Timmins Gold* X 15794 Timmins Gold T 57074 Tinka Res V 2084 Tintina Res V 220 Tirex Res V 485 Titanium Corp V 1056 TNR Gold V 414 TomaGold V 1582 Torex Gold T 97881 Transition Mtl V 480 Treasury Metal T 2088 Tres-Or Res V 1000 Trevali Mng T 14578 Tri Origin Exp V 150 Tribute Res V 10 TriMetals Mng T 2750 True Gold Mng V 10313 True North Gem V 882 Tsodilo Res V 10 Turquoise HIl* N 11392 Turquoise Hill T 27428 TVI Pacific T 1827 Typhoon Expl V 10

10.05 7.93 8.95 + 1.56 27.55 7.33 13.04 10.39 11.71 + 1.83 30.15 9.66 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.06 0.01 0.10 0.08 0.09 - 0.01 0.58 0.08 0.56 0.49 0.50 + 0.04 2.71 0.32 0.40 0.37 0.38 + 0.00 2.50 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.07 0.06 0.07 0.00 0.15 0.03 0.57 0.49 0.49 - 0.02 2.26 0.32 0.73 0.63 0.63 - 0.07 2.49 0.58 0.44 0.38 0.38 - 0.04 1.17 0.38 0.33 0.28 0.29 - 0.01 1.07 0.28 11.35 10.27 10.30 - 0.75 27.20 10.27 7.83 6.92 7.00 + 0.14 23.81 6.72 10.19 9.06 9.15 + 0.07 26.04 8.77 0.02 0.02 0.02 - 0.01 0.09 0.02 0.12 0.10 0.11 + 0.02 0.12 0.04 0.66 0.55 0.60 + 0.08 0.88 0.38 0.07 0.06 0.07 + 0.01 0.18 0.06 0.08 0.07 0.07 - 0.01 0.21 0.07 0.27 0.24 0.25 + 0.01 0.57 0.23 0.10 0.06 0.10 + 0.04 0.93 0.05 0.74 0.65 0.66 0.00 3.38 0.65 0.57 0.49 0.49 + 0.02 3.08 0.49 0.03 0.03 0.03 + 0.01 0.08 0.02 0.09 0.09 0.09 + 0.04 0.09 0.04 0.45 0.41 0.41 + 0.01 1.66 0.35 0.33 0.26 0.27 + 0.04 1.83 0.25 0.43 0.34 0.36 + 0.07 2.00 0.33 0.22 0.18 0.19 + 0.01 0.43 0.15 0.05 0.05 0.05 - 0.01 0.18 0.05 0.19 0.16 0.18 - 0.01 0.35 0.16 1.04 0.85 0.85 - 0.15 2.14 0.60 0.02 0.01 0.01 0.00 0.04 0.01 0.05 0.05 0.05 0.00 0.13 0.04 1.37 1.15 1.23 + 0.14 1.82 0.85 0.10 0.09 0.09 + 0.01 0.34 0.07 0.60 0.54 0.59 - 0.01 0.62 0.25 0.02 0.02 0.02 + 0.01 0.03 0.01 0.84 0.76 0.78 - 0.02 1.38 0.76 0.02 0.02 0.02 - 0.01 0.03 0.01 0.05 0.05 0.05 + 0.01 0.12 0.04 0.08 0.06 0.08 + 0.01 0.23 0.04 0.20 0.18 0.20 + 0.03 0.46 0.15 0.15 0.13 0.14 + 0.02 0.19 0.08 0.99 0.99 0.99 + 0.14 1.23 0.68 3.39 3.21 3.22 + 0.03 4.73 2.66 4.42 4.19 4.23 - 0.01 5.80 3.17 0.01 0.01 0.01 0.00 0.03 0.01 0.04 0.04 0.04 - 0.01 0.12 0.03

