The Northern Miner November 23 2015 Issue

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FOCUS: EXPLORATION PROJECTS TO WATCH / 7–9

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TIMMINS GOLD

IAMGOLD

To shut down San Francisco early / 3

Wrestles down costs during rough Q3 / 16

NOVEMBER 23–29, 2015 / VOL. 101 ISSUE 41 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Gold Standard Ventures makes oxide discovery

Kinross, Waterton scoop up Nevada properties from Barrick U.S. GOLD M&A

| Barrick redirects US$720M from sale to pay down debt

EXPLORATION

| Intercepts in Nevada turn heads

BY TRISH SAYWELL tsaywell@northernminer.com

G

eologists at Gold Standard Ventures (TSXV: GSV; NYSEMKT: GSV) could be on the brink of another major discovery in the Carlin trend.

The company has released two highgrade intercepts north of the resource at its Dark Star North oxide deposit, which it says show grade and thickness that are an order of magnitude better than anything it has drilled so far at Dark Star.

The first drill hole, 510 metres north of the Dark Star deposit, intersected a vertical gold zone with an upper oxidized intercept of 149.4 metres of 1.38 grams gold per tonne, while the second hole — 60 metres east and 10 metres north of the first hole — returned 157 metres of 1.51 grams gold.

“It’s not every day that you drill 157 metres of 1.5 grams in these thick intercepts, and now we have some separation between them,” the junior’s vice-president of exploration Mac Jackson said on a Nov. 10 conference call. “We’re clearly into something that has volume, is mineralized … and fortunately, it’s relatively shallow and oxide.”

Mark Bradley, Barrick Gold’s (TSX: ABX; NYSE: ABX) principal geologist of exploration opportunities — who is responsible for reviewing and See GOLD STANDARD / 14

Kinross Gold’s newly bought Bald Mountain gold mine in northeast Nevada, 110 km southeast of Elko.

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

K

inross Gold (TSX: K; NYSE: KGC) and private-equity firm Waterton Global Resource Management are the latest bargain hunters to fi nd something they like at Barrick Gold’s (TSX: ABX; NYSE: ABX) year-long sale emporium. On Nov. 12 Barrick said it would sell four assets in Nevada for US$720 million in cash, with Kinross and Waterton each coming away with a pair of gold properties.

Barrick has pledged to cut its debt by at least $3 billion this year, and it has been in a dealmaking frenzy to

meet that goal. Including the Kinross and Waterton deals, Barrick has so far raked in US$3.2 billion in asset sales, which should please shareholders and analysts who have demanded the company lower its debt, and streamline its portfolio.

Kinross was rumoured to be in the acquisition market, but for the past eight months it seemed content to sit on over US$1 billion in cash and equivalents. The company is now paying Barrick US$610 million for the Bald Mountain and Round Mountain gold mines in Nevada.

“We’ve been selective in our approach to [mergers and acquisitions] in recent years,” Kinross president and CEO Paul Rollinson said.

“We’re taking advantage of an op-

KINROSS GOLD

portunity that would only be possible given Barrick’s strategic objectives in the current gold price environment, and our trusted relationship with them after having partnered at Round Mountain. It’s really rare that quality producing assets with such potential become available in Nevada,” he added.

Bald Mountain is a run-of-mine, heap-leach gold operation that could produce 160,000 oz. gold per year at all-in cash costs ranging from US$700 to US$900 per oz.

The mine has proven and probable reserves of 1.36 million oz., based on 60 millon tonnes at 0.7 gram gold per tonne. Measured and indicated

PM40069240

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Expertise in all aspects of mining.

Contact Wayne Egan at (416) 947-5086 or at wegan@weirfoulds.com Financings • Joint ventures • IPOs, RTOs and listings • Corporate governance • Purchase and sale of mines • Litigation • www.weirfoulds.com

FACTS 'N' FIGURES: LOW PRICES BOOST DEMAND FOR GOLD IN Q3 /4

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NOVEMBER 23–29, 2015 / THE NORTHERN MINER

Barrick sells US assets BARRICK From 1

resources total 4.16 million oz., based on 207 million tonnes of 0.63 gram gold.

The 600 sq. km Bald Mountain property is the largest mine site in the U.S., and lies along the southern extension of Nevada’s prolific Carlin trend.

“We recognize that since these mines have not recently been core to Barrick’s portfolio, they haven’t received much attention from the investment community. But we look forward to working with investors to help everyone understand why we are so enthusiastic,” Rollinson elaborated during a conference call.

“We’re acquiring a significant amount of upside potential, including access to a sizeable land portfolio at Bald Mountain, with numerous brownfield and greenfield targets.”

Barrick and Kinross have agreed to a fifty-fifty exploration joint venture for a large land package at Bald Mountain, which Barrick president Kelvin Dushnisky said was “important to maintain exposure to a highly prospective land package.”

Meanwhile, Round Mountain is a consolidation for Kinross, as it had operated the mine under a fifty-fifty joint venture with Barrick. The conventional open-pit gold mine uses four processing operations, including: crushed ore leaching, run-of-mine ore leaching, milling and a gravity concentration circuit.

Round Mountain cou ld y ield 340,000 to 430,000 equivalent oz. gold per year at all-in sustaining costs between US$850 and US$1,000 per oz. through 2018.

“There is further upside,” Rollinson said. “We’re starting up scoping

studies on the Phase-W expansion [in December], which is targeting a large mineralization zone at depth and west of the main Round Mountain pit. We haven’t included that material in our resource statements, but we’re hoping to incorporate new drill and geological information to complete an optimized mine plan.”

Waterton has made waves in the mining space since raising US$1 billion in private equity last year. The company has made more than 25 varied deals in the last year, with a focus on the continental U.S. Barrick will get US$110 million from Waterton for a 70% stake in the Spring Valley gold project, and a 100% interest in the Ruby Hill mine.

Waterton has struck a US$25-million deal with beleaguered junior Midway Gold (US-OTC: MDWCQ) for the other 30% in Spring Valley.

The project is a porphyry diatreme-hosted gold system beneath pediment gravels 30 km northeast of Lovelock, Nev. The deposit hosts 202 million measured and indicated tonnes at 0.55 gram gold for 4.1 million contained oz.

BMO Capital Markets analyst Andrew Kaip expects that the value realized through Barrick’s asset sale will be “well received.” BMO Research had valued Barrick’s “non-core” Nevada asset basket at US$440 million.

“The Bald Mountain acquisition appears to be of reasonable value,” Kaip wrote on Nov. 12. “However, [Kinross] appears to be paying up for Round Mountain based on the potential to extend mine life through Phase-W and re-evaluate satellite pits. The details are limited at this stage, and it may take up to two years to fully daylight value from the deposit.” TNM

“WE’RE TAKING ADVANTAGE OF AN OPPORTUNITY THAT WOULD ONLY BE POSSIBLE GIVEN BARRICK’S STRATEGIC OBJECTIVES IN THE CURRENT GOLD PRICE ENVIRONMENT.” PAUL ROLLINSON PRESIDENT AND CEO, KINROSS GOLD

Kinross Gold’s Tasiast gold mine in northwest Mauritania, 300 km north of the capital Nouakchott. KINROSS GOLD

Kinross’s scaled-down expansion plan at Tasiast GOLD DEVELOPMENT

K

inross Gold (TSX: K; NYSE: KGC) is working on a twophase, alternative expansion plan at its Tasiast gold mine in Mauritania to turn the asset into a profitable operation.

This February the producer deferred a US$1.6-billion expansion to bring Tasiast up to 38,000 tonnes per day, citing low gold prices and the need to preserve its balance sheet.

“Rather than wait for the gold price to improve, and knowing we needed to get operating costs down as quick ly as possible, we began pursuing alternative concepts,” CEO Paul Rollinson said on a Nov. 10 conference call.

Historically, Kinross was mining banded-iron formations out of small pits at Tasiast to feed its 8,000-tonneper-day mill. As it transitioned into higher-grade, harder greenschist mineralization, it ran into problems, Rollinson conceded, adding “we struggled on the economics to make money.”

To revamp the operation, Kinross has proposed an expansion concept that doesn’t require buying a mill as previously planned.

The f irst phase contemplates

| 'Second-best prize' to a new mill

i n s t a l l i ng a n oversi z e d , s em iautogenous grinding (SAG) mill and g y rator crusher to increase Tasiast’s ore-processing capacity to 12,000 tonnes per day, from 8,000 currently. The second phase could boost Tasiast’s milling, leaching, thickening and refining capacity to bring throughput up to 38,000 tonnes per day.

“The team has come up with ... a really good second-best prize to a brand-new mill. We’re excited about it, and obviously the first phase is about beating up that rock with the SAG mill before it goes into the eight, to get eight up to the 12,” Rollinson said.

With an estimated initial capital of US$290 million, the first phase should help process the harder ore, enhancing the mine’s current production and operating costs to become profitable, even at US$1,086 per oz. at press time.

After commissioning phase one, production during the first two years should average 365,000 oz. a year, up from 260,000 oz. in 2014. Estimated cash costs are expected to be US$575 per oz., with all-in costs of

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The estimates are based on early engineering work on phase one, with a feasibility study (FS) expected in the first quarter of 2016.

“This to me is a great win in what has unfortunately been a steadily declining gold price environment over the last three years,” Rollinson said. “When we finished the FS [for the previously envisioned expansion], gold was US$1,350, and every time we tried get out of the gate, we dealt with a lower gold price.”

If the company goes ahead with phase one, it can wait for a higher gold price to continue with phase two.

“We haven’t bet the farm with a $1.6-billion capital, all-in, ‘go’ decision,” he said. “We’ve got a stop, look and listen opportunity after phase one.”

To mitigate the losses at Tasiast, Kinross laid off 222 workers at the site in September.

As part of reining in costs, Kinross is cutting its corporate headcount costs by 23%, and closing its Denver office.

The headcount reductions and Tasiast departures could save the company US$30 million a year.

The miner recently reported a thirdquarter net loss of US$52.7 million, or US5¢ per share, compared to breaking even in the same period last year, as margins fell due to lower gold prices.

Adjusted net loss came in at US2¢ per share — a cent above the average analyst estimate, on the back of strong operational results.

Kinross produced 687,077 equivalent oz. gold, and sold 721,927 oz. for US$809.4 million in revenue. The average realized gold price dropped US$146 to US$1,122 per oz.

Strong performances at the Fort Knox, Paracatu and Kupol mines — combined with lower oil prices and favourable foreign exchange rates — helped drive down cost of sales to a 2.5-year low of US$668 per equivalent oz. gold, Rollinson said.

All-in sustaining costs, however, were up 2% to US$941 per equivalent oz. gold sold.

Kinross is on track to meet its 2015 equivalent gold production and cost guidance of 2.5 million to 2.6 million oz., at all-in sustaining costs of US$975 to US$1,025.

It ended the quarter with a cash balance of more than US$1 billion and a US$950-million net debt position, which is down US$80 million year-to-date.

Rollinson said Kinross has “been deliberate in our efforts in maintaining a strong balance sheet.” TNM

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GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 23–29, 2015

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Timmins Gold to close San Francisco mine next year GOLD

| Mexico-focused miner turns attention to promising Ana Paula gold project

Timmins Gold’s Ana Paula gold property in Guerrero, Mexico, which will be the company’s focus as mining at San Francisco winds down. TIMMINS GOLD

T

immins Gold (TSX: TMM; NYSE-MKT: TGD) is now planning to suspend mining in mid2016 at its only operating asset — the San Francisco heap-leach gold mine in Mexico’s Sonora state — moving up the date from 2022 in response to low gold prices. Heap-leach operations should continue to early 2017, after which the mine will go on care and maintenance.

Timmins Gold shares fell 30% on the news.

The company could restart the mine with “minimal capital, as all existing infrastructure will remain in place,” interim-CEO Mark Backens said on a Nov. 3 conference call. But to do so, “we would need to see sustained gold prices north of US$1,300.” (The spot gold price recently closed at US$1,085 per oz.)

Timmins Gold expects San Francisco will crank out 20,000 oz. during the fourth quarter, and 65,000 to 70,000 oz. in 2016. Estimated cash costs for 2016 should range between US$700 and US$750 per oz.

The revised operating plan resulted in Timmins Gold taking a US$226.5million impairment charge in the third quarter. This contributed to a quarterly net loss of US63¢ per share, compared to last year’s US1¢ per share in earnings.

During the September quarter, San Francisco produced and sold 23,387 oz. gold, down 12% from the year before on the back of lower grades. All-in sustaining costs rose 11% to US$1,105 per oz., driven by higher cash costs from higher strip ratios.

The miner revised its full-year guid-

TIMMINS EXPECTS SAN FRANCISCO WILL CRANK OUT 20,000 OZ. DURING THE FOURTH QUARTER, AND 65,000 TO 70,000 OZ. IN 2016, WITH CASH COSTS BETWEEN US$700 AND US$750 PER OZ. ance to 90,000 oz. from 100,000 to 110,000 oz., at cash costs of US$1,000 to US$1,050 — previously US$875 to US$925 per oz.

“With no significant cash flow after 2016, Timmins Gold reverts from a producer to an unfunded developer with its Ana Paula project (in Mexico’s Guerrero state), and a cash balance of $10 million at the end of the third quarter,” BMO analyst Brian Quast said. He points out the company has a US$10.2-million loan maturing at year-end, which it is renegotiating.

But Timmins Gold is excited by the prospects at Ana Paula, which it acquired in February through a merger with Newstrike Capital.

Its recent 2,000-metre drill program confirmed previous drilling and returned high-grade intercepts, including 122 metres of 4.45 grams gold per tonne, and 88 metres of 7.14 grams gold. These will be incorporated

Timmins Gold (TSX:TMM)

Timmins Gold’s San Francisco gold mine in Sonora, Mexico. TIMMINS GOLD

in the upcoming feasibility study, along with the estimated US$50 million in cost savings from buying Goldcorp’s (TSX: G; NYSE: GG) El Sauzal mill, Backen says. The acquisition closed in early November. The feasibility study should be done by mid-2016, with permits anticipated in early 2017.

Based on Newstrike’s 2014 preliminary economic assessment, Ana Paula can produce 116,000 oz. gold annually over eight years, at all-in sustaining costs of US$526 per oz.,

net of by-product credits. The study pegged initial costs at US$164 million, and used a US$1,300 per oz. gold price.

BMO’s Quast says that financing is the project’s main hurdle. “Given the recently announced shutdown of San Francisco and the deteriorating cash balance, Timmins Gold is facing major headwinds, and an equity issuance at these levels would result in severe dilution.”

He rates the stock as an “underperform,” with no target price.

Timmins Gold shares, however, rose on the newest Ana Paula drill results to close Nov. 12 up 8% to 21¢.

Before that its shares were down 30%, after releasing its third-quarter results and deciding to close San Francisco six years early. There are 285 million shares outstanding. TNM

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E D I T O R IA L

Copper, iron, oil, gold prices all head south CHINA EFFECT

| Little relief on the horizon

M

iners across the globe gritted their teeth in mid-November as commodity prices slumped further, continuing a decline that began more than a month ago.

Copper, the great bellwether of global economic health, saw its price drop 2.4% to 6.5-year lows on Nov. 16, the first trading day after the Nov. 13 terror attacks in Paris, as traders moved

BY JOHN CUMMING jcumming@northernminer.com into relatively safer assets. Contracts for December delivery on the Comex settled at just US$2.12 per lb., off 2¢ from lows reached in May 2009.

Copper prices were already in decline before the attacks, having traded above US$2.40 per lb. as recently as early October. Copper prices were above US$2.90 per lb. six months ago and at US$3.08 one year ago. And those prices in early October were at the top of a mini-rally stoked by Glencore’s announcement of dramatic copper mine production cuts in Zambia and the Democratic Republic of the Congo, representing 5% of global mine output.

In a larger time frame, copper prices have been on a steady march south since the February 2011 peak above US$4.50 per lb. that was the culmination of a sharp rise that had begun in January 2009, at the depths of the global recession.

Today, copper miners and traders are keenly trying to gauge the health of China’s slowing but commodity-hungry economy, which accounts for 45% of global copper demand. China’s economy grew by 6.9% year-on-year during the third quarter, making it the slowest quarterly expansion since the start of 2009. For all of 2015, Chinese economic growth is on track to be the slowest since 1990.

Christopher Kent, assistant governor of the Reserve Bank of Australia, told an audience at UBS’s Australasian conference in Sydney in mid-November that China’s transition from investment- to consumer-led growth is “happening gradually,” but that this trend away from raw commodity consumption suggests commodity prices have little room for recovery. He emphasized that “commodity prices remain relatively high. The bank’s index of commodity prices has fallen by about 50% from its peak, but is still almost 80% above early 2000 levels.” However, he added that the Reserve Bank believes commodity prices are unlikely to return to 2000 levels.

The same phenomenon is happening in the other industrial metals, most notably iron ore, which hit a four-month low of US$47 per tonne in midNovember on soft demand from China and continued oversupply from new mines, particularly in Australia. Iron ore prices are already down by a third this year as Aussie iron ore production and exports increase. As recently as mid-September, iron ore prices recovered to US$58 per tonne after crashing below US$45 per tonne in July.

Oil prices are also sagging back towards US$40 per barrel, reflecting both the sluggish global economy and the market-share war between the 13-nation Opec cartel and the upstart U.S. shale producers. At press time WTI crude stood at US$41.74 per barrel, while Brent crude traded at US$43.58 per barrel.

One reality of the shale-oil business is that production can decline relatively quickly from an individual well, and so many have anticipated sharp drops in U.S. oil production. This is indeed happening, but not as quickly as expected: U.S. oil production was 9.6 million barrels a day earlier this year and now stands at 9.1 million barrels, and could drop to 8.8 million per day next year, with 4 million barrels a day coming from shale.

The Opec countries — led by Saudi Arabia — have uncharacteristically kept their oil output at high levels during the price downturn, but it is unclear whether they can keep this strategy much longer, as many of the Opec countries are selling oil at a price below what is needed to maintain national budgetary surpluses.

Gold investors haven’t been any luckier, with prices depressed by a strong U.S. dollar, despite actual gold mine production declining from the all-time highs of recent years, and quarter after quarter of net buying of gold by the world’s central banks. Gold rose to US$1,084 per oz. in the first day of trading after the Paris terror attacks, but gave back all those gains a day later, and traded at a 5.5-year low of US$1,069 per oz. at press time — well below the US$1,179.60 30-day high recorded in late October. TNM

Low gold prices in Q3 fuel rise in demand FACTS ‘N’ FIGURES

| Mine supply contraction more than offset by producer hedging

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

T

otal gold demand in this year’s third quarter stood at 1,121 tonnes, which is an 8% increase from the same period last year, according to the World Gold Council’s latest Gold Demand Trends report.

The quarter consisted of two halves. In the first part, a number of factors, including exchange-traded fund (ETF) outflows, contributed to a price dip that buoyed consumer demand worldwide. A shift in tactical investor positions in the latter part of the quarter led to modest ETF inf lows in August and September, which helped push prices back up.

Global investment demand saw an increase, up 27% to 230 tonnes.

Bar and coin purchases were up by a third in third-quarter 2014, with Western markets showing a surge.

In the U.S., bar and coin demand reached its highest total in five years, up 207% to 33 tonnes.

Europe also saw demand in the investment sector, amid concerns about the Greek debt crisis and uncertainty in Eastern Europe — including continuing tensions between Russia and Ukraine — and saw demand climb by 35% to 61 tonnes.

In China, investment demand grew by 70% to 52 tonnes, with demand stimulated by the gold price weakness in July, fuelled by the August foreign exchange reform. In India, the investment sector saw its fi rst increase since third-quarter 2014,

Metal Prices . . . . . . . . . . . . . . . . . . . . . . . 10 Mining Jobs . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . . . . . 13-14 Stock Tables . . . . . . . . . . . . . . . . . . 6, 10-12

COMPANY INDEX Agnico Eagle Mines . . . . . . . . . . . . . . . . . 9 Alcoa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Barrick Gold . . . . . . . . . . . . . . . . . . . . . 1,7 Bear Creek Mining . . . . . . . . . . . . . . . . . . 7 Caterpillar . . . . . . . . . . . . . . . . . . . . . . . . . 5 Century Aluminum . . . . . . . . . . . . . . . . 16 Dynacor Gold Mines . . . . . . . . . . . . . . . . 7 Finning International . . . . . . . . . . . . . . . . 5 First Quantum Minerals . . . . . . . . . . . . . . 7 Fortum . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Gold Standard Ventures . . . . . . . . . . . . . . 1 Goldcorp . . . . . . . . . . . . . . . . . . . . . . . . 3,7 Hochschild Mining . . . . . . . . . . . . . . . . . . 7 Iamgold . . . . . . . . . . . . . . . . . . . . . . . . 7,16 Integra Gold. . . . . . . . . . . . . . . . . . . . . . . . 7

Kinross Gold . . . . . . . . . . . . . . . . . . . . . 1,2 Midway Gold . . . . . . . . . . . . . . . . . . . . . . . 2 Minas Buenaventura . . . . . . . . . . . . . . . . . 7 Newmont Mining . . . . . . . . . . . . . . . . . . 14 Northern Gold Mining . . . . . . . . . . . . . . . 9 Oban Mining . . . . . . . . . . . . . . . . . . . . . . . 9 Posiva . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Rio Tinto . . . . . . . . . . . . . . . . . . . . . . . . . 16 Rubicon Minerals . . . . . . . . . . . . . . . . . . . 7 Southern Copper . . . . . . . . . . . . . . . . . . . . 7 Teollisuuden Voima . . . . . . . . . . . . . . . . . 5 Timmins Gold . . . . . . . . . . . . . . . . . . . . . . 3 Waterton Global Resource Management . . . . . . . . . . . . . . . . . . . . . 1 Yamana Gold . . . . . . . . . . . . . . . . . . . . . . . 9

up 6% year-on-year to 57 tonnes.

Jewellery demand for this year’s third quarter was 632 tonnes, compared to 594 tonnes in third-quarter 2014, and up 6% year-on-year.

Consumers in India, China, the U.S. and the Middle East took advantage of lower prices in July and August.

Th is was evident in India — with festival purchases brought forward — resulting in a 15% increase in jewellery demand to 211 tonnes over the period.

Central banks remained a source of demand, and were net buyers for the nineteenth straight quarter.

Purchases by official sector institutions reached 175 tonnes, which almost matched the record highs in third-quarter 2014, as the net widened to include reports from countries such as China and the United Arab Emirates.

Total supply was marginally higher year-on-year — up 1% at 1,100 tonnes.

Mine production contracted slightly and recycling declined in the third quarter, but this was more than offset by fresh producer hedging. Longterm, supply could stay constrained, as the mining industry proactively manages costs and optimizes its operational performance. TNM

Data highlights for Q3 2015 Tonnes

DEPARTMENTS Careers . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

“IN THE U.S., GOLD BAR AND COIN DEMAND REACHED ITS HIGHEST TOTAL IN FIVE YEARS — UP 207% TO 33 TONNES.”

