The Northern Miner November 30 2015 Issue by The Northern Miner Group

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LYDIAN INTERNATIONAL

BANNERMAN RESOURCES

Pares down plan at Amulsar / 3

Rethinks Etango / 16

NOVEMBER 30–DECEMBER 6, 2015 / VOL. 101 ISSUE 42 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Kirkland Lake Gold, St Andrew Goldﬁelds join forces CONSOLIDATION

| $178M deal brings upside to both parties BY TRISH SAYWELL tsaywell@northernminer.com

Kaminak Gold president and CEO Eira Thomas at the Coffee gold project camp, 130 km south of Dawson City, Yukon.

PHOTO BY MATTHEW KEEVIL

Kaminak on track to build the next Yukon gold mine SITE VISIT

| Simple mining plan helps Coffee project endure tough times

BY MATTHEW KEEVIL mkeevil@northernminer.com DAWSON CITY, YUKON

f there was a betting pool on which junior mining companies will bring Canadian assets into production over the next five years, Kaminak Gold (TSXV: KAM; US-OTC: KMKGF) would be one of the favourites. Despite potential jurisdictional challenges, and an uncooperative gold price, the company has no trouble raising capital, and is looking to pour first gold at its Coffee gold project in the Yukon by 2019. During the scenic fl ight out to Kaminak’s base of operations — 130 km south of Dawson City, along the Yukon River — it’s pleasant to encounter a phenomenon that’s becoming all too rare in the mining industry: optimism. The company recently wrapped up fieldwork on a feasibility study it expects to complete in early 2016, and landed a $22.5-million private placement that includes investments by mining luminaries Ross Beaty and Lukas Lundin. Rolling into Kaminak’s yearround camp on well-maintained gravel roads, it’s easy to assume

“THERE ARE EXCITING IDEAS IN THE WORKS. WE’RE LOOKING AT A RIDGETOP HEAP-LEACH FACILITY DESIGN, AN ALTERNATE ACCESS ROUTE TO THE PROJECT AND A NEW POWER SOURCE.” EIRA THOMAS PRESIDENT & CEO, KAMINAK GOLD

that the site hosts a fishing lodge. The company picked up an old outfitter’s camp on the banks of the Yukon River, and the rough-cut wood cabins lend an anachronistic charm that harkens back to historic days in the Klondike. Kaminak will celebrate its 10year anniversary in late November, and it’s taken the company under seven years to advance Coffee from a grassroots exploration play into an asset that could be shovel ready by early 2017. As part of the FS at Coffee, Kaminak undertook a 70,000-metre infill drill campaign in 2014 on four main deposits: Supremo, Latte, Double Double and Kona. In late September the company tabled an updated resource estimate on the project that boosted global indicated grades by 8%, and in-

ferred ounces by 12%. Coffee now hosts 52 million indicated tonnes grading 1.68 grams gold per tonne for 2.8 million contained oz. gold. Inferred resources total 14.3 million tonnes at 1.56 grams gold for 719,000 oz. gold. “We’re looking at a new deposit style for the Yukon. Many of the regional deposits within the Tintina Trench have some form of association with porphyry-style mineralization, but Coffee is unique,” president and CEO Eira Thomas said during a presentation at Kaminak’s base of operations. “We’re part of a high-grade, structurally hosted hydrothermal system, and the deposit is situated in an area that’s never been glaciated. That’s a real advantage, since our deposits are highly weathered or oxidized, and we’ve demonstrated

they have a strong amenability to heap leaching,” she added. The oxide opportunities at Coffee formed the foundation for a preliminary economic assessment (PEA) Kaminak released last year. The mine plan models a US$305million open-pit mine, with an 11-year life that would crank out 167,000 oz. gold per year at all-in sustaining costs of US$688 per oz. Assuming a US$1,100 per oz. gold price, Coffee would generate an after-tax net present value of US$194 million at a 5% discount rate, along with an 18% internal rate of return. “We’re feeling confident about the assumptions in our PEA, even though the market has changed since we released the results last year,” Thomas continued. “Gold prices are lower, but taking into consideration exchange rates ... many of the variables we used in the study are still relevant. It’s also vital to remember that in heap-leach terms, this is a high-grade deposit.” Ascending along a well-kept, 23 km gravel road and across the Coffee property, it’s possible to envision Kaminak’s mine plan as it progresses from the Latte deposit

he friendly combination of Kirkland Lake Gold (TSX: KGI; US-OTC: KGILF) and St Andrew Goldfields (TSX: SAS; US-OTC: STADF) will create an intermediate gold producer with four mines and two mills in the Timmins and Kirkland Lake gold camps in Ontario’s portion of the Abitibi greenstone belt. The $178-million deal — described as “visionary” by one analyst on a recent conference call — will create a mining company that makes between 260,000 and 310,000 oz. gold next year, at cash costs of between See KIRKLAND LAKE / 11 PM40069240

See KAMINAK / 2

LAYOFFS: TECK, CLIFFS SLASH JOBS TO CONSERVE CASH / 5

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NOVEMBER 30 –DECEMBER 6, 2015 / THE NORTHERN MINER

Kaminak on track to build the next Yukon gold mine

A worker in front of a building at Kaminak Gold’s Coffee gold project in the Yukon. The camp features repurposed wood cabins originally built for an outfitter’s camp. KAMINAK From 1

through to Double-Double and Supremo. The company is blessed with a few natural advantages outside the oxidization and grade of the mineralization, including some cooperative natural topography and a mine plan that allows for a relatively small footprint. Deep trenches at Latte mark areas where Kaminak harvested samples for recent column-leach testing. Thomas adds that part of current engineering involves run-of-mine material, and just “how coarse” it can be and remain economic. Assuming the company can go with coarser material, it’s possible that anticipated capital expenses will decline heading into the feasibility study. The current plan models 88% life-of-mine recoveries. The next stage of the tour involves an aerial view of the Coffee site by helicopter, which cuts low over the Supremo deposit before landing on a flat, plateau-like area where Kaminak will put most of its project infrastructure. The camp will relocate to higher ground, while the planned sites for Coffee’s three waste-rock piles run off to a horizon dotted by stunted evergreen trees. Since most of the host rock at Coffee is non-acid generating, the company will likely not need any water-treatment facilities. In the end, the Coffee plan sums up nicely in one word: simple. And despite having faith in the current PEA, Kaminak has already iden-

tified areas for improvement in the feasibility study outside of any metallurgical tweaks. “There are exciting ideas in the works,” Thomas says. “We’re looking at a ridge-top heap-leach facility design, an alternate access route to the project and a new power source. We’re targeting just over 2 million oz. of primary mineralization across our current pits. It’s a simple layout and everything we’re doing is based on tried-and-true technologies. The fact we don’t require a mill or tailing facilities should hopefully make permitting quite straightforward.” Common knowledge tends to indicate that cold-weather heapleach processes perform better when installed in valleys, since the set-up helps miners shield infrastructure from natural exposures. Kaminak studied alternatives, however, and determined that a ridge-top model would benefit Coffee’s operations, due to the topography and mine sequencing. The intention is to mine and leach all year-round, but the company won’t stack ore on the heap pads in the coldest winter months. Kaminak is also looking at the current hot topic in the Yukon — liquified natural gas — and hoping a new road route will lower development costs. The transportation plan had been to piggyback on the Freegold road through Western Copper and Gold’s (TSX: WRN; NYSE-MKT: WRN) bulk-tonnage Casino project, which comes within 30 km of Cof-

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PHOTO BY MATTHEW KEEVIL

Trenches at the Latte deposit, where Kaminak collected samples for recent column-leach testing.

fee. Kaminak realized that Casino might hit construction too late, however, and management searched for alternate access points. After analyzing nine options, Kaminak settled on a northern route that would connect Coffee to the historic town of Dawson City. The proposed road is 190 km long — more than 160 km of which already exists as public road, with some parts needing an upgrade to meet transportation and safety specifications. Both the Stewart and the Yukon rivers transect the route and will be crossed via ferry while the river flows, and via ice bridge when it’s frozen. “It wasn’t a simple matter of hitching Coffee to [the Casino] wagon, because we have different logistic needs and different First Nation politics,” Thomas says, as she points out the area where the road would access Kaminak’s camp. “It actually surprised us that this

would be cost effective, but there is already a road serving placer operations. We don’t need a twolane paved highway. Our needs are served by a forestry-style gravel road, since the only thing we’ll do is transport fuel and supplies to site,” she continued. Kaminak figures its feasibility budget will total US$36 million, and it will spend US$21 million at the project this year. But Thomas is quick to point out a major aspect that fi rst attracted her to Coffee: even greater exploration upside. Standing atop Kaminak’s proposed mine site, it’s not hard to understand why the company calls its 150 sq. km Coffee land position a prospective “district play.” Since making the initial discovery in 2010, Kaminak has drilled 16 separate and distinct gold zones, which were all discovered by drilling underneath gold-in-soil anomalies. “We’ve focused on what we see as

PHOTO BY MATTHEW KEEVIL

our initial mining opportunity, but we fully intend on getting back to that fundamental, grassroots exploration, because there are plenty of potential deposits and more ounces to be found on the property,” Thomas says during the helicopter ride back to camp. “We’re really stepping-out and trying to understand some of our regional potential. There are quite a few anomalies to the west, and that’s one area where we’ve really only scratched the surface. It’s going to be a big focus for us next year.” Kaminak closed a $22.5-million private placement in late October, wherein it issued 27.4 million units, with each unit comprised of a share and a warrant exercisable at $1.05 for two years. Shares have traded within a 52-week range of 61¢ to $1.15, and last closed at 79¢ per share. Kaminak has 171.2 million shares outstanding for a $137-million market capitalization. TNM

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GLOBAL MINING NEWS

THE NORTHERN MINER /

A panoramic view of Lydian International’s Amulsar gold project in southern Armenia, 170 km south of the capital Yerevan.

NOVEMBER 30 –DECEMBER 6, 2015

LYDIAN INTERNATIONAL

Lydian streamlines Amulsar plans to ease capital burden GOLD DEVELOPMENT

| Lower capex foreseen at proposed heap-leach mine in Armenia “THE TRADITIONAL SOURCES OF PROJECT FINANCING ARE INSUFFICIENT, WHICH HAS CAUSED US TO LOOK FOR ALTERNATIVE CAPITAL SOURCES.”

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

ydian International (TSX: LYD; US-OTC: LYDIF) knows it has to adjust expectations at its wholly owned Amulsar gold project in south-central Armenia if it wants to secure development funding under current market conditions. To that end, the company has been revising and squeezing greater efficiencies out of its mine plan. In mid-November Lydian tabled a “value engineering and optimization study” at Amulsar that is part of a year-long effort to lower anticipated capital expenses without sacrificing operating costs or annual gold production. Lydian president and CEO Howard Stevenson said during a conference call that he set out a capitalsavings goal of US$50 million and, based on the study, the Lydian team should be happy with the results. Under Lydian’s revised mine plan, anticipated pre-production capital costs dropped 13% to US$370 million, while all-in sustaining costs decreased 17% to US$585 oz. gold. The company hopes that faster after-tax cash flows of US$567 million over the first five years will support quick payback of project debt and financing. The operation could produce 211,000 oz. gold per year. Amulsar is an epithermal-type gold deposit, 170 km south of the Armenian capital of Yerevan. Proven and probable reserves stand at 97 million tonnes grading 0.78 gram gold per tonne and 3.63 grams silver per tonne for 3.6 million contained oz. gold and 11.3 million contained oz. silver. Measured and indicated resources total 122 million tonnes at 0.77 gram gold per tonne and 3.5 grams silver per tonne, for 3 million contained oz. gold and 13.9 million contained oz. silver. Lydian is planning a heap-leach operation at Amulsar that would see it mine 10 million tonnes of mineralized material per year from three open pits. The leach pad would be built in three phases with a total ore-stacking capacity of 104 million tonnes over a decade-long project life. “Our work started [in the second quarter] with the metallurgical program, which led to design changes in the process plant,” Stevenson said. “Our success resulted from a lower strip ratio and reduced volumes of key consumables, and we’ve kept overall gold production at previous levels. The impact is improved headline economics, despite a drop in gold price. I’d also point out the orebody remains

HOWARD STEVENSON PRESIDENT & CEO, LYDIAN INTERNATIONAL

open, with strong upside potential.” One of Lydian’s big wins came from its metallurgical test work, which determined Amulsar’s ore could be crushed to a coarser grind without hurting recoveries. That helped the company eliminate three of five cone crushers from the secondary and tertiary circuits, while lowering doubledeck screens from five to three. The primary gyratory crusher would be replaced by a jaw crusher, and overall gold recoveries would improve to 87%.

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Ministry of Energy and Natural Resources in late 2014. Stevenson said the design changes require amendments to the environmental impact assessment at Amulsar as well as more public consultations. But he says this will add no more than four months to the timeline. BMO Capital Markets analyst Andrew Breichmanas noted that “optimization of Amulsar continues to improve economics and defi ne an attractive heap-leach development project, while progress with permitting demonstrates the level of stakeholder support. We had expected a smaller crushing facility to reduce plant capital, but mine sequencing also appears to have enabled a staged approach to mine fleet additions.” BMO Research has an “outperform” rating on Lydian and a 50¢-per-share target price. Lydian shares have traded within a 52-week window of 22¢ to 70¢, and closed at 24.5¢ per share at press time. The company reported US$8.7 million in working capital at the end of September. There are 185 million shares outstanding for a $45.2-million market capitalization. TNM

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Planned infrastructure would also be relocated to consolidate the facility’s footprint and “improve constructability and operability.” The adjustments include moving the main haul road and getting rid of a second power substation. Stevenson added that Lydian wants to cut “direct capital expenditures” without moving the burden into operating costs. The company also benefits from crude oil prices and cyanide consumption that are materially lower under the new mine plan.

Lydian will see a boost in economics compared to its previous feasibility study. Assuming US$1,250 per oz. gold, Amulsar features a US$438-million after-tax net present value (NPV) at a 5% discount rate, along with a 25.7% internal rate of return (IRR). Under the previous study the project had a US$306million NPV and 20.2% IRR. The company also gave economic parameters for lower gold prices. At US$1,150 per oz., Amulsar has a US$338-million NPV at a 5% discount rate, with a 21.6% IRR. “The big question is how we’re planning to finance this build in the current market. Obviously the traditional sources of project financing are insufficient, which has caused us to look for alternative pools of capital,” Stevenson said. “We continue to work on a structured finance package that may include: senior debt, a stream, equipment finance and equity. Our objective is to finance most of the initial capital to leave a much-reduced public offering gap we believe is achievable.” The second apropos topic is whether the mine plan impacts Lydian’s permitting, since the company received its mining-right clearances for the project from the Armenian

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NOVEMBER 30 –DECEMBER 6, 2015 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

O P- E D

Chaos ensnarls Minera IRL

BC Court declines jurisdiction in Garcia v. Tahoe

BOARDROOM BATTLE

| Showdown at EGM on Nov. 26

ith Minera IRL shareholders only days away at press time from possibly voting out the company’s entire board of directors, the saga of the ill-fated, Lima-based junior gold miner is a reminder of just how quickly things can turn sour working in a developing country like Peru. BY JOHN CUMMING Founded in 2000 by Newcrest Mining alumnus jcumming@northernminer.com Courtney Chamberlain, Minera IRL started 2015 on top of the world, despite the prolonged downturn in gold prices. In previous years it had advanced and sold a gold discovery in Argentina’s Patagonia region, ingeniously extended the life of the small but profitable Corihuarmi heapleach gold mine in central Peru and used cash flow from the mine to drill and develop the much larger and highly promising Ollachea gold project in southeastern Peru beside the artisanal mining town of Ollachea, high in the Andes near the western edge of the Peruvian jungle. The epitome of the best in Australian mining, the gentlemanly Chamberlain was the heart and soul of the company. As executive chairman and CEO he brought all he learned as a top manager at Newcrest, and applied it to his creation Minera IRL, which he insisted be based in Lima, and have most of its management team living there to forge close relationships with Peruvians, and be near the company’s operations. Minera IRL had its shares traded in London, Toronto and Lima, and had an experienced, international management team. But Chamberlain’s passing after an illness, announced on April 20, 2015, showed just how critical he was to keeping the company on track. The financially savvy Canadian mining executive Daryl Hodges — who joined Minera IRL’s board in February 2014, presumably for his skills in helping to obtain financing for Ollachea — was unexpectedly tossed into the executive chairman role at Mineral IRL in March 2015, as Chamberlain’s illness forced his withdrawal from the company. May 5, 2015, was another milestone, with Peruvian lawyer Diego Benavides, the executive president of Minera IRL Ltd.’s Peruvian subsidiary Minera IRL S.A., being appointed interim CEO of the parent company Minera IRL Ltd. On June 8, with Hodges as chairman and Benavides as interim CEO, Minera IRL Ltd. announced a US$70-million bridge loan structured by the Peruvian state-owned development and promotion bank Corporación Financiera de Desarrollo S.A. (better known as “Cofide”), and syndicated through Goldman Sachs Bank USA. The loan had been pitched as “the first step towards a senior project credit finance facility of up to US$240 million.” At that point, a civil war effectively engulfed Minera IRL Ltd., with the board and management team running the parent company pitched against an insurgent group led by Benavides, who tightened control over the Peruvian subsidiary Minera IRL S.A., and agitated much of the local Ollachea community against the parent company. If you want a glimpse into how nasty the battle has become, have a look at Minera IRL Ltd.’s string of press releases versus the ones from Minera IRL S.A., which are posted at www.minerairlshareholders.com. Aug. 24 was another fateful day, with Minera IRL Ltd.’s board voting unanimously to remove Benavides as interim CEO of Minera IRL Ltd., and announcing the company was “investigating allegations of impropriety received through its recently implemented and independently managed Whistleblower hotline.” Indeed, doubts were then raised about the terms of the entire US$70-million financing. Three days later Hodges was the next casualty, by not winning reelection to his chairman role at the company’s annual general meeting. Flash forward to today, and Minera IRL Ltd. trades on no exchange, work has a stopped at Ollachea and the company has a new chairman the form of respected Peruvian lawyer Jaime Pinto. But the parent company has lost financial control over the Peruvian operations to the Benavides-led local subsidiary, which has its hands on both the cash flow from the mine and the bridge loan sitting in the bank. Tellingly, Pinto has never been to Ollachea. Worse, the local subsidiary is benefitting from the increasing lack of transparency, as Minera IRL devolves further and further away from being a publicly traded company run to international standards, and morphs into a private fiefdom of a few well-connected Peruvians. The extraordinary general meeting to be held in Toronto on Nov. 26 is the last chance for Minera IRL Ltd. to be rescued as a viable public company by its current slate of directors. If the Benavides-led group wins the day, Minera IRL Ltd. will quietly disappear into Peru’s mountains and jungles as the potential riches of the Ollachea gold project are squandered, and the town of Ollachea will ineluctably return to its centuries-long roots as a small-minded artisanal mining community, rather than an emerging modern mining camp. TNM

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

Mining Jobs . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . . . . . 12-13 Stock Tables . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Bacanora Minerals . . . . . . . . . . . . . . . . . 13 Bannerman Resources . . . . . . . . . . . . . . 16 Barrick Gold . . . . . . . . . . . . . . . . . . . . . . 11 Cliffs Natural Resources . . . . . . . . . . . . . . 5 Freeport-McMoRan . . . . . . . . . . . . . . . . 14 Kaminak Gold . . . . . . . . . . . . . . . . . . . . . . 1

Kirkland Lake Gold . . . . . . . . . . . . . . . . . 1 Lucara Diamond . . . . . . . . . . . . . . . . . . . . 5 Lydian International . . . . . . . . . . . . . . . . . 3 Lydian International . . . . . . . . . . . . . . . . . 5 Petra Diamonds . . . . . . . . . . . . . . . . . . . . . 5 Rare Earth Minerals . . . . . . . . . . . . . . . . . 5

LEGAL ANALYSIS

| Court says the case should be heard in Guatemala

BY KEVIN O’CALLAGHAN, DANI BRYANT AND ZACH ROMANO Special to The Northern Miner

n Nov. 10, 2015, the British Columbia Supreme Court (BCSC) declined jurisdiction and stayed the plaintiff ’s action in Garcia v. Tahoe Resources Inc., 2015 BCSC 2045, in which seven Guatemalan citizens attempted to sue the Canadian parent company of a Guatemalan subsidiary for a shooting. The shooting was allegedly committed by private security personnel employed at a mine in southeast Guatemala. Case Background Tahoe Resources is a mining company incorporated under the laws of B.C. Tahoe conducts its annual general meeting in Vancouver, B.C., but is headquartered in Reno, Nev. Tahoe has no officers or employees in B.C. Three of Tahoe’s directors reside in B.C, two reside in Ontario and the majority reside in Reno. Tahoe’s subsidiary, Minera San Rafael S.A. (MSR), owns the Escobal mine in San Rafael Las Flores, Guatemala. On June 18, 2014, seven Guatemalan men commenced legal action in B.C. against Tahoe for injuries they suffered when they were allegedly shot at close range by Tahoe security personnel while protesting peacefully on the road outside the gates of the Escobal mine. The plaintiffs alleged that Tahoe was liable — either directly or vicariously — for battery, and directly for negligence. The plaintiffs plead that Tahoe expressly or implicitly authorized the use of excessive force by its security guards or, in the alternative, was negligent in preventing or failing to prevent the security guards from using excessive force. The plaintiffs claimed that Tahoe owed them a duty of care since it knew that the security personnel failed to adhere to Tahoe and MSR’s corporate social responsibility policies, and was aware of the internationally accepted standards on the use of private security personnel to which Tahoe had committed. On July 9, 2014, Tahoe filed a jurisdictional challenge, seeking to have the court exercise its discretion to refuse to hear the case and stay the proceeding. The jurisdictional challenge was filed on the basis that the case is more appropriately tried in Guatemala, where the actions in question took place.

BCSC Decision he court sided with Tahoe, holding that Guatemala is clearly the more appropriate forum to determine the issues in dispute. In reaching this decision, the court found the following factors persuasive: • None of the evidence relating to the events alleged in the notice of civil claim is located in B.C. • Both the alleged battery and the alleged breach of the duty of care on the part of Tahoe occurred in Guatemala, or possibly Nevada. • All of the plaintiffs reside in Guatemala, where their injuries

and losses occurred. • None of the plaintiffs speak English. All of the records required to assess their claims for damages are in Guatemala, and most, if not all, are in Spanish. Most, if not all, of the witnesses will have to travel to Vancouver from Guatemala and Reno, and many will only speak Spanish. Obtaining and translating evidence would be inconvenient and considerably lengthen the trial. • Tahoe is incorporated in B.C. but does not carry on its operations in the province. The majority of Tahoe’s management and staff, who might be called as witnesses, live and work in Reno, Nev. The majority of Tahoe’s documents will be in Nevada. • All of MSR’s employees are resident in Guatemala or Reno, and MSR carries on business in Guatemala. • Both Tahoe and MSR could be held vicariously liable under Guatemala law. Despite any imperfections of the Guatemalan justice system, the remedies sought by the plaintiffs are available in Guatemala. • Since litigation has already been commenced in Guatemala seeking damages arising out of the same incident (despite Tahoe not currently being a party to that proceeding), there is risk of duplicative proceedings or conflicting decisions if the British Columbia Supreme Court were to take jurisdiction. • There is no evidence to suggest that the plaintiffs would not be able to enforce a foreign judgment awarded by a Guatemalan court in B.C. The plaintiffs’ claim against Tahoe attempted to find Tahoe directly liable, either by piercing the corporate veil or in negligence — a novel legal claim that that has yet to be tested in Canadian courts. The plaintiffs argued that they would not be able to advance such claims against Tahoe in Guatemala. Though the BCSC did not need to address the merits of these claims, the court did note that it was “far from clear” that such a claim would succeed. Conclusion This case reflects recent efforts in Canada to pursue the novel claim of parent company responsibility for the actions of its subsidiaries overseas. Although the court in this case held that it is “far from clear” that such a claim would succeed, it remains to be seen whether — in circumstances where Canadian jurisdiction was accepted — a Canadian court would hold a Canadian parent company liable in negligence, or by piercing the corporate veil for alleged wrongdoings committed by a foreign subsidiary. Kevin O’Callaghan is a partner and co-chair of Fasken Martineau’s Corporate Social Responsibility Law Group. Dani Bryant is a litigation associate. Zach Romano is an articling student. All three are based at Fasken Martineau’s Vancouver, B.C., office.