U3O8 Corp T 15585 UC Res V 50 Ucore Rare Mtl V 1877 UEX Corp T 7675 Ultra Lithium V 1000 Unigold V 856 Unity Energy V 960 Ur-Energy T 1418 Ur-Energy* X 1141 Uracan Res V 1450 Uragold Bay Rs V 101 Uranium Ener* X 5635 Uranium Partic T 6636 Uranium Res* Q 3704 Uravan Minls V 1015 US Energy* Q 2252 US Silica Hld* N 26473 Vale* N 265330 ValGold Res V 1310 Vantex Res V 32 Vena Res T 3047 Vendetta Mng V 500 Vendome Res V 390 Venerable Vent V 72 Verde Potash T 427 Victoria Gold V 14172 Victory Nickel T 4290 Victory Vent V 100 Vior Mining V 220 Virginia Engy V 257 Viscount Mng V 1605 Visible Gold M V 3490 Vista Gold T 477 Vista Gold* X 4810 VMS Vent V 1376 Vulcan Mnrls V 1780 VVC Expl V 715

0.04 0.03 0.04 + 0.01 0.10 0.03 0.03 0.03 0.03 0.00 0.04 0.01 0.34 0.31 0.31 - 0.02 0.44 0.20 0.22 0.19 0.20 0.00 0.47 0.18 0.01 0.01 0.01 0.00 0.04 0.01 0.15 0.09 0.15 + 0.06 0.45 0.09 0.04 0.04 0.04 0.00 0.11 0.03 1.02 0.86 0.86 - 0.08 1.35 0.75 0.77 0.65 0.65 - 0.05 1.17 0.58 0.02 0.01 0.02 + 0.01 0.08 0.01 0.04 0.03 0.04 0.00 0.07 0.03 1.41 1.25 1.26 + 0.01 2.99 1.03 5.29 5.02 5.28 + 0.25 5.76 4.82 1.00 0.89 0.91 + 0.06 3.15 0.80 0.16 0.13 0.16 + 0.02 0.17 0.03 0.65 0.50 0.63 + 0.06 4.24 0.36 26.14 22.28 24.58 + 2.22 73.43 19.35 5.69 5.17 5.23 + 0.14 14.17 4.91 0.01 0.01 0.01 + 0.01 0.04 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.17 0.03 0.10 0.09 0.09 0.00 0.25 0.08 0.01 0.01 0.01 0.00 0.06 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.31 0.29 0.30 + 0.04 0.81 0.29 0.14 0.12 0.13 + 0.01 0.24 0.09 0.04 0.03 0.03 0.00 0.70 0.02 0.02 0.02 0.02 0.00 0.03 0.01 0.09 0.08 0.08 - 0.02 0.13 0.05 0.06 0.05 0.06 0.00 0.08 0.03 0.28 0.21 0.24 - 0.01 0.47 0.15 0.06 0.05 0.05 - 0.01 0.27 0.05 0.40 0.37 0.37 + 0.01 0.56 0.29 0.31 0.28 0.29 + 0.00 0.51 0.24 0.21 0.19 0.21 - 0.01 0.33 0.19 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 0.00 0.07 0.02

Wallbridge Mng T 600 War Eagle Mg V 150 Waseco Res V 90 WCB Res V 50 Wealth Minls V 3076 Wescan Goldfie V 116 Wesdome Gold T 1316 West High Yld V 111 West Kirkland V 2330 Westcore Energ V 80 Western Copper T 329 Western Coppr* X 125 Western Lithiu T 7816 Western Melv M V 160 Western Pac Rs V 4060 Western Potash T 7562 Western Troy C V 1020 Westhaven Vent V 100 Westkam Gold V 6356 Westminster Rs V 20699 WGI Heavy Mnl T 5185 White Pine Res V 1208 Williams Creek V 120 Wolfden Res V 1055 Wolverine Mnls V 200 WPC Res V 1665 Xmet V 366 Xtierra V 12603 Xtra-Gold Res T 79 Yamana Gold* N 111521 Yamana Gold T 156935 Yanzhou Coal* N 2287 Yellowhead Mng T 190 Zadar Vent V 300 Zazu Metals T 600 Zenyatta Vent V 4406 Zimtu Capital V 120 Zonte Mtls V 30