5-year Change average (year-on-year)

Q3’14

Q3’15

Gold demand 1,041.9 Jewellery 594.1 Technology 87.6 Investment 180.7 • Total bar and coin 222.2 • ETFs and similar products -41.5 Central banks and other institutions 179.5

1,120.9 631.9 84.3 229.7 295.7 -65.9 175.0

1,106.1 578.4 95.1 306.4 329.6 -23.1 126.1

+8% +6% -4% +27% +33% -3%

Consumer demand in selected markets India 238.2 China 212.0 Middle East 64.0 United States 36.3 Europe ex CIS 58.1

268.1 239.9 70.5 58.9 73.6

228.2 242.3 79.0 45.9 84.3

+13% +13% +10% +62% +27%

Demand

Supply Total supply Total mine supply Recycled gold

1,092.1 824.1 268.0

1,100.1 847.8 252.3

1,101.3 742.8 358.5

+1% +3% -6%

Gold price LBMA Gold Price (US$/oz)

1,281.9

1,124.3

-

-12%

Source: Metals Focus; GFMS, Thomson Reuters; ICE Benchmark Administration; World Gold Council

15-11-17 7:04 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 23–29, 2015

5

SU P P L I E R S N EWS Finning cuts 1,100 jobs amid sales slump Citing weak sales, Caterpillar (NYSE: CAT) dealer Finning International (TSX: FTT; US-OTC: FINGF) announced it would cut its global workforce by 1,100 people, or 8%.

The move follows other job reductions earlier in the year, which brings the company’s total workforce cuts to 1,900 people, or 13%, for 2015.

Across Canada the firm has chopped 1,100 jobs for a 20% reduction this year.

The company is also downsizing its footprint in Western Canada, closing 11 facilities. When combined with the previously announced closure of 16 facilities in the region, the firm’s footprint will be cut by 20% in Western Canada by mid- to late-2016.

“While these are difficult decisions, we believe we are taking the right path to adjust our business to market realities and ensure financial strength, while positioning Finning to deliver customer service more effectively and efficiently over the long-term,” Finning president and CEO Scott Thompson said in a press release.

Thompson says the cuts have yielded results. “Our focus on managing the factors within our control has contributed to preserving a strong balance sheet and allowed us to improve profitability in our Canadian operations on

a quarter-by-quarter basis throughout 2015, despite a challenging business environment.”

In this year’s third quarter the firm generated $140-million free cash flow in a 28% increase over third-quarter 2014, which the company says was driven by reduced equipment inventory and lower accounts receivable in Canada, as well as a contribution from a new Saskatchewan dealership.

Revenue shrank 10% from the yearearlier quarter to $1.5 billion, largely from a 30% decrease in new equipment sales driven by weak demand from the construction and mining sectors.

Headquartered in Vancouver, Finning is the world’s largest Caterpillar equipment dealer. The firm sells and rents equipment, and provides parts and service to customers in the mining, construction, petroleum, forestry and power sectors. The company has operations in Canada, Chile, Argentina, Bolivia, Uruguay, the U.K. and Ireland. In 2014 the firm made $3.6 billion in revenue and employed 14,500 people.

At press time Finning shares traded at $19.17 apiece within a 52-week range of $17.33 to $28.61. The firm has 169 million shares issued and a $3.3-billion market capitalization. TNM

A diagram of Posiva’s final repository for spent nuclear fuel in Olkiluoto, Finland.

POSIVA

Finland approves construction of world’s first nuclear waste repository The Finnish government has granted the construction permit for nuclear waste specialist Posiva to build the world’s first final disposal facility for spent nuclear fuel.

The facility will be located on the island of Olkiluoto on Finland’s west coast, 250 km northwest of the capital Helsinki.

“This pioneering project is important not only for Finland, but also on a global scale,” Posiva’s president and CEO Janne Mokka said. “It is the first

[such] project entering into construction phase in the whole world.”

More than 40 years of research and development have gone into the project, according to Posiva, which is owned

by Finnish nuclear energy producers Teollisuuden Voima and Fortum, who hold 60% and 40%.

The facility will be comprised of t wo pa r ts: a n enc apsu lat ion plant on the surface where nuclear material will be sealed in disposal canisters, and the final repository

deep in the bedrock, 400 metres below surface.

The facility could accept waste by the early 2020s, and operate for 100 years. The repository has been designed to house up to 6,500 tonnes of material in canisters without failing for 100,000 years.

The facility will handle all the spent fuel made by the Olkiluoto and Loviisa nuclear plants over their 60 to 70 years of operation, which is an estimated 5,500 tonnes. TNM

EVENTS Dec 6-11 Professional Development Seminar Kingston, ON geolgrad@ queensu.ca Tel: (613) 533-3017 www. queensu.ca/geol/short-courses-andworkshops Jan 24-25 Vancouver Resource Investment Conference Vancouver, BC info@cambridgehouse.com Tel: (604) 687-4151; Toll-free: 1-877-3633356 www.cambridgehouse.com Jan 25-28 Mineral Exploration Roundup Vancouver, BC info@ amebc.ca Tel: (604) 689-5271; Tollfree: 1-877-689-5554 www.amebc.ca Feb 21-24 SME Annual Meeting Pheonix, AZ cs@smenet.org Tel: (303) 948-4200 www.smeannualconference.com Mar 6-9 PDAC 2016 Toronto, ON info@pdac.ca Tel: (416) 362-1969 www.pdac.ca May 1-4 CIM-AGM Vancouver, BC cmurphy@cim.org; cim@cim.org Tel: (514) 939-2710 www.cim.org Sep 26-28 MineExpo 2016 Las Vegas, NV info@nma.org Tel: (202) 463-2639 www.minexpo.com Oct 5-6 AEMQ XPLOR 2016 Montreal, PQ info@aemq.org Tel: (819) 762-1599; Toll-free (Quebec): 1-877-762-1599 www.aemq.org For more event information, please go to: www.northernminer.com/events/

MEETINGS Nov 23 Nov 24 Nov 25 Nov 25 Nov 26 Nov 26 Nov 27 Nov 27 Nov 30 Nov 30 Dec 01 Dec 03 Dec 03 Dec 03 Dec 03 Dec 04 Dec 04 Dec 04 Dec 04 Dec 07 Dec 07 Dec 08 Dec 08 Dec 08 Dec 08 Dec 10 Dec 10 Dec 10 Dec 10

Geomega Resources Indico Resources Brazil Resources Cornerstone Metals Red Hut Metals MacArthur Minerals Manado Gold Gran Colombia Gold Diamond Fields Int’l First Mexican Gold Rouge Resources Clifton Star Resources Dorex Minerals Slater Mining Softrock Minerals Canyon Copper Stakeholder Gold Academy Explorations Kootenay Silver Romios Gold Resources Kombat Copper AsiaBaseMetals Defiance Silver Sirios Resources Leeta Gold Aldershot Resources DNI Metals Highland Copper Lion One Metals

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DELIVERING CLEAR VIEWS OF GLOBAL MINING PROJECTS SINCE 1915 Executive Edition Includes: • The Northern Miner weekly newspaper in print and digital edition for easy reading in any situation • Database with detailed profiles of over 2,000 mining companies and over 1,400 mines and advanced projects * • Searchable mining news archives dating back to 1986 • 22 bonus feature supplements • Mining Trends & Developments magazine • 2 issues of Diamonds in Canada magazine • Exploration Trends & Developments Report • Daily mining company stock tables, charts and metal prices

To subscribe call 1-888-502-3456 or visit www.northernminer.com

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

TNM Nov 23 2015 Pg 1 2 3 4 5 6 14 16.indd 5

15-11-17 7:04 PM

6

WWW.NORTHERNMINER.COM

NOVEMBER 23–29, 2015 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 6–12 Canada’s benchmark index posted a tripledigit loss on the back of lower crude and metal prices. The S&P/TSX Composite Index fell 3%, or 431.6 points to 13,127.18 — its lowest level in over six weeks. The S&P/TSX Capped Diversified Metals & Mining Index tumbled 13.5% to 363.96, and the S&P/TSX Global Mining Index dropped 7.6% to 45.01. The S&P/TSX Global Gold Index declined 2% to 123.13. The New York spot gold price lost US$18.60 per oz. to fi nish at US$1,085. The yellow metal is down US$104 per oz., or 8.7% year-to-date.

Brent crude fell 8% to fi nish below US$45 a barrel for the fi rst time since August, as U.S. stockpiles grow.

First Quantum Minerals was the most traded stock, after posting a net loss of US$427 million, or US62¢ per share, driven by impairment charges due to the changes in Zambia’s taxation regime. Adjusted earnings were US10¢ per share, beating analysts’ expectations of US4¢ per share, but below the earlier year’s US$22 per share. Revenue from sales dropped 24% year-over-year to US$673 million, on the back of lower commodity prices.

First Quantum has lowered its full-year copper and gold production guidance while narrowing its nickel output forecast. Its shares fell $1.87 to $5.26, on 21.8 million shares traded.

Bannerman Resources’ shares gained 17% to finish at 4¢, after an optimization study

on the f irm's Etango uranium project in Namibia. The study encompassed updated reserves and boosted the project’s net present value from US$69 million to US$419 million, and after-tax internal rate of return to 15%, from 9%. Projected life-of-mine production climbed 9% to 113 million lb. uranium oxide, over a slightly longer mine life of 15.7 years. Estimated annual production during the first five years has increased from 7.9 to 9.2 million lb., with anticipated cash costs dropping 20% to US$33 per lb. U3O 8 . Startup costs are pencilled in at US$793 million, down from US$870 million.

The study used a rosy long-term uranium price of US$75 per lb. Despite the improvements, Etango “remains cash-f low neutral at US$52 per lb. U3 O 8 , and uneconomic at TSX MOST ACTIVE ISSUES VOLUME

WEEK (000s)

First Quantum Orbite Alumnae Yamana Gold Teck Res B B2Gold Barrick Gold Goldcorp Eldorado Gold Rubicon Mnrls Lundin Mng

FM ORT YRI TCKB BTO ABX G ELD RMX LUN

HIGH

21865 7.01 20413 0.53 19587 2.46 18555 7.20 16922 1.45 16081 10.22 16061 16.08 12857 4.51 12313 0.24 11605 4.12

LOW

CLOSE CHANGE

4.88 5.26 - 1.87 0.39 0.50 + 0.10 2.25 2.35 - 0.20 6.02 6.27 - 1.05 1.31 1.39 + 0.01 9.18 10.06 + 0.36 15.19 15.70 - 0.32 4.16 4.23 - 0.15 0.17 0.22 + 0.02 3.68 3.71 - 0.36

current spot prices of US$36 per lb. As such, a recovery in uranium price is required for a development decision to be made,” BMO analyst Edward Sterck notes.

Thompson Creek Metals plunged 31% to 42¢ per share after reporting weak third-quarter results. Adjusted net loss was US$5 million, or US2¢ per share, up from the previous quarter’s loss of US6¢ per share, but below the previous year’s earnings of US17¢ per share. Revenues fell

38% year-over-year to US$141.7 million, driven by lower copper prices and lower molybdenum sales, aft er the suspension of the Thompson Creek and Endako mines. Thompson operates the Mt. Milligan copper-gold mine in B.C., where it has narrowed its annual copper-inconcentrate production target to between 70 and 80 million lb. It has also lowered its 2015 cash-cost guidance to US55¢ to US75¢ per lb. copper, after by-product credits.

TSX GREATEST PERCENTAGE CHANGE VOLUME

First Point Freegold Vent Victory Nickel Orbite Alumnae U3O8 Corp Loncor Res MDN Inc Bannerman Res MBAC Fertilizr St Augustine TVI Pacific Thompson Creek Northcliff Res First Quantum Gran Colombia Forsys Metals Canadn Zinc Goldgroup Mng Alderon Iron O Orvana Mnrls

FPX FVL NI ORT UWE LN MDN BAN MBC SAU TVI TCM NCF FM GCM FSY CZN GGA ADV ORV

WEEK (000s)

HIGH

LOW

342 64 228 20413 657 138 116 159 568 56 610 1171 170 21865 295 11 645 756 273 428

0.09 0.12 0.03 0.53 0.03 0.03 0.03 0.04 0.04 0.13 0.02 0.63 0.14 7.01 0.19 0.16 0.09 0.06 0.16 0.18

0.07 0.10 0.02 0.39 0.03 0.03 0.02 0.03 0.03 0.11 0.01 0.40 0.10 4.88 0.12 0.15 0.07 0.05 0.12 0.14

TSX GREATEST VALUE CHANGE

CLOSE CHANGE

0.09 0.12 0.03 0.50 0.03 0.03 0.03 0.04 0.04 0.13 0.01 0.42 0.10 5.26 0.16 0.15 0.07 0.05 0.12 0.14

+ + + + + + + + + + -

30.7 26.3 25.0 23.4 20.0 20.0 20.0 16.6 16.6 13.6 33.3 31.1 28.5 26.2 26.1 23.6 23.5 23.0 22.5 20.0

Labdr I-Ore Ro Horizns G Bear Barrick Gold Semafo Contintl Gold Primero Mng Sierra Metals Lucara Diam Mag Silver China Gold Int Royal Gold Dominion Diam First Quantum Agrium Franco-Nevada Silver Std Res Imperial Metal HudBay Minls Teck Res B Altius Mnrls

LIF HGD ABX SMF CNL P SMT LUC MAG CGG RGL DDC FM AGU FNV SSO III HBM TCKB ALS

WEEK VOLUME

CLOSE

1774950 5365223 16081190 4939963 1250151 2467726 85831 953005 420732 997637 56739 1358813 21865412 1959096 2541457 3690588 62913 7629560 18554705 302940

15.14 14.24 10.06 3.04 1.58 2.83 1.47 1.84 9.20 1.98 47.93 12.01 5.26 124.96 62.49 6.86 6.87 5.37 6.27 11.54

CHANGE

+ + + + + + + + + + -

0.79 0.52 0.36 0.24 0.18 0.17 0.17 0.14 0.14 0.11 5.08 1.97 1.87 1.87 1.32 1.31 1.19 1.09 1.05 0.71

TSX VENTURE EXCHANGE / NOVEMBER 6–12 The S&P/TSX Venture Composite Index lost 1.9%, or 10.35 points, as commodity futures struggled and overseas economic growth remained stagnant. The Chinese government reported underwhelming data that indicates deflationary pressure in the world’s second-largest economy. Meanwhile, markets contemplated how stronger-than-expected U.S. employment data could impact a prospective interest rate hike from the U.S. Federal Reserve.

December contracts for gold bullion closed at a two-month low after dropping US$7.10, en route to a US$1,080.80 per oz. close. Crude oil futures tumbled on oversupply concerns, with December contracts for West Texas Intermediate losing 8%, or US$3.55, before fi nishing at US$40.74 per barrel. Meanwhile, copper futures closed near a six-year low of US$2.17 per lb., after dropping 3%, or US6.8¢ per lb.

Explorer Gold Standard Ventures led the value-added category after announcing what it says is a “new oxide discovery” at its Railroad project at the southern end of Nevada’s Carlin gold trend. The company gained 17¢ on 1.34 million shares traded before finishing at 76¢ per share. Gold Standard announced results from hole 15-11, which cut 157 metres of 1.51 grams gold per tonne. The drill collar was 510 metres north of the company’s Dark Star deposit, which is part of the Pinion oxide gold deposit. Gold

Standard noted that the “new gold zone has an order of magnitude better grade and thickness than anything previously drilled at Dark Star.”

The company is planning two holes at 100-metre spacings moving south from the discovery so that it can chase mineralization along 6 km of potential strike length.

Project generator Reservoir Minerals led the value-lost category after announcing an earn-in and joint-venture agreement with Rio Tinto relating to its Timok magmatic complex properties in Serbia. Shares fell 30¢ on 106,463 shares traded to $4.14 per share. The agreement ecompasses four wholly owned exploration permits in the Timok complex: Nikolicevo, Kraljevica, Coka Kupjatra and Tilva Njagra.

Rio can earn up to a 75% interest in the projects in stages by sole-funding expenses of up to TSX-V MOST ACTIVE ISSUES VOLUME

Sunridge Gold Majestic Gold PC Gold Integra Gold Nemaska Lith Mkango Res Erin Ventures Largo Res Canadn Int Mnl Puma Expl

SGC MJS PKL ICG NMX MKA EV LGO CIN PUM

WEEK (000s)

HIGH

LOW

15411 9719 6747 5219 4244 3960 3506 3335 3231 3025

0.27 0.10 0.10 0.36 0.39 0.04 0.11 0.28 0.03 0.05

0.20 0.07 0.08 0.31 0.31 0.03 0.07 0.22 0.01 0.04

CLOSE CHANGE

0.25 0.08 0.09 0.33 0.39 0.03 0.09 0.24 0.02 0.05

+ + + + + + +

0.08 0.01 0.01 0.01 0.09 0.00 0.01 0.04 0.01 0.01

US$75 million. Most of the exploration work is backloaded, however, as Rio will only have to spend US$17 million on the project to earn a 65% stake within three years. The remaining 10% interest can be achieved via US$58 million in expenditures by 2025.

Sunridge Gold topped the volume-traded column after agreeing to sell a majority share in its flagship Asmara gold project in Eritrea.

The company saw 15 million shares change hands, gaining 8¢ before closing at 25¢ per share.

Sunridge is selling its 60% interest in Asmara for $85 million in cash to China’s Sichuan Road & Bridge Mining Investment Development.

The company received the mining licences for Asmara in October, and had been shopping for financing to build a phased operation that would have cost US$450 million.

TSX-V GREATEST PERCENTAGE CHANGE VOLUME

Oracle Mng Berkwood Res Canadn Int Mnl ValGold Res Granite Ck Gld Mindoro Res Hinterland Mtl Oceanic Iron O Baja Mng Astur Gold Laurion Mnl Ex Fjordland Exp Sultan Mnrls Suparna Gold Opawica Expl Randsburg Intl Vendome Res Metalcorp Kings Bay Gold NQ Expl

OMN BKR CIN VAL GCX MIO HMI FEO BAJ AST LME FEX SUL SUG OPW RGZ VDR MTC KBG NQE

WEEK (000s)

HIGH

LOW

15 140 3231 571 139 35 20 101 1594 231 542 69 1189 110 13 24 96 100 77 312

0.01 0.01 0.03 0.01 0.01 0.01 0.02 0.16 0.03 0.02 0.01 0.02 0.01 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 0.08 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.16 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

+ 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 93.7 + 66.6 + 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Gold Std Vnt Abitibi Royalt Golden Hope Nemaska Lith Sunridge Gold Oceanic Iron O Arian Silver Gold Reserve Noront Res Anfield Nickel Chesapeake Gld Reservoir Mnls Energold Drill Titanium Corp Ascot Res McChip Res Kennady Diam Nevada Expl North Arrow Mn Avino Silver

GSV RZZ GNH NMX SGC FEO AGQ GRZ NOT ANF CKG RMC EGD TIC AOT MCS KDI NGE NAR ASM

1336395 33354 121334 4243817 15410838 101200 37350 83401 974374 16770 44680 106463 108420 105934 20430 15000 63460 239910 192984 22962

CLOSE

0.76 2.60 0.34 0.39 0.25 0.16 0.18 3.80 0.49 0.72 1.81 4.14 0.48 1.01 1.10 0.70 2.66 0.41 0.20 1.24

CHANGE

+ + + + + + + + + + -

0.17 0.15 0.11 0.09 0.08 0.08 0.05 0.05 0.05 0.04 0.36 0.30 0.13 0.12 0.11 0.10 0.09 0.08 0.06 0.06

U.S. MARKETS / NOVEMBER 6–12 Lower prices for gold, copper and oil (benchmark Brent crude dipped below US$45 per barrel for the fi rst time since August), weighed on U.S. resource equities, while better labour market data pointed to the economy’s improving fundamentals, and raised expectations the U.S. Federal Reserve would raise interest rates in December. The Labor Department reported that initial weekly claims for unemployment benefits (276,000) were unchanged, and have stayed below the 300,000 threshold for the last 36 weeks, while job openings in September increased 149,000 to 5.53 million. Last month, the U.S. unemployment rate fell to a 7.5-year low of 5%. William Dudley, president of the New York Federal Reserve, said he sees “the risks right now of moving too quickly versus moving too slowly [on an interest rate hike] as nearly balanced.” The Dow Jones Industrial Average dropped 2.3% to 17,448.07, and the S&P 500 Index fell 2.6% to 2045.91. The Philadelphia Gold & Silver Index plunged 6.2% to 45.23, while the gold spot price in New York slid 1.6% to US$1,085.80 per oz.

Barrick Gold shares rose 19¢ to US$7.55 apeice on the back of agreements to sell non-core assets in Nevada for US$720 million in cash. The sales include 100% of its Bald Mountain and Ruby Hill

TNM Nov 23 2015 Pg 1 2 3 4 5 6 14 16.indd 6

mines, its 50% stake in the Round Mountain mine and its 70% interest in the Spring Valley project. The latest agreements bring Barrick’s total asset sales this year to US$3.2 billion, and the company says it is on track to meet its 2015 target of cutting debt by US$3 billion.

An oxide gold zone discovery near its Dark Star deposit in Nevada drove up Gold Standard Ventures shares by 32.1% to US58¢. The junior reported that a drill hole 515 metres north of Dark Star’s maiden resource returned a 157-metre intercept of 1.51 grams gold. The drill hole was 60 metres east and 10 metres north of a drill hole reported the week before U.S. MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

Freeport McMo* FCX 185411 11.25 Alcoa* AA 167407 9.18 Barrick Gold* ABX 73665 7.68 Goldcorp* GG 48767 12.10 Consol Energy* CNX 46715 8.46 Kinross Gold* KGC 45255 1.84 Potash C Sask* POT 39699 20.94 Vale* VALE 37694 4.19 Teck Res B* TCK 36570 5.41 Cliffs Nat Rs* CLF 35670 3.47

LOW

CLOSE CHANGE

8.60 8.77 7.81 7.82 6.90 7.55 + 11.43 11.83 7.07 7.12 1.71 1.79 19.65 20.27 3.91 3.93 4.52 4.72 2.99 3.01 +

2.71 1.38 0.19 0.33 1.32 0.09 0.62 0.46 0.83 0.18

that intersected a vertical gold zone, including an upper oxidized, 149-metre intercept of 1.38 grams gold per tonne.

With copper prices hitting a six-year low, Freeport-McMoRan, one of the world’s largest copper producers, felt the heat. A Nov. 11

research note by Goldman Sachs did nothing to allay concerns about the metal, predicting instead that copper prices could fall even more by year-end, and stay low through 2018. Freeport lost US$2.71 per share to finish at US$8.77, on no company-related news.