15-11-24 7:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER /

NOVEMBER 30– DECEMBER 6, 2015

Lucara finds 1,111-carat diamond in Botswana MAKING HISTORY

Teck cuts jobs, dividend MET COAL

| Miner eyes $650M in savings next year

iversified miner Teck Resources (TSX: TCK.B; NYSE: TCK) is slashing jobs and lowering its dividend to protect its liquidity amid the commodity price collapse. The senior producer of metallurgical coal, copper and zinc employs 10,000 but will cut another 1,000 positions across its global offices, operations and senior management. This will bring its total reductions to 2,000 in the past 18 months. To keep its financial flexibility, Teck aims to reduce total spending in 2016 by $650 million. Of that, $350 million will be in capital expenditures and deferrals, and $300 million in operating savings. “Active cost reduction is an appropriate and generally welcome response during commodity price downturns,” BMO analyst Aleksandra Bukacheva notes. Teck is also suspending its phase two extension at the Coal Mountain mine in B.C., with mining at the operation expected to wrap up in late 2017. Teck could replace phase two’s estimated annual coal production of 2.3 million tonnes by optimizing output at its five other steelmaking-coal mines in Canada. Shelving the Coal Mountain extension was largely anticipated after Teck implemented three-week rotat-

“ACTIVE COST REDUCTION IS AN APPROPRIATE AND GENERALLY WELCOME RESPONSE DURING COMMODITY PRICE DOWNTURNS.” SASHA BUKACHEVA MINING ANALYST, BMO

ing shutdowns at its metallurgical coal mines in July, noting it would take more action in the fourth quarter if market conditions didn’t turn for the better. Teck has lowered its semi-annual dividend for December to 5¢ per share, down from 15¢ per share in July. This is the second dividend cut this year, after decreasing its July payout to 15¢ per share from 45¢ earlier, Raymond James’ analyst Mike Plaster says. “The dividend cut and further cost reduction efforts aren’t really a surprise, given the continued price weakness for met coal and other commodities,” he adds. Although Plaster expected another dividend cut, he assumed Teck — after generating $1 billion

in cash from the recent streaming deals on the Antamina and Carmen de Andacollo mines — would delay until 2016. Plaster and Bukacheva agree it was a prudent move, and could save Teck $110 million to $115 million annually. Bukacheva says the cost savings could protect Teck’s margin from more commodity price declines and improve its balance sheet, as it develops the Fort Hills oilsands project in Alberta. At the end of the third quarter, Teck had $1.8 billion in cash, and $1.5 billion left as its minority share of construction costs at Fort Hills. While Teck is set to release its 2016 capital budget in February, Bukacheva notes she previously forecasted capital spending next year of $1.8 billion, which is $300 million below 2015. Given the announced $350-million cut, she says the company’s 2016 capital budget could be in line with her estimate. Plaster estimated Teck’s original 2016 budget would be higher at $2.2 billion. Both analysts remain cautious of Teck’s valuation in the low commodity-priced environment. Bukacheva has a $9 target price and a “market perform” rating, while Plaster has a $10.50 target and a “hold” recommendation. TNM

| Junior recovers world’s secondand sixth-largest stones at Karowe

ucara Diamond (TSX: LUC; US-OTC: LUCRF) has made history by unearthing the second-largest diamond ever found in the world from its flagship Karowe diamond mine in Botswana. The find — a 1,111-carat gemquality, Type-IIa diamond — is the largest diamond recovered on record in more than 100 years, following the 3,106-carat Cullinan diamond, discovered in 1905 in South Africa. “The news is not just exciting for us, it seems to be exceptionally exciting for both the investment community as well as the diamond sector,” CEO William Lamb said on a conference call. Emphasizing the rarity of the discovery, Lamb noted that in the past 100 years, there have been 4 to 5 billion carats discovered, with no diamond surpassing 1,000 carats. “This is truly significant if you look at the probability and statistical numbers associated with this recovery,” he says. Put t i ng a pr ice tag on t he 1,111-carat diamond is “really not possible,” as it is almost twice the size of any other gem-quality stone previously sold through a public company, Lamb said. The debt-free company, which ended September with a US$123million cash position, is in no hurry to sell the diamond. It still needs to analyze the stone, before deciding how to best market and sell it to maximize value. Despite the perceived weakness in rough diamond prices, the appetite for large stones remains strong. A high-quality, 300-carat stone that would fetch up to US$60,000 to US$65,000 per carat two to three

years ago would sell for the same price today, Lamb said. “I’m already getting emails that say: ‘Is the stone for sale?’ which is a great thing to see, because it just shows there is definitely demand for this type of stone.” A day after announcing the discovery, the company reported finding two more large white diamonds from its Karowe mine, weighing 813 carats and 374 carats before cleaning. “The 813-carat diamond actually sits at number six on the list of the largest gem-quality stones ever recovered,” Lamb said. All three stones are from Karowe’s South Lobe and were recovered through the new large diamondrecovery XRT machines, which can retrieve stones of up to 90 mm. The 1,111-carat diamond measures 65 by 56 by 40 mm. BMO analyst Edward Sterck concedes it is difficult to estimate the value of the “extraordinary diamond,” considering the valuation depends on the stone’s colour, clarity, cut and polish. In July, Lucara sold a 341.9-carat, Type-IIa diamond for US$20.6 million — or roughly US$60,000 a carat — in its first special tender of the year. In 2010, Petra Diamonds (LSE: PDL) sold a 507-carat white diamond for US$35 million, or US$69,000 a carat. “The bigger the diamond, the more it is worth per carat,” Salman Partners analyst Raymond Goldie writes. “Big stones can pay the rent for months [or maybe years, in Karowe’s case].” Lucara closed Nov. 23 at $2.15, after gaining 49¢, or 30%, after the previous week’s discoveries. TNM

Lucara Diamond has pulled out a massive diamond from the south lobe of its Karowe mine in Botswana. The stone weights 1,111 carats and is classified as a Type-IIa gemquality diamond. Measuring 65 x 56 x 40 mm, Lucara says it is the second-largest gem-quality diamond ever recovered. LUCARA DIAMOND

Cliffs shutters Northshore amid weak iron ore demand

liffs Natural Resources (NYSE: CLF), the largest U.S.based iron ore producer, is temporarily closing its Northshore Mining operation in Minnesota by Dec. 1, to reduce its record-high iron ore inventory levels amid weaker iron ore demand in the U.S., and globally. The company will lay off most of its 540 employees at the Northshore iron ore mine in Babbitt and taconite pellet processing plant in Silver Bay. The Cleveland-headquartered producer intends to keep 70 employees through the shutdown, expected to last until March 2016. It will retain another 20 employees through January to help ship the remaining pellets, Cliffs’ director of corporate communications Patricia Persico says. Northshore is the second opera-

_TNM Nov 30 2015 pgs 1 2 3 4 5 11 13 14 16.indd 5

STEEL DUMPING

| 540 employees in Minnesota left in the lurch

“THE DOMESTIC PRODUCERS ARE JUST NOT PRODUCING STEEL, AND OUR PRODUCT GOES INTO STEELMAKING — THE IRON ORE PELLETS.” PATRICIA PERSICO DIRECTOR OF CORPORATE COMMUNICATIONS, CLIFFS NATURAL RESOURCES

tion in Minnesota Cliffs has temporarily closed in recent months. In August the miner halted its United Taconite operation, comprising the mine in Eveleth and processing plant in Forbes. The move affected 420 employees. “We’ve got a lot of inventory on the ground,” Persico says, explaining that an influx of foreign steel in the U.S. — due to slowed growth in China — has flooded the market with steel.

“The domestic producers are just not producing steel, and our product goes into steelmaking — the iron ore pellets.” As a result, Cliffs’ domestic steelmaking customers have reduced their demand, leaving the company with a seasonally high level of pellet inventory. Cliffs expects to idle both the Northshore and United Taconite operations through the first quarter of 2016. It notes that restarting operations

will depend on market conditions and the outcome of the trade cases that six U.S.-based steelmakers have filed against several countries — including China, India, Italy, South Korea and Taiwan — for “dumping” steel at below-market prices into the U.S. “As soon as the unfairly traded steel problem subsides and domestic steel production recovers to normal levels, we will immediately ramp-up iron ore pellet production by bringing idled capacity back to operation,” Cliffs’ chairman Lourenco Goncalves said in a press release. Cliffs will continue to operate its Hibbing Taconite mine in Minnesota and the Tilden and Empire iron ore mines in Michigan at normal rates. While Cliffs’ cost expectations this year are unchanged, it is lower-

ing its 2016 cost guidance despite reducing tonnage. It expects cash production costs of US$50 to US$55 per ton and cash cost of goods sold to range between US$60 and US$65 per ton next year. This includes US$9 million per month in idling costs for the Northshore and United Taconite mines. Cliffs — whose Canadian iron ore subsidiary filed for bankruptcy in January — has tightened its purse strings while iron ore prices plunge due to oversupply and weak Chinese demand. In November, iron ore prices fell to a four-month low of US$47 per tonne, down from US$75 per tonne a year ago. Cliffs shares fell 12% to finish Nov. 17 at US$2.36, on 8.3 million shares traded. The company's share price has fallen 66% year-to-date. TNM

15-11-24 7:28 PM

WWW.NORTHERNMINER.COM

NOVEMBER 30–DECEMBER 6, 2015 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 13–19 Canada’s benchmark index rose 2.6%, or 346.65 points, to finish at 13,473.83, a strong recovery from the triple-digit loss it posted during the previous trading period. Gold fell to US$1,065.18 per oz. — its weakest point since February 2010 — before finishing at US$1,081.80 per oz. Silver touched a low of US$14.08 per oz., its worst since late August, while platinum hit its lowest level since December 2008 at US$845 per oz. The S&P/TSX Capped Diversified Metals & Mining Index fell 0.3% to 362.73; the S&P/TSX Global Mining Index rose 2.5% to 46.15; and the S&P/TSX Global Gold Index gained 2.7% to 126.43. A friendly business combination with Kirkland Lake Gold sent shares of St Andrew Goldfields up 17.1% to 41¢ per share, and shares of Kirkland Lake Gold down 59¢ to $4.77. The US$178-million deal will create an intermediate gold producer with four mines and two mills in Ontario’s Timmins and Kirkland Lake gold camps. The combined company will produce between 260,000 and 310,000 oz. gold next year at cash costs of US$600 to US$690 per oz. Good quarterly results lifted Tahoe Resources $1.18 to $11.26 per share. In the three months ended Sept. 30, the company reported net earnings of US$13.3

million, or 6¢ per share. Tahoe ended the quarter with US$110.6 million in cash and equivalents. All-in sustaining costs net of by-product credits were US$9.72 per oz. silver produced and US$729 per oz. gold produced. The company also reported that it set a quarterly production record of 5.8 million oz. silver at its Escobal mine in Guatemala, and that its Shahuindo mine construction in Peru is on track for the first gold pour early in 2016. Shares of B2Gold were the most traded, and gained 5¢ to $1.44. In the third quarter the company reported a net of loss of US$13.6 million, or 2¢ per share, compared to a net loss of US$274.1 million, or 39¢ per share, in the same quarter of 2014. (The net loss in the 2014 quarter included TSX MOST ACTIVE ISSUES VOLUME

WEEK (000s)

B2Gold First Quantum Orbite Alumnae Teck Res B Barrick Gold Eldorado Gold St Andrew Gldf Goldcorp Yamana Gold Lake Shore Gld

BTO FM ORT TCKB ABX ELD SAS G YRI LSG

HIGH

21476 1.49 17856 5.41 17135 0.50 14818 6.64 12862 10.32 11731 4.34 11142 0.44 10063 16.36 8972 2.60 8828 1.10

LOW

CLOSE CHANGE

1.36 1.44 + 0.05 4.90 5.24 - 0.02 0.41 0.48 - 0.02 5.95 6.29 + 0.02 9.22 9.63 - 0.43 4.01 4.27 + 0.04 0.35 0.41 + 0.06 15.05 15.83 + 0.16 2.35 2.51 + 0.16 1.01 1.05 - 0.02

B2Gold is on track to meet the lower end of its 2015 production guidance of 500,000 to 540,000 oz. gold — including pre-commercial production from its Otjikoto mine in Namibia. Consolidated cash-operating costs in 2015 are an anticipated $630 to $660 per oz., (down from US$680 per oz. in 2014), with all-in sustaining costs from US$950 to US$1,025 per oz.

a US$298.4-million impairment charge, after lower long-term gold price assumptions in the company’s life-of-mine plans for its goodwill and investment in the Gramalote joint venture.) Adjusted net income in the three months ended Sept. 30 was US$2.2 million, or $0.00 per share, compared to an adjusted net loss of US$4.2 million, or negative 1¢ per share, in the third quarter of 2014. TSX GREATEST PERCENTAGE CHANGE VOLUME

Wallbridge Mng St Andrew Gldf Laramide Res Orosur Mng Canadn Zinc Orbit Garant D Stornoway Diam Gran Colombia Tahoe Res Starcore Int V MDN Inc Trevali Mng Stonegate Agri Argex Titanium Rubicon Mnrls Freegold Vent Dynasty Met&Mn Geologix Ex Solitario Ex&R Redhawk Res

WEEK (000s)

WM SAS LAM OMI CZN OGD SWY GCM THO SAM MDN TV ST RGX RMX FVL DMM GIX SLR RDK

HIGH

LOW

445 0.04 0.03 11142 0.44 0.35 953 0.20 0.16 96 0.15 0.11 371 0.08 0.07 178 0.79 0.62 1308 0.78 0.68 92 0.23 0.14 3229 11.63 10.25 306 0.10 0.09 206 0.03 0.02 4825 0.45 0.32 404 0.02 0.02 1933 0.06 0.05 5223 0.23 0.17 135 0.12 0.10 699 0.25 0.20 1720 0.03 0.02 23 0.60 0.57 224 0.05 0.05

TSX GREATEST VALUE CHANGE

CLOSE CHANGE

0.03 0.41 0.18 0.15 0.08 0.75 0.76 0.18 11.26 0.10 0.02 0.32 0.02 0.05 0.17 0.10 0.20 0.02 0.57 0.05

+ + + + + + + + + + -

20.0 17.1 16.1 16.0 15.3 13.6 13.4 12.9 11.7 11.1 33.3 27.2 25.0 23.0 20.9 20.8 20.0 20.0 18.5 18.1

Tahoe Res Franco-Nevada Agrium Royal Gold Imperial Metal Silver Wheaton Potash Cp Sask Major Drilling Agnico-Eagle Russell Metals Kirkland Lk Gd Energy Fuels Barrick Gold Labdr I-Ore Ro Guyana Gldflds Klondex Mns Lucara Diam Centerra Gold Horizns G Bear Silver Std Res

THO FNV AGU RGL III SLW POT MDI AEM RUS KGI EFR ABX LIF GUY KDX LUC CG HGD SSO

WEEK VOLUME

3229251 1408986 1608697 23226 47803 2841866 7042138 175841 2681470 940372 1760713 328572 12862146 853768 1566130 1112433 1041600 2023623 4738280 1575092

11.26 63.56 126.00 48.68 7.55 16.88 27.33 4.78 35.10 19.08 4.77 2.84 9.63 14.77 2.65 2.80 1.61 7.02 14.03 6.66

CHANGE

+ + + + + + + + + + -

1.18 1.07 1.04 0.75 0.68 0.55 0.39 0.38 0.35 0.24 0.59 0.43 0.43 0.37 0.28 0.24 0.23 0.22 0.21 0.20

TSX VENTURE EXCHANGE / NOVEMBER 13–19 The S&P/TSX Venture Composite Index dropped 3.28 points en route to a 520.65-point weekly close. Canadian markets are finding it hard to generate positive momentum amid a prolonged slump in commodity prices. Meanwhile, Statistics Canada reported retail sales fell 0.5% in September to $43 billion, and industrial production struggled for a second straight month, after registering a 0.2% decline in October. In international economic news, the Federal Reserve reported that U.S. manufacturing output rose 0.4% last month. December contracts for gold bullion hit a four-month low after dropping US$4.40 en route to a US$1,076.40 per oz. close. January contracts for West Texas Intermediate lost US35¢ before fi nishing at US$40.39 per barrel. Copper futures took another beating, as March contracts for the red metal lost 5%, or US11.6¢, en route to a US$2.05 per lb. close. Honey Badger Exploration led the volumetraded category after releasing a field update at its LG Diamonds project in the James Bay region of Quebec. The company saw over 9 million shares change hands before it closed up 1¢, at 2¢ per share. On Nov. 19 Honey Badger reported that it had done a “preliminary analysis” of historic

geophysical data at LG, with seven potential kimberlite targets on the property. The company says anomalies LG-2, LG-13 and LG-23 are “high-priority” targets due to “circular shapes, steep walls and shallow depths that are characteristic of kimberlites.” The targets coincide with kimberlite indicators found in nearby lake sediments. Nighthawk Gold had a busy week after reporting a private placement valued at $850,000. The company lost 2¢ on 5.8 million shares traded, before closing at 5¢ per share. On Nov. 20 Nighthawk reported it had closed a private placement offering of secured notes that pay interest at a fixed rate of 12% annually. Note holders were also issued an aggregate 3.4 million purchase warrants, exercisable at 15¢ per share through May 2017. TSX-V MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

LOW

Honey Badger E TUF Equitas Res EQT Nighthawk Gold NHK Zadar Vent ZAD Graphite One R GPH Metanor Res MTO Durango Res DGO Nemaska Lith NMX Canadn Int Mnl CIN Superior Coppr SPC

9349 6095 5788 5239 4799 4731 4272 3866 2919 2914

0.02 0.14 0.07 0.03 0.10 0.04 0.08 0.43 0.04 0.02

0.01 0.10 0.04 0.01 0.09 0.03 0.03 0.37 0.02 0.02

CLOSE CHANGE

0.02 0.13 0.04 0.02 0.10 0.04 0.06 0.43 0.03 0.02

+ + + + + + +

0.02 0.02 0.03 0.02 0.02 0.01 0.03 0.04 0.01 0.00

After the transaction, Northfield Capital held a 15.6% equity stake in the company on a non-diluted basis. Nighthawk recently completed a 3,000-metre drill program at its Indin Lake gold property in the Northwest Territories. Callinex Mines was on the rise after unveiling exploration plans for its wholly owned Pine Bay volcanogenic massive sulphide

(VMS) project near Hudbay Minerals’ 777 mine and processing facilities in Flin Flon, Man. Callinex shares jumped 7¢ on 703,000 traded, before finishing at 30¢ per share. On Nov. 16 Callinex said it would drill 10,000 metres at Pine Bay in 2016. The company aims to follow up on its VMS discovery near the Sourdough deposit.

TSX-V GREATEST PERCENTAGE CHANGE VOLUME

Honey Badger E Zadar Vent Remington Res Castillian Res Goldcliff Res TNR Gold Vendome Res Canadn Silvr H Cassius Vent Castle Peak Mg Advance Gold Angel Gold Sniper Res Actus Mnls Zinco Mng Mindoro Res Hinterland Mtl Indigo Expl Nomad Ventures Pac Casc Minls

TUF ZAD RGM CT GCN TNR VDR AGH CZ CAP AAX ANG SIP AAC ZIM MIO HMI IXI NMD PCV

WEEK (000s)

HIGH

LOW

9349 5239 470 133 1944 447 101 10 14 284 22 232 1469 158 258 86 200 19 290 95

0.02 0.03 0.03 0.05 0.01 0.03 0.01 0.02 0.02 0.01 0.01 0.05 0.04 0.03 0.02 0.01 0.02 0.01 0.02 0.01

0.01 0.01 0.02 0.03 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.02 0.02 0.03 0.05 0.01 0.02 0.01 0.02 0.02 0.01 0.01 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01

+ 300.0 + 300.0 + 200.0 + 125.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 66.6 - 66.6 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Gresham Res Callinex Mines Karmin Expl Reservoir Mnls Transition Mtl Electra Gold Athabasca Mnls Nemaska Lith Olympic Res Sonoro Mtls Tsodilo Res McChip Res Titanium Corp Anfield Nickel Northern Vertx Millrock Res Noront Res Gobimin Kennady Diam Ascot Res

GRC CNX KAR RMC XTM ELT ABM NMX OLA SMO TSD MCS TIC ANF NEE MRO NOT GMN KDI AOT

2618227 703003 23768 120911 173500 806625 114070 3866157 29200 113000 13872 10000 199487 57945 466000 196435 600522 166000 19000 30250

0.73 0.30 0.24 4.20 0.12 0.09 0.30 0.43 0.19 0.09 0.57 0.57 0.90 0.63 0.14 0.17 0.41 0.35 2.60 1.05

CHANGE

+ + + + + + + + + + -

0.14 0.07 0.07 0.06 0.05 0.04 0.04 0.04 0.04 0.03 0.20 0.13 0.11 0.09 0.08 0.08 0.08 0.06 0.06 0.05

U.S. MARKETS / NOVEMBER 13–19 U.S. equities gained after the Federal Reserve signalled a possible December rate hike at its last policy meeting, suggesting the U.S. economy is getting stronger. The Dow Jones Industrial Average rose 1.6% to finish at 17,448.07, the S&P 500 Index climbed 1.7% to 2,081.24 and the Nasdaq Composite Index closed relatively flat at 5,073.64. The gold spot price in New York, however, dipped US$3.20 per oz. to US$1,081.80. Mexico-focused producer First Majestic Silver added nearly 6% to finish at US$2.98 per share. Quarterly revenues were US$44.7 million, up 10% from the same period last year. Net loss was US$1.8 million, or US1¢ per share, compared to a US9¢-per-share loss in 2014. Adjusted loss came in at US6¢ per share, slightly ahead of analysts’ estimates of negative US8¢ per share. Total production was relatively flat at 3.56 million equivalent oz. silver. Compared to last year cash costs dropped 16% to US$8.77 per oz. silver, and all-in sustaining costs fell 28% to US$14.41. As part of its cost-cutting, First Majestic laid off 180 personnel, and could lay off more by yearend. It narrowed its annual silver-equivalent guidance to 15.7 to 15.9 million oz., compared

_TNM Nov 30 2015 pgs 6.indd 6

to 15.3 to 17.1 million oz. It intends to make only low-cost ounces to boost free cash flow from operations. Rubicon Minerals shares slid more, dropping 22% to US13¢. In early November the company suspended underground development at its Phoenix gold project in Ontario, after trial stoping revealed a complex F2 gold deposit. After the suspension Rubicon reduced its workforce by 87%, or 310 personnel. On Nov. 12, it posted a third-quarter net loss of $29.4 million, or 7¢ per share, compared to last year’s loss of $25 million, or 7¢ per share. Cliffs Natural Resources plunged 19% to U.S. MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

Freeport McMo* FCX 126945 8.99 Alcoa* AA 118040 8.46 Barrick Gold* ABX 61038 7.74 Consol Energy* CNX 39493 8.35 Goldcorp* GG 33377 12.27 Teck Res B* TCK 32883 4.99 Kinross Gold* KGC 27123 1.91 Newmont Mng* NEM 26886 17.91 Vale* VALE 22849 4.01 Hecla Mining* HL 20653 1.99

LOW

CLOSE CHANGE

8.33 8.77 0.00 7.82 8.41 + 0.59 6.90 7.23 - 0.32 6.89 8.29 + 1.17 11.30 11.88 + 0.07 4.45 4.73 + 0.01 1.72 1.82 + 0.03 16.65 17.63 + 0.30 3.75 3.90 - 0.03 1.78 1.91 + 0.04

US$2.45 per share after announcing it would temporarily shut its Northshore Mining operation in Minnesota by Dec. 1 to lower its inventory, as iron ore demand has declined. The closure will put most of the 540 employees at Northshore at risk. This is the second iron

ore operation in Minnesota that the company has recently closed. It took the United Taconite operation offline in August. Cliffs expects to keep both operations closed throughout the first quarter of 2016, noting the restart will largely depend on market conditions.