0.04 0.03 0.03 - 0.01 0.08 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.10 0.02 0.15 0.11 0.11 - 0.04 0.35 0.10 0.23 0.20 0.20 - 0.07 0.42 0.03 0.03 0.02 0.02 - 0.01 0.05 0.01 1.02 0.96 0.98 + 0.03 1.40 0.62 0.26 0.18 0.18 - 0.05 0.43 0.11 0.06 0.05 0.05 - 0.01 0.14 0.05 0.04 0.03 0.04 + 0.01 0.04 0.01 0.49 0.46 0.46 - 0.02 0.87 0.42 0.38 0.35 0.35 - 0.04 0.81 0.32 0.57 0.50 0.54 - 0.03 1.00 0.50 0.06 0.06 0.06 0.00 0.45 0.03 0.02 0.01 0.02 + 0.01 0.18 0.01 0.29 0.27 0.29 0.00 0.40 0.20 0.01 0.01 0.01 - 0.01 0.02 0.01 0.06 0.06 0.06 0.00 0.14 0.05 0.04 0.03 0.03 - 0.01 0.07 0.03 0.02 0.01 0.02 0.00 0.25 0.01 0.31 0.25 0.31 + 0.09 0.78 0.00 0.02 0.01 0.02 - 0.01 0.09 0.01 0.02 0.02 0.02 + 0.01 0.11 0.01 0.10 0.10 0.10 + 0.01 0.32 0.10 0.05 0.05 0.05 - 0.01 0.13 0.03 0.05 0.04 0.05 + 0.01 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 0.23 0.23 + 0.01 0.32 0.10 2.38 1.87 2.20 + 0.43 9.04 1.73 3.09 2.45 2.88 + 0.59 9.90 2.26 6.08 5.78 5.86 + 0.10 12.24 5.38 0.06 0.06 0.06 - 0.01 0.18 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.17 0.17 0.17 0.00 0.59 0.15 1.58 1.22 1.57 + 0.16 2.61 1.05 0.27 0.23 0.24 + 0.01 0.65 0.22 0.08 0.05 0.05 + 0.05 0.09 0.03

T

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.

15-08-19 5:20 PM

12

AUGUST 24-30, 2015

THE NORTHERN MINER

METALS, MINING AND MONEY MARKETS SPOT PRICES

PRODUCER AND DEALER PRICES

COURTESY OF SCOTIABANK

Tuesday, August 18, 2015 Precious Metals Price (US$/oz.)

Gold $1119.15 Silver $15.23 Platinum $995.00 Palladium $618.00

Change +5.90 -0.08 +29.00 +16.00

Base Metals Nickel Copper Lead Zinc

Change -225.00 -90.00 -39.50 -48.50

Price (US$/tonne) $10395.00 $5024.50 $1689.50 $1766.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 17, 2015 (change from August 10, 2015 in brackets): Aluminium Alloy 12740 (-240) Aluminium 3345600 (-42125) Copper 350650 (-3475) Lead 203700 (-4200) Nickel 454818 (-1890) Tin 6345 (-285) Zinc 462925 (+36050)

Thermal Coal CAPP: US$42.88 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$49.95 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.05 Coal: CME Group Futures Sept. 2015: US$42.88; Oct. 2015: US$42.87 Cobalt: US$13.65/lb.

Copper: US$2.34/lb.

Copper: CME Group Futures Sept. 2015: US$2.29/lb.; Oct. 2015: US$2.29/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$56.00/tonne Iron Ore Fines: US$52.15/tonne Iron Ore Pellets: US$69.15/tonne Lead: US$0.79/lb.

Magnesium: US$2.21/kg Manganese: US$1.78/kg Molybdenum Oxide: US$5.94/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$15.32 per oz.; Handy & Harman Fabricated: US$18.84 per oz.

Tantalite Ore: : US$170.28/kg Tin: US$7.03/lb.

Uranium: U3O8, Trade Tech spot price: US$36.00/lb.; The UX Consulting Company spot price: US$36.00/lb.

Zinc: US$0.84/lb.