U.S. GREATEST PERCENTAGE CHANGE VOLUME

Gold Std Vnt* Rhino Res* Mines Managem* Rubicon Mnls* Cliffs Nat Rs* Primero Mng* NovaCopper* Banro* Barrick Gold* Richmont Mine* Hi-Crush Part* Thompson Crk* Freeport McMo* Alexco Res* Comstock Mng* HudBay Mnls* Minas Buenavn* Silver Std Re* Alliance Rs P* Consol Energy*

GSV RNO MGN RBY CLF PPP NCQ BAA ABX RIC HCLP TC FCX AXU LODE HBM BVN SSRI ARLP CNX

WEEK (000s)

HIGH

LOW

1393 0.63 0.40 25 0.70 0.62 27 0.30 0.27 15996 0.18 0.13 35670 3.47 2.99 919 2.22 1.93 251 0.41 0.37 4283 0.19 0.17 73665 7.68 6.90 467 3.06 2.80 438 8.82 6.12 565 0.47 0.30 185411 11.25 8.60 688 0.45 0.34 765 0.58 0.44 141 5.32 3.92 11503 5.85 4.90 10042 6.02 5.05 2176 21.54 17.54 46715 8.46 7.07

U.S. GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.58 0.70 0.29 0.16 3.01 2.13 0.40 0.19 7.55 3.01 6.12 0.31 8.77 0.36 0.46 4.04 4.91 5.17 18.12 7.12

+ + + + + + + + + + -

32.1 9.3 7.4 6.5 6.3 5.9 5.2 3.8 2.5 2.0 31.7 31.1 23.6 20.5 17.8 17.3 17.2 16.4 15.6 15.6

Barrick Gold* ABX Cliffs Nat Rs* CLF Gold Std Vnt* GSV Primero Mng* PPP Alum Cp China* ACH Rhino Res* RNO Richmont Mine* RIC Mag Silver* MVG Mines Managem* MGN NovaCopper* NCQ BHP Billi-BBL* BBL BHP Billi-BHP* BHP Royal Gold* RGLD Alliance Rs P* ARLP Hi-Crush Part* HCLP Freeport McMo* FCX Randgold Res* GOLD Compass Mnls* CMP Agrium* AGU Peabody Enrgy* BTU

73664756 35670206 1393018 918755 84125 24515 466671 30617 26926 250704 16711917 25284470 9760870 2175505 437648 185411333 5930997 266677 483164 3982791

CLOSE

CHANGE

7.55 3.01 0.58 2.13 8.11 0.70 3.01 6.90 0.29 0.40 26.80 28.19 36.15 18.12 6.12 8.77 59.94 81.33 94.03 13.51

+ + + + + + + + + + -

0.19 0.18 0.14 0.12 0.06 0.06 0.06 0.03 0.02 0.02 4.74 4.25 4.11 3.36 2.84 2.71 2.52 2.35 2.26 1.98

15-11-17 7:04 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 23–29, 2015

7

EXPLORATION PROJECTS TO WATCH SPECIAL FOCUS

SPECIAL INDUSTRY FOCUS

Agnico Eagle Mines’ Amaruq gold project in Nunavut.

AGNICO EAGLE MINES

High-grade shear zones a ‘game changer' for Integra ABITIBI GOLD

| Integra tables better-than-expected resource update for Triangle zone

Dynacor finds porphyry at Tumipampa in Peru | Sampling points to region's gold-copper potential DISCOVERY

BY TRISH SAYWELL tsaywell@northernminer.com

D

ynacor Gold Mines (TSX: DNG; US-OTC: DNGDF) SMSJ_Sept 2012_Pro_TH_PC has discovered a 1.7 km long copper porphyry at its Tumipampa Mobile Andes Equipment project in the Peruvian that for it says could be one of the feeder Safety and Productivity systems for the gold and copper it has found the property, e onocated to a 500 kmsq ft southeast of Lima.

The remote exploration project, 4,500 metres above sea level on a barren plateau, is situated at the contact between the Apurimac batholith — a geological structure where big copper porphyry skarns have been found — and a gold-silver belt to the south, where there are a number of gold mines.

The prospective area has attracted SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC mining companies that include MMG Mobile Equipment Ltd., with its Las Bambasfor project to and Productivity the east;Safety Southern Copper (NYSE: SCCO), withtoitsaLos Chancas Re-Located 50,000 sq.ft. project, PLant! and Iamgold (TSX: IMG; NYSE: IAG), with its Maria project to the west; and Barrick Gold, with its (TSX: ABX; NYSE: ABX) Lily project to the south.

North and northeast are Minas Buenaventura’s (NYSE: BVN) Orcopampa mine; Hochschild Mining’s (LSE: HOC; US-OTC: HCHDF) Arcata and Pallancata projects; Hudbay Minerals’ (TSX: HBM; NYSE: HBM) Constancia mine; First Quantum Minerals’ (TSX: FM) Haquira project; and BearAuthorized Creek Mining’s (TSXV: Landcruiser BCM) Toyota Layeuga project.

R -L

A garage currently under construction near the Triangle Zone deposit at Integra Gold’s Lamaque gold project near Val-d’Or, Quebec.

“FROM A DEPTH PERSPECTIVE, TRIANGLE COMPARES WITH SIGMA AND LAMAQUE QUITE NICELY, AND IT'S STILL OPEN ALONG STRIKE.”

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

D

iligence is paying off for gold explorer Integra Gold (TSXV: ICG; US-OTC: ICGQF) in the prolific Val-d'Or gold mining camp, as a steady drill program has allowed the company to upgrade resources at its Triangle Zone gold deposit, 2.5 km southeast from the town of Val-d’Or. Compared to the previous resource estimate in February 2015, indicated resources grew 21% to 627,810 oz. gold within 2.6 million tonnes grading 7.37 grams gold per tonne. Inferred resources quadrupled to 871,530 contained oz. gold in 3.9 million tonnes at 6.89 grams gold. Both calculations use a 3-gram-gold cut-off.

“The upgrade really met and surpassed everyone’s expectations,” George Salamis, chairman of Integra, tells The Northern Miner during a phone interview. “We’ve oriented the drill program to focus on the highgrade shear zones of the deposit, and the result is in this resource estimate.”

Drilling over the past year has identified six mineralized shear zones — called the “C-structures” — that vertically slice through the metamorphosed volcanic terrain and crosscut a fi nger-shaped intrusive “plug” at Triangle.

Because of the varying competencies between the rock types, the intrusive absorbed the strain by shattering into a series of flat-lying mineralized veins called the “C-flats,” which make up most of the previous resource estimate.

TNM Nov 23 2015 Pg 7 8 9.indd 7

GEORGE SALAMIS CHAIRMAN, INTEGRA GOLD

The C-structures account for 63% of Triangle’s total indicated oz. gold, and 74% of the inferred oz. gold — which is a healthier proportion from a mining perspective, Salamis says, since the steeply dipping resources can be extracted using less expensive methods, such as long-hole stoping.

“The C-structures carry a lot more ounces than the C-flats, they’re thicker and more continuous, and that’ll carry substantial enhancements, in terms of mineability,” he says.

The company is taking steps towards updating the preliminary economic assessment, and aims to deliver it by the second half of next year.

But in light of the suspended operations at Rubicon Minerals’ (TSX: RMX; NYSE-MKT: RBY) Phoenix gold mine in Red Lake, Ont., and lower production from Goldcorp’s (TSX: G; NYSE: GG) Éléonore gold mine in Quebec, it appears that high-grade

underground gold miners may face unanticipated head-grade challenges.

Both companies blamed higher-than-expected geological complexity for production shortcomings, forcing the miners back to the drawing board to revise their mine plans and models to combat dilution.

Salamis says that although those deposits are “different beasts” than Triangle, Integra has been assiduous with its geological modelling and grade-capping approach to ensure higher predictability in the deposit.

“Getting more stringent on the resource estimation parameters came as a result of more data,” he says, noting the 11% and 23% decrease in average indicated and inferred grade of the resource, from rigorous grade-capping.

“The progression for any company to take is to refi ne the resource estimation parameters as the project advances, because the more data

INTEGRA GOLD

you capture, the more it becomes representative of what’s there,” he continues.

And as the geological controls on mineralization become clearer, Salamis says that exploration opportunities present themselves, such as the No. 4 Plug prospect, 400 metres north of Triangle.

“We’ve drilled the No. 4 plug in the past and encountered disseminated gold mineralization in the intrusive, but at the time we didn’t know about the high-grade shear zones,” he says.

“We traced the shear zones at Triangle up through the volcanics where they intercept the No. 4 plug, and what we’re seeing is a lot more grade focused around those structures, so it kind of opens up the exploration potential there considerably.”

Mineralization at Triangle is open in all directions, but has so far been traced at surface for 800 metres, and variably up to 900 metres deep.

Salamis points out that the lion’s share of the 4.5 million oz. gold produced at the nearby Sigma mine came from vertical shear zones traced in a sea of dykes and sills, for at least 1.5 km at surface and 1.8 km deep.

At the Lamaque mine, he says, 4.6 million oz. gold was extracted largely from the f lat-lying veins within the bounds of a 200-by-300 metre intrusive plug.

“A lot of gold can be defi ned in a small area, which is why Lamaque has the highest ounce gold per vertical metre for any deposit in this part of the Abitibi,” he says. “From a depth perspective, Triangle compares with See INTEGRA / 8

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15-11-17 7:10 PM

8

NOVEMBER 23–29, 2015 / THE NORTHERN MINER

EXPLORATION PROJECTS TO WATCH

WWW.NORTHERNMINER.COM

Dynacor finds porphyry at Tumipampa in Peru

The surface at the skarn porphyry discovery area at Dynacor Gold Mines’ Tumipampa gold-copper project in Peru, 500 km southeast of Lima.

DYNACOR From 7

“We are in this porphyry skarn belt in the southern part of Peru — right in the middle of it — so we are well situated here,” Dynacor’s Montrealbased president and CEO Jean Martineau says. “This porphyry is 2.3 km west of mantos and veins where we are exploring, and our geologist thinks that it may be the source of mineralization.”

The French-Canadian mining executive is quick to add that while it is just a theory, it would mean “a new exploration play there — it’s completely different, it’s much bigger than what we thought, and as we have always said, we get good surprises each year we explore there.”

The company will explore the vein area trending west towards the porphyry, and also look for mineralized structures, he says.

News of the discovery released on Nov. 10 include results from surface samples. Of these, 25 taken directly on outcrops of the porphyry show

copper grades ranging from 0.01% copper to 0.22% copper, and 14 surface samples returned gold grades ranging from 0.10 gram gold per tonne to 2.51 grams gold per tonne.

Samples collected on a skarn inside the porphyry returned values as high as 40.4 grams silver, 0.44% copper, 108 parts per million molybdenum, 0.99% lead and 2.26% zinc.

Meanwhile, sampling continues at the project’s main Manto Dorado, where Dynacor is finding high-grade mineralization.

In October, Dynacor announced that a raise excavated in Manto Dorado exposed a high-grade, gold-bearing band of sulphides in channel samples.

Of the 35 metres excavated, the gold grade averaged 27.3 grams gold, and the copper grade averaged 2.19%.

The results included 12 channel samples with uncut gold assays between 31.1 grams gold and 76.2 grams gold, and 15 channel samples with uncut copper assays between 2% and 8.7%.

Early next year the company plans to undertake a 1,500-tonne bulk sample

DYNACOR GOLD MINES

“IT’S A NEW EXPLORATION PLAY ... IT’S MUCH BIGGER THAN WHAT WE THOUGHT AND ... WE GET GOOD SURPRISES EACH YEAR WE EXPLORE THERE.” JEAN MARTINEAU PRESIDENT AND CEO, DYNACOR GOLD MINES

from Tumipampa and process at its Huanca plant, about 18 hours by road from the project, and 450 km south of Lima. Martineau also expects to finish a technical report on the project in the spring.

Looking ahead, Martineau says the Huanca mill could be used for the first couple of years that Tumipampa is in

commercial production, if the grades continue as they are now, at half an ounce per tonne. “The Huanca mill has a capacity of 200 to 300 tonnes per day, so if we could do that for a couple of years and continue exploration at Tumipampa, the operation could pay for itself. In the long-term we will have to build a mill on the property

at Tumipampa, but the Huanca mill will give us f lexibility … it will be a good test mill, and is a wonderful tool for us.”

Dynacor has built more than half of a second mill near the city of Chala, 600 km south of Lima. The $12.9-million plant is being built with cash flow from the Huanca mill, which processes ore from artisanal miners.

At first the Chala mill will operate at 300 tonnes per day, but it has been designed so that it can be upgraded to 450 and then 600 tonnes per day, as demand warrants. Martineau says construction should be finished by the end of February 2016, with commercial production before mid-2016.

“We built this business model of processing ore from artisanal miners to pay for exploration, weather depressed markets, and generate cash and profit, even if the gold price is depressed,” Martineau says.

In the second quarter, the company posted gold production of 16,594 oz., net income of US$0.8 million, or US2¢ per share, and a 16.8% gross operating margin. TNM

‘Game changer' for Integra

Core racks at Integra Gold’s Lamaque gold project in Quebec.

INTEGRA From 7

Sigma and Lamaque quite nicely, and it's still open along strike.”

With over $23 million in its treasury and perhaps $11 million coming through the exercise of nearterm warrants, Integra can keep its 10,000-metre monthly drill budget into the new year, with 100,000 metres scheduled for 2016.

On top of that, the company has enticed over 1,250 worldwide participants to compete in its “Gold Rush” challenge,

TNM Nov 23 2015 Pg 7 8 9.indd 8

INTEGRA GOLD

which offers $1 million in prizes in exchange for the most “convincing” exploration plans for the property.

“I think we’re going to get a really diverse set of submissions,” Salamis says, noting the looming Dec. 1 deadline. “You’d be surprised by the number of non-scientific people that have entered the challenges, there are research analysts, business analysts — it’s just amazing. It’s exactly what we wanted.”

Integra Gold shares have traded within a 52-week range of 17¢ to 37¢

per share, and closed at 34¢ at press time. There are 353.5 million shares outstanding for a $118.4-million market capitalization.

With the better-than-expected resource estimate, Beacon Securities kept its “buy” rating on Integra’s stock, raising its 12-month target share price from 70¢ to 75¢. Cormark Securities raised its target share price by 5¢ to 75¢ per share, and kept its “buy” rating on the stock, whereas Macquarie Research increased its target share price 10¢ to 80¢ per share. TNM

15-11-17 7:10 PM

EXPLORATION PROJECTS TO WATCH

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 23–29, 2015

9

Oban Mining to pick up Northern Gold GATHERING GROUND

| Osisko team consolidates land position to unearth the Abitibi’s next gold camp

BY TRISH SAYWELL tsaywell@northernminer.com

N

orthern Gold Mining (TSXV: NGM) is the fourth junior this year to sign a business combination agreement with Oban Mining (TSX: OBM), joining Eagle Hill, Ryan Gold and Corona Gold, which consolidated their properties in Ontario and Quebec under the Oban banner in September.

“We’d been looking at Northern Gold for a while,” Oban Mining’s president and CEO John Burzynski says. “It’s been in our area of interest for quite some time, and is one of a number of acquisitions that we are looking at doing in the near future.”

Oban Mining aims to consolidate areas in the historic mining camps of the Abitibi and apply its exploration model to find gold and other metals — a strategy that Burzynski, Sean Roosen and Robert Wares used to great success after they founded Osisko Mining Corp. Osisko went on to build the Canadian Malartic mine in Quebec, which was sold in 2014 to Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY) in a cash-and-share deal worth $3.9 billion.

Osisko Gold Royalties (TSX: OR; US-OTC: OKSKF), where Roosen serves as CEO and chairman, holds 17–18% of Oban Mining’s shares.

Burzynski is a director at Osisko Gold Royalties and the company’s senior vice-president of new business development.

“Our full intent is to go back to recreating the success we had with Osisko One, through the discovery and development of good projects,” Burzynski says. “When we formed Osisko, we started with an acquisition out of a bankruptcy sale and spent the next two years consolidating the camp at Malartic, and then explored and applied our models.”

As far as the latest proposed business combination with Northern Gold Mining is concerned, management “likes the property and likes the resource, but it’s just one piece of what is potentially a larger puzzle,” Burzynski says.

Northern Gold’s Golden Bear project in northeastern Ontario — part of the Golden Highway Camp, 90 km east of Timmins — contains the Jonpol and Garrcon deposits, and the Buffonta property. The company also owns the Gold Pike property, which it acquired during its recent amalgamation with Victory Gold Mines.

The flagship Golden Bear project is situated along the Destor–Porcupine fault zone and extends regionally across 40 km. The Jonpol and Garrcon deposits together have measured and indicated resources of 30.1 million tonnes grading 1.24 grams gold per tonne for 1.19 million contained oz. gold. Inferred resources add 7.8 million tonnes grading 3.19 grams gold for 808,000 oz. gold.

If Northern Gold’s shareholders approve the deal (Oban Mining will acquire all of the company’s shares in exchange for an aggregate 4-million common Oban Mining shares), they will hold 6.8% of Oban’s pro forma total shares. They will also become part of a company that has carved out a large swath of ground in traditional mining camps in Ontario and Quebec.

Through Oban Mining’s acquisition of Eagle Hill, Ryan Gold and Corona Gold earlier this year, along with other properties in its stable, Northern Gold’s shareholders will hold stakes in the high-grade Windfall Lake gold deposit between Val-d’Or and Chibougamau

TNM Nov 23 2015 Pg 7 8 9.indd 9

“WHEN WE FORMED OSISKO, WE STARTED WITH AN ACQUISITION OUT OF A BANKRUPTCY SALE AND SPENT THE NEXT TWO YEARS CONSOLIDATING THE CAMP AT MALARTIC, AND THEN EXPLORED AND APPLIED OUR MODELS.” JOHN BURZYNSKI PRESIDENT AND CEO, OBAN MINING

A drill rig in 2010 at Northern Gold’s Golden Bear gold project in northeastern Ontario.

in Quebec, a 100% undivided interest in a large area of claims in the UrbanBarry area of Quebec and options held with other third parties to acquire a 100% undivided interest in the Côté property, the Golden Dawn project, the Hunter property and others nearby.

Oban Mining has a 100% stake in the Roach property in northern Ontario,

and an option to acquire up to a 70% interest from Northstar Gold's Miller project in southern Ontario. Oban Mining is also well financed, with $73 million in cash and equivalents.

Oban Mining’s history dates to five years ago, when Burzynski and Roosen created Oban Exploration and Braeval Mining Corp. as grassroots exploration

NORTHERN GOLD

companies focused on South America.

The companies combined in April 2014 to create Oban Mining, and after the merger and the decline in Canadian exploration markets, Oban Mining refocused on the Abitibi mining camps, where the Osisko group had such a strong track record.

The same founders, management,

and technical teams of geologists and engineers behind Osisko are involved in the direction, management and technical work at Oban Mining, Burzynski says, and the company intends to discover, acquire, explore and develop gold deposits in Quebec and Ontario, and in time, other jurisdictions in Canada. TNM