U.S. GREATEST PERCENTAGE CHANGE VOLUME

Consol Energy* US Silica Hld* Tahoe Res* Timmins Gold* Yamana Gold* Alcoa* Alliance Rs P* Cabot Corp* B2Gold* First Majesti* Rubicon Mnls* Arch Coal* Cliffs Nat Rs* Rhino Res* US Energy* Minco Gold* Mines Managem* Tasman Mtls* Northern Dyn* Gold Fields*

CNX SLCA TAHO TGD AUY AA ARLP CBT BTG AG RBY ACI CLF RNO USEG MGH MGN TAS NAK GFI

WEEK (000s)

HIGH

LOW

39493 8.35 6.89 1405 20.31 17.06 1679 8.71 7.73 911 0.19 0.16 5335 1.95 1.77 118040 8.46 7.82 919 19.75 17.95 1734 42.00 39.53 8579 1.12 1.01 6541 3.07 2.75 6862 0.18 0.12 8343 1.53 1.14 20405 3.05 2.32 29 0.68 0.56 143 0.35 0.29 319 0.15 0.10 97 0.29 0.26 331 0.23 0.18 666 0.35 0.29 13654 2.34 2.04

U.S. GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

8.29 20.02 8.45 0.17 1.90 8.41 19.47 41.90 1.09 2.98 0.13 1.18 2.45 0.61 0.30 0.12 0.26 0.20 0.30 2.17

+ + + + + + + + + + -

16.4 11.9 11.4 11.1 7.9 7.5 7.4 5.9 5.8 5.6 21.6 18.6 18.6 12.8 11.7 11.7 10.3 10.3 9.9 8.0

Compass Mnls* CMP Cabot Corp* CBT US Silica Hld* SLCA Randgold Res* GOLD Alliance Rs P* ARLP Consol Energy* CNX Tahoe Res* TAHO Franco-Nevada* FNV Rio Tinto* RIO Alcoa* AA Soc Quim&M Ch* SQM Peabody Enrgy* BTU Cliffs Nat Rs* CLF Central GoldT* GTU Barrick Gold* ABX Mesabi Trust* MSB SunCoke Engy* SXC Arch Coal* ACI ASA (Bermuda)* ASA Gold Fields* GFI

219132 1734447 1405176 3384843 919482 39493416 1679467 3114379 3191694 118040351 3742896 2471516 20404872 325145 61038123 495486 1038826 8342628 708572 13654252

CHANGE

84.16 41.90 20.02 61.45 19.47 8.29 8.45 47.72 34.63 8.41 17.83 12.89 2.45 37.91 7.23 7.42 3.79 1.18 6.95 2.17

+ + + + + + + + + + -

2.83 2.36 2.14 1.51 1.35 1.17 0.87 0.65 0.64 0.59 0.86 0.62 0.56 0.39 0.32 0.31 0.28 0.27 0.24 0.19

15-11-24 5:55 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / NOVEMBER 30–DECEMBER 6, 2015

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, November 24, 2015 Precious Metals Price (US$/oz.) Gold $1073.00 Silver $14.14 Platinum $847.00 Palladium $548.00 Base Metals Nickel Copper Lead Zinc

PRODUCER AND DEALER PRICES Change -7.80 -0.11 -18.00 +7.00

Price (US$/tonne) $8645.00 $4563.50 $1602.50 $1573.50

Change +355.00 +74.50 +28.00 +29.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Novemberr 23, 2015 (change from November 16, 2015 in brackets): Aluminium Alloy 13160 (+720) Aluminium 2938075 (-34700) Copper 251125 (-11125) Lead 131425 (-3150) Nickel 412572 (-3456) Tin 4265 (-205) Zinc 549525 (-7225)

Thermal Coal CAPP: US$41.75 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$43.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Dec. 2015: US$42.42; Jan. 2016: US$43.80 Cobalt: US$10.66/lb. Copper: US$2.13/lb. Copper: CME Group Futures Dec. 2015: US$2.052/lb.; Jan. 2016: US$2.058/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$44.20/tonne Iron Ore Fines: US$53.16/tonne Iron Ore Pellets: US$71.04/tonne Lead: US$0.73/lb. Magnesium: US$1.99/kg Manganese: US$1.63/kg Molybdenum Oxide: US$4.90/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$14.09 per oz.; Handy & Harman Fabricated: US$17.61 per oz. Tantalite Ore: : US$132.41/kg Tin: US$6.71/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. 24, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

Largest short positions Lundin Mining LUN 39088920 First Quantum FM 35734602 New Gold NGD 32870049 PotashCorp POT 28520036 Kinross Gold K 27676875 B2Gold BTO 25841702 Teck Resources TCK.B 19383499 Yamana Gold YRI 18990513 Barrick Gold ABX 14542304 Thompson Crk Mtl TCM 12362437 Eldorado Gold ELD 10949746 Paramount Res. POU 9539282 Detour Gold DGC 9281424 Copper Mountain Mng CUM 8801992 Torex Gold TXG 7903495 Largest increase in short position First Quantum FM 35734602 New Gold NGD 32870049 Yamana Gold YRI 18990513 B2Gold BTO 25841702 Teck Resources TCK.B 19383499 Largest decrease in short position Sandstorm Gold SSL 1966530 PotashCorp POT 28520036 Denison Mines DML 3541736 Goldcorp G 5789628 Lake Shore Gold LSG 3336874

Largest short positions First Mining Finance FF 5735059 Nippon Dragon Res. NIP 1553000 Nemaska Lithium NMX 1024879 Sunridge Gold SGC 916000 Equitas Resources EQT 768000 Gold Reserve GRZ 580300 Golden Dawn Min. GOM 521000 Zenyatta Ventures ZEN 289000 Alabama Graphite ALP 283500 Aldever Resources ALD 274500 Majestic Gold MJS 232000 Storm Resources SRX 223518 Kilo Gold Mines KGL 216100 Nexgen Energy NXE 205458 Roxgold ROG 203881 Largest increase in short position First Mining Finance FF 5735059 Nemaska Lithium NMX 1024879 Sunridge Gold SGC 916000 Golden Dawn Min. GOM 521000 Aldever Res. ALD 274500 Largest decrease in short position Majestic Gold MJS 232000 PC Gold PKL 0 Bonterra Res. BTR 0 Falco Res. FPC 1000 Georox Res. GXR 700

121212 1643492 1575962 -1916895 267422 720251 433356 1421958 -890385 99475 -250055 -375456 -378632 128150 -155508 1643492 1575962 1421958 720251 433356 -3074136 -1916895 -1268914 -1164343 -1125095

2687659 -122000 1011479 915600 256300 90500 519800 -14000 14700 264500 -1107000 -19300 216100 -165542 -14600 2687659 1011479 915600 519800 264500 -1107000 -988000 -450000 -284000 -232500

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 23 13384.16 521.16 786.53 121.74 339.93 44.42 106.09

Nov 20 13382.38 520.65 790.68 122.14 353.88 44.77 107.21

Nov 19 13433.49 518.35 792.68 126.43 362.73 46.52 111.69

Nov 18 13473.83 520.78 787.00 123.48 368.41 45.48 108.05

Nov 17 13399.97 519.30 779.40 119.01 356.97 43.63 104.04

High 15524.75 792.27 905.09 195.63 832.42 82.19 211.23

Low 12705.17 509.03 750.26 114.48 339.82 42.72 101.28

DAILY METAL PRICES Date Nov 23 Nov 20 Nov 19 Nov 18 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1550/1555 1570/1575 1600/1605 1580/1585 Aluminum 1423.50/1434.50 1475.50/1487 1445.50/1461 1453.50/1473.50 Copper 4515/4499 4685/4652 4608/4599 4668/4655 Lead 1554/1560 1615/1623 1561/1574 1572.50/1582 Nickel 8150/5190 8895/8930 8880/8925 8950/9020 Tin 14520/14450 14790/14700 14550/14500 14650/14650 Zinc 1504/1525 1576.50/1592 1486.50/1504 1511/1533

1600/1605 1462.50/1479 4698/4682 1588/1598 9160/9175 14795/14720 1552.50/1572.50

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1068.35 1085.15 1073.10 Gold PM 1070.50 1081.75 1082.60 Silver 13.98 14.29 14.21 Platinum 847.00 858.00 848.00 Palladium 548.00 551.00 553.00

1080.80 1079.20 14.25 861.00 547.00

1070.50 1067.75 14.17 844.00 544.00

Nov 17

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Nov 23 Nov 20 US$ in C$ 1.3357 1.3338 C$ in US$ 0.7487 0.7497

Nov 19 1.3267 0.7537

Nov 18 1.3353 0.7489

Nov 17 1.3324 0.7505

EXCHANGE RATES (Bank of Canada, November 23, 2015) Currency Aus $ Euro Japan In C$ 0.9600 1.4160 0.01086 In US$ 0.7187 1.0601 0.00813

Mex P 0.08083 0.06052

SA Rand 0.09482 0.07099

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 13–19, 2015 15 New Highs Africo Res BCM Res Colombia Crest Durango Res First Point Golden Share M Knick Expl Nemaska Lith Sabina Gd&Slvr Sparton Res St Andrew Gldf Tearlach Res TNR Gold Tri Origin Exp ValGold Res

301 New Lows Acme Res Adamera Mnls Advance Gold African Gold G African Metals Alderon Iron O Aldridge Minls Aldrin Res Alexandria Mnl Alloycorp Almonty Ind Altai Res Altan Nev Mnls Alto Vent Amador Gold Angel Gold Arctic Star Rs Argentum Silvr Argex Titanium Argus Metals ASA (Bermuda)* Asher Res Astar Mnls Astur Gold Atna Res Ltd Auramex Res Azincourt Res Barisan Gold Barker Mnrls Bayswater Uran Benton Cap Berkwood Res BHP Billi-BBL* Big North Grap Bitterroot Res Blue Rvr Res Blue Sky Uran Bold Vent Burnstone Vent Cadan Res Calibre Mng Canada Zinc Mt Canadn Orebods Canamex Res Candente Coppr CaNickel Mng Canoe Mng Vnt Canterra Mnls Canyon Copper Cap-Ex Vent Capstone Mng Cassidy Gold Castle Peak Mg Central Fund* Claim Post Res Clear Mtn Res CMC Metals Coeur Mng* Colombia Crest Commander Res Conquest Res Constant Mtl R

Copper North M Coro Mining Coronado Res Corsa Coal Crazy Horse Rs CVR Partners* Dalton Res Ltd Darnley Bay Decade Res Defiance Silvr Diagnos Discovery-Corp Dominion Diam* Dominion Diam Dundee Prec Mt Dynasty Met&Mn Eastern Platin Ecuador G & C El Nino Vent Emerick Res Energold Drill Energy Fuels Europn Uran Rs Everton Res Exeter Res Fairmont Res Fancamp Expl Fieldex Expl Firesteel Res Firestone Vent First Bauxite Fjordland Exp Focus Graphite Focus Vnt Fortune Mnrls Forum Uranium Frontline Gold Full Metal Mnl Galane Gold General Moly* Geodex Mnrls Geologix Ex Geomega Res Georox Res GGL Res Gitennes Expl Gobimin GoGold Res Gold Fields* Gold Reach Res Goldcliff Res Goldcorp Goldcorp* Golden Band Goldgroup Mng Goldstar Mnls Great Atlantic GTA Res & Mng Handa Copper Hansa Res Harmony Gold* Heatherdale Rs Highbank Res HiHo Silver Hinterland Mtl Horizonte Mnls Hunt Mng IBC Adv Alloys IC Potash Independence G Indigo Expl Intl Montoro R Intrepid Pots* Ivanhoe Mines Karmin Expl Katanga Mng Kazax Mnls Kennady Diam Kestrel Gold Kincora Copper

Kombat Copper Largo Res Laurion Mnl Ex Legend Gold Lomiko Mtls Luna Gold Lundin Mng Lydian Intl MacDonald Mns Maracote Intl Marathon Gold Marengo Mng Marifil Mines Marlin Gold McChip Res MDN Inc Meadow Bay Gd Mega Uranium Melkior Res Mesabi Trust* Metalcorp Metalore Res Metanor Res Micrex Devel Midas Gold Millrock Res Milner Con Slv Minas Buenavn* Minco Gold* Minco Gold Mindoro Res Miranda Gold Mirasol Res Mountain Boy M Mustang Minls Natural Rs Pt* Network Expl Nevada Clean M Nevada Copper Nevado Res New Destiny Mg New Millennium New Milln Iron Newport Expl Nighthawk Gold Nikos Expl Noble Metal Gr Nomad Ventures Nortec Mnls North Am Nickl North Am Tung North Arrow Mn Northern Abiti Northern Freeg Northern Gld M Northern Graph Northern Iron NSX Silver Oracle Mng Orbit Garant D Orca Gold Orvana Mnrls Pac Casc Minls Pac Ridge Expl Pan Global Res Pele Mtn Res Pershimco Res Peruvian Prc M Philippine Mtl Pilot Gold Pinetree Cap Planet Mng Platinum Gp M* Platinum Gp Mt Plato Gold Prophecy Coal Purepoint U Quartz Mtn Res Rambler Mg&Mtl Rare Elemt Re*

Redstar Gold Regal Res Reva Res Rhino Res* Riverside Res RJK Explor Rockhaven Res Rokmaster Res Rome Res Royal Gold Royal Gold* Royal Nickel Rubicon Mnls* Rubicon Mnrls Running Fox Rs Samco Gold Saturn Minls Savant Expl Scorpio Gold Sentry Sl PrmM Serengeti Res SGX Res Signature Res Silver Bear Rs Silver Bull Re Silver Pursuit Silver Range R Skyharbour Res Solitario Ex&R Source Expl Sprott Res Spruce Ridge R St-Georges Plt Stakeholdr Gld Stonegate Agri Strata Mnls Strategic Metl Strike Graph Sultan Mnrls SunCoke Engy* Suparna Gold Taipan Res Tasca Res Taseko Mines Tasman Metals Tasman Mtls* Teuton Res Theia Res Thompson Creek Thompson Crk* Tinka Res Trio Gold Corp Tsodilo Res TVI Pacific Typhoon Expl Ur-Energy Ur-Energy* Uracan Res Uragold Bay Rs US Energy* Vale* Valterra Res Vanstar Mng Rs Vendetta Mng Venerable Vent Victory Nickel VMS Vent WCB Res West Kirkland Western Copper Western Coppr* Western Pac Rs Western Potash Western Troy C Westkam Gold Williams Creek Zadar Vent Zazu Metals Zinco Mng

For daily mining news, visit www.northernminer.com UK £ 2.0202 1.5125 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 30 2015 pgs 7.indd 7

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

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

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

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

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

15-11-24 5:56 PM

WWW.NORTHERNMINER.COM

NOVEMBER 30–DECEMBER 6, 2015 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 13–19, 2015 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 3067 0.06 0.05 0.06 0.00 0.09 0.03 Abcourt Mines V 11240 0.04 0.04 0.04 + 0.01 0.07 0.03 Aben Res V 364 0.06 0.06 0.06 - 0.01 0.30 0.06 Aberdeen Intl T 210 0.12 0.12 0.12 0.00 0.20 0.11 Abitibi Royalt V 86 2.60 2.40 2.40 - 0.20 5.10 1.53 Acme Res V 16 0.02 0.02 0.02 0.00 0.06 0.02 Actus Mnls V 1578 0.03 0.02 0.02 - 0.02 0.11 0.01 Adamera Mnls V 95 0.02 0.02 0.02 0.00 0.05 0.02 Adanac Moly V 13 0.18 0.18 0.18 0.00 0.20 0.15 Adex Mining V 64 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 5600 0.10 0.10 0.10 0.00 0.19 0.08 Advance Gold V 220 0.01 0.01 0.01 - 0.01 0.08 0.01 Adventure Gold V 844 0.15 0.13 0.15 + 0.01 0.20 0.06 African Gold G V 6408 0.04 0.04 0.04 0.00 0.07 0.04 African Metals V 354 0.08 0.05 0.08 + 0.02 0.15 0.05 African Queen V 10 0.02 0.02 0.02 0.00 0.03 0.01 Africo Res T 95 0.48 0.43 0.48 + 0.03 0.48 0.30 Agnico-Eagle* N 80687 26.69 24.80 26.35 + 0.22 34.89 21.00 Agnico-Eagle T 26814 35.59 33.04 35.10 + 0.35 43.70 25.24 Agrium* N 3299 95.69 92.77 94.60 + 0.57 116.77 86.60 Agrium T 16086 127.50 123.66 126.00 + 1.04 146.51 105.68 Alabama Graph V 9756 0.19 0.17 0.18 + 0.01 0.35 0.14 Alacer Gold T 21541 2.75 2.49 2.59 + 0.05 3.23 1.98 Alberta Star V 2618 0.03 0.03 0.03 + 0.01 0.05 0.02 Alcoa* N 1180403 8.46 7.82 8.41 + 0.59 17.75 7.81 Alderon Iron O T 1052 0.14 0.12 0.13 + 0.01 0.58 0.12 Aldridge Minls V 365 0.15 0.15 0.15 - 0.01 0.26 0.15 Aldrin Res V 5120 0.12 0.10 0.12 + 0.01 0.26 0.10 Alexander Nubi V 300 0.07 0.07 0.07 + 0.02 0.28 0.06 Alexandria Mnl V 10333 0.03 0.02 0.03 0.00 0.06 0.02 Alexco Res T 884 0.49 0.46 0.47 - 0.02 0.81 0.34 Alexco Res* X 3006 0.38 0.33 0.35 - 0.01 0.68 0.26 Alita Res V 1153 0.07 0.06 0.06 - 0.01 0.47 0.06 Alix Res V 10330 0.05 0.04 0.05 - 0.01 0.10 0.03 Alliance Mng V 3000 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 9194 19.75 17.95 19.47 + 1.35 48.50 17.54 Alloycorp V 27583 0.02 0.01 0.01 0.00 0.07 0.01 Almaden Mnls* X 4841 0.55 0.52 0.52 - 0.03 1.11 0.48 Almaden Mnls T 1140 0.73 0.70 0.70 - 0.03 1.57 0.65 Almonty Ind V 842 0.44 0.39 0.40 - 0.04 0.86 0.39 Alpha Gold V 12 0.05 0.05 0.05 0.00 0.06 0.03 Alphamin Res V 465 0.16 0.16 0.16 - 0.01 0.32 0.11 Altai Res V 132 0.07 0.05 0.07 0.00 0.12 0.05 Altan Nev Mnls V 40 0.01 0.01 0.01 0.00 0.03 0.01 Altan Rio Mnls V 60 0.02 0.02 0.02 0.00 0.06 0.02 Altima Res V 50 0.02 0.02 0.02 0.00 0.06 0.01 Altiplano Mnls V 10 0.03 0.03 0.03 - 0.01 0.06 0.02 Altitude Res V 75 0.08 0.08 0.08 - 0.02 0.30 0.07 Altius Mnrls T 2069 11.93 11.45 11.75 + 0.21 15.47 9.86 Alto Vent V 1335 0.03 0.03 0.03 0.00 0.10 0.03 Alum Cp China* N 532 8.18 7.73 8.12 + 0.01 17.44 7.20 Am Creek Res V 1600 0.05 0.04 0.04 - 0.01 0.10 0.03 Amador Gold V 60 0.01 0.01 0.01 0.00 0.01 0.01 Amarc Res V 1210 0.08 0.07 0.08 0.00 0.18 0.07 Amarillo Gold V 455 0.10 0.10 0.10 + 0.01 0.15 0.04 Amato Expl V 100 0.02 0.02 0.02 0.00 0.03 0.01 American Manga V 1290 0.03 0.03 0.03 0.00 0.05 0.01 American Vanad V 1106 0.09 0.08 0.08 0.00 0.37 0.05 Amerigo Res T 1798 0.31 0.26 0.28 - 0.01 0.45 0.22 Amex Expl V 500 0.03 0.03 0.03 0.00 0.09 0.03 AMI Res V 40 0.05 0.05 0.05 - 0.01 0.06 0.01 Anaconda Mng T 207 0.05 0.04 0.04 0.00 0.07 0.04 Anconia Res V 20 0.02 0.02 0.02 - 0.01 0.03 0.01 Anfield Nickel V 579 0.74 0.63 0.63 - 0.09 0.96 0.62 Anfield Res V 75 0.11 0.11 0.11 + 0.01 0.40 0.07 Angel Gold V 2321 0.05 0.01 0.02 - 0.04 0.10 0.01 Angkor Gold V 1257 0.42 0.40 0.40 0.00 0.64 0.34 Anglo Pac Grp T 10 1.50 1.50 1.50 + 0.10 2.05 1.00 Anglo-Bomarc V 20 0.20 0.19 0.20 0.00 0.30 0.02 AngloGold Ash* N 138067 6.95 6.31 6.66 - 0.13 13.12 5.64 Antioquia Gold V 1920 0.10 0.09 0.10 - 0.01 0.10 0.01 Antofagasta Gd V 7087 0.26 0.21 0.23 + 0.01 0.29 0.09 Apogee Silver V 174 0.30 0.27 0.27 - 0.01 0.65 0.18 AQM Copper V 680 0.04 0.04 0.04 0.00 0.08 0.04 Aquila Res T 1483 0.14 0.13 0.14 0.00 0.19 0.09 Arch Coal* N 83426 1.53 1.14 1.18 - 0.27 27.80 1.00 Arctic Hntr Ur V 50 0.03 0.03 0.03 - 0.01 0.06 0.02 Arctic Star Rs V 1469 0.02 0.01 0.02 0.00 0.07 0.01 Arcus Dev Grp V 100 0.02 0.02 0.02 0.00 0.04 0.01 Argentex Mng V 1720 0.03 0.03 0.03 0.00 0.08 0.02 Argentum Silvr V 30 0.02 0.02 0.02 0.00 0.07 0.02 Argex Titanium T 19331 0.06 0.05 0.05 - 0.02 0.67 0.05 Argonaut Gold T 18403 1.25 1.16 1.22 + 0.04 3.14 1.14 Argus Metals V 52 0.02 0.02 0.02 - 0.01 0.11 0.02 Arian Silver V 185 0.18 0.16 0.17 - 0.01 0.75 0.13 Arianne Phosph V 679 0.89 0.84 0.85 - 0.01 0.98 0.51 Armistice Res T 1857 0.30 0.28 0.28 - 0.02 0.52 0.22 Aroway Mnls V 1139 0.02 0.01 0.02 0.00 0.14 0.01 Arrowstar Res V 21 0.07 0.07 0.07 + 0.03 0.20 0.04 ASA (Bermuda)* N 7085 7.37 6.73 6.95 - 0.24 12.31 6.73 Asanko Gold T 15751 2.18 1.99 2.11 + 0.06 2.55 1.52 Asanko Gold* X 781 1.63 1.48 1.58 + 0.04 2.06 1.26 Ascot Res V 302 1.15 1.05 1.05 - 0.05 2.00 1.01 Ashburton Vent V 20170 0.02 0.01 0.02 + 0.01 0.03 0.01 Asher Res V 535 0.02 0.02 0.02 - 0.01 0.08 0.02 Asian Minl Res V 3120 0.04 0.04 0.04 + 0.01 0.08 0.03 Astar Mnls V 27 0.09 0.09 0.09 - 0.01 0.16 0.09 Aston Bay V 330 0.15 0.14 0.15 + 0.01 0.20 0.08 Astur Gold V 582 0.02 0.01 0.01 - 0.01 0.10 0.01 Atac Res V 3594 0.38 0.33 0.35 - 0.03 0.78 0.31 Atacama Pac Gd V 73 0.15 0.15 0.15 0.00 0.52 0.14 Athabasca Mnls V 1140 0.32 0.27 0.30 + 0.04 1.46 0.20 Atico Mng V 1782 0.39 0.35 0.35 - 0.03 0.70 0.33 Atlanta Gold V 193 0.07 0.06 0.06 0.00 0.25 0.05 Atna Res Ltd T 2323 0.06 0.05 0.05 0.00 0.12 0.05 Augen Gold V 1220 0.01 0.01 0.01 0.00 0.28 0.01 Augyva Mng V 700 0.11 0.11 0.11 0.00 0.15 0.07 Aura Mnls T 3999 0.08 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 501 0.02 0.02 0.02 0.00 0.03 0.01 Auramex Res V 237 0.01 0.01 0.01 0.00 0.02 0.01 Aurcana Corp V 1570 0.14 0.12 0.13 - 0.01 0.44 0.09 AurCrest Gold V 23154 0.03 0.02 0.03 + 0.01 0.06 0.01 Aureus Mng T 210 0.32 0.30 0.30 - 0.02 0.83 0.27 Aurion Res V 780 0.06 0.05 0.05 - 0.01 0.08 0.03 Aurvista Gold V 832 0.04 0.04 0.04 - 0.01 0.10 0.03 Avala Res V 521 0.04 0.03 0.03 0.00 0.10 0.03 Avalon Rare M* X 7022 0.10 0.09 0.09 0.00 0.40 0.08 Avalon Rare Mt T 10012 0.13 0.11 0.13 + 0.01 0.48 0.11 Avino Silver V 87 1.21 1.20 1.21 - 0.03 2.40 1.15 Avino Silver* X 1899 0.93 0.91 0.92 + 0.00 1.97 0.89 Avnel Gold T 27 0.25 0.25 0.25 0.00 0.31 0.15 Avrupa Mnls V 2681 0.14 0.10 0.10 - 0.04 0.40 0.07 Axmin Inc V 300 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 256 0.14 0.12 0.12 - 0.01 0.25 0.10 Azincourt Res V 653 0.05 0.04 0.05 + 0.01 0.48 0.04

B B2Gold* X 85786 B2Gold T 214756 Bacanora Mnls V 660 Baja Mng V 8425 Balmoral Res T 5705 Banks Island G V 7484 Banro T 8813 Banro* X 26395 Banyan Gold V 14 Barisan Gold V 1830 Barker Mnrls V 250 Barkerville Go V 4886 Barrick Gold* N 610381 Barrick Gold T 128621 Batero Gold V 2334 Bayswater Uran V 2223 BCGold V 190

_TNM Nov 30 2015 pgs 8 9 10.indd 8

1.12 1.01 1.09 + 0.06 2.38 0.98 1.49 1.36 1.44 + 0.05 2.88 1.30 1.78 1.61 1.70 0.00 2.05 0.56 0.03 0.02 0.03 0.00 0.06 0.02 0.50 0.46 0.47 - 0.01 1.37 0.44 0.03 0.03 0.03 0.00 0.28 0.02 0.26 0.23 0.24 - 0.01 0.47 0.14 0.19 0.17 0.18 - 0.01 0.40 0.12 0.03 0.03 0.03 + 0.01 0.10 0.02 0.02 0.02 0.02 - 0.01 0.15 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.24 0.22 0.22 - 0.02 0.40 0.13 7.74 6.90 7.23 - 0.32 13.70 5.91 10.32 9.22 9.63 - 0.43 16.54 7.89 0.08 0.06 0.07 0.00 0.11 0.06 0.02 0.01 0.02 + 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.03 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