Prices current Aug. 18, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

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 17 14251.53 571.31 840.63 135.10 480.58 51.56 121.30

Aug 14 14277.88 573.21 842.16 130.23 487.54 49.71 116.47

Aug 13 14238.40 576.01 839.42 131.55 496.25 50.09 117.77

Aug 12 14339.53 578.58 844.43 137.97 513.38 50.86 125.84

Aug 11 14414.67 577.53 850.30 130.74 512.57 52.86 117.28

High 15685.13 1028.26 905.09 205.84 909.18 102.30 246.74

Low 13635.53 568.04 787.83 117.10 473.78 44.45 104.66

DAILY METAL PRICES Date Aug 17 Aug 14 Aug 13 Aug 12 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1670/1700 1685/1690 1690/1700 1705/1705 Aluminum 1523/1558 1540/1573 1538/1569 1546.50/1581.50 Copper 5100.50/5106 5155/5164 5147.50/5155 5102.50/5118 Lead 1715/1726 1736/1745 1719.50/1730 1707.50/1716 Nickel 10550/10590 10495/10550 10515/10540 10455/10515 Tin 15600/15400 15500/15495 15145/15050 15160/15125 Zinc 1808/1813 1843/1843 1820/1822 1808.50/1814

1765/1765 1546.50/1581 5139.50/5160 1718.50/1722 10690/10745 15355/15350 1831.50/1840

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

Gold AM 1117.30 1116.75 1117.35 Gold PM 1118.80 1118.25 1116.75 Silver 15.23 15.55 15.33 Platinum 990.00 997.00 988.00 Palladium 613.00 623.00 619.00

1113.25 1108.25 15.31 983.00 613.00

1116.80 1119.00 15.36 990.00 615.00

Aug 11

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Aug 17 Aug 14 US$ in C$ 1.3091 1.3078 C$ in US$ 0.7639 0.7646

Aug 13 1.3078 0.7646

Aug 12 1.2973 0.7708

Aug 11 1.3148 0.7606

EXCHANGE RATES (Bank of Canada, August 17, 2015) Currency Aus $ Euro In C$ 0.9668 1.4499 In US$ 0.7385 1.1076

Japan 0.01053 0.00804

Mex P 0.07982 0.06097

SA Rand 0.1017 0.07769

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 Aug 24 2015 Issue.indd 12

TSX WARRANTS 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 10-14, 2015 21 New Highs Adroit Res Aurania Res Bell Copper Comstock Mtls Equitas Res Frontline Gold Guyana Gldflds Jazz Res Klondex Mns La Quinta Res Metalcorp Minemakers Moneta Porcpn Nemaska Lith Orex Expl Otis Gold Playfair Mng Revolver Res Sonora Gld & S Temex Res Thunder Mtn Gd

237 New Lows Adamera Mnls Adex Mining Adriana Res Adroit Res Adventure Gold Alcoa* Aldrin Res Alliance Mng Alloycorp Alto Vent Anaconda Mng AndeanGold Anfield Nickel Anglo-Can Mng Argentum Silvr Argus Metals Atacama Pac Gd Aurania Res Aurcana Corp AurCrest Gold Aurvista Gold Avala Res Avalon Rare M* Avalon Rare Mt Avrupa Mnls Baja Mng Barisan Gold BCGold Berkwood Res Big North Grap Bison Gold Res Bitterroot Res Black Widow Rs Bonterra Res Bowmore Expl Burnstone Vent Cabot Corp* Cadillac Vent Canada Rare Ea Canadn Arrow