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10

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 6–12, 2015 (100s) Stock

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NOVEMBER 23–29, 2015 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 6022 0.07 0.06 0.06 + 0.01 0.09 0.03 Abcourt Mines V 8834 0.04 0.04 0.04 0.00 0.07 0.03 ABE Res V 280 0.04 0.04 0.04 + 0.01 0.08 0.03 Aben Res V 306 0.07 0.06 0.07 0.00 0.30 0.06 Aberdeen Intl T 819 0.14 0.12 0.12 - 0.01 0.20 0.11 Abitibi Royalt V 333 2.64 2.34 2.60 + 0.15 5.10 1.53 Acme Res V 80 0.02 0.02 0.02 0.00 0.06 0.02 Adamera Mnls V 1274 0.02 0.02 0.02 0.00 0.05 0.02 Adanac Moly V 274 0.18 0.18 0.18 0.00 0.20 0.15 Adex Mining V 1500 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 15313 0.10 0.10 0.10 0.00 0.19 0.08 Adventure Gold V 630 0.16 0.12 0.14 - 0.01 0.20 0.06 African Gold G V 11514 0.05 0.04 0.04 0.00 0.07 0.04 African Metals V 200 0.06 0.06 0.06 + 0.01 0.15 0.05 African Queen V 1383 0.02 0.02 0.02 - 0.01 0.03 0.01 Africo Res T 309 0.45 0.41 0.45 + 0.03 0.45 0.30 Agnico-Eagle* N 124217 26.77 24.83 26.13 - 0.26 34.89 21.00 Agnico-Eagle T 40216 35.62 33.00 34.75 - 0.01 43.70 25.16 Agrium* N 4831 98.23 93.08 94.03 - 2.26 116.77 86.60 Agrium T 19590 130.37 124.01 124.96 - 1.87 146.51 105.68 Aguila Am Res V 50 0.04 0.04 0.04 0.00 0.11 0.04 Alabama Graph V 10170 0.19 0.16 0.17 - 0.02 0.35 0.14 Alacer Gold T 34709 2.63 2.48 2.54 - 0.05 3.23 1.81 Alberta Star V 26 0.03 0.03 0.03 - 0.01 0.05 0.02 Alcoa* N 1674069 9.18 7.81 7.82 - 1.38 17.75 7.81 Alderon Iron O T 2733 0.16 0.12 0.12 - 0.04 0.58 0.12 Aldridge Minls V 1665 0.17 0.16 0.16 - 0.01 0.26 0.16 Aldrin Res V 1220 0.13 0.11 0.11 - 0.01 0.26 0.11 Alexander Nubi V 420 0.07 0.06 0.06 - 0.04 0.28 0.06 Alexandria Mnl V 4715 0.03 0.03 0.03 0.00 0.06 0.03 Alexco Res T 1244 0.59 0.47 0.49 - 0.11 0.81 0.34 Alexco Res* X 6879 0.45 0.34 0.36 - 0.09 0.68 0.26 Alita Res V 3809 0.07 0.06 0.07 - 0.01 0.47 0.06 Alix Res V 16105 0.05 0.05 0.05 0.00 0.10 0.03 Alliance Mng V 1000 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 21755 21.54 17.54 18.12 - 3.36 48.50 17.54 Alloycorp V 2809 0.02 0.01 0.01 - 0.01 0.07 0.01 Almaden Mnls* X 3280 0.57 0.53 0.55 - 0.00 1.11 0.48 Almaden Mnls T 322 0.74 0.70 0.73 - 0.02 1.57 0.65 Almonty Ind V 902 0.51 0.40 0.44 - 0.06 0.86 0.40 Alpha Gold V 60 0.05 0.05 0.05 0.00 0.06 0.03 Alphamin Res V 6192 0.20 0.17 0.17 0.00 0.32 0.11 Altai Res V 330 0.07 0.06 0.07 + 0.02 0.12 0.05 Altair Vent V 14 0.09 0.09 0.09 - 0.02 0.60 0.06 Altima Res V 415 0.02 0.02 0.02 - 0.01 0.06 0.01 Altius Mnrls T 3029 12.28 11.54 11.54 - 0.71 15.47 9.86 Alto Vent V 10 0.03 0.03 0.03 - 0.01 0.10 0.03 Alum Cp China* N 841 8.21 7.98 8.11 + 0.06 17.44 7.20 Am Creek Res V 675 0.05 0.04 0.05 0.00 0.10 0.03 Amarc Res V 225 0.08 0.08 0.08 - 0.01 0.18 0.07 Amarillo Gold V 100 0.09 0.09 0.09 + 0.01 0.15 0.04 American Manga V 3860 0.04 0.03 0.03 - 0.01 0.05 0.01 American Vanad V 1916 0.09 0.08 0.08 + 0.01 0.37 0.05 Amerigo Res T 3065 0.32 0.27 0.28 - 0.04 0.45 0.22 Amex Expl V 18 0.03 0.03 0.03 0.00 0.09 0.03 Anaconda Mng T 710 0.05 0.04 0.04 - 0.01 0.07 0.04 Anconia Res V 600 0.02 0.02 0.02 0.00 0.03 0.01 Anfield Nickel V 167 0.72 0.62 0.72 + 0.04 0.96 0.62 Anfield Res V 30 0.11 0.11 0.11 + 0.01 0.45 0.07 Angel Gold V 150 0.06 0.05 0.06 0.00 0.10 0.02 Angkor Gold V 796 0.43 0.40 0.40 - 0.03 0.64 0.34 Anglo-Bomarc V 654 0.22 0.10 0.20 + 0.01 0.30 0.02 Anglo-Can Mng V 3330 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 188237 7.23 6.68 6.79 - 0.78 13.12 5.64 Antioquia Gold V 260 0.10 0.08 0.10 0.00 0.10 0.01 Antofagasta Gd V 4580 0.23 0.20 0.22 - 0.03 0.29 0.09 Apogee Silver V 230 0.30 0.28 0.28 - 0.03 0.65 0.18 AQM Copper V 759 0.05 0.04 0.04 0.00 0.08 0.04 Aquila Res T 2538 0.15 0.13 0.14 + 0.01 0.19 0.09 Arch Coal* N 124227 1.93 1.35 1.45 - 0.16 29.30 1.00 Archon Mineral V 10 1.50 1.50 1.50 - 0.05 2.09 0.95 Arctic Hntr Ur V 2000 0.03 0.03 0.03 - 0.02 0.06 0.02 Arctic Star Rs V 10176 0.02 0.02 0.02 0.00 0.07 0.02 Arcus Dev Grp V 110 0.02 0.02 0.02 0.00 0.04 0.01 Argentex Mng V 5855 0.03 0.02 0.03 - 0.01 0.08 0.02 Argentum Silvr V 145 0.02 0.02 0.02 0.00 0.07 0.02 Argex Titanium T 9041 0.07 0.06 0.07 0.00 0.67 0.06 Argonaut Gold T 30764 1.27 1.15 1.18 - 0.10 3.14 1.14 Arian Silver V 373 0.18 0.14 0.18 + 0.05 0.75 0.13 Arianne Phosph V 1139 0.91 0.85 0.86 - 0.04 0.98 0.51 Armistice Res T 2938 0.30 0.27 0.30 + 0.02 0.52 0.22 Aroway Mnls V 11670 0.02 0.01 0.02 0.00 0.14 0.01 ASA (Bermuda)* N 6226 7.40 7.10 7.19 - 0.33 12.31 7.00 Asanko Gold T 19219 2.19 2.03 2.05 - 0.06 2.55 1.50 Asanko Gold* X 328 1.65 1.53 1.54 - 0.03 2.06 1.26 Ascot Res V 204 1.24 1.10 1.10 - 0.11 2.00 1.01 Ashburton Vent V 1950 0.01 0.01 0.01 0.00 0.03 0.01 Asher Res V 1625 0.02 0.02 0.02 0.00 0.08 0.02 Asian Minl Res V 595 0.04 0.03 0.04 0.00 0.08 0.03 Astur Gold V 2309 0.02 0.01 0.02 + 0.01 0.12 0.01 Atac Res V 3116 0.40 0.36 0.37 - 0.01 0.78 0.31 Atacama Pac Gd V 730 0.15 0.15 0.15 + 0.01 0.52 0.14 Athabasca Mnls V 1813 0.30 0.26 0.26 - 0.03 1.53 0.20 Atico Mng V 911 0.44 0.37 0.38 - 0.01 0.70 0.33 Atlanta Gold V 380 0.07 0.06 0.06 - 0.01 0.25 0.05 Atna Res Ltd T 9984 0.06 0.05 0.05 0.00 0.12 0.05 Augen Gold V 950 0.01 0.01 0.01 0.00 0.06 0.01 Augyva Mng V 415 0.11 0.11 0.11 0.00 0.15 0.07 Aura Mnls T 1576 0.09 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 1642 0.02 0.01 0.02 0.00 0.03 0.01 Aurcana Corp V 3579 0.15 0.12 0.13 - 0.02 0.44 0.09 AurCrest Gold V 1603 0.03 0.02 0.02 - 0.01 0.06 0.01 Aureus Mng T 300 0.33 0.32 0.32 - 0.01 0.83 0.27 Aurion Res V 2280 0.06 0.05 0.06 + 0.01 0.08 0.03 Aurvista Gold V 2170 0.04 0.04 0.04 0.00 0.11 0.03 Avala Res V 15 0.03 0.03 0.03 - 0.01 0.10 0.03 Avalon Rare M* X 12913 0.09 0.08 0.09 - 0.00 0.40 0.08 Avalon Rare Mt T 7518 0.12 0.11 0.12 0.00 0.48 0.11 Avino Silver V 229 1.29 1.21 1.24 - 0.06 2.40 1.15 Avino Silver* X 2551 1.00 0.91 0.92 - 0.06 1.97 0.89 Avnel Gold T 375 0.25 0.23 0.25 + 0.01 0.31 0.15 Avrupa Mnls V 815 0.15 0.12 0.14 0.00 0.40 0.07 Axmin Inc V 600 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 519 0.15 0.13 0.13 - 0.01 0.25 0.10 Azincourt Res V 638 0.05 0.04 0.04 - 0.01 0.48 0.04

B B2Gold* X 140140 B2Gold T 169224 Bacanora Mnls V 219 Baja Mng V 15943 Balmoral Res T 2451 Bandera Gold V 325 Banks Island G V 9145 Bannerman Res T 1585 Banro T 16807 Banro* X 42827 Banyan Gold V 622 Barisan Gold V 300 Barkerville Go V 13725 Barrick Gold* N 736647 Barrick Gold T 160811 Batero Gold V 1484 Bayswater Uran V 8152 BCM Res V 2851 Bear Creek Mng V 2900 Bearclaw Cap V 750 Beaufield Res V 1610 Bell Copper V 221 Bellhaven Cp&G V 187 Belmont Res V 1407 Belo Sun Mng T 12165 Belvedere Res V 7551 Benton Cap V 725

1.10 0.99 1.03 - 0.02 2.38 0.98 1.45 1.31 1.39 + 0.01 2.88 1.30 1.78 1.61 1.70 - 0.02 2.05 0.56 0.03 0.02 0.03 + 0.01 0.06 0.02 0.50 0.44 0.48 + 0.03 1.37 0.44 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.03 0.03 0.00 0.28 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 0.26 0.23 0.25 + 0.02 0.47 0.14 0.19 0.17 0.19 + 0.01 0.40 0.12 0.03 0.02 0.02 - 0.01 0.10 0.02 0.03 0.03 0.03 0.00 0.15 0.02 0.25 0.23 0.24 - 0.01 0.40 0.11 7.68 6.90 7.55 + 0.19 13.70 5.91 10.22 9.18 10.06 + 0.36 16.54 7.89 0.08 0.07 0.07 0.00 0.11 0.06 0.02 0.01 0.01 - 0.01 0.08 0.01 0.05 0.05 0.05 + 0.01 0.06 0.02 0.68 0.58 0.63 + 0.02 1.94 0.58 0.03 0.03 0.03 0.00 0.05 0.02 0.04 0.04 0.04 0.00 0.06 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.08 0.06 0.06 - 0.01 0.45 0.03 0.02 0.02 0.02 0.00 0.09 0.02 0.29 0.24 0.24 - 0.06 0.30 0.11 0.02 0.02 0.02 - 0.01 0.16 0.02 0.02 0.02 0.02 0.00 0.04 0.02

TNM Nov 23 2015 Pg 10 11 12.indd 10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Benton Res V 350 Berkwood Res V 1396 BHP Billi-BBL* N 167119 BHP Billi-BHP* N 252844 Big North Grap V 680 BioteQ Env T 1205 Bison Gold Res V 350 Bitterroot Res V 250 Black Iron T 2091 Black Isle Res V 1005 Black Widow Rs V 450 Blind Crk Res V 10 BMO Jr Gld ETF T 1230 Bold Vent V 60 Bonterra Res V 5547 Bravada Gold V 947 Brazil Res V 3757 Brixton Mtls V 40 Bullman Mnls V 470

0.04 0.04 0.04 - 0.01 0.06 0.03 0.01 0.01 0.01 + 0.01 0.06 0.01 29.85 26.66 26.80 - 4.74 51.20 26.66 31.03 27.84 28.19 - 4.25 57.18 27.84 0.02 0.02 0.02 0.00 0.50 0.02 0.03 0.03 0.03 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.05 0.05 0.05 - 0.01 0.15 0.04 0.03 0.03 0.03 0.00 0.08 0.02 0.05 0.05 0.05 + 0.01 0.09 0.02 0.02 0.02 0.02 - 0.01 0.08 0.01 0.05 0.05 0.05 0.00 0.07 0.04 4.79 4.60 4.65 - 0.17 7.65 4.45 0.03 0.03 0.03 - 0.01 0.06 0.02 0.25 0.20 0.23 - 0.01 0.43 0.09 0.05 0.04 0.04 - 0.01 0.07 0.02 0.53 0.47 0.51 0.00 0.85 0.43 0.08 0.08 0.08 - 0.01 0.22 0.06 0.03 0.03 0.03 - 0.01 0.23 0.03

Cabot Corp* N 19140 Cache Expl V 240 Cadan Res V 195 Cadillac Vent V 400 Caledonia Mng T 331 Calibre Mng V 7348 Calico Res V 990 Callinex Mines V 1435 Cameco Corp* N 79505 Cameco Corp T 44931 Camino Mnls V 32 Canada Carbon V 5025 Canada Rare Ea V 522 Canada Zinc Mt V 1970 Canadn Int Mnl V 32307 Canadn Mining V 351 Canadn Plat V 1000 Canadn Zinc T 6451 Canamex Res V 3327 Canarc Res T 840 Canasil Res V 3465 Cancana Res V 1230 Candente Coppr T 1659 CaNickel Mng T 279 Canoe Mng Vnt V 1730 Canstar Res V 1649 Canterra Mnls V 2420 Cantex Mn Dev V 651 Canuc Res V 18 Canyon Copper V 650 Cap-Ex Vent V 1965 Capstone Mng T 14542 Cardero Res T 6 Cariboo Rose V 80 Caribou King R V 314 Carlisle Goldf T 1379 Carmax Mng V 1540 Cassidy Gold V 450 Castillian Res V 293 Castle Peak Mg V 1560 Catalyst Coppr V 80 Caza Gold V 420 CB Gold V 169 Centamin T 1428 Centerra Gold T 34277 Central Fund* X 34704 Central Fund T 1607 Central Gold-T T 11 Central GoldT* X 2074 Central Iron O V 3000 Centurion Mnls V 1000 Century Iron M T 49 Chalice Gold M T 186 Champion Bear V 50 Champion Iron T 3100 Chesapeake Gld V 446 Chiboug Ind Mn V 30 Chilean Gold V 200 China Gold Int T 9976 China Mnls Mng V 1486 Claim Post Res V 150 Claude Res T 13736 Cliffs Nat Rs* N 356702 Clifton Star V 155 Cloud Peak En* N 13376 CMC Metals V 4930 Codrington Res V 1230 Coeur Mng* N 97735 Colonial Coal V 2345 Colorado Res V 455 Colt Res V 1159 Columbus Gold V 2549 Commander Res V 529 Commerce Res V 4712 Compass Mnls* N 2666 Compliance Eny V 571 Comstock Mng* X 7650 Condor Res V 200 Confedertn Mls V 3590 Conquest Res V 1140 Cons Woodjam C V 1343 Consol Energy* N 467148 Constant Mtl R V 1760 Contintl Gold T 12501 Contl Precious T 164 Copper Ck Gold V 102 Copper Fox Mtl V 6062 Copper Mtn Mng T 20213 Copper North M V 3384 Copper One V 1755 Corazon Gold V 13 Cordoba Mnls V 11488 Corex Gold V 2090 Cornerstone Ca V 2570 Coro Mining T 799 Coronado Res V 200 Corsa Coal V 2998 Corvus Gold T 1290 Crazy Horse Rs V 1111 Critical Elem V 3499 Crown Gold V 817 Currie Rose Rs V 130 CVR Partners* N 2178 Cypress Dev V 90

41.66 39.49 39.54 - 0.93 48.00 30.70 0.10 0.09 0.10 + 0.01 0.20 0.05 0.03 0.03 0.03 - 0.02 0.12 0.03 0.01 0.01 0.01 0.00 0.11 0.01 0.84 0.76 0.78 0.00 1.06 0.59 0.08 0.07 0.07 - 0.01 0.19 0.07 0.11 0.09 0.09 - 0.04 0.19 0.06 0.27 0.23 0.23 - 0.02 0.40 0.16 12.94 12.28 12.36 - 0.60 19.97 11.60 17.16 16.36 16.44 - 0.64 22.46 15.50 0.10 0.10 0.10 0.00 0.26 0.05 0.26 0.24 0.25 + 0.01 0.32 0.18 0.03 0.03 0.03 - 0.01 0.11 0.03 0.16 0.14 0.14 - 0.02 0.39 0.14 0.03 0.01 0.02 + 0.01 0.05 0.01 0.09 0.09 0.09 0.00 0.18 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.07 0.07 - 0.02 0.25 0.06 0.05 0.05 0.05 - 0.01 0.18 0.04 0.07 0.06 0.06 - 0.01 0.10 0.03 0.05 0.04 0.04 0.00 0.07 0.03 0.22 0.19 0.20 - 0.02 0.32 0.17 0.05 0.04 0.05 0.00 0.13 0.04 0.06 0.05 0.05 - 0.01 0.23 0.05 0.03 0.02 0.02 - 0.01 0.24 0.02 0.07 0.05 0.05 - 0.01 0.10 0.03 0.05 0.04 0.04 - 0.01 0.09 0.04 0.05 0.04 0.04 0.00 0.06 0.03 0.12 0.11 0.12 + 0.02 0.35 0.06 0.02 0.02 0.02 0.00 0.12 0.02 0.02 0.02 0.02 + 0.01 0.04 0.01 0.59 0.48 0.48 - 0.10 2.20 0.43 0.20 0.20 0.20 0.00 0.55 0.10 0.03 0.03 0.03 0.00 0.07 0.02 0.09 0.09 0.09 0.00 0.22 0.04 0.52 0.44 0.44 - 0.09 0.64 0.16 0.03 0.02 0.03 0.00 0.08 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.02 0.14 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.19 0.17 0.19 + 0.03 0.46 0.11 0.05 0.03 0.03 - 0.02 0.09 0.03 0.07 0.07 0.07 + 0.01 0.14 0.03 1.26 1.19 1.19 - 0.08 1.40 0.80 7.51 6.94 7.24 + 0.09 8.67 4.35 10.61 10.26 10.38 - 0.33 13.73 10.15 14.07 13.67 13.77 - 0.34 16.89 12.52 51.35 51.10 51.10 - 0.80 57.25 42.50 38.95 38.05 38.30 - 0.87 46.73 37.22 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 - 0.01 0.08 0.01 0.22 0.22 0.22 - 0.03 0.44 0.17 0.11 0.11 0.11 - 0.01 0.15 0.08 0.08 0.08 0.08 0.00 0.17 0.05 0.20 0.15 0.17 - 0.03 0.23 0.07 2.10 1.81 1.81 - 0.36 2.59 1.39 0.03 0.03 0.03 0.00 0.05 0.02 0.04 0.04 0.04 + 0.01 0.08 0.02 2.02 1.79 1.98 + 0.11 2.74 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.12 0.01 0.74 0.70 0.70 - 0.04 0.82 0.22 3.47 2.99 3.01 + 0.18 11.69 2.28 0.15 0.15 0.15 0.00 0.25 0.06 3.83 3.06 3.19 - 0.41 13.95 2.42 0.04 0.03 0.04 + 0.01 0.08 0.03 0.06 0.04 0.04 - 0.01 0.12 0.03 2.68 2.48 2.56 - 0.13 7.45 2.48 0.06 0.06 0.06 - 0.01 0.15 0.04 0.07 0.06 0.06 - 0.01 0.16 0.06 0.12 0.10 0.12 - 0.01 0.30 0.05 0.45 0.40 0.41 - 0.03 0.55 0.31 0.02 0.02 0.02 0.00 0.04 0.02 0.10 0.09 0.10 + 0.01 0.22 0.07 83.16 81.16 81.33 - 2.35 95.68 77.13 0.07 0.04 0.06 - 0.01 0.40 0.04 0.58 0.44 0.46 - 0.10 1.19 0.35 0.03 0.03 0.03 + 0.01 0.07 0.02 0.04 0.03 0.03 0.00 0.09 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 0.00 0.09 0.02 8.46 7.07 7.12 - 1.32 42.26 6.38 0.10 0.08 0.08 - 0.02 0.18 0.07 1.68 1.29 1.58 + 0.18 3.28 1.29 0.30 0.29 0.30 + 0.02 0.71 0.25 0.08 0.06 0.06 0.00 0.08 0.03 0.16 0.14 0.15 - 0.02 0.37 0.10 0.59 0.45 0.46 - 0.09 2.34 0.38 0.04 0.04 0.04 0.00 0.09 0.04 0.05 0.04 0.04 - 0.02 0.40 0.04 0.18 0.18 0.18 0.00 0.38 0.11 0.13 0.11 0.11 - 0.02 0.25 0.08 0.06 0.05 0.06 - 0.01 0.09 0.03 0.03 0.03 0.03 0.00 0.11 0.02 0.02 0.02 0.02 0.00 0.08 0.02 0.16 0.16 0.16 0.00 0.77 0.14 0.05 0.04 0.04 0.00 0.24 0.04 0.55 0.47 0.48 - 0.05 1.23 0.37 0.02 0.01 0.02 - 0.01 0.03 0.01 0.23 0.22 0.23 - 0.01 0.30 0.16 0.07 0.04 0.04 - 0.01 0.08 0.03 0.01 0.01 0.01 - 0.01 0.02 0.01 8.90 8.26 8.44 - 0.44 16.12 8.26 0.03 0.03 0.03 0.00 0.35 0.02

Dajin Res V 20185 Dalradian Res T 9660 Dalton Res Ltd V 1115 Darnley Bay V 523 Decade Res V 19680 Defiance Silvr V 4827 Denison Mines T 10281 Denison Mines* X 2534 Desert Gold V 10 Desert Star V 96 Detour Gold T 55360 Diagnos V 6238 Diamcor Mng V 282 Diamond Fields V 150 Dios Expl V 345 Discovery Vent V 18538 Discovery-Corp V 980 DNI Metals V 1528 Dolly Vard Sil V 529

0.13 0.11 0.12 - 0.01 0.16 0.04 0.74 0.68 0.70 - 0.01 1.16 0.50 0.13 0.10 0.11 - 0.03 0.36 0.10 0.02 0.02 0.02 0.00 0.10 0.01 0.02 0.01 0.01 0.00 0.14 0.01 0.08 0.07 0.07 - 0.01 0.19 0.07 0.55 0.52 0.53 - 0.02 1.39 0.48 0.43 0.40 0.40 - 0.03 1.22 0.36 0.10 0.10 0.10 - 0.01 0.90 0.08 0.13 0.13 0.13 + 0.01 0.22 0.11 13.33 12.65 12.97 - 0.50 16.86 6.02 0.05 0.05 0.05 - 0.01 0.11 0.04 1.08 0.95 1.00 + 0.02 1.45 0.80 0.02 0.02 0.02 - 0.01 0.05 0.01 0.08 0.06 0.07 + 0.01 0.10 0.04 0.18 0.16 0.16 - 0.02 0.26 0.09 0.05 0.04 0.04 - 0.01 0.14 0.03 0.09 0.07 0.08 - 0.01 0.30 0.06 0.21 0.19 0.19 - 0.01 1.05 0.11

C

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Dominion Diam* N 5633 Dominion Diam T 13588 Doubleview Cap V 7167 Duncan Park H V 240 Dundee Prec Mt T 6659 Duran Vent V 51 Durango Res V 7450 Dynacor Gold M T 1307 Dynasty Gold V 1260 Dynasty Met&Mn T 1728 Eagle Plains V 385 East Asia Mnls V 511 Eastern Platin T 8369 Eastfield Res V 820 Eastmain Res T 1460 Eco Oro Mnls T 576 Ecuador G & C V 1080 Edgewater Expl V 1535 El Tigre Silvr V 25512 Eldorado Gold* N 55395 Eldorado Gold T 128574 Electra Gold V 3881 Eloro Minls V 304 Ely Gold & Mnl V 1724 Emerick Res V 103 Emgold Mng V 42 Encanto Potash V 3450 Endeavour Mng T 48471 Endeavr Silver T 3709 Endeavr Silve* N 4185 Endurance Gold V 1320 Energizer Res T 11036 Energold Drill V 1084 Energy Fuels T 2122 Entourage Mtls V 878 Entree Gold* X 1051 Entree Gold T 1411 Equitas Res V 26787 Equitorial Exp V 24062 Erdene Res Dev T 392 Erin Ventures V 35060 Eskay Mng V 2171 Eurasian Minls V 670 Eurasian Mnls* X 1476 Europn Uran Rs V 204 Eurotin V 125 Everton Res V 1860 Evrim Res V 240 Excalibur Res C 13 Excellon Res T 3557 Excelsior Mng V 1885 Exeter Res* X 555 Exeter Res T 1785 Explor Res V 4534 Faircourt Gold T 642 Fairmont Res V 350 Falco Res V 2716 Fancamp Expl V 12422 Feronia V 4804 Finlay Minrls V 1025 Firebird Res V 1250 First Bauxite V 2324 First Lithium V 1775 First Majesti* N 45910 First Majestic T 19070 First Mexican V 3790 First Point T 3420 First Quantum T 218654 Fission 3.0 V 4723 Fjordland Exp V 685 Flinders Res V 658 Focus Graphite V 5247 Focus Vnt V 2848 Foraco Intl T 272 Foran Mng V 3435 Formation Mtls T 827 Forsys Metals T 110 Fortuna Silver T 13485 Fortuna Silvr* N 10946 Fortune Bay T 1147 Fortune Mnrls T 5429 Forum Uranium V 3285 Franco-Nevada* N 55076 Franco-Nevada T 25414 Freegold Vent T 639 Freeport McMo* N 1854113 Freeport Res V 1160 Frontline Gold V 12698