BCM Res V 6420 Bear Creek Mng V 1740 Bearclaw Cap V 610 Beaufield Res V 2489 Bell Copper V 253 Bellhaven Cp&G V 326 Belo Sun Mng T 1982 Benton Cap V 10 Benton Res V 1080 Berkwood Res V 13207 BHP Billi-BBL* N 73175 BHP Billi-BHP* N 151530 Big North Grap V 1048 Bitterroot Res V 352 Black Iron T 14741 Black Widow Rs V 100 Blind Crk Res V 200 Blue Rvr Res V 150 Blue Sky Uran V 55 Bluestone Res V 211 BMO Jr Gld ETF T 559 Bold Vent V 4890 Bonterra Res V 2642 Bowmore Expl V 1400 Bravada Gold V 80 Brazil Res V 4219 Brixton Mtls V 19 Burnstone Vent V 7552

0.06 0.05 0.06 + 0.01 0.06 0.02 0.66 0.60 0.63 0.00 1.94 0.58 0.03 0.03 0.03 - 0.01 0.05 0.02 0.05 0.04 0.04 - 0.01 0.06 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.07 0.05 0.06 - 0.01 0.45 0.03 0.24 0.22 0.23 - 0.01 0.30 0.11 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 0.02 0.01 0.01 - 0.01 0.06 0.01 27.40 26.44 27.10 + 0.30 50.21 26.44 28.79 27.97 28.60 + 0.41 55.47 27.84 0.02 0.02 0.02 - 0.01 0.50 0.02 0.04 0.04 0.04 - 0.01 0.15 0.04 0.03 0.03 0.03 0.00 0.07 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 0.03 0.03 0.03 - 0.01 0.05 0.03 0.05 0.05 0.05 - 0.02 0.26 0.05 0.07 0.07 0.07 - 0.01 0.17 0.05 4.85 4.54 4.65 0.00 7.65 4.45 0.03 0.02 0.02 - 0.01 0.06 0.02 0.23 0.21 0.21 - 0.02 0.43 0.09 0.09 0.09 0.09 + 0.01 0.11 0.03 0.04 0.04 0.04 + 0.01 0.07 0.02 0.52 0.47 0.50 - 0.01 0.85 0.43 0.07 0.07 0.07 - 0.01 0.22 0.06 0.01 0.01 0.01 0.00 0.04 0.01

Cabot Corp* N 17344 Cache Expl V 10 Cadan Res V 387 Caledonia Mng T 117 Calibre Mng V 2895 Calico Res V 80 Callinex Mines V 7030 Cameco Corp* N 62391 Cameco Corp T 48559 Camino Mnls V 1519 Canada Carbon V 18998 Canada Rare Ea V 823 Canada Zinc Mt V 1945 Canadn Int Mnl V 29190 Canadn Mining V 703 Canadn Orebods V 638 Canadn Silvr H V 100 Canadn Zinc T 3709 Canamex Res V 3281 Canarc Res T 1257 Canasil Res V 2220 Cancana Res V 363 Candente Coppr T 3582 CaNickel Mng T 136 Canoe Mng Vnt V 1784 Canstar Res V 151 Canterra Mnls V 424 Cantex Mn Dev V 2266 Canuc Res V 308 Canyon Copper V 373 Cap-Ex Vent V 5733 Capstone Mng T 26833 Cardero Res T 70 Cariboo Rose V 20 Caribou King R V 1098 Carlisle Goldf T 2397 Cassidy Gold V 516 Cassius Vent V 140 Castillian Res V 1330 Castle Peak Mg V 2836 Catalyst Coppr V 1091 Caza Gold V 113 CB Gold V 400 Centamin T 822 Centerra Gold T 20236 Central Fund* X 24960 Central Fund T 1240 Central Gold-T T 28 Central GoldT* X 3251 Centurion Mnls V 100 Century Iron M T 15 Champion Bear V 1550 Champion Iron T 1297 Chesapeake Gld V 167 Chiboug Ind Mn V 1160 Chilean Gold V 150 China Gold Int T 10646 Claim Post Res V 18230 Claude Res T 6438 Clear Mtn Res V 30 Cliffs Nat Rs* N 204048 Clifton Star V 2182 Cloud Peak En* N 8954 CMC Metals V 1197 Codrington Res V 1130 Coeur Mng* N 80323 Colibri Res V 111 Colombia Crest V 1500 Colombian Mins V 40 Colonial Coal V 635 Colorado Res V 205 Colt Res V 235 Columbus Gold V 712 Commander Res V 335 Commerce Res V 4070 Compass Mnls* N 2191 Compliance Eny V 10 Comstock Mng* X 5741 Comstock Mtls V 6170 Condor Res V 8521 Confedertn Mls V 3709 Conquest Res V 750 Cons Woodjam C V 2370 Consol Energy* N 394934 Constant Mtl R V 1155 Contintl Gold T 11725 Contl Precious T 22 Copper Fox Mtl V 3873 Copper Mtn Mng T 11928 Copper North M V 5047 Coral Gold V 207 Cordoba Mnls V 1720 Corex Gold V 1849 Cornerstone Ca V 323 Coro Mining T 4097 Coronado Res V 269 Corsa Coal V 3342 Corvus Gold T 1712 Crazy Horse Rs V 738 Cresval Cap V 930 Critical Elem V 4126 Crown Gold V 250 Currie Rose Rs V 90 CVR Partners* N 840 Cypress Dev V 1665

42.00 39.53 41.90 + 2.36 48.00 30.70 0.10 0.10 0.10 0.00 0.20 0.05 0.06 0.03 0.04 + 0.01 0.12 0.03 0.80 0.78 0.80 + 0.02 1.06 0.59 0.08 0.07 0.07 - 0.01 0.19 0.07 0.11 0.09 0.11 + 0.03 0.19 0.06 0.39 0.24 0.30 + 0.07 0.40 0.16 12.46 12.08 12.36 0.00 19.97 11.60 16.61 16.09 16.47 + 0.03 22.44 15.50 0.10 0.09 0.10 0.00 0.26 0.05 0.27 0.24 0.25 0.00 0.32 0.18 0.03 0.03 0.03 + 0.01 0.11 0.03 0.15 0.12 0.13 - 0.01 0.37 0.12 0.04 0.02 0.03 + 0.01 0.05 0.01 0.10 0.09 0.10 + 0.01 0.18 0.05 0.02 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 + 0.01 0.07 0.01 0.08 0.07 0.08 + 0.01 0.25 0.06 0.05 0.04 0.04 - 0.01 0.18 0.04 0.06 0.05 0.06 + 0.01 0.10 0.03 0.04 0.04 0.04 - 0.01 0.07 0.03 0.21 0.18 0.18 - 0.02 0.32 0.17 0.05 0.04 0.04 - 0.01 0.13 0.04 0.05 0.04 0.05 - 0.01 0.23 0.04 0.03 0.02 0.02 0.00 0.24 0.02 0.05 0.04 0.04 - 0.01 0.10 0.03 0.04 0.04 0.04 0.00 0.09 0.04 0.05 0.04 0.04 0.00 0.06 0.03 0.15 0.11 0.15 + 0.03 0.35 0.06 0.01 0.01 0.01 - 0.01 0.12 0.01 0.02 0.01 0.02 - 0.01 0.04 0.01 0.48 0.41 0.42 - 0.06 2.20 0.41 0.20 0.15 0.15 - 0.05 0.55 0.10 0.03 0.03 0.03 - 0.01 0.07 0.02 0.10 0.09 0.09 0.00 0.22 0.04 0.48 0.39 0.44 - 0.01 0.64 0.16 0.01 0.01 0.01 0.00 0.05 0.01 0.02 0.02 0.02 + 0.01 0.07 0.01 0.05 0.03 0.05 + 0.03 0.14 0.01 0.01 0.01 0.01 + 0.01 0.05 0.01 0.22 0.16 0.18 - 0.01 0.46 0.11 0.03 0.03 0.03 0.00 0.09 0.03 0.07 0.05 0.05 - 0.02 0.14 0.03 1.25 1.19 1.21 + 0.02 1.40 0.80 7.58 6.82 7.02 - 0.22 8.67 4.61 10.40 10.10 10.22 - 0.16 13.73 10.10 13.89 13.48 13.62 - 0.15 16.89 12.60 51.00 50.26 50.80 - 0.30 57.25 43.65 38.46 37.50 37.91 - 0.39 46.73 37.28 0.02 0.02 0.02 + 0.01 0.08 0.01 0.21 0.20 0.20 - 0.02 0.44 0.17 0.08 0.08 0.08 0.00 0.17 0.05 0.18 0.16 0.17 + 0.01 0.23 0.07 1.99 1.72 1.78 - 0.03 2.59 1.39 0.03 0.02 0.02 - 0.01 0.05 0.02 0.04 0.04 0.04 0.00 0.08 0.02 2.15 1.82 1.93 - 0.05 2.74 1.30 0.01 0.01 0.01 - 0.01 0.11 0.01 0.72 0.70 0.71 + 0.01 0.82 0.25 0.01 0.01 0.01 0.00 0.03 0.01 3.05 2.32 2.45 - 0.56 11.00 2.28 0.16 0.12 0.16 + 0.01 0.25 0.06 3.48 3.05 3.22 + 0.03 13.33 2.42 0.04 0.03 0.04 0.00 0.08 0.03 0.05 0.04 0.04 - 0.01 0.12 0.03 2.69 2.34 2.50 - 0.06 7.45 2.34 0.03 0.03 0.03 0.00 0.23 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.04 + 0.01 0.13 0.03 0.06 0.06 0.06 0.00 0.15 0.04 0.06 0.06 0.06 0.00 0.16 0.06 0.12 0.11 0.11 - 0.01 0.30 0.05 0.41 0.37 0.41 0.00 0.55 0.31 0.01 0.01 0.01 - 0.01 0.04 0.01 0.10 0.09 0.09 - 0.01 0.22 0.07 84.24 80.04 84.16 + 2.83 95.68 77.13 0.06 0.06 0.06 0.00 0.40 0.04 0.52 0.46 0.47 + 0.01 1.19 0.35 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.03 0.04 + 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 8.35 6.89 8.29 + 1.17 42.26 6.38 0.09 0.07 0.07 - 0.01 0.18 0.07 1.59 1.38 1.57 - 0.01 3.28 1.29 0.28 0.27 0.28 - 0.02 0.71 0.25 0.15 0.13 0.14 - 0.01 0.37 0.10 0.47 0.41 0.41 - 0.05 2.34 0.38 0.04 0.04 0.04 + 0.01 0.09 0.04 0.09 0.08 0.08 - 0.02 0.20 0.06 0.11 0.11 0.11 - 0.01 0.25 0.08 0.05 0.05 0.05 - 0.01 0.09 0.03 0.03 0.03 0.03 - 0.01 0.11 0.02 0.03 0.02 0.02 0.00 0.08 0.02 0.15 0.13 0.14 - 0.02 0.70 0.13 0.05 0.04 0.04 - 0.01 0.23 0.04 0.47 0.43 0.45 - 0.03 1.23 0.37 0.02 0.01 0.02 0.00 0.03 0.01 0.04 0.04 0.04 0.00 0.06 0.01 0.23 0.20 0.21 - 0.02 0.30 0.16 0.05 0.04 0.04 - 0.01 0.08 0.03 0.01 0.01 0.01 + 0.01 0.02 0.01 8.68 8.21 8.45 + 0.01 16.12 8.21 0.04 0.03 0.04 + 0.01 0.30 0.02

Dajin Res V 28808 Dalradian Res T 4283 Dalton Res Ltd V 310 Darnley Bay V 35 Decade Res V 4581 Defiance Silvr V 1803 Denison Mines T 8711 Denison Mines* X 1157 Desert Gold V 862

0.13 0.12 0.12 0.00 0.16 0.04 0.74 0.67 0.69 - 0.01 1.16 0.58 0.12 0.10 0.12 + 0.01 0.36 0.10 0.01 0.01 0.01 - 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.14 0.01 0.08 0.06 0.08 + 0.01 0.19 0.06 0.53 0.50 0.50 - 0.03 1.37 0.48 0.41 0.37 0.38 - 0.01 1.22 0.36 0.09 0.09 0.09 - 0.02 0.90 0.08

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Desert Star V 90 Detour Gold T 38011 Diagnos V 8155 Diamcor Mng V 453 Diamond Fields V 200 Dios Expl V 1700 Discovery Vent V 15405 Discovery-Corp V 3470 DNI Metals V 435 Dolly Vard Sil V 423 Dominion Diam* N 5274 Dominion Diam T 12775 Doubleview Cap V 6327 Dundee Prec Mt T 8695 Duran Vent V 200 Durango Res V 42721 Dynacor Gold M T 878 Dynasty Gold V 90 Dynasty Met&Mn T 6986 Eagle Plains V 500 East Asia Mnls V 500 Eastern Platin T 2943 Eastfield Res V 30 Eastmain Res T 1209 Eco Oro Mnls T 607 Ecuador G & C V 502 El Nino Vent V 360 Eldorado Gold* N 37582 Eldorado Gold T 117314 Electra Gold V 8066 Eloro Minls V 847 Ely Gold & Mnl V 1221 Emerick Res V 611 Emgold Mng V 1004 Encanto Potash V 6141 Endeavour Mng T 25694 Endeavr Silver T 2003 Endeavr Silve* N 4000 Energizer Res T 6483 Energold Drill V 587 Energy Fuels T 3285 Entourage Mtls V 263 Entree Gold* X 1349 Entree Gold T 1115 Equitas Res V 60954 Equitorial Exp V 9796 Erdene Res Dev T 720 Erin Ventures V 8478 Eskay Mng V 400 Eurasian Minls V 234 Eurasian Mnls* X 816 Eureka Res V 400 Europn Uran Rs V 890 Everton Res V 3000 Evolving Gold C 305 Excalibur Res C 82 Excellon Res T 1547 Excelsior Mng V 776 Exeter Res* X 238 Exeter Res T 277 Explor Res V 1169 Faircourt Gold T 1195 Fairmont Res V 9743 Falco Res V 3290 Fancamp Expl V 10590 Feronia V 112 Fieldex Expl V 2550 Firebird Res V 40 Firesteel Res V 885 Firestone Vent V 506 First Bauxite V 365 First Lithium V 27 First Majesti* N 65407 First Majestic T 21901 First Mexican V 686 First Point T 1345 First Quantum T 178556 Fission 3.0 V 9329 Fjordland Exp V 45 Flinders Res V 1262 Focus Graphite V 2115 Focus Vnt V 1609 Foraco Intl T 463 Foran Mng V 942 Formation Mtls T 273 Forsys Metals T 25 Fortuna Silver T 7345 Fortuna Silvr* N 8558 Fortune Bay T 350 Fortune Mnrls T 6838 Forum Uranium V 1196 Franco-Nevada* N 31143 Franco-Nevada T 14089 Freegold Vent T 1350 Freeport McMo* N 1269452 Frontline Gold V 1410 Full Metal Mnl V 10

0.12 0.12 0.12 - 0.01 0.22 0.11 13.63 12.45 13.01 + 0.04 16.86 7.75 0.05 0.04 0.04 - 0.01 0.11 0.04 1.02 0.93 1.00 0.00 1.45 0.80 0.02 0.01 0.01 - 0.01 0.05 0.01 0.06 0.06 0.06 - 0.01 0.10 0.04 0.17 0.16 0.17 + 0.01 0.26 0.09 0.05 0.03 0.03 - 0.02 0.14 0.03 0.08 0.08 0.08 0.00 0.30 0.06 0.21 0.19 0.19 - 0.01 1.05 0.11 9.36 8.67 9.07 + 0.01 20.30 8.67 12.45 11.55 12.05 + 0.04 24.60 11.55 0.16 0.14 0.15 + 0.01 0.19 0.07 1.64 1.44 1.51 - 0.08 3.76 1.44 0.02 0.02 0.02 0.00 0.04 0.01 0.08 0.03 0.06 + 0.03 0.08 0.03 1.64 1.51 1.56 - 0.01 2.59 1.30 0.02 0.02 0.02 - 0.01 0.03 0.01 0.25 0.20 0.20 - 0.05 1.00 0.20 0.06 0.06 0.06 0.00 0.08 0.05 0.01 0.01 0.01 + 0.01 0.03 0.01 0.67 0.61 0.65 + 0.01 2.26 0.61 0.02 0.02 0.02 0.00 0.05 0.02 0.37 0.34 0.35 0.00 0.62 0.17 0.60 0.52 0.60 - 0.02 0.95 0.14 0.02 0.01 0.02 0.00 0.08 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 3.25 3.00 3.20 0.00 7.99 2.45 4.34 4.01 4.27 + 0.04 9.68 3.26 0.09 0.05 0.09 + 0.04 0.14 0.04 0.14 0.13 0.13 - 0.01 0.20 0.05 0.06 0.05 0.06 0.00 0.08 0.03 0.13 0.13 0.13 - 0.01 0.30 0.13 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.06 0.06 0.00 0.16 0.04 0.67 0.60 0.62 0.00 0.76 0.38 2.06 1.85 1.90 - 0.06 3.83 1.64 1.55 1.39 1.42 - 0.05 3.20 1.25 0.06 0.05 0.06 0.00 0.20 0.03 0.55 0.41 0.48 - 0.01 1.32 0.41 3.34 2.78 2.84 - 0.43 8.98 2.78 0.07 0.06 0.06 0.00 0.22 0.03 0.28 0.24 0.26 + 0.00 0.51 0.08 0.35 0.31 0.34 - 0.01 0.66 0.18 0.14 0.10 0.13 + 0.02 0.22 0.03 0.09 0.08 0.08 + 0.01 0.25 0.07 0.15 0.12 0.14 + 0.01 0.17 0.09 0.10 0.08 0.08 - 0.01 0.11 0.04 0.08 0.07 0.07 - 0.01 0.20 0.01 0.65 0.60 0.62 - 0.02 0.97 0.53 0.50 0.44 0.44 - 0.03 0.89 0.40 0.06 0.05 0.05 - 0.01 0.16 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.02 0.02 - 0.01 0.05 0.02 0.06 0.05 0.06 - 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.31 0.28 0.29 - 0.02 1.15 0.21 0.23 0.22 0.22 - 0.03 0.39 0.19 0.34 0.31 0.32 + 0.01 0.79 0.30 0.45 0.40 0.42 + 0.01 0.90 0.40 0.07 0.06 0.07 - 0.01 0.09 0.04 2.57 2.49 2.50 - 0.02 4.38 2.42 0.04 0.03 0.03 - 0.01 0.24 0.03 0.27 0.25 0.25 - 0.03 0.69 0.23 0.02 0.02 0.02 0.00 0.05 0.02 0.15 0.15 0.15 0.00 0.60 0.07 0.01 0.01 0.01 + 0.01 0.04 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.01 0.02 + 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.09 0.03 0.35 0.35 0.35 + 0.01 0.37 0.18 3.07 2.75 2.98 + 0.16 7.15 2.66 4.09 3.66 3.95 + 0.21 8.55 3.54 0.06 0.05 0.06 + 0.01 0.07 0.02 0.10 0.08 0.08 - 0.01 0.10 0.04 5.41 4.90 5.24 - 0.02 20.05 4.52 0.07 0.06 0.07 + 0.02 0.14 0.06 0.01 0.01 0.01 0.00 0.04 0.01 0.21 0.14 0.17 - 0.04 0.51 0.12 0.10 0.09 0.10 + 0.01 0.53 0.09 0.12 0.11 0.12 + 0.01 0.27 0.11 0.23 0.20 0.20 - 0.03 0.77 0.15 0.10 0.09 0.10 + 0.01 0.48 0.08 0.11 0.10 0.10 + 0.01 0.22 0.09 0.14 0.14 0.14 - 0.01 0.36 0.12 3.35 3.03 3.27 + 0.02 6.30 2.65 2.52 2.28 2.46 + 0.01 5.25 2.00 0.29 0.28 0.28 0.00 0.43 0.26 0.03 0.02 0.03 - 0.01 0.20 0.02 0.06 0.05 0.05 + 0.01 0.13 0.05 47.87 45.39 47.72 + 0.65 58.84 38.20 63.76 60.45 63.56 + 1.07 74.10 49.96 0.12 0.10 0.10 - 0.03 0.24 0.07 8.99 8.33 8.77 0.00 29.72 7.76 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 0.00 0.14 0.03

Gabriel Res T 1844 Galane Gold V 3866 Galore Res V 20 Galway Gold V 1120 Galway Mtls V 240 GAMCO Glb Gld* X 17928 Garibaldi Res V 8133 Gem Intl Res V 790 General Moly* X 5170 Gensource Pot V 75 Geodex Mnrls V 25 Geologix Ex T 17200 Geomega Res V 982 Georox Res V 1549 Getty Copper V 120 GGL Res V 15 Gitennes Expl V 330 Glen Eagle Res V 1766 Global Hunter V 907 Globex Mng T 600 GMV Minerals V 320 Gobimin V 1660 GoGold Res T 1596 Gold Bulln Dev V 1238 Gold Fields* N 136542 Gold Reach Res V 163 Gold Reserve V 62 Gold Resource* X 9862 Gold Std Vnt V 5175 Gold Std Vnt* X 6852 Goldcliff Res V 19443 Goldcorp T 100628 Goldcorp* N 333769 Golden Arrow R V 413 Golden Band V 2200 Golden Dawn Ml V 20303 Golden Goliath V 1160 Golden Hope V 128 Golden Mnls T 241 Golden Mnls* X 2408 Golden Peak Mn V 840 Golden Predatr V 62 Golden Queen T 321 Golden Reign R V 499 Golden Share M V 295 Golden Star T 499 Golden Star* X 19960 Golden Tag V 3320

0.22 0.19 0.20 + 0.01 0.86 0.16 0.10 0.06 0.07 - 0.01 0.22 0.06 0.01 0.01 0.01 0.00 0.03 0.01 0.09 0.07 0.08 - 0.01 0.12 0.05 0.12 0.11 0.11 - 0.01 0.16 0.09 5.15 4.93 5.03 - 0.02 8.13 4.90 0.18 0.15 0.16 - 0.02 0.22 0.05 0.06 0.05 0.06 - 0.03 0.26 0.05 0.27 0.25 0.25 - 0.00 1.00 0.25 0.06 0.06 0.06 0.00 0.07 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.08 0.07 0.07 0.00 0.29 0.07 0.04 0.04 0.04 0.00 0.14 0.04 0.02 0.02 0.02 0.00 0.07 0.02 0.02 0.02 0.02 - 0.01 0.06 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 0.03 0.02 0.03 0.00 0.06 0.02 0.27 0.25 0.26 - 0.02 0.37 0.15 0.13 0.10 0.10 0.00 0.26 0.05 0.37 0.33 0.35 - 0.06 0.51 0.33 1.21 1.10 1.18 - 0.03 1.67 1.10 0.04 0.03 0.04 0.00 0.06 0.02 2.34 2.04 2.17 - 0.19 6.01 2.04 0.12 0.12 0.12 0.00 0.50 0.12 3.96 3.46 3.49 - 0.31 5.39 2.48 2.30 2.11 2.27 + 0.11 4.14 1.99 0.78 0.66 0.78 + 0.02 0.89 0.40 0.58 0.49 0.57 - 0.01 0.63 0.26 0.01 0.01 0.01 + 0.01 0.02 0.01 16.36 15.05 15.83 + 0.16 30.95 15.05 12.27 11.30 11.88 + 0.07 25.00 11.30 0.24 0.19 0.19 - 0.03 0.50 0.18 0.01 0.01 0.01 0.00 0.01 0.01 0.12 0.10 0.10 - 0.02 0.30 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.32 0.32 0.32 - 0.02 0.64 0.08 0.30 0.27 0.27 - 0.02 0.91 0.26 0.23 0.20 0.20 - 0.01 0.70 0.19 0.06 0.06 0.06 0.00 0.09 0.04 0.13 0.12 0.13 + 0.01 0.15 0.07 0.74 0.72 0.73 - 0.01 1.68 0.65 0.09 0.09 0.09 0.00 0.13 0.05 0.08 0.07 0.08 + 0.01 0.08 0.03 0.28 0.26 0.26 - 0.02 0.51 0.20 0.22 0.19 0.20 - 0.01 0.42 0.16 0.04 0.03 0.04 + 0.01 0.08 0.02