Canadn Int Mnl Canadn Orebods Canadn Plat Canadn Zinc Canasil Res Canterra Mnls Canyon Copper Capstone Mng Caracara Silvr Central Iron O Centurion Mnls China Mnls Mng CMC Metals Colombian Mins Colonial Coal Commander Res Compliance Eny Cons Richland Copper Mtn Mng Copper North M Copper One Coral Gold Cornerstone Ca Coronado Res Cypress Dev Darnley Bay Decade Res Dejour Enterp* Desert Gold Discovery-Corp Eagle Plains Ecuador G & C El Tigre Silvr Emgold Mng Entourage Mtls Europn Uran Rs Everton Res Excalibur Res Faircourt Gold Fairmont Res Firestone Vent First Nickel First Quantum Freegold Vent Freeport McMo* Frontline Gold Garibaldi Res Gem Intl Res Gentor Res Geologix Ex Glen Eagle Res Gobimin GoGold Res Gold Finder Ex Goldcliff Res Golden Band Golden Goliath Golden Share M Goldex Res Goldrock Mines Grande Portage Graphite One R Harvest Gold Heatherdale Rs Helio Res HudBay Minls

HudBay Mnls* IMPACT Silver Independence G Inform Res Intl Samuel Ex INV Metals Ivanhoe Mines Ivernia J.A.G. Mines Jaguar Mng Jet Gold Karnalyte Res Kettle River Kings Bay Gold Kiska Metals Klondike Silv Kombat Copper Lakeland Res Largo Res Lomiko Mtls Lucara Diam MacDonald Mns Magellan Minls Major Drilling Marengo Mng Marifil Mines Marlin Gold Melior Res Melkior Res Minas Buenavn* Minco Silver Mindoro Res Mkango Res Mundoro Cap Mustang Minls Network Expl Nevada Expl Nevada Sunrise Newmont Mng* NGEx Res Nippon Dragon Nitinat Mnls Noka Res Nomad Ventures Nordex North Am Pall North Am Tung Northcliff Res Northern Abiti Northern Gld M Northern Lion NQ Expl NV Gold Oceanic Iron O Opta Minls Orestone Mng Oroco Res Orocobre Orofino Mnls Pac Potash Palmer Res PC Gold Phoenix Gold Planet Mng Plata Latina M Prime Merid Rs

Purepoint U Rathdowney Res Red Tiger Mng Redstar Res Reliance Res Remington Res Riverside Res RJK Explor RT Minerals Running Fox Rs Sable Res San Marco Res Satori Res Selwyn Res Serengeti Res SGX Res Sherritt Intl Sierra Metals Silver Predatr Silver Range R Slam Exploratn Solvista Gold Southern Silvr Sprott Res Stakeholdr Gld Stans Energy Stonegate Agri Strategic Metl Strategic Res Sulliden Mng C Sultan Mnrls SunCoke Engy* Tajiri Res Talon Metals Tanzania Mnls Tasman Metals Tasman Mtls* Teck Res A Tembo Gold Teras Res Thompson Creek Thompson Crk* Tintina Res Tirex Res TNR Gold Trevali Mng TVI Pacific Ultra Lithium Unigold Uracan Res Uragold Bay Rs Vena Res Vendome Res Venerable Vent Verde Potash Visible Gold M VMS Vent Vulcan Mnrls War Eagle Mg Western Lithiu Western Pac Rs Westminster Rs White Pine Res Xmet Xtierra

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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

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THE NORTHERN MINER

AUGUST 24-30, 2015

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TNM Aug 24 2015 Issue.indd 13

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See PROFESSIONAL DIRECTORY, Page 14

15-08-19 5:21 PM

14

AUGUST 24-30, 2015

THE NORTHERN MINER

PROFESSIONAL DIRECTORY PROFESSIONAL DIRECTORY, From Page 13

SURVEYORS & CORE SYSTEMS

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Patriot Gold offers ‘arbitrage opportunity’

PEOPLE Apogee Silver — Fred Leigh appointed CEO. Neil Said appointed corporate secretary.

Canpotex — Ken Seitz appointed president and CEO, effective 2016.

Continental Gold — Mateo Restrepo appointed executive vice president.

Discovery Ventures — Dan Omeniuk appointed CEO, chairman and director.

Energizer Resources — Craig Scherba appointed CEO. Excellon Resources — Ned Goodman appointed a director.

Hatch — John Baird appointed a global strategic advisor.

Premier Gold Mines — Ron Little appointed a director.