10.65 8.93 9.06 - 1.56 20.30 8.93 14.15 11.88 12.01 - 1.97 24.60 11.88 0.15 0.11 0.14 + 0.01 0.20 0.07 0.01 0.01 0.01 0.00 0.03 0.01 1.70 1.59 1.59 - 0.05 3.76 1.59 0.02 0.02 0.02 - 0.01 0.04 0.01 0.05 0.03 0.04 + 0.01 0.07 0.03 1.67 1.55 1.57 - 0.07 2.59 1.30 0.02 0.02 0.02 + 0.01 0.03 0.01 0.28 0.25 0.25 - 0.03 1.00 0.23 0.06 0.05 0.06 + 0.01 0.08 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.75 0.64 0.64 - 0.06 2.26 0.64 0.02 0.02 0.02 0.00 0.05 0.02 0.36 0.34 0.35 - 0.01 0.62 0.17 0.62 0.54 0.62 + 0.02 0.95 0.14 0.02 0.02 0.02 + 0.01 0.08 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.06 0.04 0.04 - 0.02 0.27 0.04 3.40 3.13 3.20 - 0.13 7.99 2.45 4.51 4.16 4.23 - 0.15 9.68 3.26 0.06 0.05 0.05 + 0.01 0.14 0.04 0.15 0.13 0.13 0.00 0.20 0.04 0.07 0.06 0.06 - 0.01 0.08 0.03 0.13 0.13 0.13 - 0.01 0.30 0.13 0.01 0.01 0.01 + 0.01 0.03 0.01 0.07 0.06 0.06 - 0.01 0.16 0.04 0.65 0.58 0.62 - 0.02 0.76 0.38 2.04 1.84 1.96 0.00 3.83 1.64 1.53 1.38 1.47 - 0.01 3.20 1.25 0.03 0.02 0.02 0.00 0.08 0.02 0.06 0.05 0.06 0.00 0.20 0.03 0.62 0.48 0.48 - 0.13 1.32 0.48 3.90 3.27 3.27 - 0.38 9.00 3.27 0.08 0.06 0.06 - 0.02 0.22 0.03 0.28 0.25 0.26 - 0.00 0.51 0.08 0.38 0.33 0.34 + 0.02 0.66 0.18 0.12 0.10 0.11 + 0.01 0.22 0.03 0.10 0.07 0.08 - 0.02 0.25 0.07 0.15 0.13 0.13 0.00 0.17 0.09 0.11 0.07 0.09 + 0.01 0.11 0.04 0.10 0.07 0.08 - 0.02 0.20 0.01 0.75 0.62 0.64 - 0.02 0.97 0.53 0.56 0.48 0.48 - 0.06 0.89 0.40 0.01 0.01 0.01 0.00 0.03 0.01 0.04 0.04 0.04 - 0.01 0.10 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.15 0.12 0.12 + 0.01 0.24 0.10 0.01 0.01 0.01 0.00 0.05 0.01 0.31 0.21 0.30 0.00 1.15 0.21 0.25 0.23 0.25 + 0.01 0.39 0.19 0.35 0.30 0.31 - 0.04 0.79 0.30 0.47 0.40 0.42 - 0.05 0.90 0.40 0.07 0.06 0.07 0.00 0.09 0.04 2.55 2.47 2.52 - 0.03 4.38 2.42 0.04 0.04 0.04 - 0.01 0.24 0.04 0.30 0.27 0.28 - 0.01 0.69 0.23 0.03 0.02 0.02 0.00 0.05 0.02 0.20 0.15 0.15 + 0.04 0.60 0.07 0.03 0.03 0.03 0.00 0.03 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.09 0.04 0.37 0.33 0.34 - 0.01 0.37 0.18 3.06 2.77 2.82 - 0.30 7.15 2.66 4.06 3.69 3.74 - 0.37 8.55 3.54 0.07 0.05 0.05 - 0.01 0.07 0.02 0.09 0.07 0.09 + 0.02 0.09 0.04 7.01 4.88 5.26 - 1.87 20.05 4.52 0.07 0.06 0.06 - 0.01 0.14 0.06 0.02 0.01 0.01 - 0.01 0.04 0.01 0.24 0.20 0.21 - 0.02 0.55 0.12 0.11 0.09 0.09 - 0.02 0.53 0.09 0.12 0.12 0.12 - 0.01 0.27 0.12 0.23 0.21 0.23 + 0.01 0.77 0.15 0.11 0.08 0.09 - 0.01 0.48 0.08 0.11 0.10 0.10 + 0.01 0.22 0.09 0.16 0.15 0.15 - 0.05 0.36 0.12 3.37 3.08 3.25 + 0.03 6.30 2.65 2.54 2.32 2.45 + 0.01 5.25 2.00 0.29 0.28 0.28 0.00 0.43 0.26 0.03 0.03 0.03 0.00 0.20 0.02 0.05 0.05 0.05 - 0.02 0.14 0.05 48.34 45.96 47.07 - 1.39 58.84 38.20 64.38 61.13 62.49 - 1.32 74.10 49.96 0.12 0.10 0.12 + 0.03 0.24 0.07 11.25 8.60 8.77 - 2.71 29.72 7.76 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.01 0.01

Gabriel Res T 4251 Galane Gold V 450 Galantas Gold V 80 Galore Res V 330 Galway Gold V 4270 Galway Mtls V 188 GAMCO Glb Gld* X 24489 Garibaldi Res V 18159 General Moly* X 5068 Gensource Pot V 340 Gentor Res V 170 Geodex Mnrls V 34 Geodrill T 60104 Geologix Ex T 7642 Geomega Res V 7189 Georox Res V 235 Getty Copper V 90 Gitennes Expl V 1000 Glen Eagle Res V 6646 Globex Mng T 1088 GMV Minerals V 75 Gobimin V 20 GoGold Res T 483 Gold Bulln Dev V 6195 Gold Canyon V 21824 Gold Fields* N 173396 Gold Reach Res V 965 Gold Reserve V 834 Gold Resource* X 17693 Gold Std Vnt V 13363 Gold Std Vnt* X 13930 Goldcliff Res V 3500 Goldcorp T 160611 Goldcorp* N 487671 Golden Arrow R V 1818 Golden Band V 7110 Golden Dawn Ml V 25780 Golden Goliath V 2760 Golden Hope V 1213 Golden Mnls T 773 Golden Mnls* X 3088 Golden Peak Mn V 460 Golden Predatr V 71 Golden Queen T 1028 Golden Reign R V 244 Golden Share M V 285 Golden Star T 569 Golden Star* X 38469 Golden Tag V 7290 Golden Val Min V 2471 Goldex Res V 24 Goldeye Expl V 50 Goldfield* X 4642 Goldgroup Mng T 7563 GoldQuest Mng V 2369 Goldrea Res C 265

0.22 0.19 0.19 0.00 0.86 0.16 0.09 0.08 0.08 - 0.01 0.22 0.08 0.10 0.09 0.10 + 0.02 0.18 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.10 0.08 0.09 - 0.01 0.12 0.05 0.12 0.11 0.11 - 0.01 0.16 0.09 5.43 5.04 5.05 - 0.37 8.22 4.90 0.18 0.13 0.18 + 0.04 0.23 0.05 0.29 0.25 0.25 - 0.03 1.00 0.25 0.07 0.06 0.06 - 0.01 0.07 0.04 0.03 0.03 0.03 0.00 0.11 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.60 0.47 0.52 - 0.03 0.99 0.46 0.03 0.03 0.03 - 0.01 0.05 0.03 0.08 0.07 0.07 - 0.01 0.29 0.07 0.05 0.04 0.04 - 0.01 0.14 0.04 0.02 0.02 0.02 + 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 0.00 0.20 0.03 0.30 0.26 0.28 - 0.01 0.37 0.14 0.10 0.10 0.10 + 0.01 0.26 0.05 0.41 0.41 0.41 0.00 0.51 0.35 1.24 1.19 1.21 - 0.03 1.67 1.18 0.04 0.03 0.04 + 0.01 0.06 0.02 0.37 0.33 0.34 - 0.02 0.42 0.09 2.52 2.27 2.36 - 0.13 6.01 2.27 0.14 0.12 0.12 - 0.02 0.50 0.12 3.80 3.45 3.80 + 0.05 5.39 2.48 2.37 2.16 2.16 - 0.27 4.14 1.99 0.89 0.52 0.76 + 0.17 0.89 0.40 0.63 0.40 0.58 + 0.14 0.63 0.26 0.01 0.01 0.01 0.00 0.02 0.01 16.08 15.19 15.70 - 0.32 30.95 15.19 12.10 11.43 11.83 - 0.33 25.00 11.43 0.24 0.18 0.22 0.00 0.50 0.18 0.01 0.01 0.01 0.00 0.01 0.01 0.16 0.11 0.12 - 0.03 0.30 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.34 0.25 0.34 + 0.11 0.64 0.08 0.30 0.27 0.29 - 0.02 0.91 0.26 0.23 0.20 0.21 - 0.01 0.70 0.19 0.07 0.06 0.06 - 0.01 0.12 0.04 0.12 0.12 0.12 0.00 0.15 0.07 0.85 0.72 0.74 - 0.06 1.68 0.65 0.10 0.09 0.09 + 0.01 0.13 0.05 0.08 0.07 0.07 0.00 0.08 0.03 0.29 0.27 0.28 - 0.02 0.51 0.20 0.22 0.20 0.21 - 0.01 0.42 0.16 0.03 0.02 0.03 + 0.01 0.08 0.02 0.12 0.11 0.12 + 0.01 0.21 0.08 0.02 0.02 0.02 - 0.01 0.08 0.02 0.04 0.04 0.04 0.00 0.06 0.03 1.93 1.76 1.81 - 0.05 2.85 1.20 0.06 0.05 0.05 - 0.02 0.24 0.05 0.14 0.12 0.13 - 0.02 0.20 0.07 0.05 0.04 0.04 - 0.01 0.10 0.02

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 1170 Goldrock Mines Goldrush Res V 4150 V 1588 Goldsource Min V 8352 Goldstrike Res Gonzaga Res V 1130 Gowest Gold V 2585 T 2953 Gran Colombia Granite Ck Gld V 1390 Graphite One R V 16724 Great Atlantic V 2260 X 7774 Great Panther* Great Panther T 2971 293 Great Quest Me V Green Swan Cap V 2100 230 Green Valley M V V 760 Greencastle Rs Gresham Res V 9715 Grizzly Discvr V 1270 GTA Res & Mng V 1160 Gunpoint Expl V 23 T 9660 Guyana Gldflds Guyana Prec Mt V 3983 GWR Res V 2547 Handa Copper V 552 230 Happy Ck Minls V 59335 N Harmony Gold* Harte Gold T 13814 V 468 Heatherdale Rs 322242 Hecla Mining* N Helio Res V 1660 Hi-Crush Part* N 4376 Highbank Res V 4207 Highbury Proj V 10 Highland Res V 310 20 Highway 50 Gld V Hinterland Mtl V 195 V 188 Homestake Res Honey Badger E V 26000 Horizns G Bear T 53652 Horizns G Bull T 88914 192 Hornby Bay Mnl V Houston Lake V 340 HudBay Minls T 76295 HudBay Mnls* N 1408 Hudson Res V 450 Hunt Mng V 580

0.15 0.24 - 0.04 0.40 0.29 0.24 0.01 0.02 - 0.01 0.03 0.02 0.02 0.13 0.01 0.26 + 0.19 0.19 0.17 0.05 0.08 + 0.01 0.21 0.09 0.07 0.02 0.02 - 0.01 0.15 0.03 0.02 0.05 0.07 0.00 0.10 0.07 0.07 0.12 0.16 - 0.06 0.67 0.19 0.12 0.01 0.01 0.01 + 0.01 0.04 0.01 0.10 0.09 0.09 - 0.01 0.14 0.07 0.04 0.05 - 0.01 0.30 0.05 0.04 0.30 0.47 0.00 0.91 0.49 0.43 0.40 0.63 + 0.01 1.05 0.64 0.58 0.20 0.18 0.20 + 0.02 1.07 0.15 0.03 0.03 0.03 - 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.06 0.00 0.09 0.06 0.06 0.46 0.59 - 0.02 0.95 0.63 0.59 0.02 0.07 - 0.02 0.10 0.08 0.07 0.05 0.04 0.04 - 0.01 0.10 0.04 0.14 0.17 0.00 0.20 0.17 0.17 2.15 2.93 - 0.12 4.48 3.12 2.87 0.15 0.13 0.13 - 0.03 0.33 0.08 0.01 0.06 - 0.02 0.08 0.07 0.05 0.05 0.06 - 0.01 0.12 0.06 0.05 0.13 0.11 0.11 - 0.01 0.17 0.08 0.57 0.61 - 0.07 3.18 0.70 0.58 0.04 0.08 - 0.01 0.10 0.10 0.08 0.01 0.02 0.00 0.05 0.02 0.02 1.77 1.87 - 0.24 3.54 2.05 1.85 0.02 0.02 0.00 0.07 0.02 0.02 8.82 6.12 6.12 - 2.84 50.00 5.09 0.06 0.07 - 0.01 0.28 0.07 0.06 0.10 0.15 + 0.05 0.40 0.15 0.15 0.10 0.17 + 0.03 0.45 0.17 0.14 0.11 0.11 0.11 - 0.05 0.42 0.09 0.01 0.02 + 0.01 0.03 0.02 0.01 0.01 0.02 0.00 0.05 0.02 0.02 0.01 0.01 0.01 0.00 0.05 0.01 14.90 13.55 14.24 + 0.52 24.65 8.50 3.19 2.92 3.03 - 0.16 8.86 2.75 0.03 0.03 0.03 0.00 0.10 0.03 0.09 0.14 + 0.01 0.20 0.14 0.14 7.08 5.19 5.37 - 1.09 12.61 4.82 5.32 3.92 4.04 - 0.85 10.37 3.62 0.22 0.43 + 0.04 0.55 0.43 0.39 0.02 0.02 + 0.01 0.40 0.02 0.02

I-Minerals V 1985 39934 Iamgold* N T 43739 Iamgold IBC Adv Alloys V 18372 IC Potash T 2346 Iconic Mnls V 1875 IEMR Res V 1975 IMPACT Silver V 2169 629 Imperial Metal T Inca One Res V 5036 V 6852 Independence G Indico Res V 1190 Inspiration Mg T 760 Integra Gold V 52190 V 500 Inter-Rock Mnl Intigold Mines V 100 782 Intl Bethl Mng V Intl Lithium V 1477 Intl Montoro R V 3824 Intl Northair V 794 833 Intl Tower Hi* X 676 T Intl Tower Hil Intl Vestr Res V 1150 Intrepid Pots* N 16080 INV Metals T 4500 180 ISh COMEX G Tr T Ivanhoe Mines T 24549 T 4257 Ivernia J.A.G. Mines V 1230 Jaguar Mng V 301 Jaxon Mnls V 15 V 433 Jet Gold Jiulian Res V 20 Kaminak Gold V 5713 Karmin Expl V 90 Karnalyte Res T 503 Katanga Mng T 1512 Kazax Mnls V 175 Kennady Diam V 634 Kermode Res V 2110 Kesselrun Res V 97 Kestrel Gold V 880 Khalkos Expl V 596 16753 Khan Res C V 9219 Kilo Goldmines V 220 Kincora Copper 770 Kings Bay Gold V 113964 Kinross Gold T 452549 Kinross Gold* N Kirkland Lk Gd T 12304 Kiska Metals V 3360 Kivalliq Enrgy V 1090 Klondex Mns T 8340 Klondike Gold V 679 Klondike Silv V 1077 Knick Expl V 3580 Kobex Mnls V 3160 V 11018 Kombat Copper V 3571 Kootenay Gold

0.14 0.26 0.00 0.31 0.27 0.24 1.16 1.45 - 0.10 3.39 1.53 1.41 1.50 1.92 - 0.12 4.09 2.02 1.86 0.09 0.09 0.09 0.00 0.15 0.09 0.09 0.09 - 0.01 0.31 0.10 0.09 0.03 0.04 + 0.01 0.10 0.04 0.03 0.01 0.01 0.00 0.01 0.01 0.01 0.14 0.16 - 0.01 0.35 0.17 0.15 8.10 6.69 6.87 - 1.19 13.69 6.01 0.13 0.12 0.12 - 0.01 0.29 0.09 0.07 0.07 0.00 0.11 0.07 0.07 0.02 0.06 - 0.01 0.16 0.08 0.06 0.04 0.04 - 0.01 0.33 0.05 0.04 0.14 0.33 + 0.01 0.37 0.36 0.31 0.01 0.03 + 0.01 0.04 0.04 0.03 0.03 0.09 0.00 0.32 0.09 0.09 0.03 0.01 0.03 - 0.01 0.10 0.01 0.02 0.07 - 0.01 0.09 0.07 0.06 0.04 0.04 0.04 + 0.01 0.10 0.04 0.04 0.05 0.00 0.10 0.05 0.04 0.29 0.24 0.25 - 0.04 0.62 0.20 0.37 0.32 0.33 - 0.06 0.75 0.26 0.02 0.01 0.01 0.00 0.14 0.01 4.03 3.47 3.66 - 0.16 15.56 3.47 0.08 0.11 - 0.02 0.29 0.11 0.11 14.05 13.84 13.85 - 0.20 15.78 12.61 0.62 0.68 + 0.02 1.36 0.69 0.64 0.01 0.01 0.00 0.10 0.01 0.01 0.02 0.02 0.00 0.06 0.02 0.02 0.12 0.17 + 0.01 0.75 0.20 0.15 0.01 0.05 - 0.01 0.06 0.05 0.05 0.03 0.04 - 0.01 0.13 0.04 0.04 0.02 0.03 0.00 0.05 0.03 0.03 0.53 0.76 - 0.04 1.15 0.78 0.74 0.17 0.17 - 0.03 0.50 0.21 0.17 0.52 0.73 - 0.06 1.33 0.81 0.73 0.14 0.15 - 0.02 0.43 0.16 0.14 0.02 0.02 - 0.01 0.06 0.02 0.02 2.55 2.66 - 0.09 6.11 2.80 2.55 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.02 0.00 0.06 0.02 0.02 0.02 0.03 0.00 0.07 0.03 0.03 0.05 0.09 + 0.01 0.12 0.09 0.08 0.33 0.45 - 0.01 0.80 0.46 0.41 0.04 0.07 0.00 0.14 0.10 0.06 0.02 0.02 0.00 0.04 0.02 0.02 0.01 0.01 0.01 - 0.01 0.01 0.01 1.79 2.36 - 0.11 4.48 2.45 2.26 1.35 1.79 - 0.09 3.71 1.84 1.71 5.43 4.83 5.36 + 0.06 6.88 2.79 0.02 0.02 0.00 0.07 0.03 0.02 0.06 0.08 0.00 0.22 0.09 0.08 1.68 3.04 - 0.05 3.87 3.06 2.88 0.08 0.11 - 0.02 0.28 0.12 0.11 0.02 0.02 0.00 0.05 0.02 0.02 0.01 0.02 - 0.01 0.02 0.02 0.02 0.46 0.55 + 0.01 0.65 0.55 0.51 0.03 0.03 - 0.01 0.11 0.04 0.03 0.20 0.25 - 0.01 0.56 0.30 0.24

166 La Quinta Res V Labdr I-Ore Ro T 17749 Lago Dourado M V 1281 Lake Shore Gd* X 9473 Lake Shore Gld T 94087 Lara Expl V 924 Laramide Res T 11688 Largo Res V 33354 Latin Am Mnls V 1150 Laurion Mnl Ex V 5420 Legend Gold V 430 Lexam VG Gold T 1312 573 Lion One Mtls V Lomiko Mtls V 4212 Loncor Res T 1376 V 269 Lorraine Coppr 320 Los Andes Copp V Lowell Copper V 385 Lucara Diam T 9530 Luna Gold T 2935 116051 Lundin Mng T Lydian Intl T 1558

0.01 0.01 0.01 - 0.01 0.02 0.01 16.92 14.84 15.14 + 0.79 19.87 10.81 0.08 0.07 0.07 - 0.02 0.15 0.05 0.82 0.77 0.81 - 0.01 1.14 0.60 1.10 1.02 1.07 + 0.01 1.38 0.70 0.20 0.24 0.00 0.49 0.24 0.23 0.15 0.16 + 0.01 0.51 0.17 0.15 0.22 0.24 - 0.04 2.28 0.28 0.22 0.01 0.01 0.01 0.00 0.13 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.03 0.03 - 0.01 0.14 0.04 0.03 0.08 0.08 0.08 0.00 0.11 0.06 0.37 0.33 0.36 - 0.01 0.60 0.17 0.03 0.03 0.00 0.09 0.03 0.03 0.02 0.03 + 0.01 0.13 0.03 0.03 0.03 0.05 0.00 0.08 0.05 0.05 0.14 0.10 0.14 0.00 0.23 0.05 0.21 0.25 0.00 0.50 0.25 0.25 1.42 1.84 + 0.14 2.41 1.90 1.65 0.05 0.05 0.00 0.45 0.05 0.05 3.68 3.71 - 0.36 6.46 4.12 3.68 0.26 0.29 + 0.01 0.70 0.29 0.27

V 1060 MacDonald Mns V 194 MacMillan Mnls T 4207 Mag Silver Mag Silver* X 306 V 80 Magellan Minls Majescor Res V 457 Majestic Gold V 97189 Major Drilling T 4843 Makena Res V 3920 Malbex Res V 1500 Mandalay Res T 5850 Manitou Gold V 100

0.01 0.01 0.00 0.02 0.01 0.01 0.05 0.21 + 0.04 0.24 0.21 0.19 9.47 8.83 9.20 + 0.14 11.00 6.66 5.60 6.90 + 0.03 9.17 7.10 6.66 0.04 0.07 0.00 0.11 0.07 0.07 0.03 0.05 0.00 0.06 0.05 0.04 0.03 0.08 + 0.01 0.10 0.10 0.07 3.75 4.40 - 0.09 7.49 4.95 4.25 0.02 0.03 0.00 0.06 0.03 0.02 0.01 0.03 0.00 0.06 0.03 0.03 0.69 0.75 - 0.02 1.04 0.79 0.75 0.01 0.02 0.00 0.04 0.02 0.02

I-J-K

L

M

15-11-17 6:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 23–29, 2015

11

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

Week

12-month

Exc Volume High Low Last Change High Low

Manson Creek V 1820 Maracote Intl V 1250 Marathon Gold T 1930 Marengo Mng T 510 Marifil Mines V 1365 Maritime Res V 230 Marlin Gold V 15 Mason Graphite V 6066 Masuparia Gold V 105 Matamec Expl V 3984 Mawson Res T 255 Mawson West T 13267 Max Res V 59 Maya Gold & Si V 1807 MBAC Fertilizr T 5683 McChip Res V 150 McEwen Mng* N 11972 McEwen Mng T 4158 MDN Inc T 1163 MDU Res* N 45062 Meadow Bay Gd T 3100 Mechel* N 1568 Medallion Res V 13426 Mega Copper V 24 Mega Uranium T 10994 Megastar Dev V 130 Melior Res V 427 Melkior Res V 3000 Menika Mining V 11 Merrex Gold V 3545 Mesabi Trust* N 2687 Metalcorp V 1000 Metalex Vent V 988 Metals Ck Res V 2292 Metanor Res V 21128 Micrex Devel V 70 Midas Gold T 4094 Midland Expl V 410 Midnight Sun M V 100 Migao T 1001 Millrock Res V 1323 Minas Buenavn* N 115025 Minaurum Gold V 367 Minco Gold* X 3646 Minco Gold T 557 Minco Silver T 5394 Mindoro Res V 350 Mineral Mtn Rs V 2069 Mines Managem* X 269 Mines Managmnt T 5 Minfocus Expl V 1600 Minsud Res V 110 Miranda Gold V 14978 Mirasol Res V 130 Mkango Res V 39600 Monarques Res V 616 Moneta Porcpn T 6454 Monster Mng V 280 Montero Mg&Ex V 2165 Monument Mng V 8149 Mosaic* N 201715 Mountain Boy M V 830 Mountain Prov T 2346 MPH Vent V 589 MPVC V 1110 Mundoro Cap V 3465 Mustang Minls V 10561