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Val Min V 4184 Goldeye Expl V 883 Goldfield* X 1267 T 50 Goldgroup Mng V 4162 GoldQuest Mng Goldrea Res C 750 V 650 Goldrock Mines Goldrush Res V 5154 V 2045 Goldsource Min Goldstar Mnls V 660 V 3026 Goldstrike Res Gonzaga Res V 40 Gowest Gold V 945 T 922 Gran Colombia 55 Granite Ck Gld V Graphite One R V 47991 Great Atlantic V 1575 865 Great Bear Res V X 8361 Great Panther* Great Panther T 1818 362 Great Quest Me V Green Swan Cap V 1620 V 40 Greencastle Rs Gresham Res V 26182 Grizzly Discvr V 610 V 4545 Groundstar Res 345 GTA Res & Mng V Gunpoint Expl V 265 T 15661 Guyana Gldflds 650 Guyana Prec Mt V GWR Res V 5057 Handa Copper V 50 Hansa Res V 1000 Happy Ck Minls V 1575 42700 N Harmony Gold* Harte Gold T 4695 V 33 Hawkeye Gld&Di V 204 Heatherdale Rs 206534 Hecla Mining* N Helio Res V 6080 Hi-Crush Part* N 3614 Highbank Res V 7202 Highbury Proj V 15 Highland Res V 298 Highway 50 Gld V 1120 HiHo Silver C 4000 Hinterland Mtl V 2000 V 3361 Homestake Res Honey Badger E V 93486 Horizns G Bear T 47382 Horizns G Bull T 67401 T 1000 Horizonte Mnls Houston Lake V 125 HudBay Minls T 35112 644 HudBay Mnls* N Hudson Res V 438 Hunt Mng V 58

0.11 0.09 0.10 - 0.02 0.21 0.08 0.03 0.04 - 0.01 0.06 0.04 0.04 1.20 1.75 - 0.06 2.85 1.84 1.75 0.05 0.05 0.00 0.24 0.05 0.05 0.07 0.14 + 0.01 0.20 0.14 0.13 0.02 0.03 - 0.01 0.10 0.04 0.03 0.15 0.23 - 0.01 0.40 0.25 0.23 0.01 0.02 0.00 0.03 0.02 0.02 0.13 0.17 - 0.02 0.26 0.19 0.17 0.01 0.01 0.00 0.04 0.01 0.01 0.05 0.09 + 0.01 0.21 0.10 0.08 0.02 0.02 0.00 0.15 0.02 0.02 0.05 0.07 0.00 0.09 0.08 0.07 0.12 0.18 + 0.02 0.67 0.23 0.14 0.01 0.01 0.01 0.00 0.04 0.01 0.10 0.09 0.10 + 0.02 0.14 0.07 0.04 0.05 0.00 0.30 0.05 0.04 0.04 0.03 0.04 - 0.01 0.09 0.02 0.30 0.46 - 0.02 0.91 0.50 0.43 0.40 0.59 - 0.04 1.05 0.65 0.58 0.19 0.17 0.17 - 0.03 1.07 0.15 0.03 0.02 0.02 - 0.01 0.06 0.01 0.05 0.06 + 0.01 0.09 0.06 0.06 0.46 0.73 + 0.14 0.95 0.75 0.57 0.02 0.07 0.00 0.10 0.07 0.06 0.03 0.05 0.00 0.14 0.05 0.04 0.04 0.04 0.04 0.00 0.10 0.04 0.14 0.17 - 0.01 0.20 0.17 0.17 2.19 2.65 - 0.28 4.48 3.06 2.60 0.13 0.12 0.13 - 0.01 0.33 0.08 0.01 0.07 + 0.01 0.08 0.07 0.05 0.05 0.05 - 0.01 0.12 0.05 0.05 0.01 0.01 - 0.01 0.03 0.02 0.01 0.11 0.10 0.10 - 0.01 0.17 0.08 0.54 0.61 - 0.00 3.18 0.62 0.54 0.04 0.08 - 0.01 0.10 0.09 0.08 0.02 0.04 - 0.02 0.08 0.04 0.04 0.01 0.01 - 0.01 0.05 0.02 0.01 1.77 1.91 + 0.04 3.54 1.99 1.78 0.02 0.02 0.00 0.07 0.02 0.02 7.34 5.94 6.46 + 0.34 50.00 5.09 0.05 0.05 - 0.02 0.27 0.07 0.05 0.10 0.15 0.00 0.40 0.15 0.15 0.10 0.14 - 0.04 0.45 0.17 0.14 0.15 0.11 0.11 - 0.01 0.42 0.09 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.02 0.02 0.01 0.01 0.02 0.00 0.05 0.03 0.02 0.02 0.01 0.02 + 0.02 0.04 0.01 15.26 13.37 14.03 - 0.21 21.06 8.50 3.23 2.80 3.05 + 0.02 8.86 2.75 0.03 0.03 0.00 0.08 0.03 0.03 0.09 0.14 - 0.01 0.20 0.14 0.14 5.63 5.07 5.53 + 0.16 12.61 4.82 3.62 10.37 0.10 + 4.14 4.21 3.82 0.22 0.42 - 0.01 0.55 0.50 0.41 0.02 0.02 - 0.01 0.40 0.02 0.02

I-Minerals V 922 22906 Iamgold* N T 25918 Iamgold IBC Adv Alloys V 8272 IC Potash T 4657 IMPACT Silver V 765 478 Imperial Metal T Inca One Res V 1605 V 8721 Independence G Indico Res V 1200 Indigo Expl V 190 Integra Gold V 22848 Intigold Mines V 1033 702 Intl Bethl Mng V Intl Lithium V 1464 Intl Montoro R V 4490 Intl Northair V 1961 162 Intl Tower Hi* X 427 T Intl Tower Hil Intrepid Pots* N 12771 INV Metals T 2050 153 ISh COMEX G Tr T Ivanhoe Mines T 30218 T 1190 Ivernia Jaguar Mng V 1037 Jazz Res V 200 V 150 Jet Gold Kaminak Gold V 4207 Karmin Expl V 237 Karnalyte Res T 485 Katanga Mng T 2610 Kazax Mnls V 40 Kennady Diam V 190 Kesselrun Res V 3070 Kestrel Gold V 230 Khalkos Expl V 420 Khan Res C 132 V 3357 Kilo Goldmines V 193 Kincora Copper Kinross Gold T 69242 271230 Kinross Gold* N Kirkland Lk Gd T 17607 Kiska Metals V 2860 Kivalliq Enrgy V 2392 Klondex Mns T 11124 Klondike Gold V 170 Klondike Silv V 10 Knick Expl V 3680 Kobex Mnls V 6948 V 3898 Kombat Copper V 768 Kootenay Gold

0.14 0.25 - 0.01 0.31 0.27 0.25 1.16 1.47 + 0.02 3.39 1.54 1.38 1.50 1.94 + 0.02 4.09 2.05 1.84 0.10 0.09 0.09 0.00 0.15 0.09 0.08 0.08 - 0.01 0.31 0.10 0.08 0.14 0.15 - 0.01 0.35 0.17 0.14 7.58 6.57 7.55 + 0.68 13.69 6.01 0.13 0.12 0.12 + 0.01 0.29 0.09 0.06 0.07 - 0.01 0.11 0.08 0.06 0.02 0.06 0.00 0.16 0.06 0.06 0.01 0.01 - 0.01 0.02 0.01 0.01 0.16 0.34 + 0.01 0.37 0.35 0.33 0.03 0.01 0.32 + 0.10 0.12 0.09 0.05 0.03 0.05 + 0.02 0.10 0.02 0.02 0.08 + 0.02 0.09 0.08 0.07 0.04 0.03 0.03 - 0.01 0.10 0.03 0.04 0.04 - 0.01 0.10 0.05 0.04 0.29 0.23 0.23 - 0.02 0.62 0.20 0.35 0.31 0.31 - 0.03 0.75 0.26 3.76 3.44 3.64 - 0.02 15.56 3.44 0.08 0.11 0.00 0.29 0.11 0.10 14.04 13.71 13.85 0.00 15.78 12.61 0.61 0.63 - 0.05 1.36 0.68 0.61 0.01 0.01 0.00 0.10 0.01 0.01 0.12 0.14 - 0.03 0.65 0.18 0.14 0.03 0.19 0.00 0.23 0.19 0.19 0.03 0.04 0.00 0.13 0.04 0.04 0.61 0.78 + 0.02 1.15 0.83 0.75 0.15 0.24 + 0.07 0.50 0.24 0.15 0.52 0.78 + 0.05 1.33 0.81 0.72 0.14 0.15 0.00 0.43 0.15 0.14 0.02 0.02 0.00 0.06 0.02 0.02 2.50 2.60 - 0.06 6.11 2.75 2.50 0.01 0.03 + 0.01 0.06 0.03 0.03 0.02 0.02 - 0.01 0.07 0.03 0.02 0.05 0.08 - 0.01 0.12 0.08 0.08 0.35 0.41 - 0.04 0.80 0.45 0.41 0.04 0.09 + 0.02 0.14 0.10 0.07 0.02 0.00 0.04 0.02 0.02 0.02 1.79 2.41 + 0.05 4.48 2.54 2.30 1.35 1.82 + 0.03 3.71 1.91 1.72 5.45 4.51 4.77 - 0.59 6.88 2.79 0.02 0.03 + 0.01 0.07 0.03 0.02 0.06 0.09 + 0.01 0.22 0.09 0.08 1.76 2.80 - 0.24 3.87 3.06 2.70 0.08 0.12 + 0.01 0.28 0.12 0.11 0.02 0.03 + 0.01 0.05 0.03 0.03 0.01 0.02 0.00 0.02 0.02 0.01 0.46 0.55 0.00 0.65 0.57 0.52 0.03 0.03 0.00 0.11 0.03 0.03 0.20 0.22 - 0.03 0.56 0.26 0.22

370 La Quinta Res V Labdr I-Ore Ro T 8537 Lago Dourado M V 2320 Lake Shore Gd* X 7996 Lake Shore Gld T 88281 Lara Expl V 912 Laramide Res T 9527 Largo Res V 621 Latin Am Mnls V 4940 Laurion Mnl Ex V 1138 Legend Gold V 370 Letho Res V 105 Lexam VG Gold T 2049 572 Lion One Mtls V Lomiko Mtls V 3554 Loncor Res T 140 V 880 Lorraine Coppr 35 Los Andes Copp V Lowell Copper V 10 Lucara Diam T 10416 Luna Gold T 455 Lundin Mng T 79108 Lydian Intl T 5946

0.01 0.01 0.01 0.00 0.02 0.01 15.71 13.93 14.77 - 0.37 19.85 10.81 0.07 0.07 0.07 0.00 0.15 0.05 0.82 0.76 0.81 + 0.01 1.14 0.60 1.10 1.01 1.05 - 0.02 1.38 0.70 0.20 0.24 0.00 0.49 0.25 0.24 0.15 0.18 + 0.03 0.47 0.20 0.16 0.20 0.20 - 0.04 2.28 0.22 0.20 0.02 0.01 0.02 + 0.01 0.12 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.03 0.00 0.14 0.03 0.03 0.05 0.12 + 0.03 0.18 0.12 0.08 0.09 0.08 0.08 0.00 0.11 0.06 0.37 0.33 0.34 - 0.03 0.60 0.17 0.03 0.03 - 0.01 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 0.04 0.14 0.10 0.14 - 0.01 0.23 0.05 0.21 0.24 - 0.01 0.50 0.24 0.24 1.42 1.61 - 0.23 2.41 1.73 1.55 0.04 0.04 - 0.01 0.45 0.05 0.04 3.58 3.91 + 0.20 6.46 3.91 3.58 0.23 0.25 - 0.04 0.70 0.28 0.23

V 2170 MacDonald Mns V 132 MacMillan Mnls T 5708 Mag Silver Mag Silver* X 399 V 830 Magellan Minls Majestic Gold V 14245 Major Drilling T 1758 Makena Res V 13505

0.01 0.01 0.00 0.02 0.01 0.01 0.05 0.17 - 0.05 0.24 0.21 0.17 9.51 8.67 9.24 + 0.04 11.00 6.90 5.60 6.94 + 0.04 9.17 7.09 6.52 0.04 0.06 - 0.01 0.10 0.07 0.06 0.03 0.08 - 0.01 0.10 0.09 0.08 3.75 4.78 + 0.38 7.49 4.80 4.26 0.02 0.03 0.00 0.06 0.03 0.03

I-J-K

15-11-24 5:57 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 30–DECEMBER 6, 2015

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

Week

12-month

Exc Volume High Low Last Change High Low

Malbex Res V 3170 Mammoth Res V 170 Mandalay Res T 5561 Maracote Intl V 63 Marathon Gold T 4154 Marengo Mng T 110 Marifil Mines V 512 Marlin Gold V 35 Mason Graphite V 1405 Matamec Expl V 1812 Mawson Res T 1550 Mawson West T 18623 Max Res V 13 Maya Gold & Si V 865 MBAC Fertilizr T 18369 McChip Res V 100 McEwen Mng* N 5269 McEwen Mng T 3131 MDN Inc T 2063 MDU Res* N 46426 Meadow Bay Gd T 4306 Mechel* N 1158 Medallion Res V 1455 Mega Uranium T 43331 Melior Res V 170 Melkior Res V 1880 Merrex Gold V 1860 Mesa Expl V 30 Mesabi Trust* N 4954 Metalcorp V 350 Metalex Vent V 805 Metallis Res V 1700 Metalore Res T 1 Metals Ck Res V 174 Metanor Res V 47314 Micrex Devel V 1590 Midas Gold T 2367 Midland Expl V 569 Midnight Sun M V 4940 Migao T 1386 Millrock Res V 1964 Millstream Min V 346 Milner Con Slv V 10 Minas Buenavn* N 67216 Minaurum Gold V 3967 Minco Gold* X 3193 Minco Gold T 621 Minco Silver T 7205 Mindoro Res V 860 Mineral Mtn Rs V 2697 Mines Managem* X 969 Mines Managmnt T 14 Miranda Gold V 870 Mirasol Res V 309 Mkango Res V 140 Monarques Res V 600 Moneta Porcpn T 2544 Montero Mg&Ex V 290 Monument Mng V 1196 Mosaic* N 165656 Mountain Boy M V 520 Mountain Prov T 2202 MPH Vent V 3040 MPVC V 1150 Mundoro Cap V 615 Mustang Minls V 4830

0.03 0.03 0.03 0.00 0.06 0.01 0.01 0.01 0.01 + 0.01 0.07 0.01 0.76 0.70 0.71 - 0.04 1.04 0.69 0.01 0.01 0.01 - 0.01 0.25 0.01 0.18 0.16 0.16 - 0.01 0.39 0.16 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.22 0.21 0.21 - 0.02 1.09 0.21 0.43 0.38 0.40 0.00 0.73 0.36 0.03 0.03 0.03 0.00 0.07 0.02 0.18 0.17 0.18 + 0.01 0.30 0.15 0.02 0.02 0.02 0.00 0.13 0.01 0.08 0.08 0.08 0.00 0.20 0.04 0.15 0.14 0.15 + 0.01 0.31 0.11 0.04 0.03 0.03 - 0.01 0.17 0.01 0.66 0.57 0.57 - 0.13 1.26 0.57 0.90 0.81 0.85 + 0.01 1.69 0.65 1.18 1.08 1.13 0.00 1.91 0.84 0.03 0.02 0.02 - 0.01 0.08 0.02 18.81 17.85 18.67 + 0.41 26.00 16.15 0.13 0.10 0.11 - 0.02 0.31 0.10 0.89 0.83 0.84 - 0.02 1.88 0.42 0.04 0.03 0.04 0.00 0.07 0.01 0.07 0.05 0.06 - 0.01 0.25 0.05 0.02 0.02 0.02 0.00 0.12 0.02 0.01 0.01 0.01 0.00 0.06 0.01 0.15 0.12 0.15 + 0.03 0.23 0.05 0.02 0.02 0.02 - 0.01 0.04 0.02 8.07 6.31 7.42 - 0.31 19.39 6.31 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.08 + 0.01 0.12 0.03 0.03 0.03 0.03 - 0.01 0.14 0.01 2.40 2.40 2.40 0.00 3.72 2.40 0.07 0.06 0.07 0.00 0.28 0.05 0.04 0.03 0.04 - 0.01 0.10 0.03 0.02 0.01 0.02 0.00 0.05 0.01 0.30 0.26 0.27 - 0.02 0.60 0.26 0.64 0.55 0.62 - 0.01 0.77 0.47 0.11 0.10 0.11 - 0.03 0.19 0.08 0.70 0.55 0.58 - 0.05 1.26 0.50 0.20 0.15 0.17 - 0.08 0.55 0.15 0.03 0.03 0.03 0.00 0.07 0.01 0.02 0.02 0.02 0.00 0.07 0.02 4.99 4.50 4.77 - 0.14 12.51 4.50 0.06 0.05 0.06 + 0.01 0.10 0.04 0.15 0.10 0.12 - 0.02 0.35 0.10 0.19 0.12 0.16 - 0.03 0.39 0.12 0.40 0.36 0.37 - 0.01 0.83 0.32 0.01 0.01 0.01 - 0.01 0.05 0.01 0.03 0.03 0.03 0.00 0.06 0.02 0.29 0.26 0.26 - 0.03 0.74 0.26 0.34 0.34 0.34 - 0.01 0.85 0.34 0.08 0.07 0.08 + 0.01 0.14 0.07 0.78 0.73 0.73 - 0.01 1.16 0.73 0.03 0.03 0.03 - 0.01 0.19 0.01 0.08 0.08 0.08 0.00 0.14 0.07 0.12 0.11 0.11 0.00 0.15 0.04 0.03 0.03 0.03 0.00 0.06 0.01 0.10 0.10 0.10 + 0.01 0.16 0.08 32.97 31.51 31.95 + 0.29 53.83 29.61 0.01 0.01 0.01 0.00 0.02 0.01 3.80 3.74 3.76 + 0.01 5.50 3.38 0.08 0.08 0.08 0.00 0.10 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.09 0.08 0.08 0.00 0.20 0.06 0.01 0.01 0.01 0.00 0.02 0.01

Namibia Rare E T 410 Natural Rs Pt* N 2190 Nautilus Minls T 1500 Nemaska Lith V 38661 Network Expl V 40 Nevada Clean M V 1620 Nevada Copper T 638 Nevada Expl V 962 Nevada Sunrise V 4585 Nevado Res V 810 Nevsun Res T 8346 Nevsun Res* X 5443 New Carolin Gd V 906 New Destiny Mg V 110 New Gold T 64748 New Gold* X 172816 New Millennium V 4155 New Milln Iron T 4205 New Nadina V 870 New Pac Metals T 289 Newmont Mng* N 268859 Newport Expl V 1783 NGEx Res T 2069 Nighthawk Gold V 57879 Nikos Expl V 730 Niogold Mng V 1726 Nippon Dragon V 3732 Noble Metal Gr V 1510 Noka Res V 2167 Nomad Ventures V 2896 Noram Vent V 510 Nordex V 100 Noront Res V 6005 Nortec Mnls V 170 North Am En P* N 136 North Am En Pa T 190 North Am Nickl V 1222 North Am Pall T 96 North Am Tung V 12242 North Arrow Mn V 1620 Northcliff Res T 1244 Northern Abiti V 500 Northern Dyn* X 6663 Northern Dyn M T 10971 Northern Freeg V 550 Northern Gld M V 28466 Northern Graph V 1706 Northern Iron V 1270 Northern Lion V 10 Northern Shiel V 3550 Northern Sup R V 1098 Northern Vertx V 4660 Northquest V 260 NovaCopper T 144 NovaCopper* X 981 NovaGold Res T 6891 NovaGold Res* X 41417 NQ Expl V 50 NSGold V 180 NSX Silver V 282 Nubian Res V 40 NuLegacy Gold V 12315 Oban Mng T 2314 OceanaGold T 47336 Oceanic Iron O V 250 Oceanus Res V 955 Odin Mng & Exp V 490 Olivut Res V 281 Olympic Res V 292 Opta Minls T 87 Oracle Mng V 245 Orbit Garant D T 1777 Orbite Alumnae T 171348 Orca Gold V 279 Orex Expl V 3400 Orex Minls V 245 Orezone Gold T 4824 Oroco Res V 10

0.05 0.05 0.05 0.00 0.22 0.04 1.69 1.53 1.54 - 0.08 13.79 1.53 0.34 0.29 0.29 - 0.02 0.55 0.24 0.43 0.37 0.43 + 0.04 0.43 0.12 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.03 0.00 0.06 0.03 0.82 0.73 0.75 - 0.06 2.03 0.73 0.50 0.41 0.41 + 0.01 0.94 0.05 0.27 0.20 0.21 - 0.02 0.53 0.13 0.01 0.01 0.01 - 0.01 0.06 0.01 3.73 3.55 3.72 + 0.09 5.35 3.41 2.81 2.67 2.80 + 0.08 4.51 2.57 0.05 0.05 0.05 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.04 0.01 2.99 2.81 2.97 + 0.06 6.04 2.52 2.24 2.10 2.23 + 0.04 5.12 1.90 0.10 0.07 0.07 - 0.02 0.36 0.07 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 17.91 16.65 17.63 + 0.30 27.90 15.39 0.23 0.20 0.21 - 0.03 0.49 0.20 0.48 0.46 0.48 - 0.01 1.40 0.44 0.07 0.04 0.04 - 0.03 0.40 0.04 0.02 0.02 0.02 0.00 0.15 0.02 0.31 0.29 0.31 + 0.03 0.43 0.22 0.12 0.10 0.11 + 0.02 0.15 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 + 0.01 0.30 0.03 0.02 0.01 0.01 - 0.01 0.07 0.01 0.02 0.02 0.02 - 0.01 0.02 0.01 0.11 0.11 0.11 - 0.02 0.43 0.06 0.49 0.40 0.41 - 0.08 0.67 0.25 0.02 0.02 0.02 0.00 0.04 0.02 2.20 2.06 2.14 + 0.04 5.39 1.60 2.92 2.79 2.89 + 0.09 6.10 2.10 0.13 0.10 0.10 - 0.02 0.28 0.10 4.30 3.95 4.10 + 0.10 188.00 3.85 0.01 0.01 0.01 - 0.01 0.06 0.01 0.21 0.17 0.20 - 0.01 1.34 0.17 0.10 0.09 0.10 - 0.01 0.24 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.35 0.29 0.30 - 0.03 0.72 0.28 0.46 0.40 0.41 - 0.05 0.83 0.37 0.05 0.04 0.04 - 0.01 0.18 0.04 0.02 0.01 0.01 0.00 0.03 0.01 0.22 0.18 0.20 + 0.01 0.89 0.18 0.01 0.01 0.01 0.00 0.05 0.01 0.10 0.10 0.10 + 0.03 0.16 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02 0.22 0.13 0.14 - 0.08 0.26 0.09 0.19 0.19 0.19 0.00 0.32 0.07 0.53 0.50 0.50 - 0.04 0.93 0.41 0.40 0.37 0.38 - 0.02 0.74 0.35 4.91 4.51 4.73 + 0.13 5.23 2.94 3.69 3.38 3.56 + 0.09 4.25 2.56 0.01 0.01 0.01 + 0.01 0.02 0.01 0.05 0.04 0.04 - 0.02 0.20 0.03 0.03 0.02 0.02 - 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.12 0.10 0.11 + 0.02 0.17 0.07 1.22 1.10 1.17 + 0.08 3.40 1.09 2.58 2.32 2.39 - 0.08 3.15 1.70 0.16 0.13 0.16 + 0.01 0.30 0.08 0.24 0.18 0.23 + 0.01 0.40 0.14 0.30 0.27 0.30 - 0.01 0.57 0.21 0.10 0.09 0.10 0.00 0.18 0.08 0.19 0.15 0.19 + 0.04 0.32 0.03 0.50 0.30 0.50 + 0.20 2.35 0.25 0.01 0.01 0.01 - 0.01 0.07 0.01 0.79 0.62 0.75 + 0.09 1.50 0.62 0.50 0.41 0.48 - 0.02 0.53 0.20 0.16 0.15 0.15 - 0.01 0.45 0.15 0.02 0.02 0.02 0.00 0.02 0.01 0.12 0.11 0.11 - 0.03 0.34 0.11 0.27 0.23 0.24 - 0.02 0.61 0.22 0.03 0.03 0.03 0.00 0.06 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orocobre T 1347 Orofino Mnls V 333 Orosur Mng T 957 Orvana Mnrls T 4627 Otis Gold V 1205

1.68 1.52 1.55 - 0.14 2.88 1.38 0.12 0.06 0.12 0.00 0.30 0.05 0.15 0.11 0.15 + 0.02 0.24 0.10 0.15 0.13 0.14 - 0.01 0.49 0.13 0.09 0.08 0.08 0.00 0.14 0.02

Pac Bay Mnrls V 65 Pac Booker Min V 61 Pac Booker Mn* X 2 Pac Casc Minls V 950 Pac Iron Ore V 175 Pac North West V 620 Pac Ridge Expl V 2050 Paladin Energy T 16702 Palmer Res V 7744 Pan Am Silver T 9728 Pan Am Silver* Q 88338 Pan Global Res V 2679 Panoro Minls V 17868 Parlane Res V 140 Peabody Enrgy* N 24715 Pelangio Expl V 4172 Pele Mtn Res V 1390 Peregrine Diam T 12384