Red Pine Resources — Quentin Yarie appointed CEO. Wildcat Exploration — Stephen Masson appointed president and CEO. Harry Barr and James Pickell appointed directors.

PATRIOT GOLD, From Page 1

the US-OTC market. But the window could close in the next couple of months, as Patriot moves to list on the Canadian Securities Exchange.

Patriot acquired Moss in 2004 and has chipped away at the project ever since, completing a resource estimate in 2013. At a 0.3-gram-gold-per-tonne cut-off grade, Moss contains 22.6 million measured and indicated tonnes grading 0.74 gram gold per tonne and 8 grams silver per tonne. Inferred resources add 3.9 million tonnes averaging 0.52 gram gold and 6.3 grams silver.

Together the resource categories total 603,000 oz. gold and 6.6 million oz. silver, and 97% of the resource lies within 200 metres of surface.

“At the time we acquired Moss it was iffy, because gold prices

PATRIOT GOLD

Pilot mining operations in Arizona at Patriot Gold and Northern Vertex Mining’s Moss gold-silver project in 2013. were around US$400 per oz.,” Newton recalls. “But we felt it was open-pittable and could use a

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heap-leach system, and we just kept at it over the years.”

The resource kept growing and was open at depth and along strike, which it is to this day. “The grades we were getting were consistent — although not high, they were adequate, and the material leached well — so we thought it was turning into a bit of a sleeper,” Newton says.

‘[Patriot Gold] never tried to develop a shareholder base in Canada.’

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— Trevor Newton, chairman, Patriot Gold

For further Careers advertising information contact: Joe Crofts (416) 510-6816 - jcrofts@northernminer.com, Dave Chauvin (416) 510-6824 - dchauvin@northernminer.com Toll free North America: 1-888-502-3456, (ext. 43729 / 43730) Fax: (416) 447-7658

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by his calculations, 97% of the land package has yet to be properly explored.

Patriot acquired the Bruner project in Nevada the same year it acquired Moss. There had been historic work on the property and Patriot consolidated the land position, and began drilling. When Canamex came in and started their own explora-

Full Time

Once Moss reached 600,000 oz. gold and Patriot completed some metallurgical work, the company looked at bringing in a partner.

“We felt it had the possibility of going into production. And because of the favourable jurisdiction and its unique properties, we thought it was the kind of project to bootstrap into production and have the potential to grow, and be larger than what it was.”

Newton also believes the project has a lot of upside, given that

tion, they got “some phenomenal results,” Newton says.

“Bruner isn’t as far along as Moss, but it seems headed in the right direction.”

Canamex completed an initial resource estimate on Bruner earlier this year, outlining an indicated resource of 10.3 million tonnes at 0.72 gram gold per tonne for 239,000 contained oz. gold, and an inferred resource of 2.5 million tonnes at 0.77 gram gold per tonne for 61,000 contained oz. gold.

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Mar 2015

TNM Aug 24 2015 Issue.indd 14

Apr 2015

May 2015

Jun 2015

Jul 2015

Aug 2015

15-08-19 5:21 PM

THE NORTHERN MINER AUGUST 24-30, 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.

Jumbo Operator ​ID, Papua, ID Online Reference No: 61982 P.T. Redpath Indonesia has an immediate opening for a Jumbo Operator to join their dynamic team at our project in Indonesia.

Resource Manager, Geology and Exploration Online Reference No: 62185 The Resource Manager plays a pivotal role in the resource process involving large exploration programs for multiple deposits. Reporting to the Vice President, Geology and Exploration, this role is responsible for producing and updating mineral resource estimations used for underground and open pit design and optimization, reserve calculations and long-term mine planning. This role requires 20-30% of international business travel.

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.

RECRUIT SMARTER WITH MINING JOBS

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.

Regional Supervisor, Mineral Exploration & Development, Timmins, ON Online Reference No: 62160 Are you looking for an opportunity to further develop your leadership skills while using your knowledge of the mining and exploration industry in leading the delivery of the Mineral Exploration and Development Program? If so, consider this opportunity to further advance mineral exploration and development in the North.