0.02 0.01 0.01 - 0.01 0.03 0.01 0.02 0.02 0.02 0.00 0.25 0.02 0.19 0.17 0.17 - 0.02 0.39 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.16 0.12 0.12 - 0.04 0.24 0.10 0.24 0.22 0.23 - 0.04 1.09 0.22 0.45 0.39 0.40 + 0.01 0.73 0.36 0.04 0.04 0.04 0.00 0.10 0.04 0.04 0.03 0.03 0.00 0.07 0.02 0.18 0.17 0.18 - 0.04 0.30 0.15 0.03 0.02 0.02 0.00 0.13 0.01 0.09 0.08 0.08 + 0.01 0.20 0.04 0.16 0.13 0.14 - 0.03 0.31 0.11 0.04 0.03 0.04 + 0.01 0.17 0.01 0.80 0.70 0.70 - 0.10 1.26 0.70 0.87 0.79 0.85 + 0.01 1.70 0.65 1.15 1.05 1.13 + 0.03 1.91 0.84 0.03 0.02 0.03 + 0.01 0.08 0.02 19.20 18.09 18.26 - 1.13 26.57 16.15 0.14 0.12 0.12 - 0.01 0.31 0.10 0.94 0.86 0.86 - 0.08 1.88 0.42 0.05 0.03 0.04 0.00 0.07 0.01 0.05 0.03 0.03 - 0.02 0.05 0.02 0.07 0.07 0.07 0.00 0.25 0.07 0.03 0.03 0.03 - 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.12 0.02 0.01 0.01 0.01 - 0.01 0.06 0.01 0.11 0.11 0.11 - 0.04 0.15 0.05 0.16 0.13 0.13 - 0.03 0.23 0.05 9.16 7.52 7.73 - 1.07 19.80 7.52 0.01 0.01 0.01 - 0.01 0.01 0.01 0.07 0.05 0.07 0.00 0.12 0.03 0.07 0.07 0.07 - 0.01 0.28 0.05 0.04 0.04 0.04 0.00 0.10 0.04 0.02 0.02 0.02 + 0.01 0.05 0.01 0.30 0.28 0.28 0.00 0.60 0.27 0.63 0.54 0.63 + 0.04 0.80 0.47 0.14 0.13 0.14 + 0.03 0.19 0.08 0.64 0.58 0.63 0.00 1.41 0.50 0.25 0.19 0.25 + 0.01 0.55 0.19 5.85 4.90 4.91 - 1.02 12.51 4.90 0.05 0.05 0.05 - 0.01 0.10 0.04 0.17 0.11 0.14 - 0.02 0.35 0.11 0.21 0.17 0.19 - 0.04 0.39 0.17 0.39 0.38 0.38 - 0.01 0.83 0.32 0.01 0.01 0.01 + 0.01 0.05 0.01 0.03 0.02 0.03 - 0.01 0.06 0.02 0.30 0.27 0.29 + 0.02 0.74 0.26 0.35 0.35 0.35 - 0.01 0.85 0.34 0.01 0.01 0.01 0.00 0.04 0.01 0.09 0.09 0.09 0.00 0.09 0.04 0.08 0.07 0.07 - 0.01 0.14 0.07 0.77 0.74 0.74 0.00 1.16 0.74 0.04 0.03 0.03 0.00 0.19 0.01 0.09 0.07 0.08 0.00 0.14 0.07 0.12 0.11 0.11 0.00 0.15 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.03 0.00 0.06 0.01 0.10 0.10 0.10 - 0.01 0.16 0.08 32.91 31.07 31.66 - 1.01 53.83 29.61 0.01 0.01 0.01 0.00 0.02 0.01 3.80 3.63 3.75 - 0.03 5.50 3.38 0.10 0.08 0.08 + 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.09 0.08 0.08 + 0.01 0.20 0.06 0.01 0.01 0.01 0.00 0.02 0.01

N-O Namibia Rare E T 30 Natural Rs Pt* N 3858 Nautilus Minls T 1114 Nemaska Lith V 42438 Network Expl V 200 Nevada Clean M V 390 Nevada Copper T 1178 Nevada Expl V 2399 Nevada Sunrise V 1723 Nevado Res V 1105 Nevsun Res T 13236 Nevsun Res* X 7159 New Carolin Gd V 780 New Destiny Mg V 4610 New Dimen Res V 160 New Gold T 64918 New Gold* X 193676 New Millennium V 7673 New Milln Iron T 6903 New Nadina V 1139 New Pac Metals T 230 New World Res V 2951 Newmac Res V 723 Newmont Mng* N 346788 Newport Expl V 4062 NGEx Res T 534 Nighthawk Gold V 1000 Nikos Expl V 20 Niogold Mng V 954 Nippon Dragon V 5007 Noble Metal Gr V 445 Noble Mnl Expl V 450 Noka Res V 8051 Nomad Ventures V 25383 Noram Vent V 3120 Noront Res V 9743 North Am En P* N 433 North Am En Pa T 330 North Am Nickl V 4565 North Am Pall T 202 North Am Tung V 5153 North Arrow Mn V 1929 Northcliff Res T 1700 Northern Abiti V 724 Northern Dyn* X 7219 Northern Dyn M T 4464 Northern Freeg V 60 Northern Gld M V 5470 Northern Graph V 3376 Northern Iron V 1920 Northern Lion V 225 Northern Shiel V 5400 Northern Sun M V 15 Northern Sup R V 30 Northern Vertx V 60 NovaCopper T 83 NovaCopper* X 2507 NovaGold Res T 8982 NovaGold Res* X 64323 NQ Expl V 3120 NSGold V 190 Nubian Res V 30 NuLegacy Gold V 1140 Nunavik Nickel V 16 NV Gold V 6290 Oban Mng T 3401 OceanaGold T 65553 Oceanic Iron O V 1012 Oceanus Res V 20 Odin Mng & Exp V 3280 Olivut Res V 143 Olympic Res V 160 Omineca Mg&Mtl V 12 Opawica Expl V 130 Opta Minls T 1453 Oracle Mng V 150 Orbit Garant D T 175 Orbite Alumnae T 204133

0.05 0.05 0.05 0.00 0.22 0.04 1.91 1.55 1.62 - 0.29 13.79 1.55 0.34 0.29 0.31 - 0.03 0.56 0.24 0.39 0.31 0.39 + 0.09 0.39 0.12 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.06 0.03 0.91 0.81 0.81 - 0.06 2.03 0.75 0.49 0.37 0.41 - 0.08 0.94 0.05 0.27 0.23 0.23 - 0.05 0.53 0.13 0.02 0.02 0.02 0.00 0.06 0.01 3.80 3.57 3.63 - 0.17 5.35 3.41 2.86 2.65 2.72 - 0.16 4.51 2.57 0.06 0.05 0.05 - 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.06 0.06 0.06 0.00 0.09 0.04 3.19 2.91 2.91 - 0.22 6.04 2.52 2.42 2.19 2.19 - 0.20 5.12 1.90 0.10 0.08 0.09 + 0.01 0.36 0.08 0.07 0.06 0.06 - 0.01 0.30 0.06 0.01 0.01 0.01 0.00 0.03 0.01 0.20 0.20 0.20 0.00 0.23 0.14 0.03 0.02 0.02 + 0.01 0.12 0.01 0.10 0.07 0.08 - 0.04 0.29 0.07 17.94 16.81 17.33 - 0.17 27.90 15.39 0.25 0.22 0.24 + 0.01 0.49 0.20 0.50 0.49 0.49 - 0.01 1.40 0.44 0.07 0.07 0.07 - 0.01 0.40 0.05 0.02 0.02 0.02 - 0.01 0.15 0.02 0.31 0.28 0.28 - 0.03 0.43 0.22 0.12 0.09 0.10 - 0.03 0.15 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.04 0.04 - 0.01 0.35 0.03 0.02 0.01 0.01 0.00 0.07 0.01 0.02 0.02 0.02 0.00 0.02 0.01 0.50 0.40 0.49 + 0.05 0.67 0.25 2.15 2.03 2.10 0.00 5.45 1.60 2.90 2.68 2.80 0.00 6.24 2.10 0.13 0.10 0.12 - 0.02 0.28 0.10 4.10 3.85 4.00 0.00 188.00 3.85 0.01 0.01 0.01 0.00 0.06 0.01 0.24 0.20 0.20 - 0.06 1.34 0.20 0.14 0.10 0.10 - 0.04 0.24 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.40 0.33 0.33 - 0.04 0.72 0.28 0.53 0.43 0.45 - 0.06 0.83 0.37 0.05 0.05 0.05 - 0.01 0.18 0.04 0.02 0.01 0.01 - 0.01 0.03 0.01 0.23 0.18 0.19 - 0.04 0.89 0.18 0.01 0.01 0.01 0.00 0.05 0.01 0.07 0.07 0.07 - 0.02 0.16 0.03 0.02 0.02 0.02 + 0.01 0.04 0.01 0.12 0.09 0.09 - 0.09 0.30 0.03 0.03 0.03 0.03 0.00 0.04 0.02 0.22 0.22 0.22 - 0.01 0.26 0.09 0.53 0.50 0.53 + 0.03 0.93 0.41 0.41 0.37 0.40 + 0.02 0.74 0.35 4.66 4.05 4.60 + 0.06 5.23 2.75 3.52 3.05 3.47 + 0.02 4.25 2.40 0.01 0.01 0.01 - 0.01 0.02 0.01 0.05 0.05 0.05 + 0.01 0.65 0.03 0.01 0.01 0.01 + 0.01 0.03 0.01 0.10 0.09 0.10 - 0.01 0.17 0.06 0.04 0.04 0.04 0.00 0.18 0.04 0.02 0.02 0.02 - 0.01 0.17 0.01 1.14 1.09 1.09 - 0.04 3.40 1.09 2.51 2.31 2.47 + 0.04 3.15 1.70 0.16 0.08 0.16 + 0.08 0.30 0.08 0.22 0.22 0.22 - 0.01 0.41 0.14 0.30 0.27 0.30 0.00 0.58 0.21 0.13 0.10 0.10 - 0.03 0.18 0.08 0.15 0.15 0.15 0.00 0.32 0.03 0.04 0.04 0.04 - 0.02 0.11 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.36 0.28 0.30 0.00 2.35 0.25 0.01 0.01 0.01 + 0.01 0.07 0.01 0.75 0.63 0.66 - 0.12 1.50 0.63 0.53 0.39 0.50 + 0.10 0.53 0.20

TNM Nov 23 2015 Pg 10 11 12.indd 11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orca Gold V 479 Orefinders Res V 3900 Orestone Mng V 1800 Orex Expl V 1525 Orex Minls V 92 Orezone Gold T 3032 Oroco Res V 450 Orocobre T 5662 Orosur Mng T 45 Orvana Mnrls T 4279 Otis Gold V 1576

0.18 0.16 0.16 - 0.01 0.45 0.16 0.02 0.02 0.02 + 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.00 0.02 0.01 0.14 0.11 0.14 + 0.02 0.34 0.11 0.26 0.24 0.25 0.00 0.61 0.22 0.03 0.03 0.03 - 0.01 0.06 0.02 1.71 1.65 1.69 - 0.03 2.88 1.38 0.14 0.13 0.13 - 0.02 0.24 0.10 0.18 0.14 0.14 - 0.04 0.49 0.14 0.11 0.07 0.08 0.00 0.14 0.02

Pac Bay Mnrls V 307 Pac Booker Min V 63 Pac Booker Mn* X 14 Pac Iron Ore V 250 Pac North West V 323 Pac Ridge Expl V 560 Paladin Energy T 12918 Palmer Res V 825 Pan Am Silver T 11349 Pan Am Silver* Q 100106 Pan Global Res V 515 Pancontl Uran V 170 Panoro Minls V 25504

0.08 0.07 0.07 - 0.01 0.10 0.02 2.38 1.90 1.90 - 0.44 6.90 1.02 1.75 1.45 1.45 - 0.25 5.75 1.04 0.34 0.34 0.34 0.00 0.39 0.10 0.02 0.01 0.02 0.00 0.05 0.01 0.03 0.02 0.02 0.00 0.04 0.02 0.26 0.24 0.25 - 0.02 0.43 0.15 0.01 0.01 0.01 0.00 0.06 0.01 9.36 8.67 8.93 - 0.44 15.06 7.77 7.06 6.54 6.74 - 0.37 12.05 5.85 0.01 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.14 0.10 0.14 + 0.01 0.30 0.09

P-Q

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rock Tech Lith V 151 RockBridge Res V 80 Rockhaven Res V 2180 Rockwell Diam T 263 Rodinia Lithm V 2388 Rogue Iron Ore V 11392 Rokmaster Res V 100 Rome Res V 675 Romios Gold Rs V 1980 Roxgold V 2822 Royal Cdn Mint T 627 Royal Gold T 567 Royal Gold* Q 97608 Royal Nickel T 6305 RPT Uranium V 1666 RT Minerals V 2430 Rubicon Mnls* X 159956 Rubicon Mnrls T 123133 Rusoro Mng V 3970 Russell Metals T 8919 Rye Patch Gold V 2755

0.05 0.05 0.05 + 0.01 0.10 0.03 0.02 0.02 0.02 + 0.01 0.09 0.02 0.15 0.13 0.14 + 0.01 0.27 0.13 0.20 0.18 0.20 0.00 0.37 0.18 0.02 0.01 0.02 0.00 0.05 0.01 0.10 0.08 0.09 - 0.02 0.16 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.11 0.02 0.05 0.03 0.03 0.00 0.06 0.02 0.66 0.62 0.63 - 0.01 0.77 0.48 15.52 15.27 15.36 - 0.10 17.41 13.87 52.00 47.17 47.93 - 5.08 95.64 47.17 39.32 35.50 36.15 - 4.11 77.20 35.50 0.22 0.18 0.19 - 0.03 0.59 0.18 0.32 0.30 0.30 + 0.03 0.41 0.22 0.01 0.01 0.01 0.00 0.03 0.01 0.18 0.13 0.16 + 0.01 1.35 0.13 0.24 0.17 0.22 + 0.02 1.63 0.17 0.05 0.04 0.04 - 0.01 0.07 0.01 19.48 18.68 18.84 - 0.28 34.14 18.23 0.15 0.12 0.13 - 0.02 0.20 0.11

S Sabina Gd&Slvr T 19622 0.59 0.54 0.59 + 0.04 0.64 0.28 Sable Res V 346 0.01 0.01 0.01 0.00 0.07 0.01 Sage Gold V 2148 0.06 0.05 0.05 0.00 0.17 0.04

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www.northernminer.com PC Gold V 67468 Peabody Enrgy* N 39827 Pelangio Expl V 460 Pele Mtn Res V 5601 Peregrine Diam T 6101 Perseus Mng T 15218 Pershimco Res V 5462 Peruvian Prc M V 17340 Phoenix Gold V 1990 Pilot Gold T 4129 Pinecrest Res V 275 Pinetree Cap T 26996 PJX Res V 427 Planet Mng V 20 Plata Latina M V 2480 Plate Res V 500 Platinum Gp M* X 3797 Platinum Gp Mt T 3943 Playfair Mng V 225 Polaris Minls T 4082 PolyMet Mng* X 29623 PolyMet Mng T 1303 Potash C Sask* N 396990 Potash Cp Sask T 101354 Precipitate Gl V 310 Premier Gold M T 12401 Pretium Res* N 28474 Pretium Res T 10332 Primero Mng T 24677 Primero Mng* N 9187 Probe Mines V 2051 Prophecy Coal T 8441 Prospero Silve V 10 Puma Expl V 30248 Purepoint U V 1475 QMX Gold V 351 Quartz Mtn Res V 300 Quaterra Res V 785 Quest Rare Mnl T 3099

0.10 0.08 0.09 - 0.01 0.10 0.02 15.65 13.04 13.51 - 1.98 179.40 11.75 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.03 0.00 0.09 0.03 0.18 0.17 0.17 - 0.01 0.39 0.14 0.34 0.30 0.33 0.00 0.48 0.18 0.15 0.13 0.14 - 0.01 0.26 0.13 0.08 0.07 0.07 0.00 0.18 0.06 0.01 0.01 0.01 0.00 0.05 0.01 0.38 0.33 0.34 - 0.04 1.27 0.33 0.08 0.08 0.08 + 0.01 0.50 0.06 0.07 0.06 0.06 - 0.01 0.21 0.06 0.21 0.17 0.19 - 0.01 0.29 0.10 0.03 0.03 0.03 - 0.01 0.06 0.03 0.02 0.02 0.02 + 0.01 0.12 0.01 0.03 0.03 0.03 + 0.01 0.07 0.02 0.25 0.22 0.23 - 0.02 0.94 0.22 0.33 0.29 0.30 - 0.03 1.10 0.29 0.04 0.03 0.03 - 0.01 0.08 0.01 1.97 1.70 1.77 + 0.02 2.83 1.65 1.17 0.92 0.97 - 0.02 1.37 0.55 1.53 1.25 1.26 - 0.04 1.75 0.76 20.94 19.65 20.27 - 0.62 37.60 19.47 27.81 26.21 26.94 - 0.53 47.10 25.80 0.08 0.07 0.07 - 0.01 0.21 0.07 2.35 2.16 2.27 - 0.01 2.92 1.61 5.55 5.12 5.37 - 0.14 7.56 4.19 7.40 6.82 7.15 - 0.11 9.05 4.69 2.94 2.56 2.83 + 0.17 6.06 2.56 2.22 1.93 2.13 + 0.12 5.02 1.93 0.38 0.36 0.37 0.00 0.56 0.12 0.04 0.03 0.04 0.00 0.08 0.03 0.08 0.08 0.08 0.00 0.25 0.05 0.05 0.04 0.05 + 0.01 0.18 0.04 0.03 0.02 0.02 - 0.01 0.07 0.02 0.03 0.02 0.02 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.08 0.07 0.07 - 0.01 0.15 0.04 0.09 0.08 0.08 - 0.01 0.29 0.07

R Rackla Mtls V 410 Radisson Mng V 45 Radius Gold V 2640 Rainy Mtn Royl V 416 Rambler Mg&Mtl V 601 Randgold Res* Q 59309 Randsburg Intl V 240 Range Engy Res C 45500 Rapier Gold V 724 Rare Elemnt Rs T 1548 Rare Elemt Re* X 5970 Rathdowney Res V 450 Red Eagle Mng V 1019 Red Moon Potsh V 86 Red Pine Expl V 2330 Red Rock Enrgy V 20 Red Tiger Mng V 250 Redhawk Res T 2281 Redhill Res V 36 Redstar Gold V 425 Redstar Res V 2510 Regulus Res V 149 Renaissance Gd T 199 Reservoir Capt V 290 Reservoir Mnls V 1064 Reunion Gold V 3405 Rhino Res* N 245 Richmond Mnls V 1119 Richmont Mines T 2707 Richmont Mine* X 4666 Rio Novo Gold T 175 Rio Silver V 37 Rio Tinto* N 40835 Riverside Res V 693 RJK Explor V 1080 Robex Res V 1980 Rochester Res V 430

0.07 0.06 0.06 - 0.01 0.13 0.03 0.12 0.11 0.12 0.00 0.15 0.08 0.07 0.07 0.07 - 0.01 0.11 0.06 0.05 0.04 0.05 - 0.01 0.09 0.02 0.09 0.08 0.08 - 0.01 0.49 0.08 61.10 58.77 59.94 - 2.52 85.84 54.88 0.01 0.01 0.01 - 0.01 0.01 0.01 0.03 0.03 0.03 - 0.01 0.10 0.01 0.05 0.03 0.05 + 0.01 0.08 0.01 0.32 0.25 0.27 - 0.01 1.31 0.25 0.23 0.19 0.20 - 0.01 1.06 0.19 0.17 0.14 0.16 - 0.01 0.35 0.11 0.30 0.28 0.29 0.00 0.36 0.18 0.03 0.03 0.03 - 0.01 0.09 0.02 0.08 0.07 0.07 - 0.01 0.18 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.04 0.03 0.03 0.00 0.19 0.02 0.06 0.05 0.06 + 0.01 0.11 0.04 0.08 0.08 0.08 0.00 0.38 0.07 0.04 0.03 0.04 0.00 0.06 0.03 0.02 0.02 0.02 0.00 0.10 0.02 0.22 0.20 0.20 - 0.02 0.54 0.20 0.18 0.15 0.17 0.00 0.38 0.14 0.50 0.49 0.50 0.00 0.62 0.21 4.47 4.10 4.14 - 0.30 5.09 3.30 0.02 0.01 0.01 - 0.01 0.10 0.01 0.70 0.62 0.70 + 0.06 3.55 0.62 0.13 0.10 0.10 - 0.01 0.14 0.03 4.06 3.73 4.01 + 0.08 4.55 2.24 3.06 2.80 3.01 + 0.06 3.68 2.06 0.13 0.13 0.13 - 0.01 0.16 0.06 0.03 0.03 0.03 0.00 0.04 0.01 35.64 33.97 33.99 - 0.95 50.06 31.97 0.17 0.16 0.16 - 0.01 0.33 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.08 0.08 - 0.01 0.12 0.05 0.04 0.03 0.03 + 0.01 0.15 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sulliden Mng C T 2377 Sultan Mnrls V 11885 SunCoke Engy* N 11353 Sunridge Gold V 154108 Suparna Gold V 1100 Superior Coppr V 7320 Sutter Gold V 60

0.27 0.24 0.25 - 0.02 0.49 0.19 0.01 0.01 0.01 - 0.01 0.02 0.01 5.04 3.96 4.22 - 0.70 24.05 3.96 0.27 0.20 0.25 + 0.08 0.27 0.12 0.02 0.01 0.01 - 0.01 0.14 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.05 0.05 - 0.01 0.15 0.04

TAD Mnl Expl V 5637 Tahoe Res* N 23326 Tahoe Res T 38188 Taipan Res V 386 Tajiri Res V 1310 Takara Res V 390 Talon Metals T 2416 Tanz Roy Exp T 1325 Tanz Roy Exp* X 8479 Taseko Mines* X 9663 Taseko Mines T 4924 Tasman Metals V 684 Tasman Mtls* X 1648 Tawsho Mng V 710 Teck Res A T 40 Teck Res B* N 365703 Teck Res B T 185547 Tembo Gold V 1300 Teranga Gold T 30193 Teras Res V 7520 Terraco Gold V 9371 Terrax Minls V 1065 Teuton Res V 2390 Thompson Creek T 11711 Thompson Crk* N 5645 Timberline Rs* X 249 Timmins Gold* X 14887 Timmins Gold T 56753 Tinka Res V 2708 Tintina Res V 812 Tirex Res V 1443 Titanium Corp V 1059 TNR Gold V 120 Tolima Gold V 200 TomaGold V 7194 Torex Gold T 49347 Transition Mtl V 394 Treasury Metal T 613 Trevali Mng T 23757 Tri Origin Exp V 4632 Tribute Res V 105 TriMetals Mng T 702 Trio Gold Corp V 250 Troymet Expl V 30 True Gold Mng V 14545 True North Gem V 15763 Trueclaim Expl V 304 Tsodilo Res V 60 Turquoise HIl* N 17352 Turquoise Hill T 51593 TVI Pacific T 6098 Typhoon Expl V 450