0.09 0.09 0.09 + 0.02 0.10 0.02 1.99 1.95 1.95 + 0.05 6.90 1.02 1.43 1.42 1.43 - 0.02 5.75 1.04 0.01 0.01 0.01 - 0.01 0.04 0.01 0.34 0.31 0.31 - 0.03 0.39 0.10 0.02 0.02 0.02 0.00 0.05 0.01 0.02 0.02 0.02 0.00 0.04 0.02 0.25 0.22 0.22 - 0.03 0.43 0.15 0.02 0.01 0.01 + 0.01 0.06 0.01 9.44 8.50 9.01 + 0.08 15.06 7.77 7.09 6.37 6.76 + 0.02 12.05 5.85 0.01 0.01 0.01 0.00 0.08 0.01 0.14 0.13 0.13 - 0.01 0.30 0.09 0.08 0.07 0.08 + 0.01 0.23 0.03 14.53 12.36 12.89 - 0.62 177.30 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 0.16 0.17 - 0.01 0.39 0.14

P-Q

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

RockBridge Res V 87 Rockhaven Res V 1120 Rodinia Lithm V 835 Rogue Iron Ore V 2465 Rokmaster Res V 2410 Rome Res V 1768 Romios Gold Rs V 170 Roxgold V 1519 Royal Cdn Mint T 1110 Royal Gold T 232 Royal Gold* Q 42772 Royal Nickel T 8674 RPT Uranium V 453 Rubicon Mnls* X 68624 Rubicon Mnrls T 52231 Running Fox Rs V 190 Rupert Res V 80 Rusoro Mng V 7050 Russell Metals T 9403 Rye Patch Gold V 1944

0.02 0.02 0.02 0.00 0.09 0.02 0.14 0.10 0.13 - 0.01 0.27 0.10 0.02 0.02 0.02 0.00 0.05 0.01 0.09 0.08 0.08 - 0.01 0.16 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.01 0.10 0.02 0.03 0.03 0.03 0.00 0.05 0.02 0.68 0.62 0.63 0.00 0.77 0.48 15.45 15.15 15.21 - 0.15 17.41 13.96 49.73 45.92 48.68 + 0.75 95.64 45.92 37.67 34.42 36.34 + 0.19 77.20 34.42 0.19 0.15 0.16 - 0.03 0.59 0.15 0.30 0.30 0.30 0.00 0.41 0.22 0.18 0.12 0.13 - 0.04 1.35 0.12 0.23 0.17 0.17 - 0.05 1.63 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 - 0.01 0.11 0.03 0.04 0.04 0.04 0.00 0.07 0.01 19.64 18.72 19.08 + 0.24 32.23 18.23 0.13 0.12 0.12 - 0.01 0.20 0.12

S Sabina Gd&Slvr T 11188 0.64 0.54 0.57 - 0.02 0.64 0.28 Sable Res V 13 0.02 0.02 0.02 + 0.01 0.07 0.01 Sage Gold V 500 0.06 0.05 0.05 + 0.01 0.17 0.04

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_TNM Nov 30 2015 pgs 8 9 10.indd 9

Perseus Mng T 6837 Pershimco Res V 3697 Peruvian Prc M V 5867 Philippine Mtl V 500 Pilot Gold T 7968 Pinecrest Res V 460 Pinetree Cap T 5786 Planet Mng V 1351 Plata Latina M V 5900 Plate Res V 650 Platinum Gp M* X 4352 Platinum Gp Mt T 5077 Plato Gold V 20150 Playfair Mng V 733 Polaris Minls T 1460 PolyMet Mng* X 7101 PolyMet Mng T 451 Potash C Sask* N 177538 Potash Cp Sask T 70421 Precipitate Gl V 104 Premier Gold M T 10063 Pretium Res* N 20346 Pretium Res T 8397 Prime Merid Rs V 200 Primero Mng T 24717 Primero Mng* N 4392 Probe Mines V 301 Prophecy Coal T 15482 Prospero Silve V 120 Puma Expl V 890 Purepoint U V 1500 QMX Gold V 145 Quartz Mtn Res V 500 Quaterra Res V 715 Quest Rare Mnl T 534

0.35 0.32 0.33 0.00 0.48 0.18 0.14 0.12 0.14 + 0.01 0.26 0.12 0.07 0.05 0.05 - 0.02 0.18 0.05 0.02 0.02 0.02 - 0.01 0.06 0.02 0.35 0.28 0.29 - 0.05 1.27 0.28 0.08 0.08 0.08 - 0.01 0.50 0.06 0.07 0.06 0.06 - 0.01 0.21 0.06 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.12 0.01 0.02 0.02 0.02 - 0.01 0.07 0.02 0.24 0.21 0.21 - 0.02 0.94 0.21 0.32 0.29 0.29 - 0.01 1.10 0.29 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 0.00 0.08 0.01 1.83 1.66 1.68 - 0.09 2.83 1.65 0.98 0.88 0.90 - 0.08 1.37 0.55 1.29 1.18 1.18 - 0.08 1.75 0.76 20.72 19.82 20.50 + 0.23 37.60 19.47 27.64 26.44 27.33 + 0.39 47.10 25.80 0.08 0.08 0.08 + 0.01 0.21 0.07 2.37 2.14 2.34 + 0.07 2.92 1.61 5.61 5.17 5.45 + 0.08 7.56 4.26 7.46 6.90 7.25 + 0.10 9.05 5.57 0.07 0.07 0.07 - 0.01 0.19 0.06 2.99 2.74 2.93 + 0.10 6.06 2.56 2.23 2.06 2.22 + 0.09 5.02 1.93 0.39 0.38 0.39 + 0.02 0.56 0.14 0.04 0.03 0.03 - 0.01 0.08 0.03 0.08 0.07 0.07 - 0.01 0.25 0.05 0.05 0.04 0.05 0.00 0.18 0.04 0.03 0.02 0.03 + 0.01 0.07 0.02 0.02 0.02 0.02 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.09 0.07 0.08 + 0.01 0.15 0.04 0.08 0.07 0.08 0.00 0.29 0.07

Rackla Mtls V 69 Radisson Mng V 670 Radius Gold V 1414 Rainy Mtn Royl V 50 Rambler Mg&Mtl V 2118 Randgold Res* Q 33848 Range Engy Res C 1280 Rapier Gold V 131 Rare Elemnt Rs T 354 Rare Elemt Re* X 4905 Red Eagle Mng V 5070 Red Moon Potsh V 80 Red Pine Expl V 420 Red Rock Enrgy V 428 Red Tiger Mng V 85 Redhawk Res T 2240 Redhill Res V 15 Redstar Gold V 3468 Redstar Res V 507 Regal Res C 280 Regulus Res V 15 Remington Res V 4697 Renaissance Gd T 118 Reservoir Capt V 958 Reservoir Mnls V 1209 Reunion Gold V 2160 Reva Res V 156 Revolver Res V 710 Rhino Res* N 288 Richmond Mnls V 1635 Richmont Mines T 3143 Richmont Mine* X 2963 Rio Novo Gold T 340 Rio Tinto* N 31916 Riverside Res V 2188 RJK Explor V 10 Robex Res V 4101 Rochester Res V 10

0.05 0.05 0.05 - 0.01 0.13 0.03 0.12 0.10 0.10 - 0.02 0.15 0.08 0.07 0.07 0.07 - 0.01 0.11 0.06 0.04 0.03 0.03 - 0.02 0.09 0.02 0.08 0.07 0.07 - 0.01 0.49 0.07 61.57 58.95 61.45 + 1.51 85.84 54.88 0.03 0.03 0.03 0.00 0.10 0.01 0.05 0.04 0.04 - 0.01 0.08 0.01 0.34 0.26 0.28 + 0.01 1.31 0.25 0.22 0.19 0.20 - 0.01 1.06 0.19 0.30 0.27 0.27 - 0.02 0.36 0.23 0.03 0.03 0.03 + 0.01 0.09 0.02 0.07 0.06 0.07 0.00 0.18 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.03 0.03 0.03 0.00 0.19 0.02 0.05 0.05 0.05 - 0.01 0.11 0.04 0.08 0.08 0.08 0.00 0.38 0.07 0.04 0.03 0.03 - 0.01 0.06 0.03 0.02 0.02 0.02 0.00 0.10 0.02 0.06 0.03 0.06 - 0.01 0.15 0.03 0.20 0.20 0.20 0.00 0.54 0.00 0.03 0.02 0.03 + 0.02 0.05 0.01 0.16 0.16 0.16 - 0.01 0.38 0.14 0.54 0.50 0.52 + 0.02 0.62 0.21 4.45 4.19 4.20 + 0.06 5.09 3.58 0.02 0.01 0.02 + 0.01 0.10 0.01 0.05 0.02 0.02 0.00 0.06 0.02 0.05 0.04 0.05 0.00 0.08 0.02 0.68 0.56 0.61 - 0.09 3.09 0.56 0.09 0.08 0.08 - 0.03 0.14 0.03 4.15 3.80 3.95 - 0.06 4.55 2.70 3.11 2.86 2.95 - 0.06 3.68 2.27 0.13 0.13 0.13 0.00 0.16 0.07 34.67 33.29 34.63 + 0.64 50.06 31.97 0.16 0.14 0.15 - 0.01 0.33 0.14 0.01 0.01 0.01 0.00 0.01 0.01 0.10 0.08 0.09 + 0.01 0.12 0.05 0.03 0.03 0.03 0.00 0.15 0.03

Saint Jean Car V 7046 Salazar Res V 1101 Sama Res V 760 Samco Gold V 5 San Marco Res V 200 Sanatana Diam V 2640 Sandspring Res V 75 Sandstorm Gld* X 22711 Sandstorm Gold T 4314 Santa Fe Metls V 1050 Santacruz Silv V 4011 Sarama Res V 50 Satori Res V 125 Saturn Minls V 1784 Savant Expl V 1555 Scorpio Gold V 1312 Scorpio Mining T 11887 Seabridge Gld* N 14881 Seabridge Gold T 3323 Search Mnls V 602 Semafo T 39572 Senator Minls V 15 Sennen Res V 1118 Sentry Sl PrmM T 434 Serengeti Res V 2240 SGX Res V 1340 Sherritt Intl T 29709 Shore Gold T 7643 Sienna Res V 60 Sierra Iron Or V 1170 Sierra Metals T 74 Signature Res V 100 Silver Bear Rs T 1776 Silver Bull Re T 10 Silver Grail R V 5855 Silver Pursuit V 4847 Silver Range R V 4093 Silver Spruce V 750 Silver Std Res T 15750 Silver Std Re* Q 56970 Silver Wheatn* N 142096 Silver Wheaton T 28418 Silvercorp Mtl T 25716 Silvore Fox Ml V 1613 Sirios Res V 2265 Skeena Res V 6884 Skyharbour Res V 4855 Slam Exploratn V 632 Sniper Res V 14688 SnipGold V 1619 SNS Silver V 577 Soc Quim&M Ch* N 37428 Softrock Mnrl V 10 Solitario Ex&R T 234 Solitario Ex&* X 865 Sona Res V 75 Sonoro Mtls V 1130 Source Expl V 1450 Southern Arc V 557 Southern Silvr V 604 SouthGobi Res T 5 Spanish Mtn Gd V 3459 Sparton Res V 3468 Sprott Ph Silv T 174 Sprott Res T 4771 Spruce Ridge R V 2730 St Andrew Gldf T 111420 St Augustine T 9134 St-Georges Plt C 750 Stakeholdr Gld V 6120 Standard Graph V 200 Stans Energy V 4405 Starcore Int V T 3063 Stellar Pac Vt V 1516 Stillwater Mg* N 60507

0.05 0.04 0.05 0.00 0.06 0.01 0.04 0.03 0.04 + 0.01 0.18 0.03 0.15 0.14 0.15 - 0.01 0.30 0.10 0.13 0.13 0.13 0.00 0.80 0.13 0.03 0.02 0.02 - 0.01 0.10 0.02 0.03 0.03 0.03 0.00 0.12 0.02 0.18 0.17 0.18 + 0.02 0.44 0.13 2.73 2.52 2.65 - 0.03 4.40 2.20 3.63 3.36 3.52 - 0.05 5.30 2.84 0.02 0.02 0.02 0.00 0.03 0.01 0.13 0.12 0.12 - 0.01 0.46 0.11 0.08 0.07 0.07 - 0.01 0.12 0.03 0.04 0.04 0.04 - 0.01 0.35 0.02 0.11 0.10 0.11 0.00 0.24 0.10 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.05 0.05 - 0.01 0.20 0.05 0.15 0.14 0.15 + 0.01 0.28 0.14 8.35 7.26 7.66 - 0.09 9.89 3.31 11.17 9.69 10.18 - 0.12 12.60 4.34 0.06 0.05 0.05 - 0.01 0.13 0.03 3.23 3.01 3.13 + 0.09 4.49 2.46 0.09 0.09 0.09 - 0.06 0.17 0.02 0.11 0.11 0.11 0.00 1.35 0.10 2.10 2.01 2.07 + 0.02 3.49 2.01 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 0.82 0.73 0.79 + 0.01 3.25 0.70 0.21 0.19 0.21 + 0.01 0.31 0.13 0.02 0.02 0.02 0.00 0.04 0.01 0.43 0.35 0.35 - 0.02 0.62 0.07 1.40 1.22 1.22 - 0.25 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 0.06 0.06 0.06 - 0.01 0.30 0.06 0.04 0.02 0.02 0.00 0.06 0.02 0.03 0.02 0.02 0.00 0.06 0.02 0.04 0.03 0.04 0.00 0.11 0.03 0.08 0.07 0.07 - 0.01 0.10 0.02 7.00 6.38 6.66 - 0.20 10.56 4.86 5.25 4.78 5.01 - 0.16 8.02 4.12 12.74 11.91 12.68 + 0.37 24.22 11.03 16.97 15.88 16.88 + 0.55 29.86 14.62 0.92 0.77 0.80 - 0.06 2.00 0.75 0.02 0.02 0.02 0.00 0.11 0.00 0.10 0.08 0.08 - 0.02 0.13 0.06 0.07 0.06 0.07 0.00 0.13 0.06 0.03 0.02 0.03 0.00 0.07 0.02 0.02 0.02 0.02 0.00 0.06 0.01 0.04 0.02 0.02 - 0.03 0.07 0.01 0.05 0.05 0.05 0.00 0.11 0.04 0.37 0.34 0.36 - 0.01 0.50 0.05 19.94 17.73 17.83 - 0.86 28.32 12.65 0.02 0.02 0.02 0.00 0.03 0.01 0.60 0.57 0.57 - 0.13 1.18 0.57 0.46 0.44 0.44 - 0.02 1.09 0.40 0.02 0.02 0.02 0.00 0.06 0.01 0.09 0.08 0.09 + 0.03 0.19 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.38 0.37 0.37 - 0.02 1.00 0.25 0.06 0.05 0.06 + 0.01 0.13 0.03 0.32 0.32 0.32 - 0.07 1.25 0.26 0.04 0.03 0.04 + 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 5.54 5.43 5.47 - 0.07 7.43 5.31 0.61 0.53 0.55 - 0.06 2.25 0.53 0.02 0.01 0.02 + 0.01 0.06 0.01 0.44 0.35 0.41 + 0.06 0.44 0.21 0.13 0.12 0.12 - 0.01 0.18 0.07 0.01 0.01 0.01 - 0.01 0.05 0.01 0.02 0.01 0.01 - 0.01 0.28 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.13 0.01 0.10 0.09 0.10 + 0.01 0.17 0.08 0.02 0.02 0.02 + 0.01 0.14 0.01 9.24 8.62 9.22 + 0.47 15.37 8.36

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stonegate Agri T 4040 Stornoway Diam T 13080 Strata Mnls V 1610 Strategic Metl V 1552 Stratton Res V 55 Strike Graph V 6877 StrikePoint Gd V 13161 Sulliden Mng C T 1331 Sultan Mnrls V 3350 SunCoke Engy* N 10388 Sunridge Gold V 25013 Suparna Gold V 1860 Superior Coppr V 29140 Sutter Gold V 290

0.02 0.02 0.02 - 0.01 0.07 0.02 0.78 0.68 0.76 + 0.09 0.85 0.46 0.01 0.01 0.01 0.00 0.12 0.01 0.28 0.26 0.27 - 0.01 0.37 0.26 0.09 0.09 0.09 0.00 0.15 0.06 0.03 0.02 0.02 - 0.01 0.15 0.02 0.05 0.03 0.03 - 0.01 0.08 0.01 0.27 0.23 0.25 + 0.01 0.49 0.19 0.01 0.01 0.01 0.00 0.02 0.01 4.22 3.70 3.79 - 0.28 23.12 3.70 0.25 0.24 0.25 - 0.01 0.27 0.13 0.01 0.01 0.01 0.00 0.12 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.05 0.05 0.00 0.15 0.04

Tahoe Res* N 16794 Tahoe Res T 32292 Taipan Res V 139 Tajiri Res V 1055 Talon Metals T 941 Tanz Roy Exp T 2527 Tanz Roy Exp* X 4935 Taranis Res V 30 Tasca Res V 14 Taseko Mines* X 8721 Taseko Mines T 3678 Tasman Metals V 956 Tasman Mtls* X 3311 Tawsho Mng V 105 Tearlach Res V 500 Teck Res A T 111 Teck Res B* N 328831 Teck Res B T 148184 Tembo Gold V 186 Teranga Gold T 34528 Teras Res V 750 Terraco Gold V 6995 Terrax Minls V 355 Teuton Res V 1060 Theia Res V 100 Thompson Creek T 5845 Thompson Crk* N 3819 Tiger Intl V 60 Tiller Res V 10 Timberline Res V 199 Timberline Rs* X 843 Timmins Gold* X 9114 Timmins Gold T 29671 Tinka Res V 1373 Tintina Res V 11405 Tirex Res V 848 Titanium Corp V 1994 TNR Gold V 4472 TomaGold V 2811 Torex Gold T 44816 Transition Mtl V 1735 Treasury Metal T 1228 Tres-Or Res V 5874 Trevali Mng T 48246 Tri Origin Exp V 1778 TriMetals Mng T 700 Trio Gold Corp V 929 Troymet Expl V 1068 True Gold Mng V 5793 True North Gem V 3907 Tsodilo Res V 138 Turquoise HIl* N 10282 Turquoise Hill T 18724 TVI Pacific T 603 Typhoon Expl V 305

8.71 7.73 8.45 + 0.87 17.85 7.33 11.63 10.25 11.26 + 1.18 20.08 9.66 0.13 0.10 0.11 - 0.04 3.05 0.10 0.01 0.01 0.01 0.00 0.04 0.01 0.14 0.12 0.12 0.00 0.34 0.08 0.40 0.36 0.37 - 0.04 1.51 0.32 0.32 0.27 0.28 - 0.02 1.34 0.25 0.04 0.04 0.04 - 0.01 0.15 0.03 0.01 0.01 0.01 - 0.01 0.05 0.01 0.43 0.36 0.40 - 0.01 1.48 0.32 0.59 0.49 0.52 - 0.03 1.67 0.49 0.30 0.24 0.25 - 0.05 0.99 0.24 0.23 0.18 0.20 - 0.02 0.79 0.18 0.02 0.02 0.02 0.00 0.05 0.01 0.14 0.10 0.13 - 0.01 0.14 0.02 9.75 8.50 9.18 + 0.20 22.64 7.74 4.99 4.45 4.73 + 0.01 17.88 4.39 6.64 5.95 6.29 + 0.02 20.58 5.87 0.02 0.02 0.02 0.00 0.06 0.01 0.56 0.50 0.50 - 0.05 0.82 0.39 0.07 0.07 0.07 0.00 0.15 0.05 0.11 0.08 0.11 + 0.03 0.19 0.07 0.35 0.32 0.32 - 0.03 0.44 0.23 0.05 0.04 0.04 - 0.01 0.38 0.04 0.06 0.06 0.06 - 0.01 0.20 0.06 0.44 0.40 0.40 - 0.02 2.55 0.40 0.34 0.30 0.31 - 0.01 2.08 0.30 0.20 0.20 0.20 + 0.09 0.30 0.12 0.05 0.05 0.05 0.00 0.15 0.04 0.61 0.60 0.60 - 0.01 0.91 0.35 0.48 0.45 0.46 - 0.02 0.80 0.26 0.19 0.16 0.17 + 0.02 1.27 0.14 0.25 0.21 0.22 + 0.01 1.53 0.19 0.16 0.15 0.16 0.00 0.43 0.15 0.08 0.06 0.06 - 0.02 0.15 0.04 0.14 0.11 0.12 - 0.01 0.35 0.10 1.15 0.89 0.90 - 0.11 1.55 0.60 0.03 0.01 0.02 + 0.01 0.03 0.01 0.05 0.04 0.05 + 0.01 0.13 0.04 1.27 1.17 1.22 - 0.01 1.65 0.85 0.18 0.08 0.12 + 0.05 0.27 0.06 0.46 0.40 0.45 + 0.01 0.62 0.25 0.02 0.02 0.02 0.00 0.03 0.01 0.45 0.32 0.32 - 0.12 1.24 0.31 0.04 0.03 0.03 0.00 0.04 0.01 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 0.01 0.02 0.00 0.03 0.01 0.22 0.20 0.21 0.00 0.29 0.15 0.17 0.16 0.17 0.00 0.20 0.07 0.80 0.57 0.57 - 0.20 1.19 0.57 2.79 2.62 2.72 - 0.03 4.73 2.41 3.73 3.49 3.63 - 0.01 5.80 3.17 0.02 0.01 0.01 0.00 0.03 0.01 0.04 0.03 0.03 - 0.01 0.08 0.03

U3O8 Corp T 6871 Ucore Rare Mtl V 2195 UEX Corp T 12566 Ultra Lithium V 250 Unigold V 195 Ur-Energy T 1503 Ur-Energy* X 527 Uracan Res V 105 Uragold Bay Rs V 1837 Uranium Ener* X 9183 Uranium Partic T 10781 Uranium Res* Q 3149 Uranium Valley V 45 Uravan Minls V 28 US Energy* Q 1427 US Silica Hld* N 14051 Vale* N 228493 ValGold Res V 2574 Valterra Res V 540 Vanstar Mng Rs V 510 Vantex Res V 40 Vendetta Mng V 100 Vendome Res V 1010 Venerable Vent V 300 Verde Potash T 192 Victoria Gold V 2858 Victory Nickel T 919 Victory Vent V 910 Vior Mining V 80 Viscount Mng V 2980 Vista Gold T 70 Vista Gold* X 2339 VMS Vent V 7012 Vulcan Mnrls V 260 VVC Expl V 3325

0.03 0.03 0.03 - 0.01 0.07 0.02 0.26 0.24 0.25 0.00 0.44 0.20 0.12 0.12 0.12 0.00 0.37 0.11 0.07 0.07 0.07 0.00 0.35 0.05 0.10 0.09 0.10 + 0.01 0.30 0.08 0.65 0.61 0.64 - 0.02 1.35 0.61 0.49 0.45 0.47 - 0.02 1.07 0.45 0.01 0.01 0.01 0.00 0.07 0.01 0.04 0.03 0.03 0.00 0.07 0.03 1.14 1.03 1.08 + 0.02 3.00 0.90 5.21 5.05 5.17 + 0.09 5.75 4.82 0.77 0.65 0.66 - 0.06 2.49 0.60 0.10 0.05 0.10 + 0.06 0.10 0.04 0.13 0.13 0.13 0.00 0.17 0.03 0.35 0.29 0.30 - 0.04 2.37 0.29 20.31 17.06 20.02 + 2.14 47.01 13.50 4.01 3.75 3.90 - 0.03 9.55 3.75 0.02 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.06 0.04 0.05 - 0.01 0.08 0.04 0.02 0.02 0.02 0.00 0.04 0.01 0.09 0.07 0.07 - 0.03 0.18 0.07 0.01 0.01 0.01 + 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.26 0.23 0.24 - 0.01 0.60 0.23 0.14 0.13 0.13 0.00 0.24 0.09 0.03 0.02 0.03 0.00 0.48 0.02 0.03 0.02 0.03 + 0.01 0.03 0.01 0.05 0.05 0.05 - 0.01 0.13 0.04 0.53 0.48 0.50 - 0.02 0.55 0.15 0.37 0.35 0.35 - 0.03 0.56 0.30 0.30 0.26 0.27 - 0.01 0.45 0.24 0.08 0.06 0.06 - 0.01 0.32 0.06 0.02 0.02 0.02 0.00 0.04 0.02 0.03 0.03 0.03 0.00 0.04 0.02

Wallbridge Mng T 4447 WCB Res V 220 Wealth Minls V 861 Wescan Goldfie V 55 Wesdome Gold T 2007 West Af Iron O V 730 West High Yld V 200 West Kirkland V 9294 Western Copper T 425 Western Coppr* X 642 Western Lithiu T 7241 Western Pac Rs V 280 Western Potash T 7711 Western Troy C V 55 Westhaven Vent V 200 Westkam Gold V 20420 Westminster Rs V 38 WGI Heavy Mnl T 1124 Williams Creek V 200 Wolfden Res V 7490 WPC Res V 150 Xtra-Gold Res T 685 Yamana Gold* N 53349 Yamana Gold T 89724 Yanzhou Coal* N 2403 Yellowhead Mng T 799 Zadar Vent V 52389 Zazu Metals T 590 Zenyatta Vent V 2746 Zephyr Mnls V 41 Zimtu Capital V 571 Zinco Mng V 2576 Zonte Mtls V 127