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

The Northern Miner’s new section dedicated to recruiting in mining Safety Officer Rabbit Lake Operation Online Reference No: 62273

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.

One listing is all you need

POSITION AND RESPONSIBILITIES: Working with the health and safety team, you will be responsible for supporting the workplace health and safety programs through education and leadership.

Print Edition.

Circulated to TNM 20K+ readership

Lead Mechanic Nunavik Nickel Mine, QC Online Reference No: 62287

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4 INDUSTRY JOB BOARDS

The primary role of the Mechanic is to perform preventive maintenance and repairs to diesel, electrical, hydraulic and air operated equipment. This includes mobile equipment, drills, small tools and miscellaneous equipment of a similar nature.

Technologist II, Metallurgy Cigar Lake Operation Online Reference No: 62310 Reporting to the metallurgists, you will be responsible for operation and maintenance of an ICP-MS radium analyser, as well as other field and laboratory testing and equipment. Experience in analytical technique is a must. You will conduct test work and report findings in an accurate and consistent manner.

CANADIAN Mining Journal Mine Engineer Rabbit Lake Operation Online Reference No: 62306

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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For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field

TNM Aug 24 2015 Issue.indd 15

15-08-19 5:21 PM

16 AUGUST 24-30, 2015 THE NORTHERN MINER

Friedland: Mining companies ‘priced for Armageddon’

EVENTS Oct 7-8 AEMQ XPLOR 2015 Place Bonaventure, QC info@aemq.org (819) 762-1599; 1-877-762-1599 http://www. aemq.org/EN/XPLOR Nov 18-20 Manitoba Mining & Minerals Convention Winnipeg, MA Email: convention@gov.mb.ca (204) 945-2691; 1-800-223-5215 www.manitoba.ca/iem/ convention

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

MEETINGS Aug 25 Aug 25 Aug 25 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 27 Aug 27 Aug 27 Aug 27 Aug 27 Aug 28 Aug 28 Aug 31 Aug 31 Aug 31 Aug 31 Aug 31 Sep 01 Sep 01 Sep 02 Sep 02 Sep 02 Sep 03 Sep 03 Sep 04 Sep 04 Sep 10 Sep 10 Sep 11 Sep 11 Sep 11 Sep 11 Sep 12 Sep 14 Sep 15 Sep 15 Sep 15 Sep 15 Sep 16 Sep 16 Sep 16 Sep 17 Sep 17 Sep 17 Sep 18 Sep 18 Sep 18 Sep 18 Sep 21

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 Vector Resources Sphinx Resources Handa Copper DGS Minerals Natan Resources ALQ Gold Scorpio Gold Newstrike Resources Bell Copper AQM Copper Grizzly Discoveries Pacific Coal Resources Goldrock Mines Coral Gold Resources Redzone Resources Tribute Resources Arrowstar Resources Santa Barbara Resources Carpathian Gold Sennen Potash NWT Uranium Major Drilling Group Canadian Platinum Velocity Minerals Metalore Resources Temex Resources Abacus Mining & Exploration Corex Gold Noble Iron Lakeland Resources Apogee Silver Pacific Arc Resources Rockwell Diamonds KFG Resources ExGen Resources Helio Resource Silvercorp Metals Golden Peak Minerals Int’l Bethlehem Mining Vela Minerals Alix Resources

AS AG AG AGS AGS AG AG AGS AG AG AGS AS AGS AG AGS AG AG AGS AS AGS AGS AGS AGS AGS AGS AGS AGS AGS AGS A AG AS A AGS AGS AG AS AG AG AG AGS AS AG AGS AG AGS AG AG AG AG AGS AG

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

Robert Friedland, Ivanhoe Mines’ executive chairman and founder.

BY LESLEY STOKES

VANCOUVER — Vanguard executive chairman of Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) Robert Friedland took to the stage at the Sprott Natural Resource Symposium in Vancouver in late July, and delivered a talk about why he believes copper prices could rebound in two to three years.