0.01 0.01 0.01 0.00 0.01 0.01 7.80 7.38 7.60 - 0.35 17.85 7.33 10.34 9.84 10.11 - 0.36 20.08 9.66 0.18 0.13 0.14 - 0.02 3.05 0.13 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.06 0.01 0.14 0.11 0.12 - 0.02 0.34 0.08 0.49 0.38 0.40 - 0.05 1.51 0.32 0.37 0.29 0.30 - 0.05 1.34 0.25 0.46 0.41 0.41 - 0.06 1.48 0.32 0.62 0.54 0.55 - 0.06 1.68 0.51 0.35 0.30 0.30 - 0.04 0.99 0.30 0.26 0.22 0.22 - 0.04 0.79 0.22 0.02 0.02 0.02 + 0.01 0.05 0.01 9.98 8.96 8.98 - 0.77 22.64 7.74 5.41 4.52 4.72 - 0.83 17.88 4.39 7.20 6.02 6.27 - 1.05 20.58 5.87 0.02 0.01 0.02 0.00 0.06 0.01 0.55 0.50 0.55 + 0.02 0.82 0.38 0.07 0.06 0.07 - 0.01 0.15 0.05 0.10 0.08 0.08 - 0.02 0.19 0.07 0.35 0.33 0.34 + 0.01 0.44 0.23 0.05 0.05 0.05 0.00 0.43 0.04 0.63 0.40 0.42 - 0.19 2.57 0.40 0.47 0.30 0.31 - 0.14 2.26 0.30 0.50 0.47 0.48 0.00 0.80 0.26 0.16 0.14 0.16 - 0.01 1.27 0.14 0.21 0.19 0.21 + 0.01 1.53 0.19 0.18 0.16 0.16 - 0.01 0.43 0.15 0.09 0.07 0.08 0.00 0.15 0.04 0.14 0.10 0.13 + 0.01 0.35 0.10 1.22 1.00 1.01 - 0.12 1.55 0.60 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.04 0.04 - 0.02 0.13 0.04 1.28 1.16 1.23 + 0.03 1.65 0.85 0.09 0.07 0.07 - 0.02 0.27 0.06 0.48 0.44 0.44 - 0.04 0.62 0.25 0.52 0.43 0.44 - 0.07 1.24 0.31 0.03 0.02 0.03 0.00 0.04 0.01 0.05 0.05 0.05 0.00 0.12 0.04 0.09 0.08 0.08 - 0.01 0.15 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 0.00 0.03 0.01 0.21 0.19 0.21 - 0.02 0.29 0.15 0.20 0.15 0.17 + 0.01 0.20 0.07 0.02 0.02 0.02 0.00 0.06 0.02 0.80 0.77 0.77 - 0.03 1.19 0.68 2.97 2.68 2.75 - 0.11 4.73 2.41 3.95 3.52 3.64 - 0.10 5.80 3.17 0.02 0.01 0.01 - 0.01 0.03 0.01 0.04 0.03 0.04 0.00 0.08 0.03

U3O8 Corp T 6572 Ucore Rare Mtl V 2013 UEX Corp T 5045 Ultra Lithium V 180 Unigold V 1237 Unity Energy V 348 Ur-Energy T 1865 Ur-Energy* X 1801 Uracan Res V 40 Uragold Bay Rs V 2627 Uranium Ener* X 11196 Uranium Partic T 5106 Uranium Res* Q 3316 Uravan Minls V 6 US Energy* Q 5918 US Silica Hld* N 22185 Vale* N 376938 ValGold Res V 5706 Vantex Res V 10 Vena Res T 390 Vendetta Mng V 50 Vendome Res V 960 Venerable Vent V 70 Verde Potash T 148 Victoria Gold V 10544 Victory Nickel T 2278 Victory Res V 940 Victory Vent V 1155 Vior Mining V 92 Virginia Engy V 130 Viscount Mng V 4670 Visible Gold M V 4493 Vista Gold T 591 Vista Gold* X 2426 VMS Vent V 15503 Vulcan Mnrls V 3532 VVC Expl V 135

0.03 0.03 0.03 + 0.01 0.07 0.02 0.26 0.25 0.25 - 0.01 0.44 0.20 0.13 0.12 0.12 0.00 0.37 0.11 0.07 0.07 0.07 - 0.01 0.35 0.05 0.09 0.09 0.09 + 0.01 0.30 0.08 0.08 0.06 0.06 - 0.02 0.10 0.03 0.72 0.65 0.66 - 0.06 1.35 0.65 0.55 0.50 0.50 - 0.05 1.07 0.50 0.01 0.01 0.01 - 0.01 0.08 0.01 0.04 0.03 0.03 0.00 0.07 0.03 1.13 1.06 1.06 - 0.05 3.00 0.90 5.22 5.00 5.08 - 0.08 5.76 4.82 0.82 0.72 0.72 - 0.04 2.67 0.60 0.13 0.13 0.13 - 0.01 0.17 0.03 0.41 0.29 0.34 - 0.04 2.82 0.29 21.28 17.76 17.88 - 1.59 47.01 13.50 4.19 3.91 3.93 - 0.46 9.55 3.91 0.01 0.01 0.01 + 0.01 0.02 0.01 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.02 0.02 - 0.01 0.17 0.02 0.09 0.09 0.09 0.00 0.18 0.08 0.01 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.25 0.24 0.25 + 0.01 0.64 0.23 0.14 0.13 0.13 - 0.01 0.24 0.09 0.03 0.02 0.03 + 0.01 0.49 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.03 0.02 0.02 - 0.01 0.03 0.01 0.05 0.05 0.05 + 0.01 0.13 0.04 0.06 0.06 0.06 + 0.01 0.10 0.03 0.52 0.49 0.52 + 0.03 0.55 0.15 0.05 0.04 0.05 + 0.01 0.27 0.04 0.40 0.38 0.38 0.00 0.56 0.29 0.30 0.28 0.28 - 0.01 0.45 0.24 0.08 0.07 0.07 - 0.02 0.32 0.07 0.02 0.02 0.02 0.00 0.04 0.02 0.03 0.03 0.03 + 0.01 0.04 0.02

Wallbridge Mng T 1200 WCB Res V 10 Wealth Minls V 187 Wescan Goldfie V 212 Wesdome Gold T 4448 West Af Iron O V 947 West High Yld V 105 West Kirkland V 1290 Westcore Energ V 154 Western Copper T 9288 Western Coppr* X 1883 Western Lithiu T 12382 Western Melv M V 10 Western Pac Rs V 380 Western Potash T 4274 Western Troy C V 2000 Westhaven Vent V 540 Westkam Gold V 2393 Westridge Res V 25 WGI Heavy Mnl T 541 White Pine Res V 50 Wildcat Expl V 160 Wolfden Res V 15272 Wolverine Mnls V 14 WPC Res V 1360 Xmet V 1780 Xtra-Gold Res T 603 Yamana Gold* N 96878 Yamana Gold T 195869 Yanzhou Coal* N 1799 Yellowhead Mng T 818 Zadar Vent V 30 Zazu Metals T 52 Zenyatta Vent V 3422 Zephyr Mnls V 1505 Zimtu Capital V 336 Zinco Mng V 1652

0.03 0.03 0.03 - 0.01 0.06 0.03 0.09 0.09 0.09 + 0.01 0.29 0.08 0.19 0.18 0.18 - 0.01 0.42 0.04 0.04 0.03 0.03 - 0.03 0.06 0.01 1.19 1.09 1.11 + 0.01 1.40 0.75 0.03 0.02 0.02 - 0.01 0.10 0.02 0.25 0.25 0.25 0.00 0.43 0.11 0.05 0.05 0.05 0.00 0.10 0.05 0.02 0.02 0.02 - 0.01 0.04 0.01 0.39 0.33 0.33 - 0.05 0.78 0.33 0.31 0.25 0.25 - 0.04 0.68 0.25 0.36 0.32 0.32 - 0.02 0.96 0.26 0.03 0.03 0.03 - 0.01 0.15 0.03 0.01 0.01 0.01 0.00 0.15 0.01 0.24 0.21 0.22 - 0.03 0.34 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.07 0.06 0.06 - 0.02 0.12 0.05 0.03 0.03 0.03 0.00 0.05 0.03 0.01 0.01 0.01 0.00 0.04 0.01 0.22 0.20 0.21 0.00 0.78 0.00 0.01 0.01 0.01 0.00 0.09 0.01 0.05 0.03 0.05 + 0.01 0.08 0.02 0.09 0.07 0.08 - 0.01 0.23 0.05 0.04 0.04 0.04 0.00 0.10 0.03 0.05 0.04 0.04 - 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.21 0.21 0.21 + 0.01 0.30 0.10 1.86 1.70 1.76 - 0.19 4.84 1.43 2.46 2.25 2.35 - 0.20 5.79 1.89 5.00 4.88 4.88 - 0.17 12.24 4.28 0.05 0.04 0.05 - 0.01 0.18 0.03 0.01 0.01 0.01 0.00 0.08 0.01 0.13 0.12 0.12 - 0.01 0.44 0.11 1.02 0.87 0.93 + 0.03 2.61 0.87 0.17 0.13 0.13 - 0.02 0.20 0.09 0.17 0.16 0.17 0.00 0.45 0.14 0.02 0.02 0.02 - 0.01 0.09 0.02

T

U-V Saint Jean Car V 3431 Salazar Res V 2850 Sama Res V 1455 San Marco Res V 20 Sanatana Diam V 4670 Sandspring Res V 2132 Sandstorm Gld* X 29174 Sandstorm Gold T 6428 Santa Fe Metls V 4465 Santacruz Silv V 8789 Satori Res V 122 Saturn Minls V 3157 Scorpio Gold V 2939 Scorpio Mining T 42795 Seabridge Gld* N 28988 Seabridge Gold T 3613 Search Mnls V 6030 Secova Mtls V 7561 Sego Res V 6610 Semafo T 49399 Sennen Res V 250 Sentry Sl PrmM T 1368 Serengeti Res V 2150 SG Spirit Gold V 180 SGX Res V 900 Sherritt Intl T 39645 Shore Gold T 21973 Sienna Res V 1002 Sierra Iron Or V 3519 Sierra Metals T 858 Signature Res V 240 Silver Bear Rs T 4441 Silver Bull Re T 1175 Silver Grail R V 70 Silver Predatr V 865 Silver Range R V 20 Silver Spruce V 283 Silver Std Res T 36905 Silver Std Re* Q 100423 Silver Wheatn* N 234463 Silver Wheaton T 52591 Silvercorp Mtl T 16511 Silvermet V 700 Silvore Fox Ml V 26 Sirios Res V 1030 Skeena Res V 8225 Skyharbour Res V 9739 Slam Exploratn V 1085 Sniper Res V 336 SNS Silver V 1961 Soc Quim&M Ch* N 19219 Solitario Ex&* X 1810 Sona Res V 20 Sonoro Mtls V 2550 Source Expl V 110 Southern Arc V 364 Southern Silvr V 71 SouthGobi Res T 322 Spanish Mtn Gd V 7595 Sparton Res V 7350 Sprott Ph Silv T 113 Sprott Res T 2947 St Andrew Gldf T 21436 St Augustine T 564 St-Georges Plt C 5900 Stakeholdr Gld V 5426 Standard Graph V 1910 Stans Energy V 1600 Starcore Int V T 3633 Stellar Pac Vt V 90 Stillwater Mg* N 75269 Stonegate Agri T 12402 Stornoway Diam T 5469 Strategic Metl V 2102 Stratton Res V 30 Strike Graph V 1454 StrikePoint Gd V 12564 Strongbow Expl V 165

0.06 0.04 0.05 0.00 0.06 0.01 0.04 0.03 0.03 - 0.01 0.18 0.03 0.16 0.14 0.15 + 0.01 0.30 0.10 0.03 0.03 0.03 0.00 0.10 0.02 0.04 0.03 0.03 - 0.01 0.15 0.02 0.18 0.16 0.16 - 0.02 0.45 0.13 2.74 2.63 2.68 - 0.04 4.40 2.20 3.64 3.50 3.57 - 0.02 5.30 2.80 0.02 0.02 0.02 - 0.01 0.03 0.01 0.16 0.12 0.13 - 0.02 0.46 0.11 0.05 0.04 0.04 - 0.01 0.45 0.02 0.12 0.10 0.11 - 0.03 0.24 0.10 0.06 0.05 0.06 - 0.01 0.20 0.05 0.15 0.14 0.14 - 0.01 0.28 0.14 8.06 7.14 7.75 - 0.19 9.89 3.31 10.71 9.50 10.30 - 0.19 12.60 4.34 0.11 0.05 0.06 - 0.01 0.13 0.03 0.05 0.05 0.05 0.00 0.09 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 3.13 2.69 3.04 + 0.24 4.49 2.46 0.11 0.11 0.11 - 0.01 1.35 0.10 2.13 2.03 2.05 - 0.06 3.49 2.01 0.03 0.02 0.02 - 0.01 0.08 0.02 0.08 0.05 0.06 - 0.02 0.38 0.05 0.01 0.01 0.01 0.00 0.02 0.01 0.91 0.75 0.78 - 0.11 3.25 0.70 0.23 0.17 0.20 + 0.02 0.31 0.13 0.02 0.02 0.02 0.00 0.04 0.01 0.41 0.37 0.37 + 0.01 0.62 0.07 1.47 1.10 1.47 + 0.17 2.13 0.84 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.02 0.00 0.10 0.02 0.07 0.06 0.06 - 0.01 0.30 0.06 0.02 0.02 0.02 + 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.04 0.04 0.00 0.11 0.03 0.07 0.07 0.07 + 0.01 0.10 0.02 7.97 6.72 6.86 - 1.31 10.56 4.47 6.02 5.05 5.17 - 1.02 8.02 3.98 12.75 12.14 12.36 - 0.61 24.22 11.03 16.92 16.12 16.40 - 0.68 29.86 14.62 0.96 0.84 0.86 - 0.13 2.00 0.75 0.04 0.04 0.04 + 0.01 0.11 0.02 0.02 0.02 0.02 - 0.01 0.11 0.00 0.10 0.09 0.10 0.00 0.13 0.06 0.08 0.07 0.07 - 0.01 0.13 0.06 0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.02 0.02 + 0.01 0.06 0.01 0.05 0.05 0.05 - 0.01 0.07 0.01 0.40 0.35 0.36 - 0.02 0.50 0.05 19.48 18.26 18.69 - 0.61 28.32 12.65 0.50 0.44 0.46 - 0.02 1.09 0.40 0.02 0.02 0.02 0.00 0.06 0.01 0.08 0.05 0.06 + 0.01 0.22 0.04 0.02 0.02 0.02 - 0.01 0.10 0.02 0.38 0.37 0.38 + 0.02 1.00 0.25 0.06 0.05 0.05 - 0.01 0.13 0.03 0.47 0.35 0.39 + 0.02 1.25 0.26 0.03 0.03 0.03 0.00 0.05 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 5.72 5.51 5.54 - 0.29 7.43 5.31 0.64 0.60 0.61 - 0.05 2.25 0.57 0.37 0.34 0.35 - 0.01 0.39 0.21 0.13 0.11 0.13 + 0.02 0.18 0.07 0.02 0.01 0.02 + 0.01 0.05 0.01 0.02 0.01 0.02 - 0.01 0.28 0.01 0.02 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.14 0.01 0.10 0.09 0.09 - 0.01 0.17 0.08 0.02 0.02 0.02 0.00 0.14 0.01 9.23 8.75 8.75 - 0.40 15.37 8.36 0.03 0.02 0.02 - 0.01 0.07 0.02 0.70 0.67 0.67 - 0.01 0.85 0.46 0.29 0.26 0.27 + 0.01 0.37 0.26 0.09 0.09 0.09 - 0.02 0.15 0.06 0.04 0.03 0.03 - 0.01 0.15 0.03 0.05 0.04 0.04 - 0.01 0.08 0.01 0.10 0.06 0.06 - 0.04 0.18 0.05

W-Z

15-11-17 6:49 PM

12

WWW.NORTHERNMINER.COM

NOVEMBER 23–29, 2015 / THE NORTHERN MINER

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK

PRODUCER AND DEALER PRICES

Tuesday, November 17, 2015 Precious Metals Price (US$/oz.)

Gold $1080.80 Silver $14.25 Platinum $865.00 Palladium $541.00

Change -11.70 -0.30 -71.00 -65.00

Base Metals Nickel Copper Lead Zinc

Change -130.00 -6.00 -0.50 -28.50

Price (US$/tonne) $9170.00 $4682.50 $1596.00 $1558.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Novemberr 16, 2015 (change from November 9, 2015 in brackets): Aluminium Alloy 122440 (-0) Aluminium 2972775 (-24725) Copper 262250 (+3625) Lead 134575 (-4725) Nickel 416028 (-2688) Tin 5470 (+80) Zinc 556750 (-8625)

Thermal Coal CAPP: US$42.02 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$49.00 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Dec. 2015: US$41.75; Jan. 2016: US$43.55 Cobalt: US$11.14/lb.

Copper: US$2.19/lb.

Copper: CME Group Futures Dec. 2015: US$2.109/lb.; Jan. 2016: US$2.117/lb Ferro-Chrome: US$1.97/kg Ferro Titanium: US$4.35/kg FerroTungsten: US$22.75/kg Ferrovanadium: US$13.68/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$47.30/tonne Iron Ore Fines: US$53.16/tonne Iron Ore Pellets: US$71.04/tonne Lead: US$0.72/lb.

Magnesium: US$1.99/kg Manganese: US$1.63/kg Molybdenum Oxide: US$4.99/lb.

Phosphate Rock: US$123.00/tonne Potash: US$300.00/tonne Rhodium: Mid-mkt US$740.00/tr. oz.

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

Silver: Handy & Harman Base: US$14.23 per oz.; Handy & Harman Fabricated: US$17.78 per oz.

Tantalite Ore: : US$132.41/kg Tin: US$6.70/lb.

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

Zinc: US$0.72/lb.

Prices current Nov. 17, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

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

Largest short positions Lundin Mining LUN 38967708 First Quantum FM 34091110 New Gold NGD 31294087 PotashCorp POT 30436931 Kinross Gold K 27409453 B2Gold BTO 25121451 Teck Resources TCK.B 18950143 Yamana Gold YRI 17568555 Barrick Gold ABX 15432689 Thompson Crk Mtl TCM 12262962 Eldorado Gold ELD 11199801 Paramount Res. POU 9914738 Detour Gold DGC 9660056 Copper Mountain CUM 8673842 Torex Gold Res. TXG 8059003 Largest increase in short position PotashCorp POT 30436931 Torex Gold Res. TXG 8059003 Lake Shore Gold LSG 4461969 Barrick Gold ABX 15432689 Sandstorm Gold SSL 5040666 Largest decrease in short position Alamos Gold AGI 2773209 Paramount Res. POU 9914738 Eldorado Gold ELD 11199801 Denison Mines DML 4810650 OceanaGold OGC 2798958

Largest short positions First Mining Finance FF 3047400 Nippon Dragon Res. NIP 1675000 Majestic Gold MJS 1339000 PC Gold PKL 988000 Equitas Resources EQT 511700 Gold Reserve GRZ 489800 Bonterra Res. BTR 450000 Nexgen Energy NXE 371000 Zenyatta Ventures ZEN 303000 Falco Resources FPC 285000 Alabama Graphite ALP 268800 Storm Resources SRX 242818 Gold Canyon Res. GCU 238729 Georox Resources GXR 233200 Integra Gold ICG 227258 Largest increase in short position Nippon Dragon Res. NIP 1675000 First Mining Finance FF 3047400 Majestic Gold MJS 1339000 PC Gold PKL 988000 Bonterra Res. BTR 450000 Largest decrease in short position Indico Resources IDI 0 Equitas Resources EQT 511700 Impact Silver IPT 0 Nemaska Lithium NMX 13400 Golden Dawn Min. GOM 1200

-358896 735284 916534 15333825 -1280113 169279 -117624 -971883 1978004 -253475 -2200892 -2659978 -994007 -38352 4184268 15333825 4184268 3101795 1978004 1727745 -3754828 -2659978 -2200892 -1948581 -1764659

1130700 1675000 969000 867900 -387700 15900 449700 57282 6200 285000 268600 -102000 112625 177000 167200 1675000 1130700 969000 867900 449700 -584300 -387700 -307500 -278100 -239500

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

Nov 16 13317.52 526.11 781.26 125.34 356.88 46.11 110.09

Nov 13 13075.42 523.93 766.76 124.49 358.43 45.56 109.20

Nov 12 13127.18 522.73 770.61 123.13 363.96 45.23 108.19

Nov 11 13341.93 528.42 783.43 124.15 373.51 45.94 110.12

Nov 10 13411.63 531.50 787.10 122.32 396.82 45.68 109.05

High 15524.75 792.70 905.09 195.63 832.42 82.19 211.23

Low 12705.17 509.03 750.26 114.48 339.80 42.72 101.28

DAILY METAL PRICES Date Nov 16 Nov 13 Nov 12 Nov 11 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1580/1585 1575/1580 1550/1555 1550/1555 Aluminum 1457/1473.50 1475.50/1489 1484/1492 1493/1505 Copper 4764.50/4764.50 1424/4808 4872/4859 4930/4910 Lead 1596/1602 1592.50/1605 1592/1606 1595/1604.50 Nickel 9400/9470 9355/9415 9365/9400 9430/9475 Tin 14840/14650 14750/14700 14650/14650 14725/14675 Zinc 1577/1600 1585.50/1607 1570/1589 1567/1590

1550/1555 1485.50/1498 4933/4924 1630/1644.50 9490/9525 14590/14550 1596/1616

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

Gold AM 1094.50 1083.75 1087.60 Gold PM 1084.75 1081.50 1087.40 Silver 14.36 14.39 14.39 Platinum 862.00 866.00 879.00 Palladium 543.00 542.00 567.00

1092.50 1087.10 14.55 903.00 601.00

1088.60 1085.90 14.44 889.00 588.00

Nov 10

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Nov 16 Nov 13 US$ in C$ 1.3353 1.3332 C$ in US$ 0.7489 0.7501

Nov 12 1.3307 0.7515

Nov 11 N/A N/A

Nov 10 1.3259 0.7542

EXCHANGE RATES (Bank of Canada, November 16, 2015) Currency Aus $ Euro Japan In C$ 0.9461 1.4297 0.01085 In US$ 0.7085 1.0767 0.00813

Mex P 0.07940 0.05946

SA Rand 0.09279 0.06949

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 — NOVEMBER 6–12, 2015 25 New Highs Africo Res Antioquia Gold Copper Ck Gold Erin Ventures First Lithium First Mexican Gensource Pot Gold Std Vnt Gold Std Vnt* Golden Share M Inter-Rock Mnl Kings Bay Gold Knick Expl Majestic Gold Minsud Res MPH Vent Nemaska Lith Noram Vent Orbite Alumnae Randsburg Intl Saint Jean Car Sparton Res Sunridge Gold TAD Mnl Expl True North Gem