0.04 0.03 0.03 + 0.01 0.06 0.03 0.08 0.07 0.07 - 0.02 0.28 0.07 0.20 0.16 0.16 - 0.02 0.42 0.05 0.03 0.03 0.03 - 0.01 0.06 0.01 1.15 1.09 1.10 - 0.01 1.40 0.83 0.03 0.03 0.03 + 0.01 0.10 0.02 0.30 0.25 0.25 0.00 0.43 0.11 0.05 0.05 0.05 0.00 0.10 0.05 0.36 0.33 0.33 0.00 0.78 0.33 0.27 0.25 0.25 0.00 0.68 0.25 0.35 0.32 0.34 + 0.03 0.96 0.26 0.01 0.01 0.01 0.00 0.15 0.01 0.21 0.19 0.20 - 0.02 0.34 0.19 0.01 0.01 0.01 - 0.01 0.02 0.01 0.08 0.07 0.08 + 0.02 0.12 0.05 0.03 0.02 0.02 - 0.01 0.05 0.02 0.02 0.02 0.02 0.00 0.15 0.01 0.21 0.18 0.19 - 0.01 0.78 0.00 0.01 0.01 0.01 0.00 0.11 0.01 0.08 0.06 0.07 - 0.01 0.23 0.05 0.04 0.04 0.04 0.00 0.08 0.03 0.22 0.21 0.21 0.00 0.30 0.10 1.95 1.77 1.90 + 0.14 4.84 1.43 2.60 2.35 2.51 + 0.16 5.79 1.89 4.77 4.62 4.74 - 0.14 12.24 4.28 0.05 0.04 0.05 0.00 0.18 0.03 0.03 0.01 0.02 + 0.02 0.07 0.01 0.14 0.11 0.12 - 0.01 0.43 0.11 0.99 0.89 0.89 - 0.04 2.61 0.87 0.15 0.15 0.15 + 0.02 0.20 0.09 0.17 0.15 0.16 - 0.01 0.45 0.14 0.02 0.01 0.01 - 0.01 0.09 0.01 0.03 0.03 0.03 0.00 0.08 0.02

U-V

W-Z

15-11-24 5:57 PM

WWW.NORTHERNMINER.COM

NOVEMBER 30–DECEMBER 6, 2015 / THE NORTHERN MINER

BID-ASK — NOVEMBER 13–19, 2015 STOCK

12-MONTH

EXC BID ASK LAST HIGH

ABE Res Abzu Gold Aegean Metals Afferro Mng Aftermath Silv AgriMinco Aguila Am Res Alamos Gold Alder Res Aldershot Res Alhambra Res Allana Potash Allied Gold Allied Nevada Allied Nevada* Alpha Mnls Altair Vent Alturas Minls Am Cons Minls AM Gold Amara Mng Amcol Intl* American Bonan AndeanGold Anglo-Can Mng Archon Mineral Arco Res Arcturus Res Armadillo Res AsiaBaseMetals Astorius Res Augusta Res Aurania Res AuRico Gold* AuRico Gold Azumah Res Bama Gold Bandera Gold Bannerman Res Bard Vent Baroyeca Go&Si Bayfield Vent BE Res Bear Lake Gold Bearing Res Belmont Res Belvedere Res Besra Gold Bison Gold Res Black Isle Res Blackstone Ven Blue Gold Mng Bonaparte Res Bralorne Gold Brazilian Gold Brionor Res Buccaneer Gold Bullman Mnls Cadillac Vent Calvista Gold Canada Fluorsp Canadn Arrow Canadn Plat Canaf Group Cancor Mines Cangold Cannon Pnt Res Caracara Silvr Carlin Gold Carmax Mng Carrie Arran R Cascadero Copp Cavan Vent Cayden Res Celeste Copper Central Iron O Chalice Diam Chalice Gold M Channel Res Chimata Gold China Mnls Mng CIC Energy Citation Res Cline Mng CMQ Res Coalspur Mines Cobriza Mtls Coeur Mng Colossus Minls Columbus Expl Comet Inds Cons Richland Contintl Nickl Copper Ck Gold Copper One Corazon Gold Coronet Mtls Cortez Gold Cougar Mnls Creso Expl Crosshair Eny* Cuervo Res Curis Res Darwin Res Diamonds North Discovery Harb Dominion Mnls* Dorex Minls Duluth Metals Dunav Res Duncan Park H DV Res E-Energy Vent Eagle Hill Exp Eagle Mtn Gold Eastern Merid Edgewater Expl El Tigre Silvr Elemental Mnls Elgin Mng Elissa Res Endurance Gold Esperanza Res Estrella Gold Ethos Gold EurOmax Res Eurotin Evrim Res Extorre Gold M Falcon Gold Ferrum Am Mng Finlay Minrls First Nickel Fort St J Nick Freeport Res Frontier Rr Er Galantas Gold Gentor Res Geocom Res*

V V V V V V V T V V V T T T X V V V V V T N T V V V V V C V V T V N T T V V T V V V V V V V V T V V V V V V V V V V V T V V V V C V V V V V V V V V V V V T V V V T V T V T V T T V V V V V V V V V V V X C T V V V Q V T V V V V V V V V V T T V V V V V V V V T V V V T V V T V V Q

_TNM Nov 30 2015 pgs 8 9 10.indd 10

0.04 0.05 0.04 0.08 0.03 0.03 0.03 0.05 0.03 0.05 0.03 0.11 1.10 2.50 1.57 2.40 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.04 0.05 0.04 0.11 5.02 5.07 5.03 10.31 0.01 0.01 0.01 0.05 0.02 0.02 0.01 0.05 0.02 0.03 0.02 0.06 0.50 0.50 0.50 0.50 2.25 2.29 2.25 3.70 0.16 0.16 1.08 4.45 0.86 0.86 0.86 6.70 5.55 5.68 5.45 7.60 0.09 0.17 0.09 0.60 0.01 0.01 0.01 0.01 0.04 0.04 0.04 0.07 0.04 0.04 0.04 0.07 0.20 0.29 0.21 1.72 45.74 45.75 45.74 47.09 0.02 0.02 0.02 0.06 0.01 0.02 0.02 0.04 0.01 0.01 0.01 0.02 1.45 1.65 1.50 2.09 0.06 0.06 0.06 0.09 0.01 0.02 0.01 0.03 0.01 0.05 0.02 0.02 0.04 0.09 0.05 0.14 0.01 0.02 0.01 0.05 3.15 3.50 3.55 4.18 0.35 0.45 0.30 0.45 2.87 2.88 2.86 4.69 3.58 3.73 3.58 5.12 0.02 0.03 0.02 0.11 0.07 0.20 0.06 0.23 0.01 0.01 0.01 0.05 0.03 0.03 0.04 0.09 0.01 0.02 0.01 0.04 0.01 0.01 0.01 0.01 0.24 0.25 0.24 0.41 0.02 0.35 0.35 0.35 0.03 0.04 0.04 0.06 0.03 0.04 0.03 0.07 0.02 0.02 0.02 0.09 0.01 0.02 0.02 0.15 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.04 0.04 0.05 0.05 0.09 0.03 0.03 0.01 0.20 0.46 0.49 0.47 0.95 0.05 0.12 0.05 0.11 0.19 0.19 0.20 0.45 0.10 0.10 0.11 0.25 0.01 0.01 0.01 0.03 0.02 0.03 0.03 0.04 0.03 0.06 0.03 0.14 0.01 0.02 0.01 0.11 1.09 1.10 1.09 1.10 0.35 0.35 0.35 0.35 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.05 0.05 0.05 0.09 0.01 0.02 0.01 0.05 0.03 0.04 0.03 0.15 0.18 0.19 0.19 0.25 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.02 0.03 0.03 0.07 0.05 0.06 0.05 0.07 0.03 0.04 0.03 0.05 0.02 0.02 0.02 0.04 2.40 2.49 2.40 3.49 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.07 0.07 0.08 0.10 0.12 0.11 0.15 0.04 0.06 0.05 0.09 0.04 0.06 0.04 0.19 0.01 0.01 0.01 0.01 1.99 2.00 1.99 2.45 0.07 0.08 0.07 0.10 0.01 0.01 0.01 0.84 0.02 0.04 0.02 0.05 0.02 0.02 0.02 0.08 0.12 0.13 0.12 0.16 12.03 12.64 12.09 20.14 0.02 0.02 0.04 3.40 0.06 0.06 0.19 0.20 1.45 1.75 1.20 1.75 0.02 0.02 0.02 0.04 0.40 0.90 0.40 1.12 0.06 0.09 0.06 0.08 0.04 0.06 0.04 0.35 0.18 0.30 0.18 0.38 0.03 0.03 0.03 0.18 0.18 0.32 0.32 1.00 0.05 0.06 0.05 0.30 0.12 0.12 0.12 0.13 0.02 0.03 0.02 0.26 0.01 0.01 0.01 0.01 0.68 0.72 0.70 0.99 0.05 0.05 0.05 0.20 0.02 0.03 0.02 0.08 0.01 0.02 0.02 0.11 0.08 0.18 0.01 0.09 0.02 0.03 0.03 0.10 0.45 0.45 0.45 1.00 0.01 0.02 0.02 0.14 0.01 0.01 0.01 0.03 0.04 0.05 0.04 0.06 0.01 0.01 0.01 0.01 0.60 0.65 0.65 0.93 0.14 0.17 0.13 0.42 0.03 0.10 0.05 0.10 0.02 0.03 0.02 0.06 0.04 0.04 0.04 0.27 0.18 0.25 0.20 0.55 0.41 0.42 0.42 0.45 0.14 0.14 0.14 0.25 0.02 0.03 0.02 0.08 1.01 1.03 1.01 1.70 0.03 0.04 0.03 0.08 0.15 0.15 0.17 0.23 0.36 0.45 0.35 0.57 0.02 0.04 0.04 0.10 0.12 0.15 0.12 0.24 4.27 4.28 4.27 11.27 0.01 0.02 0.02 0.17 0.01 0.03 0.02 0.05 0.03 0.03 0.03 0.03 0.01 0.01 0.01 0.03 0.01 0.02 0.01 0.03 0.01 0.02 0.01 0.02 0.13 0.14 0.13 0.35 0.09 0.14 0.10 0.18 0.03 0.04 0.03 0.11 0.05 0.09 0.02 0.03

LOW

STOCK

0.03 0.02 0.00 0.00 0.01 0.01 0.04 0.00 0.00 0.01 0.02 0.00 0.00 0.00 0.00 0.00 0.06 0.01 0.00 0.03 0.00 0.00 0.00 0.01 0.01 0.95 0.03 0.01 0.01 0.04 0.01 0.00 0.30 0.00 0.00 0.00 0.00 0.01 0.03 0.01 0.01 0.00 0.35 0.00 0.02 0.02 0.02 0.00 0.01 0.02 0.10 0.00 0.00 0.00 0.00 0.01 0.02 0.03 0.01 0.00 0.00 0.01 0.01 0.04 0.00 0.00 0.00 0.01 0.01 0.02 0.05 0.02 0.02 0.00 0.01 0.01 0.00 0.08 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 1.00 0.01 0.00 0.03 0.04 0.11 0.02 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.02 0.00 0.00 0.01 0.03 0.01 0.00 0.00 0.04 0.01 0.04 0.00 0.00 0.06 0.02 0.00 0.00 0.11 0.17 0.01 0.10 0.00 0.01 0.01 0.02 0.00 0.01 0.01 0.00 0.05 0.03 0.00

Geodrill T Geomark Expl V GFK Res V Giyani Gold V Global Ur Fund T Gold Canyon V Gold Finder Ex V Gold Mtn Mng V Gold Ridge Exp V Goldbank Mng V Golden Harp V Goldex Res V GoldMountain* Q Gossan Res V Grande Portage V Gray Rock Res V Green Valley M V Grenville Gold V Gryphon Gold T GTO Res V Harvest Gold V Highvista Gold V Hornby Bay Mnl V Hudson River M V Huntington Exp V ICN Res V Iconic Mnls V IEMR Res V Inform Res V Inova Res T Inspiration Mg T Inter-Citic Mn T Inter-Rock Mnl V Intl Enexco V Intl Millm Mng V Intl Minls Crp T Intl Samuel Ex V Intl Vestr Res V Intrepid Mns T Iron South Mng V Iron Tank Res V J.A.G. Mines V Jasper Mng V Jaxon Mnls V Jiulian Res V Kermode Res V Kettle River V Kimber Res T Kings Bay Gold V KWG Res V Labdr Iron Mns T Lachlan Star T Liberty Silver T Lincoln Mng V Lipari Energy T Lithium Americ T Lithium One V Logan Res V Long Harbour E V Lornex Cap V Lovitt Res V Lucky Mnls V MagIndustries T Magma Metals T Mahdia Gold C Majescor Res V Manado Gold V Manitou Gold V Manson Creek V Margaret Lk Di V Maritime Res V Marklnd AGF PM T Masuparia Gold V Maudore Minls V McVicar Res V Mega Copper V Mega Precs Mtl V Megastar Dev V Menika Mining V Mercator Mnls T Messina Minls V Midasco Cap V Midway Gold T Midway Gold* X Minemakers T Minera IRL T Mineral Depost T Mineral Hill V Minfocus Expl V Minsud Res V Mirabela Nickl T Moly Mines T Monster Mng V Mountain Lake V Murgor Res V Musgrove Mnls V Nebu Res V New Dawn Mng T New Dimen Res V New Oroperu Rs V New World Res V Newcrest Mng T Newmac Res V Newmont Mng T Newstrike Cap V Newstrike Res V Nitinat Mnls V NMC Res V Noble Mnl Expl V North Am Pot D V North Country V Northern Sun M V Northisle C&G V Nuinsco Res T Nunavik Nickel V NV Gold V NWM Mng V NWT Uranium V Omineca Mg&Mtl V Opawica Expl V Orefinders Res V Oremex Silver V Orestone Mng V Orko Silver V Oronova Res V Orsa Vent V Otterburn Res V Pac Arc Res V Pac Coal Res V Pac Imp Mines V Pac Potash V Pac Rim Mining T Pac Wildcat Re V Paget Mnls V Pancontl Uran V Pantheon Vent V Paragon Minls V Parallel Mng V Paramount Gold T

12-MONTH

EXC BID ASK LAST HIGH LOW

0.53 1.00 0.52 0.99 0.96 1.00 0.98 1.00 0.06 0.10 0.09 0.17 0.08 0.08 0.09 0.20 1.64 1.67 1.64 2.05 0.34 0.34 0.34 0.42 0.02 0.02 0.02 0.07 0.04 0.05 0.05 0.14 0.01 0.02 0.02 0.03 0.06 0.08 0.08 0.09 0.05 0.08 0.04 0.07 0.02 0.03 0.02 0.08 0.04 0.05 0.05 0.35 0.02 0.03 0.03 0.05 0.01 0.01 0.01 0.02 0.02 0.03 0.03 0.04 0.01 0.01 0.01 0.01 0.07 0.09 0.07 0.15 0.01 0.01 0.01 0.13 0.10 0.16 0.11 0.11 0.02 0.03 0.03 0.06 0.12 0.15 0.17 0.28 0.03 0.04 0.03 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.30 0.03 0.04 0.04 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.05 0.16 0.20 0.15 0.60 0.04 0.05 0.04 0.33 2.04 2.05 2.04 2.05 0.03 0.07 0.03 0.04 0.41 0.41 0.41 0.55 0.01 0.02 0.04 0.04 2.80 2.83 2.83 4.92 0.01 0.01 0.01 0.03 0.01 0.02 0.01 0.14 0.25 0.26 0.26 0.31 0.05 0.09 0.05 0.11 0.04 0.04 0.04 0.14 0.02 0.02 0.02 0.06 0.03 0.05 0.03 0.07 0.04 0.05 0.05 0.06 0.03 0.05 0.03 0.05 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.15 0.16 0.15 0.40 0.01 0.01 0.01 0.01 0.02 0.03 0.02 0.09 0.02 0.02 0.02 0.14 0.01 0.01 0.02 0.28 0.05 0.08 0.04 0.13 0.03 0.03 0.03 0.12 0.46 0.49 0.47 0.49 0.29 0.30 0.30 0.49 1.15 1.18 1.15 1.46 0.03 0.04 0.05 0.06 0.07 0.18 0.10 0.15 0.10 0.18 0.10 0.20 0.04 0.09 0.05 0.06 0.08 0.15 0.11 0.16 0.10 0.04 0.13 0.26 0.09 0.09 0.09 0.28 0.01 0.17 0.01 0.02 0.04 0.05 0.05 0.06 0.03 0.03 0.03 0.08 0.02 0.03 0.02 0.04 0.01 0.02 0.01 0.03 0.07 0.08 0.07 0.26 0.10 0.14 0.12 0.24 5.86 8.25 5.82 10.41 0.04 0.07 0.04 0.10 0.01 0.01 0.01 0.01 0.47 0.49 0.49 0.52 0.03 0.04 0.03 0.05 0.08 0.09 0.08 0.13 0.03 0.03 0.03 0.06 0.11 0.14 0.11 0.15 0.01 0.01 0.03 0.12 0.06 0.10 0.06 0.13 0.30 0.30 0.12 0.12 0.13 0.13 0.09 1.30 0.07 0.08 0.04 1.17 0.12 0.17 0.13 0.13 0.07 0.08 0.08 0.15 5.00 5.09 4.75 6.95 0.04 0.16 0.14 0.14 0.01 0.01 0.01 0.04 0.09 0.10 0.09 0.09 0.02 0.02 0.02 0.62 0.06 0.07 0.06 0.15 0.01 0.01 0.01 0.01 0.32 0.35 0.32 0.82 0.02 0.02 0.02 0.03 0.08 0.14 0.08 0.30 0.01 0.02 0.01 0.05 0.10 0.16 0.13 1.10 0.06 0.08 0.06 0.09 0.14 0.15 0.14 0.20 0.02 0.03 0.02 0.12 12.10 12.90 12.11 31.00 0.06 0.15 0.08 0.29 26.37 26.90 26.25 44.66 0.66 0.70 0.70 1.22 0.03 0.05 0.04 0.08 0.05 0.07 0.07 0.09 0.17 0.17 0.19 0.19 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.11 0.12 0.11 0.14 0.08 0.12 0.09 0.30 0.02 0.02 0.02 0.07 0.01 0.01 0.01 0.03 0.04 0.05 0.04 0.18 0.01 0.02 0.02 0.17 0.01 0.01 0.01 0.01 0.02 0.02 0.05 0.05 0.03 0.06 0.04 0.11 0.01 0.01 0.01 0.03 0.02 0.02 0.02 0.10 0.02 0.03 0.03 0.03 0.01 0.01 0.01 0.02 1.94 1.99 1.99 2.63 0.03 0.07 0.03 0.04 0.10 0.10 0.10 0.15 0.09 0.25 0.20 0.20 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.29 0.01 0.01 0.01 0.01 0.04 0.06 0.05 0.45 0.07 0.08 0.07 0.11 0.01 0.01 0.02 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.11 0.11 0.10 0.13 0.06 0.07 0.06 0.12 0.03 0.08 0.04 0.07 1.20 1.20 1.52 1.88

0.46 0.00 0.03 0.05 0.00 0.09 0.02 0.03 0.02 0.03 0.03 0.02 0.00 0.01 0.01 0.02 0.01 0.04 0.00 0.00 0.01 0.06 0.03 0.01 0.01 0.00 0.03 0.01 0.01 0.00 0.04 0.00 0.01 0.00 0.04 0.00 0.01 0.01 0.00 0.05 0.02 0.02 0.02 0.01 0.02 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.03 0.04 0.00 0.03 0.08 0.00 0.00 0.01 0.03 0.01 0.01 0.01 0.07 0.10 0.00 0.04 0.01 0.00 0.02 0.00 0.02 0.05 0.00 0.00 0.05 0.00 0.00 0.06 0.00 0.00 0.09 0.01 0.05 0.00 0.00 0.01 0.00 0.00 0.04 0.01 0.00 0.04 0.07 0.01 0.00 0.07 0.00 0.00 0.02 0.03 0.00 0.01 0.01 0.00 0.03 0.02 0.00 0.04 0.01 0.00 0.05 0.01 0.01 0.01 0.02 0.01 0.00 0.03 0.00 0.20 0.01 0.01 0.01 0.03 0.00 0.01 0.01 0.01 0.03 0.00 0.03 0.00

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

PC Gold V Peat Res V Penteco Res V Petaquilla Mnl T Phoenix Gold V Pitchstone Exp V PJX Res V Platinex V PMI Gold T PNG Gold V Polar Star Mng T Portage Mnls C Portola Res V Premier Roy T Proam Expl V Providence Res V PVR Partners* N Q-Gold Res V QMC Quantum Ml V Quia Res V Rainy River Rs T Randsburg Intl V Ratel Grp T Rathdowney Res V REBgold V Red Cresc Res T Redzone Res V Reliance Res V Reliant Gold V Remo Res V Resolve Vent V Revett Mnls T Rhyolite Res V Ridgemont Ir O V Rio Alto Mng T Rio Alto Mng* N Rio Silver V Roca Mines V Rock Tech Lith V Rockcliff Res V Rockex Mng T Rockgate Cap T Rockland Mnls V Rockridge Cap V Rockwell Diam T Romarco Mnrls T Romulus Res V Rotation Mnls V Royal Coal V RT Minerals V Rugby Mng V RX Gold & Silv V Ryan Gold V Sandstorm Mt&E V Saville Res V Secova Mtls V Sego Res V Senior Gld Prd T Serabi Gold T SG Spirit Gold V Silver Mtn Mns V Silver Predatr V Silvercorp Mt* N SilverCrest M* X SilverCrest Mn T Silvermet V Silvermex Res T Sirocco Mng T Slater Mng V Soltoro V Sonora Gld & S V Southern Hemis V Stelmine Can V Stratabd Mnr V Strategic Res V Strongbow Expl V Stroud Res V Sunset Cove Mg V Sunward Res T TAD Mnl Expl V Takara Res V Tanzania Mnls V Temex Res V Teryl Res Corp V Thelon Cap V Themac Res V Thor Expl V Thunder Mtn Gd V Tigray Res V Tintina Mines V Tolima Gold V Trend Mng* Q Tri-River Vent V TriAusMin T Tribute Res V Troy Res T Trueclaim Expl V UC Res V United Silver T Unity Energy V Uranerz Energy T Uranium One T US SIlver & Go T Vaaldiam Mng T Vangold Res V Vena Res T Veris Gold T Victory Res V Viking Gold V Virginia Engy V Virginia Mines T Visible Gold M V Volcanic Mtls V Volta Res T Walter Energy* N Walter Energy T War Eagle Mg V Waseco Res V Waymar Res V West Cirque Rs V Westcore Energ V Western Areas T Western Melv M V Westridge Res V Whetstone Mnls V White Pine Res V Wildcat Expl V Windarra Minls V Windstorm Res V Witwatersrand T Wolverine Mnls V World Vent* Q Xemplar Energy V Xinergy T Xmet V Xtierra V Zena Mng V