“The further you push the price down, the higher it’ll bounce,” he said, predicting that higher environmental standards in China could strengthen copper demand in tow with other “green” metals, such as zinc, platinum and palladium.

Workers unload a drill at Ivanhoe Mines’ Kamoa copper project in the Democratic Republic of the Congo. “little old ladies, kept on life support and waiting to die,” whereas others are so low grade “they’re practically mining air,” and kept alive by favourable currency exchange rates.

Add that to the “enormous” amount of debt the major mining companies have been laden with over the past decade, and he doubts whether many of the capital-intensive mines of the future will get built at the current copper price of US$2.32 per lb.

‘China is a command economy, and they will command it to grow.’

— Robert Friedland, executive chairman, Ivanhoe Mines He said that China will “try very hard” to double its growth to 7% through sustainable development, but he’s dubious about whether the current world supply would match the metal needed to clean China’s air and fertilize its soils.

He describes many of the world’s great copper mines as

Unless, he says, it’s a worldclass, high-grade, potentially lowcost producer such as Ivanhoe’s Kamoa copper deposit, 25 km west of Kolwezi, in the Democratic Republic of the Congo (DRC).

The greenfield discovery turned monster resource is under development in partnership with Chi-

nese-owned Zinjin Mining Group.

The mine could have a 30-year life with indicated resources of 739 million tonnes grading 2.7% copper for 43.5 billion lb. copper, and inferred resources of 227 million tonnes grading 1.96% copper for 9.8 billion lb. copper, using a 1% copper cut-off grade.

In late May, Zinjin agreed to buy 49.5% of Ivanhoe’s Kamoa stake valued at US$412 million, with the option to gain 1% after securing 65% financing for the first phase of development capital, estimated at US$1.4 billion.

“Mining is a miserable business, it’s not for intelligent people,” Friedland joked, using the US$10billion Oyu Tolgoi project in Mongolia as an example of how it takes “intestinal fortitude” to build a giant mine.

And the international mining financier is keen on doing it again.

In addition to Kamoa, Ivanhoe is gearing up to add two more worldclass deposits to the pipeline: the high-grade Kipushi zinc deposit in the DRC, and the platinum and palladium-rich Platreef deposit in South Africa.

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TNM Aug 24 2015 Issue.indd 16

IVANHOE MINES

He reckons that platinum and palladium have “brilliant” futures because of their use in ecologically friendly engines, wind turbines and in other green technologies — all of which are seeing increased use within China.

“The Chinese look at the air in New York, and they want the same at home,” he said.

He argued the demand for zinc is made equally attractive by Chinese government initiatives that aim to renourish the country’s highly depleted soils with zinc sulphate.

Friedland predicts that Kipushi’s zinc will be in demand, considering one of the world’s largest producers of the metal — the Century mine in Australia, operated by Chinese-owned and traded MMG — is scheduled for closure this year.

Depleting reserves and declining grades also put pressure on the world’s second-largest supplier of zinc — the 26-year-old Red Dog mine, operated by Teck Resources (TSX: TCK.B; NYSE: TCK) in northwestern Alaska.

He stressed that developing the best-quality mineral assets “takes years” and that “nobody makes their money overnight,” yet boasted that once financing for Kamoa is secure, he could finance Platreef and Kipushi “in his sleep.”

The mining mogul maintains his interest in the junior sector and sees the downturn in the market as an opportunity to invest in greenfield explorers with highquality properties, which is evident in the strategic partnership with Colombian explorer Cordoba Minerals (TSXV: CDB; US-OTC: CDBMF) in May. He described shares of mining companies as being “priced for Armageddon” and commodities valued as if the Chinese economy is “kaput,” but he says this isn’t the case.

“China is a command economy, and they will command it to grow,” he said. “If they feel threatened by the sell-off in its stock market, or can’t maintain its growth, then it can come up with a mind-boggling policy response [later this year] … sentiment can turn on a dime.”

Ivanhoe has traded within a 52-week range of 62¢ to $1.48, and is trading at 65¢. The company has 772.1 million shares outstanding, for a $503-million market capitalization.

15-08-19 5:21 PM