288 New Lows Aben Res Acme Res Adamera Mnls African Gold G Alcoa* Alderon Iron O Aldridge Minls Aldrin Res Alexander Nubi Alexandria Mnl Alita Res Alliance Rs P* Alloycorp Almonty Ind Alto Vent Anfield Nickel Anglo-Can Mng AQM Copper Arctic Star Rs Argentum Silvr Asher Res Asian Minl Res Astur Gold Atna Res Ltd Avalon Rare M* Avalon Rare Mt Axmin Inc Azincourt Res Baja Mng Balmoral Res Bandera Gold Banyan Gold Bayswater Uran Bear Creek Mng Belmont Res Belvedere Res Benton Cap Berkwood Res BHP Billi-BBL* BHP Billi-BHP* Big North Grap Bullman Mnls Cadan Res Cadillac Vent Calibre Mng Canada Rare Ea Canada Zinc Mt Canadn Int Mnl Canadn Plat Candente Coppr

CaNickel Mng Canoe Mng Vnt Canterra Mnls Canyon Copper Carmax Mng Cassidy Gold Castle Peak Mg Central Iron O China Mnls Mng Claim Post Res CMC Metals Coeur Mng* Commander Res Compliance Eny Conquest Res Contintl Gold Copper North M Copper One Coro Mining Corsa Coal Crazy Horse Rs Currie Rose Rs CVR Partners* Dalton Res Ltd Decade Res Defiance Silvr Dominion Diam* Dominion Diam Duncan Park H Dundee Prec Mt East Asia Mnls Eastern Platin El Tigre Silvr Emgold Mng Energold Drill Energy Fuels Europn Uran Rs Excellon Res Exeter Res Fairmont Res Fancamp Expl First Bauxite Fission 3.0 Fjordland Exp Focus Graphite Focus Vnt Foran Mng Forum Uranium Freeport Res Frontline Gold Galane Gold General Moly* Gentor Res Geodex Mnrls Geologix Ex Geomega Res Georox Res Gitennes Expl Gold Fields* Gold Reach Res Goldcliff Res Goldcorp Goldcorp* Golden Arrow R Golden Band Goldex Res Goldgroup Mng Gran Colombia Great Atlantic Green Valley M GTA Res & Mng Highbank Res Hinterland Mtl Honey Badger E IBC Adv Alloys IC Potash IEMR Res Independence G Intl Montoro R

Intl Vestr Res Intrepid Pots* Ivernia J.A.G. Mines Karmin Expl Katanga Mng Kazax Mnls Kennady Diam Kermode Res Kincora Copper Kings Bay Gold Largo Res Laurion Mnl Ex Legend Gold Lomiko Mtls Luna Gold Lundin Mng MacDonald Mns Makena Res Maracote Intl Marathon Gold Marengo Mng Marifil Mines Marlin Gold Masuparia Gold McChip Res MDN Inc Mega Uranium Melkior Res Mesabi Trust* Metalcorp Metanor Res Millrock Res Minas Buenavn* Minco Gold* Minco Gold Mindoro Res Minfocus Expl Miranda Gold Mirasol Res Monster Mng Mountain Boy M Mustang Minls Natural Rs Pt* Network Expl New Destiny Mg New Millennium New Milln Iron Newmac Res Nikos Expl Noble Metal Gr Noble Mnl Expl Nomad Ventures North Am Nickl North Am Pall North Am Tung North Arrow Mn Northern Abiti Northern Gld M Northern Graph NQ Expl Nunavik Nickel Oban Mng Opawica Expl Oracle Mng Orbit Garant D Orestone Mng Orvana Mnrls Pac North West Palmer Res Pan Global Res Pancontl Uran Pele Mtn Res Phoenix Gold Pilot Gold Pinetree Cap Planet Mng Platinum Gp M* Platinum Gp Mt Precipitate Gl

Primero Mng Primero Mng* Prophecy Coal Puma Expl Purepoint U Quartz Mtn Res Rambler Mg&Mtl Randsburg Intl Rare Elemnt Rs Rare Elemt Re* Redstar Gold Redstar Res Regulus Res Rhino Res* RJK Explor RockBridge Res Rockhaven Res Rodinia Lithm Royal Gold Royal Gold* Royal Nickel RT Minerals Rubicon Mnls* Rubicon Mnrls Sable Res Salazar Res Saturn Minls Scorpio Gold Sego Res Serengeti Res SG Spirit Gold Signature Res Silver Bear Rs Silver Bull Re St-Georges Plt Stakeholdr Gld Standard Graph Strategic Metl Strike Graph Sultan Mnrls SunCoke Engy* Suparna Gold TAD Mnl Expl Taipan Res Tasman Metals Tasman Mtls* Tembo Gold Thompson Creek Thompson Crk* Timmins Gold Tirex Res Tolima Gold Trio Gold Corp Trueclaim Expl TVI Pacific Typhoon Expl Ur-Energy Ur-Energy* Uracan Res Uragold Bay Rs US Energy* Vale* ValGold Res Vena Res Vendome Res Venerable Vent Victory Nickel Visible Gold M VMS Vent Wallbridge Mng Western Copper Western Coppr* Westkam Gold Westridge Res White Pine Res Xmet Zadar Vent Zenyatta Vent Zinco Mng

For daily mining news, visit www.northernminer.com UK £ 2.0301 1.5203 GLOBAL MINING NEWS · SINCE 1915

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 Nov 23 2015 Pg 10 11 12.indd 12

STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.

CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

Reprints Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $350.

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

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Gold Standard Ventures makes oxide discovery GOLD STANDARD From 1

evaluating third-party exploration and resource opportunities in North America — asked several questions on the conference call that prompted analyst Michael Gray of Macquarie Research to later write in a note that it was “the fi rst time we have heard the seniors jump into the Q&A on a conference call hosted by a junior.”

Gray described the latest intercepts as “a real ‘wake-me-up’ set of drill results,” and added that when geologist “Mac Jackson speaks — we listen.”

Jackson, who has worked as an exploration geologist for the last 16 years, has several discoveries under his belt.

He contributed to the Leeville and Turf discoveries on the Carlin trend, and the Fiber Line deposit at Twin Creeks.

Other members of the team are also well known for their accomplishments.

John Norby, Gold Standard’s chief geologist, has worked as an exploration geologist for 30 years and Steven Koehler, senior geologist and manager of projects, has worked in the industry for more than 24 years.

Norby spent 16 years designing and executing exploration and resource delineation, and expansion programs for Newmont Mining (NYSE: NEM), Placer Dome, Barrick and Victoria Gold, while Koehler held senior-level exploration positions with Newmont, Placer Dome and Miranda Gold.

Norby helped fi nd Cortez Hills and Deep Sulfide Feeder, and Koehler helped discover the Cortez Hills, Fence/Crow and Leeville deposits.

In an interview, the company’s cofounder, Luke Norman, described the drill hole results as “a bit of a gamechanger for us,” and said the oxide discovery was good news for Gold Standard and the entire industry, which has been battered by low commodity prices and dismal markets.

“There are a lot of investors looking for the next shining light in the exploration space to lift some of these things out of the mire, because it’s been such a challenging time in the exploration space,” he says. “There have been numerous instances of good exploration or discovery holes that have had little to no reaction in terms of the share price, and we saw Gold Standard’s shares react to that

TNM Nov 23 2015 Pg 1 2 3 4 5 6 14 16.indd 14

Drill sites on the hill (right side), where the latest discovery holes were extracted at Gold Standard Ventures' Dark Star North gold project in Nevada.

second drill hole ... people are seeing that there’s an opportunity here where we can reignite some interest in exploration, where there’s been a complete feeling of failure in the space for so many years.”

News of the first drill hole on Nov. 4 sent Gold Standard’s shares up 14% to 59¢. Results of the second drill hole on Nov. 10 drove the shares to 74¢.

Dark Star is part of the company’s Railroad project at the southern end of the Carlin trend, and is 2.1 km east of its Pinion oxide gold deposit.

Pinion, in turn, is 15 km south of its North Bullion deposit, which Gold Standard discovered in 2011 on the wholly owned Railroad–Pinion property. Newmont’s Emigrant mine sits 16 km north of the project.

Last year the company released a National Instrument 43-101 compliant resource for the Pinion deposit, which doubled the historic resource.

Pinion’s indicated resource stands at

20.8 million tonnes grading 0.63 gram gold for 423,000 oz., with inferred resources measuring 55.9 million tonnes at an average 0.57 gram for 1 million oz., using a cut-off grade of 0.14 gram gold per tonne.

In March, Gold Standard released an initial inferred resource of 23.1 million tonnes grading 0.51 gram gold for 375,000 oz. gold at the same cut-off grade as Pinion, based on 105 historic reverse-circulation drill holes.

CEO and co-founder Jonathan Awde noted on the conference call that it has taken the company almost five years to consolidate its Nevada land package, which now makes up just over 20% of the Carlin trend.

“We have had to deal with 91 owners of surface, mineral and water rights, and we’ve used the downturn in the last three-plus years to get a lot of land on the cheap,” he says. “Th is is a part of the world that is difficult to acquire and secure a large, contiguous

GOLD STANDARD VENTURES

“THERE ARE A LOT OF INVESTORS THAT ARE LOOKING FOR THE NEXT SHINING LIGHT IN THE EXPLORATION SPACE.” LUKE NORMAN CO-FOUNDER, GOLD STANDARD VENTURES

land package, and now we have the second-largest contiguous land package in the Carlin behind Newmont.”

Awde noted that the oxide discovery is not only the second blind discovery that the company has made at the project, but that the historic resource at Dark Star was previously seen as hosted in the wrong rocks.

“Gold Standard’s exploration team thought a little bit differently about the potential of Dark Star and that whole major north–south corridor that runs from Emigrant, which is 10 miles north, to as far south as our Dixie prospect,” Awde says. “There’s a

lot of room for expansion here.”

He adds that “the deposit is blind, because in soils and rocks at the surface in this area we only detected weakly anomalous amounts of gold and Carlin pathfinders. We don’t think it comes to the surface, but it should be shallow to the east and the immediate footwall of that fault.”

The next two holes will be drilled at 100-metre spacings moving south from the two intercepts, Jackson says.

“In the larger picture, we have 6 km of strike length … so we have lots of strike length of that corridor to explore.” TNM

15-11-17 7:04 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 9–15, 2015

Assistant Executive Director – Corporate Development Québec, Canada Online Reference No: 62702 With the Executive Director, you will establish strategic partnerships and maintain relationships with key players in the industry.

You will be monitoring and taking advantage of the business opportunities in line with our mission and our vision. You will take part in the deployment of strategies with government authorities. You will play a leading role among directors with regards to corporate development, identifying opportunities and implementing business strategies.

Boom Truck Operator James Bay Region,QC,Canada Online Reference No: 62613 As a boom truck operator you will be required to perform lifts of varying nature in an approved manner consistent with current OH&S practices. Selected candidates will commit to work in accordance wit laws, regulations, procedures and policies. Workers have a duty to maintain a safe workplace an to correct any unsafe actions. Employees must also commit to strict principles of integrity, ethics, and respect for indigenous communities.

Closed Site Manager Granisle, BC Online Reference No: 62555 Responsible for directing all aspects of operations, maintenance and surveillance for the Granisle, BC and area closed sites, including Bell and Boss Mountain, as a hands-on working manager you will develop, implement, maintain and document all phases of the environmental and site management system and effectively manage and mitigate risks associated with the closed sites.

Exploration Manager Benga Mining Limited o/a Riversdale Resources Crowsnest Pass, Alberta, Canada Online Reference No: 62539 Full time Exploration Management position providing geological project management for coal exploration at Riversdale’s exploration project in Crowsnest Pass, Alberta. The role is primarily field based and the successful applicant is required to relocate to Blairmore, Alberta.

Mining and Screening Manager T.A.Dold Online Reference No: 62527 Major Screening and Wear Lining Manufacturers with headquarters in the USA Midwest are currently looking for an enthusiastic team player to take over as a Territory Manager. This person will be responsible for the technical and commercial responsibilities for sales to the Aggregate Industry as well as Canadian mining operations.

Discipline Engineer – Civil/ Structural, North Bay, Ontario Online Reference No: 62341 Join our multi-discipline engineering group and be part of a team delivering design-build solutions for technically challenging underground mine projects around the world. This position requires experience designing heavy civil structures for the mining industry and a strong, effective communicator.

Journeyperson Plumber / Gasfitter Key Lake Operation Online Reference No: 62663

POSITION AND RESPONSIBILITIES: Install, maintain and repair all gas fired equipment and piping systems • Maintenance of all plumbing related equipment • General camp and building repairs on site • Repair and troubleshoot of heat - ventilation, air conditioning (HVAC) and refrigeration systems • Have a good understanding of drawings, prints and applicable codes.

Construction Miner James Bay Region,QC,Canada Online Reference No: 62615 The primary role of the Construction Miner (Development) is to perform such work as shotcreeting, building refuge stations, crusher stations, muck bins, conveyor installation, timber and concrete work, sump installations, the installation of vent tubing (air, water and pumping lines), other construction work and maintenance jobs as required.

Radiation Technician Rabbit Lake Operation Online Reference No: 62551 You will assist in ensuring compliance for the radiation protection program. You will collect, maintain and record radiation data from the mine and mill facility as well as issue radiation work permits.

You will also conduct routine monitoring and assess working conditions pertaining to radiation protection for the safety of all workers.

Electrician/Service Miner – North Mine Sudbury, Ontario, Canada Online Reference No: 62510 As an Electrician/Service Miner you will be responsible for servicing the mining equipment such as Jumbo’s and Maclean for approximately 3 hrs of the day and then assist on operating haulage truck, installation of pipes and other service mining components.

Precambrian Geoscientist Sudbury, Ontario Online Reference No: 62437 Are you interested in contributing your geoscience expertise to an organization that prides itself on providing opportunities for personal growth, continuous learning and work-life balance? If so, then consider joining our team at the Ontario Geological Survey.

Mechanic (Heavy Equipment – Mining) Red Lake, Ontario Online Reference No: 62681 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 hoists, compressors, drills, small tools and miscellaneous equipment of a similar nature.

15

Heavy Duty Mechanic McArthur River Operation Online Reference No: 62660 Cameco’s McArthur River operation, the world’s largest highgrade uranium mine, is looking for a motivated individual to contribute to our growing operations. As a valuable member of the maintenance team, you will be responsible for performing inspections and lubrication of heavy equipment, completing overhauls and routine repair work and servicing heavy equipment as specified by preventative maintenance work orders both on surface and underground.

Supervisor, Canadian Payroll North Bay, ON, Canada Online Reference No: 62584 The Supervisor, Canadian Payroll is responsible for the accurate and timely payment of payroll while ensuring compliance with internal policies, federal and applicable provincial regulations. Duties and Responsibilities include Managing the daily preparation of a variety of payroll functions, ensuring timely and accurate payment of the hourly and staff employees of J.S. Redpath Limited, maintaining current legislative knowledg and Review and implement changes to payroll processes.

Facility Operations Manager Saskatoon, SK Online Reference No: 62548 In this leadership role you will supervise a team of internal and external resources by encouraging continuous improvement to ensure effective implementation of work processes including key performance indicator development, tracking and reporting. You will participate in the development and implementation of the Contractor Management Program (CMP) to manage contractor compliance and will coordinate the maintenance and repair programs for building systems, structure and infrastructure.

Manager, Business Development North Bay, Ontario, Canada Online Reference No: 62653 Cementation provides mine development and production services for clients throughout the world. This position assists in developing new services and developing new geographical markets, including support of international operations and negotiations to close business deals.

Drafter Sudbury, Ontario, Online Reference No: 62466 If you are a team-oriented individual with a strong mix of graphic design and GIS skills, we are interested in knowing more about what you can bring to the fast-paced environment at the Ontario Geological Survey, Ministry of Northern Development and Mines.

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.

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

MJobsNov23_2015_ pg 15.indd 15

15-11-16 11:32 AM

16

WWW.NORTHERNMINER.COM

NOVEMBER 23–29, 2015 / THE NORTHERN MINER

Aluminum cuts deepest for facilities in US PRODUCTION

| Alcoa idles three US smelters, cuts 500,000 tonnes of aluminum capacity

A

lcoa (NYSE: AA) is idling three of its four U.S. aluminum smelters, taking out annual capacity of 500,000 tonnes of aluminum and 1.2 million tonnes of alumina to curb costs, amid low prices.

Alcoa says the measures will result in a total divestment or curtailment of 45% of its smelting capacity across all of its operations since 2007.

The latest suspensions are at its Intalco and Wenatchee smelters in Washington State, and the Massena West smelter in New York State, where it will also fully close its Massena East smelter.

The company expects restructuring charges between US$160 million and US$180 million after-tax, or US12¢ to US14¢ per share.

The announcement comes as the company prepares to separate into two units by next year’s second half — dividing its traditional mining and energy business from its technology-driven sector, which produces parts for planes and trucks.

Alcoa’s latest cuts account for 1% of global aluminum supply, which might not be enough to restore supply balance in a market that’s been battered by a slowing of China’s economic growth, and growing oversupply.

Cash-buyer prices for the metal have slumped 19% to US$1,469.5 per tonne since January, which grazes the lowest levels seen since 2009, and is forcing other U.S. producers to slash capacities, as most smelters are unprofitable at or below US$1,500 per tonne, according to a Harbor intelligence report.

Century Aluminum (NASDAQ: CENX) plans to curtail one of its three potlines at its Sebree smelter in Kentucky by year-end, blaming the decision on a collapse in aluminum prices from “Chinese overcapacity, and the improper export of heavily subsidized

Chinese aluminum product.”

M ichael Bless, president a nd CEO of Centur y, said in a press release “there is a supply deficit in the world … these other wise favourable conditions have been severely neutralized by the global supply glut caused by the government of China’s continued unfair subsidization of additional capacity expansion in China, irrespective of market forces.”

He added the alleged behaviour on the part of Chinese authorities has resulted in the “failure” of a free market.

Century’s decision comes after the company closed its Ravenswood smelter in West Virginia in July, along with cutbacks at its Hawesville smelter in Kentucky, and Mt. Holly smelter in South Carolina.

Cheap production of the metal from China has led to ramped-up exports, which have risen 17.7% in the first nine months of the year, compared to the same period in 2014.

Meanwhile, other international operations are being leveraged by the strong U.S. dollar.

Mining giant Rio Tinto (NYSE: RIO) shows no sign of slowing down its aluminum business, with its aluminum production up 5% for the first nine months of 2015, compared to the same period in 2014.

Curtailments from Alcoa and Century will remove more than 900,000 tonnes of annual capacity from the market. That equates to 18% of U.S. consumption that will need to be replaced by imported metal in the future, according to a U.S. Geological Survey report.

The report also states that U.S. imports of aluminum have climbed since 2011, increasing 12% to 4.2 million tonnes in 2014, in response to shrinking domestic production. TNM

Iamgold’s Rosebel gold mine in Suriname. IAMGOLD

Iamgold lowers costs, but analysts remain cautious

I

Q3 RESULTS

| Declining gold sales, metal prices hurt miner

amgold (TSX: IMG; NYSE: IAG) had a messy third quarter — widening its adjusted loss on the back of lower gold sales — but it has cut its operating costs, leaving analysts questioning if the company’s focus on cash preservation is enough to succeed in today’s low-price environment.

“We continue to operate in tough times, and because of that, there has been no break from our drive to further reduce cost,” Iamgold’s CEO Steve Letwin said on a recent earnings call.

Iamgold registered a net loss of US$84 million, or US21¢ per share, which is up from a US19¢-per-share loss in the same period last year. The net loss included a US$20-million unrealized derivative loss and a US$15-million adjustment to normalize the costs at the Westwood gold mine in Quebec, after production was interrupted.

Excluding such one-time items, the adjusted net loss was US12¢ per share, above the US9¢-per-share adjusted loss that analysts had expected.

The lower adjusted net loss came from lower operating earnings, executive vice-president and CEO Carol Banducci said. Cost of sales fell 13% to US$228 million, while revenues declined by 28% to US$208 million on lower sales.

Quarterly gold sales tumbled by 40,000 oz. to 186,000 oz., as production

decreased from both Westwood and the Rosebel gold mine in Suriname, and the closure in 2014 of the Mouska gold mine in Quebec.

Westwood produced only 2,000 oz. — compared to 36,000 oz. in the third quarter of 2014 — as the company shifted its focus on development, after a seismic event at the underground mine in May. Iamgold spent the past few months on rehabilitation and development, as well as revising the mine plan, which is expected out in January.

“We are developing a plan to make sure that we mine safely, and that we are not susceptible to seismic activity ... it has the potential to be our lowestcost and highest-grade mine,” the company’s vice-president of investor relations Bob Tait says.

Rosebel churned out 70,000 oz., down from 83,000 oz. a year ago, owing to sliding grades and throughput.

To trim costs, Iamgold is reducing Rosebel’s workforce by 10%. It is also looking at “innovative ideas” to improve throughput, as Rosebel transitions into hardrock without spending much capital, Tait notes.

Meanwhile, the Essakane mine in Burkina Faso “is doing terrific.”

It cranked out a record 107,000 oz. gold, which is up 29% from the earlier year, helped by higher grades and

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throughput. This brought consolidated quarterly production to 197,000 oz., down 12% from the earlier year.

The average realized gold price also slid by 12% to US$1,121 per oz.

“We can’t do anything about the price of gold. It’s out of our control.

And we can’t do much about the sentiment. But what we can do is work, and focus on our costs,” Letwin says.

Compared to the same period last year, total cash costs fell 7% to US$791 per oz., and all-in sustaining costs dropped 8% to US$1,027 per oz. The biggest improvement came from Essakane, where all-in sustaining costs fell US$277 in the past year to US$922 per oz.

Letwin described Iamgold’s balance sheet as strong, with US$783.4 million in cash, equivalents and gold bullion, adding that the company prefers to plow such money back into operations.

“We are much better off investing in our own assets and organically improving our cost structure, and maximizing revenue — because we just can’t seem to find anything out there that we can add to our portfolio right now that is going to generate cash, as opposed to use cash,” Letwin said.

“An absence of any initiative other than to ‘protect’ cash does not generate any excitement or potential for equity re-rating,” Mackie Research analyst Barry Allan argues in a client note.

“We maintain a ‘hold’ recommendation, but also fail to see any reason to actually hold the equity.”

Allan cautions that “with high all-in sustaining costs of US$1,027 per oz., there is little working margin at current gold prices, and operations are slowly consuming the balance sheet.”

He revised his $3 target downward to $2.40.

“The lack of alternative acquisitions raises questions on the execution of company strategy, and presents uncertainties, despite the cashed-up balance sheet,” CIBC analyst David Haughton comments.

The setback at Westwood could overshadow cost-saving measures at Essakane and Rosebel, likely making the stock less attractive in the market, Haughton adds. He rates Iamgold as a “sector underperformer,” with a $1.70 target.

But Tait argues Iamgold’s move to invest in its assets is a “good strategy in these times,” as it leverages the investments the company has already made. “So you don’t get surprises.

But you can get surprises if you do acquisitions,” he says.

Meanwhile, Iamgold has kept its fullyear production guidance at 780,000 to 815,000 oz., while increasing Essakane’s output and decreasing Westwood’s. However, it has trimmed its 2015 cash cost guidance to US$825 to US$865 per oz. — from US$850 to US$900 — and lowered its all-in sustaining cost target to US$1,050 to US$1,150 per oz., from US$1,075 to US$1,175. TNM

15-11-17 7:04 PM