0.08 0.08 0.09 0.10 0.01 0.02 0.01 0.03 0.05 0.06 0.05 0.06 0.03 0.03 0.03 0.31 0.01 0.01 0.01 0.04 0.09 0.09 0.09 0.21 0.17 0.19 0.19 0.29 0.01 0.01 0.01 0.01 0.48 0.50 0.48 0.72 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.17 0.01 0.02 0.02 0.03 0.20 0.01 0.20 0.20 0.74 0.76 0.76 2.60 0.01 0.02 0.01 0.02 0.04 0.09 0.05 0.12 27.44 27.46 27.44 29.22 0.02 0.04 0.02 0.06 0.01 0.02 0.01 0.04 0.01 0.01 0.01 0.04 3.37 3.37 3.42 6.10 0.01 0.01 0.01 0.01 0.37 0.48 0.50 0.95 0.16 0.17 0.16 0.35 0.13 0.14 0.16 0.16 0.02 0.02 0.01 0.11 0.09 0.18 0.08 0.50 0.01 0.01 0.01 0.02 0.01 0.02 0.02 0.06 0.06 0.08 0.05 0.13 0.04 0.07 0.05 0.07 0.56 0.65 0.57 1.42 0.07 0.14 0.11 0.23 0.02 0.02 0.02 0.28 3.47 3.51 3.48 3.99 2.46 2.48 2.47 3.18 0.02 0.03 0.03 0.04 0.03 0.03 0.03 0.03 0.04 0.09 0.05 0.10 0.03 0.03 0.03 0.07 0.03 0.04 0.04 0.30 0.30 0.35 0.30 0.53 0.02 0.03 0.03 0.06 0.06 0.07 0.06 0.18 0.17 0.20 0.20 0.37 0.46 0.48 0.46 0.82 0.09 0.29 0.09 0.24 0.02 0.25 0.05 0.15 0.03 0.01 0.01 0.21 0.01 0.01 0.01 0.03 0.08 0.08 0.07 0.27 0.23 0.24 0.24 0.60 0.11 0.12 0.12 0.16 1.20 1.37 1.36 3.54 0.02 0.03 0.02 0.13 0.05 0.06 0.05 0.09 0.01 0.02 0.01 0.03 4.78 4.88 4.78 7.48 0.06 0.08 0.07 0.10 0.07 0.10 0.06 0.38 0.01 0.02 0.01 0.05 0.02 0.02 0.02 0.05 0.65 0.65 0.65 1.81 0.83 1.11 0.86 1.64 1.33 1.43 1.40 1.97 0.04 0.05 0.04 0.11 0.50 0.55 0.53 0.88 0.34 0.36 0.35 0.89 0.03 0.05 0.04 0.05 0.30 0.30 0.32 0.34 0.01 0.02 0.01 0.03 0.04 0.06 0.04 0.20 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.05 0.02 0.03 0.04 0.08 0.07 0.07 0.06 0.18 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.06 0.17 0.18 0.18 0.24 0.01 0.01 0.01 0.01 0.03 0.03 0.03 0.06 0.01 0.01 0.01 0.07 0.12 0.12 0.12 0.13 0.01 0.02 0.02 0.02 0.10 0.10 0.05 0.17 0.01 0.02 0.02 0.03 0.03 0.05 0.04 0.07 0.05 0.12 0.12 0.12 0.09 0.13 0.10 0.15 0.05 0.12 0.05 0.06 0.01 0.01 0.01 0.02 0.05 0.05 0.01 0.11 0.05 0.11 0.07 0.17 0.06 0.07 0.07 0.08 0.05 0.05 0.05 0.12 0.43 0.44 0.43 1.27 0.02 0.03 0.02 0.06 0.01 0.02 0.02 0.03 0.01 0.01 0.02 0.14 0.05 0.07 0.06 0.20 1.41 1.44 1.44 1.70 2.85 2.86 2.85 2.86 0.34 0.35 0.35 0.67 0.26 0.27 0.26 0.27 0.01 0.01 0.01 0.02 0.02 0.03 0.02 0.17 0.10 0.10 0.15 0.95 0.04 0.04 0.04 0.09 0.01 0.01 0.01 0.01 0.05 0.09 0.06 0.10 14.65 15.22 14.99 17.20 0.04 0.05 0.05 0.27 0.05 0.05 0.05 0.16 0.33 0.34 0.33 0.57 0.16 0.17 0.16 6.84 7.10 7.82 7.15 21.20 0.02 0.03 0.02 0.04 0.03 0.04 0.03 0.06 0.09 0.13 0.10 0.20 0.23 0.26 0.26 0.54 0.02 0.02 0.02 0.04 3.75 8.54 4.00 6.11 0.03 0.05 0.03 0.15 0.01 0.02 0.01 0.04 0.01 0.01 0.01 0.04 0.01 0.01 0.01 0.09 0.03 0.04 0.05 0.08 0.05 0.07 0.06 0.09 0.04 0.05 0.05 0.19 1.08 1.18 1.08 1.50 0.04 0.05 0.04 0.10 0.01 0.51 0.02 0.10 0.02 0.02 0.02 0.05 0.02 0.02 0.02 0.48 0.01 0.01 0.01 0.07 0.01 0.01 0.01 0.09 0.06 0.10 0.06 0.12

0.02 0.01 0.00 0.00 0.01 0.00 0.10 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.40 0.11 0.00 0.00 0.06 0.01 0.01 0.04 0.05 0.00 0.11 0.00 0.00 0.00 0.01 0.00 0.03 0.00 0.00 0.00 0.03 0.04 0.18 0.00 0.07 0.03 0.00 0.01 0.06 0.00 0.00 0.00 0.02 0.03 0.01 0.00 0.06 0.05 0.01 0.01 0.00 0.00 0.00 0.02 0.00 0.00 0.02 0.00 0.01 0.00 0.01 0.01 0.02 0.05 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.02 0.04 0.00 0.02 0.01 0.00 0.05 0.00 0.04 0.00 0.02 0.01 0.00 0.03 0.00 0.00 0.00 0.00 0.01 0.02 0.00 0.03 0.01 0.03 0.00 0.04 0.04 0.00 0.00 0.00 0.01 0.02 0.00 0.00 0.01 0.00 0.03 0.01 0.00 0.01 0.02 0.00 0.00 0.00 0.03 0.00 0.02 0.00 0.01 0.01 0.06

15-11-24 5:57 PM

GLOBAL MINING NEWS

THE NORTHERN MINER /

NOVEMBER 30– DECEMBER 6, 2015

Kirkland Lake Gold, St Andrew Goldfields join forces

The headframe at St Andrew Goldfields’ flagship Holt gold mine, 53 km east of Timmins, Ontario, which operates at a rate of 1,300 tonnes per day. ST ANDREW GOLDFIELDS KIRKLAND LAKE From 1

US$600 and US$690 per oz. The combined production “puts us in a unique peer group with attractive cash costs,” Duncan Middlemiss, St Andrew Goldfields’ president and CEO, said on the conference call. “To be part of a new company with tremendous torque and growth potential is compelling.” The transaction, which has already received support from 35% of St Andrew Goldfields’ common shareholders, will create a company with a balance sheet of more than $100 million in cash, along with a sustainable production platform, and exploration upside. For shareholders of Kirkland Lake Gold, the arrangement will lift proven and probable gold reserves more than 50% to 2.3 million oz. in a mining-friendly jurisdiction. St Andrew Goldfields has three producing mines — Holt, Holloway and Taylor — and the junior controls a chunk of exploration ground along the Porcupine-Destor fault zone. “The combined land positions of both companies position us well for discoveries in two of Canada’s most prolific mining camps,” George Ogilvie, Kirkland Lake Gold’s president and CEO, said on the conference call. “It gives a substantial boost to our level of resources and reserves, and gives us access to a 120 km strike length of under-explored land along the Porcupine-Destor fault.” St Andrew Goldfields’ Middlemiss — who worked as mine manager at Kirkland Lake Gold’s Macassa mine before joining St Andrew Goldfields in 2008 — said the transaction “feels right to me for a number of reasons.” The offer price is at a significant premium, he explained, and St Andrew Goldfields’ shareholders will retain exposure to the company’s assets while gaining exposure to Kirkland Lake Gold’s high-grade Macassa mine. The business combination also brings greater trading liquidity, more analyst coverage, combined cash flow and improved access to debt markets. “St Andrew Goldfields has been around for over 30 years, and some of our employees have been with us for quite a while,” Middlemiss said. “They’ve seen many ups and downs, and I’m sure they will agree with me that over the past five or

_TNM Nov 30 2015 pgs 1 2 3 4 5 11 13 14 16.indd 11

six years, we’ve been extremely proud of our accomplishments. This company has operated profitably, generated cash and recently brought Ontario’s newest gold mine [Taylor] into production, and on schedule.” Kirkland Lake Gold’s Ogilvie pointed to synergies at the corporate and operational level, and said the economies of scale will create opportunities with the companies’ suppliers of common materials, among others, and said the plan of action over the next couple of months will be to focus on the integration plan, and give details in early 2016. “The transaction is accretive not only on a net asset value basis, but on a cash flow and production basis as well,” he said. “This combination will add three producing mines close to our operations. We see a number of potential cost-saving synergies, not just in corporate general and administrative expenses — but when we look at economies of scale and a shared labour pool, there’s a lot of upside left.” Under the agreement, shareholders of St Andrew Goldfields will receive 0.0906 of one common share of Kirkland Lake Gold, which is a 46% premium based on both companies’ 20-day, volume-weighted average prices, and a 25% premium to St Andrew Goldfields’ closing price on Nov. 16. After the deal Kirkland Lake Gold will own 71% of the company and St Andrew Goldfields will own 29%. Kirkland Lake Gold’s assets are in the Kirkland Lake gold camp in the lower Abitibi greenstone belt of northeastern Ontario. The company owns five former high-grade gold mines that have produced more than 22 million oz., at an average grade of 15.1 grams gold per tonne. The company only operates one of the five: the Macassa mine complex. The operation includes the new South mine complex, and produces 150,000 oz. gold a year. St Andrew Goldfields’ Taylor mine, 68 km west of the company’s Holt mill and 53 km east of Timmins, started commercial production in November. Its Holloway and Holt mines — which are 1 km apart — straddle the Destor-Porcupine deformation zone, 45 km northeast of Kirkland Lake. Holt, built by Barrick Gold (TSX: ABX; NYSE: ABX), is St Andrew Goldfields’ flagship asset, with a

A loader underground at St Andrew Goldfields’ Taylor gold mine in northern Ontario, which started commercial production this November. ST ANDREW GOLDFIELDS

“I DON’T NECESSARILY KNOW IF WE ARE AT THE BOTTOM OF THE COMMODITY CYCLE FOR GOLD, BUT IT CERTAINLY FEELS LIKE WE’RE IN THE BOTTOM 5%, SO IF THERE IS EVER THE TIME TO BUY SOMETHING ACCRETIVE, NOW IS THE TIME TO LOOK.” GEORGE OGILVIE PRESIDENT & CEO, KIRKLAND LAKE GOLD

1,300-tonne-per-day production rate and a remaining mine life of eight years, based on reserves. Holloway was built by Noranda, and at a production rate of 600 tonnes per day, could produce gold until well into 2017. Ore from both mines is processed at the Holt Mill, which has a 3,000-tonne-per-day capacity. In addition, St Andrew Goldfields owns the Hislop mine, 85 km west of the Holt mill, which is on care and maintenance. It also has a number of exploration properties, including Aquarius, Clavos, Ludgate and Canamax. The largest shareholders in St Andrew Goldfields are the Abramson family and Trapeze Asset Management. Kirkland Lake Gold’s major shareholders include Resolute Funds (10%); Eric Sprott (9%); Columbia Wanger Asset Management LLC (8%); Equinox Partners (7%); Van Eck Associates (5%); Harry Dobson (4%); Sprott Asset Management (4%); and ABC Funds (2%). Kirk-

land Lake Gold has $88.5 million in cash and $119.5 million in debt. The merger plan was conceived in April at the European Gold Forum in Zurich, Ogilvie says in a telephone interview after the conference call. That was when he and Middlemiss struck up a conversation. Ogilvie approached his board and the two companies signed a confidentiality agreement on July 4. “We looked at this not so much as an acquisition but as a partnership, so St Andrew allowed us to access their database and visit their site, and we also gave them reciprocal due diligence on ourselves ... they came to our site, so we got comfortable with one another.” Kirkland Lake then had the opportunity to make a corporate presentation to their board and to Herb Abramson. “We made a good busi ness case that pro forma, together as a company, we were much stronger, provided we could satisfy ev-

eryone that there were no major showstoppers, and that we could come out with a fair evaluation for both parties.” The due diligence continued until the companies were in a position to negotiate a non-binding letter of intent in early October, which gave each three weeks of exclusivity for greater due diligence. Ogilvie says that in the current gold price environment, “this should be the point and time that you should at least consider mergers and acquisitons (M&A) ... I don’t necessarily know if we are at the bottom of the commodity cycle for gold, but it certainly feels like we’re in the bottom 5%, so if there is ever the time to buy something accretive, now is the time to look. And if you can act on M&A, and make a deal, in two or three or four years’ time, when the gold price runs, you can look back and say that it was a transformational deal.” TNM

15-11-24 7:28 PM

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Bacanora raises US$13.4M for Mexican lithium project TECHNOLOGY METALS

| Tesla-linked junior gets funds for feasilibility stage at Sorona project

A rendering of Tesla Motors’ planned Gigafactory — which will produce lithium-ion batteries — currently under construction in Storey County, Nevada.

ust a few months after Bacanora Minerals (TSXV: BCN) and Rare Earth Minerals (LSE: REM) signed a deal with Tesla Motors (NASDAQ: TSLA) to supply the carmaker with lithium hydroxide from their Sonora lithium project in Mexico, the companies have raised US$13.4 million in a private placement. The proceeds will be used for a bankable feasibility study of the project — 180 km northeast of Hermosillo — and towards upgrading and running a pilot plant in Hermosillo to make bulk quantities of lithium products for long-term offtake parties. Bacanora says previous testwork of the lithium carbonate from the pilot plant has made high-quality lithium carbonate for initial offtake

_TNM Nov 30 2015 pgs 1 2 3 4 5 11 13 14 16.indd 13

discussions. News of the financing sent Bacanora’s shares down 13¢, or 7.3%, to finish at $1.65. A prefeasibility study of the Sonora lithium project could get underway in the first half of 2016. Colin Orr-Ewing, Bacanora’s chairman, said in a press release that “to have successfully raised funds — during what continues to be a challenging environment for commodities in general — highlights the attractive dynamics of the lithium market, thanks to the metal’s key role in innovative and fast-growing industries such as mobile communications and electric cars.” The Sonora lithium project has 1,000 sq. km of ground in northeastern Sonora state, with an indicated resource of 1.1 million tonnes of lithium carbonate equivalent (LCE)

in 95 million tonnes of clay averaging 2,200 parts per million (PPM) lithium. Inferred resources add 6.3 million tonnes of LCE averaging 2,300 ppm contained in 500 million tonnes of clay. Under the placement announced on Nov. 16, 11.5 million common shares were priced at 77 pence per share. Rare Earth Minerals, one of Bacanora’s largest existing shareholders, acquired 1.97 million shares to keep its 17% interest in the company. In addition to pre-existing shareholders, the placement also attracted the companies’ first major institutional shareholder. Bacanora describes its Sonora project as “one of the largest” lithium resources in the world.” It is made up of Bacanora’s wholly owned La Ventana lithium concession; the El

TESLA MOTORS

Sauz and Fleur concessions, which are held by Mexilit S.A. de C.V.; and the Megalit concession, which is held by Megalit S.A. de C.V. Bacanora owns 70% of Mexilit and Megalist, and REM owns 30%. The partners are working to develop the mineral-rich, lithiumbearing clay deposit into a planned low-cost mining operation. The company estimated in August that the mine and processing facility would have an initial production capacity of 35,000 tonnes of lithium compounds, with scaling potential of up to 50,000 tonnes per year. The partners anticipate producing both lithium hydroxide and lithium carbonate from the mine. Lithium hydroxide is a key feedstock material in making certain lithium-ion battery cells.

Under the conditional agreement with Tesla in August, the carmaker will buy the lithium hydroxide to feed the manufacturing of batteries at its Gigafactory in Nevada. The supply agreement has a five-year term starting from the date of Tesla’s first order, and Tesla can extend the deal for another five years. During the first five years, Tesla will buy agreed minimum tonnages, with estimated maximum deliveries determined after delivering production orders. Tesla will buy minimum quantities in accordance with a pricing formula below current market pricing, with actual prices and volumes that can only be fi nalized during development. The forecast tonnages and delivery dates will coincide with Tesla’s Gigafactory production. TNM

15-11-24 7:29 PM

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NOVEMBER 30 –DECEMBER 6, 2015 / THE NORTHERN MINER

Rio Tinto joins Reservoir at Timok complex in Serbia

COPPER EXPLORATION

or any junior to entice a major to earn into an exploration project is impressive. To repeat that success with a different major on a separate set of concessions, and at a dismal time in the markets, is striking. Reservoir Minerals (TSXV: RMC; US-OTC: RVRLF) has done both. Since 2010, Freeport-McMoRan (NYSE: FCX) has earned a 55% interest in Reservoir’s high-grade Timok project in eastern Serbia’s Timok copper-gold magmatic complex, and will own 75% once it completes a bankable feasibility study. The partners discovered the Cukaru Peki deposit, which has returned remarkable drill results, including an intercept in July measuring 84 metres of 10.8% copper and 10.86 grams gold, including 46 metres of 15.9% copper and 16.77 grams gold. Freeport has committed US$18.7 million to exploration this year at Cukaru Peki, which has high sul-

| Analysts approve of deal wherein major can earn 75% by spending up to $75M Reservoir Minerals (TSXV:RMC)

$4.60

$4.40

$4.20

An adit at the Tilva Njagra copper project in Serbia, where Rio Tinto will partner with Reservoir Minerals. RESERVOIR MINERALS

phidation copper-gold and porphyry copper-gold mineralization. Reservoir has now signed an earnin and joint-venture agreement with Rio Tinto (NYSE: RIO; LSE: RIO) on four wholly owned exploration permits in the same Timok mag-

matic complex. The permits covered under the latest JV are Nikolicevo, Kraljevica, Coka Kupjatra and Tilva Njagra. Rio Tinto will have the option to earn up to a 75% interest in stages by funding project expenses of up to US$75 million.

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area Reservoir is exploring in Serbia “will prove to be one of the greatest mineral provinces globally,” and that “recent drilling has demonstrated some of the [most] impressive grades of copper we have ever seen.” Raymond Goldie of Salman Partners in Toronto, describe the Rio Tinto JV as “admirable,” noting that not only is it “an attestation of the value of Cukaru Peki itself, and of any satellite deposits that might be discovered in the Timok district, but also of the ability of Reservoir’s management to squeeze money out of Rio Tinto in today’s tough financial environment.” The four permits cover a combined area of 265.6 sq. km in the Timok magmatic complex, with Nikolicevo and Kraljevica in the east and Coka Kupjatra and Tilva Njagra in the west. In an exploration update on all its properties across Serbia, Romania and Macedonia, Reservoir described the Nikolicevo and Kraljevica permits as “prospective for both Cukaru Peki and Bor district styles of porphyry and high sulphidation epithermal massive sulphide mineralization.” (The Bor district is home to the worldclass Bor-Majdanpek mining and smelting complex.) Reservoir says the Nikolicevo permit contains “the same late Cretaceous andesite volcanic sequence that hosts the Cukaru Peki coppergold mineralization,” while in the Kraljevica permit, 2 km south of Nikolicevo, the geology is dominated by “Miocene clastic and recent alluvium sequences overlying late Cretaceous volcanics, and outcrops of basement Jurassic and Cretaceous sedimentary rocks and locally Palaeozoic granitoid rocks in the south of the permit.” The company says the Coka Kupjatra and Tilva Njagra exploration permits are prospective for epithermal (high- and low-sulphidation) gold, and porphyry and skarn copper-gold mineralization. TNM

“[THIS DEAL IS] AN ATTESTATION … OF THE ABILITY OF RESERVOIR’S MANAGEMENT TO SQUEEZE MONEY OUT OF RIO TINTO IN TODAY’S TOUGH FINANCIAL ENVIRONMENT.” RAYMOND GOLDIE ANALYST, SALMAN PARTNERS

15-11-24 7:29 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 30–DECEMBER 7, 2015

Professional Associate II – Tenure Track Manitoba, Canada Online Reference No: 62734 Brandon University and University College of the North are searching for an individual to fill a tenure track appointment as Professional Associate in the Department of Geology at Brandon University. Minimum of a Master’s degree (PhD preferred) in Geology or related field is required. See northernminerjobs.com and search ref # 62734 for details.

Lead, Commissioning Saskatoon, SK, Canada Online Reference No: 62716 You will be responsible for the planning and safe execution of commissioning and start-up activities to ensure safe, successful and effective start-up of all projects within the major projects portfolio in accordance with Cameco’s processes, procedures, standards and regulatory requirements. You

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Senior Project Geologist Toronto or Sudbury, Ontario Online Reference No: 62744 Responsible for adding to the geoscientific understanding of the Hope Bay ore deposits. The role will hold accountability for generating exploration targets and planning and executing exploration programs, to effectively add materially to the existing resource base and lead to the discovery of new economic mineral deposits.

Geoscientist Intern – Precambrian Geoscience Ontario, Canada Online Reference No: 62713 Are you interested in building your geological mapping skills and contributing to an organization that provides opportunities for personal growth, continuous learning and work-life balance? If so, then consider an internship with our team at the Ontario Geological Survey (OGS). This position will focus on Precambrian bedrock mapping.

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4 INDUSTRY JOB BOARDS

Responsible to work with the project team to coordinate and complete the project planning and governance, project controls, construction and commissioning and start-up of a safe, reliable, gold processing plant at TMAC’s Hope Bay Project. Upon start-up, the Manager, Processing Plant Operations will provide overall leadership from commissioning through operation.

Chief Engineer Nunavut, Canada Online Reference No: 62751 Responsible to provide strategic direction and day to day support to the mine engineering and geology functions to ensure the efficient and effective delivery of services to support the management and recovery of ore. This position will also provide rotational coverage for the Manager of Mining.

CANADIAN Mining Journal Assistant Executive Director – Corporate Development Québec, Canada Online Reference No: 62702

IT Administrator Nunavut, Canada Online Reference No: 62753 Responsible for the integrity of all site based help desk, information and communications systems. This is a fantastic opportunity to gain experience with investigating and diagnosing network problems, collecting IT usage stats, making recommendations for improving the company’s IT systems and carrying out routine configuration and installation of IT solutions.

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.

EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND START RECRUITING SMARTER TODAY.

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.

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.

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

MJobsNov30_2015_ pg 15.indd 15

15-11-23 2:43 PM

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NOVEMBER 30 –DECEMBER 6, 2015 / THE NORTHERN MINER

Bannerman believes in Etango despite uranium slump NAMIBIA

| Optimized mine would cost US$800M to build, and make uranium at US$38 per lb.

The demonstration plant at Bannerman Resources’ Etango uranium project in Namibia, 38 km east of the coastal town of Swakopmund.

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mkeevil@northernminer.com VANCOUVER

ranium prices have taken a beating over the past few years, but Australia-based Bannerman Resources (TSX: BAN; US-OTC: BNNLF) hasn’t lost faith in its wholly owned Etango openpit asset, 38 km from the coastal town of Swakopmund in Namibia. In fact, the company has taken the past three years — since U3O8 prices tanked in 2012 — to optimize the project, and the future looks bright. On Nov. 10, Bannerman released an optimized feasibility study on Etango that marks the first economic update at the project since 2012. Uranium mineralizaton at the site occurs within a stacked sequence of leucogranitic sheets that have intruded the host Damara sequence of metasedimentary rocks. Uranium-bearing minerals are mainly uraninite and uranothorite, within granitic intrusions. Etango is considered one of the world’s largest undeveloped uranium plays, with 303 million tonnes of proven and probable reserves at a grade of 0.0195% U3O8 for 130 million contained lb. U3O8. Indicated resources tack on another 362 million tonnes at 0.0188% U3O8, for 150 million contained lb. U3O8. Much of the optimization in the study comes from a better understanding of Etango’s geology. The company has kept planned plant throughput at 20,000 tonnes per day, while holding mine life steady at 15 years. But Bannerman has dropped costs across the board. The open-pit operation would cost US$793 million to develop, and produce 7.2 million lb. U3O8 annually, at cash costs of US$38 per lb. “Etango has really withstood the test of time. Not only has it grown in terms of resources and reserves — we’ve improved the project across all facets,” CEO Len Jubber said during a conference call. “We’ve exploited the resource in a more scientific way, reduced our cash-operating costs and boosted annual production, without compromising our mine life,” he said. “As we raise our profi le over the next few months, people will acknowledge it as a viable source of uranium for years to come.” The company dropped its cut-off grade to 0.0055% U3O8 and altered its pit design to lower Etango’s life-ofmine stripping ratio 15% to 2.78:1. The deposit outcrops at surface, so Bannerman can process within three

Location of Bannerman Resources’ Etango uranium project in Namibia.

months of mining, and a variable cut-off grade strategy will increase grades during the early years of production. Around 40 million tonnes of lower-grade ore would be stockpiled for processing near the end of Etango’s life. The optimized study features an after-tax net present value of US$419 million at an 8% discount rate, along with a 15% internal rate of return. Bannerman’s base case assumes US$75 per lb. U3O8, and defines a “break-even” price point at US$50 per lb. (The current spot price is US$36 per lb. U3O8.) “The optimization is based on the proven practice of radiometric scanning. We’ve spent time working with this large deposit, and the key driver is scanning the content of a haul truck — and therefore your standard mining unit is one-truck payload,” Jubber said. “That’s unique in the mining space, since we’re able to measure to get our grade control optimized. We flowed that into the mine scheduling to fully exploit variable cut-off strategies throughout the life-ofmine. It’s an example of using proven techniques in a systematic way to de-risk project planning.” Bannerman acknowledges that Etango will need an improved uranium market to hit production, but management notes that half of 2020 uranium demand is uncovered, while “current price levels remain insufficient to incentivize adequate project development to meet demand forecasts.” Bannerman is at least taking a

“ETANGO HAS REALLY WITHSTOOD THE TEST OF TIME.” LEN JUBBER CEO, BANNERMAN RESOURCES

conservative approach to Etango’s development timeline. The company will continue what it calls “value engineering” through the first quarter of 2016, while monitoring its heapleach demonstration plant. Current models assume an 86% recovery rate. Construction could begin at Etango by the second half of 2017, but would not hit full production until early 2020. “The big question is: ‘How do we move forward with the project today?’ In simple language, our momentum depends on how uranium prices behave moving forward,” Jubber said. “We look to progress the demonstration plant over the next six months, and a focus will be to raise our profile in terms of uranium marketing and project financing. We need to move the project upward in terms of recognition, because we’re well positioned to benefit when the uranium market recovers with a real world-class project.” Bannerman shares have traded in a 52-week range of 2.5¢ to 8.5¢, and last closed at 3.5¢ per share. The company reported cash and equivalents of $1 million at the end of September, and has 388 million shares outstanding for a $13.6-million market capitalization. TNM

15-11-24 7:29 PM